Weekend, June 2-3, ’18

What’s new? Vitalik Buterin promises a bright future with infinite scalability for Ethereum and doesn’t believe in the financial power of Rothschilds, Visa network halted all transactions, more and more wealthy people invest in crypto, and new crypto doom predictions.

  • A recent survey indicates that more than 35% of wealthy people have already invested or have plans to invest in crypto. This survey was conducted by DeVere Group, a financial consulting company. Its CEO tells that the interest among investors is steadily rising, despite the markets being in bear mode.
  • Visa's payment network failed on June 1. All payments were suppended across EU, US and Ireland. People were unable to withdraw their money or even pay for a coffee. The official version is that there was some 'system failure', but the details remain unexplained. Now it’s all up and running. It’s worth mentioning, meanwhile, that Bitcoin network has never seen a downtime since its first block.
  • Joost van der Burgt from the Federal Reserve Bank of San Francisco declares Bitcoin a bubble. According to van der Burgt, it follows a classical chart of bubbles, now we’re still at an early stage and the major profit-taking is yet to happen.
  • A Japanese financial firm Abic Corporation offers a new crypto-backed loan program. Anyone can use their crypto as a collateral and receive a loan in Japanese yen.
  • Bitcoin is going to be accepted by many merchants in Russia. The 2018 FIFA World Cup is soon to begin, and paying in crypto can be a handy option for tourists who otherwise should exchange their national currencies to roubles.
  • Lisk blockchain was freezed for a few hours by failsafe system. It was triggered by a fake transaction with incorrect timestamp. Lisk team was able to quickly locate the vulnerability and fix it.
  • Baidu presented its Super Chain. This protocol has the capabilities to control the consumption of energy. Also it can be integrated with Bitcoin and Ethereum.
  • Ethereum Network will be capable of handling millions of transactions per second, as was stated by Vitalik Buterin. The key to this speed is sharding and plasma.
  • Vitalik Buterin doesn't believe that Rothschilds will be able to control crypto market. He said that their influence won’t affect the market and that they can release any currencies they want.


1.24 USD 0.70%
0.00034560 BTC 0.70%
Volume, 24h
1,357,682 USD
141,825,134 USD

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Former Mt Gox CEO Reflects on Incarceration in Japan While Facing More Prison Time

The infamous Mark Karpeles, former CEO of the now defunct bitcoin exchange Mt Gox, appeared in an exposé interview on Monday and publicly discussed how he tolerated Japanese jail. Karpeles explained how he’s been accused of financial misconduct in a land that has a 99 percent conviction rate and he wouldn’t wish his experience on anyone. Also Read: Peer-to-Peer Trading Platform Bitquick Implements Bitcoin Cash Support Mark Karpeles Speaks of Japan’s “Hostage Justice” in Latest Interview This week, Mark Karpeles spoke in an interview about his experience in a Japanese jail after being charged by the Tokyo court system for embezzlement tethered to the Mt Gox operations. When Karpeles was the chief executive of the Tokyo exchange Mt Gox, the trading platform lost approximately 850,000 bitcoins that belonged to customers. At the time, the loss represented nearly 6 percent of the bitcoins in circulation. Roughly 200,000 coins were eventually “found” and Karpeles and the company filed for bankruptcy on Feb. 28, 2014. Mark Karpeles tells CNN he is a victim of Japan’s “hostage justice” system. A year later, Karpeles was arrested for allegedly changing important data within the Mt Gox computer system and was later arrested again and charged with embezzling $3 million from the company. Karpeles has maintained his innocence the entire time, but did time in jail and was released on bail as long as he doesn’t leave the country. Speaking in his recent interview, the former exchange operator gives his account of some of the injustice he allegedly faced during his jail time and interrogation. Karpeles says he wouldn’t wish the experience on his worst enemy and even “humanity’s worst enemy.” Karpeles must not leave Japan and he faces a verdict this March. “There’s a very big feeling of powerlessness — Whatever you do, there’s nothing you can do,” says Karpeles during his CNN interview. Karpeles took detailed notes of his 12 months in Japanese jail and explained that Japanese police interrogated him for 50 days straight, up to 8 hours a day without his lawyer. Soon Karpeles expects to hear a verdict on his charges in a country where the conviction rate is 99 percent. Karpeles adds: The more you try and deny being guilty the harsher it gets. Karpeles says he has comprehensive notes on how he was treated in a Japanese prison. The notebook in the photo allegedly is his notes on the entire jail experience and interrogation. Bitcoiners Weigh in on the Japanese Conviction Rate The Karpeles interview on CNN appeals to people who believe the Japanese conviction rate is draconian and the broadcast also discusses the former Nissan chairman Carlos Ghosn. Like Karpeles, the Nissan executive is being charged with the same crimes, including a charge called “breach of trust.” Further, Ghosn’s interrogation is also being scrutinized and he has already been rejected one bail request due to being a “flight risk.” Japanese prosecutors say the justice system is fair. “We would never prolong the detention to harass suspects and we believe [suspects] are treated fairly.”  Attorney Shuji Yamaguchi from the legal firm Okabe and Yamaguchi emphasized that the legal system in Japan works and the country has one of the lowest crime rates in the world. “Our system supports our society and still crime goes down every year — So I think our system works very well,” Yamaguchi explained in the video.  Karpeles current residency in Tokyo. When the interview was posted to cryptocurrency Reddit forums, lots of people discussed how Karpeles looked like he gained some weight. His weight was also a topic of discussion when the former exchange operator was released on bail in July 2016. However, some people did discuss the Japanese justice system and how it applies to one of the most notorious individuals in cryptocurrency. A traditional cell for a single person living inside the Tokyo Detention Center.  One Reddit user on the Mt Gox insolvency forum admitted there was “two wrongs” involved with the story. The individual explained that the Japanese justice system was wrong but it doesn’t excuse what Karpeles did. “I feel bad for Mark having to go through this, but I still think Mark is guilty guilty guilty,” explained the response to Karpeles interview. The final verdict for the Karpeles embezzlement trial will be held in March. Image credits: Shutterstock, Tokyo Detention Center Kyodo/via Reuters, CNN, and Pixabay Want to create your own secure cold storage paper wallet? Check our tools section. The post Former Mt Gox CEO Reflects on Incarceration in Japan While Facing More Prison Time appeared first on Bitcoin News.
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