Venezuela pushes for Petro as unit of measurement for oil

Venezuela really believes in its Petro stablecoin. Despite not having a stable economy upon which to build its national cryptocurrency, it is working diligently to have Petro seen as a viable cryptocurrency – although most indications are that it will never truly get off the ground. To help it in its cause, the South American nation is now preparing to turn to the Organization of Petroleum Exporting Countries (OPEC) for support.

The Venezuelan media out TeleSur indicates that Venezuela wants OPEC to see the Petro as a unit of account for petroleum and oil. The country’s Minister for Petroleum, and president of the state-run oil company (Petroleo de Venezuela, SA), Manuel Quevado, stated, “We will use Petro in OPEC as a solid and reliable currency to market our crude in the world… We are going for growth and economic prosperity of our country giving a hand to the future since the Petro is a currency that is backed by mineral resources.”

Quevado also asserted that the Petro is a major part of the economic recovery plan of Venezuela and that all products derived from crude oil will need to be commercialized in Petro. “We are going to the growth and economic prosperity of our country giving a hand to the future since Petro is a currency that is backed by mineral resources,” he explained.

It’s hard to imagine the Petro being a legitimate solution. Venezuela is bankrupt due to the actions of one man, the “elected” president, Nicolas Maduro. If he manages the Petro space the way he did the country’s economy, there isn’t much hope for recovery.

The Petro is being criticized by opponents in Venezuela, as well as international groups. The majority of the citizens have begun to turn to other cryptocurrency offerings, such as Bitcoin Core, Bitcoin BCH and Dash, because they don’t trust the Petro, either. In fact, according to some studies, Petro is a mirror image of Dash, meaning the country couldn’t even be bothered to introduce its own alternative; it had to copy something else.

The Petro officially went on sale at the beginning of November. It is available on six different exchanges, all of which were authorized by Maduro. According to Weiss Cryptocurrency Ratings, Petro is a “worthless token.”

The Brookings Institution agrees. It asserts, “[It] is relatively unsurprising that a dictatorship with little reserve currency … has resorted to a deceitful means like introducing the petro … The petro … exists to create foreign currency reserves from thin air.”

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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Police in the Philippines bust six foreigners for crypto theft

A small group of foreigners in Pasay City in the Philippines have been arrested after allegedly stealing almost $100,000 (five million pesos) worth of cryptocurrency. The thieves, who were identified as Chinese nationals, were turned over to the Chinese embassy for further processing. However, the subsequent investigation revealed that they were all simply pawns for another criminal.

According to the Pasay Assistant Chief of Police for Operations, Superintendent Gene Licud, another Chinese citizen, You Jin Gai, approached the Station Investigation Division Management Branch (SIDMB) over the weekend, claiming that his cryptocurrency had been stolen. The victim was able to identify the suspects, and gave the police their names. They were identified as Lai Ze Lin, Chen Xiao Yu, Cheu Zhi Pens, Wu Zhao Hua, Zhou Jin Lian and Xu Bao Yi.

All six were rounded up on Sunday by the SIDMB. Investigators determined that they had not perpetrated any crimes, but that they were only employees of the real criminal, Chen Yi. They all subsequently turned to the police for help, claiming that Chen had “promised them an honest work here in Philippines.” Chen has not yet been located.

South Korea has been cracking down on all types of illegal activity, particularly that associated with cryptocurrencies. It busted a major ring of Chinese and South Korean nationals last month that were involved in a $33-million crypto scam. Immigration Commissioner, Jamie Morente, said at the time, “We reiterate our warning to all foreign criminals who are hiding in the country that the long arm of the law will eventually catch you and we will send you back to your homelands.”

Pasay City is taking an especially hard stance against illegal activity. The city’s police chief, Senior Superintendent Noel Flores, said after the latest crackdown, “We will always continue our mandate in serving the Pasay City through our relentless anti-criminality and anti-illegal drugs operation with the observance of human rights in all our police operations in order to maintain peace and order and public safety.”

