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<hr/><h4>Convenience Stores and Pawn Shops See Foot Traffic from Bitcoin ATMs</h4><div>
<img width="696" height="696" src="https://news.bitcoin.com/wp-content/uploads/2018/01/1231223-768x768.jpg" class="attachment-medium_large size-medium_large wp-post-image" alt="Convenience Stores and Pawn Shops See Foot Traffic from Bitcoin ATMs" srcset="https://news.bitcoin.com/wp-content/uploads/2018/01/1231223-768x768.jpg 768w, https://news.bitcoin.com/wp-content/uploads/2018/01/1231223-150x150.jpg 150w, https://news.bitcoin.com/wp-content/uploads/2018/01/1231223-300x300.jpg 300w, https://news.bitcoin.com/wp-content/uploads/2018/01/1231223-1024x1024.jpg 1024w, https://news.bitcoin.com/wp-content/uploads/2018/01/1231223-696x696.jpg 696w, https://news.bitcoin.com/wp-content/uploads/2018/01/1231223-1392x1392.jpg 1392w, https://news.bitcoin.com/wp-content/uploads/2018/01/1231223-1068x1068.jpg 1068w, https://news.bitcoin.com/wp-content/uploads/2018/01/1231223-420x420.jpg 420w, https://news.bitcoin.com/wp-content/uploads/2018/01/1231223.jpg 1600w" sizes="(max-width: 696px) 100vw, 696px"><p><b>Bitcoin is continuing its popular trend throughout society, and these days the decentralized currency can now be purchased at your local bodega, gas station, deli, and convenience store. According to recent reports, bitcoin teller machines (BTMs) worldwide are popping up in great numbers; most notably in the U.S. as the country now commands roughly 1,279 crypto-dispensing devices.</b></p>
<p><b><i>Also read:</i></b> <a href="https://news.bitcoin.com/localbitcoincash-org-plans-to-add-zero-fee-bch-based-shapeshifting-trades/" target="_blank" rel="noopener"><em>Localbitcoincash.org Plans to Add Zero-Fee BCH-Based ‘Shapeshifting’ Trades</em></a></p>
<h2><span>The Last Months of 2017 Sees an Increase in Bitcoin Teller Machines With the U.S. Commanding Over 1,200 Devices</span></h2>
<p><span>During the end of 2017, the bitcoin teller machine environment has been growing fast as the market has seen a 7.6 percent increase in machines worldwide over the past few months. The biggest markets for BTMs reside in the U.S., Canada, the UK, and Austria. However, at the moment the U.S. has over 75 percent of the BTM market share globally with roughly 1,270 tellers according to </span><a href="https://coinatmradar.com/charts/#growth" target="_blank" rel="noopener"><span>Coinatmradar’s data statistics</span></a><span>. On the global level, the most prominent BTM manufacturers include Genesiscoin, General Bytes, Lamassu, and Coinsource. Other BTM producers with smaller machine percentages are Bitaccess, Covault, Bitxatm, and a few unknown manufacturers.</span></p>
<figure class="wp-caption aligncenter"><img class="wp-image-96110 size-full" title="Convenience Stores and Pawn Shops See Foot Traffic from Bitcoin ATMs " src="https://news.bitcoin.com/wp-content/uploads/2018/01/charysha.jpg" alt="Convenience Stores and Pawn Shops See Foot Traffic from Bitcoin ATMs " width="1200" height="600" srcset="https://news.bitcoin.com/wp-content/uploads/2018/01/charysha.jpg 1200w, https://news.bitcoin.com/wp-content/uploads/2018/01/charysha-300x150.jpg 300w, https://news.bitcoin.com/wp-content/uploads/2018/01/charysha-768x384.jpg 768w, https://news.bitcoin.com/wp-content/uploads/2018/01/charysha-1024x512.jpg 1024w, https://news.bitcoin.com/wp-content/uploads/2018/01/charysha-696x348.jpg 696w, https://news.bitcoin.com/wp-content/uploads/2018/01/charysha-1068x534.jpg 1068w, https://news.bitcoin.com/wp-content/uploads/2018/01/charysha-840x420.jpg 840w" sizes="(max-width: 1200px) 100vw, 1200px"><figcaption class="wp-caption-text"><strong>The U.S. leads in BTMs by 75 percent. </strong></figcaption></figure><p><span><a href="http://www.coinsource.net/" target="_blank" rel="noopener">Coinsource</a> is the largest BTM provider in the U.S. with over 160 machines, and the company aims to install 1,000 in 2018. Coinsource and another company, called <a href="http://www.coinbtm.com/" target="_blank" rel="noopener">Coinbtm</a>, are also the only teller machine startups allowed to legally operate in New York due to the state’s Bitlicense regulations. The firm Coinsource was created by Bobby Sharp and Sheffield Clark, two businessmen who grew passionate about bitcoin and thought BTMs were a great way to get started.      </span></p>
<p><span>“It was just this interesting phenomenon, and the plug-and-play aspect was pretty nice,” Sharp </span><a href="https://psmag.com/economics/bitcoin-in-your-bodega" target="_blank" rel="noopener"><span>told the publication</span></a>, Pacific Standard,<i> </i><span>this week.  </span></p>
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<blockquote class="td_quote_box td_box_center"><p><b><i>You don’t have labor costs — Your labor is a machine.</i></b></p></blockquote>
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<h2><span>Mom &amp; Pop Shops, Bodegas, and Delis Get Crypto-Fixtures That Are Seeing Traffic</span></h2>
<p><span>According to the publication, clerks and owners of bodegas in the U.S. see the machines getting a lot of traffic. A Brooklyn bodega called 545 Deli Grocery says the BTM in their store is used often. A Manhattan convenience store called Grace News reveals their machine is also popular these days. Another firm that’s been making moves in the U.S. with gas station owners, bodegas and pawn shops is the <a href="https://www.athenabitcoin.com/" target="_blank" rel="noopener">Athena Bitcoin Network</a>. Athena has 55 BTMs in circulation throughout America and one machine located in Yucatán Mexico at a place called Lapa Lapa Altabrisa Mérida. On December 1 the firm installed six new machines in California. The new BTMs Athena added are located in Anaheim, Colton, Los Angeles, Hesperia, and Culver City.</span></p>
<p><img class="aligncenter wp-image-96111 size-full" title="Convenience Stores and Pawn Shops See Foot Traffic from Bitcoin ATMs " src="https://news.bitcoin.com/wp-content/uploads/2018/01/bitcoin-atm.jpg" alt="Convenience Stores and Pawn Shops See Foot Traffic from Bitcoin ATMs " width="480" height="305" srcset="https://news.bitcoin.com/wp-content/uploads/2018/01/bitcoin-atm.jpg 480w, https://news.bitcoin.com/wp-content/uploads/2018/01/bitcoin-atm-300x191.jpg 300w" sizes="(max-width: 480px) 100vw, 480px"></p>
<h2><span>Three Teller Machines Installed Per Day and Alternative Digital Asset Support Increases</span></h2>
