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mostlysignssomeportents · 3 years ago

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When crypto-exchanges go broke, you'll lose it all

If you’ve spent much time around cryptocurrency people, you’ve probably heard a rant or two about “sound money” and the need to “depoliticize money.” This is a foundation of blockchainism: the belief that money is born separate from states, and states invade on the private realm when they “meddle” in the money system.

There are at least two serious problems with this ideology. First, it’s plain wrong on the historical facts. Money did not emerge from barter systems among people. Money was and is a product of states:

https://www.theatlantic.com/business/archive/2016/02/barter-society-myth/471051/

But even if you stipulate that money didn’t originate among private markets (and I’m fully aware that there are many Reply Guys who will @ me to tell me that they disagree), there’s another serious historical problem with “sound money.”

It’s this: central banks didn’t emerge to usurp the private sector’s control over money. Central banks were created because without them, finance was subject to wild, terrifying, ruinous boom/bust cycles. What’s more, without a central bank, money was subject to naked political meddling, which central banks (sometimes) moderated.

The idea that a society can survive without a state or other actor that can create and destroy money based on prevailing economic conditions is both ahistorical and impractical. If we all adopted cryptocurrency tomorrow, there’d still be an elastic money-supply, as Yanis Varoufakis explains in this interview with The Crypto Syllabus:

https://the-crypto-syllabus.com/yanis-varoufakis-on-techno-feudalism/

“What would banks do? They would lend in Bitcoin, of course. This means that overdraft facilities would emerge allowing lenders to buy goods and services with Bitcoins that do not yet exist. What would governments do? At moments of stress, they would have to issue units of account linked to Bitcoin (as they did under the Gold Exchange Standard during the interwar period). All this private and public liquidity would cause a boom period before, inevitably, the crash comes. And then, with millions of people wrecked, governments and banks would have to abandon Bitcoin.”

The blockchainist’s insistence on “de-politicizing” money is a dead-end, in more ways than one. Actual money, run by actual states who charter actual banks, has rules — reporting rules, insurance rules, taxation rules.

The stated dream of the blockchain is to replace those rules with “private agreements,” but if you but scratch the surface of this dream, you find the age-old dream of the goldbug: money without taxation.

Thus it is that crypto people have long insisted that their coins and tokens are neither fish nor fowl: neither a currency subject to currency controls, nor a regulated security, not an asset subject to capital gains. The ideal crypto asset is in a state of durable quantum indeterminacy, immune to collapse even when it is observed by a tax-collector.

This may (may!) make crypto immune to some kinds of tax and regulation, but it also means that crypto may be exempt from the protections that are afforded to people who own conventional assets.

Writing in Credit Slips, Adam Levitin examines the (lack of) bankruptcy protection for people who entrust their assets to crypto exchanges. It’s grim reading.

https://www.creditslips.org/creditslips/2022/02/what-happens-if-a-cryptocurrency-exchange-files-for-bankruptcy.html

Almost everyone who uses crypto relies on these exchanges. In theory, it’s possible to manage all your own keys and transactions, but in practice, it’s a complex, error-prone, high-stakes business. Even if you can manage it, the people you’re hoping to transact with likely can’t, meaning that nearly everyone involved with cryptos has an account with one or more exchanges.

And the exchanges don’t have a great history. Mt Gox, the first successful exchange, collapsed in a fraud-riddled bankruptcy. Quadrigacx, Canada’s largest exchange, collapsed when its founder died without any succession plan for the keys needed to access the hundreds of millions he controlled:

https://newsinteractives.cbc.ca/longform/bitcoin-gerald-cotten-quadriga-cx-death

Crypto exchanges, projects and communities keep vanishing overnight as their founders are revealed to be scammers engaged in “rug pulls,” or mere incompetents in over their heads. When that happens, the informal nature of these projects leaves the backers with little or no recourse.

https://web3isgoinggreat.com/

All this is in stark contrast to the traditional finance sector — itself hardly a paragon of fairness and probity, but still far more legally responsible to depositors than, say, Coinbase.

Let’s start with that word “depositor.” Levitin makes a good case that legally, when you “deposit” a crypto-coin with an exchange, it’s a sale, not a deposit, with the “possessory interest” going to the exchange, not you.

If the exchange goes bust, a “bankruptcy estate” is created, and those coins become its property, as do any coins that have been staked (placed in escrow) via the exchange.

Thus you are not a depositor in the exchange, you are a creditor. When trustees oversee a bankruptcy, they line up the creditors based on their liquidation preference. Secured creditors get first dibs on whatever is in the estate. Once they’ve been satisfied, the remainder is divvied up among the unsecured creditor.

In the case of a crypto exchange, the secured creditors are the funds, investors, and financial institutions that extended credit to the exchange. You and your fellow “depositors” are unsecured creditors. You are last in line to gain access to the bankruptcy estate’s assets. If those assets run out before it’s your turn, you get nothing.

