BSV Co-Leader Calvin Ayre: Binance is Involved With Money ...

Bitcoin mentioned around Reddit: Bitcoin: All of twitter suddenly cried out in terror, and was suddenly silenced /r/binance

Bitcoin mentioned around Reddit: Bitcoin: All of twitter suddenly cried out in terror, and was suddenly silenced /binance submitted by cryptoallbot to cryptoall [link] [comments]

Bitcoin mentioned around Reddit: Bitcoin: All of twitter suddenly cried out in terror, and was suddenly silenced /r/binance

Bitcoin mentioned around Reddit: Bitcoin: All of twitter suddenly cried out in terror, and was suddenly silenced /binance submitted by SimilarAdvantage to BitcoinAll [link] [comments]

I bought $1k of the Top Ten Cryptos on January 1st, 2018. August update, -71%, special NEM EDITION!!

I bought $1k of the Top Ten Cryptos on January 1st, 2018. August update, -71%, special NEM EDITION!!

EXPERIMENT - Tracking Top 10 Cryptos of 2018 - Month 32 (-71%)
See the full blog post with all the tables here.
tl;dr:
  • purchased $100 of each of Top Ten Cryptos in Jan. 2018, haven't sold or traded, repeated in 2019 and 2020, update y'all monthly. Learn more about the history and rules of the Experiments here.
  • August - solid month for the 2018 Top Ten, led by, ladies and gentlemen (or lady singular, there in the back row, I see you) NEM!!!!! Up over +200% in August.
  • Overall - BTC still way ahead and approaching break-even point, ETH gaining ground, alone in the middle. NEM(!!!) finally escapes last place replaced by DASH.
  • Over three years, cryptos outperforming S&P if I'd taken a similar approach.

Month Thirty Two – Down 71%

2018 Top Ten Summary
August was not quite as strong as all-green July, but still a solid month for the 2018 Top Ten Crypto Index Fund Experiment. The gains were led by (I hope you’re sitting down for this one) (drum roll please) (you’re not going to believe this): NEM(!) which finished the month up over +200%. Really!

Question of the month:

The US Justice Department announced in August that it had seized cryptocurrency from terror groups in the Middle East. How much did they confiscate?

A) $2 million B) $4 million C) $8 million D) $32 million
Scroll down for the answer.

Ranking and August Winners and Losers

Rank since January 2018
Lots of movement this month: all but three cryptos moved positions in August and all but one (NEM!) in the wrong direction. Despite gaining in value, Dash had the biggest slide, down four in the rankings from #24 to #28. ADA fell three and has dropped back out of the Top Ten. XRP, Bitcoin Cash, IOTA, and Stellar each lost one place in the rankings. The lone exception is a big one: XEM(!) climbed an unprecedented 9 spots in August. The last time NEM was in the Top Twenty was May 2019.
After thirty-two months, 50% of the cryptos that started 2018 in the Top Ten have dropped out. NEM, ADA, Dash, IOTA, and Stellar have been replaced by Binance Coin, Tether, BSV, CRO, and most recently, LINK.
August WinnersDon’t call it a comeback, NEM‘s been here for years. Up over +200% in August, NEM crushed the rest of the field. A distant second place was ETH, up +32% on the month.
August Losers – Down -13%, ADA was the worst performing crypto of the month, followed by Bitcoin Cash, down -9%.
For the overly competitive, below is a tally of the winners of the first 32 months of the 2018 Top Ten Crypto Index Fund Experiment. Bitcoin still has the most monthly wins (7). Cardano is a close second with 6 monthly wins. Despite its blockbuster August, NEM has the most monthly losses with 6. Every crypto has at least one monthly win and Bitcoin is unique as the only cryptocurrency that hasn’t lost a month in the 2.5+ years of the Experiment.
Ws and Ls

Overall update – BTC in the lead and inching towards break-even point, followed by second place ETH. NEM escapes last place, replaced by Dash.

Although BTC didn’t make any major moves this month, it continued to slowly but surely approach its break-even point. It is down about -10% since my purchase in January 2018. The initial investment of $100 thirty-two months ago is now worth about $90.
Ethereum is all alone in second place. It had a strong August, it picked up a lot of ground, but is still down -35% since January 2018.
The big story this month is at the bottom: NEM(!) gained +200% in August, crushing its counterparts and leaping out of last place, where it was so comfortable for so, so long. Although still down -83% over the life of the experiment, it moved from 10th place to 6th place in just one month. The new king of the basement is Dash, down -91%. The initial $100 invested in Dash 32 months ago is now worth $8.50.

Total Market Cap for the entire cryptocurrency sector:

The crypto market added nearly $43B in August. The last time we saw a similar level in terms of overall crypto market cap was way back in the fifth month of the 2018 Top Ten Experiment: May 2018.

Bitcoin dominance:

After being stuck in the mid-60s for most of 2020, BitDom dropped significantly this month, down to 57%. For context, the last time BitDom was this low was back in June 2019.
For some more context: since the beginning of the experiment, the range of Bitcoin dominance has been quite wide: we saw a high of 70% BitDom in September 2019 and a low of 33% BitDom in February 2018.

Overall return on $1,000 investment since January 1st, 2018:

The 2018 Top Ten Portfolio gained about $17 this month. If I cashed out today, the $1000 initial investment would return about $287, down -71% from January 2018.
While -71% isn’t something to brag about, the monthly trend is encouraging. Here, take a look at the ROI over the life of the experiment, month by month, for some context:
2018 Top Ten Monthly ROI Summary
So, -71% from a bottom of -88% is moving in the right direction.
Or that’s what I tell myself as I cry myself to sleep nightly.
Hopefully the next stop will be in the -60% range, a level this experiment hasn’t seen in years.
So the Top Ten Cryptos of 2018 are down -71%. What about the 2019 and 2020 Top Tens? Let’s take a look:
So overall? Taking the three portfolios together, here’s the bottom bottom bottom line:
After a $3000 investment in the 2018, 2019, and 2020 Top Ten Cryptocurrencies, my combined portfolios are worth $‭3,937‬ ($287+ $1,825 +$1,825).
That’s up about +31% for the three combined portfolios, compared to +23% last month. This marks the highest ROI of the three combined portfolios since I added the metric this year.
Here’s a table to help visualize:
Combined ROI on $3k over three years
A +31% gain by investing $1k on whichever cryptos happened to be in the Top Ten on January 1st for three straight years, not bad. But surely you’d do better if you invested only in one crypto, right? Depends on your choice. Let’s take a look:

Three year club: shoulda gone with ETH
Only five cryptos have remained in the Top Ten for all three years: BTC, ETH, XRP, BCH, and LTC. Knowing what we know now, which one would have been best to go all in on, at least at this point in the Experiment? Ethereum, easily: the initial $3k would be up +160%, worth over $7800 today. The worst performing at this point is XRP, down -17%.

Comparison to S&P 500:

I’m also tracking the S&P 500 as part of the experiment to have a comparison point with other popular investments options. Defying global gloom, the S&P 500 reached an all time high in August and is up +31% since the beginning of the Experiment. The initial $1k investment into crypto on January 1st, 2018 would have been worth about $1310 had it been redirected to the S&P.
But what if I took the same invest-$1,000-on-January-1st-of-each-year approach with the S&P 500 that I’ve been documenting through the Top Ten Crypto Experiments? Here are the numbers:
  • $1000 investment in S&P 500 on January 1st, 2018: +$310
  • $1000 investment in S&P 500 on January 1st, 2019: +$400
  • $1000 investment in S&P 500 on January 1st, 2020: +$90
Taken together, here’s the bottom bottom bottom line for a similar approach with the S&P:
After three $1,000 investments into an S&P 500 index fund in January 2018, 2019, and 2020, my portfolio would be worth $3,800.
That is up over+27% since January 2018, compared to a +31% gain of the combined Top Ten Crypto Experiment Portfolios.
That’s a 4% swing in favor of the Top Ten Crypto Portfolios! As you’ll see in the table below, this is only the second time since I started recording this metric that crypto has outperformed the S&P had I taken a similar investment approach:

3 x $1k crypto vs. S&P
This is a big turnaround from the 22% difference in favor of the S&P just two months ago.
Although it’s fun to see crypto is in the lead, I’ll leave it to you to decide whether the heart condition you may develop by being in the cryptosphere is worth that +4% edge…

Conclusion:

August was a bit mixed compared to July, but still a very solid month for the 2018 Top Ten. Some interesting developments this month: Bitcoin is now within 10% of the price I paid on January 1st, 2018. ETH had solid gains and NEM(!) had a crazy month, tripling in value and finally climbing out of the basement. At the same time, traditional markets are doing well too: the S&P reached an all time high in August. It will be interesting to see how both markets perform during the final third of a very crazy year.
Thanks for reading and for supporting the experiment. I hope you’ve found it helpful. I continue to be committed to seeing this process through and reporting along the way. Feel free to reach out with any questions and stay tuned for progress reports. Keep an eye out for my parallel projects where I repeat the experiment twice, purchasing another $1000 ($100 each) of two new sets of Top Ten cryptos as of January 1st, 2019 then again on January 1st, 2020.

And the Answer is…

A) $2 million
According to federal prosecutors, the US Justice Department seized $2 million worth of cryptocurrency from terror groups in the Middle East including ISIS, al Qaeda, and the al Qassam Brigades.
submitted by Joe-M-4 to CryptoCurrency [link] [comments]

