Man Sentenced to 3.5 Years for Stealing Train Network’s Electricity to Mine Bitcoin

A man has been sentenced to three and a half years in prison after pleading guilty to stealing electricity from a train network to fuel his Bitcoin mining activities.

Mines 3.2 Bitcoins
According to local media, the Chinese man has also been fined RMB 100,000 (around $14,500).
The man in question is Xu Xinghu, from Datong, a city in northwestern China’s Shanxi province. It’s alleged that the suspect stole RMB 104,000 worth of electricity from the train network’s power lines. He is reported to have put this to run his 50 Bitcoin mining machines and three cooling fans. The mining took place between November and December last year.
By April, Xinghu had mined 3.2 Bitcoins, worth around RMB 120,000. Following his sentencing, police confiscated his equipment. With interest rising in the crypto market, people are turning their attention to mining their own coins. However, to do so now is no longer cost-effective. The high electricity costs involved as well as having to pay for the equipment often sees people turning to other means.
This can include using electricity from other sources. In this instance, the individual used the train network’s electricity to fund his mining activities. Interestingly, despite China’s crackdown on the market, people in the country are still finding ways to get involved. This is despite the fact that China’s top internet-finance regulator, the Leading Group of Internet Financial Risks Remediation, issued a notice asking local governments to help Bitcoin-mining operations to make an “orderly exit” from the sector.
This, of course, is not the first instance of authorities taking Bitcoin mining machines away from the public.

Police Crackdown
In April, it was reported that Chinese authorities had confiscated 600 computers used to mine Bitcoin. This was down to irregular electricity usage. At the time, it was noted as the “largest power theft case in recent years.”
In June, Chinese police took control of 200 computers to mine the cryptocurrency. A man is alleged to have stolen 150,000 kW hours of electricity in more than one month to power his activities. However, when he realised he couldn’t pay for the electricity he tried to short-circuit the electricity meter.
These are just a few instances. However, they paint a picture of people taking drastic action to power their Bitcoin mining machines. Unfortunately, as can be seen, they don’t always get away with it.
Do you think people will continue to steal electricity for their Bitcoin mining activities? Let us know in the comments below.

Images courtesy of Shutterstock.
The post Man Sentenced to 3.5 Years for Stealing Train Network’s Electricity to Mine Bitcoin appeared first on Live Bitcoin News.

Example to Follow: Binance Starts Donating All Listing Fees to Its Charity Division

Binance, the world’s largest cryptocurrency exchange by trading volume, has announced some changes to their listing fee policy, which means that new cryptocurrency listing fees will be transparent. Moreover, the exchange will donate all listing fees to charity.

#Binance Listing Fee Update:Starting immediately, and going forward, Binance will make all listing fees transparent and donate 100% of them to charity. @BinanceBCFhttps://t.co/addXONK0Ip pic.twitter.com/8WrEfnmz3V
— Binance (@binance) October 8, 2018

Listing fees have been a pain point for many cryptocurrency projects which depend on getting their coins listed on exchanges for liquidity. Getting listed on a major exchange can result in a coin’s spike in value overnight. Yet, many projects have complained of huge listing fees. Binance has frequently become a subject of such grievances, that’s why the company introduces some changes.
According to Binance blog post, crypto projects will be able to name their price. The exchange will neither dictate such fees nor impose a minimum pricing level.
“Project teams will still propose the number they would like to provide for a ‘listing fee,’ or now more appropriately called a ‘donation.’ Binance will not dictate a number, nor is there a minimum required listing fee.”
According to the exchange, it will disclose the fee via its charity arm Blockchain Charity Foundation launched in Malta in July 2018 as a way to funnel some of its profits to charity. The foundation is headed by Helen Hai, a goodwill ambassador for the United Nations Industrial Development Organization.
Binance said:
“This change will further push Binance’s charity initiatives and increase the use of blockchain for the greater good. We will have further updates in this area shortly.”
Binance is the largest cryptocurrency exchange founded in Hong Kong in 2017. By March 2018 the company had established offices in Taiwan. As of January 2018, it was the largest crypto exchange with a BNB market capitalization of $1.3 billion. Such a rapid growth is largely due to the company’s ability to onboard new coins quickly. Another reason of why Binance has succeeded so much is the Binance Coin (BNB). The token was introduced for a small, but significant reason, and from there, its utility and worth has exploded almost as much as the exchange itself.
In August of this year, Christopher Franko, founder of blockchain platform Expanse, claimed on Twitter that Binance had quoted 400 bitcoin in an email as a fee for listing the firm’s asset. But Binance denied those claims. Binance CEO Changpeng Zhao said the exchange never quoted fees via email. He stated:
“We don’t list shitcoins even if they pay 400 or 4,000 BTC. … Question is not ‘how much does Binance charge to list?’ but ‘is my coin good enough?’”
The recent shift in the exchange’s policy is a response to prior accusations. Binance stated:
“If your coin is still in the listing review process, feel free to update your application with an appropriate number. Binance will continue to use the same high standard for the listing review process. A large donation does not guarantee or in any way influence the outcome of our listing review process.”
The company hopes that users will like this change.
The post Example to Follow: Binance Starts Donating All Listing Fees to Its Charity Division appeared first on CoinSpeaker.

