EOS Ranked 1st, Bitcoin 17th in China’s Updated Crypto Ratings

China has released the second edition of its state-endorsed cryptocurrency and Blockchain ratings, placing Chinese altcoin EOS top of the list and Bitcoin 17th.

EOS, Ethereum And NEO Win Official Favor

Round two of the Global Public Chain Technology Evaluation Index, published by the China Center for Information Industry Development (CCID) under China’s culture ministry June 20, follows the initial launch of the ratings series in May.

At the time, officials added they would add to the twenty-six cryptocurrencies that were first to receive ratings, as well as include various international blockchain projects.

Both receive scores based on three broad categories: ‘basic technology,’ ‘application’ and ‘creativity.’

China caused a stir within the cryptocurrency industry with its scoring last month, officials claiming they wished to address a “lack of independent ratings” available but placing Bitcoin in thirteenth place while championing Ethereum.

The CCID research team in charge of calculating scores allegedly consists of “first-rate domestic experts and scholars,” while the aim of the concept is to “evaluate the technological capability, usefulness of application and innovation [and] development level of the projects to profoundly understand the trend of Blockchain technology innovation,” a press release claimed.

Bitcoin Languishes Outside Top Ten

With June’s reshaping, however, the experts and scholars appear to have already changed their minds.

Ethereum is now in second place behind EOS, the latter in the interim period seeing its beta launch and ongoing criticism over its technological stability and freezing of users’ funds.

Last week, EOS’ entire platform ground to a halt due to a technical impasse over consensus.

Making up the rest of the top five assets meanwhile are another Chinese project, NEO, in third place, while fourth and fifth places go to Steller and Lisk respectively.

Steem, the token used by the Steemit social network platform, managed seventh place, having held the second spot in May.

Bitcoin, down four places to 17th, fares hardly better than NEO, according to China, the latter sounding the alarm this week after uncovering a wallet vulnerability affecting all Android users of its day-old app.

How the exact scores are calculated remains a mystery.

What do you think about China’s new cryptocurrency ratings? Let us know in the comments section below!

Images courtesy of Shutterstock, Twitter

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Ripple CEO Urges Coinbase to List XRP

Brad Garlinghouse, the CEO of Ripple, believes that Coinbase should list XRP along with its other supported cryptocurrencies. The Ripple chief also adamantly claims that XRP is not a security. 

‘It’s in Coinbase’s Interest to Participate’

Garlinghouse has lent his voice to the Coinbase/XRP saga. The Ripple CEO told Fortune that Coinbase stands to gain by listing XRP, stating:

As we solve problems at scale for institutions, I think it’s in Coinbase’s interest to participate in that. [However], I can’t speak for what Coinbase decides to—or decides not to—do.

Ripple has developed valuable partnerships with banks across the globe. Many of these financial institutions make use of the Ripple ledger to facilitate cross-border money transfer operations. As such, Garlinghouse believes it would be in the exchange’s best interest to enable XRP trading on the platform.

Recently, Coinbase announced that it would be opening a new office in Japan — where XRP is one of the most popular cryptocurrencies. Most of the prominent virtual currency exchange platforms list Ripple as part of their supported trading options.

Recently, SBI launched Japan’s first ever bank-owned digital currency exchange platform with an initial focus solely on XRP trading. Offering support for Ripple could conceivably be a viable way for Coinbase to gain a foothold in the Japanese cryptocurrency market.

Why Coinbase is Yet to List XRP

Part of the reason for Coinbase’s reticence is based on the lack of regulatory clarity surrounding Ripple.

In March 2018, the platform dismissed speculation that it was set to list XRP tokens. Instead, Coinbase said that it would only deal in cryptocurrencies that have been declared not securities.

The debate on whether XRP is a security or not has raged on for most of 2018. Recently, William Hinman, a top official of the SEC said:

Systems that rely on central actors whose efforts are a key to the success of the enterprise would be subject to [the] application of the securities laws.

Ripple owns the majority of XRP tokens, and the company maintains considerable control over the cryptocurrency, leading many to conclude that it isn’t decentralized. Thus, there are concerns that the SEC might classify XRP as a security.

It's the SEC Stupid…

XRP is Not a Security

Ripple CEO Brad Garlinghouse disagrees with those who believe that XRP is a security, saying:

I think it’s really clear that XRP is not a security. I don’t think that our ownership of XRP gives us control. Saudi Arabia owns a lot of oil—that doesn’t give them control of oil.

According to Garlinghouse, the Ripple ledger is entirely independent of the company. Thus, the blockchain would continue to function even if the company failed. Furthermore, unlike stocks, XRP tokens serve a technological purpose — but do not provide the holder with a stake in Ripple, as a company.

Recently, Ripple enthusiasts brought up a 2015 FinCEN ruling appears to classify XRP as not being a security. The SEC has yet to provide any official statement on the matter.

Ripple has declined steadily in 2018, dropping by more than 86 percent since the start of the year. XRP hasn’t broken through the $1 mark since the beginning of March, and is currently trading at 50 cents.

