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Bitcoin Tracking Pioneer Wants To Load Up Full Basket

Bitcoin Tracking Pioneer Wants To Load Up Full Basket

Bitcoin tracking pioneer wants to load up full basket Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies are seen on a PC motherboard.PHOTO: REUTERS STOCKHOLM Undaunted by the crash in cryptocurrencies, the company that created the first exchange-traded bitcoin trackers now wants to offer a whole basket of digital currencies to bet on. The plan is to launch an exchange-traded product based on a basket of five to 10 such currencies before the end of the year, according to Stockholm-based XBT Provider. This is "something that the market is looking for", said the company's chief executive officer Laurent Kssis in an interview. "They are telling us, 'I'd just like blended exposure to five or 10 cryptocurrencies.' " XBT has since 2015 offered exchange-traded products to allow more people to invest in the volatile digital currency market, without having to go through all steps of opening a crypto-wallet. It is risky territory. The lead currency, bitcoin, has tumbled as much as 60 per cent from a peak in December last year. The company has found interest in Sweden, which is leading the way to becoming a cashless society, and where regulators have an "open-minded approach" to the asset class, he said. "Sweden is very much ahead of the curve when it comes to cashless transaction, and there's even talk of an e-krona," Mr Kssis said. "The investor base is very receptive to this." In the United States, the Securities and Exchange Commission (SEC) earlier this month temporarily suspended trading in the company's Bitcoin Tracker One and Ether Tracker One, citing investor confusion regarding the assets. Mr Kssis declined to comment on the move by the SEC. In a statement on Sept 10, the company said the suspension "relates only to trading in the US, does n Continue reading >>

The Taming Of Bitcoin

The Taming Of Bitcoin

Will bitcoin go bust or hit another high? The cryptocurrency is gaining institutional acceptance. But regulators are keeping a close watch on its unpredictable swings. Even after the bursting of the latest bitcoin bubble last week that saw the price correct about 40 per cent in four days, bitcoin remains the winning investment of the year; nothing else comes even close. On Jan 3, its price was just above US$800 . As of 10pm on Christmas Day, it was quoted on Coinbase - the largest bitcoin exchange - at US$14,072, an appreciation of about 1,660 per cent. The 2017 bitcoin bubble was one of many that the world's first cryptocurrency has displayed, all of which have dwarfed the great bubbles of history like the Tulipomania of 17th century Holland, the South Sea bubble of the early 18th century and the dot.com bubble of the 1990s. And it was not even the biggest. In 2011, bitcoin's price soared from about US$1 to US$30, and then collapsed to US$2 the same year. In 2013, the price went from less than US$15 in January to US$1,000 in November. At one point in early April that year, it went from US$260 on Wednesday morning to US$63 on Thursday afternoon. There is little doubt that all of these episodes have been bubbles inflating and popping, in the sense that the price movements have been driven largely by orgies of speculative frenzy. If prices were driven by actual use, the quantity of goods and services bought and sold by bitcoin would have behaved in a similarly volatile fashion. They have not. Where the price of bitcoin will go from here is unfathomable. You can take your pick from among a variety of moonshot predictions, which are all over the map. Forecasts of US$50,000 to US$100,000 by the end of next year are commonplace among many bitcoin trackers. In its list of 10 Continue reading >>

