The founder of Freedomain, philosopher and alt-right activist, Stefan Molyneux, received more than $100,000 in cryptocurrency donations after he was banned from Youtube on June 29, 2020.
Stefan Molyneux is well known for his Youtube videos, podcasts, and books. His early Youtube videos describing the benefits of bitcoin have been lauded. While getting over $100k in bitcoin, dash, bitcoin cash, and ethereum donations this week, the alt-right activist has also joined the Lbry platform.
On June 29, Molyneux was banned from Youtube. Molyneux joins a number of popular alt-right activists, libertarians, and cryptocurrency advocates who have been banned from the platform. Just recently, Bitcoin.com’s official Youtube channel was banned but luckily it was reinstated.
Many cryptocurrency advocates abhor censorship and when Molyneux was banned the cryptocurrency community added $100k to his donation chest of coins.
At the website Freedomain.com, crypto supporters can find the coin addresses of all the crypto assets Molyneux website accepts. This includes bitcoin (BTC), bitcoin cash (BCH), dash (DASH), ethereum (ETH), and a few others.
A great majority of the funds donated to Molyneux stemmed from bitcoin cash (BCH) donations. There is approximately 444 BCH ($99,500) in Molyneux’s bitcoin cash address, and 3.82 BTC ($35,000) in the Freedomain bitcoin (BTC) wallet.
Looking at the block explorers of all six coins Molyneux accepts minus monero (XMR), people can see a flurry of small donations were sent after Molyneux was banned. After the Youtube ban, Molyneux did join Lbry.tv and he has 6,819 followers to-date.
The Freedomain podcaster also asked for crypto donations last January and a number of crypto enthusiasts asked him to support more coins.
“I have been demonetized on YouTube, but you can support me here, much appreciated my friend,” Molyneux wrote at the time. Molyneux was also a big influence on the voluntaryist and libertarian communities early in his career.
During the latter half of his career, many libertarians lost interest in Molyneux for his pro-Trump and alt-right activism. Molyneux has written 10 books that have gathered 600 million downloads, and he has also hosted 4,500 podcasts as well.
What do you think about Stefan Molyneux being banned on Youtube and raising $100,000 in crypto donations? Let us know in the comments section below.
The most popular stablecoin, Tether, has propelled its way into the third-largest position by cryptocurrency market capitalization. At the time of publication, a number of market valuation aggregators show that Tether’s market cap is between $9.1 to $10.1 billion.
Tether (USDT) is a well known stablecoin token issued by the company Tether Limited. The company claims each token is backed by a single U.S. dollar, but during the last few years, the firm admitted the backing included loans as well.
USDT has always been controversial, but even with the contention, tether is the most popular stablecoin by far. This week cryptocurrency proponents have been discussing how tether’s market cap has grown massively since the beginning of 2020. Since January, USDT’s market valuation spiked by 144%.
Today the market data and analysis web portal, Messari, tether (USDT) has a $10.2 billion market valuation and $1.4 million in 24-hour global trade volume. Statistics on Coinmarketcap.com indicates that the market cap for tether (USDT) is $9.1 billion and a whopping $20 billion in 24-hour trades.
A number of other market aggregators show tether’s market valuation is just above the $9.1 billion mark. There also a number of other stablecoins that are doing well growth-wise, but not nearly as exponential as USDT.
The second-largest stablecoin by market valuation is USDC, a stablecoin token created by Circle. USDC is close to reaching a $1 billion market cap with $927,077,875 worth of USDC coins in circulation. The stablecoin BUSD launched by the crypto exchange Binance has a $165,876,444 market valuation at the time of publication.
Paxos Standard, otherwise known as PAX, has a $244,966,858 market cap, which is well above BUSD. This is followed by trueusd (TUSD $144M) and gemini dollar (GUSD $9.8M). Gemini’s stablecoin is barely a blip on the radar when it comes to the rest of the stablecoin competition.
In addition to tether’s (USDT) rise to a $10 billion dollar market, the coin has moved a massive amount of USDT value from the Omni Layer network over to the Ethereum network. In fact, 60% of tethers have been issued as ERC20 tokens to-date.
At press time, there are 6,037,847,550 USDT tokens that leverage the ERC20 standard. The Ethereum blockchain holds a large majority of stablecoins as well (that are mentioned above) and the network’s value transfer is dominated by stablecoins.
What do you think about tether’s (USDT) whopping $10 billion dollar market cap? Let us know what you think in the comments section below.
On July 1, 2020, the popular eatery and bar in Japan, Brewdog Tokyo, started accepting bitcoin cash payments for products and services. The establishment is the third Brewdog bar to accept bitcoin cash, as the cryptocurrency is accepted at the London and Budapest locations as well.
In order to celebrate Brewdog Tokyo supporting bitcoin cash, a number of Tokyo-based BCH Meetup members gathered at the bar on Wednesday to socialize and purchase refreshments. The meetup was the first in-person BCH Meetup in Tokyo since the start of Covid-19.
The Roppongi location is officially the third Brewdog establishment that accepts bitcoin cash (BCH) for goods and services. The firm’s state-of-the-art breweries are located all around the world, and the eateries and bars are some of the most popular places to acquire craft brews.
There are Brewdog locations in Roppongi, Aberdeenshire, Brisbane, London, Budapest, Ohio, and more. The Brewdog Tokyo location follows the acceptance from locations in Budapest and London.
On Wednesday, July 1, the Tokyo Bitcoin Cash Meetup decided to host the first in-person meetup since Covid-19 started. Around 20-25 people attended (less attendance due to Covid-19) and the members will start to have meetups weekly again.
Discussing the subject with Tokyo Bitcoin Cash Meetup co-organizer, Akane Yokoo, she explained that the group was thrilled with Brewdog Tokyo supporting BCH. “I am really glad that Brewdog Roppongi is open-minded and they decided to accept bitcoin cash (BCH) and host our meetups,” Yokoo told our newsdesk.
Yokoo also highlighted that a number of new BCH meetups are being launched in July, “which shows us that the BCH community is growing fast.” The new BCH Meetup regions will include the South Coast, U.K., Gold Coast Australia, Luxemburg, and another location in Texas as there is another meetup location in Huston, Texas.
Moreover, Yokoo explained that the other BCH Meetup community leaders are going to approach Brewdog in their own cities, in order to promote more BCH acceptance. “These use cases are great because the community can use them as an example when they approach new merchants for BCH payment adoption,” Yokoo concluded.
What do you think about Brewdog Tokyo accepting bitcoin cash for products and services? Let us know what you think about this subject in the comments below.
During the last seven days, the price of bitcoin has dropped 4.8% from a high of $9,700 on June 24, to a low of $8,965 on June 27. Since then the price has increased and the price per bitcoin is back above the $9k zone but much lower than before. The lower price has affected the profits of miners hashing away to find blocks on the network. Ever since they lost 50% of the block reward on May 11, gathering profits have been tough on miners with bitcoin prices at these levels.
Mining bitcoin is an extremely competitive industry and after the BTC reward halving on May 11, 2020, it has been much harder to mine the rare digital currency. At the time of publication, the price of a single BTC has been hovering between $9,050 to $9,250 during the last few days.
This has given the crypto asset an overall market valuation of between $165 billion to $170 billion during the course of the week. The price is over 4.8% lower than it was on June 24, when BTC prices were hovering around $9,700 last Wednesday.
Of course, the price of BTC directly affects miners and the tens of thousands of ASIC mining rigs housed in warehouses all around the world. An example of this trend is how the Bitmain Antminer S19 Pro (110TH/s) is the only profitable machine if a mining operation is paying $0.12 per kilowatt-hour (kWh).
With this electrical cost, the Antminer S19 Pro would only make $0.97 per day while a number of other miners would be mining at a loss. Now we all know that in places like China and other regions worldwide, those operations pay much less than $0.12 per kWh.
At today’s BTC exchange rates and at a much lower rate of $0.04 per kWh, a much larger number of SHA256 miners would be profitable. At $0.04 per kWh, a total of 49 SHA256 ASIC mining rigs are profitable at today’s spot market price.
The top five mining rigs making the most profit at the electrical rate of $0.04 per kWh, includes the Bitmain Antminer S19 Pro (110TH/s), Bitmain Antminer S19 (95TH/s), MicroBT Whatsminer M30S (86TH/s), Bitmain Antminer T19 (84TH/s), and the Bitmain Antminer S17+ (73TH/s).
