Hawaii, where Coinbase recently withdrew services, has added language to a bill that would exempt virtual currency businesses from it's money transmission laws.

Senate Bill 949 clarifies that decentralized virtual currency activities would not be subject to the Money Transmitters Act.

The bill adds a definition of virtual currency as:

"Decentralized virtual currency" means a medium of exchange that:
     (1)  Does not have legal tender status in any jurisdiction;
     (2)  Does not have a central repository or single administrator;
     (3)  May act as a substitute for, have an equivalent value in, or be converted to or exchanged for legal tender in at least one jurisdiction world-wide;
     (4)  Is electronically transmitted between parties without an intermediary; and
     (5)  Relies on cryptographic software protocols for currency generation and validation of transactions.
The bill then adds two very important amendments. The first being under the definition of "payment instruments" which states virtual currency would not be applicable. It currently reads:

 The term "payment instrument" does not include any credit card voucher, any letter of credit, [or] any instrument that is redeemable by the issuer in goods or services.

The amendment would revise the following:

 The term "payment instrument" does not include any credit card voucher, any letter of credit, [or] any instrument that is redeemable by the issuer in goods or services, or any instrument or order for the transmission, sale, or payment of decentralized virtual currency."

The second amendment of note is the exemptions from money transmission licensing requirements in  Section 489D-5(a):

(a)  This chapter shall not apply to:     (1)  The United States or any department, agency, or instrumentality thereof;     (2)  The United States Postal Service;     (3)  The State or any political subdivisions thereof;      (4)  The electronic transfer of government benefits for any federal, state, or county governmental agency as defined in Consumer Financial Protection Bureau Regulation E, by a contractor for, and on behalf of the United States or any department, agency, or instrumentality thereof, or any state or any political subdivisions thereof; and     (5)  The sale, receipt, storage, or transfer of decentralized virtual currency; provided that this paragraph shall not affect the status or any obligation under federal law of any person that engages in any transaction or activity involving decentralized virtual currency.

According to the latter, "storage" or "transfer" would not be covered giving Coinbase, and others, a full pass to engage the state in virtual currency transactions.

Like North Carolina, federal MSB registration requirements would still be required, however state licensing would no longer be. In Texas fashion Hawaii would not restrict exchanges, miners, and wallets either making it among the friendliest states in the United States if approved.



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New Hampshire may be among the bitcoin friendly states again soon, House Bill 436, a bill which amends the states money transmission laws, was past by the New Hampshire senate and now moves to Governor Chris Sununu's office for approval.

If the bill is signed by Governor Sununu, the law would go into affect around June 26th. The Governor has 5 days (excluding Sunday) to review and consider the amendments during which time he can veto or sign the bill.

The bill also a definition of virtual currency to read:

“Virtual currency” means a digital representation of value that can be digitally traded and functions as a medium of exchange, a unit of account, or a store of value but does not have legal tender status as recognized by the United States government.

This bill additionally amends RSA 399-G:3, VII (exemptions) to read:

Persons conducting business using transactions conducted in whole or in part in virtual currency

Which if passed, will give New Hampshire virtual currency businesses an exemption from the requirement of a state money transmitters license.

However,  it doesn't give a pass to all businesses. New Hampshire is looking to adopt the North Carolina approach to virtual currency regulation. The bill also amends RSA 399-G:1, XVI(b), which is the definition of money transmission, to read:  

XVI. "Money transmission'' means:        (a) Engaging in the business of selling or issuing payment instruments or stored      value; or        (b) Receiving currency or monetary value for transmission to another location, including maintaining control of virtual currency on behalf of others.

Thus, some ATM models, exchanges, mining companies, wallet services, etc... are certainly affected and may still require a license. The term maintaining control is rather broad and could lead to some potential issues with other services as well.

This is very similar to the current law in North Carolina.

Regardless, this is a step in the right direction and should be positive for most concerned parties over the prohibitive law that went into affect on January 1st 2016 restricting virtual currency transactions.

An approval (or veto) is expected on April 26th.






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Bitfinex and OKCoin have both frozen US wire transfers over the last few days. This coming after continue banking issues with the United States.

