TrueChain TRUE

$0.2228
Market Cap $ 10.349 MM (#214)
24h Volume $ 13.001 MM
Chg. 24h: 0.87%
Algo. score 3.7/5  (#120)
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TrueChain News

Research Shows Stablecoins Are Gaining in Adoption

The research firm Diar recently posted some analysis it had done and determined that the adoption rate of stablecoins is increasing based on a rise in the number of on-chain transactions. USDC, True USD (TUSD), Paxos (PAX) and the Gemini dollar (GUSD) have all broken the $5 billion mark in on-chain transactions during a 3 month period, with a surge of on-chain transactions happening in November. This comes as numerous crypto exchanges continue to add stablecoins to their platforms, with more stablecoin projects from around the globe continuing to come online. (JF)

8 hours ago

🧐 Who truly owns in-game items? $WAX surveyed 500 game devel...

🧐 Who truly owns in-game items? $WAX surveyed 500 game developers & 1000 gamers and found that players want true ow… https://t.co/JtTYkgThnn

15 hours ago

My take on OmiseGO, expectations vs reality, expectation management, developmental status and short/midterm future analysis and concerns.

Some might know me, as I’ve been around since the beginning shortly after ICO. I was very excited, to the point of shilling it to friends, family, on reddit and twitter. Defending this team, project and community. I tried educating people, correcting FUD and actively engaging in discussions. I am not posting this for sympathy, upvotes or whatsoever. I want everyone to know what has been said, how it’s been said, when it’s been said and compare that with what we have right now. If I posted anything wrong, correct me and I’ll stand corrected. I also believe there are things going on that need attention, for the sake of the future of this project. English is not my native language so I'm trying to keep this post as readable as possible :) The way this project was announced made me feel like this project was different from any other crypto. Had major backers in the likes of Vitalik, Poon. Aims to provide a solution to real world problems, can drastically change lives. This token is supposed to be a utility token, that will eventually ‘earn’ you fees. This way the token will have an intrinsic value, in contrast to many tokens out there. It all felt like a no brainer buying in, especially compared to other tokens/currencies out there. ------------------------------ The last few months were absolutely brutal. Times like these also make you critically assess your ‘investments’ and evaluate where we stand and where we are heading. Ofcourse, bear markets can clog your mind and reasoning abilities possibly even more so than in bull markets. I can safely say I am not immune to these drastic market movements, but even though I have invested a lot of money, it is money I can afford to lose. Which doesn’t mean I should be okay with it. I have been seriously emotionally attached to this investment because I want it to succeed so bad. I care about the project and I appreciate the people working on it. A slur of death threats and extremely offensive, racist remarks is not something the team deserves and I’d like to distance myself from people like this empathically. **We can all come to the conclusion OmiseGO is far from succeeding in their goals laid out in their whitepaper, crowdsale docs and public communications, and I believe now is the time to evaluate and look back all the way to the moment OMG was announced on the 17th of February, 2017 (close to 22 months ago) and announcements, developments plus comms by the team along the way.** ------------------ I will start at the beginning and use tweets from the official OmiseGO twitter account. ####**February 2017** https://twitter.com/omise_go/status/832624847314247681 . Announcement of OMG. Notice how this tweet already contains Q4 2017, which immediately provides a sense of ‘this is all around the corner, all we need is a token sale done in Q2’17. The first few public communications by the OMG team were tweets about tendermint, for example this retweet by the OMG team: https://twitter.com/marekkirejczyk/status/832885686554460160 . PoS research so advanced already! Then there is this retweet of an article containing an interview with Thomas Greco (who’s role has mysteriously diminished) from the 20th of February 2017. https://www.ibtimes.co.uk/omise-using-ethereum-create-decentralised-inter-asia-m-pesa-1607451?utm_campaign=soficalflowtwitter&utm_source=socialflowtwitter&utm_medium=articles Interesting little outtake from this article: > “Wendell Davis, product development lead, Omise, said: "If you are going to launch a mobile money platform you need people to accept it. You need merchants etc. The justification for Omise doing a project like this is we have already done that type of business development with 3,000-plus major merchants from the likes of airlines to large corporate holding companies that have restaurants and things like that. That business is already done; those relationships already exist. > Regarding the token sale and the initial role of token holders, he added: "We want there to be a variety of stakeholders and we want those stakeholders to have access initially to what we are calling our fee revenue. Basically while we are operating this network of wallets - whether on behalf of this company or that company - we are taking small fees. To begin with OMG token holders will be able to claim a percentage of fee revenue so that they can participate in this.” Notice how it suggests the token is going to have utility ‘initially’. ####**May 2017** On the 3rd of May 2017 we have a tweet with Vitalik and Poon sitting at the table with OMG https://twitter.com/JUN_Omise/status/859991740282945537 Shortly after that there’s an ethereum meetup with Poon and Thomas Greco https://twitter.com/omise_go/status/862945097108815872 and just a week later we have the actual OMG whitepaper written by Joseph Poon https://twitter.com/omise_go/status/865570171758542848 . The first question that comes to mind is where is Joseph Poon? Since writing the

2 days ago

Inside the Virtual Item Economy: how true ownership of in-ga...

Inside the Virtual Item Economy: how true ownership of in-game digital items is the future of the $100 billion vide… https://t.co/FNoGwRc5IJ

4 days ago

Zcoin Implements ASIC Resistance, And UAE Simplifies KYC With Blockchain

The State of The Market — December 6, 2018 BTC: $3,760.44 (-3.42%) XRP: $0.334216 (-3.85%) ETH: $98.98 (-8.59%) After Bitcoin crashed below $4,000 yesterday, it continued to fall, reaching a low of $3,678. However, there was a strong $100 rebound right after that and it has been trading in those levels for the past few hours. The crypto market lost more than $6 Billion in the last 24 hours. Ethereum barely managed to hold on to its support at $100. Meanwhile, Bitcoin Cash and EOS suffered the biggest losses for the third consecutive day, going down by 16.3% and 8.7% respectively. In other news, Cybersecurity expert Mark Nesbitt recently revealed that Vertcoin experienced a 51 percent attack. A group of unknown hackers rented a huge amount of ASIC hash rate to infiltrate Vertoin’s network. Once in control of the network, the hackers were able to launch a double spending exploit which netted $100,000. Also, world’s largest financial institutions are still bullish on crypto despite bear market. Fidelity, Nasdaq, Baidu, and Sequoia are just a few of the largest venture capitalists and financial institutions that are placing bullish bets on the future of crypto. Many of the investment and crypto-custody platforms developed by large institutions are scheduled to launch in Q1–2 of 2019. 1) Zcoin has implemented Merkle Tree Proof (MTP) cryptocurrency mining, a new mining algorithm that hinders ASIC, FPGA, and botnet mining. MTP is a solution aimed at resolving the difficulties encountered by small-time miners. Most mining algorithms are disposed to ASICs and FPGAs. 2) The Abu Dhabi Global Market (ADGM), an international financial free zone within the United Arab Emirates has announced the successful completion of the blockchain trial for its know-your-customer (KYC) application. The trial was conducted along with its regulator Financial Services Regulatory Authority (FSRA), and KPMG as its project advisor. The trial concluded that blockchain has radically simplified the cumbersome and cost-intensive KYC process. ADGM also added that the application provides an unalterable audit trail, and is compliant with the EU’s GDPR data privacy rules. The FSRA is now planning to take the project to the next phase, to ease access to banking services for small and medium-sized enterprises. 3) According to Twitter account ‘BTCKING555’ that exclusively tweets on Bitmain, things are not looking good for the Chinese mining giant. Bitmain has reportedly recorded its worst quarter, losing $740 Million in Q3, 2018. The account also added that the actual number could be higher because the losses do not account the additional expenses incurred during the Bitcoin Cash fork war. Poor sales, and the crypto market crash has affected the firm’s cash streams. If the rumours are true, it could severely affect Bitmain’s IPO ambitions. (VS)

5 days ago

Bitfinex Adds Four New Stablecoins

Users of the popular cryptocurrency exchange Bitfinex and its associated token-trading platform will soon be able to trade four new stablecoins. Previously, the exchange only supported the controversial Tether. Bitfinex will soon add support for USDC, True USD, Paxos, and Gemini USD. As the war on Stablecoin intensifies, the exchange now supports all major coins. Users have an option to choose the stablecoin they want. Bitfinex saw a volume of $222 million in the last 24 hours. (VS)

6 days ago

Bitmain Rumoured To Have Lost $740 Million In Q3

According to Twitter account 'BTCKING555' that exclusively tweets on Bitmain, things are not looking good for the Chinese mining giant. Bitmain has reportedly recorded its worst quarter, losing $740 Million in Q3, 2018. The account also added that the actual number could be higher because the losses do not account the additional expenses incurred during the Bitcoin Cash fork war. Poor sales, and the crypto market crash has affected the firm's cash streams. If the rumors are true, it could severely affect Bitmain's IPO ambitions. (VS)

6 days ago

@acityinohio @zooko Furthermore the same is true even with s...

@acityinohio @zooko Furthermore the same is true even with stable prices as obsolete miners slip below profitabilit… https://t.co/kjoKC9S6Bs

6 days ago

Bitcoin [BTC] “going to 0” because of death spiral phenomenon allows for the appreciation of mining difficulty adjustments

Opinion: Bitcoin [BTC] has long been hated by economists, as they believe that it is nothing more than a bubble. Now, in the depths of a rough bear market and declining hashrate, they have resorted to predicting the death spiral of the coin, with one professor of finance saying that it would be due to miners leaving the ecosystem. Atulya Sarin, the professor in question, teaches at Santa Clara University and has written on currencies in a book known as “Foundations of Multinational Financial Management”. However, he also seems to hold a position as a naysayer of Bitcoin, with articles both last April and recently speaking about how it is headed towards a spiral of death due to the reduction of its price below the cost of its mining. He stated in his article: ““As I argued, once Bitcoin’s price falls below its cost of mining, the incentive to mine will deteriorate, thrusting bitcoin into a death spiral...Bitcoin has no cash flows. In that respect, it is more like gold, in that its value is driven to some extent by its desirability and potential uses, but mostly by its cost of mining.” However, Sarin fails to notice that the difficulty of mining on Bitcoin adjusts itself every 2016 blocks. This translates to about 2 weeks if the blocks are produced at Bitcoin’s usual rate of one block every ten minutes. This effectively absorbs any significant changes in the price, without considering that miners operate across a margin of profitability. A higher mining difficulty would mean that it is more difficult to find blocks, and is deployed whenever the hashrate on the network increases. The opposite also occurs when the hashrate decreases, it becomes easier to find blocks on the chain. Moreover, while the price of Bitcoin treats the all-in cost of mining as a floor, which was recently broken at around $6000, it is not a determiner of the value of the network. Granted, the price of the coin is mostly derived from speculative trading. The value of the network instead lies in its use-case: a decentralized, permissionless, trustless and uncensorable payments system. Sarin also picks on the current buyers and miners of the Bitcoin platform, stating that they have been “run-of-the-mill, greed-driven investors”. While that may hold true for the miners which have now become huge operations driven by corporations, the spirit of what drove the coin is still alive. In a bear market where most buyers are down, orders of magnitude from what they invested in, strides continue to be made in the sentiment of the space even as weak hands capitulate. Chanting the common economist’s mantra, Sarin predicts that Bitcoin was going to go to zero. His logic is as follows: “However, the number of miners cannot fall below a certain level, because without the miners providing the computing power to maintain the ledger, the bitcoin blockchain will not remain viable...If the price continues to drop and the cost of mining does not fall correspondingly (the cost of mining will algorithmically decrease, but not necessarily to same extent as the decline in prices), Bitcoin will quickly go to zero.” The fatal flaw in his arguments is present here as well, as profit margins for miners currently ranging from over 50% to being slightly unprofitable. As mentioned previously, most miners are now run by corporations,and can withstand a huge shock loss. However, as unprofitable miners leave the network, the rest of the network’s difficulty accordingly adjusted to be more profitable for the ones that stay on. Sarin also states that this is different from previous drops in difficulty, as the recent decline “dwarfs the magnitudes of past declines”. This should not be a matter of concern, and instead can be looked at as a way to appreciate the beauty of the dynamic difficulty changes of the Bitcoin network. While it is easy to say that Bitcoin is headed towards zero due to it’s nature as a speculative trading asset, the fact remains that the world has seen nothing similar to Bitcoin. It effectively reinvents the concept of money, something that the world has run on. Something that has built society into the giant it is today, and allows centralized institutions to enforce the need of trust in everyday lives of everyday people. This has effectively been disrupted to allow money to be accessible to everyone without permission. Therefore, as long as there exist two individuals in the world that seek the freedom of money and the value that they create, Bitcoin will not go to zero. The post Bitcoin [BTC] “going to 0” because of death spiral phenomenon allows for the appreciation of mining difficulty adjustments appeared first on AMBCrypto.

7 days ago

This Is How GG World Lottery Redefines Transparency for Global and National Lotteries

The current global lottery industry, though having massive growth potential, is faced with various challenges, especially obsolete technologies, poor transparency, and a dire need for changes in its overall mechanics. To address these challenges, GG World Lottery — the world’s first blockchain based platform for government regulated lotteries has initiated the change by offering completely online and transparent national lotteries, worldwide. The Current & Future Lottery Industry In 2017, ticket sales across the world added up to a total revenue base of over $273 billion. However, the industry has also been faced with some monumental issues. Lotteries are really struggling to embrace new technology and to have transparent, modern market strategies. In fact, most of these are run by governments, implying that the industry is monopolized. In addition, the lack of satisfactory levels of transparency causes users to doubt the entire industry. GG World Lottery intends to transform all the above and make a world-class lottery service available to everyone irrespective of where they live. Transparency Redefined for Global and National Lotteries The GG World Lottery platform protects both players and users by employing blockchain nodes. It provides additional transparency by ensuring fairness of draws through the integration of TRNG technology based on Quantis True Random Number Generator. Also, it will utilize the advantages offered by DLT to share profits with eligible community members and respective jurisdictions as per their existing regulatory and legal frameworks. In addition, the platform also allocates a significant percentage of the profits, to be channeled to verified charitable organizations. The system will be monitored closely and certified by a leading authority when it comes to gaming certification - Gaming Laboratories International. This will not only provide an additional layer of transparency but guarantees the trustworthiness of these lotteries. Engaging & User-Centric Design With a model built around security, transparency, ease-of-use, and accessibility, GG World Lottery hopes to tap into unexplored markets such as the African, Asian, and South American continents. Thanks to GG World Lottery blockchain platform, the gambling industry is also set to receive a facelift as it will get rid of outdated lottery hardware such as communication routers, ticket dispensers, monitors, scanners, tickets, and terminals. In addition to removing retailers and other intermediaries from the equation, the platform will provide numerous advantages to the players by enabling them to play right at their homes while eliminating fraudsters from the lottery ecosystem. GG World Lottery puts the user at the forefront, making sure that his preferences are properly catered to. It will be user- and mobile-friendly. Impressive Dividends GG World Lottery allows every token holder to get quarterly-paid lifetime revenue share based on the overall number of tokens they hold. Users will be able to receive dividends based on every single Jackpot prize win. Token Sale The project recently concluded its private token sale and starting November 30, 2018, the public sale started. During the sale, investors can purchase GGC tokens following the completion of KYC whitelisting process. GG World Lottery has some attractive bonus offers in place for those supporting the project by purchasing tokens worth over $10,000. Any purchase between $10,000 and $100,000 will receive a 5% bonus, while contributions over $100,000 and $1,000,000 will be eligible for a 10% bonus. Similarly, high rollers contributing more than a $1,000,000 will gain a 15% bonus. Know more about the platform on its official website or visit its Facebook and Twitter page to receive regular updates. For questions, connect with Telegram group! The post This Is How GG World Lottery Redefines Transparency for Global and National Lotteries appeared first on Live Bitcoin News.