Binance Support Number 🎧 【+𝐼 】 𝟪𝟦𝟦-𝟫𝟢𝟩-𝒪𝟧𝟪𝟥☎️ Customer Service Number

Binance Support Number 🎧 【+𝐼 】 𝟪𝟦𝟦-𝟫𝟢𝟩-𝒪𝟧𝟪𝟥☎️ Customer Service Number

Binance support number 1844-907-0583 CEO Changpeng "CZ" Zhao really doesn't want to tell you where his firm's headquarters is located.
Binance support number 1844-907-0583 has loads of offices, he continued, with staff in 50 countries. It was a new type of organization that doesn't need registered bank accounts and postal addresses.
To kick off ConsenSys' Ethereal Summit on Thursday, Unchained Podcast host Laura Shin held a cozy fireside chat with Zhao who, to mark the occasion, was wearing a personalized football shirt emblazoned with the Binance support number 1844-907-0583 brand.
Scheduled for 45 minutes, Zhao spent most of it explaining how libra and China's digital yuan were unlikely to be competitors to existing stablecoin providers; how Binance support number 1844-907-0583's smart chain wouldn't tread on Ethereum's toes – "that depends on the definition of competing," he said – and how Binance support number 1844-907-0583 had an incentive to keep its newly acquired CoinMarketCap independent from the exchange.
There were only five minutes left on the clock. Zhao was looking confident; he had just batted away a thorny question about an ongoing lawsuit. It was looking like the home stretch.
Then it hit. Shin asked the one question Zhao really didn't want to have to answer, but many want to know: Where is Binance support number 1844-907-0583's headquarters?
This seemingly simple question is actually more complex. Until February, Binance support number 1844-907-0583 was considered to be based in Malta. That changed when the island European nation announced that, no, Binance support number 1844-907-0583 is not under its jurisdiction. Since then Binance support number 1844-907-0583 has not said just where, exactly, it is now headquartered.
Little wonder that when asked Zhao reddened; he stammered. He looked off-camera, possibly to an aide. "Well, I think what this is is the beauty of the blockchain, right, so you don't have to ... like where's the Bitcoin office, because Bitcoin doesn't have an office," he said.
The line trailed off, then inspiration hit. "What kind of horse is a car?" Zhao asked. "Wherever I sit, is going to be the Binance support number 1844-907-0583 office. Wherever I need somebody, is going to be the Binance support number 1844-907-0583 office," he said.
Zhao may have been hoping the host would move onto something easier. But Shin wasn't finished: "But even to do things like to handle, you know, taxes for your employees, like, I think you need a registered business entity, so like why are you obfuscating it, why not just be open about it like, you know, the headquarters is registered in this place, why not just say that?"
Zhao glanced away again, possibly at the person behind the camera. Their program had less than two minutes remaining. "It's not that we don't want to admit it, it's not that we want to obfuscate it or we want to kind of hide it. We're not hiding, we're in the open," he said.
Shin interjected: "What are you saying that you're already some kind of DAO [decentralized autonomous organization]? I mean what are you saying? Because it's not the old way [having a headquarters], it's actually the current way ... I actually don't know what you are or what you're claiming to be."
Zhao said Binance support number 1844-907-0583 isn't a traditional company, more a large team of people "that works together for a common goal." He added: "To be honest, if we classified as a DAO, then there's going to be a lot of debate about why we're not a DAO. So I don't want to go there, either."
"I mean nobody would call you guys a DAO," Shin said, likely disappointed that this wasn't the interview where Zhao made his big reveal.
Time was up. For an easy question to close, Shin asked where Zhao was working from during the coronavirus pandemic.
"I'm in Asia," Zhao said. The blank white wall behind him didn't provide any clues about where in Asia he might be. Shin asked if he could say which country – after all, it's the Earth's largest continent.
"I prefer not to disclose that. I think that's my own privacy," he cut in, ending the interview.
It was a provocative way to start the biggest cryptocurrency and blockchain event of the year.
In the opening session of Consensus: Distributed this week, Lawrence Summers was asked by my co-host Naomi Brockwell about protecting people’s privacy once currencies go digital. His answer: “I think the problems we have now with money involve too much privacy.”
President Clinton’s former Treasury secretary, now President Emeritus at Harvard, referenced the 500-euro note, which bore the nickname “The Bin Laden,” to argue the un-traceability of cash empowers wealthy criminals to finance themselves. “Of all the important freedoms,” he continued, “the ability to possess, transfer and do business with multi-million dollar sums of money anonymously seems to me to be one of the least important.” Summers ended the segment by saying that “if I have provoked others, I will have served my purpose.”
You’re reading Money Reimagined, a weekly look at the technological, economic and social events and trends that are redefining our relationship with money and transforming the global financial system. You can subscribe to this and all of CoinDesk’s newsletters here.
That he did. Among the more than 20,000 registered for the weeklong virtual experience was a large contingent of libertarian-minded folks who see state-backed monitoring of their money as an affront to their property rights.
But with due respect to a man who has had prodigious influence on international economic policymaking, it’s not wealthy bitcoiners for whom privacy matters. It matters for all humanity and, most importantly, for the poor.
Now, as the world grapples with how to collect and disseminate public health information in a way that both saves lives and preserves civil liberties, the principle of privacy deserves to be elevated in importance.
Just this week, the U.S. Senate voted to extend the 9/11-era Patriot Act and failed to pass a proposed amendment to prevent the Federal Bureau of Investigation from monitoring our online browsing without a warrant. Meanwhile, our heightened dependence on online social connections during COVID-19 isolation has further empowered a handful of internet platforms that are incorporating troves of our personal data into sophisticated predictive behavior models. This process of hidden control is happening right now, not in some future "Westworld"-like existence.
Digital currencies will only worsen this situation. If they are added to this comprehensive surveillance infrastructure, it could well spell the end of the civil liberties that underpin Western civilization.
Yes, freedom matters
Please don’t read this, Secretary Summers, as some privileged anti-taxation take or a self-interested what’s-mine-is-mine demand that “the government stay away from my money.”
Money is just the instrument here. What matters is whether our transactions, our exchanges of goods and services and the source of our economic and social value, should be monitored and manipulated by government and corporate owners of centralized databases. It’s why critics of China’s digital currency plans rightly worry about a “panopticon” and why, in the wake of the Cambridge Analytica scandal, there was an initial backlash against Facebook launching its libra currency.
Writers such as Shoshana Zuboff and Jared Lanier have passionately argued that our subservience to the hidden algorithms of what I like to call “GoogAzonBook” is diminishing our free will. Resisting that is important, not just to preserve the ideal of “the self” but also to protect the very functioning of society.
Markets, for one, are pointless without free will. In optimizing resource allocation, they presume autonomy among those who make up the market. Free will, which I’ll define as the ability to lawfully transact on my own terms without knowingly or unknowingly acting in someone else’s interests to my detriment, is a bedrock of market democracies. Without a sufficient right to privacy, it disintegrates – and in the digital age, that can happen very rapidly.
Also, as I’ve argued elsewhere, losing privacy undermines the fungibility of money. Each digital dollar should be substitutable for another. If our transactions carry a history and authorities can target specific notes or tokens for seizure because of their past involvement in illicit activity, then some dollars become less valuable than other dollars.
The excluded
But to fully comprehend the harm done by encroachments into financial privacy, look to the world’s poor.
An estimated 1.7 billion adults are denied a bank account because they can’t furnish the information that banks’ anti-money laundering (AML) officers need, either because their government’s identity infrastructure is untrusted or because of the danger to them of furnishing such information to kleptocratic regimes. Unable to let banks monitor them, they’re excluded from the global economy’s dominant payment and savings system – victims of a system that prioritizes surveillance over privacy.
Misplaced priorities also contribute to the “derisking” problem faced by Caribbean and Latin American countries, where investment inflows have slowed and financial costs have risen in the past decade. America’s gatekeeping correspondent banks, fearful of heavy fines like the one imposed on HSBC for its involvement in a money laundering scandal, have raised the bar on the kind of personal information that regional banks must obtain from their local clients.
And where’s the payoff? Despite this surveillance system, the U.N. Office on Drugs and Crime estimates that between $800 billion and $2 trillion, or 2%-5% of global gross domestic product, is laundered annually worldwide. The Panama Papers case shows how the rich and powerful easily use lawyers, shell companies, tax havens and transaction obfuscation to get around surveillance. The poor are just excluded from the system.
Caring about privacy
Solutions are coming that wouldn’t require abandoning law enforcement efforts. Self-sovereign identity models and zero-knowledge proofs, for example, grant control over data to the individuals who generate it, allowing them to provide sufficient proof of a clean record without revealing sensitive personal information. But such innovations aren’t getting nearly enough attention.
Few officials inside developed country regulatory agencies seem to acknowledge the cost of cutting off 1.7 billion poor from the financial system. Yet, their actions foster poverty and create fertile conditions for terrorism and drug-running, the very crimes they seek to contain. The reaction to evidence of persistent money laundering is nearly always to make bank secrecy laws even more demanding. Exhibit A: Europe’s new AML 5 directive.
To be sure, in the Consensus discussion that followed the Summers interview, it was pleasing to hear another former U.S. official take a more accommodative view of privacy. Former Commodities and Futures Trading Commission Chairman Christopher Giancarlo said that “getting the privacy balance right” is a “design imperative” for the digital dollar concept he is actively promoting.
But to hold both governments and corporations to account on that design, we need an aware, informed public that recognizes the risks of ceding their civil liberties to governments or to GoogAzonBook.
Let’s talk about this, people.
A missing asterisk
Control for all variables. At the end of the day, the dollar’s standing as the world’s reserve currency ultimately comes down to how much the rest of the world trusts the United States to continue its de facto leadership of the world economy. In the past, that assessment was based on how well the U.S. militarily or otherwise dealt with human- and state-led threats to international commerce such as Soviet expansionism or terrorism. But in the COVID-19 era only one thing matters: how well it is leading the fight against the pandemic.
So if you’ve already seen the charts below and you’re wondering what they’re doing in a newsletter about the battle for the future of money, that’s why. They were inspired by a staged White House lawn photo-op Tuesday, where President Trump was flanked by a huge banner that dealt quite literally with a question of American leadership. It read, “America Leads the World in Testing.” That’s a claim that’s technically correct, but one that surely demands a big red asterisk. When you’re the third-largest country by population – not to mention the richest – having the highest number of tests is not itself much of an achievement. The claim demands a per capita adjustment. Here’s how things look, first in absolute terms, then adjusted for tests per million inhabitants.
Binance support number 1844-907-0583 has frozen funds linked to Upbit’s prior $50 million data breach after the hackers tried to liquidate a part of the gains. In a recent tweet, Whale Alert warned Binance support number 1844-907-0583 that a transaction of 137 ETH (about $28,000) had moved from an address linked to the Upbit hacker group to its wallets.
Less than an hour after the transaction was flagged, Changpeng Zhao, the CEO of Binance support number 1844-907-0583, announced that the exchange had frozen the funds. He also added that Binance support number 1844-907-0583 is getting in touch with Upbit to investigate the transaction. In November 2019, Upbit suffered an attack in which hackers stole 342,000 ETH, accounting for approximately $50 million. The hackers managed to take the funds by transferring the ETH from Upbit’s hot wallet to an anonymous crypto address.
submitted by SnooPeripherals4556 to u/SnooPeripherals4556 [link] [comments]

