dinbits


Bitstamp has announced their partnership with Swissquote, an apparent leader in Swiss online banking, to provide "full-stack services" to new trading pairs involving bitcoin now offered by Swissquote.

Swissquote launched offering of pairs XBT/EUR and XBT/USD, bitcoin paired with the Euro and Dollar respectively, today with Bitstamp providing the back-end support to that offering under the partnership.

This marks another digital currency and traditional financial industry unity where there have been very few. Coinbase hooked up with USAA Bank for dual account balances through their mobile portal and BitPay provided WB21 bank with it's bitcoin funding solution . Both companies have also partnered with traditional financial institutions for their individual card offerings (Shift and the Bitpay Card) and they both worked with Paypal (but we won't hold that against them).

With the exception of a few others and funding such as BBVA's large investment in Coinbase, there hasn't been much else in the way of significant partnerships.

Swissquote is also hardly a "traditional financial" entity either, it's primarily an online establishment and presence.

Bitstamp had this to say:

"Bitstamp is honoured to be working with such a respected name in the financial world. Our partnership with Swissquote clearly shows that our efforts to increase compliance and regulation in the Bitcoin industry are continuing to bear fruit. With bitcoin now available in Swissquote customers’ domestic trading environment, this news means we are well on the way to achieving our long-term goal – the full integration of bitcoin with traditional financial services."

Clearly not a terrible occurrence and seeing a financial institution that doesn't hate bitcoin or at least pretend not to doesn't completely suck either. Other than stealing its technology in hopes of captial gain, the traditional establishments haven't looked at much of anything in this industry in a positive light.

You can read more on the announcement on Bitstamp's website.





Article by dinbits
Image Credits:
Banner Image by dinbits.com staff


The opinions expressed by authors of articles linked, referenced, or published on dinbits.com do not necessarily express, nor are endorsed by, the opinions the of dinbits.com or its affiliates.




The US Commodity Futures Trading Commission (CFTC) has granted LedgerX its registration as a swap execution facility (SEF). 

An SEF is basically a platform for swap trading that provides pre-trade information (like bid/ask) and a mechanism for executing transactions among traders. The CFTC announced uesterday:

"The U.S. Commodity Futures Trading Commission (CFTC) announced today that it has issued an Order of Registration to LedgerX LLC (LedgerX), granting it registration status with the CFTC as a Swap Execution Facility (SEF). LedgerX is a limited liability company registered in Delaware with its primary place of business in New York, NY." - CFTC

The CFTC is no stranger to LedgerX as CEO Paul Chao was appointed to the CFTC’s Technology Advisory Committee (TAC) last year in January (2016). This grant solidifies the 2015 CFTC decision to grant LedgerX a temporary approval to operate as a SEF in 2015. 

LedgerX, which tags itself as a "An Institutional Trading and Clearing Platform",must now focus on adhering to its submissions in support of its application. 

"LedgerX also must comply with all representations and submissions made by it in support of its application for registration as a SEF, including, but not limited to, its representations that it will not list an intended to be cleared swap until it has a clearing agreement with a derivatives clearing organization registered under Section 5b of the CEA and it will not list a swap that is not intended to be cleared until it submits to the CFTC revisions of its rulebook and other pertinent registration materials, pursuant to the provisions of Part 40 of the CFTC’s regulations, to provide for the execution of uncleared swaps."

You can read the entire announcement on the CFTC's website.




Article by dinbits
Image Credits:
Banner Image by dinbits.com staff


The opinions expressed by authors of articles linked, referenced, or published on dinbits.com do not necessarily express, nor are endorsed by, the opinions the of dinbits.com or its affiliates.









You'd think with all of the recent arrests and indictments, those selling bitcoin in a "flying under the radar" capacity might have taken notice and made some adjustments to their business models. 

Apparently not the case, two more men have been indicted, and one arrested, for selling bitcoin. Specifically, Thomas Mario Costanzo and Peter Nathan Steinmetz have both been charged with:

  1. Conspiracy to Operate and Unlicensed Money Transmitting Business
  2. Operating Unlicensed Money Transmitting Business; and,
  3. Money Laundering

Among other counts.

The last of the transactions that led to the arrest were as recent as April 2017. During February and March, the Coin.MX trial was ongoing leading to a guilty verdict in March for the exact same thing these two are charged with. 