<p><span>Many of these companies are installing machines across many states within the U.S. and a variety of other countries. Coinatmradar shows BTMs are increasing at a rapid rate globally with <a href="https://coinatmradar.com/charts/#growth" target="_blank" rel="noopener">three BTM installations per day</a>, based on the last seven days using gauge scale calculations from the previous two months. </span></p>
<figure class="wp-caption aligncenter"><img class="wp-image-96112 size-full" title="Convenience Stores and Pawn Shops See Foot Traffic from Bitcoin ATMs " src="https://news.bitcoin.com/wp-content/uploads/2018/01/altsadd.jpg" alt="Convenience Stores and Pawn Shops See Foot Traffic from Bitcoin ATMs " width="800" height="400" srcset="https://news.bitcoin.com/wp-content/uploads/2018/01/altsadd.jpg 800w, https://news.bitcoin.com/wp-content/uploads/2018/01/altsadd-300x150.jpg 300w, https://news.bitcoin.com/wp-content/uploads/2018/01/altsadd-768x384.jpg 768w, https://news.bitcoin.com/wp-content/uploads/2018/01/altsadd-696x348.jpg 696w" sizes="(max-width: 800px) 100vw, 800px"><figcaption class="wp-caption-text"><strong>2017 has seen an increase in machines that support other digital assets. Source: Coinatmradar January 2018. </strong></figcaption></figure><p><span>In addition to the increase of a variety of businesses and merchants nationwide adding bitcoin-based automated teller machines, multi-currency support has also increased significantly. In 2017  a lot of teller machine operators implemented support for other digital assets including dash, litecoin, ethereum, monero, zcash, and bitcoin cash.</span></p>
<p><b><i>What do you think about the increase in bodegas and mom and pop shops hosting BTMs in their storefronts? Let us know what you think in the comments below</i></b><span>.</span></p>
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<p><em>Images via Shutterstock, Pixabay, Coinatmradar, and amCharts. </em></p>
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<p>The post <a rel="nofollow" href="https://news.bitcoin.com/convenience-stores-and-pawn-shops-see-foot-traffic-from-bitcoin-atms/">Convenience Stores and Pawn Shops See Foot Traffic from Bitcoin ATMs</a> appeared first on <a rel="nofollow" href="https://news.bitcoin.com/">Bitcoin News</a>.</p>
</div><br/><div>Source: https://news.bitcoin.com/convenience-stores-and-pawn-shops-see-foot-traffic-from-bitcoin-atms/</div><br/><hr/><h4>The Bitcoin Exchange That Once Dominated China Is Heading to Japan</h4><div>
<img width="696" height="696" src="https://news.bitcoin.com/wp-content/uploads/2018/01/jhvgddsdsdfgh-768x768.jpg" class="attachment-medium_large size-medium_large wp-post-image" alt="The Bitcoin Exchange That Once Dominated China Is Heading to Japan" srcset="https://news.bitcoin.com/wp-content/uploads/2018/01/jhvgddsdsdfgh-768x768.jpg 768w, https://news.bitcoin.com/wp-content/uploads/2018/01/jhvgddsdsdfgh-150x150.jpg 150w, https://news.bitcoin.com/wp-content/uploads/2018/01/jhvgddsdsdfgh-300x300.jpg 300w, https://news.bitcoin.com/wp-content/uploads/2018/01/jhvgddsdsdfgh-1024x1024.jpg 1024w, https://news.bitcoin.com/wp-content/uploads/2018/01/jhvgddsdsdfgh-696x696.jpg 696w, https://news.bitcoin.com/wp-content/uploads/2018/01/jhvgddsdsdfgh-1392x1392.jpg 1392w, https://news.bitcoin.com/wp-content/uploads/2018/01/jhvgddsdsdfgh-1068x1068.jpg 1068w, https://news.bitcoin.com/wp-content/uploads/2018/01/jhvgddsdsdfgh-420x420.jpg 420w, https://news.bitcoin.com/wp-content/uploads/2018/01/jhvgddsdsdfgh.jpg 1600w" sizes="(max-width: 696px) 100vw, 696px"><p><b>At one time the Beijing-based digital currency exchange Huobi was once the largest bitcoin trading platform in China before the central bank stopped domestic exchanges from trading cryptocurrencies. This month Huobi has revealed its carved a deal with the Japanese financial institution SBI Group and will be launching two new cryptocurrency exchanges in Q1 of 2018.</b></p>
<p><b><i>Also read:</i></b> <a href="https://news.bitcoin.com/japans-gdp-grows-due-to-bitcoin-wealth-effect/" target="_blank" rel="noopener"><em>Japan’s GDP Grows Due to Bitcoin Wealth Effect</em></a></p>
<h2><span>The Company That Operated China’s Largest Bitcoin Exchange Sets Its Sights On Japan </span></h2>
<p><span><img class="alignright wp-image-96143" title="The Bitcoin Exchange That Once Dominated China Is Heading to Japan" src="https://news.bitcoin.com/wp-content/uploads/2018/01/1404.png" alt="The Bitcoin Exchange That Once Dominated China Is Heading to Japan" width="228" height="132" srcset="https://news.bitcoin.com/wp-content/uploads/2018/01/1404.png 380w, https://news.bitcoin.com/wp-content/uploads/2018/01/1404-300x174.png 300w" sizes="(max-width: 228px) 100vw, 228px">Before the beginning of 2017, China’s top three exchanges swapped the most bitcoins worldwide, capturing the lion’s share of globes BTC trades. One of those exchanges was Huobi, a company headquartered in Beijing who held China’s top BTC trade volumes since 2013. However, in January of 2017, the People’s Bank of China (PBOC) started cracking down on domestic exchanges facilitating cryptocurrency trades within the country. At first, things just seemed like some harsher regulatory action would take place, but the central bank shut down all of the Chinese exchanges who enabled digital asset trades with the renminbi.</span></p>
<p><span>Now the trading platform’s parent company <a href="https://www.huobi.pro/" target="_blank" rel="noopener">Huobi Group</a> is partnering with the financial institution SBI formerly known as Softbank Investment Group. The two plan on <a href="http://fs.magicalir.net/tdnet/2017/8473/20171207431913.pdf" target="_blank" rel="noopener">launching</a> two virtual currency exchanges one with a tentative name “SBI Virtual Currencies,” and the other “Huobi Japan.” </span></p>
<h2><span>SBI Believes Huobi Group’s Track Record Is Enough to Fulfill The Basic Agreement </span></h2>