Binance Customer Care Number +(𝟣) 𝟪𝟦𝟦-𝟫𝟣𝟪-𝟢𝟧𝟪𝟣 Call Now and Talk To Rep

Binance Customer Care Number +(𝟣) 𝟪𝟦𝟦-𝟫𝟣𝟪-𝟢𝟧𝟪𝟣

Binance support number 1844-918-0581 CEO Changpeng "CZ" Zhao really doesn't want to tell you where his firm's headquarters is located.
To kick off ConsenSys' Ethereal Summit on Thursday, Unchained Podcast host Laura Shin held a cozy fireside chat with Zhao who, to mark the occasion, was wearing a personalized football shirt emblazoned with the Binance support number 1844-918-0581 brand.
Scheduled for 45 minutes, Zhao spent most of it explaining how libra and China's digital yuan were unlikely to be competitors to existing stablecoin providers; how Binance support number 1844-918-0581's smart chain wouldn't tread on Ethereum's toes – "that depends on the definition of competing," he said – and how Binance support number 1844-918-0581 had an incentive to keep its newly acquired CoinMarketCap independent from the exchange.
There were only five minutes left on the clock. Zhao was looking confident; he had just batted away a thorny question about an ongoing lawsuit. It was looking like the home stretch.
Then it hit. Shin asked the one question Zhao really didn't want to have to answer, but many want to know: Where is Binance support number 1844-918-0581's headquarters?
This seemingly simple question is actually more complex. Until February, Binance support number 1844-918-0581 was considered to be based in Malta. That changed when the island European nation announced that, no, Binance support number 1844-918-0581 is not under its jurisdiction. Since then Binance support number 1844-918-0581 has not said just where, exactly, it is now headquartered.
Little wonder that when asked Zhao reddened; he stammered. He looked off-camera, possibly to an aide. "Well, I think what this is is the beauty of the blockchain, right, so you don't have to ... like where's the Bitcoin office, because Bitcoin doesn't have an office," he said.
The line trailed off, then inspiration hit. "What kind of horse is a car?" Zhao asked. Binance support number 1844-918-0581 has loads of offices, he continued, with staff in 50 countries. It was a new type of organization that doesn't need registered bank accounts and postal addresses.
"Wherever I sit, is going to be the Binance support number 1844-918-0581 office. Wherever I need somebody, is going to be the Binance support number 1844-918-0581 office," he said.
Zhao may have been hoping the host would move onto something easier. But Shin wasn't finished: "But even to do things like to handle, you know, taxes for your employees, like, I think you need a registered business entity, so like why are you obfuscating it, why not just be open about it like, you know, the headquarters is registered in this place, why not just say that?"
Zhao glanced away again, possibly at the person behind the camera. Their program had less than two minutes remaining. "It's not that we don't want to admit it, it's not that we want to obfuscate it or we want to kind of hide it. We're not hiding, we're in the open," he said.
Shin interjected: "What are you saying that you're already some kind of DAO [decentralized autonomous organization]? I mean what are you saying? Because it's not the old way [having a headquarters], it's actually the current way ... I actually don't know what you are or what you're claiming to be."
Zhao said Binance support number 1844-918-0581 isn't a traditional company, more a large team of people "that works together for a common goal." He added: "To be honest, if we classified as a DAO, then there's going to be a lot of debate about why we're not a DAO. So I don't want to go there, either."
"I mean nobody would call you guys a DAO," Shin said, likely disappointed that this wasn't the interview where Zhao made his big reveal.
Time was up. For an easy question to close, Shin asked where Zhao was working from during the coronavirus pandemic.
"I'm in Asia," Zhao said. The blank white wall behind him didn't provide any clues about where in Asia he might be. Shin asked if he could say which country – after all, it's the Earth's largest continent.
"I prefer not to disclose that. I think that's my own privacy," he cut in, ending the interview.
It was a provocative way to start the biggest cryptocurrency and blockchain event of the year.
In the opening session of Consensus: Distributed this week, Lawrence Summers was asked by my co-host Naomi Brockwell about protecting people’s privacy once currencies go digital. His answer: “I think the problems we have now with money involve too much privacy.”
President Clinton’s former Treasury secretary, now President Emeritus at Harvard, referenced the 500-euro note, which bore the nickname “The Bin Laden,” to argue the un-traceability of cash empowers wealthy criminals to finance themselves. “Of all the important freedoms,” he continued, “the ability to possess, transfer and do business with multi-million dollar sums of money anonymously seems to me to be one of the least important.” Summers ended the segment by saying that “if I have provoked others, I will have served my purpose.”
You’re reading Money Reimagined, a weekly look at the technological, economic and social events and trends that are redefining our relationship with money and transforming the global financial system. You can subscribe to this and all of CoinDesk’s newsletters here.
That he did. Among the more than 20,000 registered for the weeklong virtual experience was a large contingent of libertarian-minded folks who see state-backed monitoring of their money as an affront to their property rights.
But with due respect to a man who has had prodigious influence on international economic policymaking, it’s not wealthy bitcoiners for whom privacy matters. It matters for all humanity and, most importantly, for the poor.
Now, as the world grapples with how to collect and disseminate public health information in a way that both saves lives and preserves civil liberties, the principle of privacy deserves to be elevated in importance.
Just this week, the U.S. Senate voted to extend the 9/11-era Patriot Act and failed to pass a proposed amendment to prevent the Federal Bureau of Investigation from monitoring our online browsing without a warrant. Meanwhile, our heightened dependence on online social connections during COVID-19 isolation has further empowered a handful of internet platforms that are incorporating troves of our personal data into sophisticated predictive behavior models. This process of hidden control is happening right now, not in some future "Westworld"-like existence.
Digital currencies will only worsen this situation. If they are added to this comprehensive surveillance infrastructure, it could well spell the end of the civil liberties that underpin Western civilization.
Yes, freedom matters
Please don’t read this, Secretary Summers, as some privileged anti-taxation take or a self-interested what’s-mine-is-mine demand that “the government stay away from my money.”
Money is just the instrument here. What matters is whether our transactions, our exchanges of goods and services and the source of our economic and social value, should be monitored and manipulated by government and corporate owners of centralized databases. It’s why critics of China’s digital currency plans rightly worry about a “panopticon” and why, in the wake of the Cambridge Analytica scandal, there was an initial backlash against Facebook launching its libra currency.
Writers such as Shoshana Zuboff and Jared Lanier have passionately argued that our subservience to the hidden algorithms of what I like to call “GoogAzonBook” is diminishing our free will. Resisting that is important, not just to preserve the ideal of “the self” but also to protect the very functioning of society.
Markets, for one, are pointless without free will. In optimizing resource allocation, they presume autonomy among those who make up the market. Free will, which I’ll define as the ability to lawfully transact on my own terms without knowingly or unknowingly acting in someone else’s interests to my detriment, is a bedrock of market democracies. Without a sufficient right to privacy, it disintegrates – and in the digital age, that can happen very rapidly.
Also, as I’ve argued elsewhere, losing privacy undermines the fungibility of money. Each digital dollar should be substitutable for another. If our transactions carry a history and authorities can target specific notes or tokens for seizure because of their past involvement in illicit activity, then some dollars become less valuable than other dollars.
The excluded
But to fully comprehend the harm done by encroachments into financial privacy, look to the world’s poor.
An estimated 1.7 billion adults are denied a bank account because they can’t furnish the information that banks’ anti-money laundering (AML) officers need, either because their government’s identity infrastructure is untrusted or because of the danger to them of furnishing such information to kleptocratic regimes. Unable to let banks monitor them, they’re excluded from the global economy’s dominant payment and savings system – victims of a system that prioritizes surveillance over privacy.
Misplaced priorities also contribute to the “derisking” problem faced by Caribbean and Latin American countries, where investment inflows have slowed and financial costs have risen in the past decade. America’s gatekeeping correspondent banks, fearful of heavy fines like the one imposed on HSBC for its involvement in a money laundering scandal, have raised the bar on the kind of personal information that regional banks must obtain from their local clients.
And where’s the payoff? Despite this surveillance system, the U.N. Office on Drugs and Crime estimates that between $800 billion and $2 trillion, or 2%-5% of global gross domestic product, is laundered annually worldwide. The Panama Papers case shows how the rich and powerful easily use lawyers, shell companies, tax havens and transaction obfuscation to get around surveillance. The poor are just excluded from the system.
Caring about privacy
Solutions are coming that wouldn’t require abandoning law enforcement efforts. Self-sovereign identity models and zero-knowledge proofs, for example, grant control over data to the individuals who generate it, allowing them to provide sufficient proof of a clean record without revealing sensitive personal information. But such innovations aren’t getting nearly enough attention.
Few officials inside developed country regulatory agencies seem to acknowledge the cost of cutting off 1.7 billion poor from the financial system. Yet, their actions foster poverty and create fertile conditions for terrorism and drug-running, the very crimes they seek to contain. The reaction to evidence of persistent money laundering is nearly always to make bank secrecy laws even more demanding. Exhibit A: Europe’s new AML 5 directive.
To be sure, in the Consensus discussion that followed the Summers interview, it was pleasing to hear another former U.S. official take a more accommodative view of privacy. Former Commodities and Futures Trading Commission Chairman Christopher Giancarlo said that “getting the privacy balance right” is a “design imperative” for the digital dollar concept he is actively promoting.
But to hold both governments and corporations to account on that design, we need an aware, informed public that recognizes the risks of ceding their civil liberties to governments or to GoogAzonBook.
Let’s talk about this, people.
A missing asterisk
Control for all variables. At the end of the day, the dollar’s standing as the world’s reserve currency ultimately comes down to how much the rest of the world trusts the United States to continue its de facto leadership of the world economy. In the past, that assessment was based on how well the U.S. militarily or otherwise dealt with human- and state-led threats to international commerce such as Soviet expansionism or terrorism. But in the COVID-19 era only one thing matters: how well it is leading the fight against the pandemic.
So if you’ve already seen the charts below and you’re wondering what they’re doing in a newsletter about the battle for the future of money, that’s why. They were inspired by a staged White House lawn photo-op Tuesday, where President Trump was flanked by a huge banner that dealt quite literally with a question of American leadership. It read, “America Leads the World in Testing.” That’s a claim that’s technically correct, but one that surely demands a big red asterisk. When you’re the third-largest country by population – not to mention the richest – having the highest number of tests is not itself much of an achievement. The claim demands a per capita adjustment. Here’s how things look, first in absolute terms, then adjusted for tests per million inhabitants.
Binance support number 1844-918-0581 has frozen funds linked to Upbit’s prior $50 million data breach after the hackers tried to liquidate a part of the gains. In a recent tweet, Whale Alert warned Binance support number 1844-918-0581 that a transaction of 137 ETH (about $28,000) had moved from an address linked to the Upbit hacker group to its wallets.
Less than an hour after the transaction was flagged, Changpeng Zhao, the CEO of Binance support number 1844-918-0581, announced that the exchange had frozen the funds. He also added that Binance support number 1844-918-0581 is getting in touch with Upbit to investigate the transaction. In November 2019, Upbit suffered an attack in which hackers stole 342,000 ETH, accounting for approximately $50 million. The hackers managed to take the funds by transferring the ETH from Upbit’s hot wallet to an anonymous crypto address.
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The Convoluted Story of Crypto and Coronavirus (Article; Not a piece of investment advice; Not meant to spread FUD)

The Convoluted Story of Crypto and Coronavirus (Article; Not a piece of investment advice; Not meant to spread FUD)
Hey, all!
The sole purpose of this post is to give an outline of the things happening in crypto during the outbreak of Corona. The article is meant to share information and doesn't support any coin and is not meant to instigate FUD in the community.
Please comment your thoughts below and it helps us in delivering better content.
Thanks in advance.

