Bitcoin cloud miners a '$20m Ponzi scheme – there was no cloud at all'

BY Shaun Nichols

US watchdog claims no number-crunching hardware ever existed

The US Securities and Exchange Commission (SEC) has filed charges against two bitcoin mining businesses it says operated as illegal Ponzi schemes.

According to a complaint [PDF] the watchdog filed with the US District Court in Delaware, GAW Miners and Zenminer, both controlled by Josh Garza, stand accused of taking money intended for mining operations and using it to pay other investors.

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Bitmaintech Antminer S7 4.66TH/s, Bitcoin Miner (used)

$999.00

S7 Specifications:

Hash Rate: 4.66 TH/s ±5%
Power Consumption: 1160 W (at the wall, with APW3, 93% efficiency, 25C ambient temp)
Power Efficiency: 0.25 J/GH (at the wall, with APW3, 93% efficiency, 25°C ambient temp)
Rated Voltage: 12.0V+5%, should not be less than 12.0V
Chip quantity per unit: 162x BM1385
Dimensions: 301mm(L)*123mm(W)*155mm(H)
Cooling: 2x 12038 fan
Operating Temperature: 0 °C to 40 °C
Network Connection: Ethernet
Default Frequency: 575M

Price: $999.00

How do I open a bitcoin wallet account?

I have been approached by many newbie who wants to be part of bitcoin community. Some of them are graduates, housewife, my friends or even buddy, colleague, business owner to retiree. Most of them are non computer geek, hence I come up with such service. I hope to resolve some issues around me. First thing first, the main concern is security. If you have other questions in your mind and you should read topic: What's bitcoin? in more details and it won't be discuss in this section.

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Singapore PM Urges Banks to Keep Current With Blockchain Tech

BY Yessi Bello Perez

The Prime Minister of Singapore has urged the country's banks and regulators to keep up to scratch with technological developments such as blockchain technology.

Speaking at the United Overseas Bank 80th anniversary dinner held in Singapore yesterday, Prime Minister Lee noted the challenges currently facing the financial industry and highlighted the importance of keeping abreast with technological developments in order to remain competitive.

He said:

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