UAE State Pushes Official Blockchain-based Cryptocurrency emCash for Wider Adoption

The government of the UAE has always been extremely interested in making the country occupy the leading positions in the world from the perspective of the standard of living and tech development. That’s why there is little surprise that the authorities have been actively working on examining the possibilities to apply such an emerging technology as blockchain with a view to facilitate a number of processes from the very beginning of its introduction.
As it has become known, citizens and residents of Dubai will soon get an opportunity to make their everyday payment, such as payments for government utilities, telecommunication and retail purchases, using digital assets.
These payments will be conducted with the help of emCash, a state-developed blockchain-based “stable” digital currency launched by emCredit, an official credit bureau that under the Dubai Department of Economic Development.
emCash was launched in Dubai last year, it was developed as a digital-fiat equivalent of the United Arab Emirate dirham with a view to facilitate and settle transactions between consumers and merchants directly.
Commenting their innovative initiative, emCredit spokesperson stated:
“To be the world’s first city to offer blockchain-based payment solutions to our residents is an exciting moment for Dubai. It confirms Dubai’s status as an international tech hub.Deploying cutting-edge technology such as blockchain is a key priority and is delivering benefits to our citizens in the form of convenience and securities to customers and merchants across Dubai.”
To carry out such an ambitious project emCredit has entered in a partnership with blockchain payment platform Pundi X and Ebooc Fintech & Loyalty Labs, a blockchain-based platform for consumer loyalty programs.
According to the reports, the bureau is going to promote its blockchain-encrypted digital currency emCash for mass adoption in the emirate via establishing point-of-sale (PoS) devices at stores in Dubai. These PoS devices are created with the help of knowledge and expertise of Pundi X specialists.
Speaking about its cooperation with emCredit, Pundi X co-founder and CEO Zac Cheah said:
“Bringing blockchain-based payments technology into the government sphere is a major development for the technology. But to be able to bring it to one of the great cities of the world and the most advanced economy in the Middle East makes today a historic moment for the real-world application of a technology that has promised so much potential until now.”
Though emCash is still under testing, it is expected that it will get all the necessary approvals from local government and regulators and will be ready to be fully launched later this financial year.
Let us also remind that a number of other countries are also exploring the potential of digital currencies. For example, in February, Venezuela launched its own oil-backed cryptocurrency called Petro with a view to reduce the negative influence of inflation on the national economy. The public sale of Petro will start on November 5.
The post UAE State Pushes Official Blockchain-based Cryptocurrency emCash for Wider Adoption appeared first on CoinSpeaker.

Maker Price Analysis: MKR/USD What’s Behind the Upside Break?

Maker recently surged past its long-term descending trend line to signal that a reversal from the drop is due. Price appears to be hitting a ceiling, though, so it might need to make a correction before heading further north.