The machines that are making the worst profits at $0.04 per kWh and BTC’s current exchange rate include miners like the GMO miner B2 (24TH/s), Innosilicon T2 Turbo (24TH/s), Bitmain Antminer S9 SE (16TH/s), Bitfily Snow Panther B1+ (25.5TH/s), and the Canaan AvalonMiner 921 (20TH/s).
Miners who are mining BTC at a loss at $0.04 per kWh include Bitfily Snow Panther B1 (16TH/s), Aladdin Miner (16TH/s), and the Ebang Ebit E10 (18TH/s). ASIC mining rigs that offer terahash below the 20TH/s level are likely not making profits unless they are paying less than $0.04 per kWh. Many of these older generation mining rigs would need to pay around $0.01 per kWh or get electricity for free.
Just like the blockchain analytics provider Tradeblock wrote in a report back in February, the company said that it estimated the cost to mine BTC should be over $12,500 after the halving.
“The [data] suggests that miners are likely expecting the price of bitcoin to rise to higher levels (above $12,000-15,000 per BTC) around the halving allowing them to continue to generate a profit,” Tradeblock wrote at the time. “Or they likely will look to reduce resources following the halving resulting in a hash rate decline as profitability falls,” the company added.
The price of BTC has yet to keep the $10k zone for very long and every time it does it’s been pushed back down below the psychological region. If the price of BTC does in fact jump back to above $12,000-15,000 per BTC like Tradeblock’s report suggested, miners of course, would do a whole lot better.
At $12,000-15,000 per bitcoin, older generation miners that process hashpower below the 20 terahash per second level would likely be turned right back on. It’s likely that many older generation miners with low terahash outputs are sitting and waiting to do just that.
What do you think about the profitability of ASIC mining rigs at today’s exchange rates? Let us know what you think in the comments section below.
This week a number of Kleiman v. Wright lawsuit depositions have recently published and are now available for public viewing. One specific deposition with the former Bitcoin Core lead maintainer, Gavin Andresen, casts doubt on the claim that Wright is Satoshi Nakamoto. Moreover, the Bitcoinsv supporter Daniel Krawisz has been speaking out about Wright and mentions there is “plagiarism in several of Craig Wright’s works.”
For well over five years now, Craig Steven Wright, has publicly claimed that he invented Bitcoin and that he is Satoshi Nakamoto. This claim has pushed Wright to court because the family of the now-deceased Dave Kleiman thinks that Wright’s multi-year business relationship with Dave means that they both created Bitcoin. The ostensible story has been debunked so much that the greater crypto community does not believe in any of Wright’s tales.
This week, a number of depositions have been published and one interesting one stems from the former Bitcoin Core lead maintainer Gavin Andresen. In May 2016, Andresen abruptly came out and told the public he believed Wright was Satoshi. However, not too long after that, he explained that he may have been confused. The same day Andresen said he believed Wright was Satoshi, Bitcoin Core developers removed Andresen’s Github commit privileges to the Bitcoin codebase. No one’s really discussed the matter with Andresen until now at least publicly.
When asked about that particular moment in time, Andresen said he could have been fooled. “There are places in the private proving session where I could have been fooled, where somebody could have switched out the software that was being used or, perhaps, the laptop that was delivered was not a brand-new laptop, and it had been tampered with in some way. I was also jet-lagged,” Andresen said in the deposition.
I was not in the headspace of this is going to prove to the world that Craig Wright is Satoshi Nakamoto. I was in the headspace of, you know, this will prove to me beyond a reasonable doubt that Craig Wright is Satoshi Nakamoto. And my doubts arise because the proof that was presented to me is very different from the pseudo proof that was later presented to the world.
The entire deposition is very long and it discusses a variety of different meetings. Overall when he was asked about Wright’s Satoshi story, Andresen said he had “doubts.” “I have many, many doubts in my head about what parts of — What things Craig told me are true and what are not true,” Andresen stated further. The Andresen deposition may be changing the minds of many hardcore followers. Despite the fact that a good number of BSV supporters adore Wright and follow his every move, there are a number of individuals who have denounced him and want to focus on just BSV.
One person who has been vocal about Craig Wright lately is the well known Bitcoin advocate Daniel Krawisz. Krawisz supports Bitcoinsv (BSV) and in the past, he favored Craig Wright. However, more recently Krawisz has been speaking out against Wright and his story. On June 28, Krawisz tweeted:
There’s plagiarism in several of Craig Wright’s works. It’s easy to see if you look. Example. It would be a lot better if people stopped treating him like a hero and just made bitcoin successful on their own.
There have been many responses to Krawisz’s tweets about Craig Wright and even a response tweet from the billionaire gambling mogul Calvin Ayre. Many people thanked Krawisz for being honest, even though they said they didn’t like BSV. Others explained that the only reason why BSV exists is because of Craig Wright. “BSV exists because of Craig Wright, even the claim in its name. You got bamboozled,” one person wrote to Krawisz.
What do you think about the Gavin Andresen deposition and Daniel Krawisz’s recent change of opinion? Let us know what you think about this story in the comments below.
On June 28, 2020, the team behind Ghost Coin revealed a partnership with the digital currency payment processor Ivendpay. Ghost is a project led by the notorious John McAfee and according to the recent announcement, 60 vending machines in Hong Kong will support the privacy-centric coin for payments.
It’s surely never a dull day in John McAfee’s world and this week his Ghost Coin team revealed a collaboration with the crypto payment startup Ivendpay. The startup is a multi-currency payment system that allows people to accept cryptocurrency and other types of electronic fiat payments.
Ivendpay supports bitcoin (BTC), ethereum (ETH), bitcoin cash (BCH), binance coin (BNB), and more crypto coins at numerous vending machines and points of sale. The company also offers a payment device called the mPOS terminal which enables crypto payments leveraging NFC technology, a dual-screen, and a printer for receipts.
On Sunday, the official Twitter account for the Ghost Coin project led by McAfee revealed a collaboration with Ivendpay. “When we first launched Ghost our vision was not only to focus on privacy, but also on real user adoption,” the Ghost account tweeted. The tweet continued:
We are happy to announce that we have partnered with Ivendpay to deploy Ghost as a form of payment in over 60 vending machines across HK including Hong Kong Disneyland.
Sergey Danilov, the founder of Ivendpay, believes that cryptocurrency support will benefit existing payment systems for automatic and retail trade. “Tens of thousands of small transactions worldwide will drum up cryptocurrencies’ capitalization,” said Danilov. News.Bitcoin.com reported on the Ghost project in mid-April, back when McAfee announced the launch and stressed that “governments will be unable to shut [ghost] down.”
Ghost also went live last week on McAfee’s new distributed exchange, and the Bitcoin.com exchange listed the ESH token at the end of May, in preparation for McAfee’s Ghost Airdrop. The Ghost network’s mainnet is live today and the coin’s creators claim the tokens are privacy-centric.
According to the white paper or “litepaper”, the proof-of-stake (PoS) ghost token’s “transactions use a state of the art escrow pool to shield and erase the history of transactions.”
“[Ghost] transactions will be verified using zero-knowledge proofs and ZcashSapling, Zero-Knowledge Succinct Non-Interactive Argument of Knowledge (zk-SNARKs), ‘The Sapling Protocol,’” the paper highlights. Just recently the Ghost project released the Ghost Wallet 2.0.6 and another concept called ghostfundme.com.
Now with the partnership with Ivendpay, it will allow for ghost tokens to pay for a number of products in 60 vending machines across Hong Kong. The news follows the recent reports of a number of vending machines throughout Hong Kong that accept bitcoin cash (BCH) and ethereum (ETH).
For years now the concept of leveraging cryptocurrencies with vending machines has been a popular trend, this is natural because the two ideas go hand in hand. With coins that leverage low transaction fees, it seems the popular trend with vending machines will continue, at least on certain networks.
What do you think about the 60 vending machines in Hong Kong that will accept ghost token via Ivendpay? Let us know what you think about this subject in the comments below.
On June 24, the block explorer and blockchain data platform, Blockchair, announced the launch of a new privacy tool called the “Privacy-o-meter.” According to Blockchair, the new service combats blockchain surveillance companies by highlighting privacy issues for crypto transactions.
This week the blockchain explorer and crypto analytics firm, Blockchair, revealed a new tool that aims to show people some of the privacy issues involved with crypto transactions they send.
The team has explained that in the future there will be other features coming like address clustering/tagging and other insights that companies like Chainaylsis offer.
