All About BTC, LTC, ETH mining as well as other alternative crypto currencies
The Bitcoin ASIC manufacturer CoinTerra has filed for chapter 7 bankruptcy protection in the United States Bankruptcy Court, meaning it is very likely that all of the company’s assets will be liquidated in order to repay the estimated between 200 and 999 creditors. The CoinTerra website is not available anymore and it has been replaced with just a single image confirming the information for their bankruptcy filing. The Cointerra bankruptcy protection form has apparently been filed on January 24th with estimated assets between 10 and 50 million USD and similar estimate on liabilities. The reason for this outcome most likely lies in the too optimistic plans of the company that apparently did not involve a situation where the Bitcoin exchange could get back down to $200 USD. A few months ago the company was still making plans for next generation of ASIC miners based on 16nm process and getting ready for the future. Some month prior to that they have tried to get into the large scale cloud hosting operations, however their plans for that probably did not get that well either. This should come as a warning to other crypto currency focused companies to make their business plans more carefully in order to avoid following the same path as CoinTerra.
It seems that Coinbase no longer wants to remain only as a payment processor as the company has just launched Coinbase Exchange, the first regulated Bitcoin exchange based in the US. If you are a Coinbase user in one of the 24 supported states or territories in USA you can begin trading immediately on Coinbase Exchange. There will be no trading fees through March 30th, after which there will be a maker-taker model – orders which provide liquidity are charged different fees from orders taking liquidity. This interesting development comes soon after the last very serious funding round that Coinbase recently had.
The fact that the exchange is a regulated one in USA should bring the trust of users that can actually use the Coinbase Exchange, but on the other hand it also means that you will have to cope up with all of the side effects that the requirements of regulation have. The good thing is that this new exchange should theoretically bring more stability and trust in the crypto currency ecosystem, but the not so good one is that it will come at the cost of privacy – one of the key advantages that crypto currencies are supposed to offer. Still it could be a good way to bring more investors in the crypto currency that would normally not be ready to trust other more questionable exchanges with their financial investments.
The BitcoinTalk forum, pretty much the largest crypto currency discussion website, is currently experiencing some downtime. It seems that the problem this time is caused by hardware failure, unlike the last time back in November last year when the forum was apparently DDoS attacked. Checking the official twitter account for updates reveals information that apparently the problem was caused by hard drive failure and there could be some extended downtime before things are back online. Also there is information that some of the posts made in the last few hours before the website went down might be lost. Hopefully things with BitcoinTalk will be back to normal later today and the forum will resume operation again…