7 days ago

No No No No No Stop Saying Ripple Is Bigger Than Bitcoin

If you spend enough time lurking on the internet, you run into a lot of crazy theories. Cryptocurrency is a bit of a magnet for eccentricity, so it’s no coincidence that we have plenty of Moon Landing theorists and SEC Truthers in our midst. There are cryptonauts who earnestly believe that McAfee is the LSD-fueled reincarnation of Abbie Hoffman (wait, that one’s kind of credible), that crypto prices are completely free from manipulation (that one’s harder to swallow), and our new favorite: the theory that the metrics for XRP are being consistently understated on CoinMarketCap and other sites in order to hide the token’s true value. This theory tends to resurface every few months, especially when XRP is doing particularly well: What a bunch of F***** ! Wow! They screwed us over @CoinMarketCap ! Jesus what a horrible thing to do to XRP ! They are responsible for the manipulation of the price as well as a lot of people loosing money... #SEC_News @SEC_News look into this! — My XRP (@MyXrp589) November 29, 2018 Here’s the reasoning. There are 100 billion XRP, created in Ripple’s Genesis block, each of which has a market price of $0.3513, for a combined value of $35bn and change. CoinMarketCap only counts the XRP which are currently circulated among the public, for a reported market cap of only $14bn. On the other hand, each of the 17.4 million bitcoins is worth $3,881, for a combined value of $67.5bn. What makes this really interesting is that, at the height of last year’s dizzying bubble, XRP would have actually had a higher market capitalization than Bitcoin, at least under the more generous metric. This in turn has sprouted a whole series of offshoot theories, to the effect that leading crypto trackers—like CoinMarketCap— are conspiring to keep the XRP token down, either by miscalculating the true value or excluding South Korean Markets, where XRP has a larger slice of the pie. RippleCoinNews (which must have missed the memo about calling it XRP) recently revived the non-story, with the headline: “XRP Fans Think CoinMarketCap Is Manipulating The Market, Demand Fair Calculations.” Regardless of what you think of Ripple, it’s hard not to smile at the thought of poor bankers and corporate financiers being oppressed by The Man. The fallacy, as you’ve probably figured out, is that most of those tokens are locked in escrow and are considered unusable. If these tokens were publicly available, they could not be easily sold without tanking the price. It’s not the only legitimate way to calculate market capitalization. Yahoo! Finance, for example, does include escrowed tokens in its calculations, giving XRP a cumulative value of $34.8 billion. And here it is from the Ripple’s Mouth: Via XRPCharts.Ripple.Com XRP Charts, a live dashboard of the XRP Ledger, shows the token’s market capitalization at a stately $34.9 billion, with a few points lost from coin burns. They have a few good points there—CMC doesn’t include the XRP which Ripple has locked in escrow (around 60 billion) but it does include up to 3.8 million lost Bitcoins, as well as the 1.1 million reportedly held in escrow by Craig Wright. Taking these into account would trim Bitcoin’s market capitalization down to around $45bn. But the bigger lesson—one that we’ve repeatedly harped on—is that market capitalization is an inadequate metric for the value of cryptocurrencies, whether they are calculated generously or not. These calculations assume that each token can be sold at the most recent public price, ignoring the fact that crypto markets lack meaningful depth. Any large trade, if public, could trigger a sell-off -as may have been the case last month. Moreover, unlike stocks, the value of a currency depends on its use: HODLing might be better for the price in the short term, but it doesn’t facilitate adoption and circulation in the same way that spending and using them does. The truth is that value, like beauty, is more than skin deep. Arguments may now be started in our Telegram group. The author owns both XRP and Bitcoin, which are mentioned in this article. The post No No No No No Stop Saying Ripple Is Bigger Than Bitcoin appeared first on Crypto Briefing.

7 days ago

What Are Masternodes? What Differs Them From Mining?

TL;DR Masternodes are full nodes that allow their operators to perform advanced functions that are crucial for running a blockchain. Masternodes are different from crypto mining, although they have a connection with it, as node operators receive rewards from every “solved” block. According to CoinGecko’s Q3 2018 Cryptocurrency Report, there was an increase in interest in masternodes space, which was probably due to a bearish market that knocked crypto prices down. Newcomers to the crypto world often have trouble understanding all different crypto-related terms and other aspects of this vast space. Some of the more common questions, apart from which coins to invest in, include asking about such things as masternodes. The term “masternode” is often casually mentioned in crypto-related discussions, without anyone bothering to explain it properly. This is what we will cover today, with the addition of Coingecko’s recent report on masternodes in Q3 2018. What are masternodes? Let’s start simple, by first answering the question — what are masternodes? Simply put, masternodes are servers that can be found on decentralized networks. It has unique functions that make it different from ordinary nodes since ordinary nodes typically cannot complete such functions. They include numerous features, including things like instant transactions, private transactions, and direct send. Each network has its masternodes, with unique features, and their pros and cons. That way, no two masternodes are alike, and every system approaches them differently. However, while masternodes can be quite rewarding, and are closely connected to crypto mining, they are also an entirely different thing, and a lot of newcomers mistakenly confuse the two. Main differences between mining and masternodes Since masternodes can do much more than regular nodes, running them also involves a more significant investment. However, those who run masternodes are also very motivated, as they are rewarded for doing so via a portion of block rewards. Depending on the network, masternodes operators may be rewarded once per day, or even several times per day. However, it is essential to understand that masternodes are not mining. A lot of people also mistakenly assume that masternodes are an extension of PoS, where cryptos are not mined but staked. However, this is also not true, as PoW project can use masternodes as well. Running a masternode allows operators to generate a passive income by simply holding on to their coins, which is a method similar to how stakes work in PoS. It is different from mining as earning money doesn’t require obtaining expensive crypto-mining gear. The money earned by running a masternode depends on various factors, which means that there is no simple answer. Each project works differently, each masternode is unique, but one thing that remains true is that running a masternode can be very profitable if you select the right coin, and its value surges in time. CoinGecko’s Q3 2018 Masternode Report Recently, CoinGecko has released its 5th report on cryptocurrency and its most notable aspects, with the first one being in Q3 2017. These reports usually provide investors, developers, and crypto enthusiasts alike with a lot of insight, which is what makes them very valuable. Source: Coingecko.com, 2018 Q3 Cryptocurrency Report When it comes to masternodes, CoinGecko announced a growing interest in the space, which was initially noticed by their partner, Masternodes.Online. The report claims that the number of masternodes has been growing rapidly, likely due to the bearish market. Since investors were prevented from making a profit via trading, they turned to alternative methods, such as running a masternode. Even so, the report claims that among the top 10 masternodes in terms of market-cap, only three have seen a positive return in the third quarter of this year — Bulwark (BWK) with +52%, Wagerr (WGR) with +25%, and Alqo (XLQ) with only +3%. The post What Are Masternodes? What Differs Them From Mining? appeared first on CryptoPotato.

8 days ago

FutureBit Moonlander 2 - Mine Litecoin (LTC) at the comfort of your Home

John Stefanopoulos, the founder of Futurebit, tweeted exciting news about the ASIC Homeminer on November 30th. Futurebit according to its website it brings in a new era of decentralised mining with the Moonlander 2. We did it! One month late, sleepless nights, and a few heart attacks later...here is the first production version of the #FuturuBit Apollo #LTC #ASIC #HomeMiner straight off the line. Super proud to be producing the world’s most effecient scrypt miner, and first true home miner! pic.twitter.com/AHknIAXMbf — John S (@JStefanop1) November 29, 2018 The Moonlander 2 is said to be a powerful and efficient USB Scrypt ASIC miner that is perfect for Cryptocurrencies like Litecoin to be mined from home. The New York based company wants to provide low-cost hardware for revolutionising the Cryptocurrency mining industry. It’s a way of getting the world involved, with its uncomplicated and easy to carry and use Moonlander 2 miner. The Moonlander 2 has started distribution which means that you can reap benefits of mining Charlie Lee’s creation the Litecoin. It supplies from the Brooklyn office in New York and has plenty of international agents to take care of worldwide distribution. Simply pay in Cryptocurrency at a ridiculously cheap rate of $49.99 and voila get the miner with easy to use instructions delivered to your home. When browsing the website’s shop section, you will notice another interesting Cryptocurrency miner called Apollo LTC Pod ASIC Miner which is more expensive at $299.99. However, this miner currently is completely sold out. This miner is the world’s first compact, wifi-enabled, ultra quiet and efficient scrypt ASIC miner. ZeroCrypted Opinion The Moonlander 2 is bound to become sold out similar to the Apollo LTC Pod, and so it is best to get your hands on it as soon as possible. It mines at a hashrate of 5 MH/s* with under 10 watts of power. A person who has no clue about Cryptocurrency can start earning a passive income, by directly downloading the USB drivers, the mining software, plug in the Moonlander USB and you’ll be earning Cryptocurrencies in no time. It is compatible on various Operation systems like Windows 7/8/10, Mac OS 10.12 or higher and most Linux based systems like Raspberry Pies. Thus it ensures anyone can be a Cryptocurrency miner and does not need to invest heavily or be technically sound! Image Source - FutureBit Store The post FutureBit Moonlander 2 - Mine Litecoin (LTC) at the comfort of your Home appeared first on Zerocrypted - Your Daily Cryptocurrency News, Guides And More.

8 days ago

Satoshi Nakamoto Resurfaces on the P2P Foundation with a Mysterious Message

On Thursday, November 29, years since their last post on P2P Foundation—a platform for those interested in peer-to-peer technology—“Satoshi Nakamoto” posted a single, mysterious word. Leaving the crypto internet baffled, the account proffered a small, perhaps insignificant crumb in the trail leading to Satoshi’s true identity: “nour” (quotation marks by the poster). The account that […]

8 days ago

Drop in Bitcoin (BTC) Mining Increasing Network Risk

Bitcoin (BTC), Cryptocurrency, Mining-As previously reported by EWN, the drop in Bitcoin hash rate which has accompanied the most recent price fall throughout the month of November has raised a debate over the cause of decreased mining, and the potential ramifications. Some Twitter users pointed to an outright abandonment of cryptocurrency mining, with drop in valuation from $6500 to the recent lof of $3500 (including nearly $100 billion wiped in market cap from all coins) as being the catalyze to spark a mass exodus in miners. Given the state of the cryptocurrency industry just one year ago, where mining rigs were in high demand and even established companies were jumping ship to join the mining craze, the end of 2018 has seen a compelling shift in attitude. A video published last week, which shows hundreds of expensive mining rigs sitting unused in a warehouse, sparked an uproar in the crypto community, with some believing the footage to be doctored in an attempt to publish more FUD at an already low point for the market. Most updated footage - After BTC crashed blow $4000... miners in China are selling S7 for 5CNY per pound pic.twitter.com/nV2Nk8lsLw — Dovey Wan (@DoveyWan) November 25, 2018 However, other outlets have vouched their support for the incidence, giving some credence that the industry of crypto mining is in decline with the falling prices. In some respect, it’s not surprise. The cost of equipment in conjunction with the amount of electricity required to mine at a profitable rate had inevitably led some once enterprising individuals to cut their losses and exit the industry. But, as many have pointed out, there could also be a general shift away from BTC at present, with the mainstay of miners seeking out more profitable coins in the interim until Bitcoin prices show a more promising outlook. For the remaining miners, the decreased competition means an increased chance of coin rewards. However, for the industry of cryptocurrency and the integrity of Bitcoin transactions, the decreased rate of mining and hash rate for the top currency by market cap also increases the network risk for attack. While the direction of the industry was, to the regret of many fans of decentralization, trending towards consolidation prior to the recent dropping hash rate, the most recent exodus has led to a worsening effect. According to data published by Bloomberg, At least 100,000 individual miners have shut down, according to Autonomous Research LLP. Fundstrat Global Advisors LLC estimates that about 1.4 million servers have been unplugged since early September. Malachi Salcido, head of Salcido Enterprises-one of the largest mining groups in North America-says that the falling profitability of crypto mining is shaking out the weak hands, but also causing a concentration of power for the remaining few, “We are entering in the phase when there’s a flushing out of the market. There will be relatively few operations that come out the other side.” Bitcoin’s network relies upon the decentralization of mining services. With hash rates falling 36 percent since their peak in August, and problem-solving difficulty down 10 percent, the conglomerate mining networks are raking in newly minted coins, but also posing an increased risk of a 51 percent attack. With less variable rigs contributing to the network’s hash rate, the opportunity for one mining group, or a coalition of miners to gain control of the service also greatly increases. Not only would controlling miners hold the lion’s share of new coins being produced, but they would also be able to influence the transaction landscape-with the ability to inflate fees, reverse specific transactions, or halt them all together. Many within the industry have pointed to the mutualism of the Bitcoin ecosystem as being sufficient to prevent such an attack. If miners put a stranglehold on transaction services, the overall usability of the platform plummets which in turn leads to fewer transactions (and fees) in addition to a falling valuation for BTC. According to this logic, miners benefit as much as users for maintaining a fair ecosystem. However, only time will tell the effects of such consolidation of power. Without true decentralization in its pocket, the appeal of Bitcoin and similar cryptocurrencies begins to fall to that of traditional fiat. The post Drop in Bitcoin (BTC) Mining Increasing Network Risk appeared first on Ethereum World News.

