SVK CRYPTO PODCAST 152 – 31/05/2018 – Who is SVK Crypto?

Welcome to the SVK Crypto, 15 Minutes of Crypto Fame, brought to you by your host, Charles Storry. We provide daily cryptocurrency content and analysis on topics such as Bitcoin, Ethereum, Altcoins and ICO’s.

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SVK Crypto – Daily News Blog

The government of québec introduced a moratorium on the sale of electricity to miners

The government of québec introduced a moratorium on the sale of electricity to the crypto currency miners, reported a local news publication, Le Journal De Montreal, may 30.

According to Le Journal, the Quebec government took this decision because he feared “do not keep up with the cryptocurrency train”.

Energy Minister Pierre Moreau will present a decree to regulate the sale of electricity for miners, the activity of which requires a huge capacity. Moreau in February noted that “the government should ensure that this business was controlled so that in the end did not come out that Hydro-Québec works only on the security of mining.

More than 100 organizations with a total energy consumption of more than 10 TWh have applied for purchase of electricity from Hydro-Québec. Hydro-Québec operates 60 hydroelectric power plants with an additional capacity of about 13 TWh.

According to Le Journal, a high demand was completely unexpected. In January the Director General of Hydro-Québec Eric Martel said that in the coming years, they expect sales of 5 TWh sector mining cryptocurrency.

The decree sets different tariffs for miners of digital currencies that allow energy companies to practice “emergency unloading”. In other words, Hydro-Québec will be able to turn off the electricity to the mining companies at 100-300 hours per year if the electric network in Quebec will reach the maximum load. The representative of Hydro-Québec Marc-Antoine Pouliot said:

“The ability to turn off miners in these critical periods provides the stability of power supply”.

In March, the government of Quebec said that “not interested” in providing cheap electricity to bitcoin miners, adding that the provision of mining with a discount without any “additional cost” will harm the local economy.

The post The government of québec introduced a moratorium on the sale of electricity to miners appeared first on FineCrypto.


Top Crypto News – 31/05/2018

Crypto’s War On Miners? It Might Already Be Over


Brick ’em? Maybe not anymore.

What was once a phrase that echoed across message boards, one that defined an aggressive shift in sentiment against the companies that today make hardware required to run cryptocurrency software, is falling out a fashion as the so-called ‘War on Miners’ enters a less decisive period.

Indeed, in the wake of new research and analysis, leading developers now appear to believe that standing in the way of a shifting mining landscape might be hopeless. At least, that was the testimony of many blockchain software developers at Consensus 2018, who indicated that hardware manufacturer Bitmain’s recent distribution of high-performance ASIC miners is proof of their inevitability for all cryptocurrencies.

Still, controversy surrounding the idea optimized mining hardware will soon be available for previously ASIC-resistant cryptocurrencies (including ethereum, monero and zcash) has continued to escalate.

Because the chips force more general-purpose mining hardware, such as graphic cards or GPUs, out of the market, each cryptocurrency has witnessed efforts to enact software changes so the hardware can no longer operate. Monero, the 13th largest cryptocurrency, for example, has committed to changing its underlying algorithm.

Driving the defense is the ideological belief that lacking sufficient competitors, ASIC manufacturer Bitmain commands too substantial a portion of the network share, a market reality that threatens to undermine the open, decentralized participation that cryptocurrencies strive for.

“You have centralization of manufacturers and you also have centralization of consumers. You have this sort of constant clustering,” Riccardo “fluffypony” Spagni, a lead developer at monero, told CoinDesk.

For now, monero is willing to go it alone, with regular anti-ASIC updates that aim to keep ASIC hardware off the network until such time that ASICs become ubiquitous, like USB drives, so that they can be run by a wider pool of participants.

“Ultimately ASIC resistance is futile but between now and then, before we capitulate to ASICs, let’s resist it for as long as possible until ASICs are commoditized,” Spagni told CoinDesk.

However, given the financial incentives at play – optimized hardware can quickly dominate a network, and swallow the rewards in exchange for the increased hashpower – others warned that ASIC manufacturers will always be a step ahead.

Lead developer of siacoin, David Vorick, told CoinDesk:

“I think any GPU-mined coin is going to become an ASIC-mined coin at some point. Bitmain has been pretty methodical about demonstrating this.”

The firehose of money

Put differently, this means that crypto developers believe that innovations in the development of mining chips will continue to increase at a comparable pace as decisions designed to mitigate them.