The Convoluted Story of Crypto and Coronavirus

The recent Coronavirus outbreak in China has brought businesses to a standstill. It cost hundreds of lives and sent shockwaves to the entire world. On the other hand, the cryptocurrency market witnessed huge gains in early February and took a nose-dive in the last week. These series of events does bug everybody if the epidemic is impacting crypto. In this short post, ChangeHero will reveal what is happening to crypto amid this epidemic.
https://preview.redd.it/goqdtfslk9k41.jpg?width=1901&format=pjpg&auto=webp&s=dd48e4f3629ec813f1cd3e2d5700470ab1e329e4
The Outbreak
According to the World Health Organization Coronovirus disease (COVID-19), was first reported in Wuhan, China on 31 December 2019. A Bloomberg report suggests that there are 82,302 confirmed cases and 2,802 deaths worldwide, but China has been the most affected. In measures to contain the spread, the Chinese government has locked down cities and restricted the free movement of people which made the factories and businesses to shut the doors. The steep in the factory output has taken a toll on the Chinese economy and also threatened the global economy. Industries such as manufacturing, oil and gas, tourism and supply chain suffered the most. In the same vein, crypto is also not immune to this virus.
Miners hammered
China has a history of crackdowns on cryptocurrencies and exchanges. On the contrary, they are spearheading the blockchain adoption race and working towards digital currency, quickly go through this article for more info about China and cryptocurrencies. Moreover, the top five mining companies — AntPool, BTC.com, BTC.top, F2 Pool and ViaBTC are based in China. These firms control almost 60% of the hash power in the Bitcoin network. Mining farms are the first to be affected by the outbreak and a few representatives of these firms expressed their concerns on Social Media. Many stated that the government has cut off the electricity, supplies and also drove away workers from mining facilities. It reflected in the difficulty of bitcoin mining, a measure which indicates the effort required to solve the math in finding the block. This measure is adjusted once every two weeks and in the last difficulty correction, the measure rose only by 0.52% which is significantly lesser than the previous corrections of 4.67 and 7.08.
Mining may soon turn out to be a not so profitable activity, credits to the Bitcoin Halving. Bitcoin will undergo its third halving event somewhere around May and the block reward will be slashed to 6.25 BTC. It leads to tougher and unfavourable economic conditions. To boost their chances of surviving, miners are gearing up with advanced machines. Yet again, China is one of the largest suppliers of the mining equipment. Coronavirus outbreak has also locked up the doors of the factories and the companies have postponed the deliveries. Although there is a significant impact on the crypto mining industry in China, Bitcoin hash rate has seen a negligible change.
Community reflex
To restrain the spread of the virus, the Chinese government has halted the distribution of Yuan worth almost a Billion Dollars. Meanwhile, the S&P 500 Index and other traditional markets have also recorded their worst performances due to the epidemic. Crypto community was quick to react and hinted that digital currency can fix this. Big names in the crypto sphere like Binance and Tron have also pledged support to the coronavirus victims. Moreover, the epidemic has spread a sense of terror amongst the community and led to the cancellation and postponing of the conferences and public events.
Amidst the crisis, CoronaCoin, an ERC-20 token was launched with the ticker NCOV. Though the website states that the token is meant for charity, it’s approach has shocked the crypto community. The cryptocurrency has a total supply equal to the world’s population and the tokens will be burnt every 48 hours, proportionate to the number of casualties. The concept of investors benefitting with the spread of the virus poses serious moral questions on this project.
Impact on the crypto
Bitcoin kickstarted the new decade with a massive bull run and crossed the ten thousand dollar mark in early February. Many have contributed this to the upcoming halving and some connected it to the coronavirus outbreak. Things didn’t fare well long for crypto and the whole market crashed and lost a whopping 50 Billion Dollars in the last week of February. The epidemic has indeed affected the people and processes behind the crypto industry but it is still unclear if there is a correlation between the coronavirus and the crypto market prices. Nevertheless, the notion of Bitcoin as a safe haven during the crisis still exists but hasn’t been proven yet, at least for now. We hope the crisis will end soon and peace be restored. Until then, all our strength to the effected, families and businesses around.
Upvote if you have liked the article and comment to spark a discussion. Follow ChangeHero for more of such articles and updates in crypto.
The article was originally published on our Medium profile and reposting it here for more reach. Thanks for understanding.
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The Future of Cryptocurrency in the Philippines

Emerging Technologies by 2020 As we come to approach a new era of technological revolution this coming year 2020, the rise of artificial intelligence (AI), Fifth Generation Cellular Technology (5G), Internet of Things (IOT) and Blockchain technology, these technological innovations would undoubtedly disrupt most of our traditional Industries here in the Philippines as we know it. (Hold that thought for a minute.)
Current Situation of the Crypto Industry in the Philippines
Facebook, Twitter, and Instagram are among the top picks where most people get their news. It is then obvious, that most marketers, journalists, and influencers, take advantage of these mainstream social media channels as the perfect medium to promote their digital currency of choice or ads to reach a larger target audience compared to the traditional newspapers or postal mail.
These have its pros and cons. As the cryptocurrency space is gaining popularity at a rapid rate, more and more Filipinos are enticed to seek refuge to the promises of guaranteed and instant returns “get rich quick schemes” from networking companies to Ponzi schemes, and cyber scamming sites, just to name a few.
The innovation of the blockchain technology using cryptocurrencies especially bitcoins has also been a godsend for criminals. Money laundering through various casinos in prominent cities in the Philippines has been rampant, as transactions through Bitcoin is easy and convenient while tracking the original money is near impossible.
Extortion also play a major role. We may have no major reports of extortion here in the Philippines that involves crypto (AFAIK) but just recently, Binance a big player and the top cryptocurrency exchange by far with an average of 13–15 million users worldwide (according to a recent interview with CZ), has been in the social media radar due to an extortion attempt to their company, on an alleged Binance Know Your Customer (KYC) data leak.
With all the fear, uncertainty and doubt, it is obvious that the common response of most Filipinos, when asked about cryptocurrency in general (especially when asked about Bitcoin), is that it is a scam, a Ponzi, a bubble, and the most convenient medium of exchange for drugs, terrorism, pornography, human trafficking etc etc. which is (IMHO) partly true.
Mainstream adoption of cryptocurrencies in the Philippines
A study made last January 2019 by Napoleoncat reveals a total of 74,850,000 Facebook users in the Philippines. That accounts for roughly 68.6% of the country’s entire population. What does social media demographics have to do with cryptocurrency in the Philippines as you may ask?
As Facebook recently announced its development and launch of its Libra coin by 2020, along with the deployment of 5G, IOT, AI and the continued improvements of the blockchain technology. Imagine the 68.6% population of Filipino Facebook users that will be exposed to the convenience of this technology. There is a good chance that this will pave the way for Filipinos to finally get involved and adopt cryptocurrencies for day-to-day transactions.
Aside from the internet usage, remittances from Overseas Filipino Workers (OFW) would certainly play a major role as remittances have a proven track record of being the top dollar earner among all financial sectors for the last 2 decades. It is also a proven fact that OFW remittances is currently the biggest economic lifeline of the Philippines apart from the BPO Industry.
Let us say cryptocurrencies get adopted in a year or two, thanks to social media and Facebook as a common past time of Filipinos (no pun intended). Everyone would enjoy a safer, more efficient transactions, with zero to minimal transaction costs, instant cross-border money transfers or payments, transparent transaction history and the coolest thing, this could all be done with just a few swipes on a smartphone.
Compare this to the current traditional remittance transactions which usually takes days to transact, staggering 10–20% transaction fee, heavily centralized, meaning you have to spend a few minutes to hours just to find the nearest remittance center (pera padala center) to execute your transaction, think about it, think about how inefficient and unfair that is in our current technological state.
We are coming to the point that these major financial intermediaries like banks, remittance centers, and financial companies will be eradicated and replaced by smartphones. Sure, the idea seems overrated but it is already happening. Just take a look at some of the countries that are currently experiencing hyperinflation, where their currency is losing value at an alarming rate.
The people of these countries no longer trust their banks, nor their government. Instead, relying on the use of smartphones to transact and convert their money through various crypto-coins has been the only proven way that works to hedge their financial assets, their life savings, from hyperinflation.
In conclusion:
It is no longer a question of “will cryptocurrencies be adopted” in the Philippines, but a question as to when. I firmly believe, with the growing community of Filipino crypto enthusiasts, surfacing in various social mainstream Media, promoting the use case of blockchain technology, we are going to be an influential part of this financial technological revolution sooner than expected.
People want freedom, the freedom to transact anywhere, anytime, with no limits. People want something that is efficient, transparent and safe with fair transaction costs and seamless that it happens in an instant. People want full control of their finances, and these technologies we have is the key. The key that will promote a decentralized system that will eliminate the traditional financial problems of transparency, corruption and economy unevenness here in our country.
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[Manipulation] Notes on the transparency of Tether and Bitcoin market manipulation

I would like to share some alarming signs of Bitcoin price manipulation.
Bitcoin price is about 10 times of what it was a year ago. The exchange that decisively sets Bitcoin price is Bitfinex, a secretive institution with unknown beneficiary structure and place of organization.
https://pbs.twimg.com/media/Cs0oGXQWAAAqMRZ.jpg
Bitfinex had its wire services suspended by Wells Fargo in April. To resume trading, Bitfinex enlisted the help of Tether, another company with unknown beneficiary structure and place of organisation, but based on announcements is likely under common share holder control with Bitfinex. Tether sells crypto-tokens known as USD Tethers, or USDTs, that are purportedly backed by an equal number of US dollars. In other words, each USDT is a digital good priced at USD 1.00.
Despite the promise of "100% reserve" and the vague reference to "24×7 access to your funds" on Tether’s website, there is no contractual right, either tacit or express, for one USDT to be redeemed for one US dollar. It is probably through this legal construct that Tether hopes to characterise its USDTs as digital goods and not "convertible" virtual currency covered by FinCEN regulations.
The invention of USDTs led to the proliferation of numerous crypto-currency exchanges. Examples include Bitfinex, Binance, HitBTC, KKex, Poloniex, and YoBit. Instead of providing crypto-to-fiat trading pairs, these "coin-to-coin" exchanges offer crypto-to-tether trading exclusively. Therefore, USDTs not only help these exchanges remove the need for formal banking arrangement, but also enables these exchanges to organise in lesser known jurisdictions (e.g., the Republic of Seychelles) and operate outside of the regulation and supervision of major economies. Most of these exchanges claim to screen-off visitors from the United States and other countries with laws on coin-to-coin trading, but the screen-off is often perfunctory. In almost all cases, the screen can be defeated with a simple mouse click.
It is doubtful that these exchanges perform meaningful due diligence beyond identity verification to combat money laundering, financing of terrorism, and corruption of politically exposes persons. Bitfinex, for example, requires no identity verification at all for most trading activities and imposes no trading amount limits on unverified accounts. The enablement of these exchanges where rampant money laundering is possible is outside of the scope of this note. Instead, I would like to bring to your attention the distinct possibility that Bitfinex, as the likely controller of Tether, is a bad actor.
Strong circumstantial evidence suggests that Bitfinex is creating USDTs out of thin air to prop up Bitcoin prices. Namely, Bitfinex is likely acting as a central bank that issues a fiat money called USDTs. The sole mandate of this central bank is to enrich itself through market manipulation.
https://i.imgur.com/b1Pdsq9.jpg
The first image (above) illustrates how mysterious amounts of USDTs were minted and injected into Bitfinex at precise moments when a crash seemed imminent.
https://i.imgur.com/jAyPlF8.jpg
The second image (above) illustrates a strong correlation (but admittedly not causation) between the total amount of USDTs in circulation and Bitcoin price.
Bitfinex released an internal memo in September to allay concerns that USDTs might have been created at will. The memo purportedly shows that Tether maintained sufficient US dollars to match all USDTs in circulation as of a day in September. The memo, however, is of no probative value. Among other strange things, the author of the memo didn’t verify with banks (names redacted) that account balances from Tethers were in fact correct, couldn’t promise that the balances weren’t overnight borrowings for purposes of producing the memo, and couldn’t promise that Tether indeed had access to those funds.
I therefore urge you to consider the possibility that the current price of Bitcoin is the result of Bitfinex’s manipulation and may collapse when regulators take action.
For example, Tether is almost certainly an administrator of virtual currency — it centrally puts into and withdraws from circulation USDTs, a virtual currency squarely intended as a substitute for real currency as admitted by Tether in the internal memo.
Tether has nominally registered as a money transmitter with FinCEN, but it is unclear if they fulfill any of the BSA filing requirements (e.g., filing SARs).2 As a company, Tether’s USDTs enables large crypto-currency exchanges (including US-based exchanges like Poloniex) to exist and powers trades thereon in the amount of millions every day. So it wouldn’t be surprising if FinCEN eventually decides to enforce its rules against Tether as it did against Liberty Reserve.
Further, CFTC approved recently various swap execution facilities, designated contract markets and derivative clearing organizations with Bitcoin flavor. And the Chicago Mercantile Exchange is expected to launch cash-settled futures on Bitcoin soon. Manipulation of Bitcoin prices referenced by these entities is prosecutable by the CFTC, an agency with broad statutory authority to prosecute manipulation of commodity prices under the Commodity Exchange Act (including Section 753 as amended by the Dodd-Frank Act.).
Although none of these CFTC-registered entities are currently including Bitfinex in the calculation of their Bitcoin reference rates (CME used to), it is well understood and could be easily established (partially because of the transparency of Bitcoin blockchain) that Bitfinex-initiated price movements ripple through all exchanges via manual and automated trading.3 CFTC could then have grounds to investigate Bitfinex’s possible manipulation of Bitcoin price via Tether.
If you are considering investing into Bitcoin at this time, please look closer at the exchanges involved in price discovery and give it a second thought.
submitted by Yanlii to Buttcoin [link] [comments]