But let’s say you were entitled to something when the bankruptcy is finalized — your assets are frozen until that finalization takes place. And if the crypto exchange just happens to be doing a lot of deliberately opaque, complex stuff to dodge taxes and regulation, you might have a very long wait.

How long? Well, Lehmann Brothers incorporated over 6,000 subsidiaries and sister companies in over 100 countries in order to duck taxes, oversight and regulation. When it collapsed, it took more than five years for the bankruptcy trustees to unwind all this complexity. For half a decade, all those funds were frozen.

And even if you do get paid, you’ll be paid at the dollar value of your assets on the eve of the collapse. If your coins double in value over the years it might take to unwind a complex bankruptcy, your pro-rated share will be based on their value when the exchange tanked.

It gets worse. If an exchange declares bankruptcy, it can legally claw back many of the withdrawals its depositors made over the 90 days before the bankruptcy. So if you think Coinbase is looking shaky and take your money out, you’d better hope they last for at least three more months, or you might have to give the money back to the bankruptcy trustees.

Not every bankruptcy locks up every asset. There are exemptions for assets related to conventional securities contracts, swaps, repos and forward contracts that let their owners get them back before the bankruptcy is settled. But none of that applies to exchanges.

Likewise, clawbacks might be prevented if cryptos were definitely regulated securities. Making that happen would involve a bunch of former exchange customers going to court to argue that these were regulated securities all along. You can bet that if they do that, everyone who hasn’t lost their crypto will go to court to argue the reverse, because otherwise, they lose all their regulatory and tax advantages and might have to pay whacking great sums.

Keep in mind, all of this is a feature of cryptos, not a bug. The point of the sound-money delusion is to take money out of the realm of democratic state control and move it into a wild west of caveat emptor and smart contracts.

The current protections for bank depositors were established after ghastly crises that destroyed lives. The goldbug/cryptobug’s insistence on ignoring that history means that they are doomed to repeat it — and take all the naive people who buy into their “investment” schemes with them.

#pluralistic

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kointimes · 5 years ago

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Türkiye'deki BlockchainIST Center Blockchain Projesi Geliştiriyor

Ana ağ lansmanı öncesinde Ava Labs, günlük kullanım için blockchain tabanlı ürünler oluşturmak üzere Türkiye'deki BlockchainIST Center ile ortaklık kurdu. Türkiye'nin ilk üniversite blok zinciri merkezi olan BlockchainIST. Ava Platform'da DeFi ürünlerini geliştirmek için Cornell Üniversitesi'nden Emin Gün Sirer, Ava Labs ile ortaklık kurdu. Basın etkinliği 6 Ocak'ta İstanbul Bahçeşehir Üniversitesi'nde gerçekleşti. BlockchainIST Kurucusu ve Başkanı Bora Erdamar, Bahçeşehir Üniversitesi mezunlarını ve İstanbul Blockchain Okulu öğrencilerinin DeFi ve diğer blockchain tabanlı ürünleri geliştirmek için sağlam bir konsensüs mimarisine ihtiyaç duyduğunu söyledi ve Ava Platformu onlar için mükemmel bir seçimdir dedi: "Ava Labs ile ortaklığımız, CertifyIST gibi projelerimizi daha hızlı bir şekilde geliştirmemize ve insanların bu ürünleri günlük yaşamlarının bir parçası olarak kullanabileceği sağlam bir ortam yaratmamıza ve desteklememize olanak sağlıyor." BlockchainIST, basın toplantısında birkaç blockchain projesi açıkladı. Bunlardan biri "okul diplomaları gibi başarı belgelerini yayınlamak, doğrulamak ve paylaşmak için açık kaynaklı bir blockchain altyapısı" olan CertifyIST idi. Ava Labs'ın platformu, blockchain tabanlı projeleri tamamlamak için daha hızlı, daha erişilebilir ve ölçeklenebilir bir yol sunuyor. Read the full article

#BlockchainIST

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blockchainist-blog · 8 years ago

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Will we soon be able to hold Bitcoin investments in an Isa? – Telegraph.co.uk

Telegraph.co.ukWill we soon be able to hold Bitcoin investments in an Isa?Telegraph.co.ukBritish savers might soon be able to invest in the controversial Bitcoin currency through a stocks and shares Isa. The American regulator, the SEC, is about to decide whether to permit an “exchange traded fund”, which would track the digital currency … and more » The post Will we soon be able to hold Bitcoin investments in an Isa? – Telegraph.co.uk appeared first on Blockchain Agenda with Inside Bitcoins – News, Price, Events.

Read more –> click here all content is copyright Inside Bitcoins.

