Monthly Archives: May 2019

State Farm and USAA Test Blockchain Platform for Insurance Claims Process

State Farm and USAA have partnered to test a blockchain-based solution for the insurance payment process, subrogation. United States insurance giant State Farm and military-affiliated bank United Services Automobile Association (USAA) are testing a blockchain-based subrogation solution with real claims data. State farm announced the development in an official press release on May 30. The two insurance titans are using blockchain technology to automate and streamline the subrogation process in insurance claims. The platform purportedly allows them to automatically compile total payments, net the balance, and conduct […]

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Cryptocurrency Broker Client Reportedly Aims to Acquire 25% of All Bitcoin Supply

Digital currency investment firm Dadiani Syndicate has reportedly been approached by a wealthy client to buy as close to 25% of the bitcoin supply as possible. Digital currency investment firm Dadiani Syndicate has reportedly been approached by a wealthy client to buy as close to 25% of the bitcoin (BTC) supply as possible, Forbes reported on May 30. The Dadiani Syndicate is a peer-to-peer network where people trade between each other with cryptocurrency. The firm made news last year when it put 49% of Andy Warhol’s 1980 […]

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Op Ed: Debunking Bitcoin Myths, The ‘Intrinsic Value’ Fallacy

A series of op eds by Kyle Torpey addressing some of the oft-repeated arguments against Bitcoin. One of the earliest criticisms of Bitcoin was that the underlying token in the system had no intrinsic value. This point was an area of heavy debate among libertarians and Austrian economists who had become interested in bitcoin as a potential digital alternative to gold in the early stages of the crypto asset’s development. Much of the debate revolved around Austrian school economist Ludwig Von Mises’ regression theorem, which claims non-monetary […]

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Rwanda’s Central Bank Issues PSA on Alleged Cryptocurrency Get-Rich-Quick Scams

The National Bank of Rwanda has issued a PSA on alleged cryptocurrency pyramid schemes and ICO scams happening in the country. The National Bank of Rwanda, the country’s central bank, has issued a public service announcement on alleged cryptocurrency scams, according to an official Twitter post on May 30. The central bank specifically warns the public about initial coin offering (ICO) scams and crypto-based Ponzi schemes, which purport to offer a quick and significant return on investment for early adopters. These sorts of scams have reportedly been […]

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US Ivy League University Rolls Out Online Course in Blockchain and Cryptocurrency

The Wharton School of the University of Pennsylvania has introduced an online program on financial technologies, including digital currencies. The Wharton School of the University of Pennsylvania has introduced an online program on financial technologies, including digital currencies, according to a press release published on May 30. The new online program dubbed “Fintech: Foundations and Applications of Financial Technologies” features lectures and case studies on topics such as payments, cryptocurrency, blockchain technology and crowdfunding, among others. Apart from the university lecturers, the course also features speakers from […]

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Coinbase Now Supports Cryptocurrency Token EOS

Major cryptocurrency EOS is now being offered on Coinbase for trading and storage. Major United States-based cryptocurrency exchange and wallet service Coinbase has added support for EOS, according to a press release on May 30. The new addition is reportedly available for trading and storage in most areas covered by Coinbase, with the exception of the United Kingdom and New York at press time. The announcement also notes that there are no transaction fees associated with EOS; the cost is instead paid in computing resources, such as […]

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Cryptocurrency Custodian Anchorage Adds Insurance Coverage

Cryptocurrency custody services firm Anchorage has added insurance coverage for storing digital assets. Cryptocurrency custody services firm Anchorage has added insurance coverage for storing digital assets, it announced in a blog post on May 29. In the post, Anchorage — which raised $17 million in a Series A round led by Andreessen Horowitz —  announced insurance coverage for institutions that covers digital assets under custody. The coverage comes as the result of a partnership with major insurance broker Aon.  Previously, Aon stated that the firm was seeing […]

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Neo Upgrade Scheduled For Beginning of June, New Oversize Fee Added

Neo has announced plans to upgrade its mainnet in June with an updated transaction fee system to prevent malicious activity. The Chinese-based blockchain platform Neo has announced plans to upgrade its mainnet on June 3 at 9:00 am (GMT), according to an official blog post on May 29. According to the announcement, one of the main consequences of this upgrade is the addition of an oversize fee — measured in the cryptocurrency GAS on the Neo blockchain — for high priority transactions over 1,024 bytes. The oversize […]

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The Cryptopia Nightmare Drags on as Liquidators Struggle to Reimburse Hacked Users

As the Cryptopia liquidation saga continues, new questions emerge about how safe popular exchanges really are. As the cryptocurrency market finds its legs in mid-2019, an unfortunate undercurrent persists vis-à-vis the floundering New Zealand exchange Cryptopia. Its one-time international popularity and solid reputation have already been ruined after the exchange dragged its feet on revealing a January hack, which cost its users somewhere in the region of $16 million in cryptocurrency drained from Cryptopia wallets. However, it was not long before new obstacles emerged in the way […]

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Exploring Illegal Mining Camps in Western China

This article was originally published by 8btc and written by Vincent He. Although China has shut down bitcoin trading platforms and deemed them illegal, its attitude toward bitcoin mining is still ambiguous. Now, 70 percent of the world’s bitcoins are produced in China, while 70 percent of China’s “stock” are in Sichuan, a western province of China, especially along the Dadu River, where there is plenty of hydropower. As bitcoin mining requires a lot of electricity, China’s bitcoin mining camps are often located in remote areas with […]

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