<p><span><img class="alignright wp-image-96144 size-medium" title="The Bitcoin Exchange That Once Dominated China Is Heading to Japan" src="https://news.bitcoin.com/wp-content/uploads/2018/01/sbi-300x83.png" alt="The Bitcoin Exchange That Once Dominated China Is Heading to Japan" width="300" height="83" srcset="https://news.bitcoin.com/wp-content/uploads/2018/01/sbi-300x83.png 300w, https://news.bitcoin.com/wp-content/uploads/2018/01/sbi-768x213.png 768w, https://news.bitcoin.com/wp-content/uploads/2018/01/sbi-696x193.png 696w, https://news.bitcoin.com/wp-content/uploads/2018/01/sbi.png 881w" sizes="(max-width: 300px) 100vw, 300px">SBI also reveals the bank plans to use “Huobi’s technology, know-how and human resources” to establish top of the line cryptocurrency-related business in the Asian region. With the partnership and creation of the two new exchanges, SBI Group plans to acquire “30 percent of the equity in Huobi Group’s Japanese entity.” The organization also plans to take 10 percent of Huobi Group’s Korean entity and Huobi, in turn, will receive 30% of the equity in the SBI Virtual Currencies business. SBI explains that Huobi has a solid reputation in the digital currency space which has laid the foundation for the basic agreement: </span></p>
<blockquote class="td_pull_quote td_pull_center">
<blockquote class="td_quote_box td_box_center"><p><b><i>SBI Holdings has reached a basic agreement with Huobi Group (1.65 million accounts, maximum daily transaction volume of over CNY 30 billion (approximately JPY 510 billion), which has a track record of stably operating a major cryptocurrency exchange in China, to explore the following alliances.</i></b></p></blockquote>
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<p><span>At the moment Huobi Group also operates a global cryptocurrency exchange called <a href="https://www.huobi.pro/" target="_blank" rel="noopener">Huobi.pro</a> which sees a lot of volume from regions like Singapore, Korea, Hong Kong. The company also still operates its China News and Research Platform and its Huobi Wallet Digital Asset Management service. The two exchanges in Japan will be the company’s next expansion into the Asian region.</span></p>
<p><b><i>What do you think about Huobi creating two new exchanges in Japan? Let us know in the comments below.</i></b></p>
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<p><em>Images via Shutterstock, Huobi, and SBI Group. </em></p>
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<p><em>Do you like to research and read about Bitcoin technology? Check out <a class="vglnk" href="http://bitcoin.com/" target="_blank" rel="nofollow noopener">Bitcoin.com</a>’s <a href="http://wiki.bitcoin.com/" target="_blank" rel="noopener">Wiki</a> page for an in-depth look at Bitcoin’s innovative technology.</em></p>
<p>The post <a rel="nofollow" href="https://news.bitcoin.com/the-bitcoin-exchange-that-once-dominated-china-is-heading-to-japan/">The Bitcoin Exchange That Once Dominated China Is Heading to Japan</a> appeared first on <a rel="nofollow" href="https://news.bitcoin.com/">Bitcoin News</a>.</p>
</div><br/><div>Source: https://news.bitcoin.com/the-bitcoin-exchange-that-once-dominated-china-is-heading-to-japan/</div><br/><hr/><h4>Japan’s GDP Grows Due to Bitcoin Wealth Effect</h4><div>
<img width="696" height="696" src="https://news.bitcoin.com/wp-content/uploads/2018/01/IMG_0841-768x768.jpg" class="attachment-medium_large size-medium_large wp-post-image" alt="Japan’s GDP Grows Due to Bitcoin Wealth Effect" srcset="https://news.bitcoin.com/wp-content/uploads/2018/01/IMG_0841-768x768.jpg 768w, https://news.bitcoin.com/wp-content/uploads/2018/01/IMG_0841-150x150.jpg 150w, https://news.bitcoin.com/wp-content/uploads/2018/01/IMG_0841-300x300.jpg 300w, https://news.bitcoin.com/wp-content/uploads/2018/01/IMG_0841-1024x1024.jpg 1024w, https://news.bitcoin.com/wp-content/uploads/2018/01/IMG_0841-696x696.jpg 696w, https://news.bitcoin.com/wp-content/uploads/2018/01/IMG_0841-1392x1392.jpg 1392w, https://news.bitcoin.com/wp-content/uploads/2018/01/IMG_0841-1068x1068.jpg 1068w, https://news.bitcoin.com/wp-content/uploads/2018/01/IMG_0841-420x420.jpg 420w, https://news.bitcoin.com/wp-content/uploads/2018/01/IMG_0841.jpg 1600w" sizes="(max-width: 696px) 100vw, 696px"><p><b>Analysts Yoshiyuki Suimon and Kazuki Miyamoto claim bitcoin will assist Japan in a Gross Domestic Product (GDP) boost of 0.3% heading into the first three months of 2018. At the end of 2017, the cryptocurrency boasted a ¥12 trillion market capitalization, and if trends continue into early this year, that could translate into lifting Japanese personal consumption by anywhere from ¥0.2 to ¥0.4 billion, they explain, referring to the phenomenon as the bitcoin effect. </b></p>
<p><b><i>Also read:</i></b> <em><a href="https://news.bitcoin.com/former-fdic-chair-sheila-bair-on-bitcoin-value-like-beauty-is-in-the-eye-of-beholder/" target="_blank" rel="noopener"><span>Bitcoin’s Value — Like Beauty — Is in the Eye of Beholder</span></a></em></p>
<h2>Japan’s Bitcoin Effect as 0.3% of GDP</h2>
<p><span>Yoshiyuki Suimon and Kazuki Miyamoto of <a href="http://www.nomura.com/" target="_blank" rel="noopener">Nomura</a> offer a slightly different take on the Japanese relationship to bitcoin. Nomura is one of the world’s largest independent investment banks, and was known to have </span>sponsored mathematical techniques for use in finance research.</p>
<p><span>The usual reporting goes similar to a recent study put out by Deutsche Bank AG. In it, the bank notes they believe Japan’s “retail investors are shifting from leveraged foreign-exchange trading to leveraged cryptocurrency trading,” analyst Masao Muraki was quoted by </span><a href="https://www.bloomberg.com/news/articles/2017-12-14/deutsche-bank-says-mrs-watanabe-behind-the-surge-in-bitcoin" target="_blank" rel="noopener"><i><span>Bloomberg</span></i></a><span>. And indeed, the same study offered a Nikkei telling of the Japanese taking up half the world’s foreign-exchange trades, and so it seemed only natural a global currency like bitcoin would get at least 40 percent Japanese participation, and climbing, by the final quarter of this year.</span></p>
<p><img class="aligncenter wp-image-96093 size-large" title="Japan’s GDP Grows Due to Bitcoin Wealth Effect" src="https://news.bitcoin.com/wp-content/uploads/2018/01/Nomura-12-29-3-1024x531.png" alt="Japan’s GDP Grows Due to Bitcoin Wealth Effect" width="696" height="361" srcset="https://news.bitcoin.com/wp-content/uploads/2018/01/Nomura-12-29-3-1024x531.png 1024w, https://news.bitcoin.com/wp-content/uploads/2018/01/Nomura-12-29-3-300x156.png 300w, https://news.bitcoin.com/wp-content/uploads/2018/01/Nomura-12-29-3-768x399.png 768w, https://news.bitcoin.com/wp-content/uploads/2018/01/Nomura-12-29-3-696x361.png 696w, https://news.bitcoin.com/wp-content/uploads/2018/01/Nomura-12-29-3-1068x554.png 1068w, https://news.bitcoin.com/wp-content/uploads/2018/01/Nomura-12-29-3-809x420.png 809w, https://news.bitcoin.com/wp-content/uploads/2018/01/Nomura-12-29-3.png 1085w" sizes="(max-width: 696px) 100vw, 696px"></p>