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orbemnews · 4 years ago

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Second Cryptocurrency Platform in Turkey Shuts Down: Live Updates Here’s what you need to know: Outside a cryptocurrency exchange in Istanbul. Dozens of online cryptocurrency trading platforms have sprung up in Turkey in recent years, and the business is little regulated.Credit…Chris Mcgrath/Getty Images Turkish authorities arrested four employees of a cryptocurrency trading platform on suspicion of fraud after customer accounts were frozen, authorities said, the second collapse of a digital currency firm in Turkey within a week. The collapse of Vebitcoin, one of dozens of cryptocurrency trading platforms that have sprung up in Turkey in recent years, came after the Thodex trading platform shut down last week, more than 60 of its employees were arrested, and its chief executive left the country. Vebitcoin was a relatively small operation and the losses from it are unlikely to be big, said Turan Sert, who advises BlockchainIST, a cryptocurrency research center affiliated with Bahcesehir University in Istanbul. Ilker Bas, the chief executive of Vebitcoin, told police after his arrest that the platform has 90,000 registered users and had a trading volume of 600 million lira to 800 million lira, or $72 million to $96 million, per month, the private news agency Demiroren reported. Customer losses are probably much smaller, because the same assets are typically traded repeatedly during the course of a month. “Due to the recent developments in the crypto money industry, our transactions have become much more intense than expected,” Vebitcoin said on its website. “We have decided to cease our activities in order to fulfill all regulations and claims.” Cryptocurrency trading is little regulated in Turkey, and the number of platforms has proliferated because of the relatively low cost of setting up. Off-the-shelf trading software costs around $100,000, said Mr. Sert, who also advises Paribu, one of the largest cryptocurrency trading platforms. Mr. Sert estimated that there were more than 90 platforms, mostly “very small mom-and-pop shops.” The phenomenon is by no means limited to Turkey. Cryptocurrencies like Bitcoin or Dogecoin have attracted the attention of serious investors and become a hot topic on Wall Street. Coinbase, a U.S.-based cryptocurrency trading platform, sold shares to the public for the first time this month and is valued by the stock market at $58 billion. Regulators in the United States and other countries have struggled to keep up with the fast growth of digital money. The Turkish Central Bank barred the use of cryptocurrencies for purchases this month, citing their riskiness and popularity with criminals, and signaled that more regulation of the sector is coming. The prospect of greater scrutiny could be prompting some platforms to shut down, Mr. Sert said. were among the more than 60 people arrested in Turkey last week, authorities said. Customers of Thodex may have lost $2 billion, a lawyer for the firm’s clients said last week, but Mr. Sert said that figure probably referred to the site’s trading volume and greatly overstated the potential losses. Many platforms exaggerate their trading volume to attract customers, he said. The total losses to cryptocurrency investors, while devastating to some individuals, are not large enough to push Turkey’s already shaky economy into crisis, Mr. Sert said. “I don’t think this will create any instability in the system,” he said. The gap between executive compensation and average worker pay has been growing for decades. Chief executives of big companies now make, on average, 320 times as much as their typical worker, according to the Economic Policy Institute. In 1989, that ratio was 61 to 1. The pandemic compounded these disparities, as hundreds of companies awarded their leaders pay packages worth significantly more than most Americans will make in their entire lives, David Gelles reports for The New York Times. In the course of his reporting, corporate public relations teams employed various tactics to justify their bosses’ big paydays: A Hilton spokesman stressed that the figure in its latest proxy filing did not represent take-home pay for Chris Nassetta, because the company restructured several stock awards. “Said directly, Chris did not take home $55.9 million in 2020,” the spokesman said. “Chris’s actual pay was closer to $20.1 million.” Hilton lost $720 million last year. Boeing wanted to make clear how much money Dave Calhoun “voluntarily elected to forgo to support the company through the Covid-19 pandemic” — some $3.6 million, according to a spokesman. Nonetheless, Mr. Calhoun was awarded $21.1 million last year, while Boeing lost $12 billion. Starbucks, which awarded Kevin Johnson $14.7 million, was among many companies making the case that their chief executive was essential to future success. “Continuity in Kevin’s role is particularly vital to Starbucks at this time,” said Mary Dillon, a member of the compensation committee. The company made a $930 million profit in its latest fiscal year, down three-quarters from the previous year. Technical glitches marred the Small Business Association’s first attempt at accepting applications for the grant program.Credit…Zack Wittman for The New York Times Music club operators, theater owners and others in the live-event market have been waiting nearly four months for a $16 billion federal grant fund for their industry to start taking applications. Their hopes were briefly raised two weeks ago when the program’s application website opened, then dashed as a technical malfunction prevented the site from accepting any applications. Now, the Small Business Administration, the federal agency that runs the program, plans to try again on Monday at noon — but only after one last round of confusion and frustration. Late Thursday, the agency announced that it would reopen its application system for the Shuttered Venue Operators Grant on Saturday. After heavy pushback from angry applicants — especially Jewish business owners who do not use electronics on Saturdays in observation of the Sabbath — the agency changed course Friday night and rescheduled the reopening for Monday. “We understand the challenges a weekend opening would bring, and to ensure the greatest number of businesses can apply for these funds, we decided to reschedule,” the agency said in a statement. “We remain committed to delivering economic aid to this hard-hit sector quickly and efficiently.” The money will be awarded on a first-come-first-served basis and is widely expected to run out fast. That means many applicants will feel pressure to submit paperwork as soon as the application system opens — even if it is at an inconvenient time. Applicants were generally relieved by the shift to Monday, but annoyed by the whiplash. “It’s been a mess on so many levels. I feel like they’re torturing us,” said Dani Zoldan, the owner of Stand Up NY, a comedy club in Manhattan. Mr. Zoldan is Jewish and had been vocal on Twitter about the obstacles of a Saturday start. The National Independent Venue Association, an industry group that lobbied for the relief fund, said it endorsed the decision to postpone the start. “While we’re all anxious to apply as soon as possible, we support the S.B.A.’s decision to reopen the portal Monday and encourage a fair and equitable process for all,” said Audrey Fix Schaefer, a spokeswoman for the group. “The S.B.A. has responded to our desperate need and we’re grateful for that.” The Small Business Administration is also preparing to open a second grant program, the