Singapores First Legal Trial Over Bitcoin Trading Disputes Began Today

Singapores First Legal Trial Over Bitcoin Trading Disputes Began Today

Singapores First Legal Trial Over Bitcoin Trading Disputes Began Today Singapores first cryptocurrency trial over questionable trading practices began today as the market maker and liquidity provider B2C2 sues cryptocurrency exchange Quoine. The charge? B2C2 maintains that Quoine wrongfully reversed seven trades in April 2017 that lead to proceeds being deducted without B2C2s authorization. In the case unraveling in the Singapore International Commercial Court, B2C2 claims that the action taken by the exchange violated the two companies agreement terms, and the market maker seeks to recover some 3,085 bitcoins from Quoine. Although none was given, in todays dollar price that translates into roughly $13 million. According to Singapores Straits Times , in their opening statement, B2C2s legal team alleged that Quoine had abused its role as the operator of the platform and that it had acted in breach of trust as B2C2s custodian. While bitcoin prices have since been on a roller coaster ride reaching a meteoric peak of $19,783.21 on December 17 and crashing back down to around $4,500 today, in March of 2017, prices were hovering around the $1,200 mark. This further demonstrates the complexity of the case since the value of the bitcoins in question is significantly higher today than it was at the time of the trade reversal. It is B2C2s contention that in the face of serious risk of itself having to bear the financial loss arising from the trades Quoine chose the most advantageous course to mitigate such risk by simply reversing the irreversible trades and deducting the proceeds from the account Quoine defended the reversal move primarily as a programming glitch prior to the trades that caused the platforms inability to access accurate market price data on the cryptocurrencies Continue reading >>

Bitcoin Rout Continues, Following Biggest Dive In 8 Months

Bitcoin Rout Continues, Following Biggest Dive In 8 Months

Bitcoin rout continues, following biggest dive in 8 months HONG KONG Bitcoin advocates are asking how much lower it could go as the world's largest cryptocurrency continued to slump following its biggest one-day loss in eight months. The digital token fell as much as 5.9 per cent to US$5,221 , having plunged through a key resistance level on Wednesday after a period of relative tranquillity. Many of the bitcoin's closest peers also slid on Thursday, while bitcoin cash, which was set to split into two coins yesterday, sank another 10 per cent. As the dust settled a day after the Bloomberg Galaxy Crypto Index's 15 per cent tumble, speculation over its causes includes today's debut of the new version of bitcoin cash. Traders are mulling whether the coin, which itself broke off from the original bitcoin last year, is sucking investment and miners away from the largest crypto. The plunge disrupted a trend of lower daily spikes and sell-offs for cryptocurrencies, often criticised in financial markets as being too unstable for use as in investment or as a currency. Only a week ago, the bitcoin's 30-day volatility had dropped to 21.2, below that of the Standard & Poor's 500 index for the first time in two years, according to prices compiled by Bitstamp. "The bitcoin cash hard fork is proving far more destabilising than initially thought as numerous competing factions muddy the landscape," Oanda Corp's head of trading for Asia-Pacific, Mr Stephen Innes, said in a note. A version of this article appeared in the print edition of The Straits Times on November 17, 2018, with the headline 'Bitcoin rout continues, following biggest dive in 8 months'. Print Edition | Subscribe Continue reading >>

Headlines

Headlines

No free mediation for divorcing couples worth $2 million Resources to focus on less well-off and disputes involving children, but move draws some flak. National University of Singapore (NUS) law professor Tan Cheng Han will be leaving his role later this year to become the dean of a law school in... 4,000 sign petition over Singapore Medical Council ruling They want minister to examine decision after doctor was fined $100k in disciplinary case. New State Courts Towers on track for opening in 2020 New State Courts Towers on track for opening in 2020 The 35-storey building comprises 2 towers - Court Tower and Office Tower - which will be connected by 39 link bridges. SGX proposing second audit on listed companies if things seem amiss. Join us on a journey towards excellence in teaching and research. Resources to focus on less well-off and disputes involving children, but move draws some flak. National University of Singapore (NUS) law professor Tan Cheng Han will be leaving his role later this year to become the dean of a law school in Hong Kong. They want minister to examine decision after doctor was fined $100k in disciplinary case. The 35-storey building comprises 2 towers - Court Tower and Office Tower - which will be connected by 39 link bridges. Davinder Singh, 61, was for 20 years the CEO at Drew & Napier. He was made the firm's executive chairman in 2017. He has litigated cases in almost every area of the law, including high-profile ones. Singapore and China have agreed to set up a panel of international mediators that will help resolve disputes arising from projects under China's Belt and Road Initiative. Independent shareholders will not be required to make a general offer if their share of voting rights is pushed past regulatory thresholds under certain circum Continue reading >>

