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Besides the Meme Jokes Crypto-Enthusiasts Are Actually Buying Lamborghinis

The luxury Italian sports car, Lamborghini, otherwise referred to as the “Lambo” has become a ‘holy grail’ for some cryptocurrency enthusiasts. As ridiculous as $200K+ automobile may sound to some individuals after bitcoin’s rise in 2017 that dream is now attainable for a lot of early adopters.

When Lambo?

Lamborghini is an Italian automobile that can cost anywhere between $200,000 to $2,200,000 depending on the model. Over the past few months when many cryptocurrency enthusiasts were celebrating bitcoin’s meteoric rise, the topic of “Lambos” had become a hot conversation. Across social media forums and trading chat rooms many individuals often ask “when Lambo?” referring to the time when crypto-hodlers can all be able to purchase the luxury vehicle. At The North American Bitcoin Conference in Miami, there were quite a few Lambos on site for everyone to drool over. Some even speculate that the rise of digital currencies had inadvertently pushed Audi/VW (the parent company of Lamborghini) public shares because of the crypto-madness last year.

Despite 'Hodling' Crypto-Enthusiasts Are Buying Lamborghinis
Lamborghini memes and ‘Lambo folklore’ has been in the cryptocurrency space for quite some time.

One Bitcoiner Purchased a 2015 Lamborghini Huracan for $115

One dealership that sells luxury cars, Motorcars of Georgia, met a man last fall who purchased a 2015 Lamborghini Huracan with money he earned from a bitcoin investment. In fact, the $200,000 sportscar (45 BTC at the time) only cost Peter Saddington $115 dollars back in the early days. Saddington purchased his first bitcoins after he read about the currency’s first ‘crash’ from $30 to $3 per coin. Saddington reveals that he purchased the coins in 2011 for roughly $2.52 and won’t reveal to the media how many he owns. In addition to being an early adopter, Saddington also has his own YouTube channel and the video of him buying a Lambo from Motorcars went viral with over 1.5 million views.

Despite 'Hodling' Crypto-Enthusiasts Are Buying Lamborghinis
Early adopter Peter Saddington’s 2015 Lamborghini Huracan.

Lambo Sales On the Rise Since the 2013 Bull Run

Despite 'Hodling' Crypto-Enthusiasts Are Buying LamborghinisSaddington isn’t the only bitcoiner purchasing Lambos as the trend is being seen in a lot of other areas. The general manager at Lamborghini Newport Beach in Costa Mesa, California, Pietro Frigerio, says ever since bitcoin’s price spiked Lambo sales have followed the rise. Frigerio says throughout 2013 until 2016 the luxury auto dealer did 1-2 cryptocurrency transactions per month, but in December of 2017, Bitcoin’s recent peak, he sold over ten vehicles.

The love for Lambos has been infecting the crypto-community for quite some time as the first Lamborghini purchase with bitcoins took place in 2013. The same Newport Beach dealership sold a Lamborghini Gallardo for $209,000, or 216.8 bitcoins that year. If a cryptocurrency millionaire is lazy they can also purchase a Lamborghini Huracan LP-610-4 online from their couch. The green Huracan can be delivered ‘anonymously’ and is being sold by the White Company for BTC, ETH, and LTC.

Despite 'Hodling' Crypto-Enthusiasts Are Buying Lamborghinis

Save Those Satoshis

Cryptocurrency enthusiasts saving their precious satoshis for a Lambo can also look at a special Lambo-centric price ticker that pairs a Lamborghini Aventador with the price of BTC. At the time of publication one BTC equals about 0.0214768460576 of a slice of one Lamborghini Aventador, according to Lambo/BTC Ticker’s statistics.

What do you think about the relationship between Lambos and cryptocurrency enthusiasts? Let us know in the comments below.


Images via Pixabay, Peter Saddington’s CNBC interview, Lamborghini, Lambo2BTC

Author: news.bitcoin.com

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Physical Bitcoin Mining Hardware Store Bitmart Opens in South Africa

Bitcoin might be magical internet money, but it has a very physical side in the form of the mining equipment needed to maintain the network. And if you’re someone that doesn’t like to leave an online trail or use a credit card for all your purchases, nothing beats a store IRL. That’s why bitcoin hardware stores are popping up all over the world, and now miners in South Africa too can just walk into a shop, pay on the spot and get their rigs to go.