Restaurant Revitalization Fund, which is a $28.6 billion support fund for bars, restaurants and food trucks. That program is planning a seven-day test to help the agency avoid the kind of technical problems that plagued the venue program. A Meituan delivery worker in Shanghai. Last year the firm made more than 27 million food-delivery transactions per day.Credit…Aly Song/Reuters China’s fast-moving campaign to rein in its internet giants is continuing apace with an antitrust investigation into Meituan, a leading food-delivery app. The investigation, which the country’s market regulator announced with a terse, one-line statement on Monday, focuses on reports that the company blocked restaurants and other merchants on its platform from selling on rival food-delivery sites. Earlier this month, the regulator imposed a record $2.8 billion fine on the e-commerce titan Alibaba for exclusivity requirements of this sort. In a statement on Chinese social media, Meituan said that it would cooperate with the authorities and that its operations were continuing as usual. Meituan is a powerhouse in China. It made more than 27 million food-delivery transactions a day last year and reported around $18 billion in revenue, making it larger than Uber by sales. Meituan’s main rival in takeout delivery in China is Ele.me, a service owned by Alibaba. Alibaba has been an early major target in China’s efforts to curb what officials describe as unfair competitive practices in the internet industry. But Beijing has made clear that it will be keeping a much closer eye on all of the sector’s biggest and richest companies. Meituan was one of 34 Chinese internet firms that were summoned to meet with the antitrust authority this month. The following day, the regulator began publishing on its website statements from the companies, Meituan included, in which they vowed to obey laws and regulations. Bodies awaiting cremation on Friday in East Delhi.Credit…Atul Loke for The New York Times NEW DELHI — With a devastating second wave of Covid-19 sweeping across India and lifesaving supplemental oxygen in short supply, India’s government on Sunday said it had ordered Facebook, Instagram and Twitter to take down dozens of social media posts critical of its handling of the pandemic. The order was aimed at roughly 100 posts that included critiques from opposition politicians and calls for Narendra Modi, India’s prime minister, to resign. The government said that the posts could incite panic, used images out of context and could hinder its response to the pandemic. The companies complied with the requests for now, in part by making the posts invisible to those using the sites inside India. In the past, the companies have reposted some content after determining that it didn’t break the law. The takedown orders come as India’s public health crisis spirals into a political one, and set the stage for a widening struggle between American social media platforms and Mr. Modi’s government over who decides what can be said online. On Monday, the country reported almost 353,000 new infections and 2,812 deaths, marking the fifth consecutive day it set a world record in daily infection statistics, though experts warn that the true numbers are probably much higher. The country now accounts for almost half of all new cases globally. Its health system appears to be teetering. Hospitals across the country have scrambled to get enough oxygen for patients. In New Delhi, the capital, hospitals this weekend turned away patients after running out of oxygen and beds. Last week, at least 22 patients were killed in a hospital in the city of Nashik, after a leak cut off their oxygen supplies. Online photos of bodies on plywood hospital beds and the countless fires of overworked crematories have gone viral. Desperate patients and their families have pleaded online for help from the government, horrifying an international audience. Mr. Modi has been under attack for ignoring the advice of experts about the risks of loosening restrictions, after he held large political rallies with little regard for social distancing. Some of the content now offline in India highlighted that contradiction, using lurid images to contrast Mr. Modi’s rallies with the flames of funeral pyres. People waiting to get vaccinated in New Orleans this month.Credit…Emily Kask for The New York Times More than five million Americans, or nearly 8 percent of those who got a first shot of the Pfizer or Moderna vaccines, have missed their second doses, according to the most recent data from the Centers for Disease Control and Prevention. That is more than double the rate among people who got inoculated in the first several weeks of the nationwide vaccination campaign. Even as the country wrestles with the problem of millions of people who are wary about getting vaccinated at all, local health officials are confronting a new challenge of ensuring that those who do get inoculated are doing so fully, Rebecca Robbins reports for The New York Times. The reasons that people are missing their second shots vary. In interviews, some said they feared the side effects, including flulike symptoms, which were more common and stronger after the second dose. Others said they felt that they were sufficiently protected with a single shot. Those attitudes were expected, but another hurdle has been surprisingly prevalent. A number of vaccine providers have canceled second-dose appointments because they ran out of supply or didn’t have the right brand in stock. Walgreens, one of the biggest vaccine providers, sent some people who got a first shot of the Pfizer or Moderna vaccine to get their second doses at pharmacies that had only the other vaccine on hand. Several Walgreens customers said in interviews that they scrambled, in some cases with help from pharmacy staff members, to find somewhere to get the correct second dose. Others, presumably, simply gave up. A makeshift ward for Covid-19 patients in Delhi. The rollout of vaccinations has been uneven around the world, allowing the disease to run rampant in some countries.Credit…Atul Loke for The New York Times U.S. stocks were expected to fall on Monday with oil prices amid a surge in coronavirus cases, led by the outbreak in India. More the one billion vaccinations have been administered globally, but the uneven rollout has allowed the virus to continue spreading rapidly in some countries. And so, the daily average number of cases globally has reached a new high. Futures on West Texas Intermediate, the U.S. crude benchmark, fell 1.8 percent to $61 a barrel. The S&P 500 index was set to open 0.3 percent lower when trading begins, after falling 0.3 percent last week. European stocks are mixed and the benchmark Stoxx Europe 600 index was little changed. Still, stocks remained close to recent record highs, and on Monday, yields on U.S. Treasury bonds rose. The yield on 10-year notes climbed 3 basis points to 1.59 percent. Later this week, the Federal Reserve will announce its latest monetary policy decisions, but forecasters aren’t expecting a change. Policymakers have promised to telegraph any pull back in monetary stimulus well in advance. Late last week, stocks on Wall Street rebounded from the news that the Biden administration was considering raising taxes on the wealthy, including nearly doubling the capital gains tax. “With a lot of good news already priced into markets, stocks could be vulnerable to negative surprises, whether from growth disappointments, higher inflation, or policy missteps,” strategists at UBS Global Wealth Management wrote in a note. Source link Orbem News #cryptocurrency #Live #Platform #shuts #Turkey #Updates