Daily analysis of cryptocurrencies 20190914(Market index 39 — Fear state)

Daily analysis of cryptocurrencies 20190914(Market index 39 — Fear state)

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U.S. Treasury official: If there is no strong security, cryptocurrency may become a new channel for terrorist organizations to transfer funds. According to Cointelegraph, Sigal Mandelker, deputy minister of terrorism and financial intelligence at the US Treasury, said at the 19th annual International Conference on Counter-Terrorism that terrorist organizations, their supporters and sympathizers are constantly seeking new ways to raise and transfer. Funds are not subject to investigation or tracking by law enforcement agencies. While most terrorist organizations still rely primarily on traditional financial systems and cash transfer funds, cryptocurrencies may become the next area without adequate and strong security.
Libra Association COO: Libra reserves will not exceed 200 billion US dollars at most, and the US dollar is expected to account for half Bertrand Perez, managing director and chief operating officer of the Libra Association, recently refuted the statement that “incorporating French currency into Libra reserves will affect central bank monetary policy”. According to Perez, this is not reasonable, because the reality is that the legal currency policy will affect Libra through a “basket of currencies”, not the other way around. In addition, Perez also said that the maximum Libra reserve will not exceed 200 billion US dollars, this figure seems to be very large, but in the global financial market is actually a “very low” amount, like the US investment management giant BlackRock The management assets of the group (BlackRock) amounted to 6.84 trillion US dollars. Perez also talked about how to deal with a currency crash in the basket: “If there is a currency disaster or crisis before the release of Libra, we can remove it from the basket, but this decision will be two-thirds of the association. The members voted. “Although the association is still deciding how to determine the weight of a basket of currencies, Perez said that the dollar should be very important and is expected to be around half.”
Ethereum 2.0 multi-client test network made new progress: Developer reports 7 client operation confirmation Jonny Rhea, an engineer at ConsenSys’s development team PegaSys, announced on Twitter that Ethereum’s 2.0 client-side operations have been confirmed. Consistency is now achieved by installing the seven clients of the beacon chain and forming the network. The seven clients are: Prysm from Prysmatic Labs, Artemis from PegaSys, Nimbus from Status, Lighthouse from Sigma Prime, Lodestar from Chainsafe, Trinity from Triniy Team, and Harmony from Ether Camp. Ethereum 2.0 is expected to be implemented in 2020 ∼ 2021. The various teams developing the Ethereum 2.0 client have completed the trial network composition as a separate client, but running on multiple clients is still in development. The development team is currently gathering in Boston for on-site verification. On September 12th, Preston Van Loon of Prysmatic Labs also reported on the confirmation of five clients. There are currently 9 clients in Ethereum 2.0. In the operational confirmation of Rhea, Parity and Yeeth are not included. But Parity developer Wei Tang has also reported multi-client operation confirmation for Parity and Lighthouse.

Encrypted project calendar(September 14, 2019)

BTC/Bitcoin: The European Union will launch its name, Payment Services Directive 2 (PSD2), which will take effect on September 14. The new law includes banks implementing “strong customer certification”. In addition, according to previous news, PSD2 can obtain some of the functions of the banking industry, providing new payment solutions for encryption products. BNB/Binance Coin: Binance Coin (BNB) Coin’s overseas team will hold its first community gathering in Jakarta, Indonesia on September 14. OKB/OKB: OKB (OKB) OKEx Africa will hold a party in Accra, Ghana, on September 14th, and the first African blockchain project supported by OKEx will be released.

Encrypted project calendar(September 15, 2019)

TRX/TRON: Wave field TRON launches side chain plan Sun Network network three-phase release WAN/Wanchain: Wanchain (WAN) will hold a 3Q community conference call in mid-September AE/Aeternity: Aeternity (AE) æternity is expected to carry out the Lima hard fork upgrade on September 15th, and the third Ethernet AE token migration hard fork will take effect. NANO/Nano: Nano (NANO) NANO founder Colin LeMahieu will attend an informal community gathering in Austin, Texas on September 15th.

Encrypted project calendar(September 16, 2019)

LINK/ChainLink: Chainlink (LINK) Oracle will host the Oracle Code One conference from September 16th to September 19th, at which it will announce the launch of 50 startups with Chainlink. MANA/Decentraland: The Decentraland (MANA) community will host the SDK hackathon on September 16. WABI/Tael: Tael (WABI) “Tael Insider” campaign will be held on the new project website on September 16.

Encrypted project calendar(September 17, 2019)

ZEN/Horizen: The official team of Horizen (ZEN) will hold a community gathering in Strasbourg, France on September 17th.

Encrypted project calendar(September 18, 2019)

OKB/OKB: OKB (OKB) On September 18th, OKEx will hold an institutional meeting in London to share the regulatory environment issues facing encryption organizations.

Encrypted project calendar(September 19, 2019)

NRG/Energi: Energi (NRG) Energi will launch a trading competition on the KuCoin platform on September 9th. By September 19th, 800 NRG will be presented to the top 470 participants. ADA/Cardano: The Cardano (ADA) project official will host the Wyoming hackathon from September 19th to 22nd. KIN/Kin: The Kin (KIN) project team will host a community gathering in Toronto on September 19. BTC/Bitcoin: The 2019 Open Core Summit will be held in San Francisco from September 19th to 20th.

Encrypted project calendar(September 20, 2019)

NULS / NULS: The NULS 2.0 Beta hackathon will be held from September 20th to September 21st, 2019. AE/Aeternity: Aeternity (AE) will hold “Cosmos One” conference in Prague, Czech Republic on September 20th

Encrypted project calendar(September 21, 2019)

BTC/Bitcoin: The 6th FINWISE Global Summit Macau will be held from September 21st to 22nd. Distributed Financial Technology (DeFi) is the main topic of this conference. OKB/OKB: OKB (OKB) OKEx The Africa Cryptour series of talks in Kenya will take place on September 21 in Nairobi.

Encrypted project calendar(September 23, 2019)

BTC/Bitcoin: Bakkt, the digital asset platform led by ICE, the parent company of the New York Stock Exchange and the world’s second largest trading group, will launch a bitcoin physical delivery futures contract on September 23. EOS/EOS: EOS main network is expected to upgrade version 1.8 on September 23

Encrypted project calendar(September 24, 2019)

ENG/Enigma: Enigma (ENG) ENG main network token snapshot will end on September 24, the original start time is August 26.

Encrypted project calendar(September 26, 2019)

ADA/Cardano: The Cardano (ADA) Cardano community will host a party in Washington, DC on September 26.

Encrypted project calendar(September 27, 2019)

BTC/Bitcoin: Cripto Latin Fest will be held in Cordoba, Argentina from September 27th to 29th.

Encrypted project calendar(September 28, 2019)

ADA/Cardano: Cardano (ADA) Cardano (ADA) 2nd Anniversary, Cardinal Foundation, IOHK and EMURGO main members will participate in community celebrations in Plovdiv, Bulgaria on September 28.

Encrypted project calendar(September 29, 2019)

GAME/GameCredits: GameCredits (GAME) is expected to perform hard forks on September 29th at block height 2519999

Encrypted project calendar(September 30, 2019)

INS/Insolar: Insolar (INS) will be on September 30th ERD/Elrond: Elrond (ERD) will conduct main network test on September 30th NULS/NULS: The NULS team will plan to beta the ChainBOX in the third quarter.

At the time of writing, Bitcoin is trading down marginally at its current price of $10,320, which marks a slight retrace from its daily highs of $10,450.
Ever since BTC bounced from its support level at $10,000, the cryptocurrency has been facing a bout of consolidation after its upwards momentum stalled, which may mean that its bulls do not have enough strength at the moment to push the cryptocurrency higher.
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Daily analysis of cryptocurrencies 20190911(Market index 38 — Fear state)

Daily analysis of cryptocurrencies 20190911(Market index 38 — Fear state)

https://preview.redd.it/25xag2ahp5m31.png?width=1080&format=png&auto=webp&s=af83a570993c5886035df96652253610b0368fb6

The Japan Financial Services Agency held the second round of the Encrypted Assets Roundtable, calling Libra the “alarm clock” According to the official website of the Japan Financial Services Agency on September 9, the Japanese Financial Agency revealed today that the agency had held the second round table on encrypted assets in Tokyo on September 6. The meeting brought together relevant financial regulators and international organizations to discuss and exchange experiences on the latest developments in cryptographic assets, including stable currency. The conference consisted of four main topics, namely: 1. The latest technological developments and challenges of cryptographic assets; 2. Supervision of crypto-equity trading platforms; 3. Investor protection and market integrity; 4. Participation of multiple stakeholders global cooperation. It is reported that the meeting is an invitation system and is not open to the public. At the meeting, the Japanese Finance Agency’s international deputy, Iwami, made an opening speech, saying: “Libra is like a ‘sounding alarm clock’ to all of us. The alarm bell has been ringing, which requires regulators and central bank officials to expand. Eyes, face up to the problem to face sooner or later. Many other clocks may be waiting for the next time.”
US Deputy Treasury Secretary: Libra will accept US anti-money laundering review On the 11th, Sigal Mandelker, deputy secretary of the US Treasury for terrorism and financial intelligence, warned on Tuesday that Libra, the proposed cryptocurrency of Facebook (FB.O), must comply with US anti-money laundering standards in order to survive, even if its headquarters is in Switzerland. Mandelker said: “What we have pointed out to them many times is that they must deploy appropriate anti-money laundering and sanctions programs to combat terrorist financing. I think they are still at a very early stage of thinking about how to meet these requirements.”
Indian parliamentarian: cryptocurrency is more complicated than the Internet in the early stages of development Indian Congressman Rajeev Chandrasekhar said in an interview that cryptocurrency is much more complicated in the early stages of its development than the Internet. The growth and innovation momentum of encryption technology is almost like a perfect storm. Speaking of India’s position on managing encryption for the public, he cautioned that the Supreme Court has ruled that privacy is a fundamental right for all Indians. In addition, he added, there is currently no legislative and legal framework for innovation to allow people to collect data from consumers and to allow consumers to agree. He deliberately confused encryption and privacy because it currently does not have a policy framework.