Blockchair was founded in 2016 and has been a popular service that offers data insights to over 15 different blockchains. Some of the supported coins Blockchair’s service tracks include ethereum (ETH), bitcoin cash (BCH), bitcoin (BTC), cardano (ADA), and others.
The explorer lets people check hashes, addresses, blocks, and embedded text data. There are other types of unique blockchain data and halving counters as well.
Last Wednesday, the official Blockchair Twitter account tweeted about the latest service saying:
Today we release Privacy-o-meter — a tool for Bitcoin users and developers to assess the privacy level of their transactions. Many of you have heard about blockchain surveillance companies. Privacy-o-meter is the first step to defend yourself against heuristics they use.
Blockchair also says that the Privacy-o-meter will “warn you if you’re doing things like reusing addresses or sending round amounts that lead to deteriorating your privacy.”
The user simply searchers for a transaction hash and they will be able to visualize the privacy score. For now, the block explorer company is offering Privacy-o-meter services for bitcoin (BTC) with “other cryptos are coming soon.”
Bitcoin Cash (BCH) supporters were pleased with the announcement and one individual wrote: “You rock, keep up the great work my friends.” Blockchair CEO, Nikita Zhavoronkov explained that the team would “launch [bitcoin cash] (BCH) support as soon as we’ve implemented Cashshuffle and Cashfusion detection.”
What do you think about Blockchair’s Privacy-o-meter service? Let us know in the comments section below.
The infamous and controversial owner of the website bitcoin.org, Cobra, is under fire recently and a number of community members have asked to see the website removed from his possession. The initial argument was sparked by the website’s maintainer, Will Binns, who told the public that bitcoin.org was in “danger of being compromised.” Since then, Cobra has decided to fire Binns and the crypto community has been very focused on watching this quarrel unfold.
During the last few years, news.Bitcoin.com has reported on the curious case of Cobra, the peculiar anon with a lot of power. Just recently, bitcoiners have been arguing about Cobra’s ownership of bitcoin.org. Cobra has always been controversial and he’s asked the community to change the Proof-of-Work (PoW) consensus algorithm.
Cobra also asked the community and fellow bitcoin.org maintainers to change certain statements Satoshi Nakamoto made in the Bitcoin white paper. Five days ago, bitcoin.org maintainer Will Binns told the community via Github, that he believes Cobra is participating in compromising the website where the “latest version of Bitcoin Core software” stems from.
“Bitcoin.org, where many people also download the latest version of Bitcoin Core software, is now in danger of becoming compromised, if it hasn’t just happened,” Binns said.
“Cobra-Bitcoin has removed my access and seized control of the site and accompanying code repositories. I do not believe Cobra is the sole and lawful owner, nor does he have any right to do these things without just cause. Cobra has referenced recent messages I sent in regular conversation regarding my work and the management of bitcoin.org as reasons for my departure. This has been taken out of context in an attempt to manipulate public opinion and infringe upon my rights, along with the rights of others,” Binns added. The bitcoin.org software maintainer further stated:
I believe he is looking to illegally transfer ownership of the site without due process, and this may only be the beginning. I’m writing this message to request assistance setting up a legal fund and the help of experts, to help stop this. In the interim, the website’s treasury will be placed under the control of a trusted third party. The funds are safe, the site is not.
Cobra explained that he had “removed Will Binns as the site’s maintainer,” in another Github post called “Regarding Will Binns #3397.” “During a conversation on Twitter, he had claimed that his work contributing to bitcoin.org conferred on him more authority than what I had agreed with him. I won’t engage with him beyond attempting to retrieve the community’s donations from wallets he has control over,” Cobra told the community members on Github.
The website’s owner continued by stating:
This may seem harsh, but any further communication with him risks putting this project in an unfortunate situation. So I had to be brisk and terminate his relationship with us. I’ll be taking over the day-to-day activities on the site more actively from now on; if any contributors or translators are in any group chats with him, please make alternative groups so you can continue work on the site.
Interestingly the former Blockstream employee and Bitcoin Core developer, Gregory Maxwell, seemed to agree with Cobra’s stance. “Your position appears to be a misplaced and inappropriate response to Cobra suggesting that he was considering not handing you unilateral control of Bitcoin.org. I hope you reconsider your approach,” Maxwell explained in the post reply toward Binns.
Another software developer wrote: “From my experience, even though I’ve not always agreed with [Cobra] on certain things, I think he’s shown good character, and as others have stated, he has acted as a trustworthy steward over the years.”
Bitcoin Core developer, David Harding, stood up for Binns when Cobra called Binns a scammer. “I’ve been interacting with Will Binns for over six years now, first on Bitcoin.org and later as coworkers,” Harding wrote.
“We haven’t always gotten along, but I’ve never seen him try to scam anyone. Quite the reverse — I’ve seen him selflessly contribute to this project and others for no tangible return. I don’t know what’s happening in that conversation and I understand the need to be clear about who has what rights, but I don’t think a single confused conversation warrants the character assassination of a long-time contributor to multiple open-source documentation projects.”
Whatever the case may be, Binns has lost his position and there is literally ‘trouble in paradise’ when it comes to the web portal bitcoin.org. Cobra has always been a controversial figure and no one knows who he or Theymos is.
His sidekick Theymos is also an anon who once in a while participates in the bitcoin.org operations and discussions. Theymos also has complete control over r/bitcoin, the unofficial bitcoin wiki, and bitcointalk.org too. Both Cobra and Theymos, however, have been around since the early days. They both are mysterious and have maintained a lot of power, as far as bitcoin domain real estate is concerned ever since Satoshi left.
What do you think about the quarrel over bitcoin.org’s ownership? Let us know in the comments section below.
With the fourth of July approaching, many Americans will have to contemplate whether or not the holiday is an empty affair. After the last thirteen weeks of Covid-19 lockdowns, business shutdowns, and police brutality, the lack of liberty and freedoms in the U.S. has never been more apparent. With ideas like bitcoin and concepts that bolster secession, the day is coming when money is completely removed from the state, just as the state was separated from the church centuries ago.
Roughly six days prior to the empty holiday, as I read the letters of Independence pronouncement adopted in Philadelphia, Pennsylvania, on July 4, 1776, I say to myself “Americans are not free.” The majority in the United States have surrendered their freedoms and civil liberties to the collective mob. Many individualists are quite certain that most Americans don’t believe in those declarations of independence, and the 27 grievances against tyranny written hundreds of years ago.
One reason that validates this opinion as truth, is because the U.S. government has transgressed upon the citizenry. They have quite literally violated every one of the 27 grievances. Yet the majority of U.S. citizens are too comfortable and too lost in the sea of distraction to even notice.
One thing I will be promoting on July 4, 2020, is real independence and the use of counter-economics, in order to separate finance from the state. The separation of money and state is the ideal solution for striking the root. The New Ideal author, Onkar Ghate, describes it very well in an April 2019 essay.
The essay explains how Thomas Jefferson, John Locke, and James Madison all vowed to separate the church from state, as this was a fundamental right of sovereign individuals. However, the philosophy can easily be applied to finance too, as Ghate and many others have argued for economic freedom for many decades.
“The arguments for intellectual freedom and economic freedom share the same root: the requirements of the rational mind to guide the individual,” Ghate’s essay details.
Ghate’s explains how the well known novelist, Ayn Rand, took the individualist ideas from Jefferson, Madison, and Locke and extended it to all human actions like “education, scientific research, the arts,” and especially finance. Rand argued “that governmental schools, governmental funding of scientific research, and governmental funding of the arts violate the individual’s right to intellectual freedom,” Ghate’s essay highlights. The author also adds:
Intellectual freedom cannot exist without political freedom; political freedom cannot exist without economic freedom; a free mind and a free market are corollaries.
The founder of Shapeshift, Erik Voorhees, said in March 2015 at the Texas Bitcoin Conference, the reason he has bolstered the idea of bitcoin is because he wants to separate finance from the state.
“It is that narrative of human development under which I believe that we now have other fights to fight, and I would say in the realm of bitcoin it is mainly the separation of money and state,” Voorhees explained on stage. The Shapeshift CEO added:
Money is absolutely as fundamental to our lives as religion, and for many people it is far more fundamental to their lives as religion. It affects how your life unfolds. The choices that you make about money dictate the ramifications of your life and those around you. And so, to have an institution like money so controlled by a central entity — by a monopoly — is absurd. It is immoral. We should get rid of it.
Similarly, the American populace has the right to separate themselves, and “dissolve the political bands which have connected them with another, and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature’s God entitle them.” This is clearly stated on the Declaration of Independence parchment.