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blockpaths · 4 years ago

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#BinanceTurns3 Panel – Türkiye’de Fintech ve DeFi Ekosistemi (Türkçe)

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"* Türkiye’de Fintech ve DeFi Ekosistemi * Bitcoin ile başlayan kriptopara ve blockchain sürecinin finans sistemi üzerindeki etkisi nedir? * Blokzincir Akıllı sözleşme sinerjisinden DeFi ile açık ve merkezsiz borç alma ve verme uygulamaları, merkezsiz borsa ve pazar yerleri * DeFi merkeziyetsiz finans sistemi ve geleneksel finans sistemleri üzerinde karşılaştırma. * DeFi’ın ne gibi avantajları ve dezavantajları var? * DeFi’ın geleneksel finans sistemi üzerinde ne gibi etkileri olacaktır? * Merkeziyetsiz Finans ne gibi olanaklar sağlıyor? * Kripto piyasasında trendlere örnek olarak ICO ve sonrasında IEO’lar verilebilir. Şimdi de DeFi çok konuşuluyor, acaba DeFi da bir trend mi? * DeFi’ın kriptopara piyasasına sunmuş olduğu olanaklar. * DeFi ile Ethereum ilişlisi nedir? Ethereum 2.0 ‘ın gerekliliği. * DeFi konusunda dikkat edilmesi gerekenler. * DeFi’ın gelecekte yapabilecekleri, olası gelişmeleri

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Katılımcılar 1. Oğuzhan Karaciğer: Binance Pazarlama Yöneticisi 2. İsmail Hakkı Polat: Kadir Has Üniversitesi Öğretim Görevlisi 3. Bora Erdamar: Bahçeşehir Üniversitesi Blokchain Teknolojileri Araştırma Merkezi, BlockchainIST Center – Direktör. Dr. Öğr. Üyesi 4. Alp Işık: Bahçeşehir Üniversitesi BlockchainIST Center’da Kriptoekonomi Araştırma Ekibi Koordinatörü

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Daha fazla bilgi edinmek için konferans sonrası özetimizi okuyun: https://bit.ly/39pKhDR

