Former Trump aide Gates to plead guilty, agrees to testify against Manafort, sources say

WASHINGTON — A former top aide to Donald Trump’s presidential campaign will plead guilty to fraud-related charges within days �� and has made it clear to prosecutors that he would testify against Paul Manafort, the lawyer-lobbyist who once managed the campaign. The change of heart by Trump’s former deputy campaign manager, Rick Gates, who had […]
Source: bitcoinwarrior
Former Trump aide Gates to plead guilty, agrees to testify against Manafort, sources say

Telegram ICO Details $850M Pre-Sale to the SEC

The Telegram ICO is well on its way to its $2 billion goal as it raises a whopping $850 million during its pre-sale.


When rumors leaked about a Telegram ICO, people took notice. The messaging app has become indispensable for many segments of society, especially for the crypto world. The overall goal of the app’s ICO is an eye-opening $2 billion, which would make it the largest ICO in history. While some scoffed at such a number, that goal now appears to be easily manageable as the pre-sale netted a total of $850 million.

That’s a Lot of Moolah!

Telegram has delivered a document to the US Securities and Exchange Commission in which it lists the $850 million generated so far. The money was raised “for the development of the TON Blockchain, the development and maintenance of Telegram Messenger and the other purposes.”

Apparently, this was the pre-sale for the Telegram ICO. This stage was aimed at venture capital firms and other whales in the crypto world, who were given discounts for the platform’s GRAM token. Interest was definitely there as the initial pre-sale estimate was for $600 million, an amount that was surpassed by almost 50%.

A public sale, expected to begin in March, is supposed to add another $600 million to Telegram’s coffers. However, that number may be revised upwards after the spectacular success of the pre-sale.

Telegram Messenger

Not Everyone Is on Board

Despite the spectacular success of the Telegram ICO so far, not everyone is a fan. There are a number of detractors of the overall campaign, such as Forbes.

Forbes notes a number of individuals who believe the ICO is being done to cover the app’s bills. Gregory Klumov, CEO and Founder of STASIS, says:

With growing user base, he [Pavel Durov, the founder of Telegram] would’ve eventually run out of money. Therefore he opted for an ICO as a mechanism to raise funds without getting outside investors into Telegram’s shareholder capital.

Travis Scher, Vice President of Investments at Digital Currency Group, chimes in with:

It really felt like it was one of these start-ups that’s burning through cash and needs a way to bring money in to keep funding their operations. This is how they decided they’re going to do it.

Pavel Durov

Pavel Durov

There are plenty of other skeptics too, such as Charles Noyes of investment firm Pantera Capital. He mentioned that he has concerns over the project’s whitepaper, saying:

My primary concern with it is that, in the first offering institutions are seriously looking at, they’re promising something that will somehow be radically better than everything else out there, with no real explanation of how that will happen or outside scrutiny of those claims.

Yet it seems that such doubt has not hurt the enthusiasm for the project. Telegram has listed several services that will be developed due to the ICO, such as a proxy service for creating decentralized VPN services and payments for microtransactions.

It’ll be interesting to see if the Telegram ICO reaches its $2 billion goal or, perhaps, reach even higher.

Are you excited about the Telegram ICO? Do you have reservations about it? Let us know in the comments below.


Images courtesy of Flickr/@TechCrunch and Bitcoinist Archives.

The post Telegram ICO Details $850M Pre-Sale to the SEC appeared first on Bitcoinist.com.


Source: bitcoinist
Telegram ICO Details 0M Pre-Sale to the SEC

Revenues of Cryptocurrency Exchanges in South Korea Up 88-Fold

Revenues of Cryptocurrency Exchanges in South Korea Up 88-Fold

According to recent data collected by the South Korean government, the accumulated commission income of the country’s 30 cryptocurrency exchanges last year was 87.5 times that of the previous year. The vast increase in income and crypto transactions was largely contributed by the newcomer exchange backed by Kakao Corp.