What’s different now, though, is that there is new anecdotal and statistical evidence to back this up. According to Vorick’s estimations, which have now been widely circulated, ASIC manufacturers move faster than anti-ASIC code.

On top of that, Vorick argues that software developers have underestimated the flexibility of hardware.

“At this point there’s no single ASIC resistance algorithm that our chip devs have looked at and said they couldn’t do,” Vorick said.

Written by a software developer who tried to start a mining business, these words carried weight.

Speaking to CoinDesk, founder of zcash and CEO of the Zcash Company Zooko Wilcox echoed these points, noting how the work has impacted his own thoughts on the subject. Ultimately, he now believes that ASICs will continue, simply because the economics of beating the competition in crypto mining are so favorable to those who do it.

“Literally for zcash, I wouldn’t be surprised if you can launch a project, take according to Vorick’s estimates, three or four months to get it deployed and in 48 hours you would make more money than you spent,” Wilcox told CoinDesk.

Although a significant portion of the zcash community have spoken out against the hardware, Wilcox has said he has no intention to disrupt the current development cycle in order to implement anti-ASIC code.

While Wilcox has several reasons for taking this stance – primarily so as not to interfere with an upcoming upgrade – he added that ASIC resistance is liable to manipulation, simply due to the high incentives at play.

“It’s kind of like you’re holding a firehose of money and you’re saying I’m just going to wiggle this around in random directions, spray money at random recipients, and it’s enough money that this is going to focus all the attention on you, and people are going to try and influence and ask you to justify which direction you’re pointing the firehose of money,” Wilcox said.

He added:

“I definitely don’t want to be in that position.”

Two industries at odds

And even if software developers keep up the fight, Vorick warned of something he calls the “secret ASIC.”

The idea is that savvy manufacturers might even build mining chip innovations in secret, and rather than release them to the market, keep them to themselves to game the rewards.

“I think it’s safe to assume that every proof-of-work coin with a block reward of more than $ 20 million in the past year has at least one group of secret ASICs currently mining on it, or will have secret ASICs mining on it within a few months,” Vorick wrote in a blog post.

Bitmain itself was quick to dismiss Vorick’s writings as “conspiracy theory,” but Vorick’s position is reinforced by his own foray into ASIC manufacturing. Last year, siacoin began building its own ASIC – one that contained a secret switch to force away any competitors – but was beaten to market by Bitmain.

According to Vorick, these kinds of tricks are typical.

“It’s because its a zero sum game. For mining in particular, if your proponent is better then you just naturally lose money,” he told CoinDesk.

Wilcox echoed this, stating that the secrecy trickles down, such that mining pools refuse to share data, and the remaining community can no longer analyze the network.

“It’s an interesting juxtaposition in cryptocurrency world,” Wilcox told CoinDesk, “the development process and the developers social environment is maximally open, but the mining environment is very secretive.”

Going forward, Vorick said that software developers will try to control the mining landscape through strategically partnering with hardware suppliers in the early stages of development.

Projects could share their code with ASIC manufacturers from the beginning, in exchange for some promises in return, such that ASICs would be fairly distributed, and a cryptocurrency’s community gets first pick.

He told CoinDesk:

“So that takes Bitmain’s big advantage, which is that they’re always first to market with everything, and takes that away from them.”

Future facing

But there are signs that Bitmain is moving in a cooperative direction as well.

For example, Wilcox shared notes from a video call with CEO of the company, Jihan Wu, to discuss communication difficulties facing the respective groups. According to Wilcox, Wu said individuals had been exploiting the communication gap to foster mistrust surrounding the company.

“We have never been doing a stealth mining strategy,” Wu reportedly stated.

Following the meeting, Bitmain published a blog post published on Friday, stating it would be exploring an exercise in “radical transparency” when it came to the shipment of zcash ASICs.

In order for the zcash community to prepare for the increased hashrate, the company said, it would live-tweet when the hardware is being shipped, as well as the time of the purchases.

Speaking to CoinDesk, PR representative for Bitmain Nishant Sharma said the company is making an effort to interact with software communities. “You may have noticed that our communications have steadily become more proactive and responsive over the last few months. We expect this to continue,” Sharma said.

Further research from software developers into the hardware landscape might help the situation as well.

For example, while the zcash company has no intention to move away from the ASICs, the Zcash Foundation is embarking on anti-ASIC research, as well trying to better determine the breakdown of the mining network.

Going forward, Wilcox said it’s possible the cryptocurrency will support both GPU and ASIC mining on separate networks.