Binance hesabı açın ve işlem ücretlerinden %10 tasarruf edin: https://bit.ly/2ZRIq7A

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Twitter Bizi Twitter’da takip edin Tweets by Binance_Turkish

Facebook’ta Bizi takip edin https://www.facebook.com/BinanceTurkish

Instagram Bizi Instagram’da takip edin https://www.instagram.com/binance_turkiye/

Telegram’da Sohbet Grubumuz https://t.me/BinanceTurkish

Telegram Duyuru Kanalımız https://t.me/binanceturkceduyur

The post #BinanceTurns3 Panel – Türkiye’de Fintech ve DeFi Ekosistemi (Türkçe) appeared first on BLOCKPATHS.

source https://blockpaths.com/exchanges/binanceturns3-panel-turkiyede-fintech-ve-defi-ekosistemi-turkce/

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thecryptoreport · 5 years ago

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Turkey's University Center to Develop Blockchain Projects on Cornell Prof’s Ava Platform

Turkey’s University Center to Develop Blockchain Projects on Cornell Prof’s Ava Platform

In advance of its mainnet launch, Ava Labs has partnered with BlockchainIST Center in Turkey to create blockchain-based products for daily use.

BlockchainIST, Turkey’s first university blockchain center, partnered with Cornell University’s Emin Gün Sirer‘s Ava Labs to develop DeFi products on the Ava Platform. The press event took place on Jan. 6 at Bahcesehir University in İstanbul, Turkey.

Bloc…

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#blockchain #Cointelegraph #TCRNews #thecryptoreport #Turkey #Universities

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goforcrypto · 5 years ago

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Turkey's University Center to Develop Blockchain Projects on Cornell Prof’s Ava Platform

Turkey’s University Center to Develop Blockchain Projects on Cornell Prof’s Ava Platform

Emin Gün Sirer’s AVA Labs partnered with BlockchainIST Center in Turkey.

In advance of its mainnet launch, Ava Labs has partnered with BlockchainIST Center in Turkey to create blockchain-based products for daily use.

BlockchainIST, Turkey’s first university blockchain center, partnered with Cornell University’s Emin Gün Sirer‘s Ava Labs to develop DeFi products on the Ava Platform. The press…

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btcmanager · 6 years ago

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Turkish University Launches Blockchain Center at a Boston University

In a bid to provide the relevant information and infrastructure needed for the study of distributed ledger technology (DLT), Turkey’s BlockchainIST, Bahcesehir University (BAU), the region’s first university-level center for blockchain research, has erected a state-of-the-art DLT center at Bos...

https://btcmanager.com/turkish-university-launches-blockchain-center-at-boston-university/?utm_source=Tumblr&utm_medium=socialpush&utm_campaign=SNAP

#adoption #BAU #blockchain #Blockchain Center #Boston #education #Turkey #United States

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cryptoquicknews-blog · 6 years ago

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New Post has been published here https://is.gd/TsTAQb

Turkish University Opens Blockchain Center at Boston's Northeastern University

This post was originally published here

Turkish Bahçeşehir University (BAU) has reportedly opened a blockchain center at Boston’s Northeastern University (NEU) to provide informational support on blockchain technology, Daily Sabah reports on May 7.

Apart from informational support, the BAU–NEU Blockchain Laboratory’s objective is to apply for funds in the United States, the European Union and Turkey, thus boosting Turkey’s presence in the blockchain market and attract specialists in the field.

Commenting on the cooperation, Chair of the BAU Board of Trustees Enver Yücel said that he would also like to start blockchain-related master and doctoral education programs in partnership with the Turkish Exporter’s Assembly. Bora Erdamar, director of BAU’s BlockchainIST Center, added:

“[Blockchain] will directly change all sectors from logistics to trade, from education to health, from energy to agriculture where we need to keep our products and people’s information in a safe environment.”

Blockchain technology has been gaining traction in the educational space. Recently, two South Korean universities, Yonsei University and Pohang University of Science and Technology, collaborated to develop an entire Blockchain Campus with its own cryptocurrency. Within the initiative, a student-centered project aims to increase day-to-day cryptocurrency usage.

The Indian Institute of Management (IIM) Calcutta and training platform TalentSpirit began jointly offering an advanced program in fintech and blockchain technology in February. The program is reportedly targeted at management and finance professionals aiming to educate participants on financial technology growth and its potential impact on the banking and financial ecosystem.

#crypto #cryptocurrency #btc #xrp #litecoin #altcoin #money #currency #finance #news #alts #hodl #coindesk #cointelegraph #dollar #bitcoin View the website

New Post has been published here https://is.gd/TsTAQb

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jacobhinkley · 6 years ago

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The Daily: New Education Centers, Vietnamese Ask for Fraudster’s Extradition

In today’s edition of Bitcoin in Brief we cover a number of new academic education centers around the world devoted to the research of the technology behind cryptocurrency, and demands by Vietnamese victims for an alleged fraudster’s extradition plus an update about Kickico.