While there is no way to permanently rid the world of scammers, fraudsters and thieves, the efforts of law enforcement offices around the globe to clean up the cryptocurrency industry will go a long way to ensure crypto can mature and evolve as a viable alternative to fiat.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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Consensus: The Bitcoin Way

An appeal to exchanges, payment processors and wallet developers…

Bitcoin’s whitepaper redefined money as we know it; forever. We have a chance to do this properly and cleanly, or we make it messy. I have already stated publicly, that I will follow the ABC chain if ABC wins. This is my commitment in following the longest chain and remaining true to the consensus mechanism highlighted in the Bitcoin whitepaper.

Today, the vast majority of the BCH eco-system, including the ABC backing Bitcoin.com declare that BCH is Bitcoin as defined in the whitepaper. I don’t need to go over this in detail, but Eli Afram’s article on the value proposition of Bitcoin BCH sums up very well, the reasons it is important that we recognise this fact.

BCH is Bitcoin. And if Bitcoin as defined in the whitepaper is made valid by the longest chain, then this is the consensus mechanism that we at Coingeek abide by. It’s true however that there exists the argument that if the longest chain is valid, then shouldn’t BTC be Bitcoin? This argument surfaces frequently in attempts to discredit BCH. The answer here is very simple… BTC actively moved away from the whitepaper. Segwit coins for example do not at all match the description laid out in the Whitepaper. If BTC actively chose to ignore key elements of the whitepaper, then it makes sense that BTC itself is no longer bound by the definition of the whitepaper, and Nakamoto Consensus included.

Roger Ver of Bitcoin .com also once tweeted the following in his declaration of why BCH is Bitcoin and I unreservedly agree.

There is only one prominent BCH supporter that refuses to believe that BCH is Bitcoin, and that is Mr Bitmain himself.

There is a very big reason why Jihan, doesn’t want BCH to be Bitcoin. If it is Bitcoin, it becomes bound to the whitepaper. Being bound to the whitepaper means that he doesn’t get his sought after reduced block times, or the ability to subvert Nakamoto consensus.

Now I would like to invite exchanges, developer teams, and others to adhere to the very principle laid out in the founding paper, and the consensus mechanism that decides between rule sets. That is – the longest chain. For the eco-system to follow this rule means that we collectively gain a market driven consensus prescribed by majority hash. This is representative of a true market dynamic.

The alternative is, that we are forever at the helm of a dictator-developer model. We have seen how that experiment runs already… It resulted in a centralized coin with an off-chain driven agenda.

nChain have already voiced the intention to reorg a minority invalid chain. This isn’t an attack on BCH. Rather this will highlight the invalidity and insecurity of the a minority chain. It assures that the majority chain remains valid, and the clear winner.

If the eco-system remains true to the longest chain, then we have a market/miner driven response that is clean, and secure… In other words, there will be no tiny chain prone to an attack, and users funds remain safe.

Above all, it is important we recognise the difference between intermittent bursts of rented hash vs dedicated hash. Temporary hash, is just that – temporary. Eventually, dedicated hash will catch up. For this reason, there is no fixed timeline on how long this election will go, but I call on the eco-system to remain faithful to the fact that this can be a drawn out battle that may oscillate. A sudden change in chain lead after some time may not bode well to some exchanges, and its most important that we remain steadfast in our mission to find the clear winner. This is also why I have been advocating mining with dedicated hash. It is fair on users and the eco-system, and allows us all to find a winner, quickly.

Coingeek will continue to fight for a money that is usable by the whole world. And our aim is to see Bitcoin BCH as the leading money in the world. We hope you can join us in making this a reality.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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Dr. Craig Wright: Money is just the start of my Bitcoin vision

Ahead of the CoinGeek Week Conference in London in November, Dr. Craig Wright, chief scientist at the research company nChain, told us what his message will be to the conference:

Dr Wright isn’t afraid to think big and has the skills and means to turn his ambitions into reality. Tech ambitions don’t come much bigger than his determination to “change everything that you’ve ever known”:

Don’t expect the revolution to happen overnight. Comparing the development and adoption of crypto technologies with that of the Internet, Dr. Wright says that we’re still at the equivalent of 1997/98, the days of the ‘dot com boom’ – when people thought they were worth a billion dollars just because they’d founded an internet business. In the same way, says Dr. Wright, new buzzwords are today being bandied around by people who don’t understand what they mean:

To help realise his vision, Dr. Wright has initiated the public Bitcoin BCH mining pool SVPool (Satoshi Vision Pool) which runs nChain’s Bitcoin SV, the new full node implementation of Bitcoin BCH. Dr. Wright sees this as a way to fulfil the original vision for Bitcoin to deliver sound money by giving power to miners rather than developers:

Dr. Wright will be speaking at the CoinGeek Week Conference on Application Developers Day (28 November) and on the final day of the conference (30 November), when his address is titled Global Commerce as a Platform.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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SVPool nears 20% of global BCH hash power

Bitcoin BCH mining pool SVPool holds 19.44% of global Bitcoin BCH hash power as of November 12, second only to the CoinGeek pool holding 29.17%.