Using the Fib retracement tool on the latest swing low and high shows that the 61.8% level is close to the broken trend line and an area of interest at $500. This is also just above the dynamic inflection points at the moving averages.
The 100 SMA looks prime for a bullish crossover from the 200 SMA to signal a return in bullish momentum and a continuation of the climb. However, stochastic is already in the overbought region to show that buyers are feeling exhausted and could let sellers take over. Once the oscillator turns south, Maker price might follow suit and find support around any of the Fibs.
A shallow correction could find support at the 50% Fib around $560 or the 38.2% level at $620. If any of these areas keep losses in check, Maker could make its way back up to the swing high or higher. RSI is already indicating overbought conditions, too, so it may be high time for a pullback.

The recent surge in Maker is being attributed to the purchase of 6% of MakerDAO by Andreessen Horowitz’s a16z crypto and news of Augur adding Maker to its platform. Some say that it is also because of an increase in supply of its related DAI stablecoin, which has reached up to nearly 60 million coins, higher by 5 million coins in the past week alone.
Of course, it’s also worth remembering that low liquidity conditions for this lesser-known altcoin also provided good conditions for a big move. Maker is supported by its own ecosystem of staking, loans, and the issuance of DAI dollar-pegged coins. It does not rely on banks to provide stability but instead depends on Collateral Debt Positions.

Images courtesy of TradingView
The post Maker Price Analysis: MKR/USD What’s Behind the Upside Break? appeared first on Live Bitcoin News.

Catch the Last Chance to Submit Your Game to Crypto Games Conference Awards!

This time the international Crypto Games Conference will be held in the capital of Belarus, Minsk. The second international conference for crypto games developers will gather 600 professionals from 25 countries. More than 100 game projects will be presented, and DApp games will get unique opportunities. 45 speakers, only most topical talks. CGC Awards, CGC Showcase, CGC Big Pitch, new format of networking Pitch and Match and much more at a two-day summit.
4 Main Directions

Crypto Games

The leading developers will reveal their strategies, tactics and secrets of business and marketing in crypto games, as well as analysis, post-release reviews, and post-mortems of their games and services. General market trends will be discussed and debated in talks and board panels with the participation of the leading experts of the blockchain and games industry.

Crypto gaming services

The speakers are the leading developers of gaming services who will hold talks about blockchain and cryptocurrencies usage in services as well as their impact on the global gaming industry.

Gaming

The heads of the companies will share their experience in integration of cryptocurrencies, as well as in creation of new services in the gaming industry. Talks about regulation and provision issues will take part.

Crypto funds and platforms

The key crypto funds will attend the conference to discover new, high potential projects and their teams. They will be available for private meetings and presentations.
Apart from many innovations it presents, this time the conference also hosts the first ever Awards Ceremony for best games based on cryptocurrencies and blockchain technologies.
The Ceremony is Held on October 18, It Announces Winners in Five Nominations

Best Crypto Game
Best Game on WAVES Platform
Best Crypto Game Service
Best Crypto iGaming Project
CGC Choice

Everyone can apply online by filling in this form:
https://docs.google.com/forms/d/e/1FAIpQLSecHARpQPnDehkLGFnho__Egdlm6eQAI9JL1HwAxrcQZOS9sQ/viewform 
Requirements

Crypto game, service, gambling project using smart contracts or cryptocurrencies/tokens.
Product version on the alpha/beta stage.
More information available here.

Crypto Games Conference Showcase is an exhibition of crypto games developers. The organizers of the conference will provide 50! free stands for the most interesting and promising games.
The authors of the Alpha/Beta versions of crypto games using smart contracts and/or cryptocurrencies/tokens can personally head their stands. These people will receive 1 free ticket, as well as a 50% discount on tickets for all team members, and, of course, they will be able to take part in the CGC Awards.
If you develop games based on the WAVES Platform, there is a special nomination for you. To participate, the game should use Waves smart contract (for example, for random generation) or Waves tokens, or both.
Complete rules in English can be found here.
See you in Minsk! And remember: developers don’t even have to come to Minsk to receive an award from WAVES if they are nominated.
The post Catch the Last Chance to Submit Your Game to Crypto Games Conference Awards! appeared first on CoinSpeaker.