Also Read: Okex Socializes Loss From Over $400 Million Bet Among BTC Futures Traders

Tsinghua University Research Center

China Internet Nationwide Financial Services Inc. (NASDAQ: CIFS), a financial advisory services provider, has announced an agreement with Tsinghua University to establish an “Industry Trusted Blockchain Application Technology Joint Research Center”. The stated purpose of the center is developing key technologies to support the blockchain ecosystem in the country, as well as common architectural systems and models needed to support blockchain applications for a range of industries.

Mr. Bin Yang, Vice President of Tsinghua University, noted, “The development of industry-trusted blockchain application technologies has become a vital national strategy for all countries. It is an important goal for us to deeply build digital ecosystems, which once integrated into our economy should speed up China’s economic transition by upgrading the industry standard. The digital transformation has only just begun and the development of industry trusted blockchain applications is expected to have a number of positive impacts for the society.”

Bahçeşehir University Innovation Center

According to media reports from Turkey, the Istanbul Blockchain and Innovation Center was inaugurated on Friday at Bahçeşehir University. It is said to work with students and entrepreneurs who want to conduct academic studies in the field. “The purpose of the BlockchainIST project is to be the most important center of research and development and innovation in Turkey in which scientific studies and publications are made in blockchain technologies. To this end, it is crucial to cooperate with other universities, the business world and government institutions,” stated Director Bora Erdamar. “We will strive to train Turkey’s human resources in blockchain and enable the country to lead the world in this area,” he added.

Hartford, Connecticut Chain Valley

Seven Stars Cloud Group, Inc. (NASDAQ: SSC), the fintech firm of Chinese media tycoon Bruno Wu, has announced that it will be establishing its global headquarters for technology and innovation, called Chain Valley, in Connecticut. The company said it will be transforming Uconn’s former campus in West Hartford into a center for research, training, and business development with a $283 million investment expected to create 330 jobs over the next five years.

“We are thrilled to have found such a wonderful spot right here in central Connecticut,” Bruno Wu said. “It is here that the first students to ever leave China, the Mission Boys, settled in the late 1800s to study Western science and engineering. It is in the spirit of these students that we will build a facility so modern and dynamic that it will attract the best talent and companies, making this site the blockchain capital of the U.S. and the world. This fantastic location provides access to a highly skilled workforce, as well as more than 40 institutions of higher learning, and several major metropolitan areas all in proximity of this site. It is an ideal location for our firm to write our next chapter, and we could not be more excited to soon join this wonderful community in West Hartford.”

Vietnamese Ask for Fraudster’s Extradition

Over 1,000 people have signed a Change.org petition asking for the extradition to Vietnam of Le Minh Tam, the CEO of Ho Chi Minh City-based crypto mining scheme Sky Mining. The petition claims that the alleged fraudsters behind the company “invited 5,000 persons with each investment package from $500 to $5000. They used money to buy machine to get Bitcoin and promised to share the profit with investors. But finally, they escaped with all money, estimated $36 million dollars. Their Victims are not only in Vietnam but also in Japan, Africa. Some of the victims borrow money or sold estate to invest, so now lose everything and someone had killed themselves. Cheaters buy house in San Jose California and now stay in Atlanta or Germany. We need them come back to Vietnam to solve problem. Please Expel them from your countries!” According to local media reports, the Vietnamese police said that Tam left the country on July 22 and flew to Doha, Qatar.

Kickico Update

Kickico, which recently recovered 70 million stolen KICK tokens following a hack, has promised to compensate all stolen KICK tokens and soon begin transferring funds to users’ wallets. The team has also reportedly planned an airdrop of a new project’s native coin (called U.Community) to current KICK token holders, and the estimated pool value may reach $40 million. “It was through the vigilance and collaborative efforts of our community and team which led to such a positive result. Clearly the market has positively reacted to our handling of the situation. Together with all the support from our users, this has led to the growth of the token’s value,” said Alexander Spirin, Head of Community at Kickico.

We officially state that the last victim of the hack reported to us, meaning that all KickCoin holders who suffered from the recent situation have been found. The last part of stolen tokens will be returned to its owner within 3 weeks after report. #kickico pic.twitter.com/nAxuJq2YVk

— KICKICO.COM (@KICKICOplatform) August 6, 2018

What do you think about today’s news tidbits? Share your thoughts in the comments section below.

Images courtesy of Shutterstock.

Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post The Daily: New Education Centers, Vietnamese Ask for Fraudster’s Extradition appeared first on Bitcoin News.