Encrypted project calendar(September 12, 2019)

BNB/Binance Coin: Coin Security will stop providing services to US users on Binance.com on September 12th BCN/Bytecoin: Bytecoin (BCN) will release Copper v3.6.0 on September 12t HBT/Hubii Network: Hubii Network (HBT) hubii’s “Blockchain in Practice” campaign with Microsoft will be held on September 12th at the Microsoft office in Oslo. ETC/Ethereum Classic: ETC or will perform Atlantis hard fork on September 12th

Encrypted project calendar(September 13, 2019)

VET/Vechain: VeChain (VET) VeChain CEO Sunny Lu will deliver a speech at the Public Blockchain Symposium on September 13th. WABI/Tael: The Tael (WABI) project team will release the new Tael website on September 13.

Encrypted project calendar(September 14, 2019)

BTC/Bitcoin: The European Union will launch its name, Payment Services Directive 2 (PSD2), which will take effect on September 14. The new law includes banks implementing “strong customer certification”. In addition, according to previous news, PSD2 can obtain some of the functions of the banking industry, providing new payment solutions for encryption products. BNB/Binance Coin: Binance Coin (BNB) Coin’s overseas team will hold its first community gathering in Jakarta, Indonesia on September 14. OKB/OKB: OKB (OKB) OKEx Africa will hold a party in Accra, Ghana, on September 14th, and the first African blockchain project supported by OKEx will be released.

Encrypted project calendar(September 15, 2019)

TRX/TRON: Wave field TRON launches side chain plan Sun Network network three-phase release WAN/Wanchain: Wanchain (WAN) will hold a 3Q community conference call in mid-September AE/Aeternity: Aeternity (AE) æternity is expected to carry out the Lima hard fork upgrade on September 15th, and the third Ethernet AE token migration hard fork will take effect. NANO/Nano: Nano (NANO) NANO founder Colin LeMahieu will attend an informal community gathering in Austin, Texas on September 15th.

Encrypted project calendar(September 16, 2019)

LINK/ChainLink: Chainlink (LINK) Oracle will host the Oracle Code One conference from September 16th to September 19th, at which it will announce the launch of 50 startups with Chainlink. MANA/Decentraland: The Decentraland (MANA) community will host the SDK hackathon on September 16. WABI/Tael: Tael (WABI) “Tael Insider” campaign will be held on the new project website on September 16.

Encrypted project calendar(September 17, 2019)

ZEN/Horizen: The official team of Horizen (ZEN) will hold a community gathering in Strasbourg, France on September 17th.

Encrypted project calendar(September 18, 2019)

OKB/OKB: OKB (OKB) On September 18th, OKEx will hold an institutional meeting in London to share the regulatory environment issues facing encryption organizations.

Encrypted project calendar(September 19, 2019)

NRG/Energi: Energi (NRG) Energi will launch a trading competition on the KuCoin platform on September 9th. By September 19th, 800 NRG will be presented to the top 470 participants. ADA/Cardano: The Cardano (ADA) project official will host the Wyoming hackathon from September 19th to 22nd. KIN/Kin: The Kin (KIN) project team will host a community gathering in Toronto on September 19. BTC/Bitcoin: The 2019 Open Core Summit will be held in San Francisco from September 19th to 20th.

Encrypted project calendar(September 20, 2019)

NULS / NULS: The NULS 2.0 Beta hackathon will be held from September 20th to September 21st, 2019. AE/Aeternity: Aeternity (AE) will hold “Cosmos One” conference in Prague, Czech Republic on September 20th

Encrypted project calendar(September 21, 2019)

BTC/Bitcoin: The 6th FINWISE Global Summit Macau will be held from September 21st to 22nd. Distributed Financial Technology (DeFi) is the main topic of this conference. OKB/OKB: OKB (OKB) OKEx The Africa Cryptour series of talks in Kenya will take place on September 21 in Nairobi.

Encrypted project calendar(September 23, 2019)

BTC/Bitcoin: Bakkt, the digital asset platform led by ICE, the parent company of the New York Stock Exchange and the world’s second largest trading group, will launch a bitcoin physical delivery futures contract on September 23. EOS/EOS: EOS main network is expected to upgrade version 1.8 on September 23

Encrypted project calendar(September 24, 2019)

ENG/Enigma: Enigma (ENG) ENG main network token snapshot will end on September 24, the original start time is August 26.

Encrypted project calendar(September 26, 2019)

ADA/Cardano: The Cardano (ADA) Cardano community will host a party in Washington, DC on September 26.

Bitcoin price is slowly declining and recently broke the $10,000 support area against the US Dollar. The price is facing an uphill task and it might continue to struggle near $10,250 and $10,300. There is a major bearish trend line forming with resistance near $10,250 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price could continue to slide as long as it is trading below the $10,400 pivot level in the near term. Bitcoin price is under pressure below $10,250 against the US Dollar. BTC may perhaps accelerate decline as long as there is no close above the $10,400 and $10,500 levels.
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submitted by liuidaxmn to u/liuidaxmn [link] [comments]

Tether Migrates To More Blockchains - Crypto Experts Perceive The Migration As Perilous

Tether Migrates To More Blockchains - Crypto Experts Perceive The Migration As Perilous

New transparency-related questions arise after Tether`s decision for migration
Tether, the pioneer in stablecoins which is used as an intermediary for crypto exchanges and users, announced that the USDT token would be a suitable medium for transactions on several other blockchains.
There is a tendency of a rise in migration from the domininant Bitcoin and Ethereum platforms among crypto exchanges. If a migration is set to be completed to Tether, there will be risks associated with the complexity of monitoring transactions. The ease of monitoring of transactions has been one of the pivotal aspects that advocates for the decentralized nature of crypto.
Although being a stablecoin, Tether can inflict volatility issues because of the complexity of “figuring out what’s going on” by investors, says Edwin Ong, co-founder of Blockspur.
Crypto exchanges, on the other hand, have built a strong relationship with the Tether organization and their cryptocurrency - USDT. Coin Metrics published a report, stating that Binance and Huobi, for example, use Tether to settle 40 to 80 percent of their transactions. Tether is also popular for being “Bitcoin barometer” as large-scale investors often purchase significant quantities of Tether before buying Bitcoin.
The stablecoin is primarily used as a liquidity pool because banks and institutions still deny crypto exchanges direct access to their services due to money-laundering and terrorism-financing concerns. Tether coins are supposed to be one-by-one fully backed by fiat currencies – the fiat currencies can be ether the US dollar or Euro, but earlier in 2019 Bitfinex stated that Tether’s backing is only around 75%.
Despite the backing allegations, Tether and their USDT coin were quickly established as one of the most prominent ecosystems. Tether was added to the TRON ecosystem in March 2019. In May 2019, Tether entered the EOS blockchain. Algorand’s blockchain is scheduled as the next target. The latest addition of Tether was in Bitcoin’s sidechain – Liquid Network, designed for transaction settlements for market makers and exchanges.
Eric Turner, Messari’s director of research, stated that Tether’s future is hedged on the type and quantity of new blockchain networks.
“The costs for launching and operating blockchain networks are not that high nowadays so that Tether may become the go-to stablecoin option,” Turner added.
submitted by Crypto_Browser to u/Crypto_Browser [link] [comments]

In case you missed it: Major Crypto and Blockchain News from the week ending 12/14/2018

Developments in Financial Services

Regulatory Environment

General News


submitted by QuantalyticsResearch to CryptoCurrency [link] [comments]

[Manipulation] Notes on the transparency of Tether and Bitcoin market manipulation

I would like to share some alarming signs of Bitcoin price manipulation.
Bitcoin price is about 10 times of what it was a year ago. The exchange that decisively sets Bitcoin price is Bitfinex, a secretive institution with unknown beneficiary structure and place of organization.
https://pbs.twimg.com/media/Cs0oGXQWAAAqMRZ.jpg
Bitfinex had its wire services suspended by Wells Fargo in April. To resume trading, Bitfinex enlisted the help of Tether, another company with unknown beneficiary structure and place of organisation, but based on announcements is likely under common share holder control with Bitfinex. Tether sells crypto-tokens known as USD Tethers, or USDTs, that are purportedly backed by an equal number of US dollars. In other words, each USDT is a digital good priced at USD 1.00.
Despite the promise of "100% reserve" and the vague reference to "24×7 access to your funds" on Tether’s website, there is no contractual right, either tacit or express, for one USDT to be redeemed for one US dollar. It is probably through this legal construct that Tether hopes to characterise its USDTs as digital goods and not "convertible" virtual currency covered by FinCEN regulations.
The invention of USDTs led to the proliferation of numerous crypto-currency exchanges. Examples include Bitfinex, Binance, HitBTC, KKex, Poloniex, and YoBit. Instead of providing crypto-to-fiat trading pairs, these "coin-to-coin" exchanges offer crypto-to-tether trading exclusively. Therefore, USDTs not only help these exchanges remove the need for formal banking arrangement, but also enables these exchanges to organise in lesser known jurisdictions (e.g., the Republic of Seychelles) and operate outside of the regulation and supervision of major economies. Most of these exchanges claim to screen-off visitors from the United States and other countries with laws on coin-to-coin trading, but the screen-off is often perfunctory. In almost all cases, the screen can be defeated with a simple mouse click.
It is doubtful that these exchanges perform meaningful due diligence beyond identity verification to combat money laundering, financing of terrorism, and corruption of politically exposes persons. Bitfinex, for example, requires no identity verification at all for most trading activities and imposes no trading amount limits on unverified accounts. The enablement of these exchanges where rampant money laundering is possible is outside of the scope of this note. Instead, I would like to bring to your attention the distinct possibility that Bitfinex, as the likely controller of Tether, is a bad actor.
Strong circumstantial evidence suggests that Bitfinex is creating USDTs out of thin air to prop up Bitcoin prices. Namely, Bitfinex is likely acting as a central bank that issues a fiat money called USDTs. The sole mandate of this central bank is to enrich itself through market manipulation.
https://i.imgur.com/b1Pdsq9.jpg
The first image (above) illustrates how mysterious amounts of USDTs were minted and injected into Bitfinex at precise moments when a crash seemed imminent.
https://i.imgur.com/jAyPlF8.jpg
The second image (above) illustrates a strong correlation (but admittedly not causation) between the total amount of USDTs in circulation and Bitcoin price.
Bitfinex released an internal memo in September to allay concerns that USDTs might have been created at will. The memo purportedly shows that Tether maintained sufficient US dollars to match all USDTs in circulation as of a day in September. The memo, however, is of no probative value. Among other strange things, the author of the memo didn’t verify with banks (names redacted) that account balances from Tethers were in fact correct, couldn’t promise that the balances weren’t overnight borrowings for purposes of producing the memo, and couldn’t promise that Tether indeed had access to those funds.
I therefore urge you to consider the possibility that the current price of Bitcoin is the result of Bitfinex’s manipulation and may collapse when regulators take action.
For example, Tether is almost certainly an administrator of virtual currency — it centrally puts into and withdraws from circulation USDTs, a virtual currency squarely intended as a substitute for real currency as admitted by Tether in the internal memo.
Tether has nominally registered as a money transmitter with FinCEN, but it is unclear if they fulfill any of the BSA filing requirements (e.g., filing SARs).2 As a company, Tether’s USDTs enables large crypto-currency exchanges (including US-based exchanges like Poloniex) to exist and powers trades thereon in the amount of millions every day. So it wouldn’t be surprising if FinCEN eventually decides to enforce its rules against Tether as it did against Liberty Reserve.
Further, CFTC approved recently various swap execution facilities, designated contract markets and derivative clearing organizations with Bitcoin flavor. And the Chicago Mercantile Exchange is expected to launch cash-settled futures on Bitcoin soon. Manipulation of Bitcoin prices referenced by these entities is prosecutable by the CFTC, an agency with broad statutory authority to prosecute manipulation of commodity prices under the Commodity Exchange Act (including Section 753 as amended by the Dodd-Frank Act.).
Although none of these CFTC-registered entities are currently including Bitfinex in the calculation of their Bitcoin reference rates (CME used to), it is well understood and could be easily established (partially because of the transparency of Bitcoin blockchain) that Bitfinex-initiated price movements ripple through all exchanges via manual and automated trading.3 CFTC could then have grounds to investigate Bitfinex’s possible manipulation of Bitcoin price via Tether.
If you are considering investing into Bitcoin at this time, please look closer at the exchanges involved in price discovery and give it a second thought.
submitted by Yanlii to btc [link] [comments]