<p><span>The more profound, real-world case is hidden within those numbers. It appears Japanese consumers and retail businesses will also benefit from the country’s crypto craze. Mr. Suimon and Mr. Miyamoto posit something akin to a wealth effect happening. A famous historical example occurred in the late 60s United States after a double-digit tax increase. Most economists expected consumer spending to slow, a belt-tightening in response. However, due to the stock market’s precipitous rise, the average American ‘felt’ wealthier, and spent accordingly. </span></p>
<p><span>The last three months of 2017 just might carry the country’s GDP 0.3% higher (GDP is a measure of all final goods and services produced) into early 2018, according to the Nomura analysts. They’ve pegged a formula as follows: every jump in asset value wealth of ¥10 billion yields consumption to rise in proportion by ¥0.2 to ¥0.4 billion.</span></p>
<h2><span>¥96 Billion in Personal Consumption</span></h2>
<p><span>Spring of 2017 saw the country’s relative embrace of bitcoin, as the Payment Services Act formally allowed crypto trading. Yen has followed. With the Chinese government making its Yuan impotent in crypto circles, the land of the rising sun has filled that vacuum. And by the end of last year, the world’s most popular cryptocurrency reached  ¥12 trillion in market cap, well-triggering the bitcoin effect. </span></p>
<p><span><img class="aligncenter wp-image-96094 size-large" title="Japan’s GDP Grows Due to Bitcoin Wealth Effect" src="https://news.bitcoin.com/wp-content/uploads/2018/01/Nomura-12-29-1-1024x539.png" alt="Japan’s GDP Grows Due to Bitcoin Wealth Effect" width="696" height="366" srcset="https://news.bitcoin.com/wp-content/uploads/2018/01/Nomura-12-29-1-1024x539.png 1024w, https://news.bitcoin.com/wp-content/uploads/2018/01/Nomura-12-29-1-300x158.png 300w, https://news.bitcoin.com/wp-content/uploads/2018/01/Nomura-12-29-1-768x404.png 768w, https://news.bitcoin.com/wp-content/uploads/2018/01/Nomura-12-29-1-696x366.png 696w, https://news.bitcoin.com/wp-content/uploads/2018/01/Nomura-12-29-1-1068x562.png 1068w, https://news.bitcoin.com/wp-content/uploads/2018/01/Nomura-12-29-1-798x420.png 798w, https://news.bitcoin.com/wp-content/uploads/2018/01/Nomura-12-29-1.png 1093w" sizes="(max-width: 696px) 100vw, 696px"></span><span>The two analysts believe the island nation to be sitting on ¥5.1 trillion in the digital asset. And though that wealth doesn’t “feed straight through” to the street, the wealth effect of its kind could “drive ¥96 billion in personal consumption,” according to </span><a href="http://www.valuewalk.com/2017/12/bitcoin-effect-japanese-gdp/" target="_blank" rel="noopener"><i><span>Value Walk</span></i></a><span>.</span></p>
<p><span>“Cryptocurrencies are going to offer different benefits for different people,” </span><i><span>Value Walk </span></i><span>quotes Arizona State University professor Geoffrey Smith. “Some like the institutional backing and may gravitate to a utility coin offered by the major banks while others might value the ability to transfer money from one geographic region to the next efficiently,”</span></p>
<blockquote class="td_pull_quote td_pull_center">
<blockquote class="td_quote_box td_box_center"><p><em><strong>To what extent major Bitcoin holders who have increased their assets through the end of the year will bolster consumer spending through the beginning of year remains to be seen, but we should keep in mind the possibility that spending will exceed expectations as a result of this factor.</strong></em></p></blockquote>
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<p><span>There does indeed seem to be something different about the wealth accumulated through crypto. That it might lead an important world economy to grow 0.3% is a sign whatever is happening is more than mere speculation.</span></p>
<p><strong><em>Do you think the bitcoin effect is real? Tell us in the comment section below! </em></strong></p>
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<p><em>Images via Pixabay, Nomura.</em></p>
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<p>The post <a rel="nofollow" href="https://news.bitcoin.com/japans-gdp-grows-due-to-bitcoin-wealth-effect/">Japan’s GDP Grows Due to Bitcoin Wealth Effect</a> appeared first on <a rel="nofollow" href="https://news.bitcoin.com/">Bitcoin News</a>.</p>
</div><br/><div>Source: https://news.bitcoin.com/japans-gdp-grows-due-to-bitcoin-wealth-effect/</div><br/><hr/><h4>South Korean Exchanges Revise Policies to Comply with Crypto Regulation</h4><div>
<img width="696" height="696" src="https://news.bitcoin.com/wp-content/uploads/2018/01/shutterstock_539449912-1-768x768.png" class="attachment-medium_large size-medium_large wp-post-image" alt="South Korean Exchanges Revise Policies to Comply with Crypto Regulation" srcset="https://news.bitcoin.com/wp-content/uploads/2018/01/shutterstock_539449912-1-768x768.png 768w, https://news.bitcoin.com/wp-content/uploads/2018/01/shutterstock_539449912-1-150x150.png 150w, https://news.bitcoin.com/wp-content/uploads/2018/01/shutterstock_539449912-1-300x300.png 300w, https://news.bitcoin.com/wp-content/uploads/2018/01/shutterstock_539449912-1-1024x1024.png 1024w, https://news.bitcoin.com/wp-content/uploads/2018/01/shutterstock_539449912-1-696x696.png 696w, https://news.bitcoin.com/wp-content/uploads/2018/01/shutterstock_539449912-1-1392x1392.png 1392w, https://news.bitcoin.com/wp-content/uploads/2018/01/shutterstock_539449912-1-1068x1068.png 1068w, https://news.bitcoin.com/wp-content/uploads/2018/01/shutterstock_539449912-1-420x420.png 420w" sizes="(max-width: 696px) 100vw, 696px"><p><strong>South Korea’s cryptocurrency exchanges have implemented changes to comply with the government’s mandates announced last week. In addition to restricting certain customers from trading cryptocurrencies, the exchanges have stopped issuing new virtual accounts in accordance with the regulators’ real-name requirements.</strong></p>
<p><em><strong>Also read:</strong> </em><a href="https://news.bitcoin.com/russian-regulators-law-crypto-mining-payments-token-sales/" target="_blank" rel="noopener"><em>Russian Regulators Draft Law to Restrict Crypto Mining, Payments, and Token Sales</em></a></p>