Bitcoin Pioneer Gave Away Over Us$100m In Virtual Coins

Bitcoin Pioneer Gave Away Over Us$100m In Virtual Coins

Bitcoin pioneer gave away over US$100m in virtual coins Mr Jeff Garzik became the third-biggest contributor to bitcoin's code and remained so through 2014.PHOTO: JEFF GARZIK/FACEBOOK Jeff Garzik does not regret act but says what matters is that digital currency is still around Mr Jeff Garzik started writing software code for bitcoin after reading a blog post about the digital currency in July 2010. At the time, he was working remotely for open-source powerhouse Red Hat from a vehicle parked in an empty lot in Raleigh, North Carolina. He soon became the third-biggest contributor to bitcoin's code after the cryptocurrency's anonymous creator Satoshi Nakamoto and developer Gavin Andresen, and remained so through 2014. Looking back 10 years after its creation, Mr Garzik said he is proud, even though bitcoin is not what he envisioned it would become. "As a father, I enjoy watching my kids grow up, even as they make mistakes or grow in ways that I wouldn't expect," said Mr Garzik, who has given away bitcoin valued at more than US$100 million based on current prices. During the initial period, Mr Garzik, 44, worked directly with Nakamoto, corresponding via private e-mail and the Bitcointalk forum, until the token's creator abruptly disappeared in 2011. Since then, former collaborators and journalists have been guessing who he or she or they were - a matter of importance since Nakamoto controls about one million bitcoins, and could impact the cryptocurrency's market price. "My personal theory is that it's Floridian Dave Kleiman," Mr Garzik said in an phone interview. "It matches his coding style, this gentleman was self-taught. And the bitcoin coder was someone who was very, very smart, but not a classically trained software engineer." It is an organism, it's something that ev Continue reading >>

Bitcoin Is The New Gold For The Cryptocurrency Age

Bitcoin Is The New Gold For The Cryptocurrency Age

Bitcoin is the new gold for the cryptocurrency age I hate to say I told you so, but well, I told you so. Bitcoin, while still a popular financial asset, is looking less and less like a currency. Online payments company Stripe is ending bitcoin support. It cites several reasons for doing so: "(Bitcoin) transaction confirmation times have risen substantially; this, in turn, has led to an increase in the failure rate of transactions... By the time the transaction is confirmed, fluctuations in bitcoin price mean that it's for the "wrong" amount... Furthermore, fees have risen a great deal making bitcoin transactions about as expensive as bank wires." A steady trickle of companies is no longer accepting bitcoin as payment for goods and services. Such transactions never became very widespread in the first place. Even a bitcoin conference in Miami refused to accept bitcoin for its attendance fees! There are essentially three reasons bitcoin isn't working out as a currency - two technological, and one economic. Technologically, bitcoin tends to be slow and laborious to use because it verifies transactions in small blocks. That problem isn't particularly hard to overcome - just use bigger blocks, or use a form of temporary credit to ease the burden on the network. More ominously, bitcoin relies on people known as miners to verify all transactions, and compensates them by creating new bitcoins. But soon, this will stop, since the total number of bitcoins is capped at 21 million - at that point, transaction fees will be needed to pay miners. It's very possible that all of these technological problems will be overcome, either by bitcoin or by rival cryptocurrencies. Lots of smart people are working feverishly on solutions. But there's also an economic reason why bitcoin and other Continue reading >>

