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Dutch lawsuit

In November 2016, a Dutch cryptotrader tried to buy his first 10 bitcoin, first using funds from his ING bank and later from ABN Amro. Both banks denied the transactions. He subsequently filed a complaint with Kifid (Financial Services Complaints Institute), a resource that mediates between consumers and small businesses when there are complaints about financial products or services.

According to the complaint, the banks claimed the man’s transactions were denied due to fraud prevention measures. It argued, however, that fraud prevention isn’t the reason why ING and ABN denied the transactions. Instead, the complainant accused both banks of blocking his accounts for commercial reasons that were concealed as fraud prevention measures. ING and ABN Amro denied the accusation.

The aspiring trader filed suit for €43,220 (~$50,000). He arrived at this figure by projecting the gains he would have realized if he bought bitcoin at €330 (~$385) and sold at €2,500 (~$3,000 USD).

The Kifid ruling states that it does not consider this lack of ability to trade in any way relevant. Even if the banks refuse to perform a service, it isn’t their responsibility to compensate clients. In addition, the ruling states that the complainant failed to demonstrate that the acquisition of bitcoin was rendered impossible because of the actions of the banks: He could have tried to work with another bank.

Both ING and ABN claimed that once the block had been lifted on his account, he could have purchased the bitcoins. They both claim that the unblocking of the account was delayed for security reasons and the fact that the customer had set their account preferences to deny telephone contact.

Ultimately, the ruling determined that the potential bitcoin trader had no one to blame but himself for not securing the 10 bitcoin and realizing any potential profits.

This article originally appeared on Bitcoin Magazine.

Source: Bitcoin Magazine | Date: August 17, 2018

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CBP plans to trial blockchain technology to verify North American Free Trade Agreement and Central American Free Trade Agreement certificates.

Source: CoinDesk | Date: August 17, 2018

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Equity Trust Thumb

Asset diversification has long been touted as a
critical strategy for wealth building. This method of portfolio management,
which traditionally involves a mix of stocks, fixed assets and commodities
allows for maximum return at the least amount of risk — an important element
for retirement savings.

One company with a strong foothold in this
investment space is Equity
Trust
, a financial services company that allows
individual investors to diversify their retirement investment portfolios
through asset class options like private equity, precious metals, tax liens and
real estate among others. With over $25 billion in assets under custody and
administration as of the end of 2017, Equity Trust’s self-directed retirement
accounts have become a viable option for entrepreneurial investors seeking
control over their wealth building activities.

Merging the Worlds of IRAs and Crypto

Equity Trust recently launched a new digital
asset platform that allows individual retirement
accounts (IRAs) to invest in cryptocurrencies. It can be simple to open an account
online through myEQUITY (its online account system), or investors can call and
open an account through a senior account executive.   

The minimum investment required is $10,000 in
addition to a $500 nonrefundable fee for use of the digital asset platform.

Through this platform, investors can purchase and
sell bitcoin, bitcoin cash, ether, ethereum classic, litecoin and XRP using a
trade-date-plus-one formula (i.e., next-day cash availability for sale
transactions). The industry-leading cycle starts when purchase/sell orders are
immediately filed by liquidity providers to lock in the price and exchange of
fiat and digital currency takes place the following morning.

Because Internal Revenue Service (IRS) guidelines
treat crypto in a manner similar to real estate, an IRA offers some potential
tax advantages. If IRS guidelines are followed, taxes are deferred, meaning
that there are no immediate tax implications. By way of example, the major spike
in bitcoin prices in 2017 led to some major financial returns for investors in
this space, but it also resulted in a significant tax impact. If these
investments had been made through an IRA, taxes could have possibly been
deferred through retirement. 

This move on the part of Equity Trust to create a
digital currency platform signals demand on the part of clients and other
investors for tax-favorable investment vehicles like IRAs.

This pioneering platform brings ease of use to
the digital currency investment process through a simple online interface.
Here, both individual investors as well as institutional professionals who
represent clients are able to rapidly place digital currency orders using funds
from IRAs. 

The emergence of the digital asset platform reflects
the most recent in a series of technology investments made by Equity Trust.
Dave Allen, Equity Trust’s COO, said “it demonstrates the company’s aim to
invest in technologies that align with a broader strategic approach of
delivering innovative, world-class products and services that maximize client
value while accelerating client access to alternative investments.” 