Essentially, the letters of Independence highlight that Americans, but more importantly all sovereign earthlings, should simply declare the separation. “A decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation,” the transcription of the stone engraving of the parchment Declaration of Independence stresses. All sovereign individuals have a right to separate their finances from the state, just as they have the right to separate religious beliefs from government affairs.
By leveraging precious metals, cryptocurrencies like bitcoin (btc), bitcoin cash (BCH), dash (DASH), litecoin (LTC), monero (XMR) ethereum (ETH) and many others, while also practicing barter and trade techniques, it will help strengthen the counter-economy. The counter-economy, at some point, will grow so large that it eclipses the fraudulent and manipulated economy created by the oligarchs and status quo.
Without funding, the state will not be able to continue the endless wars. Without the participation of people using the oligarchs’ promissory notes, taxation will take place less and less. Even Edward Snowden, the famous U.S. whistleblower explained in an interview published by the American Civil Liberties Union in 2018, that bitcoin would help cushion financial liberties. Snowden also once said on Twitter that “new technologies raise the possibility of unstoppable tax protests.”
“I like Bitcoin transactions in that they are impartial — They can’t really be stopped or reversed, without the explicit, voluntary participation by the people involved,” Snowden said during the interview. “Let’s say Bank of America doesn’t want to process a payment for someone like me. In the old financial system, they’ve got an enormous amount of clout, as do their peers, and can make that happen. If a teenager in Venezuela wants to get paid in hard currency for a web development gig they did for someone in Paris, something prohibited by local currency controls, cryptocurrencies can make it possible.” Snowden continued by adding:
Bitcoin may not yet really be private money, but it is the first ‘free’ money.
On July 4, 2020, and just like every Independence Day I’ve celebrated in the past decade, I will let people know that the freedom they honor every year is lacking. In fact, freedom, at least going by the American writings written in the 1700s, is barely existent. The only way to separate ourselves from the beast of government is to separate money from it immediately.
Essentially, the state won’t have a choice and even right now, government fiat must compete with a $250 billion dollar free market filled with over 5,000 cryptocurrencies. During the 2015 Texas Bitcoin Conference, Vorhees further explained that people leveraging bitcoin will help bolster the need for change.
“It seems crazy to say this, but perhaps we should permit competition in money, permit competition in financial structures, just as we permit competition in religion,” Vorhees concluded. “We allow multiple churches to exist. Why do we do that? And why don’t we do that with money? I think it’s a hypocrisy that our children will someday look back on and realize, ‘Wow, that was really obvious.’ And Bitcoin is what will bring that change about.”
If Americans truly believe in the letters of independence, then they should separate themselves from the very government that transgresses against them. Right now, believers of the non-aggression axiom have lots of choices to make and many forms of human action can help fulfill decentralized goals.
There is no doubt, cryptocurrency and Satoshi’s vision was founded with the ideals of separation of state and money. Instead of focusing on red white and blue paper plates and patriotic t-shirts from Walmart, maybe Americans should invoke the revolutionary spirit they once held, and actually do something about this tyrannical beast who has devoured their freedoms.
If you are interested in learning about the many methods of crypto anarchy and the myriad of ways to opt-out and vacate the state – Check out these essays below.
Crypto market skeptics and speculators are concerned about 789,000 ETH that started moving four days ago last Wednesday. The transaction was recorded by Whale Alert, and the $187 million worth of ether stems from the Plustoken scammers.
On Wednesday, June 24, 2020, at approximately 9:46 a.m. (ET) the Plustoken scammers who have yet to be arrested, moved 789,534 ETH worth $187,847,550 USD at today’s exchange rates.
Cryptocurrency traders are concerned that this stash of ETH will be dumped on numerous digital currency spot markets. Additionally, the Plustoken scammers moved $67 million worth of EOS tokens two days before the 789,000 ETH transaction.
A number of crypto traders and organizations like Chainalysis and Cyphertrace have reported on the Plustoken scammers’ transactions.
Speculators have assumed that Plustoken coins that were dumped on spot markets caused the price of BTC to slide at the end of 2019. Plustoken scammers have been accused of fueling the March 12, 2020 dump often referred to as ‘Black Thursday.’
On March 9, 2020, crypto market observers witnessed 13,000 BTC sent to bitcoin mixers and crypto speculators assume the scammers are selling. Chainalysis said after March 12, that the organization didn’t believe the sell-off stemmed from Plustoken coins sold.
“In this case, we don’t believe Plustoken liquidations are responsible for bitcoin’s price drop. While Bitcoin did move from Plustoken addresses over the weekend, very little has gone to exchanges,” Chainalysis wrote.
The recent 789,000 ETH transaction may have been shuffled or obfuscated through a number of hops. The $187 million was split into 50 different addresses on the Ethereum network.
Findings stemming from Cyphertrace and Chainalysis have noted that the Plustoken scammers still own large amounts of ETH, BTC, EOS, and a few other types of digital assets. To this day, the scammers who are still at large, hold large swathes of these coins and no one is sure how they will be sold, but many suspect over-the-counter (OTC) operations.
The ETH address where the $187 million in ether was stored, still has $139.70 worth of ETH in the wallet today. 192 days ago, the wallet started with 10 ETH deposited, but 789,524.6 ETH was deposited immediately after.
What do you think about the Plustoken ether on the move? Let us know what you think about this subject in the comments section below.
Liquid, the sidechain network developed by the company Blockstream, saw 870 bitcoins ($8 million) frozen in moderation queue due to a seizure from a number of the network’s functionaries. The founder of the Summa project, James Prestwich, explained on Twitter that the emergency 2-of-3 controlled 870 bitcoin “violates Liquid’s security model.”
During the last year, the crypto firm Blockstream has been promoting its Liquid sidechain as “trustless,” even though many cryptocurrency proponents have criticized the federation of exchanges who call the network’s shots. For instance, the infamous Cobra, owner of bitcoin.org tweeted back in February: “Blockstream is busy pumping “trustless” centralized Liquid because ‘Lightning doesn’t scale;’ who even takes these ‘influencers’ seriously anymore?”
“Liquid is a sidechain, it’s just not a trustless (or, more precisely, trust-minimized) sidechain,” another critic tweeted in January. Taking it further, a number of individuals have said that Liquid is no different than the likes of Paypal or Ripple. The original ‘Sidechains’ paper sold the idea of a ‘trustless 2-way peg,’” software developer Rhett Creighton explained.
“The [Liquid] paper was used to raise $21M for Blockstream never delivered on the ‘trustless 2-way peg’ (maybe it’s impossible). So we get Liquid which is based on a federated model, which is basically Paypal,” the developer added.
Liquid’s so-called trustless model was exposed in real-time just recently, according to a tweet published by the Summa project cofounder James Prestwich.
“Looks like the liquid emergency 2-of-3 operators can steal 870 Bitcoin because this TXO has aged 2015 blocks?” Prestwich asked the Twitter account @notgrubles, and associate that works with Blockstream. “For just under an hour, the emergency 2-of-3 controlled 870 Bitcoin. This violates liquid’s security model [and] we know about this because Liquid holds bitcoin.”
Prestwich also exposed that the Liquid Federation is a closed business model. Prestwich stated:
We don’t know what caused it because liquid federation behavior is trusted and closed.
Prestwich further explained that when he pinged a Blockstream employee, they didn’t even verify his findings before arguing with him first.
“I felt comfortable disclosing publicly because no one but the trusted operators could exploit the issue, and the issue would not interfere with normal operation. When pinged, a Blockstream employee didn’t bother to check before mistakenly trying to correct me. It’s very hard to operate systems with mandatory rotation. This problem is conceptually similar to forgetting to mail your rent. OP_CTV aims to address rotation requirements directly, and would be a great addition to Liquid’s Federation script,” Prestwich wrote.
The CEO of Blockstream did defend Liquid in Prestwich’s Twitter thread, and blamed fixing the issue on Covid-19. “This is a known issue,” Back tweeted. “The coins are auto-swept forward as part of the HSM peg process. funds are safe as keys are offline and geo-distributed. we were planning to address via HSM upgrade, which is a manual hands-on process for security, but [Covid-19] lock-downs made that difficult.”
The discussion about Liquid’s trust model continues to rage on Twitter, ever since Prestwich disclosed the security vulnerability. Prestwich is also collaborating on a synthetic bitcoin project called tBTC, a project invoked by software developer Matt Luongo.