Trailing behind are BMG Pool (11.81%), AntPool (6.94%), Bitcoin.com (6.25%), ViaBTC (4.86%), Mempool.com (4.86%), BTC.com (4.86%), okminer (3.47%), Waterhole (2.78%), F2Pool (0.69%), and P2Pool (0.69%). Other pools account for the remaining 4.17% of BCH hash power.

SVPool nears 20% of global BCH hash power

On a seven-day basis, SVPool holds 13.8% of BCH hash power.

SVPool nears 20% of global BCH hash power

SVPool, a personal initiative of nChain chief scientist Dr. Craig Wright, allows miners of BCH who believe in the original Satoshi Nakamoto vision for Bitcoin, to generate greater revenue for the long term. It initially offers zero fees to miners, and has launched with a Pay-per-last-N shares (PPLNS) reward system, with Pay-per-share plus (PPS+) options to come in the next few weeks.

As Dr. Wright puts it, “Miners need to be empowered to drive things forward,” rather than be subject to developers’ dictates.

SVPool is for miners who believe in allowing immediately for massive scaling, as part of ensuring they remain profitable, where bigger blocks also mean higher-volume transactions and more transaction fees to collect for miners. Increasing the default maximum block size to 128MB is a step to larger blocks later on. This is crucial for when the block reward halves in two years and every four years afterwards. SVPool also boasts of having a world-class, highly responsive customer service team in both English and Chinese, to ensure miners have the best experience.

The pool runs Bitcoin SV (Satoshi Vision), the full node implementation that maintains the original Satoshi protocol, keeping it stable, while enabling the BCH network to scale and become truly professionalized. The Bitcoin SV implementation allows global enterprises to confidently operate and build their major projects on a stable, scalable BCH protocol.

Interested in learning more about Satoshi Vision, Bitcoin SV and SVPool? Join the gathering of miners at the upcoming Miners Day, happening as part of the CoinGeek Week Conference in London on Nov. 27-30. It’s the perfect opportunity to meet the members of the BCH community and discuss not just the ongoing reality of Miners Choice for Bitcoin going forward but also why enterprise applications needing Bitcoin should stop moving in order for the ecosystem to grow. Secure your seat to the four-day conference today via Eventbrite. Also, join the (free) bComm Association and be part of the revolution.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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Only 2 weeks remain to sign up for CoinGeek Week

Undoubtedly, one of the most important cryptocurrency conferences of this fall is rapidly approaching. CoinGeek Week will be held in just about two weeks and, due to requests from the mining community, a new day of events has been added especially for crypto miners.

On November 27, a special invitation-only event—the Miners Day—will be held in London. Following the completion of the Bitcoin BCH hard fork and a major stress test of the blockchain’s capabilities, this will be a unique opportunity to understand where the blockchain is headed and how the November events will impact the future.

Miner’s Day is open to the mining community by invitation only. There will be representatives present from the mining pools, software developers, equipment manufacturers and experts behind the latest mining innovations. If you would like to attend, contact CoinGeek.

Everyone is watching to see how the Bitcoin BCH hard fork goes in just a few days. Regardless of the outcome, Bitcoin BCH will continue to be the strong, leading digital currency that it is today. It continues to be embraced by the global retail industry on an exponential basis and doesn’t show any signs of slowing down. The CoinGeek Week conference will be the perfect opportunity to get together with those involved in the hard fork in order to understand the current state of the blockchain and what’s in the pipeline.

Following Miner’s Day, November 28-30 are days dedicated to developers, merchants and the future. Apart from the intense learning experiences, there will also be a number of networking events, giving attendees the opportunity to make new alliances and expand their business interests. This is a golden opportunity that can’t be missed by anyone ready to embrace cryptocurrency.