<h2>Government’s Mandates</h2>
<p>The South Korean government made several announcements in December regarding cryptocurrency regulation. The first was the “emergency” regulatory measures, as news.Bitcoin.com previously <a href="https://news.bitcoin.com/south-korea-emergency-cryptocurrency-regulation/" target="_blank" rel="noopener">reported</a>. Then a few additional rules <a href="https://news.bitcoin.com/south-korea-new-attempts-crypto-markets/" target="_blank" rel="noopener">followed</a>.</p>
<p><img class="alignright wp-image-96077 size-medium" title="South Korean Exchanges Revise Policies to Comply with Crypto Regulation" src="https://news.bitcoin.com/wp-content/uploads/2018/01/shutterstock_720945094-300x212.jpg" alt="South Korean Exchanges Revise Policies to Comply with Crypto Regulation" width="300" height="212" srcset="https://news.bitcoin.com/wp-content/uploads/2018/01/shutterstock_720945094-300x212.jpg 300w, https://news.bitcoin.com/wp-content/uploads/2018/01/shutterstock_720945094-100x70.jpg 100w, https://news.bitcoin.com/wp-content/uploads/2018/01/shutterstock_720945094-200x140.jpg 200w, https://news.bitcoin.com/wp-content/uploads/2018/01/shutterstock_720945094.jpg 473w" sizes="(max-width: 300px) 100vw, 300px">The Korean crypto market is dominated by four exchanges; Bithumb, Upbit, Coinone, and Korbit. While Bithumb has long held the number one spot as the country’s largest crypto exchange by volume, newcomer Upbit started <a href="https://news.bitcoin.com/popular-chat-app-kakaos-exchange-upbit-claims-number-one-spot-in-south-korea/" target="_blank" rel="noopener">reporting</a> higher 24-hour volumes in December. Upbit is backed by Kakao Corporation which owns the country’s most popular chat app, Kakao Talk.</p>
<p>Following the regulators’ announcements, the four exchanges began modifying their terms of service. Among other measures, they are prohibited from offering services to minors and non-Korean residents as well as from issuing new virtual accounts. These accounts were issued by banks for the exchanges to assign to their customers for anonymous KRW deposits and trading.</p>
<h2>Minors and Non-Korean Residents</h2>
<p><img class="alignright wp-image-96078 size-medium" title="South Korean Exchanges Revise Policies to Comply with Crypto Regulation" src="https://news.bitcoin.com/wp-content/uploads/2018/01/shutterstock_176037740-300x200.jpg" alt="South Korean Exchanges Revise Policies to Comply with Crypto Regulation" width="300" height="200" srcset="https://news.bitcoin.com/wp-content/uploads/2018/01/shutterstock_176037740-300x200.jpg 300w, https://news.bitcoin.com/wp-content/uploads/2018/01/shutterstock_176037740-768x511.jpg 768w, https://news.bitcoin.com/wp-content/uploads/2018/01/shutterstock_176037740-1024x681.jpg 1024w, https://news.bitcoin.com/wp-content/uploads/2018/01/shutterstock_176037740-696x463.jpg 696w, https://news.bitcoin.com/wp-content/uploads/2018/01/shutterstock_176037740-1392x926.jpg 1392w, https://news.bitcoin.com/wp-content/uploads/2018/01/shutterstock_176037740-1068x711.jpg 1068w, https://news.bitcoin.com/wp-content/uploads/2018/01/shutterstock_176037740-631x420.jpg 631w" sizes="(max-width: 300px) 100vw, 300px">Upbit was the first exchange out of the four to post a notice regarding the discontinuation of its services for minors. Those under 19 years old can no longer use Upbit’s services and existing minor customers had until the end of last month to withdraw money from the platform. Its terms of service have been updated, changing from “under 14 years old to under 19 years old,” Upbit detailed.</p>
<p>A notice was also posted on the Bithumb website, suspending those under 19 years old from subscribing and using its services starting on January 1. The exchange has rephrased the wording in its terms of service from “If you are under 19 years of age, you may be restricted” to “you are restricted.” In addition, virtual accounts will be unavailable for “domestic non-residents.” An official of the exchange previously <a href="https://news.bitcoin.com/korean-regulation-bitcoin-market-exchanges/" target="_blank" rel="noopener">commented</a>:</p>
<blockquote class="td_pull_quote td_pull_center">
<blockquote class="td_quote_box td_box_center"><p>The latest measures won’t have much impact on us as we are already very careful with minors and foreign investors.</p></blockquote>
</blockquote>
<p>Coinone issued a similar notice, stating that trading is limited for “underaged-minors and non-Korean-residents,” clarifying that all of its services will no longer be available to them.</p>
<h2>No New Virtual Bank Accounts</h2>
<p><img class="alignright wp-image-96079" title="South Korean Exchanges Revise Policies to Comply with Crypto Regulation" src="https://news.bitcoin.com/wp-content/uploads/2018/01/bithumb.jpg" alt="South Korean Exchanges Revise Policies to Comply with Crypto Regulation" width="300" height="107">Bithumb explained on its website that the issuance of new virtual bank accounts has been suspended in accordance with the government’s regulation, which is a “requirement of real name verification for cryptocurrency transactions.”</p>
<p>Currently, Shinhan Bank and Nonghyup Bank provide Bithumb with virtual account services. The issuance of new Shinhan Bank virtual accounts was suspended on Friday and the issuance by Nonghyup Bank the following day.</p>
<p><img class="alignright wp-image-96080 size-medium" title="South Korean Exchanges Revise Policies to Comply with Crypto Regulation" src="https://news.bitcoin.com/wp-content/uploads/2018/01/upbit-300x81.jpg" alt="South Korean Exchanges Revise Policies to Comply with Crypto Regulation" width="300" height="81" srcset="https://news.bitcoin.com/wp-content/uploads/2018/01/upbit-300x81.jpg 300w, https://news.bitcoin.com/wp-content/uploads/2018/01/upbit.jpg 355w" sizes="(max-width: 300px) 100vw, 300px">Upbit also informed its users that “in order to comply with the government’s policy on self-certified accounts, the issuance of virtual accounts for Upbit new subscribers will cease from January 1, 2018.” However, existing members who already have virtual accounts “will be able to make all transactions without change,” the platform noted.</p>