The project Prestwich is involved in that leverages tBTC and it is called “Keep.” “A keep is an off-chain container for private data. Keeps help contracts harness the full power of the public blockchain — enabling deep interactivity with private data,” explains the website keep.network.
Prestwich also detailed that no one knows if the Liquid BTC (LBTC) seizure has happened before. It’s likely, however, many crypto advocates will be watching for vulnerabilities in the Liquid network, especially with 2,160 BTC or $19.7M sitting in Blockstream’s Liquid TVL (total value locked).
The popular bitcoin analyst Willy Woo told his 132,000 Twitter followers that he’s working on a new pricing model that suggests a bull run is imminent. In fact, Woo says the model suggests bitcoin is close to “another bullish run” with “maybe another month to go.”
The price of bitcoin (BTC) has been declining during the last seven days, as BTC has lost 2% overall this past week. The value has been bouncing back and forth between $8,800 to a touch over $10k per BTC. At the time of writing on Sunday, June 27, 2020, the price has been fluctuating between $9,010 to $9,150 during the last 24 hours.
The $165 billion market valuation, still makes up 63% of the entire market valuation of all 5,000+ crypto assets. Despite the downturn, a number of analysts expect a bullish run to come to fruition in the near future. On Sunday, Willy Woo (@woonomic), the well known bitcoin chart analyst and the cofounder of Hypersheet tweeted that he’s been developing a new pricing model for BTC.
“This is a new model I’m working on, it picks the start of exponential bull runs,” Woo tweeted. “Bitcoin was setting up for a bullish run until the COVID white swan killed the party. This model suggests we are close to another bullish run. Maybe another month to go,” he added.
Showing another chart, Woo said that the second graph “very clearly shows how [Covid-19] was a model breaking outlier.” And another chart Woo published indicates that “the longer this bull market takes to wind up, the higher the peak price (Top Cap model). A long sideways accumulation band is ultimately a good thing,” Woo further stressed.
Essentially what the Hypersheet cofounder told his 132,000 Twitter followers is that his new model shows that BTC is “maybe” about a month away from lift-off. If it wasn’t for Covid-19, then Woo believes the bull market would have already started.
Of course, not everyone agreed with Woo’s prediction and the evidence stemming from his new model. “Technical analysis doesn’t work with BTC,” Adam Bornstein replied to Woo. “There are too many exchanges with too thin volume, too many [arbitrage] opportunities, and too much noise built into every move,” Bornstein added.
Although Woo stood up for his position and the analyst responded to Bornstein’s criticism. “I’d agree with you for intra-week moves, but this chart is 8 [years] of macro, where organic investment takes precedence,” Woo replied. Despite, Woo’s defense some still called the prediction “hopium.”
Other Bitcoin evangelists disagree with Woo’s prediction as well, as Tone Vays told the International Business Times (Ibtimes) there’s a chance “bitcoin’s price won’t exceed $10,000 until 2021.”
“Like I’ve been saying for months now, I have no reason to walk away from my prediction early in the year that Bitcoin is going to get stuck between $6,000 and $10,000 for the majority of this year,” Vays told the news outlet. Of course, Ibtimes also mentioned that Vays predicted a dive to $2,800 before the reward halving took place, but the analyst’s forecast never happened.
What do you think about the model Willy Woo created that says a bull run might be one month away? Let us know in the comments section below.
The U.S. economy continues to look bleak as the American citizens and small businesses nationwide struggle to keep up with the government’s rules toward Covid-19 guidelines. In just 13 weeks, over 45 million Americans filed for unemployment benefits and many citizens cannot pay their mortgages. Numbers stemming from last month’s property data indicates that about 4.3 million Americans didn’t pay their mortgage notes.
While precious metals like gold and silver have done well, and crypto assets have held decently, real estate and property statistics have tumbled. The government in America has continued to ravage the U.S. economy by inducing a number of lockdown rules and shutting down businesses of all shapes and sizes.
The unemployment rate is practically parallel with the numbers from the Great Depression as 45.7 million are out of work. And that number only accounts for Americans who can file as members of the gig economy and other types of workers cannot collect.
Additionally, the extra $600 extra from the CARES Act unemployment benefits will end soon. “The (Federal Pandemic Unemployment Compensation) $600 can be paid for weeks ending no later than the week ending prior to Friday, July 31, 2020,” the U.S. Department of Labor told the public. “For all states except (New York), that is Saturday, July 25th. New York’s end date is Sunday, July 26th.”
With all the lockdown orders and business shutdowns, it’s put the U.S. real estate industry in jeopardy as home sales and commercial property values have plummeted.
This week it was reported that 4.3 million U.S. citizens didn’t pay their mortgages in May and it’s a huge spike. The number is up over 2 million since the end of March and the delinquency rate is reaching a point not seen since the 2008 subprime mortgage crisis. Average citizens can’t pay their notes and apartment rentals in all major cities are not being contracted for the fall months.
Reports also show that the Covid-19 induced lockdown economy is like a wrecking ball smashing the $17 trillion U.S. commercial real estate market. The fact of the matter is real estate is not selling at all like it was 13 weeks prior to the virus outbreak.
Even office rentals are feeling the heat as a recent Morgan Stanley report disclosed dire pricing power losses for landlords. Morgan Stanley also expects the vacancy rate to rise all the way until 2024.
Barry Sternlicht from Starwood Capital detailed that he predicts office buildings to lose 40% of value, rents dropping extremely low, and a third of hotels going bankrupt in New York City.
The National Association of Realtors explained on Monday that “existing-home sales occurred at a seasonally adjusted annual pace of 3.91 million,” which is the lowest in over a decade. Sales that stem from pre-owned houses dipped by 9.7% in May.
Many economists are fixated on the real estate market because they believe it could explode like it did after Lehman went bankrupt. Amid the telltale signs of a worsening U.S. real estate market, American first time home buyers (FTHBs) have been focused in on the real estate dips too.
As any American can see by scrolling through Zillow or any property listing platform that prices are being slashed left and right. Genworth Mortgage Insurance has published a report that shows FTHBs are taking advantage of the lows. The report shows that FTHBs didn’t do well in April but in May numbers were impressive.
Despite the gloom and doom from headlines that indicate 4.3 million Americans haven’t paid their mortgages, some realtors are still very optimistic.
“Home sales will surely rise in the upcoming months with the economy reopening, and could even surpass one-year-ago figures in the second half of the year,” said Lawrence Yun, chief economist for the National Association of Realtors (NAR), in the organization’s report published on Monday.
Another thing analysts are watching is pending home sales as there have been a number of homes sitting in limbo. It’s quite possible that due to the lockdown and business shutdown guidelines that many people who were about to purchase a home 13 weeks ago cannot now. Analysis shows that a number of transaction closings, settlement, and pending sales nationwide continue to remain frozen as well.
What do you think about the U.S. real estate market? Let us know in the comments below.
Decentralized finance (defi) applications on the Ethereum chain have been growing wildly during the last two years. Now a number of synthetic versions of bitcoin, that leverage the Ethereum chain, has outpaced offchain solutions like Blockstream’s Liquid and the Lightning Network.
Just recently, the platform Synthetix revealed a partnership with Bitgo and the Ren Project in order to create incentivized bitcoin liquidity. Now with a massive yield farming pool, tokens like sBTC, renBTC, and WBTC could easily eclipse the alternative offchain competitors.
At the end of May, news.Bitcoin.com reported on the fact that despite a number of ‘trust model’ debates on Twitter, Ethereum is the Bitcoin (BTC) network’s largest sidechain by total value locked (TVL) by a long shot. Stats stemming from the Lightning Network (LN) shows that the LN TVL on June 26, 2020, is $8.9 million. The data from Liquid.net indicates that there is 2,160 BTC or $19.7M for Blockstream’s Liquid TVL.
Now stats from the Ethereum chain blows those two statistics away, as there is over 28,000 BTClocked into the Synthetix. There is a total of $263 million TVL locked into Synthetix at press time. Additionally, data from Curve.fi shows that renBTC has been picking up significant trade volume since it’s inception.
The project WBTC, backed by Bitgo has a massive $66.9 million TVL, with 7,600 BTC locked into the defi project’s contract. Statistics from sBTC markets also show exponential growth over time. Then on June 18, 2020, the Ren Project’s Taiyang Zhang announced the yield farming pool partnership.