Earlier this month Bitfinex withdrew a lawsuit it had against Well Fargo for not completing outbound wire transfers and OKCoin has asked it's users in the US to stop making deposits from United States based bank accounts.

United States Banks

United States banks continue to exaggerate US regulation using it as an excuse to turn away business they feel is in the slightest way a risk to their bottom line. Which is fair enough, it's a free country and they can refuse service to anyone they feel like. However at least call apples, apples and just flat out state "NO DIGITAL ASSET BUSINESS ALLOWED". What's so damn hard about that? 

Oh yeah, they can't. They want some business, just not others, so they just keep letting businesses and consumers walk into a potential mousetrap where funds expected to arrive on the same day end up frozen in transition. 

It's just another example of why bitcoin exists in the first place. Banks used to just shrug off bitcoin and it's been declared dead about 150 times, primarily by financial or competing entities. These days, not as much, it's a blip on their radar they are cognizant of despite the seemingly tranquil position commonly presented. 

The international exchanges are not alone, Kraken, Coinbase (GDAX), Gemini, itBit and many others have had issues with banks and/or their users have had problems despite their regulated and licensed status.    

Neither Bitfinex or OKcoin have given a time frame in which wires will be restored if ever and United States resident users already cannot participate in other Bitfinex functionality.




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Ethbits has announced it's ICO. 

First, let's address the elephant in the room. What the hell is going on with the Pacman ghost in their logo? I thought it was just me but here's one of our artists renditions of Pacman and ghosts using the actual logo from Ethbits.


I mean, the worlds greatest judge of comparing old video game icons to modern day logos I may not be, but this looks pretty much looks like a carbon copy. 

In any case ....

The Pitch

The new project plans to build another altcoin exchange similar to Localbitcoins for OTC style trades. Which is what other sites like PoloniexBTCPop, and others so with altcoin and what is actually done on Localbitcoins for that matter.

They plan to begin a crowdsale starting on April 15th. .

“LocalBitcoins allows users to buy bitcoins without a bank account, but we are moving into alternative currencies to cater for the growing movement into crypto.” - Pravjit Singh, Director, Founder & CEO, 

Ethbits local will launch immediately after funding they say. Which is a bit concerning, if this is already built, what do they need a crowdfunding for?

Not developers for obvious reasons.
Not for tokens because as they state, this will be bringing others together for BUY/SELL.
Not for support, they should have this covered else they don't believe their own product will support their payroll.

Just things to be cognizant of.

Concerns About This Investment

The platforms token [insert record scratch here] ...

This is where the concern grown into suspicion and interest retreats into a pass of this opportunity.

We've heard crap like this a million times over. It never pans out, remember Paycoin? We heard the same stuff from Garza (of Gaw Miners).

The immediate concern is exactly how are these "tokens" to be purchased from ethbits? I have a sick feeling the answer is going to be: bitcoin.

Here's the problem with this, to buy into this scheme I assume requires bitcoin (or another coin of actual value). This means you're pretty much married to this coins until 2018 when "iTrade" actually starts working.

Then there's the copyright infringement. If these guys think the are going to run around getting investment money and selling their coins on a platform called "iTrade" they have another realization waiting for them when Scotia Bank finds out. Scotia owns the name iTrade and it's a registered trademark. They also own the domain itrade.com. They are in the financial industry and obviously their platform does the exact same thing, allow trading assets and investments.

Any lawyer in any country would take one look at this and spell out "B A D" followed by "I D E A" and make you write this on the chalk board 1000 times.

Moreover the damages are already done, with this announcement, Scotia already has a case if they were to choose to pursue and I would guess this is already on somebody's radar somewhere.

Anytime you use a trademark, especially in a similar or the same industry, of someone else's who's brand they have worked to promote  and spent money, time, and resources on, you are simply asking for allot of trouble. National laws and international treaties protect these brands for this exact reason else every store would be called Walmart and every soda would be called Coke and consumers everywhere would never have a clue what product they are choosing.

Its essentially the same problem software companies created with the term "blockchain technology". Blockchain technology up until a year or so ago meant bitcoins network and the immutable security that only it can provide. Now it doesn't mean anything because companies are calling anything and everything they can "blockcolor"a block-chain.