The Straits Times - Breaking News, Lifestyle & Multimedia News

The Straits Times - Breaking News, Lifestyle & Multimedia News

Bitcoin rockets to another record high above $17,300 Bitcoin has extended its eye-popping rally, breaking above US$12,800 (S$17,300)to a record high despite questions about the cryptocurrency's real value and worries about a dangerous bubble. Trump ready to shut down government again: White House Pope calls for peaceful solution for Venezuela Banksy homage to Bataclan stolen from Paris theatre Inside Jerusalem's little-known Holocaust memorial Philippines vows to crush church bomb attackers Britain has martial law option under Brexit no deal: Minister Terms & Conditions Data Protection Policy Need help? Reach us here. Advertise with us SPH Digital News / Copyright 2019 Singapore Press Holdings Ltd. Co. Regn. No. 198402868E. All rights reserved We have been experiencing some problems with subscriber log-ins and apologise for the inconvenience caused. Until we resolve the issues, subscribers need not log in to access ST Digital articles. But a log-in is still required for our PDFs. Continue reading >>

$78k Lost To Bitcoin Investment Scams In Last 3 Months

$78k Lost To Bitcoin Investment Scams In Last 3 Months

$78k lost to bitcoin investment scams in last 3 months About $78,000 was lost to scams involving online articles that use false information to promote bitcoin investments between September and last month. These investment scams, which are advertised online, are designed to target Singapore residents, the police said yesterday. The online articles are usually paid advertisements that feature well-known personalities in Singapore who supposedly endorse bitcoin investments and have earned massive profits from them. In these online advertisements, bitcoin investments are portrayed as safe, secure and highly lucrative. People who click on links within the article are taken to a different website, which offers investments involving cryptocurrencies and other financial products. Those who provide their contact details on these websites would usually receive a call from a "representative" from the investment scheme. The authorities said such investment schemes operate from foreign countries and are not regulated by the Monetary Authority of Singapore (MAS). Continue reading >>

Pm Lee Warns Of Bitcoin Scam Site Using His Name

Pm Lee Warns Of Bitcoin Scam Site Using His Name

PM Lee warns of bitcoin scam site using his name PM Lee Hsien Loong's post was accompanied by a screenshot of a website with a picture of him and some quotes attributed to him.PHOTO: FACEBOOK/LEE HSIEN LOONG Prime Minister Lee Hsien Loong has warned the public not to be cheated by a website using his name to solicit bitcoin investments. In a Facebook post uploaded yesterday, Mr Lee said: "Anyone can be the target of fake news." He also referred to a recent similar scam, where two websites were soliciting bitcoin investments using fabricated comments attributed to Deputy Prime Minister Tharman Shanmugaratnam . The Monetary Authority of Singapore had flagged the two websites . PM Lee's post was accompanied by a screenshot of a website with a picture of him and some quotes attributed to him - about how profitable bitcoin investments can be. He cautioned: "Don't believe everything you see on the Internet!" In the same post, Mr Lee talked about a parliamentary Select Committee on fake news, which recently called for new laws that will grant the Government powers to combat the spread of online falsehoods. The Select Committee on Deliberate Online Falsehoods, which has 10 members, submitted a report to Parliament last Wednesday. Continue reading >>

Victims Cheated Of $78,000 In Bitcoin Investment Scams Between September And November

Victims Cheated Of $78,000 In Bitcoin Investment Scams Between September And November

Victims cheated of $78,000 in bitcoin investment scams between September and November About $78,000 was lost to investment scams involving online articles using false information to promote investment in bitcoin between September and November this year.PHOTO: REUTERS SINGAPORE - About $78,000 was lost to investment scams involving online articles using false information to promote investment in bitcoin between September and November this year. These investment scams, which are advertised online, are designed to target Singapore residents, the police said on Wednesday (Dec 5). The online articles are usually paid online ads which feature well-known personalities in Singapore who supposedly endorse bitcoin investment and have earned massive profits from their investment. In these ads, bitcoin investments are portrayed as safe, secure and highly lucrative. People who click on links within the article are taken to a different website which offers investments involving cryptocurrency and other financial products. Individuals who provide their contact details on these websites would usually receive a call from a "representative" from the investment scheme. The authorities said such investment schemes operate from foreign countries and are not regulated by the Monetary Authority of Singapore (MAS). In addition, MAS does not regulate cryptocurrencies and there are no regulatory safeguards for cryptocurrency investment. They also said that individuals are exposed to additional risk of fraud when investing in schemes which operate outside of Singapore, as it is difficult to verify the authenticity of such schemes. Investors may also have issues when pursuing claims against the operators of such schemes, the police added. Members of the public with information on fraudulent activ Continue reading >>