“This pool consists of three BTC ERC20 variants; renBTC, WBTC, sBTC. Our goal is to create the most liquid Ethereum based BTC pool available to offer traders access to the lowest slippage for trades between sBTC, renBTC, and WBTC,” Zhang wrote. The Ren Project representative also stated:
In addition to the normal yield produced by Curve Pool’s trading fees, this pool includes an attractive basket of tokens for liquidity providers: SNX, REN, CRV, and BAL. To capture all of the incentives available, liquidity providers will need to contribute sBTC, renBTC, and/or WBTC to the BTC Curve liquidity pool.
Zhang also said that behind the scenes, “Synthetix and Ren have created a Balancer pool for SNX and REN where LP Rewards are distributed in the form of BPT (wrapped SNX and REN).” The Ren Project rep said that the team is “thrilled” with the latest partnership and the team “looks forward to partaking in the early stages of defi yield farming with Curve and Synthetix.”
Despite the massive shift to the Ethereum chain with three very popular synthetic BTC tokens, both networks have been suffering from higher network fees. Not only are defi projects that offer synthetic BTC tokens being used far more often, but stablecoins on Ethereum are getting a large share of use as well.
News.Bitcoin.com just reported on Ehereum fees rising above BTC fees for a short period and with the combined recent use of defi and stablecoin tokens, ETH fees have surged to a two-year high. According to Billfodl fee stats, the BTC “fee to have your transaction mined on the next block (10 minutes)” is $0.78 at press time. Data from Bitinfocharts.com indicates that ETH fees on June 25, 2020, were $0.66 per transaction.
If the yield farming pool offering from Synthetix, Bitgo, and the Ren Project grows popular it will affect network fees going forward. But also pose a threat to BTC offchain competitors.
What do you think about the pool being offered by Synthetix, Bitgo, and the Ren Project? Let us know in the comments section below.
During the last week, a number of bitcoiners have been discussing Venezuela’s Administrative Service for Identification, Migration, and Foreigners, also known as SAIME accepting bitcoin payments for passport applications and renewals. A number of crypto journalists couldn’t confirm whether or not it is true, but evidence shows that SAIME was and still might be accepting bitcoin for passport services.
The authority in charge of issuing Venezuela’s passports shows that it was accepting bitcoin (BTC) for applications and renewals at some point last week. The rumors started when Ronny Martínez and a few others started tweeting screenshots of the payment service.
“The payment platform SAIME enabled payments with bitcoin (BTC) while the option of payments with credit/debit cards [are] coming soon,” he said. Martínez also tweeted a photo from SAIME’s Instagram account which shows the organization will accept petro for passports as well.
The SAIME notice published on Instagram reads:
“Dear user, you selected payment with cryptocurrencies. Please keep in mind that you will only have eight minutes to complete the transaction, so we recommend that you have your payment method on hand and facilitate the process without problems. Thanks for your understanding.”
In addition to the Instagram photo, and tweets from Martínez, Bitcoin Core developer Jimmy Song tweeted about the situation and confirmed that SAIME enabled payments with the platform Btcpay.
“[The] Venezuelan government is using Btcpay server to accept bitcoin for passport application payments. The same software is being used by [the Human Rights Foundation] to accept donations to subvert governments like Venezuela. If this doesn’t show that bitcoin is the money of enemies, I don’t know what does,” Song wrote.
A number of other members of the crypto community discussed how SAIME was accepting BTC for payments, but the service is alleged: “temporarily out of order.” A number of skeptics called it “fake news,” but Venezuela’s Administrative Service for Identification, Migration, and Foreigners secure “securepay.saime.app” URL leads directly to the page where BTC payments are accepted.
Anyone can verify the SAIME payment gateway and see the BTC payment option for themselves. Additionally, SAIME’s invoice says that Visa and Mastercard payments will be available soon.
In addition to the “securepay.saime.app” URL that leads to the payment application providing invoices for SAIME services, the organization is also mentioned on the Btcpay server list. On the Btcpay web portal where it hosts a list of “Merchants, projects, and organizations using Btcpay Server” it shows that SAIME is listed. “SAIME is the official Venezuelan website for passport issuance and renewal,” explains the Btcpay server website.
According to Cointelegraph’s Spain office, the publication reached out to SAIME officials, but has yet to get any confirmation on BTC payment acceptance. SAIME did tweet about accepting petro for passport payments as well, sharing the same picture Ronny Martínez shared days earlier.
“SAIME reminds you that our web page is enabled for Venezuelans who are abroad, a loosely translated tweet notes. “The payment alternatives are those offered by the page and for those who are in the country, and the cost of the procedures is anchored to the petro.”
What do you think about the Data that points to Venezuela accepting bitcoin for passports? Let us know in the comments section below.
Cryptocurrency markets and bitcoin price stability might be coming to an end soon, as a number of skeptics and speculators expect a big move after today’s options derivatives contracts expire. Bitcoin prices have been less volatile during the last three weeks, but over 114,000 bitcoin options with a notional value over $1 billion set to expire on Friday, June 26, could change that trend.
Traders are eying bitcoin (BTC) derivatives contracts that are set to expire at the end of the trading day. At the time of writing, BTC is swapping for $9,249 per unit and has a $170 billion market valuation. The entire market capitalization of all 5,000+ crypto assets is around $263 billion on Friday morning.
This week, traders and crypto market analysts have been focused on watching the options contracts set to end today. The researchers from Arcane Research recently published a report and discussed the bitcoin options issue.
“Close to $1 billion bitcoin options contracts will expire on Jun 26, accounting for 60% of the total open interest in the BTC options market,” Arcane’s report noted. “In situations like this, there could be significant financial incentives to move the spot price towards a certain level before the expiry date.”
The options expiry of over $1 billion in notional value is the largest expiration of its kind and a number of traders believe that it will trigger a big move. Data from Skew’s analytics show that between Deribit, Bakkt, Okex, CME, and Ledgerx there is well over $1.8 billion in open interest for options.
Deribit is the largest provider of options, while the regulated institutional exchange CME has the second largest number of contracts.
Traders also have noticed a $7-8k-strike price, while a number of other speculators also see a $10-11k-strike price. Most traders believe that the ‘big move’ will end up being in range of either one of these two price trends.
Traders have been discussing the options expiry all week, and have been theorizing on whether or not it will shake crypto markets.
“In case you missed it, $930,000,000 worth of bitcoin options are expiring on Friday – almost 70% of all total open interest. Seems normal,” explained one individual on Twitter.
Another trader called Altcoin Psycho also discussed the big expiry expected today. “Everyone is expecting huge BTC volatility because of options expiry tomorrow, but let’s dig into that,” Altcoin Psycho tweeted to his 35,000 Twitter followers.
“Heaviest volume is for calls at $10k and puts at $9k. The max pain scenario would be bitcoin simply ranging sideways. I think this is what will happen.” “I’ve become a max pain/game theory maximalist as of late,” the trader added.
What do you think about the large bitcoin options expiry today? Let us know in the comments section below.
A number of members in the cryptocurrency community, typically people who are paid in crypto assets, have tried a myriad of prepaid cards that can be credited with digital currencies like bitcoin. The following post is a review on the Crypto.com prepaid Visa card in order to give our readers some perspective on how the card operates.
During the last four years, I’ve grown accustomed to leveraging prepaid cards that can be loaded with cryptocurrencies like bitcoin and ethereum. In the early days, there were only a few cards for U.S. residents, but now there’s a number of cards available. Americans now have few different cards available and the products are issued by reputable companies like Bitpay and Coinbase.
Last week, news.Bitcoin.com reported on Bitpay offering its new Mastercard prepaid card that can be loaded with numerous crypto assets. Our newsdesk has also reviewed Bitpay’s flagship Visa card when it launched a few years ago.
This week our newsdesk got our hands on a metal ruby-colored Crypto.com card and tested it out so our users can get a gist of how it works. Unlike Bitpay’s card, in order to get a prepaid Ruby Steel Visa from Crypto.com, an individual has to purchase the token called MCO and lock those coins for a period of six months.
At the time, when I started testing the Crypto.com card, I decided to leverage the ruby prepaid card that only requires 50 MCO locked. If a user was to choose an obsidian black card, it requires 50,000 MCO, and the coin trades for $4.50 at today’s exchange rates.
For the ruby card, the coins are locked for six months and you can get them back or keep staking them in the future. The lock-up of MCO is actually clearly mentioned in the user agreement and it’s an interesting way to get a card, to say the least. In order to get the card and do this entire process, I had to download the Crypto.com app on the App Store for iOS. The app has a built-in exchange as well, and in order to get MCO, I simply deposited some bitcoin cash (BCH) and sold it to get the coins. Once I had the 50 MCO I could then proceed to the card tab and select the ruby product.