Wilcox told CoinDesk:

“There’s no reason why a blockchain fork into two mutually incompatible technologies has to become a social schism into mutually antagonistic communities. Instead, you can have one community and the people in it use both technologies.”

Army men via Shutterstock
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Canadian Crypto Exchanges Push for Greater Regulatory Clarity


Canadian Crypto Exchanges Push for Greater Regulatory Clarity

Canadian Crypto Exchanges Push for Greater Regulatory ClarityCanadian media has reported that a number of local cryptocurrency proponents are calling for greater clarity regarding the regulatory apparatus governing the operations of virtual currency exchanges.

Joseph Weinberg of Shyft, a company providing identification verification services using blockchain technology, has argued that exchanges have been left in the dark as to their regulatory obligations. “Until you have regulators come out and say, ‘This is what you have to do,’ as an exchange, you’re kind of guessing and hoping for the best, which is a big problem,” Mr. Weinberg said.

Cole Diamond, the chief executive of Toronto-based cryptocurrency exchange, Coinsquare, stated: “We want to be regulated because ultimately we want to be able to provide certainty to our customers that we’re not some fly-by-night trading platform, that they can trust us.”

Canadian Exchanges Adopt Self-Reporting Practices

Canadian Crypto Exchanges Push for Greater Regulatory ClarityIn the face of stark regulatory uncertainty, several Canadian exchanges have taken it upon themselves voluntarily to report to the Financial Transactions and Reports Analysis Centre of Canada (Fintrac).

Mr. Diamond states that upon initially approaching Fintrac, “they told us we shouldn’t be registered there. We decided to do it anyway because we explained to them we don’t have anywhere else to go. We want to be regulated.”

Despite expecting taking early steps to ensure regulatory compliance will give his exchange a competitive advantage in the long run, Mr. Diamond notes that Coinsquare’s “revenue and trading volume could be at least five-times larger if we did not have an internal compliance regime”

Einstein Exchange CEO Anticipates Early Compliance Will Pay Off Long Term

Canadian Crypto Exchanges Push for Greater Regulatory ClarityVancouver-based Einstein Exchange has also adopted a voluntary reporting regime with Fintrac, in addition to taking measures to minimize the risk of credit card occurring on its platform.

Michael Gokturk, the chief executive of Einstein Exchange, recounts that the exchange was hit with $ 8.3 billion USD worth of attempted fraud in a single day early into the exchange’s acceptance of credit card payments. “Our system went nuts,” Mr. Gokturk.

Mr. Gokturk added that whilst “It’s so easy to get into this market and it’s so easy to take advantage of the lack of regulation. The best exchanges will welcome regulation and transparency and that’s what we’re trying to do. We welcome it with open arms.”

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Crytpo Payroll Service Bitwage Launches ICO Advisory Firm, First Client Raises $ 50 Million


Bitwage was launched in 2011 as a Bitcoin payroll and international wage payment service, and the firm has now launched an ICO advisory firm called Inwage after recognizing the importance of initial coin offerings in the crypto-ecosystem.

Bitwage published a blog post about their new venture earlier today:

“While ICOs provide a unique opportunity for companies to raise money from a wide range of individuals and entities around the globe, it is often seen as a complex, expensive and risky process. Having launched Bitwage back in 2014, Inwage leverages our experience in Blockchain to build a highly secure turnkey solution for companies of all sizes to launch ICOs.”

The company aims to offer both technical services and marketing services such as smart contract development and auditing and website creation as well as PR and event marketing.

The company surpassed the initial fundraising target of the first client, Moria Token, by 40%, raising $ 50 million in the ICO for the project aiming to provide an investment platform for the mining of precious metals as well as aiding with IT and security compliance.

Bitwage launched a second service along with the Inwage firm called Ether Inputs, citing the inability of certain companies running ICOs to obtain bank accounts in order to pay workers. The company offers bitcoin and now ethereum as payroll funding options, with employees being able to choose to receive a portion of the wage in local currency as well through Bitwage and Ether Inputs.

Aragon and Status are two projects that have already been using the service since the beginning of 2018 following the soft launch in January.

Emerging trend

The world of ICOs and crpyto regulation can be complex for startup companies, and the Inwage is the latest in a series of new advisory firms standing by to guide new projects. Former New York regulator Benjamin Lawsky, who oversaw the highly-restrictive New York BitLicense regulation initiative, now works in the private sector as an advisor with tech firm Axoni.