Bitcoin Falls Below Us$3,500, Loses One-third Of Its Value In Past Week

Bitcoin Falls Below Us$3,500, Loses One-third Of Its Value In Past Week

NEW YORK (BLOOMBERG) - The great crypto crash of 2018 plunged deeper over the weekend. Following a week of pain, bitcoin hit a new low for the year at US$3,447.58 (S$4,740.85) on Sunday (Nov 25), according to CoinDesk. The world's biggest cryptocurrency is now down more than 35 per cent over seven days. Cryptocurrencies just had their worst week ever. Bitcoin is 82 per cent below its high of US$19,666 almost a year ago, andRipple declined 5.3 per cent to 35 cents,about 90 per cent below its peak. After an epic rally last year that exceeded many of history's most notorious bubbles, digital currencies have become mired in an almost US$700 billion rout that shows few signs of abating. Many of the concerns that sparked the 2018 retreat - including increased regulatory scrutiny, community infighting and exchange snafus - have only intensified this week. Last week, sources said regulators are investigating whether bitcoin's rally to almost US$20,000 last year was the result of market manipulation. The US Justice Department is investigating whether tether, a controversial cryptocurrency that founders say is backed 1:1 by the US dollar, was used by traders to prop up bitcoin, according to three unnamed sources familiar with the matter Even after the steep losses, Oanda Corp's Stephen Innes has yet to see strong evidence of a capitulation that would signal a market bottom. "There's still a lot of people in this game," Mr Innes, head of trading for Asia Pacific at Oanda, said by phone from Singapore last week. "If we start to see a run down towards US$3,000, this thing is going to be a monster. People will be running for the exits." Mr Innes said his base-case forecast is for bitcoin, which turns 10 this year, to trade between US$3,500 and US$6,500 in the short term, with the po Continue reading >>

Liquidity Provider Sues Crypto Exchange For $13.7 Mln In Singapores First Btc Court Case

Liquidity Provider Sues Crypto Exchange For $13.7 Mln In Singapores First Btc Court Case

Liquidity Provider Sues Crypto Exchange for $13.7 Mln in Singapores First BTC Court Case A disputed trading session between crypto exchange Quione and liquidity provider B2C2 is now Singapores first BTC-related court case. Cryptocurrency exchange Quoine and liquidity provider B2C2 are the opposing parties in Singapores first court case involving Bitcoin (BTC) Crypto exchange Quoine and major liquidity provider B2C2 are the opposing parties in Singapores first court case involving Bitcoin ( BTC ), which began Nov. 21, Singapore-based English-language daily The Straits Times reports. The case concerns an alleged reversal of crypto transactions in the spring of 2017. In a legal battle at the Singapore International Commercial Court, B2C2 alleges Quoine reversed seven Bitcoin to Ethereum ( ETH ) trades it attempted to perform in April 2017. The reversal, which Quoine in court documents said was due to a technical glitch, involves a total of 3,085 BTC (today around $13.7 million), which B2C2 is now attempting to extract from the exchange. The market maker says the decision was made without its permission or knowledge. The Straits Times quotes the documents as saying that it is B2C2's contention that in the face of serious risk of itself having to bear the financial loss arising from the trades: Quoine chose the most advantageous course to mitigate such risk by simply reversing the 'irreversible' trades and deducting the [] proceeds from the account. The exact nature of the trades is unusual, according to Quoine. As a result of liquidity problems resulting from the glitch, B2C2 was able to set up trades at an absurd exchange rate of 10 BTC to 1 ETH, Quoine argues, continuing: There is no other way than to describe these orders as abnormally and absurdly priced orders, given Continue reading >>