After selecting and agreeing to the terms, the application does involve a KYC process and identification needs to be submitted. All the base requirements include a photo ID, a social security number, and a residential address.
A third-party identity system does all of the validating within roughly five minutes and lets the person know they’ve been verified. If the verification process goes smoothly, the card ships in seven days and the app lets you know when it’s been issued. The app also shows you the MCO balance you have locked into the program and any other funds you store on the platform. Crypto.com’s app offers an exchange with over 55 coins supported on the trading platform.
When the card arrived it was well packaged and the card is also metal with a touchless security chip. The metal does give the card a solid feel, in comparison to normal cards, if that kind of thing tickles your fancy. It’s still not as cool as the gold plated prepaid card Peter Schiff showed me in 2018, but us crypto heads we are doing alright.
The most interesting thing about Crypto.com’s card, however, in comparison to competitors like Bitpay, is the cashback incentives. Depending on the card you leverage, Crypto.com card users can get anywhere between 1-5% of the total, cashback paid in MCO. The ruby model used in this review gives 2% cashback in the native token.
Loading the card up is fairly intuitive, and the card supports BTC, ETH, XRP, LTC, EOS, PAX, XLM, and TUSD. Unlike paying an invoice, to top up you just need to have some of the aforementioned cryptocurrencies available in your wallet. Crypto.com also offers a noncustodial wallet that can connect to the exchange/prepaid card app. If the wallet has funds in it, you can simply top up the card by submitting the amount in USD. The transaction is based on real-time exchange rates and the card balance is settled in USD so there’s no volatility.
Using the card is fairly simple, and the touchless system works nicely, alongside the traditional chip insert method as well. So far, there haven’t been any issues at any of the physical shops I used the card at, as I have experienced some issues with other crypto prepaid cards. That will have to be tested with time and see I will see how it works traveling state to state and internationally as well.
After every single purchase, the app gives you a mobile notification (if you permit notifications), and lets you know how much cashback savings you get. So far I’ve only saved a few bucks, but every little bit helps and after a while it adds up. The Crypto.com prepaid card is available in Europe, U.K., Singapore, and it accepts SEPA. The ruby card doesn’t have too many crazy perks, but some of the other colored metal cards with higher staking MCO locked-in, offer rebates for things like Netflix and Spotify.
Some of the negatives I had with Crypto.com’s prepaid Visa was that I couldn’t top up directly with bitcoin cash (BCH) like the Bitpay card. In order to top up, I sold some BCH in order to get some bitcoin (BTC) that can be used to top off the card. So there is a fluctuating exchange rate involved with that procedure.
Users who do own the supported crypto-assets, can pay directly and skip this step. I also knew about the card for a while, when it was called Monaco, before the company was able to purchase the crypto.com domain. I hesitated at the time because of the ‘other coin’ involved and the whole staking concept, as I felt it was too much of a hassle. Monaco was lucky enough to purchase the domain Crypto.com from the cryptographer Matt Blaze who acquired it in 1993.
New crypto users should understand that there are risks involved with staking coins, and it’s a good idea for someone to study and research staking with due diligence. The number of confirmations it took for some of my coins took around six confirmations and in my opinion, that’s a long wait.
The Crypto.com app is intuitive and it doesn’t take long to understand how it all works. But someone who is new to digital assets, should get some grasp on crypto-asset logistics before opting to lock in staking coins for six months. Nevertheless, Crypto.com’s app explains everything in writing, and the card’s user agreement covers all the terms and the staking MCO as mentioned above.
What do you think about the Crypto.com prepaid card? Let us know what you think about this subject in the comments section below.
The Kleiman v. Wright case is seemingly headed to trial on July 6, 2020, after Judge Beth Bloom ruled against the Kleiman’s attempt to levy sanctions against Craig Wright, the man who claims to be Satoshi Nakamoto. It seems Wright has claimed that a licensed clinical psychologist diagnosed him with “Autism Spectrum Disorder with high intellectual skills,” so the Judge dismissed the sanctions charges. Judge Bloom noted that it takes more than just inconsistencies, contradictory statements, and suspicions to levy sanctions against Wright’s testimony.
Craig Wright and the representatives from the Kleiman estate will meet on July 6, 2020, in order to commence trial. The date was already scheduled for July, but just recently the plaintiffs filed a motion in an attempt to levy sanctions against Wright’s testimony.
However, Wright responded to the motion and claimed that a “licensed clinical psychologist” said that he had a form of “Autism Spectrum Disorder.” The motion filed by Wright seemingly invoked Judge Beth Bloom’s decision to dismiss the sanctions.
“In this setting and based on the record presented, [the] plaintiffs have not carried their burden to show that default sanctions are appropriate,” Bloom explained. “Instead, they have laid the foundation for an overarching theme that defendant, a ‘billionaire [mathematician], who stands to lose billions of dollars in this suit,’ — ‘has run a risk/benefit analysis to determine that forgery and perjury is an ‘affordable’ in fact ‘efficient,’ mechanism to fight this case,’” Bloom added.
The Judge continued:
The evidence and arguments plaintiffs raise, in this regard, can be used to effectively persuade a jury, but they do not establish bad faith by clear and convincing evidence here.
The autism defense may have to be tested in court, and the psychologist may be required to testify in order to prove Wright’s mental condition. This is despite the fact that the Kleiman’s legal team claimed Wright’s testimony has been a “perjurious testimony and a submission of forged evidence that previously resulted in sanctions being imposed against him.”
Moreover, the plaintiffs also said that Wright’s “alleged lies and forgeries have obstructed discovery ‘targeted at the core of the Satoshi Nakamoto partnership.’”
However, because Wright provided bitcoin addresses, the sanctions (Rule 37(c)(1)(B) were only under the condition that the defendant would not be producing his list of bitcoin holdings.
“Since then, he purportedly has done so, subsequent discovery has taken place on that issue among many others, and dispositive motions and other pre-trial motions have been extensively briefed. Indeed, the parties have submitted voluminous filings encompassing hundreds of pages of briefings,” Bloom wrote.
The Judge further repeated a quote from Wright’s legal team which said:
As defendant states, ‘Plaintiffs don’t get to sit on their hands for months, wait for discovery to conclude, and then ask the Court to [sanction] [D]efendant because they believe [D]efendant failed to produce all the evidence to which they were entitled.’
Both parties are preparing for the trial and have been filing deposition designations. Additionally, a witness list was submitted by Wright’s legal team as well, which mentions individuals like Gavin Andresen, Jimmy Nguyen, Andrew O’Hagan, and Brendan Sullivan.
The latest motion that says Wright’s mental condition has been diagnosed with “Autism Spectrum Disorder,” has also sparked many conversations on social media and crypto-related forums.
What do you think about Craig Wright being diagnosed with autism and getting the sanctions dismissed? Let us know what you think about this subject in the comments section below.
A few months ago news.Bitcoin.com reported on the web portal read.cash, a blogging website fueled by bitcoin cash that rewards users in crypto for producing content. Just recently, read.cash initiated a fund that aims to provide the blog’s regular users with more paid upvotes by raising funds through a “collective initiative.” On June 25, read.cash revealed that the fund has raised over $100,000 so far.
There’s a web portal called read.cash that allows people to fund content creators with bitcoin cash (BCH) payments. News.Bitcoin.com reported on the project months ago, as the project has gathered a great number of users. On January 29, 2020, close to $6k in bitcoin cash tips were paid to read.cash authors in 24 hours.
Two months ago, the author who runs the web portal, Read.Cash, announced the launch of a fund that aims to bolster the blogging site’s incentives.
“Let me tell you about one little experiment that we’re working on. A lot of new authors on read.cash complain that it’s pretty hard to get a paid upvote. And that’s true. We want to try to change that situation,” he wrote. The read.cash owner further stated:
To support our users we created what we call “the read.cash fund” — It’s not a fund in the traditional sense, but rather a collective initiative where each participant agrees to pay read.cash authors some amount daily. The fund exists only in the browsers of donors (we are not holding donors money, their browsers do). Since they always control their money, they can cancel their pledge at any time. Which also means that the payments are done only when donors come online.
The fund initially had raised $3,658 in BCH, and on June 25, 2020, the read.cash owner announced that the fund surpassed $100k thanks to one donor. “Our most generous donor Marc DeMesel has decided to increase his pledge to the read.cash fund to a total of $97,000 thereby getting our fund to $100,000,” the read.cash admin stated.