8 days ago

Long-Time Investor: IOTA is Centralized, Single Point of Failure Exists

An early-age IOTA investor has claimed that the project is centralized and is exposed to a single point of failure. Limo, who runs an IOTA-specific blog called TangleBlog.com, identified issues related to how IOTA’s data structure operates. The project uses Tangle, a Directed Acyclic Graph, known as a DAG, whose primary purpose is to hold transactions. Unlike a Proof of Work (PoW) blockchain, which enables an entire network to confirm blocks carrying transactions, IOTA’s Tangle does the same via appointing two previous transactions to establish the new transaction. Here is a brief illustration: SOURCE: IOTA FOUNDATION In the chart above, transaction number 5 approves transaction number 2 and 3. At the same time, transaction number 6 is unconfirmed and is called a tip. Each incoming transaction will choose tips to approve. The relatively simple and unique process, however, could lead one serious security lapse. Hypothetically, if an attacker amasses 33% of the hashpower of the IOTA network, he can very well change the underlying algorithm followed by the Tangle nodes. It is possible because hashing happens as instantly as new transactions join the tree. They also get confirmed immediately using a regular laptop. IOTA has proposed to solve the security issue with Milestones. They are particular transactions issued by a unique node called Coordinator. It is centrally controlled by the IOTA Foundation, which means the responsibility to protect the network solely belongs to the person or organization that has control over the coordinator node. Limo, in his public outcry, discussed the same problem. “A consensus was never centralized, but there was and is a single practical point of failure because the coordinator(COO) is a mechanism that, under these conditions, can actively stop the confirmation-rate on the tangle,” he wrote. “Part of that is that no one ever developed a random walk implementation that could circumvent the COO, although they could have.” Related Reading: Bosch Boosts IOTA with New Device Connectivity for IoT Data Collection A Solution on the Way Limo claimed that he spoke to two members of the IOTA Foundation, confirming a solution was on its way to improve the platform’s decentralization aspects. “The IOTA foundation has solutions for the coordicide,” he wrote. “They are neither approved nor tested, but they are promising concepts that can withstand the first and second logical hurdle.” Limo explained the foundation is close to launching a much more economical version of their IOTA Reference Implementation. They would carry out the coordicide soon after the launch - tentatively by mid-2019. “To that day, IOTA will have accomplished its mission. The largest, most uncertain milestone: COO-less decentralization will be reached,” adeed Limo. The mettle of achieving a true, full-fledged decentralization would likely boost IOTA’s adoption across the entire digital ledger space. It has already attracted partners from all around the world, with its Tangle-concept getting adopted by big companies like Fujitsu, VW, Bosch, and DXC Dach. Until then, as Limo predicted, the project will continue to function under a centrally controlled environment. Featured image from The post Long-Time Investor: IOTA is Centralized, Single Point of Failure Exists appeared first on NewsBTC.

8 days ago

Freewallet is Listing New Stablecoins in a Time of Need

CoinSpeaker Freewallet is Listing New Stablecoins in a Time of Need The list of added stablecoins includes True USD (TUSD), DigixDAO (DGD), Paxos (PAX), STASIS EURS (EURS) and USD Coin (USDC). This move comes during a time in which increasing volatility in the cryptomarket has many turning to risk-minimal investment otpions. One of the core features of Freewallet as a custodial wallet service is fee-free instant transactions within the Freewallet ecosystem. In light of the recent additions, this means that any of Freewallet’s 25 dedicated cryptocurrencies can be exchanged now with the added stablecoins. Stablecoins like TUSD, DGD and others from the list belong to a category of cryptocurrency that is intrinsically linked to a form of traditional financial value. While these coins can be traded on the cryptomarket and offer the same advantages as many other cryptocurrencies, they are each anchored by static material backing. The anchors ensure that stablecoins are relatively resistant to cryptomarket fluctuation. The backing of the coin depends on the individual currency. Freewallet now offers its users stablecoins with a variety of backing, including crypto-collateralized (DAI), fiat-collateralized (USDC, USDT, TUSD, PAX and EURS), and metal-collateralized (DGD) options. As none of these backing factors are connected with the current state of the cryptomarket, these coins have been relatively unaffected by the cryptohysteria of the last weeks, with some of them even seeing a rapid expansion of their market capitalization. About Freewallet Freewallet is a digital currency ecosystem offering wallets with built-in exchange for web, iOS and Android devices. It features more than 30 cryptocurrencies including Bitcoin, Ethereum, Litecoin, Dogecoin, Monero, and Bytecoin. Freewallet’s team of developers released their first mobile cryptocurrency wallet on Android in January 2016. In 2018 the Freewallet family includes Multiwallet for iOS, Android and the web, as well as 8 single currency wallets for iOS and 22 for Android. Freewallet is Listing New Stablecoins in a Time of Need

8 days ago

Bitcoin Mining: Everything You Need to Know

Bitcoin mining is a term that everyone in the cryptocurrency and even many outsiders are familiar with. This is a process performed by high-powered computers (also known as nodes), which solve complicated computational math problems. While distinct, there are certain similarities between bitcoin mining and actual mining for precious metals such as gold, for example. Both processes are carried out with the intention to earn a reward. Furthermore, bitcoins actually exist in the bitcoin protocol but they haven’t been brought out yet - just as gold exists in the ground but it hasn’t been mined yet. But the aim of bitcoin mining is, however, twofold. For once, when the above-mentioned high-powered computer or any other type of mining hardware, for that matter, successfully solves the complex math problem on the network of Bitcoin, they produce a new bitcoin. On the other hand, by solving the computational math problems, bitcoin miners are actually making the payment network a secure through the proof-of-work consensus algorithm. Why is Bitcoin Mining Necessary? In order to break down bitcoin mining, there are a few important considerations that need to be taken into account. Consumers tend to trust different types of printed fiat currencies because they are backed by central banks. In the US, for instance, this is the Federal Reserve. This is even true for digital payments made with fiat currencies. Bitcoin, however, is not regulated by any central authority. It can be said that it is ‘backed’ by the computing power, which secures the network. This vast network of computers and mining hardware records transactions and make sure that they are accurate. Unlike central authorities, however, bitcoin miners are spread throughout the entire world and record the transactional information on a public ledger available to anyone. This ledger can be viewed using a block explorer and there are many different websites that provide this service. In other words, bitcoin mining is necessary for two different reasons - first, it is needed to create new bitcoin and second, it’s needed to confirm the transactional information. So, in theory, if you don’t want to buy Bitcoin, you can earn it through mining. Whether or not that’s efficient for you as an individual miner, however, is a different story. How Does Bitcoin Mining Work? In order for a bitcoin miner to get block rewards, there are two conditions which need to be met. First, the miner needs to confirm a certain amount of transactions and second, which is the trickiest part, solve a complex computational math problem. Put simply, if that’s at all possible, each miner is competing with all of the others to come up with a 64-digit hexadecimal number which is referred to as a “hash” which is less than or equal to the hash which is targeted. In other words, the computer will be spitting out different hashes at a certain rate per second guessing all of the possible 64-digit numbers until they reach the correct solution. Therefore, computational power is essential - the more powerful your mining equipment, the larger hash rate per second you’d be able to achieve. This is why the Bitcoin mining hardware is particularly important. Naturally, the cost of mining would be based on a the operation costs such as electricity, internet connection, hardware maintenance, and so forth. This is the main reason for which back in 2013 bitcoin miners started to use machines which were specifically designed for mining cryptocurrencies. These are called Application-Specific Integrated Circuits or ASIC mining, for short. ASIC mining devices can cost a serious amount of money but are more efficient than traditional computers. There are a few important things to be considered when it comes to BTC mining. These are some of its pillar components, so to speak. Blocks One of the things to be aware of in the world of Bitcoin mining is blocks. Transaction data is recorded in files which are called blocks. Think of it as a page from your city’s recordbook. Blocks are organized into a chain in chronological order - hence, blockchain. New transactions, as they are being confirmed by miners, go into new blocks, with each new block is being added to the end of the chain. This is why blockchain is also referred to as records of blocks. Block Rewards Is Bitcoin mining profitable? This is probably the most commonly asked question. Unfortunately, there is no one answer. Block rewards are what miners compete for. Other cryptocurrencies such as Bitcoin Cash, for instance, also have their own block rewards which differ from those of Bitcoin. At inception, every single bitcoin block reward was worth 50 BTC. However, the protocol works in a way where the block reward is being halved after 210,000 blocks have been discovered. This takes roughly around four years to complete. As of July 9th, 2016, the reward for discovering one block is 12.5 BTC. So is Bitcoin mining profitable? It depends. One would have to calcula

8 days ago

Crypto Equilibrium: $130bn Already Feels Like The New Normal

The crypto market opened today at an unspectacular $130bn. Roughly in line with where it had been throughout the past week. Stability is welcome after a two-week bloodbath. But will they remain where they are for the rest of the year? Has the crypto market reached a new equilibrium? Prices have yet to settle, but this is the most stable the market has been for the past weeks. From its low yearly low of $115bn, where it fell to last Sunday, the market reached back to $130bn quickly. Although it suffered a slight dip to $119bn on Tuesday, and even briefly touched $140bn later that same week, the market has always reverted back to the $130bn mark. A new crypto market equilibrium? This is nothing new for many traders. Between early September and the beginning of November, the total value of the market hovered at approximately $210bn. There were, of course, moves both ways but the general range rarely expanded further than $15bn: between $200bn and $215bn. The cap briefly shot up once to above $220bn in late September, as the excitement surrounding XRP took the token into second place, ahead of Ether (ETH). Goldman Sachs shelving its BTC trading desk, and a mass-sell off of ETH as the ICO market declined, led to the market falling to a low of $188bn. Bitcoin (BTC), which since the middle of August has made up more than half of cryptocurrency’s total value, rarely strayed from roughly $6,400. The coin’s movements were steady enough that many investors used it as a stable store of value. Although it crashed through most of its support levels during the Bitcoin Cash (BCH) hard fork, the coin has begun to stabilize, albeit at the $4,000 mark. This suggests the market has reached a new equilibrium, with buyers and sellers trading at a new guide price. The same is not quite true for the other coins. XRP’s market cap is still fluctuating anywhere between $14.5bn and $16bn, around 9% of its average value. Although the coin was more volatile at the beginning of the week, the same is true for Ether. It had a relatively tight range over the weekend but dropped by approximately $300m earlier today. Stellar Lumens (XLM), which is now the fourth largest cryptocurrency by market cap, has dropped, also by $300m, over the course of the weekend. Prices may slowly be beginning to settle, but it is still too early to tell. Bitcoin’s movements are generally more conservative compared to those of other tokens. A crypto market equilibrium is not yet firmly established. One move either way could send coin prices back up in the air again. The author is invested in BTC and ETH, which are mentioned in this article. The post Crypto Equilibrium: $130bn Already Feels Like The New Normal appeared first on Crypto Briefing.

8 days ago

KuCoin Adds Eight XRP Trading Pairs, Falls Short of Making It a Quote Currency

Singapore-based digital asset exchange, KuCoin, has announced that it will be adding the XRP cryptocurrency (developed by American fintech Ripple Labs) to its trading platform. As mentioned on KuCoin’s official blog post, the following trading pairs will be available on its exchange: XRP/bitcoin (BTC), XRP/Tether (USDT), XRP/ Ether (ETH), XRP/ Paxos Standard Token (PAX), XRP/ True USD (TUSD),...

8 days ago

Kenya’s M-Pesa mobile money service now works with China’s WeChat Pay

Tens of millions of people using Kenya’s dominant mobile money service M-Pesa will now be able to transfer cash to over a billion active users of China’s digital payment system WeChat Pay. The Nairobi-headquartered Family Bank along with London-based fintech firm SimbaPay launched a service that enables users send money to the users on the WeChat platform, which is owned by Chinese tech giant Tencent. Individuals and businesses can send funds to China by either downloading Family Bank’s PesaPap app, through M-Pesa, or by dialing a USSD code in Kenya. Non-customers too will also access the service via a dedicated pay bill number on M-PESA. Before transferring the payment, a sender will be able to review the transaction and check exchange rates before its delivered in Chinese yuan. The service is most likely to be used by Kenyan traders to pay for Chinese goods without using more expensive or slower bank options or traditional money transfer systems or remittance services. This is especially true for small-scale traders who have had to depend on middlemen to order goods and make payments on their behalf. For the Kenyan telecom operator Safaricom, the availability of its dominant mobile payment service M-Pesa in China solidifies its footing among competitors at home and abroad. With almost 24 million subscribers, Safaricom has spent the last couple of years experimenting with creating a diverse M-Pesa ecosystem similar to one that WeChat Pay has in China with its 800 million users. This includes an app like WeChat dubbed Bonga which allows M-Pesa users to chat while sending or receiving money. Safaricom also signed a deal to connect its customers with the 227 million users of online payments company PayPal. Last month, M-Pesa mobile wallet accounts were connected to 500,000 global agents representing financial services firm Western Union. Rather than expanding WeChat Pay abroad with a standalone app, Tencent has focused on signing up foreign merchants so that Chinese traders and tourists could use the platform abroad. Sign up for the Quartz Africa Weekly Brief — the most important and interesting news from across the continent, in your inbox.

8 days ago

Crypto Week In Review: Bitcoin ETF Talk Mounts, Nasdaq To Launch “Crypto 2.0” Futures

The crypto market at large sustained its turbulent price action this week, with Bitcoin (BTC) jolting up and down between key levels of resistance and support. However, in spite of the dreary price action, this industry’s participants kept their pedal to the metal, announcing a series of developments that piqued the interest of investors worldwide. So, as recently put by Anthony “Pomp” Pompliano, Morgan Creek’s in-house cryptocurrency insider: “Bear markets get rid of tourists so entrepreneurs can focus on building.” SEC’s Clayton Isn’t Ready To Green Light A Crypto ETF Since Bitcoin faltered in early-2018, investors in this nascent asset class have sought to find a light at the end of the tunnel. This light, as it turns out, is a U.S.-based, fully-regulated Bitcoin exchange-traded fund (ETF). But, as recently divulged by a commissioner from the U.S. Securities and Exchange Commission (SEC), the advent of a crypto-backed ETF might be nothing more than a quixotic dream, or at least for now. Speaking at Consensus: Invest on Tuesday, SEC incumbent Jay Clayton, who assumed office in May 2017, exclaimed that he isn’t ready to greenlight a Bitcoin ETF. Backing his somewhat inflammatory statement with rationale, Clayton brought up the lack of market surveillance in crypto markets. Blockchains may be predicated on a semblance of transparency, but in juxtaposition to this nature, the SEC decision-maker noted that there’s an evident lack of bonafide surveillance implementations on crypto platforms at large. Clayton then explained that investors expect that a commodity-backed fund is free from manipulation, alluding to his sentiment that Bitcoin is susceptible to questionable fluctuations on a group’s whim, or through actions executed by bad actors. Along with his fears regarding proper surveillance measures, the lawyer by trade also noted that while strides have been taken towards impenetrable custody solutions, these services purportedly remain vulnerable to unauthorized access. VanEck, SolidX’s Bitcoin ETF Team Meet With SEC Despite Clayton’s concerns regarding crypto-backed ETFs, the SEC recently released a memorandum that outlined a paramount closed-door meeting attended by representatives from VanEck, SolidX, and CBOE, the three firms behind the foremost Bitcoin ETF application. This recent event, which is the second of its kind, saw VanEck outline its proposed vehicle through a 62-part slide deck, breaking down the ETF to its core. Aiming to calm the SEC’s qualms with the cryptocurrency market, including fears that it’s rife low-liquidity, the ETF hopefuls touted the fact that the value of Bitcoin is “tightly linked” on spot and futures markets, apparently evidence that cryptocurrency is a “well-functioning capital market.” VanEck representatives went on to draw attention to the “resilience of Bitcoin markets,” claiming that the fixed supply, distributed, and secure nature of Bitcoin would disallow manipulation. VanEck went on to laud CBOE’s trading system, which the ETF would be based upon, for its speed, security, and ability to stay compliant with financial law, something that the SEC is likely seeking. No comments from the SEC were issued on VanEck’s slide deck, but many investors are hopeful that the attendees of the forum were pleased with what was presented. Nasdaq, VanEck To Launch “Crypto 2.0” Futures, Aims For Q1 2019 Launch On Tuesday morning, the crypto industry at large was rattled, as insiders reportedly claimed that Nasdaq had plans to launch a Bitcoin futures contract. Although the rumor was somewhat cast aside, with some skeptics calling the news “baseless,” at Consensus: Invest, VanEck digital asset strategist Gabor Gurbacs did his best to clear the air. On-stage, in front of a crowd of hundreds, Gurbacs officially revealed that VanEck was, in fact, partnering with New York-based Nasdaq to “bring a regulated crypto 2.0 futures-type contract” to market. However, like the Bloomberg report that originally broke the news, Gurbacs seemingly didn’t follow up the comment regarding the proposed product’s exact details. So due to the apparent secrecy, many quickly resorted to speculation, with some questioning if Nasdaq’s instrument would make use of ‘physical’ Bitcoin in custody, unlike CBOE and CME’s futures, but like Bakkt’s vehicle slated to launch in late-January. Then again, it isn’t clear if Nasdaq has plans to implement such a complicated feature, but seeing that the exchange is relatively blockchain- and crypto-friendly, physical backing isn’t out of the realm of possibility. Bloomberg noted that Nasdaq is planning to launch the proposed instrument in Q1 2019, which lines up with the planned release of Bakkt, Fidelity Digital Asset Services, and ErisX. It is important to note that the launch day is dependent on a green light from the U.S. Commodities Futures Trading Commission. DJ Khaled, Floyd Mayweather Fined By SEC In ICO Case On Thursday morning, after a cloud of legal action loome