Bitcoin Price Analysis: BTC/USD Still Aiming North

Bitcoin made another small upside breakout, closing above the top of a small triangle consolidation pattern visible on its short-term time frames. This took price up to the mid-channel area of interest on the ascending channel that’s been holding since last month.

The 100 SMA is above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. In other words, the uptrend is more likely to resume than to reverse. A pullback from the upside break could still find support at this dynamic inflection point.
Stochastic has some room to climb before hitting overbought levels, but the oscillator already seems ready to head south so Bitcoin might follow suit. In that case, a retest of the broken triangle top or the bottom of the rising channel around $6,400 could be seen before the climb gains traction.
RSI is also turning lower without even hitting overbought territory, which suggests that sellers are eager to return. A break below the $6,400 support could still push bitcoin on a downtrend while a continuation of the climb could take it to the channel top around $7,000 next.

Bitcoin is able to benefit from the pickup in risk aversion these days as the decline in stocks is leading traders to look into alternative higher-yielding assets like cryptocurrencies. Keep in mind that Google has reversed its ban on bitcoin and ICO ads, so there may be stronger interest in these posts from regulated entities targeting audiences in the US and Japan.
However, Bitcoin is encountering some headwinds on news that Coinfloor in London is looking to cut some of its staff in response to changes in trade volumes these days. This is one of the oldest Bitcoin exchanges around, so their adjustments could have significant repercussions for industry outlook. Still, many believe that the bullish momentum would continue to pick up, especially if the SEC approves the bitcoin ETF applications.

Images courtesy of TradingView
The post Bitcoin Price Analysis: BTC/USD Still Aiming North appeared first on Live Bitcoin News.

Korea: ICOs Good for Country Says Head of Blockchain Association

The head of Korea’s leading blockchain association has publicly stated that government should allow ICOs for economic growth of the country.

“Put Regulations in Place,” Says Blockchain Champion
Chin Dae-je, the chairman of the Korea Blockchain Association, has urged the government to roll back the ban on ICOs (Initial Coin Offerings), arguing that doing so will help create more jobs and boost economic growth. He made these remarks while speaking at a blockchain conference at COEX in Gangnam district, southern Seoul in late September. Chin has previously served as the minister of Information and Communication and as the head of Samsung’s media division.
Speaking at the conference, Chin said:
The government should implement guidelines to nurture the domestic blockchain industry, which will help Korea emerge as a global industry leader.
The Korean government last year imposed a ban on ICOs, citing safeguarding the interest of investors as the reason behind the move. However, the citizens are free to participate in ICOs being launched from other venues. The action has caused a lot of start-up entrepreneurs to set up their businesses in neighboring countries like Japan, Hong Kong, Singapore, Philippines, and Thailand.
Presenting proposed guidelines prepared by his association Chin added, “Start-ups who comply with guidelines should be allowed to launch ICOs.”
He further stated:
By regulating and allowing ICOs, we can nurture start-ups with high potential, create jobs and reduce youth unemployment. […] We can designate public or private organizations like the Korean Blockchain Association to look over the ICO white papers and verify the purpose of their fundraising.

 
 
The Preferred ICO Destinations
ICOs have become a popular method among blockchain start-ups for raising funds for their projects. Projects issue native tokens in exchange for the funds collected in either Bitcoins or Ethereum. The native coins can either be used on the project’s platform post-launch or traded on the cryptocurrency exchanges.
Last year, investors made good gains from the rise in prices of the ICO tokens. However, this year, while more money has been raised through ICOs, most tokens are currently trading below their launch price.
Venues like Switzerland, Singapore, Malta, Gibraltar, Estonia, and Dubai have emerged as favorite destinations to launch ICOs due to their crypto-friendly regulations.
Many blockchain supporters in Korea feel that the country may miss out on the potential opportunity of growth that exists by taking a hostile approach towards blockchain and cryptocurrencies.
The Chairman Bats for Crypto Exchanges
Chin also urged the government to make it easier for exchanges to be able to issue new user accounts for deposits and withdrawals in Won, the local fiat currency. In January of this year, the country’s financial regulator – Financial Services Commission – pushed the exchanges to strengthen the customer verification process.
Addressing the issue, Chin stated:
The government should allow currency exchanges that verify customer identity and have appropriate security measures to be allowed to issue new virtual accounts. […] Korean exchanges that were ranked as the fourth or sixth-largest in the world before are dropping to below 20th place now.
He also noted:
If domestic currency exchanges disappear, it will be more difficult and financially challenging for Korean start-ups to issue ICOs as they would have to list their coins on non-Korean exchanges.
As pro-crypto voices get louder, the government now seems eager to soften its hard-line stance on digital currencies. It is expected that the ban would be reversed either by the year-end or by mid-2019.
Do you agree that countries that are taking a hard-line position and banning cryptocurrencies and ICOs are missing out on a big opportunity for economic growth? Let us know in the comments below.