<p><img class="alignright wp-image-96082 size-medium" title="South Korean Exchanges Revise Policies to Comply with Crypto Regulation" src="https://news.bitcoin.com/wp-content/uploads/2018/01/coinone-300x68.jpg" alt="South Korean Exchanges Revise Policies to Comply with Crypto Regulation" width="300" height="68" srcset="https://news.bitcoin.com/wp-content/uploads/2018/01/coinone-300x68.jpg 300w, https://news.bitcoin.com/wp-content/uploads/2018/01/coinone.jpg 302w" sizes="(max-width: 300px) 100vw, 300px">Similarly, Coinone wrote, “Virtual account issuing for cryptocurrency trading will be closed temporarily” beginning on December 29, 2017, in order “to apply Korean government’s policy for the real-name system.”</p>
<p><img class="alignright wp-image-96081 size-medium" title="South Korean Exchanges Revise Policies to Comply with Crypto Regulation" src="https://news.bitcoin.com/wp-content/uploads/2018/01/korbit-300x105.jpg" alt="South Korean Exchanges Revise Policies to Comply with Crypto Regulation" width="300" height="105" srcset="https://news.bitcoin.com/wp-content/uploads/2018/01/korbit-300x105.jpg 300w, https://news.bitcoin.com/wp-content/uploads/2018/01/korbit.jpg 371w" sizes="(max-width: 300px) 100vw, 300px">On the same day, another major exchange, Korbit, suspended the issuance of new virtual accounts. Citing that Shinhan Bank currently provides the exchange with virtual account services, Korbit noted:</p>
<blockquote class="td_pull_quote td_pull_center">
<blockquote class="td_quote_box td_box_center"><p>If you already have a KRW [virtual] deposit account issued by Shinhan Bank, your KRW deposit or withdrawal requests will not be restricted. However, there may be an additional regulatory impact on KRW deposit or withdrawal requests [from the government] in the future.</p></blockquote>
</blockquote>
<p>The exchange added, “We will continue to work closely with the regulators and banking institutions to prepare a fully-compatible platform that safely processes KRW deposits and withdrawals in accordance with the new regulation.”</p>
<p><em><strong>Do you think the changes will have a positive effect on the Korean crypto markets? Let us know in the comments section below.</strong></em></p>
<hr>
<p><em>Images courtesy of Shutterstock, Bithumb, Upbit, Coinone, and Korbit.</em></p>
<hr>
<p><i>Need to calculate your bitcoin holdings? Check our </i><a href="http://tools.bitcoin.com/" target="_blank" rel="noopener noreferrer"><i><u>tools</u></i></a><i> section.</i></p>
<p>The post <a rel="nofollow" href="https://news.bitcoin.com/south-korean-exchanges-policies-comply-crypto-regulation/">South Korean Exchanges Revise Policies to Comply with Crypto Regulation</a> appeared first on <a rel="nofollow" href="https://news.bitcoin.com/">Bitcoin News</a>.</p>
</div><br/><div>Source: https://news.bitcoin.com/south-korean-exchanges-policies-comply-crypto-regulation/</div><br/><hr/><h4>‘Privacy Coin’ Verge is Allegedly Leaking Users’ IP Addresses</h4><div>
<img width="696" height="696" src="https://news.bitcoin.com/wp-content/uploads/2018/01/verge-xvg-leaking-ip-addresses-768x768.jpg" class="attachment-medium_large size-medium_large wp-post-image" alt="‘Privacy Coin’ Verge is Allegedly Leaking Users’ IP Addresses" srcset="https://news.bitcoin.com/wp-content/uploads/2018/01/verge-xvg-leaking-ip-addresses-768x768.jpg 768w, https://news.bitcoin.com/wp-content/uploads/2018/01/verge-xvg-leaking-ip-addresses-150x150.jpg 150w, https://news.bitcoin.com/wp-content/uploads/2018/01/verge-xvg-leaking-ip-addresses-300x300.jpg 300w, https://news.bitcoin.com/wp-content/uploads/2018/01/verge-xvg-leaking-ip-addresses-1024x1024.jpg 1024w, https://news.bitcoin.com/wp-content/uploads/2018/01/verge-xvg-leaking-ip-addresses-696x696.jpg 696w, https://news.bitcoin.com/wp-content/uploads/2018/01/verge-xvg-leaking-ip-addresses-1392x1392.jpg 1392w, https://news.bitcoin.com/wp-content/uploads/2018/01/verge-xvg-leaking-ip-addresses-1068x1068.jpg 1068w, https://news.bitcoin.com/wp-content/uploads/2018/01/verge-xvg-leaking-ip-addresses-420x420.jpg 420w, https://news.bitcoin.com/wp-content/uploads/2018/01/verge-xvg-leaking-ip-addresses.jpg 1600w" sizes="(max-width: 696px) 100vw, 696px"><p><strong>Privacy coins are meant to be private: that’s their raison d’être. Without this functionality, they’re just altcoins, and dangerous ones at that for anyone relying on them for anonymity. Verge (XVG) is one of the best known privacy coins on the market, but it risks becoming famous for all the wrong reasons. A new website claims to list the IP addresses associated with hundreds of verge transactions, stripping bare the coin’s claims of anonymity.</strong></p>
<p><em><strong>Also read: </strong><a href="https://news.bitcoin.com/everything-ever-wanted-know-privacy-coins/" target="_blank" rel="noopener"><span>Everything You Ever Wanted to Know About Privacy Coins</span></a></em></p>
<h2><span>Verging on the Ridiculous</span></h2>
<p><span>XVG has soared in price over the past month, which may owe more to the coin being </span><a href="https://news.bitcoin.com/cryptocurrency-influencers-accused-aiding-pump-dumps/" target="_blank" rel="noopener"><span>heavily shilled</span></a><span> by John McAfee than its strong fundamentals. Nevertheless, a combination of privacy coins being en vogue and XVG costing mere buttons – or rather satoshis – until recently have also contributed to its rise. Anyone snapping up the coin for its privacy features, however, could be in for a disappointment.</span></p>
<p><span><img class="alignright size-thumbnail wp-image-96063" src="https://news.bitcoin.com/wp-content/uploads/2018/01/verge-pink-wojak-150x150.jpg" alt="‘Privacy Coin’ Verge is Allegedly Leaking Users’ IP Addresses" width="150" height="150">In a <a href="https://news.bitcoin.com/everything-ever-wanted-know-privacy-coins/" target="_blank" rel="noopener">recent article</a> on privacy coins, news.Bitcoin.com wrote: “The general consensus is that verge isn’t as private as some of its competitors, so don’t trust it with your life.” That may have been an understatement given that a </span><a href="http://xvg.keff.org/" target="_blank" rel="noopener"><span>website</span></a><span> is now purportedly listing IP addresses pertaining to verge transactions. The operator of the website is anonymous, which is more than can be said of the transactions it reveals.</span></p>
<h2><span>Publicizing Privacy</span></h2>