Equity Trust’s target market includes current
cryptocurrency investors desiring a long-term investment approach, where there
is the potential for wealth to be built over a number of years. Equity Trust’s platform
is also ideal for investors seeking a more diversified retirement portfolio who
may not have explored cryptocurrency in the past. 

One of the prized features of the platform is the
ability to connect a client’s Equity Trust account with a “cold storage”
facility, allowing for a secure long-term storage approach for digital
currency. This feature significantly mitigates the customer risks often
associated with the investor holding their own cryptocurrency keys.

Allen indicated that a main factor that led the
company to pursue the intersection between IRAs and cryptocurrency was the
stated demand of Equity Trust’s existing clients.

“Equity Trust has specialized expertise in
providing responsible access to alternative asset classes, ” he said. “And with
cryptocurrency emerging as an asset that’s experiencing increased demand,
investors are desiring tax-advantaged retirement options to invest in
cryptocurrency. It made sense for Equity Trust to apply its expertise in this
area and deliver a solution.”

Note: Trading and investing
in digital assets is speculative and can be high risk. Based on the shifting
business and regulatory environment of such a new industry, this content should
not be considered investment or legal advice.

This promoted article originally appeared on Bitcoin Magazine.

Source: Bitcoin Magazine | Date: August 17, 2018

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Ai Weiwei and Kevin Abosch is looking to blockchain to start a conversation on the value of human life.

Source: CoinDesk | Date: August 17, 2018

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Regulators Greenlight Bitcoin Futures

U.K.-based cryptocurrency futures exchange Crypto Facilities, which is regulated by the U.K. Financial Conduct Authority, is adding a bitcoin cash product to its offerings, a press release shared on the exchange’s website reveals. Trading for the bitcoin cash-dollar (BCH/USD) futures began today, August 17, 2018, at 4:00 p.m. GMT +1 (11:00 a.m. EST).

The addition of the new contract will enable investors to take long or short positions in bitcoin cash, allowing them to “broaden [their] investment opportunities” and hedge investment risks. The contracts join a list of derivatives currently offered by Crypto Facilities, which includes Bitcoin, Ripple XRP, Ether and Litecoin futures.

At launch of the litecoin futures, CEO of Crypto Facilities, Timo Schlaefer, said there was “strong client demand” for the product and he believes the “LTC-Dollar futures contracts will increase price transparency, liquidity and efficiency in the cryptocurrency markets.”

Now, in rolling out BCH futures, Schlaefer claims that the new offering will bring even more liquidity and exposure to the maturing market.

“We are pleased to be expanding our cryptocurrency derivatives offering with the launch of BitcoinCash [sic] futures. BCH is a top five coin with a market capitalization of around $10 billion and we expect our new contracts to spur the evolution of the crypto markets by bringing greater liquidity and transparency to the digital asset class,” Schlaefer commented.

Crypto Facilities rose to prominence in 2017 when it partnered with CME Group to launch the first bitcoin futures contract. Currently, Crypto Facilities powers the CME CF Bitcoin Reference Rate Index and the CME CF Bitcoin Real-Time Index.

The addition of the BCH futures comes on the heels of a Bitmain IPO, the crypto mining giant that allegedly holds more than 1 million Bitcoin Cash, worth nearly $550 million at the present exchange rate, according to Bitmain’s investor deck.

This article originally appeared on Bitcoin Magazine.

Source: Bitcoin Magazine | Date: August 17, 2018

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The Indonesia Blockchain Hub was launched on Thursday by the Creative Economy Agency (BEKRAF), the Indonesian Chamber of Commerce (KADIN), the Indonesian Blockchain Association, and blockchain-based agritech startup Hara. The organization said it will act as a “gateway to Indonesia’s growing blockchain ecosystem” and a platform for local and international blockchain industry players to network […]

The post Indonesia Welcomes Blockchain Hub appeared first on Coinjournal.

Source: Coinjournal | Date: August 17, 2018

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A bomb threat was sent on Saturday to Kryptovault, a Norwegian cryptocurrency mining company, for disturbing the peace.

Source: CoinDesk | Date: August 17, 2018

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Privacy coin zcash is gearing up for its upcoming “Sapling” hard fork with the first release of compatible network software.

Source: CoinDesk | Date: August 17, 2018

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A man has been ordered to pay bail in cryptocurrency while he faces charges of hacking the computer network of a San Francisco game company.

Source: CoinDesk | Date: August 17, 2018

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In a patent filing released Thursday, Capital One set out a blockchain system its says allows secure user authentication across multiple platforms.

Source: CoinDesk | Date: August 17, 2018

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