[Manipulation] Notes on the transparency of Tether and Bitcoin market manipulation

I would like to share some alarming signs of Bitcoin price manipulation.
Bitcoin price is about 10 times of what it was a year ago. The exchange that decisively sets Bitcoin price is Bitfinex, a secretive institution with unknown beneficiary structure and place of organization.
https://pbs.twimg.com/media/Cs0oGXQWAAAqMRZ.jpg
Bitfinex had its wire services suspended by Wells Fargo in April. To resume trading, Bitfinex enlisted the help of Tether, another company with unknown beneficiary structure and place of organisation, but based on announcements is likely under common share holder control with Bitfinex. Tether sells crypto-tokens known as USD Tethers, or USDTs, that are purportedly backed by an equal number of US dollars. In other words, each USDT is a digital good priced at USD 1.00.
Despite the promise of "100% reserve" and the vague reference to "24×7 access to your funds" on Tether’s website, there is no contractual right, either tacit or express, for one USDT to be redeemed for one US dollar. It is probably through this legal construct that Tether hopes to characterise its USDTs as digital goods and not "convertible" virtual currency covered by FinCEN regulations.
The invention of USDTs led to the proliferation of numerous crypto-currency exchanges. Examples include Bitfinex, Binance, HitBTC, KKex, Poloniex, and YoBit. Instead of providing crypto-to-fiat trading pairs, these "coin-to-coin" exchanges offer crypto-to-tether trading exclusively. Therefore, USDTs not only help these exchanges remove the need for formal banking arrangement, but also enables these exchanges to organise in lesser known jurisdictions (e.g., the Republic of Seychelles) and operate outside of the regulation and supervision of major economies. Most of these exchanges claim to screen-off visitors from the United States and other countries with laws on coin-to-coin trading, but the screen-off is often perfunctory. In almost all cases, the screen can be defeated with a simple mouse click.
It is doubtful that these exchanges perform meaningful due diligence beyond identity verification to combat money laundering, financing of terrorism, and corruption of politically exposes persons. Bitfinex, for example, requires no identity verification at all for most trading activities and imposes no trading amount limits on unverified accounts. The enablement of these exchanges where rampant money laundering is possible is outside of the scope of this note. Instead, I would like to bring to your attention the distinct possibility that Bitfinex, as the likely controller of Tether, is a bad actor.
Strong circumstantial evidence suggests that Bitfinex is creating USDTs out of thin air to prop up Bitcoin prices. Namely, Bitfinex is likely acting as a central bank that issues a fiat money called USDTs. The sole mandate of this central bank is to enrich itself through market manipulation.
https://i.imgur.com/b1Pdsq9.jpg
The first image (above) illustrates how mysterious amounts of USDTs were minted and injected into Bitfinex at precise moments when a crash seemed imminent.
https://i.imgur.com/jAyPlF8.jpg
The second image (above) illustrates a strong correlation (but admittedly not causation) between the total amount of USDTs in circulation and Bitcoin price.
Bitfinex released an internal memo in September to allay concerns that USDTs might have been created at will. The memo purportedly shows that Tether maintained sufficient US dollars to match all USDTs in circulation as of a day in September. The memo, however, is of no probative value. Among other strange things, the author of the memo didn’t verify with banks (names redacted) that account balances from Tethers were in fact correct, couldn’t promise that the balances weren’t overnight borrowings for purposes of producing the memo, and couldn’t promise that Tether indeed had access to those funds.
I therefore urge you to consider the possibility that the current price of Bitcoin is the result of Bitfinex’s manipulation and may collapse when regulators take action.
For example, Tether is almost certainly an administrator of virtual currency — it centrally puts into and withdraws from circulation USDTs, a virtual currency squarely intended as a substitute for real currency as admitted by Tether in the internal memo.
Tether has nominally registered as a money transmitter with FinCEN, but it is unclear if they fulfill any of the BSA filing requirements (e.g., filing SARs).2 As a company, Tether’s USDTs enables large crypto-currency exchanges (including US-based exchanges like Poloniex) to exist and powers trades thereon in the amount of millions every day. So it wouldn’t be surprising if FinCEN eventually decides to enforce its rules against Tether as it did against Liberty Reserve.
Further, CFTC approved recently various swap execution facilities, designated contract markets and derivative clearing organizations with Bitcoin flavor. And the Chicago Mercantile Exchange is expected to launch cash-settled futures on Bitcoin soon. Manipulation of Bitcoin prices referenced by these entities is prosecutable by the CFTC, an agency with broad statutory authority to prosecute manipulation of commodity prices under the Commodity Exchange Act (including Section 753 as amended by the Dodd-Frank Act.).
Although none of these CFTC-registered entities are currently including Bitfinex in the calculation of their Bitcoin reference rates (CME used to), it is well understood and could be easily established (partially because of the transparency of Bitcoin blockchain) that Bitfinex-initiated price movements ripple through all exchanges via manual and automated trading.3 CFTC could then have grounds to investigate Bitfinex’s possible manipulation of Bitcoin price via Tether.
If you are considering investing into Bitcoin at this time, please look closer at the exchanges involved in price discovery and give it a second thought.
submitted by Yanlii to Tether [link] [comments]

The Importance of Identity Management in Blockchain

By Semaj Rakao
Identity Management is a form of IT online security that is the ability of authenticating different individuals or groups (customers, colleagues, any group etc) digitally and controlling whether they have access to particular applications or systems.
The main goal of Identity Management is to ensure only authenticated users are granted access and permissions to the right resources at the right times and for the right reasons. It addresses the need to ensure appropriate access to resources across many digital environments.
As an example of failed Identity Management, hacks of Bitcoin in South Korea (Bithumb and CoinRail) and the hack of Japan’s Coincheck exchange both consisting and resulting in millions of dollars in stolen currency. It is imperative that for any cryptocurrency exchange to be successful, all transactions must be completely secure and authenticated on the blockchain.
There are many different ways to manage identities some better and more secure than others. With the South Korean Bithumb hack of over $31 million, days before the hack security teams were warned that a number of unauthorized access attempts increased. As such, an urgent server checkup was conducted and at the same time Bithumb also started moving users’ assets to a cold wallet to store cryptocurrencies in a more secure offline environment however this was too late…
In the case of South Korea’s Coinrail, Korea Internet & Security Agency, who carried out the investigation with police, said only four of the country’s largest exchanges are subject to the Information Security Management System certification (ISMS) requirement and Coinrail is not one of them. This is an example of where smaller exchanges such as these do not have enough security and the security they do have in place is not compliant with government regulations (amazingly many are not required!)
Japanese cryptocurrency exchange Zaif had been hacked, with losses of Bitcoin and two other digital currencies estimated at about $59.67 million. Also The Japanese cryptocurrency Coincheck was hacked over $530 million dollars! In both exchanges security was unregulated so there are no protocols in place to create an environment in which these exchanges overall security are updated.
While blockchain technology has been long noted for its security, under certain conditions it can be very vulnerable. Sometimes bad execution can be blamed, or unintentional software bugs. Other times it’s more of a gray area, the complicated result of interactions between the code, the economics of the blockchain, and human greed. In total, hackers have stolen nearly $2 billion worth of cryptocurrency since the beginning of 2017 and that’s just what has been revealed publicly.
Most of the recent headline-grabbing hacks weren’t attacks on the blockchain themselves, but on exchanges, the websites where people can buy, trade, and hold cryptocurrencies. And many of those robberies could be blamed on poor basic security practices.
In both South Korea and Japan’s crytptocurrency hacks, it was the managing of the security of servers as well as the security of identities on the server of the users that were hacked. These cases show how important security and Identity Management is to any exchange.
While most cryptocurrency exchanges have avoided government regulations and some pride themselves on anonymity there is one company that since it’s beginning has focused entirely on transparency.
Yezcoin is a new startup blockchain and cryptocurrency exchange that’s primary focus is user and transaction transparency.
Many have questioned as to why Yezcoin would want to require transparency in a cryptoexchange? Or more importantly why, for a startup ICO, would Yezcoin want to avoid taking illicit funds like most other cryptoexchanges?
One reason and one reason only says creator of Yezcoin Mongkol Thitithamasak,”Honesty!”.
Yezcoin has had mixed responses and feedback about their approach to transparency within this new industry but Yezcoin is still moving forward toward it’s ethical vision.
It is surprising at the low-level compliance requirements of the leading exchanges such as Binance, Huobi, and OKEx. For example, Binance has only recently requested potential customers provide a copy of their passport during their sign up process following a number of complaints about the exchanges lack of security which had made it a haven for criminals to divide their stolen coins into smaller undetectable portions by using multiple accounts. Huobi has added more stringent certification to its sign-up requirements but does not verify mobile phone details. At least, as opposed to Binance and Huobi, OKex requires a passport and utility bill but still shows a facetious attitude to KYC and are still not as focused on transparency.
Yezcoin is a Blockchain Exchange that focuses on providing solutions to allow Blockchain companies to comply with Know Your Customers (KYC) and Anti Money Laundering (AML) rules. These compliances among many different countries are the most trusted amongst banks and other financial institutions throughout the world.
Another goal of Yezcoin says Mongkol Thitithamasak “We are trying to help to create a positive image of Blockchain technology so that the Blockchain community can gain confidence, trust and support from Government and Venture Capitals to further mature Blockchain technology and its applications.”
The future of cryptoexchanges will require more government understanding and regulations. Identity Management security is the most important thing in any Centralized, Decentralized or Hybrid Exchange. It insures trust amongst individuals and groups to execute transactions.
The future of trust in these exchanges might be just as simple as Yezcoin creator Mongkol Thitithamasak says it is “We want to be a pioneer in KYC and AML compliance as well as complete transparency and honesty”. Unlike other exchanges Yezcoin goes to great lengths to insure identity authenticity and helps Combating Financing Terrorism (CFT) . Yezcoin has several products and services in development which Mongkol says “will help bring businesses and communities together securely. “
Yezcoin currently has an Airdrop program where you can get 250 YEZ for completing the KYC and AML registrations and posting on various social media platforms. For full details READ MORE.
Trust in Identity Management is going to be the emphasis of future cryptoexchanges. How these companies manage the bumpy road of security among its users while providing transparency and compliance as emerging standards of KYC and AML as the technology grows will be what separates the different exchanges and layers of trust in their uses.
submitted by JTGuitar7 to u/JTGuitar7 [link] [comments]

[Manipulation] Notes on the transparency of Tether and Bitcoin market manipulation

