Nvidia and AMD look to offer mining-only GPU cards. Proposed updates to U.S. and E.U. laws may enact draconian obligations on crypto users. Nevada protects blockchains/smart contracts and shields them from taxes. Illinois eases the red tape for crypto startups. Indian banks partner with Microsoft Azure to implement blockchain solutions. The flippening watch and what happens next. Bancor token sale raises record funds. A diversified crypto fund is launching in Zug, Switzerland. VXLabs shows step by step how to extract and decrypt the wallet seed phrase for Jaxx desktop wallets. Dell drops bitcoin due to errors with order processing. Dandelion looks to obfuscate bitcoin transactions.
All this and more on the Neocash Radio podcast, episode 211 — Wednesday, Jun 14th, 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 and Pedro!
Stream this podcast episode:
or Direct Download this episode as an MP3 – Neocash Radio cryptocurrency podcast ep211
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|Traditional Financial Markets||Cryptocurrency Markets|
|Gold $1,261||Bitcoin (BTC) $2,576|
|Silver $16.88||Ethereum (ETH) $370|
|Oil $44.73||DASH $167|
|Dow Jones 21,374 points||Litecoin (ZEC) $30.22|
|30Y UST Yield 2.77%|
AMD and Nvidia are preparing to launch GPU product lines aimed at mining crypto. After the shelves have been emptied as more mining rigs come online, the GPU giants are looking to create products specifically for mining. They may not have a display connector and they would not work for video gaming. These cards would also come with a much shorter warranty of 90 days.
Senator Chuck Grassley has proposed adding the terms ‘digital currency’ and ‘prepaid access devices’ to the list of financial items subject to anti-money laundering procedures. It is unclear how this would be enforced not to mention detected.
At the same time in the European Union users may be required to link their personal identity to their wallets. The effort is led by the European Commission and INTERPOL.
As of Monday blockchains and smart contracts are protected in Nevada and what’s more they can’t be taxed! Senate Bill 398 also makes blockchains official records for laws requiring a record and allows local governmental entities to use blockchains and smart contracts. Nevada joins Vermont as the only two U.S. states to allow blockchains for legal use.
The Illinois Department of Financial and Professional Regulation (IDFPR) completed regulatory guidance clarified that digital currency is not captured under the definition of money used in the state’s Transmitters of Money Act (TOMA).
The guidance also clarified activities that are generally regarded as ‘money transmission’, including the exchange of digital currency for money through a third-party exchanger or an automated machine. Digital currency businesses whose practices meet these definitions will now need to secure a TOMA license.
Other activities such as miners receiving digital currency for verifying transactions, exchanging only between digital currencies and exchanging digital currency for money between two parties are excluded from this category.
Perhaps most notably, however, the IDFPR went on to state that industry startups can use cryptocurrencies as permissible investments, arguing that capital requirements in traditional currencies impose “added burdens” on smaller operations.
On June 12, 2017, BankChain, a platform for banks to implement blockchain solutions, announced it has exclusively partnered with Microsoft. As a result, all BankChain consortium members will utilize Microsoft Azure as their cloud partner.
From the moment the Bancor token generation event started the Ethereum Network was overwhelmed by transactions. There was a lot of confusion in part from a lack of due diligence. Transactions that were sent with greater than 50 GWei gas price were rejected by the token generation smart contract. In one case a million dollar contribution was rejected 7 times due to the gas price detail. In all 10,885 contributors sent in 396,720 ETH.
Shortly into the sale start the Bancor website was failing to update totals, etherscan was showing thousands of pending transactions and reddit was ablaze with concern. The Bancor team decided to extend the token sale minimum time to three hours. The network stress also affected the wallet shuffle for Freewallet.org causing more people to panic.
So what are they going to do with all that money? Here’s the plan:
The hidden cap was about 50 Million or 125,000 ETH
“we have decided to allocate any proceeds collected in the minimum hour which exceed the hidden cap as follows:
20% will be allocated to the BNT Ether Reserve, to further improve the liquidity of BNT, which increases stability while reducing conversion costs (price slippage) for all.
80% will be locked for two years in a smart contract that will buy back BNT for 0.01 ETH (the initial price) whenever it is available, according to its calculated price. The purchased BNT will be added to the Foundation’s long-term budget, and after a 2-year period, any remaining ETH will be allocated pro-rata according to the “Use of Proceeds” chart in our Token Creation Terms.”
On this bonus interview episode of Neocash Radio we talk with Dr Julian Hosp about TenX and COMIT. TenX is building a multi-blockchain debit card and mobile wallet that currently works with Bitcoin, DASH, Ether, and ERC20 tokens. COMIT is a Cryptographically-secure Off-chain Multi-asset Instant Transaction network that leverages Hashed Time Lock Contracts, Payment channels, and Liquidity Providers to create a decentralized network of cross-chain asset conversion. The TenX roadmap features COMIT integration within a couple years.
Stream this podcast episode:
or Direct Download this episode as an MP3 – Neocash Radio Dr Julian Hosp Interview – TenX Debit Card and COMIT
On June 12, 2017, from Zug, Switzerland, Crypto Fund AG announced it is launching the Cryptocurrency Fund, based on the Cryptocurrency Index, to be registered with FINMA (Swiss Financial Market Supervisory Authority).
The Cryptocurrency Index is calculated by an index provider known for investing in virtual currencies with significant market caps, including Ether, bitcoin, Ripple, and other cryptocurrencies. The index’s diversification reduces volatility for investors reacting to the surge of emergent currencies in the marketplace, and its growth rate easily outpaces that of traditional equities and securities markets.
In a short blog post vxlabs breaks down exactly how to both extract the 12-word wallet backup phrase from Jaxx wallets and decrypt it. Vxlabs claims to have tested this vulnerability on both the Jaxx Chrome extension and the Jaxx Linux desktop app.
Users have reported upwards of $400,000 lost due to the vulnerability. The response from Jaxx has been unexpected. They are comfortable with the security model. The CTO Nilang Vyas told users: “Please please please, if you do not feel comfortable with our security model do not use our products. We’re are creating for the masses a multi-platform, multi-coin interface for the blockchain ecosystem where users are in full control of their digital lives.”
Dell no longer accepts Bitcoin due to the problems with transactions. Specifically the Dell rep stated that order processing errors were to blame.
“Dandelion is a new transaction broadcasting mechanism that reduces the risk of eavesdroppers linking transactions to the source IP.”
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