Also read: Indians Look to Buy Bitcoin Overseas as Regulations Tighten

Crypto Exchanges Made 700 Billion Won

Revenues of Cryptocurrency Exchanges in South Korea Up 88-FoldThe commission revenues of South Korean cryptocurrency exchanges collectively increased approximately 87.5 times last year compared to the previous year, local media reported.

The data, published on Sunday, “was collected with the help of the government, [and] was estimated based on sales of commissions and the local price of bitcoin released by each operator,” Yonhap wrote, further elaborating:

According to the data released by Rep. Park Kwang-on of the ruling Democratic Party, accumulated commission-related sales of some 30 cryptocurrency exchange operators are presumed to have reached 700 billion won [~USD$658 million] as of the end of last year, compared with an estimated amount of 8 billion won as of the end of 2016.

Park added that, based on the same method of calculation, the estimated commission income for cryptocurrency exchanges in 2015 was 3.2 billion won, Kyeonggi Daily noted.

Korea’s Top Crypto Exchanges

South Korea has four major cryptocurrency exchanges: Upbit, Bithumb, Coinone, and Korbit.

Revenues of Cryptocurrency Exchanges in South Korea Up 88-FoldAccording to Representative Park, Upbit is now the largest crypto exchange in the country with a market share of 52.9%, based on data over 6 days of last week. The Kakao-backed cryptocurrency exchange is estimated to have collected 194.3 billion won in commission sales last year. “The analysis also reflected the fact that the number of virtual currency transactions has doubled since last October when Upbit began operations,” Kyeonggi Daily added.

During the same time period, Bithumb had approximately 32.7% of the market share, while Coinone had 8.3% and Korbit had 6.2%. The estimated sales of the three exchanges were 317.7 billion won, 78.1 billion won, and 67 billion won respectively, the publication conveyed.

According to Coinmarketcap, Upbit is currently the third largest cryptocurrency exchange globally. Its 24-hour trading volume is USD $1.3 billion at the time of this writing, while Bithumb’s volume is approximately $1.1 billion.

Taxation Coming Soon

The Korean regulators are currently working on how to tax cryptocurrency exchanges as well as crypto trading.

In answering the people’s petition regarding unfair cryptocurrency regulations, Hong Nam-ki, Minister of the Office for Government Policy Coordination (OPC), confirmed that the Korean Ministry of Strategy and Finance is working on cryptocurrency taxation.

“Tax should be paid if income exists,” he asserted, adding that various ministries are examining other countries’ approaches to taxing cryptocurrencies. “So, I think that it would be possible to get some information on the virtual currency taxation system soon,” he emphasized.

How much do you think South Korean exchanges will grow this year? Let us know in the comments section below.


Images courtesy of Shutterstock.


Need to calculate your bitcoin holdings? Check our tools section.

The post Revenues of Cryptocurrency Exchanges in South Korea Up 88-Fold appeared first on Bitcoin News.


Source: bitcoin.com
Revenues of Cryptocurrency Exchanges in South Korea Up 88-Fold

Harnessing the Full Potential of the $600 Billion Crypto Network

Creditcoin makes crypto-lending and investments accessible to the masses, cuts the red-tape.

Two FinTech firms have come together to make it easy to navigate the crypto world. These two companies plan to launch Creditcoin, which will operate across blockchains in the P2P lending market.

The Gluwa platform, to be powered by Creditcoin, will address the issues of accessibility of the crypto market by those in the fiat world by seamlessly connecting them with cryptocurrencies. This platform simply aims to interconnect the $600 billion fractured across the world of crypto.

The Technical Aspects of Creditcoin

Gluwa and Aella Credit are the two fintech companies that have come together to create a blockchain based protocol that will allow investors to lend in any crypto. The Creditcoin network is a blockchain purpose designed for investments. It aims to connect fundraisers to investors with similar goals. And, the use of distributed ledger system ensures permanent record of lending and borrowing interactions on the platform, which can be used in future credit evaluations.

The Creditcoin network starts by matching offers from investors and projects. A fundraiser will post seeking certain amounts of money. It will also post the collateral it intends to offer and the interest rate of repayment. If they find an investor willing to accept these conditions, they will announce the deal on the Creditcoin network. The network will then verify the transaction and send Creditcoin to the fundraiser. For this transaction to go through, the fundraiser has to confirm that it is willing to return the funds with interest.