John McAfee of McAfee Software now famously works as a crypto advisor to new startup companies and charges up to $ 100,000 per promotional tweet, while a group of college graduates from Chicago recently launched an advisory firm now worth $ 100 million.

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SVK Crypto – Daily News Blog

$ 500 million in Ripple forever lost after the death of the owner

In their world, when a person dies, his estate goes to his spouse, children, parents, relatives or even the state, if the will was not properly drafted.

But in the world of cryptocurrencies where a law “is Not your key is not your crypt”, it is very difficult to predict what will happen to digital assets after the owner’s death.

An integral part of investing in cryptocurrencies — “storing a secret key in security and privacy”. The only way by which other people can spend your coin to get access to your keys. To prevent unauthorized access, you need to make sure that no one knows the keys. But what if sudden death comes, and the secret key is not transmitted to the heir?

Unfortunately, that’s exactly what happened to 54-year-old cryptocurrency millionaire Matthew Mellon, who died suddenly, leaving half a billion dollars in Ripple (XRP) forever locked in their wallets.

According to a statement from his family, Mr. Mellon took a course of rehabilitation from drug addiction in a medical facility in Mexico.

“He survived only for the sake of their children. The family asks that their privacy be respected at this very painful time, ” the statement said.

Tycoon, reportedly, was an early investor in Ripple and initially invested $ 2 million in cryptocurrency, even when others were skeptical about such investments.

According to Matthew Mellon:

“Cryptocurrency is scary and dark. It is anti-America. I’m for America, for business and for banks, so I chose Ripple”.

In the end, the profit Matthew from these investments amounted to 1 billion. He lived a luxurious life, spending about 7 million every month.

“It’s an easy $ 1 billion. Although, actually I earned it because I was the only person who wanted to take the risk. My family thought I was crazy, but I knew it was the right decision, ‘ said Mr Mellon.

The remaining XRP is estimated at $ 500 million, but according to others the coins in half.

The Mellon family can inherit his cryptocurrency as, only if you find the secret access keys. Rumor has it that the deceased retained their digital assets in cold wallets, which are “scattered” across the United States using fictitious names. Chief assistant Mellon claims that the millionaire has suffered this paranoia about their cryptocurrency savings. We also learned that Matthew was owned bitcoins, but how many remains a mystery that may never get an answer.

The post $ 500 million in Ripple forever lost after the death of the owner appeared first on FineCrypto.


How to cheat Roger Faith: life Hack from the creators of a new cryptocurrency Bitcoin Core

Bitcoin was the first cryptocurrency in the world, and his creation paved the way for hundreds of thousands of different digital currencies. Theoretically it was the perfect currency because it promised fast transactions, low fees and anonymity for the two parties involved in the transaction.

However, the reality was not so smooth. By the middle of 2017, the Commission has reached record highs due to overloaded networks, which could not handle the additional transaction volume, where also much increased.

What was the alternative?

There were serious problems with the scalability of the Bitcoin network, and the community began the heated discussions trying to find an alternative solution to these problems.

A group of developers under the leadership of former Facebook engineer Amaury of Seceta announced the rejection SegWit2x, maintaining the same structure of the blockchain (without storing information outside of it), but increasing the block size to 8 MB. Your branch they called Bitcoin Cash. As a result, the hard forks and there was another of the Bitcoin kryptolite Clashic, but its path, as it seemed, was short-lived.

When there is hardwork, such as BCH, it is normal that disputes arise and the defense priorities and values. However, in the case of rivalry between BTC and BCH the situation is too deteriorated as a result of unethical tactics used by the biggest promoters of Bitcoin Cash.

The most conspicuous representative was Roger Ver. Entrepreneur, known as one of the first investors and promoters of Bitcoin, after hard forks sold most of my BTC and purchase BCH.

Disputes in the community was more emotional color than technological. A group of supporters Cash Bitcoin was called the Bitcoin Bitcoin Core (the name of the client software of Bitcoin). On the other hand, the group of followers started calling Bitcoin Bitcoin Cash — Bcash that seems crazy g-Faith:

Although Mr. Wehr thinks that insulting and rude to change the name of Bitcoin to Cash BCash, for it is quite reasonable to change the name of Bitcoin to Bitcoin Core, and even give BCH the title of the true Bitcoin.