<p><span><img class="alignright size-medium wp-image-96066" src="https://news.bitcoin.com/wp-content/uploads/2018/01/Mcafee-Verge-300x202.jpg" alt="‘Privacy Coin’ Verge is Allegedly Leaking Users’ IP Addresses" width="300" height="202" srcset="https://news.bitcoin.com/wp-content/uploads/2018/01/Mcafee-Verge-300x202.jpg 300w, https://news.bitcoin.com/wp-content/uploads/2018/01/Mcafee-Verge.jpg 580w" sizes="(max-width: 300px) 100vw, 300px">The revelatory site currently lists transactions that were conducted via the Verge Core wallet, but the Electrum XVG wallet will soon be added. There’s also the ability to determine transactions which went via a ‘rich list’ address; verge is notorious for having a large number of coins in possession of a handful of ‘whales’. One of these whales spent a cosy weekend with John McAfee before the former software tycoon extolled the virtues of verge, but the pair later fell out over claims that McAfee reportedly wanted millions from Verge and XVGWhale to shill the coin.</span></p>
<p><span><img class="alignright size-medium wp-image-96065" src="https://news.bitcoin.com/wp-content/uploads/2018/01/XVGWhalevsMcafee-300x163.jpg" alt="‘Privacy Coin’ Verge is Allegedly Leaking Users’ IP Addresses" width="300" height="163" srcset="https://news.bitcoin.com/wp-content/uploads/2018/01/XVGWhalevsMcafee-300x163.jpg 300w, https://news.bitcoin.com/wp-content/uploads/2018/01/XVGWhalevsMcafee.jpg 609w" sizes="(max-width: 300px) 100vw, 300px">These claims are hard to verify, but coupled with the latest disclosures regarding verge’s anonymity, they emphasize the need to be cautious when using privacy coins for their intended purpose.</span></p>
<p><span>On its website, the cryptocurrency’s developers claim:</span></p>
<blockquote class="td_quote_box td_box_center">
<blockquote class="td_pull_quote td_pull_center"><p><span>Verge uses multiple anonymity-centric networks such as Tor and I2P. The IP addresses of the users are obfuscated and the transactions are completely untraceable.</span></p></blockquote>
</blockquote>
<p><span>In a </span><a href="https://twitter.com/vergecurrency/status/943294886182350848" target="_blank" rel="noopener"><span>glossy video</span></a><span> posted to the Verge Twitter account on December 20, a voiceover describes XVG as “the only untraceable currency devoted to everyday use”.</span></p>
<p><span>Concerns about the veracity of this claim have abounded for some time, with the creation of <a href="http://xvg.keff.org/" target="_blank" rel="noopener">xvg.keff.org</a> now seeming to confirm as much. Not only does verge fail to provide the privacy that is the coin’s USP, but it arguably provides less privacy than other cryptocurrencies in allowing IP addresses to be recorded.</span></p>
<p><span>As the whistleblowing site explains:</span></p>
<blockquote class="td_quote_box td_box_center">
<blockquote class="td_pull_quote td_pull_center"><p><span>Obviously not all of the IPs below will be correct. Some might just be relaying a transaction. The point is that a large amount will be correct due to the Verge network being so small. </span><span>If your IP appears in the list with a TX you didn’t do, it means you relayed it for someone else. Would you want your IP to be connected to other users’ transactions?</span></p></blockquote>
</blockquote>
<p><span>Verge has disputed the accuracy of the site purporting to publish transaction IPs, tweeting:</span></p>
<p><img class="aligncenter wp-image-96069" src="https://news.bitcoin.com/wp-content/uploads/2018/01/verge-tweet-1024x232.png" alt="‘Privacy Coin’ Verge is Allegedly Leaking Users’ IP Addresses" width="567" height="128" srcset="https://news.bitcoin.com/wp-content/uploads/2018/01/verge-tweet-1024x232.png 1024w, https://news.bitcoin.com/wp-content/uploads/2018/01/verge-tweet-300x68.png 300w, https://news.bitcoin.com/wp-content/uploads/2018/01/verge-tweet-768x174.png 768w, https://news.bitcoin.com/wp-content/uploads/2018/01/verge-tweet-696x158.png 696w, https://news.bitcoin.com/wp-content/uploads/2018/01/verge-tweet-1068x242.png 1068w, https://news.bitcoin.com/wp-content/uploads/2018/01/verge-tweet.png 1154w" sizes="(max-width: 567px) 100vw, 567px"></p>
<p><span>It is telling however that the development team have yet to issue an outright denial of the site’s claims. Even if a handful of IPs on the list are correct, it is evident that privacy proponents relying on verge are taking a risk every time they transact.</span></p>
<p><span>The </span><a href="https://vergecurrency.com/#roadmap" target="_blank" rel="noopener"><span>roadmap</span></a><span> for Verge – which began life as Dogecoin Dark – lists branded apparel and RSK smart contracts as next on its to-do list. Before it tackles these tasks, XVG’s development team may wish to return to the drawing board and take a look at their privacy coin’s alleged lack of privacy.</span></p>
<p><em><strong>Do you think XVG’s development team have a case to answer, or are these claims unfounded? Let us know in the comments section below.</strong></em></p>
<hr>
<p><em>Images courtesy of Shutterstock, and Verge website.</em></p>
<hr>
<p><i>Keep track of the bitcoin exchange rate in</i><a href="https://price.bitcoin.com/" target="_blank" rel="noopener"> <i>real-time</i></a><i>.</i></p>
<p>The post <a rel="nofollow" href="https://news.bitcoin.com/privacy-coin-verge-allegedly-leaking-users-ip-addresses/">‘Privacy Coin’ Verge is Allegedly Leaking Users’ IP Addresses</a> appeared first on <a rel="nofollow" href="https://news.bitcoin.com/">Bitcoin News</a>.</p>
</div><br/><div>Source: https://news.bitcoin.com/privacy-coin-verge-allegedly-leaking-users-ip-addresses/</div><br/><hr/><h4>Public Firm Faces Class Action Lawsuit for Falsely Claiming Link to Bitcoin</h4><div>
<img width="696" height="696" src="https://news.bitcoin.com/wp-content/uploads/2018/01/Solar-bitcoin-768x768.jpg" class="attachment-medium_large size-medium_large wp-post-image" alt="Public Firm Faces Class Action Lawsuit for Falsely Claiming Link to Bitcoin" srcset="https://news.bitcoin.com/wp-content/uploads/2018/01/Solar-bitcoin-768x768.jpg 768w, https://news.bitcoin.com/wp-content/uploads/2018/01/Solar-bitcoin-150x150.jpg 150w, https://news.bitcoin.com/wp-content/uploads/2018/01/Solar-bitcoin-300x300.jpg 300w, https://news.bitcoin.com/wp-content/uploads/2018/01/Solar-bitcoin-1024x1024.jpg 1024w, https://news.bitcoin.com/wp-content/uploads/2018/01/Solar-bitcoin-696x696.jpg 696w, https://news.bitcoin.com/wp-content/uploads/2018/01/Solar-bitcoin-1392x1392.jpg 1392w, https://news.bitcoin.com/wp-content/uploads/2018/01/Solar-bitcoin-1068x1068.jpg 1068w, https://news.bitcoin.com/wp-content/uploads/2018/01/Solar-bitcoin-420x420.jpg 420w, https://news.bitcoin.com/wp-content/uploads/2018/01/Solar-bitcoin.jpg 1600w" sizes="(max-width: 696px) 100vw, 696px"><p><strong>An application for a class action lawsuit against Apollo Power (TASE: APLP) has been submitted to the Tel Aviv District Court. The solar energy technology company is accused of misleading investors by making a false report. The matter at hand is how its share price jumped by 150% on December 18 after Apollo announced it entered the cryptocurrency mining business.</strong></p>