Images courtesy of YONHAP, Shutterstock
The post Korea: ICOs Good for Country Says Head of Blockchain Association appeared first on Live Bitcoin News.

The Multiverse – A New Blockchain Based Gaming Experience

Enjin’s blockchain development platform is about to totally transform the world of online gaming once and for all. Enjin is utilizing the blockchain technology to enable players to move seamlessly through different gaming worlds while using the same gaming characters and items in every world.

What is Enjin’s Multiverse?
The idea was first introduced via Ready Player One, the blockbuster movie centered on the “OASIS”, a massive network of gaming universes throughout which players could move through swiftly, while making use of the same characters and virtual possessions in every world they merge onto. The blockchain technology is about to offer gamers a similar future, except that this future will be decentralized, so it won’t be under control of a single entity, as was the case with OASIS.
Physics defines a “multiverse” as an endless array of universes where possibilities are literally limitless. Within a multiverse, universes are often described as being “parallel”. When the world of gaming is considered, a multiverse represents a massive network of games throughout which players can use their playable characters and possessions across different gaming worlds.

How Will It Work Through Different Gaming Worlds?
Via Enjin’s multiverse concept, each gaming item will be stored onto the blockchain along with its identity, history, provenance, and metadata, instead of being recorded on centralized servers. As such, blockchain based gaming items can be transferable across an endless number of games.
A player can use their blockchain address to store various gaming characters and items. Any developer can choose to support any set of blockchain based gaming assets, while developing their game. The developer will enable players to log their blockchain addresses while playing the game to link in-game assets to their inventory stored on the blockchain. However, an item’s artwork, details, and gameplay can differ from a game to the other, i.e. a player’s gaming inventory can look and function differently across various games.
Enjin’s multiverse will enable gamers to witness exciting gaming experiences, as their gaming characters can live infinitely as they move across different gaming worlds. You don’t have to bid your beloved character farewell or lose your gaming assets when gameplay is completed. Oppositely, you will have the chance to keep your playable character and items from a game to the other. Enter the multiverse and enjoy an unmatchable gaming experience!
What else can the blockchain technology add to the world of online gaming? Let us know what you think via the comments’ section below.   

Images courtesy of Pixabay and ShutterStock
The post The Multiverse – A New Blockchain Based Gaming Experience appeared first on Live Bitcoin News.

Hong Kong Investment Firm Supports Development of Cryptocurrency Bank

While China continues to eye cryptocurrencies with a healthy dose of suspicion, acceptance, and popularity in the rest of Asia is on the increase. In fact, a Hong Kong-based firm is hope’s its investment will help pave the way for a cryptocurrency bank.

According to the South China Morning Post, the firm in question, Summer Capital, has bought a stake in SEBA Crypto AG, a startup with a goal to become a licensed and authorized cryptocurrency investment bank. The platform, which is based in the crypto hub of Zug in Switzerland is however still awaiting approval from the Swiss Financial Market Supervisory Authority (FINMA) to trade as a banking and securities dealer.

