Ep203: Swarm City Preview, Bitfinex Gets Taiwan Banking Blues, Ethereum Powers Retirement and a Movie

Ethereum IRA available for your retirement accounts. The Ethereum Movie Venture has been funded to produce a film called The Pitts Circus Family. Cosmos Network raises $16.8 million in 28 minutes. Sia offers cloud hosting on a blockchain. We talk with Matt Carano about Swarm City. Zcash users need to upgrade to version 1.0.8-1 after a security flaw was found. Zcash and DASH are on the Jaxx iOS wallet now. Trello + Ethereum = Trelleth, economically incentivized task management. Monero transactions may not be as anonymous as you think. DASH “PrivateSend” feature is explained on DASH Detailed. BitWage launches International Bank Account Numbers to offer European wage earners a way to direct deposit checks into crypto. Bitfinex and other exchanges that use Taiwan-based banks are suffering the effect of U.S. Know-Your-Customer regulations.

All this and more on the Neocash Radio podcast, episode 203 — Wednesday, April 19th, 2017!

We’ve written out short overviews of the topics discussed on today’s show below! Be sure to listen in to the whole podcast to get more information, insights, and thoughts on each of them from JJ, Darren, and Randy!


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Traditional Financial Markets Cryptocurrency Markets
Gold $1,281 Bitcoin (BTC) $1,270
Silver $18.13 Ethereum (ETH) $52.00
Oil $50.58 DASH $76.80
Dow Jones 20,404 points Zcash (ZEC) $74.49
30Y UST Yield 2.874% Monero (XMR) $21.60
Litecoin (LTC) $11.01

Ethereum IRA: Diversify Yo Bonds!

Ethereum joins Bitcoin as an option for retirement accounts. From the creator of the BitcoinIRA comes a line of products based on the Ethereum blockchain. Investors can hold Ethereum in retirement accounts and choose between traditional IRAs, Roth IRAs, SEP IRAs, 401(k)s and more. As always, we are not offering investment advice. Do your own due diligence and consult with a trusted party who understands tax law.

"The Flippening" aka crypto-diversification: More businesses switch from BTC to ETH network


The Ethereum Movie Venture has been funded!

No, this will not be a Vitalik Buterin biopic or a Lifetime Original Movie about The DAO. A project called the Ethereum Movie Venture has sold out of its Initial Coin Offering, raising more than $300,000 to film a movie called The Pitts Circus Family:

“A feature length-horror-comedy movie incorporating the skills, comic talent and uniqueness of a real Australian circus family. The Pitts Circus family have been touring five continents with their show. […] Cecil Pitt certainly is the only human being on this planet that plays the banjo while balancing on his head while having a lit sparkler between his butt-cheeks. But the biggest skill of all is to keep the family together and make sure everybody is happy and content. The Pitts built their own tent, their own house and build and create magical moments for their audiences.”

Users who participated in the Ethereum Movie Venture ICO received EMV Tokens which will entitle them to watch the movie when it is released next year, plus 75% of the movie’s net profit for the next 20 years will be distributed back via those EMV tokens.

This is a novel way to introduce Ethereum and ERC-20 tokenized systems to a more mainstream audience. Interestingly enough, these EMV tokens have already popped up for sale on a few decentralized cryptocurrency exchanges.


Cosmos.network ICO raises $16.8million in 28 minutes

A new protocol called the Cosmos Network will reportedly be able to allow interoperability between different blockchains:

“The first blockchain in the Cosmos network is the Cosmos hub. The Cosmos hub connects to zones via the novel IBC (inter-blockchain communication) protocol and keeps a record of the total number of tokens in each zone. Because all inter-zone token transfers go through the Cosmos hub, you can transfer tokens from one zone to another, quickly and securely, without the need for a liquid exchange or a trusted third party between zones.

 

The Cosmos hub can connect to many different kinds of zones, as long as each zone speaks IBC. As a result, Cosmos can support a variety of currencies and scripting languages like those found in Bitcoin, Ethereum, ZeroCash, CryptoNote, and more.”

The initial coin offering (ICO) for the Cosmos Network and its ATOM tokens had a hidden cap of $16.8million, which they were able to fundraise in an impressive 28 minutes.