Bitcoin Market South Africa

Physical Bitcoin Mining Hardware Store Bitmart Opens in South AfricaBitmart, a supplier of bitcoin mining hardware from South Africa, has recently announced the official opening of its first retail store. Besides ASICs, GPU miners, and other relevant hardware and software components, the store will also stock cryptocurrency merchandise such as branded watches, t-shirts, caps, hardware wallets, and more.

The company is aiming to create a cryptocurrency community hub around the shop in South Africa with educational seminars and also hosts a Bitcoin ATM for clients to make fiat exchanges. They accept fiat cash, EFT (a South African internet banking payment transfer service), credit cards and of course all major cryptocurrencies, such as bitcoin, ethereum, dash, bitcoin cash, and litecoin as payment.

Make Bitcoin Your Business

Physical Bitcoin Mining Hardware Store Bitmart Opens in South AfricaLooking at the additional services that Bitmart offers South Africans, it seems to be targeting aspiring crypto entrepreneurs, not just small mom and pop miners. These include bitcoin mining farm development, deployment and management, container-based mining solutions, and large-scale deployment and supply. Bitmart also offers a “Shepherd Service“ that will protect people or companies who wish to buy second-hand miners. It even offers to help businesses put systems in place to accept bitcoin as payment for services or products.

South Africa is of course not the only place in the world where you can buy a bitcoin miner from an actual brick-and-mortar establishment. It was recently reported that one large electronics mall in Singapore already has at least five mining hardware shops.

When do you expect it will be possible to get a cryptocurrency mining rig right off the shelf in your local mall? Tell us what you think in the comments section below.


Images courtesy of Shutterstock, Bitmart.

Author: news.bitcoin.com

SEC to Focus on Cryptocurrency and ICO Fraud as Top Priority

The financial inspectors of the SEC publish their top priorities at the beginning of every year in an effort to improve compliance, prevent fraud, monitor risk, and inform regulatory policy. This year, tacking fraud in the ICO and cryptocurrency markets takes center stage.

SEC Priorities for 2018

SEC to Focus on Cryptocurrency and ICO Fraud as Top PriorityThe US Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) announced on Wednesday its 2018 examination priorities. A particular interest will be placed this year on matters involving critical market infrastructure, duties to retail investors, and developments in cryptocurrency, initial coin offerings, and secondary market trading. The investigators will continue to monitor the growth of cryptocurrencies and initial coin offerings (ICOs) and “examine registrants involved in their offer and sale to ensure that investors receive adequate disclosures about the risks associated with these investments.”

“I appreciate OCIE’s dedication to maximizing the effectiveness of their resources with a keen eye toward asset verification, market infrastructure, and duties owed to retail investors,” commented SEC Chairman Jay Clayton.

“As the markets continually evolve and the products and services available to investors adapt, OCIE remains committed in its risk-based examination program to prioritizing the interests of retail investors and examining those aspects of securities firms posing risks to investors and the proper functioning of our capital markets,” added OCIE Director Pete Driscoll.

Protecting Retail Investors

SEC to Focus on Cryptocurrency and ICO Fraud as Top PriorityIn the program document, the regulators explain that: “The cryptocurrency and ICO markets have grown rapidly and present a number of risks for retail investors. Along with the growth of these products and markets, the number of broker-dealers and investment advisers engaged in this space continues to grow as well. We will continue to monitor the sale of these products, and where the products are securities, examine for regulatory compliance.”

Areas of focus will include, among other things, “whether financial professionals maintain adequate controls and safeguards to protect these assets from theft or misappropriation, and whether financial professionals are providing investors with disclosure about the risks associated with these investments, including the risk of investment losses, liquidity risks, price volatility, and potential fraud.”

Why have American regulators decided to focus on cryptocurrency and ICOs in 2018? Tell us what you think in the comments section below.


Images courtesy of Shutterstock.