9 days ago

Bitcoin Trading Volume Exceeds $2 Trillion in 2018 Despite Year-Long Bear Market

With a few weeks still left in 2018, the total Bitcoin trading volume for the year has already crossed $2 trillion. Many countries have also seen record BTC trading volume at different points of the year with more everyday people seemingly adopting the popular cryptocurrency. Bitcoin Trading up 61 Percent Since 2017 This volume of trade is especially profound given the tirade of criticism from vocal naysayers who continue to engage in Bitcoin bashing. According to Satoshi Capital Research, the notional value of BTC traded so far in 2018 stands at $2.2 trillion. The figures posted so far represent a 61 percent increase from last years total volume of $870 billion. However, the growth recorded in 2017 - 96 percent still dwarfs that recorded in 2018 and will remain so unless a massive spike in BTC trading occurs between now and the end of the year. To put things in perspective, Mastercard recently published its Q3 2018 financials which showed a total transaction volume of $4.4 trillion for the year. The world’s second largest payment card company also settles about $12 billion worth of transactions per day. From these figures, Bitcoin 00 is already at half the transaction settling capacity of Mastercard despite losing close to 70 percent of its value during the year. BTC’s daily volume which is at $8 billion, isn’t a million miles away from Mastercard’s. Why do the Nocoiners Rage? Some might argue that the analysis above is akin to comparing apples and oranges. This is because Mastercard’s figures only cover payments made to retail merchants on both online and offline platforms. The figures for Bitcoin come from merchants, futures trading, exchanges, and even international payments. However, the fact that a cryptocurrency with a sub-$100 billion market cap is posting figures in the same ballpark as Mastercard is a glowing endorsement of BTC’s uptake. This assertion is especially true given the negative rhetoric espoused by critics such as Paul Donovan of UBS who recently said that the world’s most popular cryptocurrency Bitcoin is on the verge of falling apart. Things may even get better for cryptocurrency trading as a whole. Earlier in the year, Bitcoinist reported that digital currency trading might grow by 50 percent in 2019 based on a study by Satis Group. Do you think the 2018 Bitcoin trading volume negates the “Bitcoin is dead” argument espoused by vocal nocoiners? Let us know your thoughts in the comment section below. Image courtesy of Twitter (@chartingbitcoin), Bitcoinist archives The post Bitcoin Trading Volume Exceeds $2 Trillion in 2018 Despite Year-Long Bear Market appeared first on Bitcoinist.com.

9 days ago

BTC China Co-founder, Bobby Lee Calls Crypto Revolution is Irreversible

In the latest tweet, the prominent blockchain leader, Bobby Lee calls cryptocurrency revolution is irreversible. With cryptomarket persistently sees bloodshot and other top performing cryptocurrencies are losing their position including Ethereuma and Bitcoin, Bobby Lee who is the co-founder of BTC China and the creator of other crypto projects thinks “slowly but surely, Bitcoin is losing its monopoly”. He addresses G20 summit leaders and took social media, tweeting; I wonder if @G20org World Leaders actually realize that they DO face a REAL Common Enemy now? With #Bitcoin soon turning 10, national gov’ts are SLOWLY but SURELY losing their #monopoly & ability to issue (#fiat) money. It’s slow at first but this #revolution is irreversible! At press time, Bitcoin looks green with 3.97%, valuing $4149 according to coinmarketcap. The other top cryptocurrencies follow green rally including XRP on second, backed by Ethereum, Stellar, Bitcoin Cash and EOS. Lee on Crypto Bulletins - Criticizing and Advising Lee appears on bulletin very often discussing the crypto market and future possibilities. In late November 2018, he discussed the price drop when bitcoin was about to hit $3000. He said that he would not surprise if “Bitcoin hits $3000”. Moreover yesterday, he talked about the state of buying and selling the bitcoin. He highlighted three advisers to buyers. When to BUY #Bitcoin?1) if you understand that it’s #revolutionary as new #SoundMoney2) if you dont own any / dont own enough3) then buy it NOW regardless of price When to SELL Bitcoin?1) if you’ve made 20x return or more2) then sell SOME to diversify, but NEVER sell it all — Bobby Lee (@bobbyclee) December 1, 2018 Also, the possible state to sell Bitcoin. He said; If you’ve made 20x return or more Then sell SOME to diversity, but NEVER sell it all Furthermore, during Blockshow Asia 2018 event held for two days on November 28 and November 29, Bobby Lee said that “users should hold their Bitcoins during this bear market”. He moreover said; “There will be a war on our freedom of money. Governments worldwide will do more and more to suppress Bitcoin”. Adding “Especially in this bear market I urge you, if you are a true believer, if you truly understand the essence of Bitcoin, the impact of Bitcoin, about the new form of ownership, about the control we’re taking back, about the freedom of money, you should hold or ‘hodl’ Bitcoin.” What’s your call on Bitcoin price? will it continue to get the red figure or will it show green signals for the coming year? The post BTC China Co-founder, Bobby Lee Calls Crypto Revolution is Irreversible appeared first on Coingape.

9 days ago

BTCChina Co-founder, Bobby Lee Calls Crypto Revolution is Irreversible

In the latest tweet, the prominent blockchain leader, Bobby Lee calls cryptocurrency revolution is irreversible. With cryptomarket persistently sees bloodshot and other top performing cryptocurrencies are losing their position including Ethereuma and Bitcoin, Bobby Lee who is the co-founder of BTTCChina and the creator of other crypto projects thinks “slowly but surely, Bitcoin is losing its monopoly”. He addresses G20 summit leaders and took social media, tweeting; I wonder if @G20org World Leaders actually realize that they DO face a REAL Common Enemy now? With #Bitcoin soon turning 10, national gov’ts are SLOWLY but SURELY losing their #monopoly & ability to issue (#fiat) money. It’s slow at first but this #revolution is irreversible! At press time, Bitcoin looks green with 3.97%, valuing $4149 according to coinmarketcap. The other top cryptocurrencies follow green rally including XRP on second, backed by Ethereum, Stellar, Bitcoin Cash and EOS. Lee on Crypto Bulletins - Criticizing and Advising Lee appears on bulletin very often discussing the crypto market and future possibilities. In late November 2018, he discussed the price drop when bitcoin was about to hit $3000. He said that he would not surprise if “Bitcoin hits $3000”. Moreover yesterday, he talked about the state of buying and selling the bitcoin. He highlighted three advisers to buyers. When to BUY #Bitcoin?1) if you understand that it’s #revolutionary as new #SoundMoney2) if you dont own any / dont own enough3) then buy it NOW regardless of price When to SELL Bitcoin?1) if you’ve made 20x return or more2) then sell SOME to diversify, but NEVER sell it all — Bobby Lee (@bobbyclee) December 1, 2018 Also, the possible state to sell Bitcoin. He said; If you’ve made 20x return or more Then sell SOME to diversity, but NEVER sell it all Furthermore, during Blockshow Asia 2018 event held for two days on November 28 and November 29, Bobby Lee said that “users should hold their Bitcoins during this bear market”. He moreover said; “There will be a war on our freedom of money. Governments worldwide will do more and more to suppress Bitcoin”. Adding “Especially in this bear market I urge you, if you are a true believer, if you truly understand the essence of Bitcoin, the impact of Bitcoin, about the new form of ownership, about the control we’re taking back, about the freedom of money, you should hold or ‘hodl’ Bitcoin.” What’s your call on Bitcoin price? will it continue to get the red figure or will it show green signals for the coming year? The post BTCChina Co-founder, Bobby Lee Calls Crypto Revolution is Irreversible appeared first on Coingape.

9 days ago

Tom Lee Sticks With His $15,000 Bitcoin Prediction For 2018

Early this year, Tom Lee, Managing Partners and Head of Research at Fundstrat Global Advisors predicted that Bitcoin would reach $25,000 by the end of 2018. However, as the bear market continued, he revised his prediction to $15,000 in November. With less than one month to go, Lee still stands by his prediction. Bitcoin (BTC) is priced at $4,119.51, gaining 0.37% in the last 24 hours. For Lee's prediction to come true, Bitcoin would have to go up by more than 250% in less than one month. (VS)

9 days ago

Why Use Blockchain Technology?

Why use blockchain technology? While there are certainly a lot of advantages to a distributed ledger, it may not be applicable to all companies or individuals-not yet, at least. The second question people usually ask when they hear about blockchain is-why use blockchain? Why use a distributed ledger? Why not use a regular database or legacy system as a system of record in this already digital world? After all, in many cases for business owners, updating existing infrastructure with blockchain technology may be costly, labor-intensive and not really worth it. In this article, we examine what a blockchain really is, what blockchain applications are, what they can do and-most importantly-why use blockchain? What Is Blockchain? A Distributed Ledger Just in case you need a little catch-up, people often talk about “blockchain” in the singular, as if it were only one. In reality, they should be talking about blockchain technology (also known as Distributed Ledger Technology or DLT) or blockchains in the plural, since there are many different ones, including public (permissionless) and private (permissioned) blockchains. Examples of public blockchains and distributed blockchain technology include the Bitcoin blockchain, the Ethereum blockchain, the NEO blockchain, and many others. Permissioned blockchains are adapted for corporate or organizational use, with one such example being IBM’s Hyperledger blockchain. But we’ll get into that in a moment. A blockchain (or distributed ledger) is essentially a massive, ever-growing ledger in which all blockchain transactions are recorded. Each block in the chain is chronologically connected to previous blocks and synched with the network nodes. This means that changing the data in one block would mean having to reverse all previous blocks before it, making it very hard to tamper with-very hard, although not entirely impossible. This is true of Ethereum, Bitcoin, and any other cryptocurrency that runs on blockchain technology using the proof-of-work consensus algorithm. To get a concise sense of the nature of blockchain and what blockchain offers, check out this explainer video below: How Blockchain Works The data sent to each block on the distributed ledger is based on encrypted Merkle Trees, which is a technical way of saying that no fraudulent transactions can be recorded. If any transaction that does not follow protocol rules is detected by the network nodes, it is expelled immediately. This inherently secure nature of distributed blockchain technology means that it prevents damage to the entire blockchain shared database and can cut off a hacking attempt at one block. The most well-known blockchain is that of the Bitcoin network where every transaction (that follows the protocol) is recorded and included in a block. Once a transaction is broadcasted to the network and confirmed by miners, the action cannot be reversed, nor can it be tampered with in any way. The same is true of Ethereum, which is responsible for smart contract technology. This open-source public ledger displays a history of all transactions and transaction data ever made. Most blockchains are sustained by miners. In the case of the Bitcoin blockchain, for example, it is the job of miners to confirm a Bitcoin transaction to the rest of the Bitcoin network by including them in blocks. Ethereum transactions on the Ethereum network work in the same way. These public blockchains are global and decentralized, visible to all. While many believe blockchains to be a system of record, they are not actually an effective means of storage, but verification. Simply put, blockchains ensure that everyone is on the same page and no single person can change the ledger for anyone else-if they did, the network would reject the attempt. This means that when one person sends bitcoin or ETH funds to another, the transaction data is public. That doesn’t mean that your name and private data is splashed all over the web, but the public address and amount can be seen. This is a key quality of blockchain technology that makes it so efficient when it comes to record verification and industries which require transparency. However, a decentralized public ledger where payment amounts are visible to all is not necessarily practical or useful in cases where privacy is necessary or desired. What Blockchain Can Do There has been a lot of marketing hype over what blockchain can do and what blockchain offers. To be sure, it is a life-changing technology that will bring great things over the years to come. But it’s also not a panacea for all the world’s ills. The very ability to transact peer-to-peer on the distributed ledger without a trusted middleman makes blockchain technology revolutionary. However, there have been plenty of fraudulent or over-exaggerated claims about what blockchain is for and what it can do. This is especially true through initial coin offerings where companies raise vast amounts of money often claiming to b

9 days ago

Why the Web Needs Token Based Economies

The cryptocurrency market is saturated with tokens. There are over 2,000 of them according to Coinmarketcap — but the true number far exceeds that. What are all of these tokens? What do they do? And more importantly — who *needs* them? While not every token that is created has a true *raison d’etre* (to steal a phrase from the French), a lot of them do and ATMOS, the token underpinning the Novusphere ecosystem, is one of them. What qualifies a token as being useful? Because a token’s use is, after all, what it takes for it to be considered a utility token. 1. A token must be an integral part of the ecosystem of which it is a part, i.e., the token is a necessary component of the network’s function. Think of ETH for Ethereum or the EOS token. 2. The ecosystem itself must be in and of itself useful. In the case of EOS, there are DApps being built every day that deliver real value to the emerging decentralized internet. Think of Everipedia or our software, Novusphere, for creating censorship resistant content-sharing platforms. If a token is baked into a network that meets the above criteria, then it can be said to be not only useful but also *necessary*. And here’s the kicker... We hear the question asked all of the time — why not just use USD? Why not just use such-and-such system that’s already in place and widely accepted, like Facebook, to achieve this or that end? The answer to that is simple: existing systems are centralized and benefit a small cadre of people with their hands very deep in the pocket. At any moment that very cadre can pull the plug on the system, change its rules, or reorganize it so that it further benefits them and their people — what we’d call cronyism. Token-based economies enable us to share and gather resources without having to appeal to higher authorities or regulatory bodies that control the keys to the kingdom. Instead, when we invest in our own systems and keep them running by virtue of active participation and maintaining a stake in them, we grow them stronger and take power away from the 1%. Believing and participating in token-based economies *is* a political gesture, and it is the defining hallmark of the Web3, aka the decentralized internet. To give you a concrete example of this, take our ATMOS token. When developers choose Novusphere software to build out unstoppable, censorship-resistant media sharing platforms, those very platforms will depend on ATMOS as an incentive for peers to work together. If I need a specific type of content created and shared on the platform, I can create a bounty outlining the conditions and the amount in ATMOS that I’m willing to pay to get the job done. As a bounty hunter, you’ll decide whether you’re fit for the job and if so, you’ll get it done and post the content. I’ll review it and, if all is well, the ATMOS in escrow for the bounty is released to you. That’s just one small example of the benefits of a circular economy based on cryptocurrency tokens, but it’s ramifications are powerful and the iterations endless. The post Why the Web Needs Token Based Economies appeared first on Crypto Core Media.