In all fairness it was predominantly May that brought the bulk of the P2P trading arrest disclosures (to the public, and note there were several in 2016 as well) and these guys started this back in 2013 so it's 3.5 years in the making.

Pretty much the same story we've heard, however the new twist on this one is that there were transactions as recent as a couple months ago.

Overall, the indictment states that the two men operated between 2013 to 2017 taking in over $160,000 from undercover agents in exchange for bitcoin.

Counting Counts 

Count 1: Conspiracy to Operate and Unlicensed Money Transmitting Business

Count 2: Operating a Money Transmitting Business
Count 2 also included (C) the allegation that the men knew the funds in which they exchanged were proceeds from illegal activity.


Count 3: Money Laundering/Structuring
Count 3 states that the men intentionally avoided BSA reporting. Any business conducting cash transactions that exceed $10,000 are supposed to file FinCEN form 8300, any attempt to avoid or flat out avoiding the report is viewed as money laundering. I guess nobody told them that if they wanted less reporting, they should register with FinCEN?

Registered entities such an Money Services Businesses file a smaller more streamlined report 104 and deal with aggregates of only 24 hours. (regular businesses or individuals can be required to aggregate for up to 12 months).

This count was in the amount of $3000

Count 4: Operating a Money Transmitting Business/Money Laundering - $13,000
Count 5: Operating/Laundering - $13,000
Count 6: Operating/Laundering - $30,000
Count 7: Operating/Laundering - $107,000

Count 8: Unrelated Ammunition and Marijuana charge against Costanzo only.

$166,000 in trades setup by the government. Where do these guys get that kind of jack to just be tossing around? Oh yeah, civil forfeiture and tax payers.

So in a nutshell, these guys paid to have themselves setup and provided funds for the next victims of HSI to setup.

One thing to note however, it was "virtual currencies" used to explain the allegations in the indictment and not bitcoin specifically.


Let the Games Begin

This one is just getting started as these men were just indicted Friday and it appears as if only Steinmetz has been arrested, however, we can eventually expect to likely see a couple more plea bargains rather than trials. 

One thing to be cognizant of is the apparent bag of nails the federal government has waiting for Costanzo and Steinmetz once they are near the wall. Unlike other recent cases such as Jason Klein where the single charge was backed up with an aggregated sum supporting the charges. This indictment has then itemized as different counts. This is a big deal because the law allows a equal penalty for each count in that they can be fined up to $5000 per day of operation that they can prove which means they could face up to $25,000 in fines in addition to 5 years in prison.

The two men traded on the localbitcoins.com platform under the username "Morpheus Titania" (aka: Costanzo). Steinmetz went by the user "Amedio" but it's not apparent if he had a localbitcoins account.

Dropping like ... flies.





Article by dinbits
Image Credits:
Banner Image by dinbits.com staff


The opinions expressed by authors of articles linked, referenced, or published on dinbits.com do not necessarily express, nor are endorsed by, the opinions the of dinbits.com or its affiliates.









Bitpay has announced it's release of it's mobile wallet for Windows Phone (Windows 10).

It's hard to fathom, but Windows is actually one of the most secure mobile platforms available on the market and the #1 most secure of the 3 major platforms. It beats both iOS and Android in this department so naturally when storing something like bitcoins on your phone, Windows make an excellent choice.

The problem is that there are few to less than few bitcoin wallets available for Win10 and even fewer from a well known industry organization that can be trusted.

Bitpay solves this problem with it's bitcoin wallet for Windows Phone.

Microsoft and Blockchain

Microsoft has surprisingly been one of the most useful contributor to the blockchain technology and virtual currency industry growth, specifically bitcoin and Ethereum. It introduced it's BAAS program for it's Azure platform of which Bitpay's bitcore is a part of it's focus thus far has been proving useful tools for the industry. It also brought in bitcoin as a payment method for its Xbox platform and is currently working on several initiatives regarding blockchain.

Microsoft implemented Bitpay for it's Xbox payments.

Of the tech giants, Apple has done almost nothing in the space other than finally make up it's mind on allowing bitcoin related apps on it's app store and just before Circle decided it had made enough money off the industry to go do something else, it brought it's Circle app to the App store. For a few minutes you were able to buy, send, and receive bitcoin from the Circle app.

IBM has manage to do even less by taking the technology and going backwards in it's release of a cloudware version of a tokenless platform that can't even be recognized for anything more than a database running in their data-center. 