Trial Begins: Bitcoin Exchange Accused Of Wrongfully Reversing Trades

Trial Begins: Bitcoin Exchange Accused Of Wrongfully Reversing Trades

Trial Begins: Bitcoin Exchange Accused of Wrongfully Reversing Trades The trial over alleged wrongful reversals of seven bitcoin trades that occurred last year has reportedly begun in Singapore. Cryptocurrency exchange Quoine has been sued by a market maker. The plaintiff is seeking to recover 3,085 BTC from the exchange. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space The trial over a series of alleged wrongful bitcoin trade reversals, reportedly Singapores first legal dispute involving BTC, has begun. Market maker B2c2 sued cryptocurrency exchange Quoine on April 19 last year, seeking to recover about 3,085 BTC from the exchange. Singapores International Commercial Court is expected to decide whether seven BTC-ETH trades conducted by B2c2 were wrongfully reversed by Quoine, leading to proceeds being deducted from the plaintiffs account without authorization, the Straits Times reported. According to B2c2s lawyer, Quoine abused its role as the trading platform operator and acted in breach of trust as the custodian.The plaintiffs opening statement alleges: It is B2c2s contention that in the face of serious risk of itself having to bear the financial loss arising from the trades Quoine chose the most advantageous course to mitigate such risk by simply reversing the irreversible trades and deducting the proceeds from the account. B2c2 continued to explain that Quoines action ensured the exchange would not have to seek payment from its customers and would be at no risk of non-payment. Quoine explained that it was unable to access external market price data for BTC and ETH at the time of the disputed trades because it suffered a glitch in its program. Due to the glitch, the program stopped creating or placing new orders involving these currencies on the plat Continue reading >>

A Crypto Exchange Operator Is Being Sued For Reversing Bitcoin Trades Worth Millions Heres What We Know

A Crypto Exchange Operator Is Being Sued For Reversing Bitcoin Trades Worth Millions Heres What We Know

Liquidity provider B2C2 is suing crypto exchange Quoine for reversing seven of its ethereum to bitcoin trades in April 2017. B2C2 is now trying to recover 3,085 bitcoins, worth over US$14 million. Quoine says a technical glitch caused issues with trade orders. It also said B2C2 traded the currencies at an abnormally high price to manipulate the market. Singapores first cryptocurrency trial over the reversal of several ethereum to bitcoin trades started on Thursday(Nov 22) inthe Singapore International Commercial Court (SICC), and is expected to conclude within a week. At the centre of the trial is a lawsuit brought by liquidity provider B2C2 against cryptocurrency exchange operator Quoine for reversingseven of its ethereum to bitcoin trades in April last year,The New Paper (TNP) reported. B2C2 is now trying to recover 3,085 bitcoins, worth over US$14 million (S$19 million), TNP added. On April 19 last year, B2C2 placed orders to exchange ethereum for bitcoin on Quoines exchange platform, according to a Straits Times (ST) report covering an earlier hearing of the case. The bitcoins were credited into B2C2s account that day, but thetrade was reversed the following day by Quoine,and trade proceeds were deducted fromB2C2s account. B2C2 said filled orders were irreversible according to its agreement withQuoine, ST reported. ButQuoinecited arisk disclosure clause allowing it to cancel transactions at abnormal rates, and claimed these trades were placed to manipulate the market. According to STs report, B2C2 traded the cryptocurrencies at a rate of 10 bitcoins for one ethereum.Quoine said theaverage market price that day was only about 0.03929075 bitcoin for one ethereum. In its opening statement on Thursdays trial, B2C2 accused Quoine of reversing the tradesin the face of se Continue reading >>

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