10 days ago

Satoshi Nakamoto comes alive with first post in 4 years - big news coming?

Satoshi Nakamoto lives! After four years of inactivity the account at P2P Foundation of the person or persons who invented bitcoin has posted and it has got the crypto community buzzing with excitement. If the account is genuinely controlled by Satoshi Nakamoto then what should we make of his solitary post and the befriending of a Brazilian of Japanese descent, Wagner Tamanaha? Crypto sleuths who have followed the twists and turns of the modern-day folklore that surrounds the true identity of Nakamoto, have gone into overdrive. What is the meaning of the post of the word “nour” on 29 November? Who is Tamanaha and why was he friended? Newsweek didn’t do much to enhance its journalistic reputation when it claimed to have found Nakamoto back in 2014 after tracking down someone with a similar name living in California. Suffice to say they were barking up the wrong tree. The story was referred to by Satoshi at the time and was the last post to P2P Foundation before the latest activity began. But is it really Satoshi? But before everyone gets too excited at the prospect of the big reveal, many have questioned the significance of the new activity, suspecting that the account is no longer under Nakamoto’s control. The email used by Satoshi Nakamoto to sign up to P2P Foundation - satoshin@gmx.com -was apparently “hacked” or at any rate the ownership of the gmx domain was allowed to lapse. It may well have passed to an entity known to Nakamoto. According to the Urban Dictionary nour is defined as: The most loving, affectionate and caring person you’ll ever meet. Extremely smart, funny and sensitive. A bit lost, still figuring out what she wants in life and how to reach it. Stubborn and not willing to take other peoples advice. when she smiles she makes you forget all the problems you have, her hug will give you an assurance that you have never felt and will never do. ... which seems to mean lots of different things, so that’s not a very convincing interpretation of the usage. Another theory is that it is a transliteration of the Arabic word into Latin alphabet “nour”, in which case its meaning is “light”. That got some people thinking it was a reference to the Lightning Network side-chain technology currently being used to scale transactions on the bitcoin network. Not wanting to miss out, several hours after the “nour” post, Craig Wright, a leading light behind Bitcoin SV and who claims to be Satoshi Nakamoto, tweeted. نور العالم في التجارة pic.twitter.com/hG8SoKe9i6 — Dr Craig S Wright (@ProfFaustus) November 30, 2018 نور العالم في التجارة means “The light of the world in trade”, according to Google Translates. Now if he had tweeted that before and not after the post at P2P Foundation, then it might have had more import, but instead it just seems to be Wright trolling the trolls he attracts under his particular bridge. He also tweeted in Chinese, presumably to cover all the bases: 光线追逐黑暗. In English that means “Light chasing darkness”. None of that adds any light to the matter at hand, so to speak. Besides, Wright was busy at the CoinGeek conference launching his on-chain scaling plans for Bitcoin SV, although that does not preclude him indulging in a bit of mischief making. Other stabs at what it all means include a reference to Litecoin, which could certainly do with some help at the moment. Single version of the truth Chances are that the single version of the truth resides with Wagner Tamanaha. His social media profiles have been trawled through for clues. On 29 November 2016 he wrote on his blogspot: The first time I heard about blockchain and Bitcoin, I understood almost nothing, it was 2011 and it was just nerds, but I downloaded software and thought I was already mining, participating in a decentralized processing chain worldwide and helping the movement in SETI @ home style (Search for Extraterrestrial Intelligence, late 90’s internet fever). I did this and forgot. He also references Dan Tapscott’s Blockchain Revolution, considered the sector’s seminal work. Tamanaha’s P2P Foundation profile does not mention any coding skills, although he is active on Steemit. His “about me” states: I’m a brazilian with japanese ancestry, working with advertising in social media and a blockchain and cryptocurrency enthusiast. I’m also a member of Faircoop São Paulo local node, author of a personal blog and Blockchain Cat comics on Steemit and recently added in Satoshi Nakamoto’s friends list here. He lists his social assets as follows: Website: http://steemit.com/@wagnertamanaha Facebook: http://www.facebook.com/wagnertamanaha Other: http://www.twitter.com/wtamanaha Other: http://steemit.com/@blockchaincat For now then we probably need to wait for another post from “Satoshi” and perhaps further communication from Tamanaha. Before the “nour” post the first thing the woke Satoshi account did was to make friends with Tamanaha. Tamanaha tweeted on the 30 November, in Portugese, “It looks like Satoshi has reappeare

10 days ago

Tron (TRX) Could Adopt zk-SNARKS To Enhance Privacy by Q1 2019

The Tron (TRX) cryptocurrency could soon join the list of privacy coins such as ZCash (ZEC), Monero (XMR) and Verge (XVG). This is according to the project’s CEO and Founder Justin Sun. Justin made the statements about privacy on the Tron network during an interview with the team at the Bad Crypto Podcast. (A recording of the interview is available online for further reference.) In the interview - and around the 22 minute mark - Justin is asked by Bad Crypto’s Rachel Wolfson, about the concerns of privacy on the Tron blockchain since everything is evidently transparent. Justin Sun responded to the question as follows: First of all, I think that transparency [on the Tron blockchain] is very important...and also the governance. That is how people have trust in this network. I think privacy is also important for the network. So that’s why I think in next year, Q1, we will adopt the zk-SNARKs into our network. So zero-knowledge proof into our network... This is how we can improve the privacy of the whole network. So in the future, if you want to have these private transactions and a private address, we can also make sure...if you use the address...that nobody can see you...the transaction can be untraceable. We provide a different solution, and depending on your preference, you can choose a different one. This Would Be a Game Changer For TRON The Tron community has already seen how significant the implementation of zk-SNARKS would be on the Tron network as can be seen in the following tweet by @TronColony. #Tron will adopt zk-SNARKs (zero-knowledge proof) in Q1. What is zk-SNARKS? It allows people to prove possession without revealing the information. This will give $TRX hodlers the option to use private addresses and make transactions untraceable. Gamechanger #TRX — TRX Colony (@TronColony) November 30, 2018 What is zk-SNARKS? The ZCash cryptocurrency is the first widespread application of zk-SNARKS: a form of zero-knowledge cryptography. The technology allows for shielded transactions to be fully encrypted on the blockchain yet still be verified as valid through consensus rules by using zk-SNARKS proofs. The team at ZCash further explains the protocol as follows: zk-SNARK stands for “Zero-Knowledge Succinct Non-Interactive Argument of Knowledge,” and refers to a proof construction where one can prove possession of certain information, e.g. a secret key, without revealing that information, and without any interaction between the prover and verifier. “Zero-knowledge” proofs allow one party (the prover) to prove to another (the verifier) that a statement is true, without revealing any information beyond the validity of the statement itself. For example, given the hash of a random number, the prover could convince the verifier that there indeed exists a number with this hash value, without revealing what it is. What are your thoughts on the possibility of Tron (TRX) implementing the privacy protocol on its network? Please let us know in the comment section below. [Image courtesy of ItsGoingDown.org] Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you. The post Tron (TRX) Could Adopt zk-SNARKS To Enhance Privacy by Q1 2019 appeared first on Ethereum World News.

10 days ago

Amid Crackdown, SEC Chairman Emphasizes Compliance Requirements

Jay Clayton, the chairman of the U.S. Securities and Exchange Commission (SEC), recently discussed the current regulatory climate surrounding initial coin offerings (ICOs). Clayton emphasized that all ICOs must register with the SEC to ensure compliance with U.S. law. Also Read: Estonia to Tighten Rules for Licensed Crypto Companies Requirements for Regulatory Compliance The SEC chairman reiterated that the SEC does not see bitcoin as a security. However, it does view the tokens that are offered in many ICOs as securities. “If you’re going to offer and sell securities, you have to do that in compliance with our laws,” Clayton said. Recent regulatory moves by the SEC against ICOs “further emphasize that our securities laws do apply to the ICO space,” he added. “If people are going to raise money using initial coin offerings, they either have to do so in a private placement, or they have to register with the SEC ... when you register with the SEC, you’ve got to provide financial statements and disclosure along the lines that we would expect.” When asked if all ICOs are noncompliant, Clayton responded by simply noting that he hasn’t seen any ICOs register with the SEC. He acknowledged that ICOs “conducted off-shore” or those that are “pursuant to a private placement exemption” could fall outside of the SEC’s regulatory purview. However, he added that “to the extent that you’ve conducted a public offering in an ICO, it’s noncompliant.” No Comment on Timing of ETF When asked about the proposed Vaneck bitcoin exchange-traded fund (ETF), Clayton declined to “comment on timing.” However, he asserted that the SEC has been clear about several matters of regulatory concern. Among the issues it has identified are “whether there is reliable price information on trading markets.” The SEC has also looked at concerns about custody, particularly “whether people who hold those assets can count on those assets to be there in the same way you can with other assets that underlie an ETF.” In a recent appearance on the “What Bitcoin Did” podcast, SEC Commissioner Hester Peirce discussed the SEC’s decision to reject nine proposed bitcoin ETFs earlier this year. She stated that the the commission has a tendency to “sometimes look at crypto and ... say, ‘well it is very different from any other asset class’.” However, she added that while the notion is “to some degree true ... there are similarities with other asset classes if you look at something like gold.” Do you think that ICOs will begin to register with the SEC as cryptocurrency becomes more mainstream? Share your thoughts in the comments section below. Images courtesy of Shutterstock At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more. The post Amid Crackdown, SEC Chairman Emphasizes Compliance Requirements appeared first on Bitcoin News.

10 days ago

3 Short-term Bitcoin Price Predictions - 2018 Week 48 Edition

No one can deny the future Bitcoin price will help determine how other currencies and assets evolve. As such, there are numerous Bitcoin price prediction charts to look at. Whether or not any of them will come true, is a different matter altogether. So far, it seems there is a lot of positivity, even though Bitcoin hasn’t sustained a bull run for more than a few days at a time all year long. A Double Bottom With a Twist var tradingview_embed_options = {}; tradingview_embed_options.width = '720'; tradingview_embed_options.height = '480'; tradingview_embed_options.chart = 'ssYJ85pW'; new TradingView.chart(tradingview_embed_options); Bitcoin Double Bottom Target in Reach But Failing? by botje11 on TradingView.com The Bitcoin price chart outlined by Botje11 paints a rather interesting picture at this time. It would appear as if the world’s leading cryptocurrency has successfully formed a double bottom in recent weeks, which is usually a signal for future bullish momentum. Sadly, it seems BTC isn’t successful in sustaining a bull run right now, which is why the negative momentum continues to pile up as time progresses. Botje11 Confirms as much, as it seems Bitcoin fails to hit its price target of $4,300. If the value were to break the $4,300 level again, there is a good chance the price will continue to move up for a little while. Unfortunately, a drop below $4,200 isn’t all that positive, as the price can drop below $4,000 again and stay there. As such, all bets are seemingly off when it comes to Bitcoin, which is not necessarily a positive outlook by any means. Invert H&S For Bullish Momentum var tradingview_embed_options = {}; tradingview_embed_options.width = '720'; tradingview_embed_options.height = '480'; tradingview_embed_options.chart = '4S6bKSYJ'; new TradingView.chart(tradingview_embed_options); Inverted Head And Shoulders Building in Bitcoin (BTC) by MagicPoopCannon on TradingView.com Depending on how one wants to look at the Bitcoin charts, different patterns can be identified when relying on technical analysis. In the chart outlined by MagicPoopCannon, it would appear there is an inverted head and shoulder patterns. As such, one has to wonder if the Bitcoin value will break out or continue its slow but steady decline. Two possible scenarios have been identified by this trader. A break above $4,360 would certainly be a positive sign, as it can lead to a push all the way to $5,000 over the weekend. Failure to do so negates the inverse head and shoulders trend altogether, and it is impossible to determine what will happen after that. So far, it seems will head in this direction, although the day is still young. Finding the Bottom Before the Bounce var tradingview_embed_options = {}; tradingview_embed_options.width = '720'; tradingview_embed_options.height = '480'; tradingview_embed_options.chart = 'hujODkUX'; new TradingView.chart(tradingview_embed_options); Bitcoin: Temporary or permanent bottom? by InvestingScope on TradingView.com Buying Bitcoin throughout 2018 has often been identified as trying to catch a proverbial falling knife. It is evident there is no official bottom in sight for Bitcoin, even though InvestingScope hopes the lowest value has almost been reached. A lot of BTC has been dumped on the open market in recent weeks, which has negated some of the earlier price predictions in rather quick succession. This chart seems to indicate the Bitcoin bottom may be not below the $3,000 threshold after all. Instead, it has now been ‘upgraded” to $3,474, a value which hasn’t been reached for some time now. Even so, there is still a good chance the final big dump of the year has yet to come, and this momentum above $4,000 is just a temporary reprieve. The year 2018 is almost coming to an end, but it will not necessarily be on a high note. Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency. The post 3 Short-term Bitcoin Price Predictions - 2018 Week 48 Edition appeared first on NullTX.

10 days ago

Amid Crackdown, SEC Chairman Emphasizes Compliance Requirements for ICOs

Jay Clayton, the chairman of the U.S. Securities and Exchange Commission (SEC), recently discussed the current regulatory climate surrounding initial coin offerings (ICOs). Clayton emphasized that all ICOs must register with the SEC to ensure compliance with U.S. law. Also Read: Estonia to Tighten Rules for Licensed Crypto Companies Requirements for Regulatory Compliance The SEC chairman reiterated that the SEC does not see bitcoin as a security. However, it does view the tokens that are offered in many ICOs as securities. “If you’re going to offer and sell securities, you have to do that in compliance with our laws,” Clayton said. Recent regulatory moves by the SEC against ICOs “further emphasize that our securities laws do apply to the ICO space,” he added. “If people are going to raise money using initial coin offerings, they either have to do so in a private placement, or they have to register with the SEC ... when you register with the SEC, you’ve got to provide financial statements and disclosure along the lines that we would expect.” When asked if all ICOs are noncompliant, Clayton responded by simply noting that he hasn’t seen any ICOs register with the SEC. He acknowledged that ICOs “conducted off-shore” or those that are “pursuant to a private placement exemption” could fall outside of the SEC’s regulatory purview. However, he added that “to the extent that you’ve conducted a public offering in an ICO, it’s noncompliant.” No Comment on Timing of ETF When asked about the proposed Vaneck bitcoin exchange-traded fund (ETF), Clayton declined to “comment on timing.” However, he asserted that the SEC has been clear about several matters of regulatory concern. Among the issues it has identified are “whether there is reliable price information on trading markets.” The SEC has also looked at concerns about custody, particularly “whether people who hold those assets can count on those assets to be there in the same way you can with other assets that underlie an ETF.” In a recent appearance on the “What Bitcoin Did” podcast, SEC Commissioner Hester Peirce discussed the SEC’s decision to reject nine proposed bitcoin ETFs earlier this year. She stated that the the commission has a tendency to “sometimes look at crypto and ... say, ‘well it is very different from any other asset class’.” However, she added that while the notion is “to some degree true ... there are similarities with other asset classes if you look at something like gold.” Do you think that ICOs will begin to register with the SEC as cryptocurrency becomes more mainstream? Share your thoughts in the comments section below. Images courtesy of Shutterstock At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more. The post Amid Crackdown, SEC Chairman Emphasizes Compliance Requirements for ICOs appeared first on Bitcoin News.