The November 28-30 CoinGeek Week conference will be held at The Mermaid, Puddle Dock in London. Following the last day of activities, CoinGeek founder and Bitcoin BCH proponent Calvin Ayre will host one of his world-famous after parties for attendees who have made it to all the activities. It’s the perfect way to wrap up a perfect conference.

Tickets are on sale now, but space is running out quickly. You can purchase your ticket today using either Bitcoin BCH on the CoinGeek website or, if you prefer, with a credit card through Eventbrite. Don’t wait—register now and don’t just witness history—be a part of it.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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Blockchain & Bitcoin Conference Philippines: Leading speakers will discuss topical industry trends

On December 6, Manila will welcome the second Blockchain&Bitcoin Conference Philippines by Smile-Expo – the large event focused on DLT and crypto coins. The last year’s meeting has gathered 300 guests, 12 companies in the demozone and top speakers from top world companies.

Who will speak at the conference?

At this year’s event, sphere’s top professionals will discuss the topical issues regarding the technology and the crypto industry’s trends.

The Co-Founder and CCO at Satoshi Citadel Industries Miguel Cuneta will deliver the presentation “You Probably Don’t Need Blockchain For It.” During his talk, the expert will explain when blockchain is not needed and regular database is enough.

The event will also include the panel discussion “Smart Contracts and Legal Contracts.” Among the participants there will be Rafael Padilla, one of the establishers of Blockchain Association of the Philippines (BAP). The organization spreads the crypto knowledge and unites DLT enthusiasts to promote the global adoption of the technology.

Business Owner at Tagcash – Mark Vernon – will explain what are the permissioned blockchains and will demonstrate use cases with MultiChain and Stellar. During his speech, the expert will focus on shared KYC, international remittance and supply chain tracking.

Lito Villanueva, Chairman at FinTechAlliance.ph, will give an insight into the digital assets as liquid alternatives in investment. The goal of his organization is to stimulate innovations and promote the expansion of the technology.

Jorge Azurin, CEO & Founder at MediXserve, will describe how DLT works in the medical industry, present real-life use cases and examine the future of healthcare with blockchain.

What else is waiting for visitors?

The conference will also involve the demozone, where DLT-based corporations will have a space to present their new crypto products to the audience.

Pitch-sessions will be a part of the program as well – during small presentations, crypto startups will acquaint the guests with their ideas.

Networking will present the opportunity to find potential business partners and investors.

Venue and tickets

The event will take place in the Holiday Inn & Suites Makati Hotel in Manila. The address is Palm Drive, Ayala Centre, Makati, 1224 Metro Manila, Philippines.

Tickets for the event are available on the registration page. On 12-18 November, event’s organizer provides a possibility to get two tickets for the price of one with the promocode 2FOR1.

Organizer

The event will be coordinated by the company Smile-Expo – an organizer of 48 successful blockchain events in 25 countries.

More information about the event and registration are on the official website of the conference.

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Upbit makes its move into Thai, Indonesian markets

Upbit, one of the biggest cryptocurrency exchanges in South Korea, has reportedly set up a website for crypto exchanges in Thai and Indonesian languages, as part of its attempt to market its trading services to customers in the two Asian countries.

Last week, South Korean news outlet Edaily  quoted the crypto exchange saying that both countries “appreciated the growth potential of the cryptographic industry.” Thailand, in particular, has seen its government recently making an effort to cultivate the sector, while Indonesia is “regarded as the biggest hand of the Southeast Asian cryptography market,” creating jobs, attracting foreign capital, and introducing technology for the fourth industrial revolution such as the blockchain.

The new exchanges are part of Upbit global expansion plans. According to reports, the company will trade over 130 coins, and 240 trading pairs will be offered on the new Upbit exchanges.

Dunamu Inc., an affiliate of Kakao Corp., operates Upbit. The crypto exchange is also affiliated with U.S.-based exchange Bittrex.

While speaking to local reporters, Lee Seok-woo the CEO of Dunamiu stated Upbit has always aimed at providing foreign exchange services to people around the globe. He told the South Korean news outlet, “I am in a desperate situation that I can lose a great opportunity if I miss this period… the competition is spreading.”