Not that I really care about copyright infringement, I don't. However, it shows a lack of diligence and that's why it's a bit of a concern.

Additionally things like profits based on follows reeks of an MLM scheme.

Traders who work in our platform have the opportunity of earning a percentage of their follower’s profit and obtain power-ups to gain certain privileges, such as reduced fees." - EhtBits CEO said. 

We'll chalk that up to an incentive program and try to leave it alone. There's allot of those in this industry. What's also abundant in this industry are platform where traders can do what Ethbits proposes however on these platform's traders are not limited to unknown tokens of no value to pay for things.

They further disclose more things to be concerned about in that they plan on opening offices all over the world in 6 different countries and hire a full legal team for compliance. The biggest take away there is that they "plan" to hire a legal team. This isn't a real shocker since it's rather apparent from their statements made that they don't have one currently.

So after careful review and consideration, I myself will have to pass on this opportunity, the copyright infringement alone killed it for me, but there are many concerns so even if that weren't the case, I would still pass.

However, you may not value your bitcoin as much and would like to take the risk. If that's the case you can learn more about Ethbits on their website.





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Be wary of the Twitter account BTCP0P. No not BTCPop, they're good people. It's BTCP0P that's the impostor.

It appears as if they are making an attempt to trick people into sending coins to an address almost certainly not own by BTCPop.

Confused? Let's look at this more closely.

Here's the actual URL of the twitter account of BTCPop, the P2P loan and trading platform.

https://twitter.com/BTCPOPCO

Here's the impostor:

https://twitter.com/BTCP0P

Other than the missing "CO" at the end of the authentic account it's hard to tell who's for real. Until you lower case the URL.

Then compare:

REAL: https://twitter.com/btcpopco

FAKE: https://twitter.com/btcp0p

Tricks to Uncover Common Impostor Strategies

Using numbers or letters to look like other numbers or letters is a common practice and to the unsuspecting eye this almost always lures in actual users to a given platform. Here's  few to watch out for:

NAME
TEST
IMPOSTOR
RESULT
BTCPOP
Case
BTCP0P
btcpop
btcp0p
LOCALBlTCOlNS
Case
LOCALBITCOINS
localbltcolns
localbitcoins
COlNBASE
Case
COINBASE
colnbase
coinbase
BITSTAMP
Case
BlTSTAMP
bitstamp
b1tstamp
bitstamp
Case/Size
bıtstamp
blockchan
blockchain

Case
>>
BLOCKCHA1N
BLOCKCHAIN

Case
>>
BLOCKCHAN
BLOCKCHAIN

Case/Size/Case
>>
blockcha1n
blockchain
PAXFUL
Len(user)
PAXFUL.
6
7

  1. In the first example (this articles original subject) there's simply a 0 used instead of an 0. This is a dead give away if you change the case.
  2. Localbitcoins with a 1 serving as an I, hard to detect when the username is UPPERCASE, however easy to spot once the case s toggled.
  3. Coinbase has a lowercase l along with UPPERCASE letter thus resembling an uppercase i. Case toggle reveals this one in both directions but be careful here because the entire case of the string must be changed.
  4. Same example the third, this time with bitstamp.
  5. The 5-6 examples are rather tricky and depending on what system and/or software you're using it may be difficult to detect. In this example a subscript 1 or L (lower) is used for an i, at a glance it looks right. Double toggle the case or unify the size to reveal.
  6. The last example is not easily detectable outside of paying attention or counting the characters. In this example there's a subscript period at the end of the username which looks more like a spec on the screen. 

These are just a few techniques to watch out for. Always be aware of who it is you're actually dealing with.

About BTCPop

BTCPop is a P2P lending, IPO, and trading platform, you can learn more about there on their website. It's a great way to get a crowdfunded loan, IPO, or exchange various digital currencies with peers. Check them out.

Visit BTCPop

Be careful out there!



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Bitcoin rose just above $1200 over the weekend and is showing signs of stability this week with a slowly increasing market rate.