I would like to share some alarming signs of Bitcoin price manipulation.
Bitcoin price is about 10 times of what it was a year ago. The exchange that decisively sets Bitcoin price is Bitfinex, a secretive institution with unknown beneficiary structure and place of organization.
https://pbs.twimg.com/media/Cs0oGXQWAAAqMRZ.jpg
Bitfinex had its wire services suspended by Wells Fargo in April. To resume trading, Bitfinex enlisted the help of Tether, another company with unknown beneficiary structure and place of organisation, but based on announcements is likely under common share holder control with Bitfinex. Tether sells crypto-tokens known as USD Tethers, or USDTs, that are purportedly backed by an equal number of US dollars. In other words, each USDT is a digital good priced at USD 1.00.
Despite the promise of "100% reserve" and the vague reference to "24×7 access to your funds" on Tether’s website, there is no contractual right, either tacit or express, for one USDT to be redeemed for one US dollar. It is probably through this legal construct that Tether hopes to characterise its USDTs as digital goods and not "convertible" virtual currency covered by FinCEN regulations.
The invention of USDTs led to the proliferation of numerous crypto-currency exchanges. Examples include Bitfinex, Binance, HitBTC, KKex, Poloniex, and YoBit. Instead of providing crypto-to-fiat trading pairs, these "coin-to-coin" exchanges offer crypto-to-tether trading exclusively. Therefore, USDTs not only help these exchanges remove the need for formal banking arrangement, but also enables these exchanges to organise in lesser known jurisdictions (e.g., the Republic of Seychelles) and operate outside of the regulation and supervision of major economies. Most of these exchanges claim to screen-off visitors from the United States and other countries with laws on coin-to-coin trading, but the screen-off is often perfunctory. In almost all cases, the screen can be defeated with a simple mouse click.
It is doubtful that these exchanges perform meaningful due diligence beyond identity verification to combat money laundering, financing of terrorism, and corruption of politically exposes persons. Bitfinex, for example, requires no identity verification at all for most trading activities and imposes no trading amount limits on unverified accounts. The enablement of these exchanges where rampant money laundering is possible is outside of the scope of this note. Instead, I would like to bring to your attention the distinct possibility that Bitfinex, as the likely controller of Tether, is a bad actor.
Strong circumstantial evidence suggests that Bitfinex is creating USDTs out of thin air to prop up Bitcoin prices. Namely, Bitfinex is likely acting as a central bank that issues a fiat money called USDTs. The sole mandate of this central bank is to enrich itself through market manipulation.
https://i.imgur.com/b1Pdsq9.jpg
The first image (above) illustrates how mysterious amounts of USDTs were minted and injected into Bitfinex at precise moments when a crash seemed imminent.
https://i.imgur.com/jAyPlF8.jpg
The second image (above) illustrates a strong correlation (but admittedly not causation) between the total amount of USDTs in circulation and Bitcoin price.
Bitfinex released an internal memo in September to allay concerns that USDTs might have been created at will. The memo purportedly shows that Tether maintained sufficient US dollars to match all USDTs in circulation as of a day in September. The memo, however, is of no probative value. Among other strange things, the author of the memo didn’t verify with banks (names redacted) that account balances from Tethers were in fact correct, couldn’t promise that the balances weren’t overnight borrowings for purposes of producing the memo, and couldn’t promise that Tether indeed had access to those funds.
I therefore urge you to consider the possibility that the current price of Bitcoin is the result of Bitfinex’s manipulation and may collapse when regulators take action.
For example, Tether is almost certainly an administrator of virtual currency — it centrally puts into and withdraws from circulation USDTs, a virtual currency squarely intended as a substitute for real currency as admitted by Tether in the internal memo.
Tether has nominally registered as a money transmitter with FinCEN, but it is unclear if they fulfill any of the BSA filing requirements (e.g., filing SARs).2 As a company, Tether’s USDTs enables large crypto-currency exchanges (including US-based exchanges like Poloniex) to exist and powers trades thereon in the amount of millions every day. So it wouldn’t be surprising if FinCEN eventually decides to enforce its rules against Tether as it did against Liberty Reserve.
Further, CFTC approved recently various swap execution facilities, designated contract markets and derivative clearing organizations with Bitcoin flavor. And the Chicago Mercantile Exchange is expected to launch cash-settled futures on Bitcoin soon. Manipulation of Bitcoin prices referenced by these entities is prosecutable by the CFTC, an agency with broad statutory authority to prosecute manipulation of commodity prices under the Commodity Exchange Act (including Section 753 as amended by the Dodd-Frank Act.).
Although none of these CFTC-registered entities are currently including Bitfinex in the calculation of their Bitcoin reference rates (CME used to), it is well understood and could be easily established (partially because of the transparency of Bitcoin blockchain) that Bitfinex-initiated price movements ripple through all exchanges via manual and automated trading.3 CFTC could then have grounds to investigate Bitfinex’s possible manipulation of Bitcoin price via Tether.
If you are considering investing into Bitcoin at this time, please look closer at the exchanges involved in price discovery and give it a second thought.
submitted by Yanlii to CryptoMarkets [link] [comments]

Daily analysis of cryptocurrencies 20190830(Market index 24 — Extreme Fear state)

Daily analysis of cryptocurrencies 20190830(Market index 24 — Extreme Fear state)

https://preview.redd.it/sevbsls5jkj31.jpg?width=540&format=pjpg&auto=webp&s=c6418070423aab93e76875cc81d6e47e448c7f7a
https://preview.redd.it/6qz26j67jkj31.png?width=630&format=png&auto=webp&s=366fe0b5006e1a9beae34f9d26345bec8cb75cf2
[UN official: Cryptocurrency makes policing child slavery more difficult] A top United Nations official says cryptocurrencies have made it significantly more difficult to fight child slavery, cyber crime, terror financing and money laundering, according to a report by news website ABC on August 29. Neil Walsh, chief of the Cybercrime and AML section of UN’s Office on Drugs and Crime, noted that the anonymous attribute of cryptocurrencies provide a new layer of secrecy to favor these criminals.
[Indian black money special investigation team: the government does not need to supervise the cryptocurrency, the single choice is the only choice] The Indian Black Money Special Investigation Group (SIT) informed the government that criminal gang networks are increasingly relying on cryptocurrencies for money laundering and drug smuggling. It also believes that it is not necessary to supervise cryptocurrencies, because it takes years and inefficiencies to deal with such cases, and a one-size-fits-all approach seems to be the only option. Although the country does not fully ban cryptocurrency transactions, the government has instructed all relevant agencies and law enforcement agencies such as the Reserve Bank of India (RBI), the Law Enforcement Agency (ED) and the income tax department to take action in accordance with existing laws. In the absence of a globally acceptable solution, the government is handling this matter with caution. SIT does not support regulation because it takes a long time to prosecute violations in the country: “We have many laws or regulations that need to be strictly enforced. But experience shows that many law or regulatory enforcement agencies cannot enforce them. Even if they try to enforce them, As a result, many litigations remain pending for many years. In order to avoid this, there is no choice but to declare it an illegal transaction. Those dealing with cryptocurrencies should be punished without any further evidence.”
[Terrorist organizations are using social media platforms such as Telegram to raise money through cryptocurrencies] According to a report by the Middle East Media Research Institute (MEMRI), a non-profit research institute, terrorist organizations in areas such as Islam and Hamas are using social media platforms, including Telegram, to raise funds through cryptocurrencies. MEMRI warned that this problem will only be more serious when Telegram launches its own blockchain TON and local cryptocurrency Gram.

Encrypted project calendar(August 30, 2019)

XDCE/XinFin Network: 2019 TraceFinancial webinar will be held on August 30th WAX/WAX Token: WAX TokenSwap (WAX) to August 30, ERC-20 WAX Token token converted to WAX Token Cutoff UGAS/Ultrain: Ultrain community news, after the main network mapping starts on August 7, all UGAS holders must complete the registration of the Ultrain main wallet account by August 30th.

Encrypted project calendar(August 31, 2019)

ADX/AdEx: ADEX (ADX) will release the Validator Stack version 2.0 in August DADI/DADI: DADI will release the network CLI on August 31, with Stargates to support network services; and release Self Onboarding on the same day to allow the network to be more open. MITH/Mithril: The Mithril (MITH) team decided to implement the first MITH token destruction program on August 31. COS/Contentos: Contentos test network v0.5 “Jupiter” will be launched on August 31, this is the last version of the test before the main online line, alternate release. NOAH/Noah Coin: Noah Coin (NOAH) exchanges the held tokens at BTCNext, ending on August 31st.

Encrypted project calendar(September 01, 2019)

XLM/Stellar: Stellar (XLM) will conduct equity awards in binance on September 1st MHC/MetaHash: MetaHash (MHC) will close all ICO accounts as of September 1 and will permanently close all ICO accounts. All MHCs will need to be transferred to MetaGate Wallet by this date. DGD/DigixDAO: The DigixDAO (DGD) DGXHUB community representative program will be open for application on September 1.

Encrypted project calendar(September 02, 2019)

AE/Aeternity: The third phase of Aeternity token (AE) main network migration will end on September 2nd. PLPillar: The Pillar (PLR) Pillar community will participate in a creative strategy seminar hosted by experiencehaus in London, UK on September 2nd. LA/LAToken: The LAToken (LA) LATOKEN community will host an investor reception in London, England on September 2nd.

Encrypted project calendar(September 03, 2019)

WAN/Wanchain: Wanwei Chain Wanchain (WAN) will be launched on September 3rd based on POS mechanism mining function

Encrypted project calendar(September 04, 2019)

BCH/Bitcoin Cash: The City Conference will be held in North Queensland, Australia from September 4th to 5th, 2019. BETHEBethereum: Bethereum will conduct a user airdrop token plan on September 4th

Encrypted project calendar(September 05, 2019)

CS/Credits: Credits (cs) began to map some of the main network tokens on September 5th. ENG/Enigma: The Enigma(ENG)Enigma community will host a gathering and seminar in Boston on September 5. BTC/Bitcoin: Blockchain Africa conference organizers will host the first cryptocurrency festival in South Africa on September 5. AGI/SingularityNET: SingularityNET (AGI) SingularityNET community Ben Goertzel will attend the Asia Innovation Summit on September 5th and will deliver a speech.

Encrypted project calendar(September 06, 2019)

BTC/Bitcoin: Bakkt official Twitter said that Bakkt Warehouse will begin to provide Bitcoin secure storage services to customers on September 6. VEX/Vexanium: The Vexanium (VEX) DApps competition will end on September 6th with a total of 1.1 million VEX awards, the first of which will receive 350,000 VEX.

Encrypted project calendar(September 20, 2019)

NULS / NULS: The NULS 2.0 Beta hackathon will be held from September 20th to September 21st, 2019.


BTC continued its downward trend from yesterday to today, slightly rebounded after falling below $9,400, and is currently hovering around $9,500. In the past 24 hours, the net inflows of BTC funds exceeded US$150 million, which increased significantly compared with the previous cycle. After falling below the $9,800 support area yesterday, BTC continued to fall below $9,500. Yesterday, the rally stopped near $9350, but the rally was obviously insufficient in scope and quantity. The bulls’strength was weak. The opening of the Daily Brin Channel was downward, and there was still the possibility of further declines in the follow-up. Operational aspects, temporary patience, there are short positions above can continue to hold or partial stop earnings, near $9100 can consider gradual admission.
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Binance x125 kaldıraçlı işlem Nasıl Kullanılır. (Arkadaşa anlatım)

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