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Financial Exchange Thinks Blockchain Can Keep Online Auctions Fair

A state-backed financial asset exchange in China’s Chongqing city is turning to blockchain to make online auctions tamper-proof and transparent. According to a patent application filed in December and revealed on Friday by the China State Intellectual Property Office, the Chongqing Financial Asset Exchange (CQFAE) is exploring how to create …

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Police Force Confiscates 295 Bitcoins from Criminal in UK First

A British county police force has become the first in the country to seize and exchange bitcoins discovered during a criminal investigation. According to a report from the Financial Times yesterday, the Surrey police force obtained 295 bitcoins last October after arresting a Latvian man called Seregjs Teresko, who has …

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BitFunder Operator ‘Close to’ Plea Bargain in SEC Fraud Case

The operator of defunct bitcoin investment platform BitFunder, Jon Montroll, is reportedly seeking a plea bargain over fraud and other charges laid against him by the U.S. Securities Exchange Commission (SEC). FinanceFeeds indicated Thursday that, according to a document submitted by Montroll’s legal counsel, “a plea agreement agreed upon in …

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TSMC Says Crypto Mining Demand Will Fall in Q3

Semiconductor manufacturing giant TSMC said Thursday that it expects demand for cryptocurrency mining-related products to cool off during the third quarter of this year. The company – which manufactures components for bitcoin mining chip makers, including Bitmain – made the prediction as it announced its second-quarter results, reporting $7.85 billion …

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South Korea’s Finance Watchdog Is Forming a Crypto Division

South Korea’s Financial Services Commission (FSC) has revealed it is setting up a department dedicated primarily to cryptocurrencies and blockchain. The FSC said the new department – dubbed the Financial Innovation Bureau – will focus on developing policy-making initiatives for the domestic blockchain and fintech industry, The Korea Times reported …

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US Congressman Calls for Ban on Crypto Buying and Mining

A U.S. lawmaker has called for a blanket ban on cryptocurrency buying. Congressman Brad Sherman is no stranger to controversial statements on the subject – back in March he called cryptocurrencies “a crock” – and during the Wednesday hearing of a subcommittee for the House of Representatives Financial Services Committee, …

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Pop Icon Peter Gabriel Has Invested in a Blockchain Startup

Legendary musician Peter Gabriel is backing UK-based blockchain startup Provenance, though the full amount of Gabriel’s investment has yet to be disclosed. Gabriel, formerly the lead singer of rock band Genesis, invested in Provenance along with Working Capital Fund, Digital Currency Group, Merian Ventures and Plug and Play, according to …

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Ethereum Client Removes Graphical Interface in Major Upgrade

Parity, the ethereum software client, has announced some major changes, including the stripping away of its graphical user interface (GUI).

In effect, the changes mean that Parity's "wallet" – that is, its repository of private keys – does not now exist for general, non-technical consumers. All "installers and operating-system specific packages" have also been removed.

According to newly published details for the Parity 2.0 client, the software is being positioned as "expert software for production use and shouldn't be considered end-user software or an 'Ethereum Wallet'."

At the heart of the change is a repositioning of sorts away from serving as a tool for everyday users, placing the emphasis on those that provide infrastructure on the ethereum network, primarily exchanges and miners.

As the post explains:

"We reflect these strategic changes by completely removing the graphical user interface, the so-called 'Parity Wallet,' from the client. Furthermore, we have removed all installers and operating-system specific packages. In this way, we see Parity Ethereum as a piece of core infrastructure, to be bundled into end-user software packages such as graphical wallets or to be used as a library in mobile apps."

The announcement comes nearly one year to the day that roughly $30 million in ether were stolen as a result of a vulnerability in the Parity software. The bug was related to a specific multi-signature contract, as CoinDesk reported at the time.

Another, more serious code flaw resulted in the freeze of more than 500,000 ETH – an amount worth more than $250 million at press time – last November. According to a post-mortem published afterward, the deletion of a code library that supports Parity's multi-signature wallet sparked the fund lock-up.

Changes aside, those hoping to continue using a Parity-derived wallet can do so, according to the post, though the startup said that it will "only minimally maintain" the user interface that is linked out to on GitHub.

Image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Bitcoin Trading Volume Is Up 100% From Its Recent Low

With Tuesday’s dramatic $600 bitcoin rally came a sharp rise in trading volume, more specifically a 100 percent increase from its 7-month volume low set just four days ago. As of Monday, bitcoin’s 24-hour trading volume had fallen to $2.92 billion, a level last seen on November 7. However, as …

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Bitcoin Price Prepares to Test $8K After Bull Breather

Bitcoin’s (BTC) minor price pullback yesterday has likely recharged the bulls for a rally towards $8,000, technical charts indicate. The leading cryptocurrency has spent a better part of the last 15 hours trading in the $7,240–$7,440 range, having clocked a 40-day high of $7,588 at 18:00 UTC yesterday. Moreover, BTC …

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Billionaire Marc Lasry Sees Bitcoin’s Price Reaching $40,000

Another billionaire investor has made bullish comments on bitcoin. Marc Lasry, the co-founder, chairman and CEO of Avenue Capital Group, an investment firm with $9.6 billion in assets under management, weighed in on his bitcoin investment on CNBC Wednesday. Speaking during the channel’s “Squawk Box” segment, Lasry said he has …

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