Bitpay Wallet

One fantastic thing abut the Bitpay wallet is it's integration with the Bitpay Visa debit card. The Bitpay wallet makes it easy to add bitcoin value to the debit card without waiting on blockchain confirmations. Now Windows Phone users will  have this functionality available as well.

You can read more about the announcement on the Bitpay blog.




Article by dinbits
Image Credits:
Banner Image by dinbits.com staff


The opinions expressed by authors of articles linked, referenced, or published on dinbits.com do not necessarily express, nor are endorsed by, the opinions the of dinbits.com or its affiliates.


 The Unicode Consortium has released version 10.0.0  which introduces  Unicode 10 introduces 56 new emoji, 8,518 characters, and four new scripts. One of which is the bitcoin currency symbol now available as a standard character.

Over the years there have been many arguments, ideas, and websites dedicated to pushing an official version. The two most prominent being the current standard most of us are familiar with or the lower lined B, while many people also use the Thai currency symbol due to the previous absence of a bitcoin symbol.
The prevailing symbol is now Unicode U+20BF, , as of June 20th, 2017.


According to Unicode, Inc. bitcoin's symbol was an "important" addition as stated in the press release regarding the new version. The coding can be found on page 2 of the U020A specifications (see below).




The effort was lead by Ken Shirrif and submitted way back in October of 2015 and gained approval in November of that same year, however, it's taken over a year and a half to come to fruition of the much anticipated symbol.



Obviously most folks will continue to see symbols such as ▯ or � until software systems and operating systems release support for Unicode 10.0 but considering the majority of the major players in that space are part of the Unicode Consortium, that should take to long. Members include Adobe, Apple, Google, Facebook, IBM, Microsoft, Oracle, SAP, and Symantec to name a few.  

So get the bitcoin text and twitter messages ready, but you'll still have to cut and paste or use keyboard combinations since a bitcoin "key" is unlikely for hardware any time soon.




Article by dinbits
Image Credits:
Banner Image by dinbits.com staff


The opinions expressed by authors of articles linked, referenced, or published on dinbits.com do not necessarily express, nor are endorsed by, the opinions the of dinbits.com or its affiliates.


Can Coin, if you haven't heard, is a new peer to peer exchange that utilizes PGP security, multisig escrow and currently supports the US and Canada markets, with expansion plans in the future. The OTC market is larger than that of professional exchanges, and CanCoin is designed to fill the gap between the User, the P2P trader and security and privacy features theoretically not in play on Localbitcoins.

The key difference is a focus on multi-sig wallet escrow, and a comparatively advanced, but user friendly interface. Founded by Ty and Shawn Butchart, it's out of Beta now and we found it more akin to Paxful than Localbitcoins.

...and this user is finding it really has ease of use going for it..


User Interface

The user interface is, we would say, the most modern of all the currently available platforms, and it’s pretty damned sleek.  It’s available on Windows and Android (tested on Windows). It’s easy to read and setup is step by step to generate your wallet keys and mnemonic.


The trade interface is easy to use, and you can enable 2FA. It’s been set up quite securely. Creating a new ad to sell is simple, straightforward, and easy to do. Same goes for buying. 


As far as available traders, many of the names on the site are recognizable and speak to the site’s success in creating trader traffic. Many are well known pro-traders already on Paxful and Localbitcoins, and it’s quite user friendly. We were expecting to find negative reviews or some less than favorable feedback, but what the site has so far is working well.

It’s lacking markets outside of the US and Canada, and we get the impression it still has a way to go, but could go very far given some time. Generation of private and public keys for your wallet and enabling 2FA is simple to do. The sites developers have taken user privacy seriously, but managed not to sacrifice usability to do so.

Documentation is not really required to create an account, it’s quick, easy to use, and self explanatory. 

Score: 3.5 ☆☆




Article by Georgiana Quinn
Banner image by dinbits.com staff


The opinions expressed by authors of articles linked, referenced, or published on dinbits.com do not necessarily express, nor are endorsed by, the opinions the of dinbits.com or its affiliates.





We have come full circle. New Hampshire used to be a "gray area" before December of 2015 when we discovered a sneaky bill had slipped under the noses of free-stater's that prohibited organizations from selling bitcoin on January 1st, 2016 in New Hampshire or to its residents.

Fast forward a year later and copious events in-between and New Hampshire passed bill HB-436 exempting bitcoin businesses from the requirement of obtaining a money transmitters license from the state to sell bitcoin.