10 days ago

nChain Chief Scientist Dr. Craig Wright New Bitcoin Project – the Metanet

Earlier this week, Dr. Craig Wright promised he would be making a big announcement that would change the Internet. True to his word, Dr. Craig released a new Bitcoin project called the Metanet. According to Dr. Craig, the Metanet will see “the internet become a sidechain”. The nChain Chief Scientist said that Metanet is a central and global network where there is only one internet – one Metanet to be specific. Dr. Craig unveiled the project during on Day 3 of the CoinGeek Week Conference held in London. (VK)

10 days ago

Freewallet Lists TUSD, DGD, PAX, EURS, and USDC

Today, Freewallet has announced that it is listing new stablecoins to join them with USDT and DAI on its Multiwallet. These are DigixDAO (DGD), True USD (TUSD), STATIS EURS (EURS), Paxos (PAX), and USD Coin (USDC). This listing comes at a time that the volatility in the crypto market has driven investors to minimal risk investment options. Freewallet offers fee-free and instant transactions within its ecosystem. This move would facilitate the exchange of Freewallet’s dedicated 25 cryptocurrencies with the added stablecoins. (KE)

10 days ago

German Financial Regulator Warns Public About an Unauthorized Crypto Fund

On November 29, the German Federal Financial Supervisory Authority (BaFin) warned that a firm dubbed Platin Genesis DCC is operating illegally. In the warning, BaFin states the firm was promoting a ‘platinum crypto coin fund’ on social media claiming that BaFin had approved and released it. The watchdog goes on to clarify that the statement is not true and that the firm does not have permission to offer banking services or financial services. According to data from CoinMarketCap, Platin Genesis’ token dubbed Platincoin is trading at $4.48, down 1.11% today. (KE)

10 days ago

VanEck, Cboe and SolidX Meet With SEC to Discuss a Bitcoin ETF

Having met the U.S. Securities and Exchange Commission (SEC) in August 2018, officials of VanEck, SolidX and Cboe BZX Exchange have met with the Commission again, in the latest attempt to convince the regulator to approve the nation's first bitcoin exchange-traded fund (ETF), according to an official presentation submitted to the SEC.The firms gave the pitch to the SEC's Division of Corporation Finance, Division of Trading and Markets, and Office of General Counsel.The presentation given to staffers of the agency was focused on comparing the cryptocurrency market to other markets that already have exchange-traded funds, including silver and gold markets. The promoters of the VanEck/SolidX ETF hammered on its long-held view — that the bitcoin market is ready for an ETF.Using the vector error-correction (VEC) model to compare pricing data between exchanges over an extended period of time, the proponents argued that bitcoin’s price between the futures market and the spot market are connected. They then compared these price correlations to the markets for commodities like gold and silver, which also function as money substitutes to indicate that bitcoin features a "well-functioning capital market.""The empirical evidence indicates that the spot and futures prices are cointegrated. This indicates that the spot and futures prices are tightly linked."On the issue of market manipulation, one issue that the SEC has continued to point to in a number of ETF rejections this year, the firms argue that the market is more resilient than the regulators give it credit for. "Several properties of bitcoin and the underlying ecosystem make it less susceptible to manipulation than other commodities that underlie already approved ETPs."For most commodities, insiders might trade on information related to production or the "discovery of new sources of supply" of the product which could impact its price. With bitcoin, this is impossible as the inflation rate is fixed and transparent.For this to be remotely possible, the "manipulation of the price of bitcoin on any single venue would require manipulation of the global bitcoin price to be effective."Arbitrageurs would need to have funds distributed on crypto exchanges to have any chance of profiting from "temporary price dislocations." This year, the SEC has rejected most of the ETF proposals that crossed its desk. While some were rejected outright, nine others are being reviewed by the Commission. The VanEck/SolidX proposal is the last horse in the race with many believing it’s a matter of “when” not “if” it would be approved.“We’ll continue to engage and fight this fight to do our part as an asset manager to help the digital asset space mature. So it may not be a short fight — I don’t know,” Gabor Gurbacs, director of Digital Asset Strategy at VanEck/MVIS, said in an earlier interview with Bitcoin Magazine. “But we have done this with gold in the ’60s, and hopefully now, we’re building the right basis that will stay true to bitcoin as well as integrate it into the U.S. capital markets.”Reggie Browne, senior managing director of the ETF group at Cantor Fitzgerald, said a bitcoin exchange-traded fund would be approved "no time soon," adding: "It's very difficult for the [Securities and Exchange Commission (SEC)] to wrap their heads around a positive approval because there's no data yet ... the markets just aren't here." This article originally appeared on Bitcoin Magazine.

10 days ago

Satoshi Reappearance: Startling Candidate Revealed

The Second Coming of Satoshi Nakamoto has finally occurred, and the result is.... unexpected. In a twist worthy of Douglas Adams, the creator of Bitcoin logged into to an obscure web forum to leave a cryptic, one-word epistle: “Nour” The four-letter message was posted to a forum belonging to “the Foundation for Peer-to-Peer Alternatives,” a nonprofit organization devoted to researching and promoting P2P dynamics. Daily activity on the forum is about as busy as Satoshi’s public life; the most recent user activity prior to his reappearance was logged several weeks prior. The P2P Foundation is not exactly a hub of activity. Several long-term hodlers pointed out that the poster was unlikely to be the “real” Satoshi Nakamoto, whose email provider was hacked in 2014. But those Grinches didn’t stop the internet from donning its tinfoil hat to decipher the secret message. Some noticed that it’s kind of like “Noor,” which is Arabic for “light” and true believers in Litecoin forums wondered if perhaps the Creator had forgiven Charlie Lee. Others wondered if Satoshi might be plugging the Lightning Network, the elaborate scaling solution built on the software designs of Rube Goldberg. It’s also possible that Satoshi is offering a clue to his shocking true identity: in which case, Nouriel Roubini - ‘Dr Doom’ - has been engaged in a double-bluff so cunning, you could brush your teeth with it. The reclusive Bitcoin creator also took the time to make a friend: a heretofore unknown Brazilian marketing specialist by the name of Wagner Tamanaha. Had the Messiah named a successor? Your guess is as good as ours, but Trustnodes gave Tamanaha a thorough report, combing through his LinkedIn and Social Media postings to glean what they could of the new Apostle. What Would Satoshi Say? These speculations aren’t meant to be serious. But there’s nothing funny about the cultish stature of Bitcoin’s founder, even among cryptocurrency communities with which he had no affiliation. For the second time in recent history, Bitcoin has been threatened with a split could reverse several years of progress. This time, the crux of the argument wasn’t about which protocol would be better for adoption or more suited to adapt, but about which one had the better claim to “Satoshi’s Vision.” And every few days, Satoshi’s threads on BitcoinTalk are regularly trotted out as evidence against one heretic or another. It’s impossible to tell what Satoshi thinks, but perhaps “Nour” is an elaborate way of saying “stop looking for guidance from long-dead accounts, because there’s nothing peer-to-peer about waiting for someone to tell you what to do.” Or maybe “Nour” is his way of saying, “you’d have a lot more consumer adoption if you spent more time worrying about usability instead of what an internet stranger would think.” Satoshi’s not here for leave messages anymore, and that’s probably a good thing. But if he were around, I like to imagine his tweets would read more like this: “Fuck off, Craig.” The author is invested in Bitcoin and other digital currencies. Image: Kjetil Ree [CC BY-SA 3.0], from Wikimedia Commons The post Satoshi Reappearance: Startling Candidate Revealed appeared first on Crypto Briefing.

10 days ago

Crypto Exchange Huobi Adds the XRP/HUSD Trading Pair, Spotlighting Its New Stablecoin Offering

Singapore-based crypto exchange Huobi has added the XRP/HUSD trading pair, starting today. HUSD is the new solution for stablecoins on Huobi exchange that supports four cryptocurrencies including Paxos Standard(PAX), True USD (TUSD),USD Coin (USDC) and Gemini Dollar (GUSD). Separately, crypto rating agency Weiss Ratings weighed in on Ripple and XRP today, saying Ripple has launched version 4.0 of its xRapid product and adding: “[We’re] hopeful that banks will use XRP to transfer value, and not just to communicate.” (GT)

10 days ago

Blockstream launches Simplicity - a more expressive smart contracts language

When we think of smart contracts, we usually associate them with the two major programming languages: Bitcoin’s Script and Ethereum’s Solidity. Other examples include Cardano’s Marlowe and Plutus, Tezos’ Liquidity, and plenty of other developments that serve different purposes. However, the biggest issue with these languages is that the parties which sign a smart contract must be able to comprehend and analyze all the possible outcomes that may result from the code. Furthermore, a deployed smart contract cannot be modified, so the act of signing one requires intensive deliberation and an absolute agreement between the parties. This is where Blockstream’s Dr. Russel O’Connor steps in and proposes a blockchain programming language whose functions and semantics fit on a t-shirt. The first presentation of Simplicity has been made on October 30th 2017 in anticipation for PLAS 2017 (Programming Languages and Analysis for Security), and the proposed 34-page paper cites the works of industry heavyweights such as Satoshi Nakamoto, Adam Back, Peter Todd, Vitalik Buterin, Greg Maxwell, and C.P. Schnorr (among many others). While the t-shirt may look gimmicky, it’s a great way of showcasing the functions and syntax of Simplicity. Image Credit: Blockstream The last time we heard of Simplicity was during Dr. Connor’s presentation from BPASE 2018 back in February. But this fall, Blockstream appears to be the most consistent company to release new products and services: after launching the Liquid federated sidechain and the privacy-oriented block explorer, now they have enriched their ecosystem with the addition of the source code for Simplicity. According to the latest blog post on the matter, this release includes “Denotational semantics of the core Simplicity language and its extensions formally specified in Coq, operational semantics of the core Simplicity language formally specified in Coq, an interpreter, type-checker, and serialization of the Simplicity language written in Haskell, Example Simplicity expressions, including cryptographic operations such as SHA-256 and EC-Schnorr signature verification, and a technical report detailing the Simplicity language.” Why would anyone use Simplicity? The first arguments presented by the Blockstream team involve the issues and limitations of the other programming languages: Ethereum’s EVM has recently had a failed upgrade where the implementations did not agree on the computation results, and there are instances where funds were stolen and became unrecoverable due to security breaches. Conversely, Bitcoin’s script relies on three criteria (digital signature checks, timelocks, and hashlocks) and therefore has limited expressivity. In order to overcome these shortcomings, Blockstream’s Simplicity offers a simpler syntax and semantics that are more akin to Java and Python, formal proofs of correctness to allow smart contract parties to edit certain provisions that they agree on, and a code compiler which functions without the need of Turing completeness. In other words, programming smart contracts will become a lot easier for coders who are used to basic languages, parties which find loopholes in their smart contracts can mutually come to terms to make modifications, and even more high-level languages can be compiled to Simplicity. This launch is special because the development has been moved into the open to allow other experts in the field to peer review the code and make suggestions to its improvement. In this regard, a dedicated GitHub for Simplicity has been created and the interested parties can join a mailing list. Pros and cons of Blockstream’s Simplicity Clearly, Simplicity is a useful project which brings smart contracts closer to mass adoption. It simplifies the programming language while allowing more expressivity than Bitcoin’s Script, it brings inter-operability with other languages by attempting to be a universal compiler, it allows for smart contracts to be amended in a secure way, and it’s integrated with Blockstream’s Elements platform which also opens up opportunities to develop for the Liquid Network. The research paper looks impressive and references the works of some of the biggest heavyweights of cryptography and blockchain development, and the fact that the code was released in the open is a sign that the protocol while a mailing list gets built follows the cypherpunk ethos which is paramount in this field. On the other hand, there are two types of criticism that can arise from this early phase of the project. First of all, it’s going to be interesting to see how the implementation of formal proofs of correctness actually works. Removing the immutability of smart contracts and allowing parties to make edits via consensus is a concept that is more akin to the amendments we make to real-life contracts. It’s like inserting a dollar bill into the coffee machine thinking that it’s going to cost two dollars, the coffee company wants to double the price due to

11 days ago

What Is Cryptocurrency? “Jeopardy!” Features Entire Category on Crypto

Is cryptocurrency becoming more mainstream? It could be if one of America’s most prominent game shows features an entire category devoted to it.The November 29, 2018, episode of “Jeopardy!” — which has been on the air since 1964 — offered five unique questions centered around cryptocurrencies and their technology to test out its contestants’ knowledge on the subject: The results reveal that they did indeed know their fair share.The “cryptocurrencies” category occurred in the game’s first round, with answers worth $200, $400, $600, $800 and $1,000 depending on their order and level of difficulty. The category was also among the final two to be tackled by the players, suggesting they may have felt a little less confident heading into it. The first clue, selected by Phil Tompkins, a portable restroom service technician from Indiana, was a rather basic one: “An altcoin is any unit of cryptocurrency other than this original one.” Chris Williams, a consultant from New York, responded with the correct answer: “bitcoin.” The contestants then moved to an entirely new category before Adriana Ciccone, a data scientist from San Francisco, jumped back to “cryptocurrencies” with less than a minute to go in the round. In true cryptocurrency fashion, the stakes suddenly got higher when the selected clue turned out to be a “daily double” — meaning she was able to risk any or all of her accumulated winnings on the result of that one answer. Ciccone chose to risk $2,500 of her $5,200 pot, and the clue that followed read, “In 2018, this South American country launched the petro currency backed by oil reserves.” After just a moment’s thought, she responded with the correct answer of “What is Venezuela?” Two more of remaining clues — both which were answered successfully — also focused on tokens, including one about Kik’s “Kin” token and the ill-fated “Coinye” token. The $600 clue finally got technical: “Each transaction is a ‘block’ connected in these digital ledgers that enable cryptocurrencies to work.” (Okay.) Fortunately, Ciccone was able to respond with “What is a blockchain?” This isn’t the first time “Jeopardy!” has tested players’ knowledge of digital assets. Back in April 2018, the show featured a clue in which “What is bitcoin?” was the correct response. The clue read, “In December 2017, one unit of this cryptocurrency was 15 times more than an ounce of gold.” In early November 2018, “Jeopardy!” was renewed through 2023. This will bring its television run to nearly 60 years. The fact that such a long-running show would feature cryptocurrencies in such a prominent way, combined with the fact that the clues were all answered correctly by men and women from such different walks of life, suggests that digital assets are indeed venturing deeper into mainstream territory.Test your own Bitcoin knowledge in our quiz: Novice, Intermediate or Expert? A Quiz to Test Your Bitcoin Knowledge This article originally appeared on Bitcoin Magazine.