The Daily: New Education Centers, Vietnamese Ask for Fraudster’s Extradition published first on https://medium.com/@smartoptions

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bowsetter · 6 years ago

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The Daily: New Education Centers, Vietnamese Ask for Fraudster’s Extradition

In today’s edition of Bitcoin in Brief we cover a number of new academic education centers around the world devoted to the research of the technology behind cryptocurrency, and demands by Vietnamese victims for an alleged fraudster’s extradition plus an update about Kickico.

Also Read: Okex Socializes Loss From Over $400 Million Bet Among BTC Futures Traders

Tsinghua University Research Center

China Internet Nationwide Financial Services Inc. (NASDAQ: CIFS), a financial advisory services provider, has announced an agreement with Tsinghua University to establish an “Industry Trusted Blockchain Application Technology Joint Research Center”. The stated purpose of the center is developing key technologies to support the blockchain ecosystem in the country, as well as common architectural systems and models needed to support blockchain applications for a range of industries.

Mr. Bin Yang, Vice President of Tsinghua University, noted, “The development of industry-trusted blockchain application technologies has become a vital national strategy for all countries. It is an important goal for us to deeply build digital ecosystems, which once integrated into our economy should speed up China’s economic transition by upgrading the industry standard. The digital transformation has only just begun and the development of industry trusted blockchain applications is expected to have a number of positive impacts for the society.”

Bahçeşehir University Innovation Center

According to media reports from Turkey, the Istanbul Blockchain and Innovation Center was inaugurated on Friday at Bahçeşehir University. It is said to work with students and entrepreneurs who want to conduct academic studies in the field. “The purpose of the BlockchainIST project is to be the most important center of research and development and innovation in Turkey in which scientific studies and publications are made in blockchain technologies. To this end, it is crucial to cooperate with other universities, the business world and government institutions,” stated Director Bora Erdamar. “We will strive to train Turkey’s human resources in blockchain and enable the country to lead the world in this area,” he added.

Hartford, Connecticut Chain Valley

Seven Stars Cloud Group, Inc. (NASDAQ: SSC), the fintech firm of Chinese media tycoon Bruno Wu, has announced that it will be establishing its global headquarters for technology and innovation, called Chain Valley, in Connecticut. The company said it will be transforming Uconn’s former campus in West Hartford into a center for research, training, and business development with a $283 million investment expected to create 330 jobs over the next five years.

“We are thrilled to have found such a wonderful spot right here in central Connecticut,” Bruno Wu said. “It is here that the first students to ever leave China, the Mission Boys, settled in the late 1800s to study Western science and engineering. It is in the spirit of these students that we will build a facility so modern and dynamic that it will attract the best talent and companies, making this site the blockchain capital of the U.S. and the world. This fantastic location provides access to a highly skilled workforce, as well as more than 40 institutions of higher learning, and several major metropolitan areas all in proximity of this site. It is an ideal location for our firm to write our next chapter, and we could not be more excited to soon join this wonderful community in West Hartford.”

Vietnamese Ask for Fraudster’s Extradition

Over 1,000 people have signed a Change.org petition asking for the extradition to Vietnam of Le Minh Tam, the CEO of Ho Chi Minh City-based crypto mining scheme Sky Mining. The petition claims that the alleged fraudsters behind the company “invited 5,000 persons with each investment package from $500 to $5000. They used money to buy machine to get Bitcoin and promised to share the profit with investors. But finally, they escaped with all money, estimated $36 million dollars. Their Victims are not only in Vietnam but also in Japan, Africa. Some of the victims borrow money or sold estate to invest, so now lose everything and someone had killed themselves. Cheaters buy house in San Jose California and now stay in Atlanta or Germany. We need them come back to Vietnam to solve problem. Please Expel them from your countries!” According to local media reports, the Vietnamese police said that Tam left the country on July 22 and flew to Doha, Qatar.

Kickico Update

Kickico, which recently recovered 70 million stolen KICK tokens following a hack, has promised to compensate all stolen KICK tokens and soon begin transferring funds to users’ wallets. The team has also reportedly planned an airdrop of a new project’s native coin (called U.Community) to current KICK token holders, and the estimated pool value may reach $40 million. “It was through the vigilance and collaborative efforts of our community and team which led to such a positive result. Clearly the market has positively reacted to our handling of the situation. Together with all the support from our users, this has led to the growth of the token’s value,” said Alexander Spirin, Head of Community at Kickico.

We officially state that the last victim of the hack reported to us, meaning that all KickCoin holders who suffered from the recent situation have been found. The last part of stolen tokens will be returned to its owner within 3 weeks after report. #kickico pic.twitter.com/nAxuJq2YVk

— KICKICO.COM (@KICKICOplatform) August 6, 2018

What do you think about today’s news tidbits? Share your thoughts in the comments section below.

Images courtesy of Shutterstock.

Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post The Daily: New Education Centers, Vietnamese Ask for Fraudster’s Extradition appeared first on Bitcoin News.