Author: news.bitcoin.com

Japanese Financial Authority Inspecting 32 Cryptocurrency Exchanges

The Japanese Financial Services Agency has announced that it is inspecting all 32 cryptocurrency exchanges in Japan. This includes 16 exchanges that have not obtained a license but are currently under review by the agency and those that are already fully licensed.

16 Exchanges Fully Licensed

Japanese Financial Authority Inspecting 32 Cryptocurrency ExchangesThe Japanese Financial Services Agency (FSA) published a list on Friday of 32 cryptocurrency exchanges in Japan. This includes 16 exchanges that are already licensed and 16 other exchanges that have applied for a license and are currently under review.

The FSA first approved 11 exchanges in September of last year: Money Partners, Quoine, Bitflyer, Bit Bank, SBI Virtual Currencies, GMO Coin, Bittrade, Btcbox, Bitpoint, Fisco Virtual Currency, and Zaif.

Then in early December, 4 companies were additionally approved to operate cryptocurrency exchanges: Tokyo Bitcoin Exchange, Bit Arg Exchange Tokyo, FTT Corporation, and Xtheta Corporation. At the end of December, another exchange, Bitocean, was approved. In total, 16 businesses are licensed to operate cryptocurrency exchanges in Japan.

16 More Exchanges Under Review

Japanese Financial Authority Inspecting 32 Cryptocurrency ExchangesBefore Friday, the FSA has never revealed the names of the companies that have applied for a license and are under review. In addition to the aforementioned 16 exchanges, another 16 are currently not licensed but are classified as “deemed virtual currency exchange traders” while under review, the agency explained. Among them is Coincheck, one of the country’s largest cryptocurrency exchanges.

The other 15 are Minnano Bitcoin, Payward Japan, Lemuria Bitcoin Exchange (Bitcrements), Campfire Corporation, Tokyo Gateway, Lastroots Corporation, Debit, Eternal Link, FSHO Corporation, Kirin Corporation, Bit Station, Blue Dream Japan, Mr. Exchange, Bmex Corporation, and Bitexpress Corporation.

Inspections of All Exchanges

The agency published this list of all exchanges in response to the hack of Coincheck, where 58 billion yen (~USD$530 million) worth of NEM were stolen last week. While the exchange has promised to repay its 260,000 affected customers out of its own capital, no timeframe has been set.

Japanese Financial Authority Inspecting 32 Cryptocurrency ExchangesFollowing the hack, the FSA issued a business improvement order to Coincheck and ordered it to submit a report by February 13 on the hack as well as measures for preventing a recurrence. The agency also conducted an on-site inspection of the exchange on Friday to “ensure the protection of users,” Japan Times quoted Finance Minister Taro Aso explaining. The agency also plans to find out if Coincheck has the financial resources to repay its customers.

In addition, the FSA has ordered the internal inspections of all other cryptocurrency exchanges in Japan based on a checklist of 43 items, according to Jiji Press. They are to submit reports of their risk management systems such as the details of their systems to manage customer assets and cyberattack countermeasures.

Do you think Japan will have too many crypto exchanges? Let us know in the comments section below.


Images courtesy of Shutterstock and Nikkei.

Author: news.bitcoin.com

Philippine SEC to Develop Cryptocurrency Regulations

The Philippine Securities and Exchange Commission (SEC) has indicated that it is currently developing a regulatory framework designed to govern cryptocurrency transactions. The regulator emphasized the need for legislation pertaining to initial coin offerings (ICOs) in particular.

Philippine SEC to Partner With Overseas Counterparts

Philippine SEC to Develop Cryptocurrency RegulationsThe commissioner of The Philippines’ SEC, Emilio Aquino, has indicated that the regulator is currently developing regulations designed to govern cryptocurrency transactions.

Commissioner Aquino indicated that The Philippines’ SEC is engaging with U.S. and Australian counterparts to develop the regulations. The commissioner has emphasized the protection of investors being the principal mandate of the SEC, stating “We want to come up with our own set of regulations. You have to be extra careful how investors in this new space are protected.”

Although the commissioner conceded that the legislation is currently in the “drafting stage,” he expressed his expectation that the regulatory framework will be developed “within the year.”