It's been a slow rise without lacking dramatics since the immature hard-fork panic which dropped the price below the $1000. As it turns out, Bitcoin Unlimited support seems to be at an all-time low and fading amidst controversy surrounding Jihan Wu and growing support for UAFS.



Altcoin Pick of the Week

Litecoin is over $9 and has been steadily, but slowly, rising right along with network support of SegWit  (Segregated Witness) which is currently at 78% adoption on the Litecoin network. The miners of Litecoin seem to know how to do things the right way. That is not an endorsement of SegWit, it is an endorsement of the mining community of Litecoin who have opted for a low drama solution.

Dash and ZCash haven't moved much since bitcoin returned over $1000 but they are holding steady.

I''ll have to stick with LTC as my pick of the week, I think it's a positive investment and should yield both short-term and long term ROI if SegWit goes smoothly.

Get on it!



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You may have noticed the new market price display on the left recently. It went live earlier this week and has been improved over the old version.

The purpose of this article is to go over the new features and also announce the widget release.

New Features  

Obviously the look and feel has been revised. Here's what we've added.

Primary new features:
  1. Historical (12-hour) chart,
  2. Additional currencies.
  3. Atlcoin panel; and,
  4. Retail Index. 
The retail index is the first of it's kind in the industry and shows what bitcoin is actually selling for in the real world as opposed to market rates. This is done with a formula based off the market index but including P2P platforms such as Localbitcoins, Bitquick, and Paxful in addition to OTC and wallet sellers such as Coinbase and Bitit.

This is a real world price and what an average individual is likely going to pay an a bitcoin ATM, OTC, or through a P2P trade.

The chart (1) of recent history shows bitcoin performance for the last 12 hours and serves as the backdrop for the utility.

We've added support for 26 currencies and four slots for presentation on the display. By default those currencies are: GBP, CNY, AUS, and EUR.

The new altcoin panel supports an index for ETH, ETC, LTC, ZEC, XMR, and DASH.


Smaller features include illuminations on update and configuration for design melding and preferences. The rest of this article is technical in regards to configuring the utility for use via parameters.

Widget 2.0 Public Release

The widget is now available for public use as well. It is free of change and configurable. Here's how to implement the price widget on your website or blog and how to configure it's display.

NOTE: This is not an automatic upgrade, those using widget 1.0 will continue to see widget 1.0, you must physically replace the code to upgrade to widget 2.0.

Widget Configuration

Chart Color Config

The chart backdrop can be presented in any color by passing the desired colors RGB value. Note the widget uses RGBA so the alpha parameter (opacity) must also be passed.


Parameter
 c

Type
NUMC

Numeric Character (string)
Use
RGBA Value as RRBBGGAA where:
R = Red
G = Green
B = Blue
A = Opacity (0.0 – 1.0 where 0 = transparent)

Example
c=0230230230.1



Description:

Sets the chart backdrops color and opacity. (See extended description below)



Parameter [c] Extended Description:

To configure the chart color use variable c and the RGBA values concatenated. For instance, to present a gray chart color, then values are R=23, G=23, B=23, A=1 (a is for the opacity so 0.5 would be 50% opaque).

This would concatenate into 0230230230.1 (pad to 3 digits preceding 0's). Thus the call would look like this:

http://www.dinbits.com/indexxbt?f=0&a=110302050107&c=0230230230.1&h=1

SSL Considerations

The widget is also SSL compatible, simply replace "http" with "https".

Miscellaneous Parameters

Parameter
 f

Type
CHAR


Use
boolean where
1 = false0 = true 

Example
f=1



Description:

Configuration flag (turns customization on or off)



Parameter
 h

Type
CHAR


Use
boolean where
0 = true
1 = false 

Example
h=1



Description:



Chart flag (turns the chart backdrop on or off)



Parameter
 t

Type
CHAR


Use
boolean where
0 = true
1 = false 

Example
t=0



Description:

Atlcoin panel flag (turns the panel on or off)


Implementation

To install the widget on your website or blog. Use the below code:


Let us know id you implement the widget and if you have questions, concerns, or complaints or would like to suggest a feature, contact support@dinbits.com for assistance.
Enjoy!



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