Unless, that is, they are actually transmitting money as a business, which nobody selling bitcoin thinks they are doing as a business so this is a great fit!

New Hampshire Governor Sununu signed the bill on June 1st and it goes into affect on August 1st, 2017. Two months. 60 days. That's all it will be before New Hampshire has full redemption and will once again be a bitcoin friendly jurisdiction again.

Here that date is again: August 1st, 2017 

This just goes to show that if you make some noise, those behind a reasonable cause, and present a good argument, lawmakers will listen and take it under consideration.

We are pleased to report this and overwhelmingly satisfied with the outcome, after all ... we started allot of that noise.

Congratulations New Hampshire. Well done.





Article by dinbits
Image Credits:
Banner Image by dinbits.com staff


The opinions expressed by authors of articles linked, referenced, or published on dinbits.com do not necessarily express, nor are endorsed by, the opinions the of dinbits.com or its affiliates.





Bitcoin to the… Moon? Not spoon, surely.

For those of us used to the meteoric price rises that occasionally fill our lives with glee and despair, this past month has been spectacular by anyone’s standards. Bitcoin hit an all time high of 2981 overnight, delighting and despairing enthusiasts and beginners alike.


It’s held at over 2400 for over a week, and tonight rose to over 2900. Price was a pretty incredible (insert price here) at time of printing. This observer has no doubt there will be a correction, but for now- to the Moon! After all… yet again it does better than gold and the USD.

Who was rumbling about bitcoin being dead?




Written by Georgiana Quinn
Banner image by dinbits.com staff


The opinions expressed by authors of articles linked, referenced, or published on dinbits.com do not necessarily express, nor are endorsed by, the opinions the of dinbits.com or its affiliates.





The SEC (U.S. Securities and Exchange Commission) obtain a judgement against Homero Joshua Garza, GAW Miners, LLC, and ZenMiner, LLC, No.

SEC Obtains Final Judgment Against Two Bitcoin Mining Companies

On June 2, 2017, the U.S. District Court for the District of Connecticut entered a final default judgment against the defendants for conducting a Ponzi scheme.

You know what this means ... it's official ... Ponzi-Garza is a word for the history books!

The losers, I mean defendants, boasted quick riches from virtual currency to defraud investors while simply paying existing investors with new investors money. In the SEC announcement they state that:

"The final judgment against GAW Miners and ZenMiner permanently enjoins each of them from violating Sections 5 and 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder; and orders each of them to pay, jointly and severally, $10,384,099 in disgorgement and prejudgment interest."

They also have to pay a civil penalty of $1,000,000 each.

Hopefully some of these funds will find their ways back into investors pockets and these companies are now officially burned to the ground.

Next up? Garza himself. The SEC isn't done with his ass yet. They've got momentum behind them and a criminal case that may well land Garza in prison where he can enjoy a nice hiatus and think about what not to do in the future. Hopefully the SEC will ban him from the industry forever as well.



Written by dinbits
Artwork: Banner image created dinbits.com staff

References: 

The opinions expressed by authors of articles linked, referenced, or published on dinbits.com do not necessarily express, nor are endorsed by, the opinions the of dinbits.com or its affiliates.



Bitcoin topped a market capitalization of $50 billion USD, which is exactly 1/2 of the total virtual currency market.

As a whole,, all coins combine have topped $100 billion for the first time in history. Ether (ETH) which runs on the Ethereum network makes up nearly half of that at a current cap of $23 billion. Ether is followed by Ripple, NEM, Ether Coin, Ether Classic, Litecoin, Dash, Stratis, Monero and others.


This goes to further solidify that it's not just about bitcoin anymore, there are other virtual currencies to be taken seriously.

The second most valuable coin is currently ZCash which is around $256.

A Different Time

One key thing to take note of is the way the coins are rising in general. In the past we would see bitcoin drop and altcoins rise as people transferred value from one asset to another. Not so much the case now. Everything is going up.

Most of us in the industry already know this, and allot of folks are going to enjoy the "I told you so" speech. 

However it may just be possible that will be without push back because right now even outsiders might just say virtual currency ... has arrived.




Article by dinbits
Image Credits:
Banner Image by dinbits.com staff

The opinions expressed by authors of articles linked, referenced, or published on dinbits.com do not necessarily express, nor are endorsed by, the opinions the of dinbits.com or its affiliates.





Powered by Blogger.