Sia aims to be the Backbone of the Internet

Sia coin decentralized storageWe have talked about a few different blockchain-based decentralized storage solutions. Most recently it was Storj, then Ethereum’s Swarm, and LBRY. Sia (pronounced ‘sigh-uh’) is also on the list. Advertising the platform as a cloud storage service, Sia is aggressively competing with Amazon, Google and Microsoft. The are claiming to offer storage prices as much as 10 times less. Within the next 6 months they are working on improvements including: video streaming, simple file sharing between Sia users and partial downloads.


Talking with Matt Carano about Swarm City

Swarm City decentralized sharing economy on the Ethereum blockchain with SWT tokensWe are joined in the Neocash Radio podcast studio by our friend Matt Carano, who has been working with Swarm City since they branched off from the mess that was Christopher David/Arcade City.

Matt talks with us a little bit about how Swarm City and its Ethereum-based SWT tokens are looking at ways to create peer-to-peer sharing without any intermediaries. Ridesharing is the first use case—picture Uber and Lyft without the middleman taking a big cut—but Matt tells us how else Swarm City is looking to connect users directly.

Matt recommends checking out the Swarm City channel on Slack for more info.

We’ll also be posting a special bonus interview with Matt Carano about Swarm City this Friday; as always, keep your eyes on NeocashRadio.com!


Bug found: Zcash users need to update to version 1.0.8-1

A bug has been found that would allow a specific type of transaction to crash Zcash nodes. A fix is available and users are advised to upgrade their zcashd client to version 1.0.8-1.


Zcash and Dash on Jaxx iOS Wallet

Zcash has been approved for the Jaxx Wallet on the iOS platform. Apple had previously denied Jaxx from offering DASH in their app store, but DASH is now once again available via Jaxx on iOS. The Android version of the Jaxx wallet was not affected, and both Zcash and DASH are available there as well.


Trello + Ethereum = Trelleth, economically incentivized project management

Our special guest Matt Carano also took a moment to talk with us about “Trelleth”, a free add-on that he co-created for popular project management tool Trello. Trelleth “gives anyone the ability to organize, communicate, and crowdfund any project and any task all from Trello.”


Monero transactions are NOT 100% anonymous

This is not news to the development team but a recent research paper found more data to prove that at least a fifth of all transactions can be linked — in effect connecting the input and output addresses. It should be noted that part of the research team includes an advisor for Zcash, a competitor to Monero.


How DASH’s “PrivateSend” feature works under the hood

While we hear a lot about the privacy features and anonymity functions behind Zcash and Monero, there isn’t quite as much talk about DASH’s coin mixing feature called “PrivateSend”. On today’s DASH: Detailed video, Amanda Johnson breaks down what happens behind the scenes when someone uses PrivateSend and how DASH MasterNodes handle these special transactions.


BitWage Adds Direct Deposit Options for EU Users

With the launch of International Bank Account Numbers BitWage users in the European Union will be able to have BitWage receive their payroll checks directly. Users can have BitWage convert those funds to any number of different currencies including Bitcoin.


Bitfinex blocks all incoming wire transfer; cites difficulty with Taiwan banks and U.S. AML/KYC regulations

We reported last week that Bitfinex was suing Wells Fargo for blocking incoming USD wire transfers. Bitfinex has since voluntarily dismissed their lawsuit, but they’ve also recently posted this to their blog:

“Beginning April 18, 2017, all incoming wires to Bitfinex will be blocked and refused by our Taiwan banks. This applies to all fiat currencies at the present time. Cryptocurrency deposits and withdrawals are processing normally. Swiss Franc and Hong Kong Dollar withdrawals are working, as well.”

There is rampant speculation happening online surrounding possible insolvency of Bitfinex and their affiliated compant, Tether (a supposed 1-to-1 peg on the U.S. Dollar), but at this stage, this is just conjecture and rumor. Read for yourself and form your own opinions.

But shortly after Bitfinex made their announcement, OKcoin.com, BTC-E, XAPO and several other cryptocurrency exchanges also announced they could not process direct USD withdrawals or deposit for at least the next 30 days while seeking other payment processors, citing difficulty with their Taiwan-based banks and recent U.S. Anti-Money Laundering regulations and Know Your Customer regulations.

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