11 days ago

Okex to Listed ICO: Increase Trading Volume or Get Delisted

Several high profile tokens have taken a deep plunge in value during this year’s crypto bear market, causing investors to lose money and exposing many projects for their true value. During this time, many exchanges have taken it upon themselves to weed out the weakest tokens on their platform. As cited in a previous article, exchanges like OKEX, Poloniex and Kucoin have begun delisting tokens for a variety of reasons ranging from security issues to poor communication from the team. However, a recent tweet by Unikoin CEO Rahul Sood exposes another side of the token purge process that casts a negative light on the exchanges. https://twitter.com/rahulsood/status/1068253108416012290?s=19 Rahul expressed his disappointment in the fact that both OKEX and Kucoin were demanding that his team should increase the trading volume of their token “by any means necessary” or get delisted. Both exchanges were presumably noticed low trading volume from Unikoins token ‘UGK’, which may have been affecting their bottom line. The fact that they were willing to accept tokens increasing trading volume by any means necessary (which usually implies engaging in wash trading, where companies buy and sell their tokens repeatedly to increase trading volume) exposes how little these exchanges are concerned with being regulatory friendly or creating an honest and transparent trading environment for users. Rahul also tagged Silvio Schembri (Jr. Minister for Financial Services in the Office of the Prime Minister - Malta) and Joseph Muscat (Prime Minister of Malta), presumably because both Kucoin and OKEX have opened offices in Malta in the past few months. Rahul stated that Silvio and Joseph should be more selective when considering exchanges to welcome into their country. This act of wash trading or creating fake trading volume through any means is highly illegal and would instantly be penalized by the SEC if it were to occur in the stock market. For this reason, Rahul lamented about how incidents like are the primary reason why the SEC will not approve a Bitcoin ETF. Ultimately, the fact that this incident was exposed is positive because it at least shows that there are projects willing to remain honest and do the right thing even if it means possibly getting delisted from major exchanges like OKEX or Kucoin. Only time will tell if this incident has any effect on both exchanges, however, for now, it should make traders skeptical about the claims OKEX and Kucoin make that they are trying to “create a robust trading environment and offer the best trading experience to our users”. The post Okex to Listed ICO: Increase Trading Volume or Get Delisted appeared first on CryptoPotato.

11 days ago

XRP community cries foul over CoinMarketCap’s repeated “market manipulation”

CoinMarketCap [CMC] not considering the XRPs in the escrow is an escalating issue that’s being discussed widely. The cryptocurrency community is torn between people who believe that CMC is correct in not including the escrowed XRP, and people who believe otherwise. XRP overtaking Ethereum to become the second largest cryptocurrency was talked about in the cryptocurrency community for a long time as it was not just a momentary switch in the ranking. Ripple’s Chief Marketing strategist, Cory Johnson tweeted to an article of a popular news portal insinuating that the market cap was calculated incorrectly. The conflict of ideas arises due to the fact that CMC is considering only the circulating supply and price for calculating the market cap and not the ones held in escrow. A part of the community is considering CMC to be right because, for the calculation of market cap, CMC uses the price and circulating supply and does not consider the tokens/asset held in escrows. The other half of the community argue that with that definition the Bitcoin’s market cap has to be reduced as well because Craig Wright holds 1.1 million BTC in an escrow called “Tulip-Trust” which will be released in 2020. Yahoo finance website is in agreement with the latter half of the community and considers the escrowed XRPs as well. As per CMC the market cap of XRP at the time of writing was $14.57 billion and that reported by the Yahoo Finance the market cap is $36.17 billion while the price of XRP remaining at $0.3616. Prominent members in the XRP community like Tiffany Hayden and Dr. T are against CMC’s version of market cap for XRP. A Twitter user LaHoyaJolla commented: “1/2 You keep saying this, but it your methodology is wrong and should be altered to: A) better represent all projects B) adhere to already standardized methods of determining market capitalization rather than arbitrarily creating a methodology that falls outside of the norm 2/2 BTC’s supply currently includes all unrecoverable BTC and large holders’ balances. What does it feel like constantly losing these ideological battles? I hope it’s more exhausting than it is constantly fighting them.” Furthermore, some community members even pointed out how CMC excluded the data from the Korean exchanges for market cap calculations on January 8, 2018 without any prior intimation. CMC, at one point partially agreed with the community and asked a Ripple official to submit a request to update the market cap. David Schwartz, CTO of Ripple commented on the matter: “I don’t really have strong feelings either way. It is hard to figure out how to be fair in all these different cases. But it is weird that XRP winds up getting penalized in many ways for its transparency with people assuming the best imaginable about what they do not know.” A user, David Corner tweeted: “Jon Redz: Cory johnson would disagree with you. In fact Maybe the SEC should look at CoinMarketCap for manipulation of the market as they clearly have a bias towards, anyway no longer using coinmarket cap as it does not give you the true facts” The post XRP community cries foul over CoinMarketCap’s repeated “market manipulation” appeared first on AMBCrypto.

11 days ago

Message From Above? Satoshi’s P2P Profile Posted One Word

TL;DR Satoshi Nakamoto’s P2P profile has just had sent an update on his P2P, consists only of the word “nour”, quotation marks included. Many are now questioning whether this is the real Nakamoto, as his profile suspected of being compromised four years ago. Satoshi Nakamoto, a person or a group that is responsible for the creation of Bitcoin around ten years ago, has always been a mysterious figure. Nobody knows who this person or entity is, and even whether it is a person or an entire team of developers. The mystery deepened when Nakamoto disappeared in December 2010, almost two years after Bitcoin’s whitepaper was released. Nakamoto has only had one short return when he appeared in a chatroom in 2014, but this was just to deny specific claims that his identity being discovered. Recently, Satoshi’s profile has allegedly made another comeback by simply updating his P2P, consisting of a single word — “nour” — quotation marks included. “nour”. Satoshi’s P2P Profile Was it the real Satoshi? While there is, of course, the option that this is a hacker that has compromised Nakamoto’s profile, there is also a possibility that this is, in fact, real Satoshi. If so, the possibility launched an entire series of questions, such as why make a return? Why now? Why on the previously hacked platform? Does this have anything to do with a recent BCH situation or the market crash? Almost immediately after the update was made, numerous parties attempted to establish contact with the P2P profile via his e-mail address. However, such attempts failed because the address is inactive. This might mean that there is a new e-mail account associated with Satoshi’s P2P profile. If true, that would make it even more difficult to determine whether or not this is the real person. It would also increase the odds of this Nakamoto being a fake, as it might very well be an alleged hacker from 2014. And, of course, maybe it is something else entirely. All that the community now has is one word placed within quotation marks, a lot of questions, and an unlimited amount of ideas and speculations regarding what this move might mean, and who made it in the first place. No matter whether this is the real Nakamoto or a hacker posing as him, the fact remains that the entire crypto community got excited after this mysterious update was made. All eyes in the digital currency space will be paying close attention to Satoshi Nakamoto P2P profile for a while now, awaiting new updates, potential announcements, and maybe even a few answers. The post Message From Above? Satoshi’s P2P Profile Posted One Word appeared first on CryptoPotato.

11 days ago

UBS Economist Bashes Bitcoin, Arguments Based on Lacking Information

Another day, another CNBC Fast Money crypto- and Bitcoin-related segment. Following a three-day streak of bullish-on-Bitcoin guests, CNBC’s somewhat notorious Fast Money panel turned the tables, calling upon an impassioned cryptocurrency critic to make an appearance. However, as is normally the case, this skeptic’s arguments fell short and failed to dent the price of Bitcoin, even in the slightest. UBS says it's time to bury bitcoin. The man behind the bold call UBS' Paul Donovan makes his case. #bitcoin $BTC pic.twitter.com/8eX8E4fK1A — CNBC's Fast Money (@CNBCFastMoney) November 29, 2018 UBS’ Bitcoin Basher Takes To CNBC Fast Money On Wednesday, to the dismay of crypto’s advocates worldwide, Paul Donovan, the global chief economist at UBS, released an anti-crypto note, endowed with the hair-raising title, “I come to bury Bitcoin, not to praise it.” Although Donovan was quickly put on the back foot by crypto’s zealous knights, the UBS executive took to Fast Money to double-down on his scathing comments. CNBC anchor Mellisa Lee first asked the apparent cynic if the timing of the note’s release was opportunistic, meant to capitalize on crypto’s recent collapse to finally “bury Bitcoin.” Responding to this inquiry with unbridled assurance, Donovan, the author of the now-infamous piece, exclaimed that “anybody with a higher school education in economics would be a Bitcoin skeptic from the [get-go],” essentially echoing near-identical claims made by Nouriel “Dr. Doom” Roubini. Trying to referencing his credentials and multiple decades of experience inside the economic realm, Donovan touched on the controversial sentiment that cryptocurrencies aren’t currencies, nor will they be at “any point in the future.” The representative of UBS, a multinational investment and financial services giant, then touted his cynicism further, noting that by late-2017, it was clear that “this (cryptocurrency) was going to end badly.” Aiming to contradict his remarks, given with little-to-none context, Lee, a crypto-leaning CNBC host, brought up the Wall Street and Silicon Valley “brain drain,” where traditional firms saw executives and employees exit en-masse to foray into crypto. Still, Donovan remained true to his conjectures, noting that this so-called “brain drain” was the result of hype and fears surrounding the legacy financial system. Missing the point of Bitcoin and cryptocurrencies entirely, the economist added that it is irrational to think that the U.S. government’s incessant money printing habits should be a concern, totally skipping over the value proposition of this nascent technology in borderless, decentralized, and censorship-resistant transfers of value and data. He concluded his comments by trying to disprove the sentiment that Bitcoin is digital gold, the world’s next go-to store of value, by stating that with Bitcoin, supply cannot be controlled, before claiming that he dismantled the gold 2.0 argument entirely. Again, this couldn’t be further from the truth, as Bitcoin hasn’t only maintained its value over its decade-long history, but outperformed every single other asset class in just a few years. Not So Fast, Paul Donovan In a testament to Donovan’s fallacious points, prominent crypto commentators and analysts took to Twitter to contradict the controversial CNBC Fast Money segment. Airswap’s Rob Paone, better known as Crypto Bobby, joked: Shaking in my space boots, Paul pic.twitter.com/VWRX0DdUtT — Crypto Bobby (@crypto_bobby) November 30, 2018 Tom Lee, Fundstrat’s head of research and internal crypto proponent/researcher, addressed Donovan’s comments with skepticism by simply stating that “time will tell,” ending his tweet on the matter with a foreboding ellipsis. Crypto Dog and I am Nomad, two prominent pseudonymous crypto traders, called out UBS, with the former analyst trashing the performance of UBS’ public shares, while the latter drew attention to the financial institution’s kerfuffles regarding money laundering. Related Reading: Bitcoin is Criminal Money Says the Media While Deutsche Bank Gets Raided for Laundering The four comments were just the tip of the iceberg, as dozens, if not hundreds of this community’s most devoted participants quickly picked apart Donovan’s claims and unease around this infant subject. And as such, it has become apparent that this nascent industry’s leading players aren’t ready to bury the hatchet with UBS and its in-house Bitcoin skeptic, as such pieces of criticism are usually wanton and arguably, slanderous. So just like with JP Morgan CEO Jamie Dimon’s classification of Bitcoin as a “fraud,” many believe it is just a matter of time before Donovan will take to public forums to shamefully retract his baseless qualms with the world’s first cryptocurrency. Related Reading: No, Jamie Dimon and Warren Buffett Won’t Have the Last Laugh on Bitcoin Featured Image From Shutterstock The post UBS Economist Bashes Bitcoin, Arguments Based on Lacking Information appeared first

11 days ago

Avatars, Oracles, and other forms of Compliance Magic - An interview with Metaverse founder, Eric Gu

The Metaverse SuperNova release has introduced an interesting new concept to the ever-growing playing field of smart contract enabled blockchains: On-chain identities, and built-in KYC verification funnels. At the center of the new release are what Metaverse calls “Avatars“. An Avatar is essentially a user’s [or company’s] true identity, tied to the blockchain addresses they own. This works a bit like the Internet’s DNS system: following identification, a string of complicated characters [the user’s public key] is represented as a human-readable address that resembles a domain or an email address. Something like JohnDoe@Metaverse. The verification process itself is signed by “Oracles”, which are trusted institutions such as banks or the government itself. With the new release, owning an approved Avatar is mandatory if one is interested in issuing new digital assets on Metaverse. The rest of us can still remain anonymous. We sat down with Metaverse founder and CEO, Eric Gu, to better understand what the motivation behind this de-anonymization of the blockchain space is, and if this implies even greater surprises in the future. Eric is a veteran entrepreneur in the Chinese blockchain space and significantly contributed to the growth of the Ethereum community in the country. Between 2014 and 2016, Eric has spent considerable efforts to convince local authorities to adopt Ethereum. This is also when he understood that fundamental issues will have to be addressed before the technology can go mainstream. Eric: Already in 2014, I invited Vitalik [Buterin] to the very first Ethereum roadshow in China. We stopped in Beijing, Shanghai, Shenzhen, and Hangzhou. It took awhile for our efforts to bear fruit, but around June of 2016, a municipal government asked our help in creating a blockchain solution for land transfer deeds. At the same time, the DAO attack occurred, and Vitalik decided to hard-fork the Ethereum chain. I disagreed with this because when you hard fork, two land deeds appear on two public chains instead of one. How can you explain this to the municipal government? This is when I understood that a different approach is needed. Author: So the DAO induced fork was what triggered you to create your own chain. But it seems that since then you’ve diverged quite a bit from how your friends at Ethereum see the future of blockchain. Eric: I believe Ethereum is a really good project, their developer community is still the strongest. In terms of blockchain-powered trade and business, I don’t think Ethereum will have a great future. In trade and business settings, you normally need identities to transact goods and services between people. While there are digital identity solutions for Ethereum, all of them reside on the application layer of the chain and, for the most part, working with them is just too convoluted. This is unpractical, and honestly, not very secure. With Metaverse, identities are part of the chain itself. All you need to do is search up an Avatar’s name and pull up the blockchain history of this digital identity, including their reputation. Author: How are identities on the application layer less secure? What do you mean by that? Eric: Well, first of all, the more complicated this process is, the easier it is to attack it and the more prone it is for mistakes. But there’s of course more. Our stack design is much safer than Ethereum’s. Ethereum’s bottommost layer is, of course, the consensus/security network, on top of this lies the EVM. Above this is the smart contract layer, on which tokens, assets, and identities live. If hackers were to attack Ethereum, they would go for the smart contract layer. Once this layer is compromised, your tokens and assets are gone and identities are open for theft. In contrast, on Metaverse, the token and identity layer is built directly on top of the consensus/security layer. Then on top of this lies the token layer. Smart contracts come only after that. Therefore, if hackers were to attack the smart contract layer, they wouldn’t be able to steal any digital assets. This is a huge advantage. Author: So digital identities are part of the stack, and not an application coded on top of it? Eric: Absolutely. This also allows us to build an on-chain reputation system, which is essential if we want decentralization not to compromise accountability. Author: Is this where Oracles come in? Eric: Exactly. Oracles are essentially Avatars who have high reputation scores and consequently have certain privileges to approve certain transactions. We believe in an on-chain intermediary which can verify transactions that still need a trust factor. For example, if I were to sell a digitized asset like real estate to you on the blockchain, how could you trust me that this digital asset I am advertising is the real thing? An Oracle like a real estate appraiser here would verify my claim, so you, the buyer, could proceed with the transaction without a doubt. In a decentralized environme