<p><em><strong>Also Read: </strong><a href="https://news.bitcoin.com/first-real-bitcoin-lightning-network-payment-completed-via-bitrefill/" target="_blank" rel="noopener">First Real Bitcoin Lightning Network Payment Completed via Bitrefill</a></em></p>
<h2>Class Action Lawsuit</h2>
<p><img class="alignright size-medium wp-image-96018" src="https://news.bitcoin.com/wp-content/uploads/2018/01/court-300x300.jpg" alt="Public Firm Faces Class Action Lawsuit for Falsely Claiming Link to Bitcoin" width="300" height="300" srcset="https://news.bitcoin.com/wp-content/uploads/2018/01/court-300x300.jpg 300w, https://news.bitcoin.com/wp-content/uploads/2018/01/court-150x150.jpg 150w, https://news.bitcoin.com/wp-content/uploads/2018/01/court-768x768.jpg 768w, https://news.bitcoin.com/wp-content/uploads/2018/01/court-1024x1024.jpg 1024w, https://news.bitcoin.com/wp-content/uploads/2018/01/court-696x696.jpg 696w, https://news.bitcoin.com/wp-content/uploads/2018/01/court-1392x1392.jpg 1392w, https://news.bitcoin.com/wp-content/uploads/2018/01/court-1068x1068.jpg 1068w, https://news.bitcoin.com/wp-content/uploads/2018/01/court-420x420.jpg 420w, https://news.bitcoin.com/wp-content/uploads/2018/01/court.jpg 1600w" sizes="(max-width: 300px) 100vw, 300px">Apollo Power, its chairman, CEO and directors are accused of gravely misleading investors by making an immediate report to the TASE which had crucial missing details. According to the application for a class action lawsuit, the accused “identified an attractive trend called blockchain.”</p>
<p>So, at the morning of the 18th, the company made a dramatic breaking announcement regarding an experiment in mining cryptocurrencies with its system. Investors were led to believe this was a breakthrough that will save significant electricity costs for miners, making the system more valuable.</p>
<p>With bitcoin at over $19,000 and ether close to $800 that day, the stock price of Apollo shot up in price from 4.3 shekels to over 10 shekels immediately after this first report, as many investors regarded the announcement as credible and bought the stock. However, just six hours later Apollo made a second report which made it clear, according to class action application, that the first announcement was, “partial, false, misleading, fake, fraudulent and at the very least negligent.”</p>
<h2>Bitcoin Verbal Gymnastics</h2>
<p><img class="alignright size-medium wp-image-96017" src="https://news.bitcoin.com/wp-content/uploads/2018/01/class-action-300x300.jpg" alt="Public Firm Faces Class Action Lawsuit for Falsely Claiming Link to Bitcoin" width="300" height="300" srcset="https://news.bitcoin.com/wp-content/uploads/2018/01/class-action-300x300.jpg 300w, https://news.bitcoin.com/wp-content/uploads/2018/01/class-action-150x150.jpg 150w, https://news.bitcoin.com/wp-content/uploads/2018/01/class-action-768x768.jpg 768w, https://news.bitcoin.com/wp-content/uploads/2018/01/class-action-1024x1024.jpg 1024w, https://news.bitcoin.com/wp-content/uploads/2018/01/class-action-696x696.jpg 696w, https://news.bitcoin.com/wp-content/uploads/2018/01/class-action-1392x1392.jpg 1392w, https://news.bitcoin.com/wp-content/uploads/2018/01/class-action-1068x1068.jpg 1068w, https://news.bitcoin.com/wp-content/uploads/2018/01/class-action-420x420.jpg 420w, https://news.bitcoin.com/wp-content/uploads/2018/01/class-action.jpg 1600w" sizes="(max-width: 300px) 100vw, 300px">Apollo was forced by the Israel Securities Authority to issue its second announcement on the December 18, which revealed its earlier report was missing many crucial details. According to its accusers, the company used artistic verbal gymnastics to jam in the word bitcoin into the report “in order to motivate investors to buy the stock.” The ISA is already separately investigating the matter on its own, as we <a href="https://news.bitcoin.com/israeli-regulator-investigating-public-bitcoin-company-false-claims/" target="_blank" rel="noopener">reported</a> last week.</p>
<p>The second announcement revealed that the half hour experiment produced just 0.000054 ETH worth about 4 cents at the time. Furthermore it was made clear that the system can only mine about 35 cents worth of altcoins a day, and no bitcoin at all. There are also yet unestimated extra costs for mining with the system, while the original announcement said that the breakthrough can create a substantial additional income source for users. The class action lawsuit application thus accuses the company of causing great financial losses to the group of investors who bought it after the first report.</p>
<p><strong><em>Should stock investors trust any firm that starts claiming to have some connection to bitcoin or it is all just pure hype? Tell us what you think in the comments section below.</em> </strong></p>
<hr>
<p><em>Images courtesy of Shutterstock.</em></p>
<hr>
<p><em>Do you like to research and read about Bitcoin technology? Check out <a class="vglnk" href="http://bitcoin.com/" target="_blank" rel="nofollow noopener">Bitcoin.com</a>’s <a href="http://wiki.bitcoin.com/" target="_blank" rel="noopener">Wiki</a> page for an in-depth look at Bitcoin’s innovative technology and interesting history.</em></p>
<p>The post <a rel="nofollow" href="https://news.bitcoin.com/public-firm-faces-class-action-lawsuit-for-falsely-claiming-link-to-bitcoin/">Public Firm Faces Class Action Lawsuit for Falsely Claiming Link to Bitcoin</a> appeared first on <a rel="nofollow" href="https://news.bitcoin.com/">Bitcoin News</a>.</p>
</div><br/><div>Source: https://news.bitcoin.com/public-firm-faces-class-action-lawsuit-for-falsely-claiming-link-to-bitcoin/</div><br/><hr/>Source: https://news.bitcoin.com/
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