Institutional Investment and Support
This approval will allow the startup to extend to Asia and assist blockchain-based platforms to gain access to traditional banking systems. The spokesperson for Summer Capital, Jack Chung, explained their support of the startup:
We believe we could support SEBA’s plan to expand into Asia, a region where cryptocurrency trading and blockchain projects have been flourishing.
This support could extend to SEBA’s ICO, which is scheduled for some time in the third quarter of next year, where the investment firm could make a contribution. While Summer Capital manages over $1 billion and has interests in FinTech and logistics, this is the company’s first foray into blockchain.
Both Summer Capital’s investment amount, as well as the contribution of U.S.-based Black River Asset Management, have not been disclosed.

More About SEBA
Guido Buhler, who is SEBA’s CEO, has said that the bank’s first focus will be on transaction banking. He explained:
It has been tough for blockchain start-ups to grow their businesses as they are unable to access the traditional banking system. We are building infrastructure to allow companies to pay salaries in cryptocurrencies, and bridging the disconnect between fiat and cryptocurrency payment.
Live Bitcoin News previously reported that a few surveys show that there is indeed an interest in people having parts or even all of their salaries paid in virtual currency.
Buhler also added that SEBA should receive the required regulatory approval in the first half of next year. They will also eventually offer digital asset custody services to their institutional clients. In addition, the crypto bank will offer liquidity services to exchanges.
This growth in services will extend to staff numbers as the platform plans to double its number of employees by the beginning of next year.
Do you think that SEBA will get the required approval and be successful in their venture? Let us know in the comments below!

Images courtesy of Shutterstock.
The post Hong Kong Investment Firm Supports Development of Cryptocurrency Bank appeared first on Live Bitcoin News.

Tron New Update Is Already Sparking Interest In The TRON Token

It’s very easy to forget a crypto and mark it off as dead for good, but in the crypto market resurrections are an everyday occurrence. A token can shoot up by about 100% overnight just because of some little news heard or media uproar. It’s therefore no shocking news that most people believe(d) Bitcoin’s price was regulated by the media. Tron (TRX) was the latest to benefit of this price valuation over the weekend after its CEO, Justin Sun announced the release of an update for the network.
The TRON (TRX) token gained value after staying a little above $0.02 for more than 3 months. This was after news of the TRON Odyssey 3.1 was to be released in the coming weeks, as well as the network’s introduction of new trading pairs with fiat currencies. The launch of Odyssey 3.1, a major update that will see the introduction of DApps (Decentralised Apps) is a thing that has been longed for greatly by most enthusiasts of the network and its token, as it promises the perfection beyond the standards of the likes EOS and Ethereum. This is all in spite of the reduced cost for transactions.
The CEO of the company who recently mentioned that developers of DApps had to incentivise people to use their creation also tweeted recently that

Based on community consensus, #TRON will be upgrading to Odyssey 3.1 at 8pm SGT. The TRON Committee function & TVM will go live, marking the start of the Smart Contract Era. TRON will be 200x faster vs. ETH, 100x cheaper vs. EOS. dApp developers & users, this one is for you! $TRX
— Justin Sun (@justinsuntron) October 8, 2018

He also expressed his concern with regard to the changes in people’s attitudes towards the token as well as the price rise. Moreover, with Monero’s XRM token performing on like an old man who’s had his knees knocked with a hammer, TRON XRM could be heading into the top ten crypto coins on the market list. With the token trading at $0.027 as of last night with trading volumes nearing a year’s high of approximately $350 million.
Bitfinex’s introduction of multiple trading pairs for the network especially with fiat currencies and also Binance’s massive support of the coin from the Island of Malta have been major boosters for the coin’s performance lately.
Numbers indicate that about some 3.3% of all cryptocurrency traders are into TRON TRX tokens. The network is also said to have had a total of 463,326 views above most other crypto networks, gradually gaining the recognition of agencies like even Nasdaq. If most investors are optimistic of a bullish price run then eventually most token owners will decide to hodl their tokens to gain more value
Join us on Telegram.
Read More

IOTA Is Bringing Car Insurance To Its Immense Network
Good Money: A Project With A Unique Marketing Strategy
Coinbase CTO Believes “Blockchain Not Crypto” Is Overrated

The post Tron New Update Is Already Sparking Interest In The TRON Token appeared first on CoinStaker | Bitcoin News.