ICOs Must Register With Philippine SEC

Philippine SEC to Develop Cryptocurrency RegulationsThe Philippines’ SEC will permit companies to conduct ICOs, provided that they comply with the regulator’s disclosure and registration requirements.

Mr. Aquino stated “The mindset of the commission has always been to foster innovation, but they need to register,” adding “Unfortunately, there have been a lot of cases where ICO promoters vanish into thin air. We don’t want that to happen here […] We need to act because initial coin offerings are sprouting.”

The announcement comes several weeks after the Philippines’ SEC filed a cease-and-desist order against four companies associated with the Krops ICO for violating securities laws. Mr. Aquino indicated that the SEC may choose to lift the order against Krops.

Philippine Regulator to Keep “Open Mind” Regarding Cryptocurrencies

Philippine SEC to Develop Cryptocurrency RegulationsCommissioner Aquino stated that The Philippines has sought to keep “an open mind” regarding cryptocurrencies and distributed ledger technology (DLT), alluding to the potential reduction in fees that virtual currency adoption could offer the approximately 10 million Philippine workers living abroad who are estimated to remit nearly $25 billion USD home each year.

Last year, The Philippines’ central bank, the Bangko Sentral ng Pilipinas (BSP), developed legislation governing the operation of virtual currency exchanges. Two applicants have received approval so far, with the deputy director and head of the BSP’s core information technology specialist group indicating in December 2017 that the central bank was then reviewing 12 applications from prospective virtual currency exchanges.

What do you make of the Philippine SEC’s statements regarding its forthcoming cryptocurrency regulations? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Wikipedia

Author: news.bitcoin.com

The Cryptocurrency Markets Are Having an Interesting Week

The crypto markets have been having an interesting week to put it mildly. Seas of red and deep cuts have had the vultures circling, the weak hands folding, and the naysayers expending their lifetime’s allocation of “I told you so’s”. While the last two weeks have been painful for anyone who bought bitcoin in December or ripple in January, they’ve been welcomed by many as “a necessary correction” and an opportunity to pick up cheap coins.

Flash Sale for a Limited Time Only

The Cryptocurrency Markets Are Having an Interesting Week
Ripple.

At times of sudden upward or downward movements, market psychology is fascinating to watch. The giddy highs of December, when crypto traders found themselves stupidly rich and refreshing their portfolio apps in disbelief, feel like a lifetime ago. Only three weeks ago CNBC were shilling $3 ripple and a token designed for the global dental industry had a billion dollar market cap. Something had to give, and when it did, it was inevitable which coins would bear the brunt of the collapse.

It’s bitcoin which has attracted the apocalyptic headlines though. As the market leader and the “face” of cryptocurrency, it earns the praise in good times and bears the scorn in bad times. And right now, for many crypto investors, it is the worst of times. For those with short memories and shallow pockets, the past week has taken its toll, both financially and emotionally. But for crypto believers who got in before 2017’s peak mania, the current cycle is nothing to be alarmed at.

The Cryptocurrency Markets Are Having an Interesting Week

For one thing, they got into crypto before it was all about money, and thus don’t measure its success by its dollar value. And for another, they’ve seen it all before and know not to confuse current pain with terminal illness. The crypto markets will bounce back, and when they do, the recovery will likely be strong and sudden. Quite when that feat occurs though is anyone’s guess. When mass panic sets in, TA and FA go out the window and emotions reign supreme.

Iron Hands Show Their Might

Just as times of oppression spawn the best protest music, art, and culture, bear markets spawn the best memes. Morbid humor has been in plentiful supply on crypto trading forums of late complete with the obligatory “pink wojak” reaction images and talk of seeking new employment. While jokes about burger flipping remain little more than that at this stage, the Lambo dreams have been put on hold for now. “I unironically sent an email to my ex manager this morning,” confessed one forum user. “I feel like a total idiot and she didn’t respond yet”. Crypto Feels, which displays a scrolling page of red markets against a sombre orchestral soundtrack, is beautiful in its bleakness at times like these.