In addition to the new exchanges, the Upbit community received a new exchange in Singapore. The exchange was launched officially to support Singapore dollars. Customers using the new platforms will use the local currencies—baht in Thailand and rupiah in Indonesia.

On the Thai Upbit website, the company state that its services are in “closed beta” phase. The website explained that Upbit services are only available to a small group of Individuals who registered early with the platform.

The website in Indonesia is different from the one in Thailand. The site displays different features and message. It states: “Buy and sell the latest crypto assets from our partner, Bittrex, the premium exchange from the United States.”

The website also says that the Indonesian platform will support 156 coins and 276 trading pairs. This is smaller figures compare to the 131 coins and 241 trading pairs on Thailand platform.

Authorities in Thailand have set up regulation to govern the cryptocurrency and blockchain sectors. So far, the government has allowed six crypto exchanges and one dealer to run cryptocurrency operations in the country.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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Regulators brings down more ICOs in Colorado

State regulators in Colorado got tough with for more initial coin offerings (ICOs), putting a cease and desist order on them last week. This brings the total number of ICOs rebuked by the state to a dozen.

On its website, the state’s Division of Securities identified the four ICOs as Bitcoin Investments, Ltd., PInkDate, Prisma, and Clear Shop Vision Ltd. In an interview with CoinDesk, Colorado Securities Commissioner Gerald Rome said the crackdown is part of the agency’s effort “to ensure that the state’s securities market and the investors that operate within it are protected from unscrupulous actors that are taking advantage of the enthusiasm surrounding this field to perpetrate fraud and in some cases outright theft.”

He noted that the enforcement action is meant to advance Colorado as an “innovative leader” in the cryptocurrency space. Though the state’s ICO Task Force has been active since May, the cease-and-desist orders come several days after Colorado elected Jared Polis, a member of the Congressional Blockchain Caucus in the U.S. House of Representatives, as its new governor.

Aside from Colorado, other U.S. states are also taking action against potentially fraudulent token sales. Last week, Texas issued emergency cease and desist orders to crypto mining firms based in Australia and Canada. In October, the North Dakota Securities Department served a similar order to three firms that were discovered to be involved in promoting fraudulent securities and illegal business practices related to ICOs in the state.

A coalition of North American securities regulators, including the Colorado Division of Securities, is conducting more than 200 investigations as part of its “Operation Cryptosweep,” whose goal is to stifle cryptocurrency scams in the region.

Bob Webster of the North American Securities Administrators Association (NASAA), who plays a coordinating role in Operation Cryptosweep, said Colorado is among the more active jurisdictions in the U.S., along with Texas, North Dakota and Massachusetts.

“You’re starting to see now the results of those investigations,” according to Webster.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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IBM patent to place scientific data on blockchain

IBM is looking to use blockchain technology for the recording of data used in scientific research.

The company filed a patent that will involve “integrating a blockchain and data collection and analysis for open scientific research.”

“Currently, problems exist because there are limited platforms that allow for sharing information about scientific research and showing transparent data collection and analysis steps. As a result, various contributors to research and/or publications may not receive accurate and/or full recognition for work performed,” the application read, adding that among existing platforms, there were inadequate “requisite controls and mechanisms to allow for trustworthy data, as there are few options for ensuring that data will be resistant to modification.”

Cited was a paper by Eric Topol entitled ‘Money back guarantees for non-reproducible results,’ published in 2016, that suggests blockchain as a solution to issues of data transparency, specific descriptions of which were lacking, according to the company.

IBM said the inability to modify data on the blockchain could be applied “to analyze the reliability and provenance” of information being presented. It said that a log that traces research and analyses could be added with “summary blocks and correction blocks” that “can also be added to the blockchain representing the post analysis of the research results.”

The system will make peer reviews and reproduction of results easier, with one database accessible to all researchers and analysts, “without worrying whether the data or results had been manipulated by the original researchers or at any other step during the process,” according to IBM.

The tech giant has been at the forefront of the use of blockchain in various industries, in association with other companies and organizations. With Maersk, it launched TradeLens to tackle supply-chain problems. Last month, its patent for a blockchain-powered network security system was approved, allowing for monitoring of data that remains unchanged.

IBM has collaborated with Singapore shipping company Pacific International Lines for the digitizing of the process for which bills of lading are used.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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