Kik messenger app's ICO for "Kin" cryptocurrency raises an impressive $98 Million! So, what's next?

The KIN ICO is complete, and trading began today on EtherDelta.

The ICO results were impressive, even though slightly below their target they still managed to pull in $98 million, which they state "came from over 10,000 participants in over 100 countries."

There was a lot of hype surrounding KIN.  It was the first time such a well established name in tech (Kik Messenger App) launched a cryptocurrency of their own.

So, the ultimate question is - what now?

All that hype means nothing if Kik doesn't use their active users to push the Kin currency.

From 2014 to 2016 Kik experimented with something called "Kik Points" which rewarded users for things like watching ads, a concept that could now be re-started to get Kin moving, using ad revenue to justify depositing KIN into users wallets.

The Kik messenger app has over 15 million active users per month, and with proper hype, and actual incentive for using/earning KIN, they could potentially leverage this into something huge.

But Kik will have to be bold!  Risk *slightly* annoying their users, pushing them into the marketplace, convince them KIN is something they NEED.

Something is already stirring though, today Kik users spotted something new...

"Kin" wallet is already showing in the app as of today. 

With the Kin wallet already implemented in the app, we're watching and waiting to see how Kik convinces their users to load it up.

Author: Ross Davis
San Francisco News Desk

Bitcoin trading at $7200! Zimbabwe.

Bitcoin reached a new high today, in Zimbabwe.

Today, on Zimbabwean exchange BitcoinFundi, BTC reached highs of $7200, remarkably higher than it's currently trading on other global exchanges ($3912 as the the publishing time of this article).

While at first glance it sounds insane it may not be. After near total economic collapse in 2008 (with their currency experiencing 11.2 million percent hyperinflation) and fear of it happening again, the government has taking a "full control" stance on everything financial, even locking their citizens out from using any credit card transactions.

This has sent people flocking to bitcoin for financial security, all while at the same time, fears of new rounds of hyperinflation circulate.

In other words, after being locked out from Visa and Mastercard, and a government providing totally untrustworthy paper FIAT cash that could become worthless at any time, Bitcoin is a shining beacon of hope.

A similar dynamic is happening in Venezuela, it's being called "Bitcoinization" - basically, when a government screws up so badly, people stop looking towards them all together, and turn to the blockchain.

Author: Ross Davis
San Francisco News Desk

Singapore cryptocurrency traders wake up to a surprise...

The Singapore cyrptocurrency world was rocked today, with firms facing sudden closure of their accounts.

Monetary Authority of Singapore, (their official central bank) stated it was a commercial decision taken by the banks themselves, and that they are not involved in such account closures “including those in relation to the establishment and termination of business relationships.”

Yusho Liu, co-founder of CoinHako released a statement explaining the tough position they find themselves in “We understand that banks also have their concerns on anti-money laundering and know-your-customer issues,” and “We do not fit anywhere in the current regulatory framework.”

Their bank (DBS) has declinded to comment on this specific case, but stated however “We remain open to exploring banking relationships with companies working with cryptocurrencies”.

Author: Adam Lee
Asia News Desk

One to watch: Monetha

Monetha cryptocurrency
Monetha's ICO has finished after raising 37 million.  With an impressive team behind it, including former PayPal executive Eric Duprat.

Monetha like many recent ICO's outlines a bold vision.  The difference is, theirs seems possible, the tech to make it work is virtually already existent (what they must do is combine these existing technologies seamlessly) and their timeline is realistic.

It's fairly simple - allow merchants to accept ether based cryptocurrency through the Monetha payment gateway, and most importantly, exchange that cyroptocurrency into FIAT cash and deposit it into the merchants account.

In other words, a full service for merchants from point of purchase to final deposit of funds.

Monetha is likely on the verge of hitting some of the larger exchanges soon, and is worth keeping an eye on.

Author: Ross Davis
San Francisco News Desk

Breaking: Charlie Lee (Litecoin creator) says 'trusted source' told him China rumors are false...

Charlie Lee, best known at the creator of LiteCoin and (formerly of Coinbase) tweeted today that his 'trusted source' for info on China has said the ban is even worse than false rumors of fear, it's an organized conspiracy - spread by those cashing in by shorting the market!

He makes an important point as well - China is so unpredictable, the rumors are easy to believe, and almost impossible to disprove. China doesn't openly debate such issues like we may be used to in America or the UK - they meet behind closed doors and quickly implement whatever they decide.

