Bitcoin News Thursday, February 15

Bitcoin News TLDR / Table of Contents

  • My bank account went from very comfortable to negatives balance, not to mention extra $5 charges, and overdraft fees, the user wrote.
  • Pete Kingree, a Coinbase user in Virginia, provided a screenshot of what he said were unauthorized charges to Coinbase totaling $931 with an additional $7.45 in bank fees.
  • Today I had a talk with my bank (Scotiabank) about the double charges I received from coinbase on my visa debit card, one Reddit user wrote.
  • Many popular exchanges such as Binance only allow users to trade between virtual currencies, but Coinbase is one of a few reputable shops that allow users to hook up their bank accounts and buy virtual currencies with fiat (government-backed) money including the US dollar, euro, and British pound sterling.
  • Joel Hirtle, a Coinbase customer who banks with Scotiabank, was hit with two phantom charges for $100, the first of which sent his bank account into the negative and resulted in a total of $144 in overdraft fees, he told The Verge.

Tags: coinbase, overdraft charges, bank account, overdraft fees, similar complaints

  • Bitcoin jumped above $10,000 Thursday for the first time in two weeks, as other major cryptocurrencies climbed and regulatory fears subsided.
  • The cryptocurrency climbed 8 percent above $10,200 in early afternoon trading New York time on Coinbase, the largest U.S. marketplace for buying major cryptocurrencies.
  • Bitcoin also topped $10,200 on CoinDesk’s bitcoin price index, recovering more than $4,000 after dipping below $6,000 last Tuesday.
  • A number of other major cryptocurrencies, including ethereum, ripple, bitcoin cash and litecoin were also higher Thursday.
  • On Wednesday, litecoin got a major boost from news that a payments processor for the digital asset, called LitePay, is set to launch later this month.

Tags: major cryptocurrencies, early afternoon trading, bitcoin price index, New York, largest U.S. marketplace

  • After an exhilarating ride skywards in 2017, investors in crypto-currencies have been rudely reminded that prices can plunge earthwards, too.
  • Tether allows users to move money across exchanges and crypto-currencies without converting it back into fiat (central-bank-backed) money first.
  • They say that suspiciously large quantities of Tether were issued whenever the bitcoin price was low, and were allegedly traded for bitcoin on Bitfinex, a large currency exchange.
  • And BitConnect, a platform that borrowed customers crypto-currency in exchange for monthly returns, folded in mid-January following allegations that it was running a Ponzi scheme.
  • In America the heads of the Commodities Futures Trading Commission and the Securities and Exchange Commission, two regulators, testified to a Senate Committee this week; they agreed on the need to protect investors, albeit without stifling innovation.

Tags: Incapsula incident ID, ,

  • Luno, founded in South Africa in 2013, has plans to become one of the leading cryptocurrency traders in the world.
  • CEO and founder Marcus Swanepoel has a goal that would leave many bigger companies in the shade: 1 billion customers by 2025.
  • Swanepoel, a former investment banker, say Luno was the first company in Africa to offer cryptocurrency trading.
  • The company, backed by some big investors including Naspers, was created by a small group of people with backgrounds in tech and finance who, like Swanepoel wanted to give up their corporate jobs.
  • Unlike other companies, because we set up in Africa originally, we built truly mobile-first products, Swanepoel said.

Tags: Dow Jones, Dow Jones Indices, S&P Dow Jones, Jones Indices LLC, founder Marcus Swanepoel

  • Investor Peter Thiel is moving his residence and business operations from San Francisco to Los Angeles, The Wall Street Journal reported Thursday.
  • The decision underscores a growing divide between the outspoken tech industry conservative and Silicon Valley.
  • Thiel has also considered resigning from the Facebook board, sources familiar with his thinking said, according to the Journal.
  • His motivation reportedly stems from a perception of the valley’s intolerance for right-leaning politics as well as concerns around the financial impacts of regulatory scrutiny on the tech industry.
  • The billionaire investor is expected to stay on the board in the near term, while investment firms Thiel Capital and Thiel Foundation will relocate to Los Angeles later this year, according to the report.

Tags: Investor Peter Thiel, investment firms Thiel, Facebook board, Thiel Foundation,

  • However, a blockchain entrant, Lucyd, that is keen on revolutionizing the industry even further may push the market value by some more billion dollars.
  • Moreover, the platform is making available through the ICO, a native token, LCD, which shall enable p2p value transfer in the AR space.
  • Founded in 2017 as a portfolio company of Tekcapital PLC, Lucyd borrows from a wealthy parentage of a public company that strives to publicise university discoveries and turns them into solutions for day-to-day issues.
  • The company already has a good run because all the features mentioned above are lacking in similar or competing products already available in the market.
  • The statement further adds that the company ranks holds seven qualified scientists that hold Ph.D. degrees, including the lead inventor behind Lucyd’s patents, and executives that all have decades of experience in public companies.

Tags: conventional industry players, Lucyd Token Sale, smart glasses, p2p value transfer, AR space

  • The economic outcome of all of this is laid bare in a Credit Suisse briefing note published on Tuesday: the network as a whole will reinvest almost all the bitcoin paid out as mining rewards back into its electricity consumption.
  • At current prices for electricity and bitcoin, the bank calculates a maximum profitable power draw of bitcoin at around 100TWh two-and-a-half times higher than its current rate.
  • Credit Suisse estimate that a bitcoin price of $50,000 five times its level as I write would increase the electricity consumption tenfold.
  • The bank views the latter prospect as not worth worrying about, for two reasons: it doesnt think bitcoin will ever reach that value, since the competition from other cryptocurrencies is too strong; and it thinks that power consumption of mining will fall over time as better technologies are used for…
  • But in the zero-sum game of bitcoin mining, that just means a miner can afford to run more machines at the same time, leaving their power usage roughly stable.

Tags: switch, energy usage, contribution Subscribe, main content, home Make

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