The Cryptocurrency Markets Are Having an Interesting Week

It’s hard to find a capable performer in the cryptocurrency market right now. Even ETH, which had weathered the worst of the storm this week, has succumbed to the red tidal wave, dropping 30% in the past 24 hours. The less said about ripple (-40%), the better. Sites such as Coincodex chart the market movements in real time and for anyone who’s all in altcoins, it’s not a pretty sight. For those watching from the sidelines – either because they’ve yet to buy in or because they’ve long since switched to tethers – the slump is an extremely comfortable one to observe.

Speaking of tethers, they’re by no means the only cause of the market capitulation and may not even be a major cause (the truth is no one knows). It would be fair to say that the lingering uncertainty surrounding the solvency of Tether and the U.S. subpoena of its records aren’t helping. While some people have praised pseudonymous critic Bitfinexed, who first shone a spotlight on the company, others are deeply critical.

Tethering for Dear Life

The Cryptocurrency Markets Are Having an Interesting WeekIt has been speculated that Bitfinex and Tether may be solvent but may also be engaged in dubious financial practises due to banking issues or other reasons. The companies aren’t headquartered in the U.S., so can’t be shut down by U.S. regulators, but exchanges such as Kraken and Bittrex, which are reliant on tethers, are within their reach. It has also been speculated that events as diverse as a regulatory “raid” on Coincheck’s Japanese HQ and the Chinese New Year are to blame for the tumbling markets.

For all the hysteria, schadenfreude, and obligatory FUD, it is worth noting that the cryptocurrency markets, currently valued at around $350 billion, were worth just $200 billion as recently as November. What goes up must come down, and when the capitulation gives way to consolidation, iron hands will begin to rebuild and reaccumulate.

Do you think the worst is over or is there still more pain to come? Let us know in the comments section below.


Images courtesy of Shutterstock and Coinmarketcap.

Author: news.bitcoin.com

Bank of Russia Allows Crypto Mining But Proposes Miners Sell Their Coins Overseas

The Bank of Russia said it will allow cryptocurrency mining in the country, given tax, control, and reporting considerations. However, the central bank also proposes for crypto miners to sell their coins overseas, which will still oblige them to pay taxes.

Bank of Russia Allows Mining

Bank of Russia Allows Crypto Mining But Proposes Miners Sell Their Coins OverseasThe Russian central bank has offered to allow the mining of cryptocurrencies in Russia, but proposes that the miners must sell their coins outside of the country, RBC reported on Thursday.

At the Bank of Russia’s annual meeting with bankers, the central bank’s first deputy chairman, Olga Skorobogatova, explained:

We offer to allow mining within the territory of the Russian Federation. For us, it is a kind of activity that can be supported…At the same time, the question of how the miners will exchange what they have mined is still debatable. We, as the Bank of Russia, believe that they still have to do this outside the territory of Russia.

The first deputy chairman said that the bank’s stance to allow mining in the country is “from the point of view of taxation and from the point of view of control and reporting forms.”

Last week, the Ministry of Finance published a draft law “On Digital Financial Assets” which allows citizens to buy and sell cryptocurrencies and tokens through licensed trading platforms, brokers, and dealers.

Miners Will Still Be Taxed

Roman Buzko, a partner at Buzko & Partners law firm, told the news outlet that selling cryptocurrencies outside of Russia will not save miners from having to pay taxes. He detailed:

Miners, if they are obliged to sell outside of Russia, will receive currency from the sale of the cryptocurrency. As a result, if the legal entity of the miner is located within the territory of Russia, it will convert its foreign exchange earnings into rubles, as it happens, for example, in the case of oil sales, and from these incomes will pay taxes. So, from the point of view of taxes, the state will not lose.

Bank of Russia Allows Crypto Mining But Proposes Miners Sell Their Coins OverseasHe added that “It seems to me that the whole policy of the central bank with respect to cryptocurrencies is aimed at protecting consumers from unreasonable risks, which they do not understand.”

The Ministry of Communications and Mass Media has been developing a bill for the regulation of cryptocurrency mining in Russia. This week, the ministry revealed that a system is in the works to detect crypto miners. It also proposes giving them energy quotas, special tariffs, as well as a 2-year tax holiday for declaring cryptocurrency-related income.

What do you think of the central bank’s proposal? Let us know in the comments section below.


Images courtesy of Shutterstock and the Bank of Russia.

Author: news.bitcoin.com