The situation escalated to such a limit that even made Mr. Ver to declare that “children are literally dying” because of Bitcoin, and that adopting a BCH is a matter of life or death:

Happened: there allcoin Bitcoin Core (BTCC)

A few days ago the attention of the cryptocurrency community has attracted new Twitter account — Bitcoin Core. First tweet on may 28 was: “Hello, world!”. As it turned out,the team continued to work on the Bitcoin chain Clashic, and now it is renamed to Bitcoin Core.

The emergence of such a polemical Aldona caused a variety of reactions, ranging from confusion to the present mischief. Users asked the creators how many children they plan to kill their existence ( referring to the statement of Faith on Bitcoin), and does this mean that finally a coin with high commissions, slow and unreliable transactions, small blocks, bought by developers and censorship?

May 29, representatives of the Bitcoin Core did not deny himself the pleasure also protrollit Roger Faith and published the following:

Bitcoin ($ BTC) will always be king! Bitcoin Core ($ BTCC) is a compliment of Bitcoin. We are just next act for the preservation of core values, speed and privacy. We’re like the cool cousin good! Unlike other, hating, and trying to steal your girl.

However, beyond the playful mockery, the new cryptocurrency can add a spoonful of tar in a barrel of honey Faith. The fact of its existence makes it impossible now to call Bitcoin Bitcoin Core. The developers did believe that the Roger Flack for their cryptocurrency, thanking him heartily for the support.

The Bitcoin Core team (BTCC) is also serious about his work ( not just trolling). They already released their official wallets, published his code in Github and got listed on several exchanges. Currently Bitcoin Core (BTCC) is trading at a price of about $ 10, the market capitalization is around $ 50 000

The post How to cheat Roger Faith: life Hack from the creators of a new cryptocurrency Bitcoin Core appeared first on FineCrypto.


SVK CRYPTO PODCAST 151 – 30/05/2018 – Let’s talk 3rd Generation Blockchains!

Welcome to the SVK Crypto, 15 Minutes of Crypto Fame, brought to you by your host, Charles Storry. We provide daily cryptocurrency content and analysis on topics such as Bitcoin, Ethereum, Altcoins and ICO’s.

We not only produce our daily content we feature CEO’s of all exciting ICO’s! Stay tuned to find out more!

If you’d like to stay in touch or get more info from me, please SUBSCRIBE to the channel and spread the good word!

Follow us on Twitter:

Visit our website:

Email us:


SVK Crypto – Daily News Blog

SVK CRYPTO PODCAST 150 – 29/05/2018 – The future of blockchain an SVK Crypto event!

Welcome to the SVK Crypto, 15 Minutes of Crypto Fame, brought to you by your host, Charles Storry. We provide daily cryptocurrency content and analysis on topics such as Bitcoin, Ethereum, Altcoins and ICO’s.

We not only produce our daily content we feature CEO’s of all exciting ICO’s! Stay tuned to find out more!

If you’d like to stay in touch or get more info from me, please SUBSCRIBE to the channel and spread the good word!

Follow us on Twitter:

Visit our website:

Email us:


SVK Crypto – Daily News Blog

Network EOS discovered a critical vulnerability

Qihoo 360, a Chinese company specializing in Internet security, announced that it advised the project on EOS “series of epic vulnerabilities” detected on this platform.

Representatives of the company said that the vulnerabilities discovered on the EOS platform, give the attacker access to the nodes and give them the ability to remotely execute any code and implement the “total control” over the transaction. The company claims that this attack could potentially “destroy” the entire network.

Bad players get the opportunity to attack the network, creating smart contracts containing malicious code and publishing them in the EOS network, and supernode will just collect them from new units.

This code may affect all nodes of the network, including wallets and cryptocurrency exchanges and, thus, provide cyber criminals access the private keys.

Read also – the Price of Ethereum crashes due to EOS?

The representatives of EOS has not commented on the message about the vulnerabilities, but the representatives of Qihoo 360 said that the lead developer of the project Daniel Larimer was notified of the problems and that work on them are part of work on issue 3498 on Github. At the moment the problem is listed as solved. Larimer commented on this issue on the Github page:

The launch should not be held if at least one of these vulnerabilities will remain relevant. To make a release like this – it means to compromise the entire network.

Meanwhile, Larimer asked for additional assistance in identifying critical bugs and has promised a prize of 10,000 USD to anyone who reported a new critical issue:

After occurrence of this news the price of EOS fell to 10.93 USD. However, at the moment she is almost fully recovered, the price is in the region of 12, $ 25.

The post Network EOS discovered a critical vulnerability appeared first on FineCrypto.