If an investor needs to evaluate which fundraiser to trust, all they have to do is use the transaction history of the fundraiser on  the blockchain to verify how safe it is to invest in a certain project. The good thing is that the blockchain is immutable. That means the details cannot be altered to hide what is really going on. If a fundraiser wants to receive better terms, they can always share details that are more personal.

Why the Creditcoin Network Matters

The good thing about the network is that it eliminates third parties. By doing so, this network helps to cut down the costs that third parties impose on investors. It also means that smaller scale investments can be feasible due to the elimination of third party costs. Since the system is decentralized and public, there is no way to mess around with it. Thus, you can always trust the credit history and make an objective risk assessment.

The Creditcoin token sale is currently underway and those interested to know more about the platform or purchase the tokens can do so by visiting https://buycreditcoin.com/

 

The post Harnessing the Full Potential of the $600 Billion Crypto Network appeared first on NewsBTC.


Source: newsbtc
Harnessing the Full Potential of the 0 Billion Crypto Network

How to buy and store Bitcoin in your wallet (for beginners)

Take the first step to be a Bitcoiner. Learn how to open your online account and buy bitcoin in a simple and secure way!

1. Basics

BTC.com offers a multi-device wallet. Once you made an account, you can log in and transact on any device of your choice. For beginners, we recommend starting with the web wallet.

Click to create your free wallet

2. Register your account

  • Choose your preferred email address
  • Choose a password that is hard to guess but you can remember
  • Next, confirm your password.

Now your wallet will create your unique “key”, which allows you and only you to authorize payments from your wallet.

3. Download your wallet backup

This is a very important step! The BTC.com wallet does not have access to your cryptocurrency. We give you the “key”to your coins on the backup PDF. Anybody with access to this file can move your bitcoin out of your wallet. Therefore you must keep it secret and safe.

Please save your backup document! After you saved the backup PDF, confirm that you have saved it.

Why do I need it?

Having a backup document is extremely useful if you ever forget your password. With this backup document you can re-gain access to your funds. We suggest to print the document in a few samples and store it safely offline.

4. Which currency?

Different wallets support different cryptocurrencies. The BTC.com wallet supports: Bitcoin and Bitcoin Cash. The wallet uses different colors to make it simple: blue (Bitcoin), green (Bitcoin Cash).

You can switch currency in the menu with the drop down selector.

5. Buy your first bitcoin

First, navigate to the Bitcoin section of your wallet. To buy Bitcoin Cash, switch to your Bitcoin Cash wallet and follow the same steps.

1. Choose “Buy” in the left side menu.

2. Select “Buy with Credit Card (Simplex)”.

3. Choose the amount you would like to buy.

4. Note down the order ID for future reference.

5. Fill out your billing information.

6. Verify your contact information.

7. Enter your credit card information.

8. If required, please complete the identity verification step.

That’s all! Now you are a real Bitcoiner, congratulations!

Don’t have a BTC.com wallet yet? Create a free web wallet at wallet.btc.com or download the app for iOS and Android. Get started with bitcoin today!

We hope that this guide helps you start your journey in the world of cryptocurrencies! If you have questions, don’t hesitate to send us a message to support@btc.com.


How to buy and store Bitcoin in your wallet (for beginners) was originally published in The BTC Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.


Source: btc.com
How to buy and store Bitcoin in your wallet (for beginners)

Bill Gates: Trump tax bill is bad. People like me should pay much more (VIDEO)

Bill Gates, one of the wealthiest persons in the world is not happy with Donald Trump and his Republican cohort’s tax law. And he wasn’t kind as he described the act. Bill Gates challenges Donald Trump’s new tax law //twitter.com/EgbertoWillies/status/965280805105922053 Bill Gates is very soft-spoken, but the billionaires’ commentary carries a lot of weight in […]
Source: bitcoinwarrior
Bill Gates: Trump tax bill is bad. People like me should pay much more (VIDEO)