If true, these last few weeks of extreme volatility will have been for nothing more than a scam, as market manipulators cash in on traders panic.


Author: Ross Davis
San Francisco News Desk

Mexico hands cryptocurrency control over to big banks...

Mexico is making sure they get left in the dust.

In a bill expected to be presented tomorrow, Mexico states they aim to pass regulations that would give Mexico's central bank (The Bank Of Mexico) authority to grant, or deny permission to tech companies or financial firms to operate in "virtual markets".

The stated goal of the bill is "[Mexico] recognizes the need that a sector as dynamic as that of technological innovation needs a regulatory framework that allows authorities to mitigate risks and allow for growth in a competitive environment."

But giving the central bank sole power to grant or deny access to the cryptocurrency marketplace seems to be a bold move towards exactly what those in the cryptocurrency world proudly avoid - one central government power overseeing the entire system.


Author: Gordan Fally
New York News Desk

Ethereum creator Vitalik Buterin walks back TechCrunch misquote of "replacing Visa in a couple of years"...

Tech Crunch may have gone a bit too far in their excitement for Ethereum.  Following an interview with its creator Vitalik Buterin, Tech Crunch launched tweets and articles that caught some eyes.

The claim was: Vitalik made the bold prediction of Ethereum not just becoming a foe for Visa, but completely overthrowing it, or in their words, it would "replace visa".

Vitalik took to twitter, noticeably frustrated to clarify:

Tech Crunch has now issued a correction.


Author: Ross Davis
San Francisco News Desk

Bitcoin at 100,000 in 10 years?

Van-Petersen is accepting cryptographic forms of money as a rule – not simply bitcoin – will represent 10 percent of the normal day by day volumes (ADV) of fiat cash exchange 10 years. Outside trade ADV as of now remains at simply finished $5 trillion, as per the Bank for International Settlements.

10% of $5 trillion is $500 billion. This is the ADV that cryptographic forms of money could have. Bitcoin will represent 35 percent of that piece of the overall industry, which would that $175 billion of the $500 billion figure, he said. This would imply that $175 billion worth of bitcoin would be exchanged each day.

Likewise, Van-Petersen at that point suggests that bitcoin's market capitalization would be ten times the normal day by day volume, giving a figure of $1.75 trillion for the market top. The present figure is around $37.8 billion, as indicated by information from industry site CoinDesk.

Bitcoin has a restricted supply of 21 million which is relied upon to be come to by the year 2140. In 10 years, the expert believes that there will be 17 million bitcoin available for use, up from the current 16.3 million figure.

In the event that the potential 17 million of bitcoins in supply is separated by the $1.75 trillion market top gauge, at that point each bitcoin would be worth recently finished $100,000.

Van-Petersen – who claims bitcoin – underlines this is a harsh count yet that his development expectations could be "traditionalist" given that in the year 2013 alone, bitcoin's cost developed more than 5,000 percent. The expert said that digital forms of money will get by over the long haul.

"This isn't a craze, cryptographic forms of money are digging in for the long haul," Van-Petersen told CNBC in a telephone meet.

"There will develop a few primary ones. Bitcoin will be one of those. What's more, the reason is the principal mover advantage, the scale and the spearheading."

Cryptocurrency and cyber attackers...

The new attackware focuses on similar vulnerabilities that were misused by the WannaCry ransomware, however not at all like WannaCry, which solidified PCs and wreaked devastation worldwide on Friday, Adylkuzz is a digital money mining malware that assumes control over a machine and backs off PCs and servers to utilize them to mine cryptographic forms of money, as bitcoin and monero, as per Proofpoint and Yahoo News.

Yippee News likewise announced that Adylkuzz has been "free to move around at will" since May 2 or April 24, yet was not quickly distinguished.

Proofpoint delineated in a blog entry that the indications of this assault incorporate "loss of access to shared Windows assets and corruption of PC and server execution." But clients may not see these side effects instantly.

Yippee's report likewise included that more assaults could be soon in progress after The Shadow Brokers, who released the vulnerabilities utilized by WannaCry and Adylkuzz, undermined to distribute more. A current report in the Washington Post said the hacking bunch is presently asserting to have information on remote atomic arms programs.

In April the Shadow Brokers asserted that in 2016 the National Security Agency ruptured the Dubai-based firm that supervises installments in the SWIFT exchange framework, a worldwide informing system utilized by 10,000 banks in 212 nations to send data about money related exchanges.