11 days ago

Bitcoin (BTC) Falters At $4,300, Crypto Analysts Await Breakout

Bitcoin Stabilizes Under $4,300 After a monumental rebound early this week, which sent Bitcoin (BTC) above $4,300 after weeks of dismal selling pressure, while altcoins followed close behind, the cryptocurrency market at large has found a sense of stability. As the time of writing, the aggregate value of all crypto assets amounts to $138.5 billion, backed by a respectable $17.3 billion in trading (past 24 hours). BTC, which has become the focus of mainstream financial media in recent weeks, sits at a casual $4,290, failing to surmount and maintain a position above $4,300. However, the asset has still posted a gain of 2.75% in the past day, while failing to show any signs of foraying below $4,000 for the umpteenth time in weeks. XRP, the native asset of the Ripple ecosystem, is up a mere 0.17%, finding itself slightly above $0.380 a pop. Ethereum (ETH) has seen a slight gain, posting a 1% move higher to situate itself just under the $120 level of supposed resistance. From a holistic perspective, the rest of the cryptocurrency market has undergone a similar move, posting slight single-percent gains as BTC stagnates above $4,200. However, as normal, there have been a few notable outliers. ZCash (ZEC), for example, is up a hefty 11.11%, as news broke that the popular privacy-centric asset was going to be added to Coinbase Pro, the exchange’s professional platform. Following ZEC’s addition on Coinbase, Stellar Lumens (XLM) saw its own mini bull run, now up 7.7% in the past day as investors anticipate its eventual listing on the aforementioned exchange. Bullish Breakout Has Yet To Come, Bitcoin And Altcoins May Continue To Suffer While bitcoin stabilizing above $4,200, an assumed line of support, is evidently a bullish sign, many aren’t convinced that BTC’s in the clear, or not yet anyway. Fred Wilson, a well-respected venture capitalist who thrived through the Dotcom Boom and Bust, recently took to his world-renowned personal blog to define bear markets for emerging industries. Referencing his multiple decades of experience in nascent markets, Wilson noted that while the recent performance of crypto assets is “cringe” inducing, investors would be remiss not to step back and breathe in some fresh air. Utilizing the age-old comparison that relates the early-stage Internet and current crypto ecosystem, the New York City native expressed that during the Dotcom Boom, Amazon (AMAZ) fell from a high at $90 to $6 in months, a jaw-dropping decline of 93%. Expressing this statistic’s relation to cryptocurrency markets, Wilson wrote: “But for those of us who were investing in tech and tech startups back in 1999-2002, that time will forever be etched in our minds. It was a brutal period during which our belief in the Internet and its potential was sorely tested.” And although he seemed hesitant to express the following sentiment, the prominent investor added that keeping AMAZ’s dismal historical drawdown in mind, Bitcoin under $4,000 could only be a precursor to lower lows. Michael Bucella echoed this claim on CNBC Fast Money. The BlockTower Capital Partner told Fast Money’s panel that crypto’s recent liquidity dry spell, along with the presence of market volatility, can indicate that Bitcoin isn’t finished the end of its “distress cycle” yet, but is darn nearing it. The former Goldman Sachs Canada executive, referencing Bitcoin’s historical price action, went on to point out that the last leg of crypto bear markets are normally the most volatile, yet short-lived. And while he was reluctant to forecast the level that Bitcoin will bottom at, Bucella explained that when the digital asset bottoms, whether it be at $2,000, $3,000, or otherwise, viable buying opportunities will be scant. Still, there’s evidently a silver lining, as Wilson concluded his aforementioned blog post on a metaphorical high note. The long-time tech entrepreneur wrote: “I think some crypto asset (and possibly a number of crypto assets) will have a price chart like Amazon’s current one in 18 years. But we will have to do what Amazon did, hunker down and build value and survive, for quite a while to get there. And I think things will get worse before they get better.” Bucella also echoed this optimism, noting that the “smartest money is [still] moving in,” and Bitcoin remains a bargain, even if it has yet to find its true long-term bottom. Title Image Courtesy of Icons8 Team Via Unsplash The post Bitcoin (BTC) Falters At $4,300, Crypto Analysts Await Breakout appeared first on Ethereum World News.

11 days ago

What Is Bitcoin? Guide for the Most Popular Cryptocurrency

You’ve probably heard the word by now but you might still be wondering — what is Bitcoin? Well, there are no stupid questions here, so let’s start at the very beginning. What is Bitcoin? Who created it and what goes on under the hood? What Is Bitcoin? A Distributed Peer-to-Peer Digital Currency Simply put, Bitcoin is a distributed peer-to-peer digital currency. It can be transferred instantly and securely between any two people in the world who accept Bitcoin. It’s like digital cash in that you can send Bitcoin to any other Bitcoin user in the world. It’s a transfer of value just like traditional currencies. Unlike traditional currencies, however, Bitcoin only exists in digital form. The world’s first cryptocurrency was released in 2009 as an open-source software, which means that anyone can examine the code and add to the Bitcoin network. Unlike traditional currencies again, Bitcoin is decentralized. You’ve probably heard that word a lot too, and it basically means that no central authorities (such as banks or political institutions) control the amount of Bitcoin in circulation. How Does Bitcoin Work? If that leaves you wondering how Bitcoin works with no one controlling it, we’re just getting started. The system at its purest level is simple and organized. Bitcoin uses public-key cryptography and proof-of-work to process and verify payments. Bitcoins are sent (or signed over) from one Bitcoin address to another with each user potentially having many, many addresses. Each payment transaction is broadcast to the network and included in the Bitcoin blockchain so that the included bitcoins cannot be spent twice. After an hour or two, each transaction is locked in time (i.e. in a block that is mined roughly every 10 minutes) by the massive amount of processing power that continues to extend the blockchain. Unlike fiat currencies, with no government to print new currency, the Bitcoin blockchain controls how many Bitcoin are produced. The total supply of Bitcoin to ever be created is capped at 21 million with about 17.3 million in circulation today. With a hard cap set for the number of bitcoins ever to be mined, many people argue over how Bitcoin can scale for massive use. However, what makes Bitcoin unique as a cryptocurrency unlike traditional currencies is that it is infinitesimally divisible. If you wanted to transfer just 0.00000001 bitcoins, you could, which makes the number of 21 million Bitcoins pretty much arbitrary. What Is Blockchain? At its core, the blockchain is a giant distributed ledger in which every Bitcoin transaction ever made is recorded and immutable. They cannot be changed, tampered with or reversed. Each block is made up of data that is based on encrypted Merkle Trees which are used to detect any fraudulent transactions or corrupted files and expel them. This way, the blockchain ensures that all Bitcoin transactions are accurate and prevents any corrupt files from damaging the ledger. The Bitcoin blockchain is a shared record of every transaction ever made on its digital accounting book. When person A sends Bitcoin to person B, this transaction is added to a public ledger. This ledger is stored in multiplicity throughout the network, and to update one is to update them all. This public ledger contains the history of all past transactions. Meanwhile, Bitcoin miners confirm transactions to the rest of the network by including them in blocks. Bitcoin nodes, on the other hand, which run Bitcoin software client and contain the entire copy of the blockchain, validate transactions based on the protocol. How Does Bitcoin Solve the Double-Spending Problem? Since Bitcoin is digital, it would be fairly easy to spend the same bitcoin twice right? Wrong. Bitcoin’s elements including blockchain, mining, proof of work, complexity, etc., exist to ensure that the transaction ledger is computationally impractical to modify. This is also known as “solving the double-spending problem.” Bitcoin users protect themselves from double spending fraud by waiting for confirmations when receiving payments on the blockchain, the transactions become more irreversible as the number of confirmations rises. Other electronic systems (e.g. PayPal) prevent double-spending by having a master authoritative source that follows business rules for authorizing each transaction. How Is Bitcoin Decentralized? As previously mentioned, Bitcoin uses a decentralized system, where a consensus among network nodes following the same protocol and Proof-of-Work is substituted for a central authority. This means that Bitcoin has special properties not shared by centralized systems. For example, if you keep the private key of a bitcoin secret and the transaction has enough confirmations, then nobody can take the bitcoin from. Possession of bitcoin is not enforced by business rules and policy, but by cryptography and game theory. Because bitcoin transactions can be final, merchants do not need to hassle customers for extra information like

11 days ago

Total Justice: The CEO Of AriseBank Is Facing 120 Years In Prison For Running A $4 Million Crypto Scam

Since the market opened, the crypto space has been awash with incidents of fraud and lawsuits. However, the recent one involving a bank is what really comes as a shocker. Apparently, the CEO of AriseBank hasn’t been a good boy in these streets, and now the law has caught up with him. Jared Rice,30, was taken into custody by the FBI on Wednesday. The Charges According to the Office of the US Attorney of the Northern District of Texas, Jared is charged with 3 counts of wire fraud and 3 more for securities fraud. He is said to have swindled hundreds of the bank’s investors out of upwards of $4 million. Claiming that Arisebank was the first ever decentralized bank, Rice managed to lie to investors that AriseBank would offer them Visa-linked credit and debit cards and that their bank accounts would be insured by FDIC. He even told them that the bank would offer services related to its crypto token called AriseCoin. However, none of that was true as the bank wasn’t insured by FDIC and had no links with Visa. It wasn’t even authorized to operate in Texas. The investors ended up losing their money. According to a court document, Rice began aggressively promoting the bank and its AriseCoin in June 2017. He used his websites, social media, press releases, and public interviews to woo his victims. Crypto Scammer Was Living Lavishly Besides the articulated lies, the crypto scammer claimed that the bank’s ICO for AriseCoin had brought in about $600 million within weeks. That, too, was a lie. In reality, the CEO was spending the investors’ money to fund his lavish style in expensive hotels, clothes, and food. Sued By SEC As it turns out, this isn’t the first time that Jared Rice is having friction with the law. The US Securities and Exchange Commission (SEC) sued him back in January for conducting an illegal ICO. The same month, AriseBank was issued with a cease-and-desist order by the Texas Department of Banking as it wasn’t authorized to operate within the state. Besides that, Rice is said to have been on probation brokered through a plea deal in regard to another case in which he was accused of tampering with government property and theft in Collin County back in 2015. He’s also facing assault charges in Dallas County. If convicted of all these charges, Jared Rice faces a total of 120 years in prison. The post Total Justice: The CEO Of AriseBank Is Facing 120 Years In Prison For Running A $4 Million Crypto Scam appeared first on Ethereum World News.

11 days ago

The Difference Between Custodial and Noncustodial Cryptocurrency Services

Since the Bitcoin Cash (BCH) fork occurred recently, it’s a good time to discuss the difference between custodial and noncustodial cryptocurrency services. Newcomers to the digital asset economy often get confused when they hear about a blockchain split and may wonder how they should handle the outcome. Individuals should note that the best solution depends greatly on how they prefer to store their cryptocurrencies - in a custodial or noncustodial wallet. Also read: Follow This Branch: A Guide to Splitting BCH and BSV Third Party and Sovereign Control Over Private Keys If you have just joined the cryptocurrency space, you might find some parts of the ecosystem confusing. One of the most important lessons to learn is the best way to keep your assets safe and secure because no one likes to lose money. In the early days, around eight years ago, there were very few service providers offering wallets and exchanges. But now there are hundreds of wallets and exchanges offering a storage solution for cryptocurrencies. What some digital currency newcomers may not understand is that there is a big difference between custodial and noncustodial services. The recent Bitcoin Cash fork is a good example of why people should understand the differences between both systems. Custodial Wallet Services Custodial cryptocurrency services include most exchanges, brokerage services, and platforms that allow you to buy, sell, and store digital assets. A custodial business is basically a third party that offers to protect your assets within their system. People who store digital assets with a third party need to understand that they are not 100% in control of their cryptocurrencies. Coinbase is a great example of an exchange and brokerage service that also allows people to store digital assets within their wallet system. When you download the Coinbase application that allows purchases and sales, you’ll note that it is described as “the world’s most popular cryptocurrency wallet.” Therefore it’s safe to assume some users may think the application is a noncustodial wallet, but that isn’t the case. For example, with the last hard fork, Coinbase and a multitude of other third-party services paused customers from sending and receiving BCH to their wallets. Noncustodial wallets were 100% operational before, during, and after the hard fork, because these kinds of wallets are not controlled by a third party. In another instance, Coinbase explained to their customers that BCH wallets had been recently enabled and that in the future they will disperse BSV funds. In essence, this means that if you stored BCH on Coinbase before the fork you must wait for them to allow you access to the BSV tokens that were once tethered to your BCH. So the third party services that have re-enabled BCH transactions have split the coins stored there already, enabling you to transact once again with BCH without worrying about a replay attack or sending two types of coins. However, one of the most important slogans within the cryptocurrency community is “If you don’t possess your private keys you don’t own bitcoin.” And this is true for any cryptocurrency held on an exchange or custodial wallet, as that third-party service is in control of your coins to a large degree. Examples of custodial services include Kraken, Coinex, Bitstamp, Poloniex, Bittrex, Bitfinex, Binance, and the myriad of other trading and brokerage service platforms that also offer storage. Noncustodial Wallet Services That Give the User 100% Control Noncustodial wallet services are platforms that allow users to possess their private keys. The application will either give you a file or have you write down a mnemonic phrase that can consist of 12-24 random words. A platform that provides users with the ability to store a cryptocurrency’s private keys gives the user 100% control over the funds. If you possess your private keys, you wholly own bitcoin or any of the other 2,000+ cryptocurrencies in existence. Understanding private keys is important to financial sovereignty. So moving back to the BCH hard fork example, if you held pre-fork bitcoin cash in a noncustodial wallet, this will have allowed you to have complete ownership over your BCH and BSV. Noncustodial wallets include the Bitcoin.com client, BRD, Blockchain, BTC.com, Electron Cash, Copay, Jaxx, Coinomi, Edge, and many more because these platforms give users the ability to store their own private keys. An example of an Electron Cash mnemonic phrase or private key. Individuals using these types of user-controlled wallets had the ability to split their BCH and BSV right after the split happened. Because individuals store their funds in a wallet they have sovereign control over, they are 100% responsible for the safety and security of the keys. Noncustodial wallet owners also need to split their BCH on their own, unless the wallet software offers a native splitting solution within the client. This means that if a user sends some BCH wit

12 days ago


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