What is your opinion on the XRP currency/security debate? Should Coinbase add XRP to its list of supported cryptocurrencies? Keep the conversation going in the comments below. 

Images courtesy of Shutterstock, CoinMarketCap.com.

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Mt. Gox ‘Bitcoin Whale’ Trustee Won’t Sell Any More BTC

The Tokyo District Court has approved the commencement of civil rehabilitation in the ongoing Mt. Gox bankruptcy — with the process to expected to start early next year. 

Mt. Gox Trustee Won’t Dump Any More Bitcoin

Mt. Gox creditors are one step closer to receive more than $450 per bitcoin lost. The Tokyo District Court ordered to stop the bankruptcy process and start the civil rehabilitation process.

The document published on Mt. Gox website today reveals the tentative schedule on how civil rehabilitation is expected to proceed. The Mt. Gox bankruptcy claims-filing system has also been temporarily suspended.

The latest update contains mostly good news for Bitcoin price bulls — at least for now.

Mt. Gox Where is Our Money

The key takeaway is that the Mt. Gox Trustee, Nobuaki Kobayashi, won’t sell any more bitcoin — at least for the foreseeable future until the creditors are reimbursed in bitcoin sometime early to mid-2019, according to Tokyo-based Bloomberg reporter Yuji Nakamura.‏

As far as specific dates for future selling and distribution of Bitcoin (and its forks), the document explains that: 

At present, nothing has been determined regarding the sale of Bitcoin and cryptocurrencies split from Bitcoin (collectively, “Bitcoin, etc.”) in the future.

The creditors will also be required to refile their claims by October 2018. Nevertheless, since Mt. Gox. still controls 137,890.96 BTC (almost $880 million USD) or 0.807 percent of all bitcoins currently in existence, any distribution of these funds could have an effect on cryptocurrency markets over the next year. 

Whale Watching

Kobayashi has been dubbed the ‘Mt. Gox Bitcoin Whale’ for selling $400 million in Bitcoin (BTC) and Bitcoin Cash (BCH) from December 2017 to February 2018. For this reason, he was blamed for triggering the market downturn during the given period, though the trustee has denied having an impact on bitcoin price.

Kobayashi reiterated as much in today’s update. The document reads:

As in sales from December 2017 to February 2018, upon consultation with cryptocurrency 6 transaction experts, Bitcoin and Bitcoin Cash were sold in a manner that had no effect on market price and not by ordinary sale on an exchange, while ensuring the security of the transaction to the extent possible.

Nevertheless, traders have kept a close eye on the Mt. Gox stash in an effort to predict potential selloffs and time the market.

The next creditors’ meeting to report on the status of the civil rehabilitation process is scheduled for September 26, 2018.

Does the Mt. Gox stash still have an effect on the Bitcoin and cryptocurrency markets? Share your thoughts below! 

Images courtesy of Shutterstock.

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‘Money Has Changed Over Time’: US Supreme Court Cites Bitcoin in Positive Light

While traders and naysayers alike fret over bitcoin price, the market leader quietly achieved a first in its history. On June 21, Bitcoin appeared in a US Supreme Court ruling for the first time. 

Supreme Court Reevaluates ‘What We View As Money’

As part of the summary comments on the case Wisconsin Central Ltd. v. United States, a judge mentioned Bitcoin while discussing “what we view as money” — suggesting it could at least have a future in how employees receive wages.

Wisconsin Central Ltd. v. United States involved a dispute over whether the railroad company’s worker stock options can be taxed in the same way as money when it constitutes a form of remuneration.

The case, which came to court in April and received its verdict this week, saw a reevaluation of the essence of money — with Supreme Court’s Justice Stephen Breyer arguing parties “should not be trapped in a monetary time warp.”

Supreme Court

A Bitcoin Payment Future? ‘Perhaps One Day’

Justice Stephen Breyer wrote:

A railroad employee cannot use her paycheck as a ‘medium of exchange.’ She cannot hand it over to a cashier at the grocery store; she must first deposit it. The same is true of stock, which must be converted into cash and deposited in the employee’s account before she can enjoy its monetary value.

Moreover, what we view as money has changed over time. Cowrie shells once were such a medium but no longer are; our currency originally included gold coins and bullion, but, after 1934, gold could not be used as a medium of exchange; perhaps one day employees will be paid in Bitcoin or some other type of cryptocurrency.

While Bitcoin achieves only a passing reference, reactions to Breyer were noticeably positive — with even mainstream media suggesting the Supreme Court could ultimately share a progressive stance on what Bitcoin is.

The event comes just a week after the US Securities and Exchange Commission (SEC) decided neither Bitcoin nor Ethereum constituted securities. The SEC currently considers Bitcoin to be a commodity, not currency. 

What do you think about the Supreme Court’s perspective on Bitcoin and money? Let us know in the comments section below! 

Images courtesy of Shutterstock.

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