The donation from DeMesel gives the read.cash fund a total of $100,658 to-date, according to the post’s author. Since the launch of read.cash, the blogging platform has changed it’s look and has added a number of new features as well.
Signing up for read.cash is fairly intuitive and takes only a few minutes to get started. All a person has to do is register, accept the welcome message, and obtain the 12-word seed phrase for the read.cash native bitcoin cash wallet.
One read.cash author was extremely pleased with DeMesel’s donation and the rest of the Bitcoin Cash community members who donated to the fund.
“I consider these funds as a small bonus for my crypto blogging efforts. Which might grow as the quality and the readership of my content grows. As it becomes more readable and useful,” the author Cryptotexty wrote.
“Read.cash [is] and interesting system when the fund distributes points every day, so not only you can get direct monetary upvotes to your articles, but also some funds for reading, commenting, etc., which are distributed on daily basis,” the author concluded.
What do you think about the read.cash fund? Let us know what you think in the comments section below.
Australian residents can now pay for bitcoin at more than 3,500 national post offices. The new service launched by Bitcoin.com.au is aimed at promoting cryptocurrencies to mainstream audiences, alongside established businesses and organizations.
On June 24, 2020, the firm Bitcoin.com.au announced a partnership with the local Australia Post. The collaboration makes it so Australian residents can purchase bitcoin (BTC) effortlessly at 3,500 national post offices. Essentially, each branch member will accept EFTPOS payments and Australian dollars for crypto-asset purchases stemming from Bitcoin.com.au and the Post Billpay service.
Purchases will be facilitated by Bitcoin.com.au, a firm that is already working with 1,500 retail stores in the country. This collaboration is due to a partnership with Blueshyft and it also gives Australians the ability to acquire BTC.
“This is a major milestone for digital currency in Australia and around the world. It proves that there are established businesses and organisations that want to learn about new technologies by doing, and not by blocking,” Holger Arians, CEO of Bitcoin.com.au said during the announcement. Arians added:
Our mission is to make Bitcoin safe and easy for every Australian. For many people, paying for Bitcoin at an Australia Post office feels safer than transferring funds online — particularly for first-time buyers. We’re proud of this partnership and would like to thank Australia Post for its continued openness to new technologies.
The Australia Post believes it has been at the forefront of innovation since its creation 200 years ago. Adding BTC support to over 3,500 Australia Post stores across the country will add more accessibility to those living in the country.
“Australia Post has for a long time played an important role in the community to make services accessible to all,” Susan Nicholson, Australia Post’s Head of Business & Government Financial Services stressed. Nicholson further said:
Post Billpay has been one of Australia’s most trusted bill payment methods for over 20 years, and we’re pleased to now provide the ability for Bitcoin bills to be paid at a post office, which will come with a product enhancement that offers ID verification and real-time bill payment confirmation back to the biller.
The Australia Post and Bitcoin.com.au announcement was originally revealed to the public on May 4, 2020. The May announcement gives Australians step-by-step instructions on how to leverage the Australia Post for bitcoin purchases.
Bitcoin and cryptocurrencies have been becoming quite popular in Australia, as the Australia Post stores’ latest service follows the recent partnership between Coca-Cola Amatil and Centrapay. Thanks to this collaboration over 2,000 Coca-Cola brand vending machines in Australia and New Zealand accept bitcoin (BTC) for purchases.
What do you think about the 3,500 Australia Post stores providing bitcoin sales? Let us know what you think about this story in the comments section below.
On June 24, a Reddit post had a few Bitcoin Cash proponents discussing a number of privacy enhancements BCH supporters can leverage every time they transact. The Bitcoin Cash enthusiast, Mr. Zwet’s r/btc post explained how BCH supporters can use tools like Cashfusion, Cashshuffle, Schnorr Signatures, Local.Bitcoin.com, Neutrino Wallet, and a number of Electron Cash plugins that bolster confidential transactions. The following report is a comprehensive look at all of the tools and services that protect a BCH user’s transactional data.
Crypto Privacy and Fungibility
Not that many people are aware of the fact that the Bitcoin Cash ecosystem has a number of tools and services that cushion a person’s privacy. Cryptocurrency privacy is very important to BCH supporters, as there have been many dedicated efforts to making the digital asset even more privacy-centric. On Wednesday, a well known BCH fan called Mr. Zwets published a picture and description of a bunch of privacy-enhancing tools BCH proponents can leverage today.
The first is Cashshuffle, a platform that Mr. Zwets calls “a trustless version of coinjoin usable today in the Electron Cash wallet for increased privacy.” People who want to utilize Cashshuffle can do so today, in order to help obfuscate their BCH transactions. So far, since March 27, 2019, there have been 54,202 shuffles to-date, and that consists of 253,751 BCH or $59.2 million.
Cashshuffle is used a lot, as shuffle volume plus daily counts show that the weekends are the most popular shuffling times. Cashshuffle was officially launched in March 2019 and the code also was reviewed by Kudelski Security. Bitcoin Cash proponents who want to leverage the Cashshuffle application can do so by visiting the website cashshuffle.com.
Cashfusion is an extension of Cashshuffle and is more advanced privacy-wise. The Cashusion protocol has been heralded as “far more practical than other coinjoin protocols” by even few BTC maximalists. Cashfusion will also undergo a security audit from the well known firm Kudelski Security and Mr. Zwet’s Reddit thread shows the audit began in May 2020.
Since November 28, 2019, there have been 5333 Fusions and 49,106 BCH total fused ($11.4 million). The reason for the added privacy, in contrast to using Cashshuffle, is due to the fact that Cashfusion abandoned the idea of equal outputs. For instance, Electron Cash developer Jonald Fyookball published a paper about the combinatoric math in Cashfusion.
“In Cashfusion, we have opted to abandon the equal-amount concept altogether. While this is at first glance no different than the old naive schemes, mathematical analysis shows it in fact becomes highly private by simply increasing the numbers of inputs and outputs,” a quote in Fyookball’s paper from software developer Mark Lundeberg stressed.
“For example, with hundreds of inputs and outputs, it is not just computationally impractical to iterate through all partitions, but even with infinite computing power, one would find a large number of valid partitions,” the developer added.
Schnorr Signatures is another privacy-enhancing method that is not used as much for privacy right now as Cashshuffle and Cashfusion. However, there have been a few private transaction examples created by Mark Lundeberg and other developers, and in the future, Schnorr Signatures should bolster BCH privacy even more so.
Mr. Zwets says “Schnorr Signatures were added to BCH over a year ago and allow for more private transactions as explained by Mark Lundeberg here.” After the last Schnorr related upgrade and other Schnorr-enhanced forks going forward, the scheme could provide for public signature aggregation and more complex sign-to-contract concepts.
Mr. Zwets also mentioned the platform Neutrino Wallet, “a privacy-focused mobile wallet for Bitcoin Cash that does not expose a list of your addresses to third parties and allows for connection using Tor.” Users can download the wallet at the website neutrino.cash, which links the Google Play Neutrino download package. Neutrino was built by the developers who work on the Bitcoin Cash full node project BCHD, and the wallet is named after the subatomic particle which is extremely hard to detect.
Another privacy bolstering platform Mr. Zwets included was Local.Bitcoin.com, “a service to buy and sell BCH peer-to-peer without any middlemen.”
“It is possible because of a new BCH opcode called Checksigverify that allows for more complex smart contracts,” explains Mr. Zwets Reddit post.
Bitcoin.com launched its over-the-counter BCH marketplace on June 4, 2019, and tens of thousands of traders have signed up since then. Some of the most popular Local.Bitcoin.com trading regions include the U.S., China, Venezuela, Russia, Australia, New Zealand, and various countries throughout Europe.
Further, Local.Bitcoin.com traders can chat in privacy by leveraging encrypted messaging. Payment methods for Local.Bitcoin.com include cash (in-person trades), other cryptos, bank transfers, bank deposits, Paypal, Moneygram, international wire, Western Union, gift cards, Payeer, Venmo, Skrill, and Transferwise.
Crescent Cash, Cashaccounts, and Electron Cash Plugins
In addition to the tools and platforms mentioned above, Mr. Zwets described a number of other examples that can help with privacy. “Crescent Cash is a BCH wallet with SLP token support for android,” Zwets said on Wednesday. “It is privacy-focused in that it is the first wallet to supports using a BIP47 reusable payment code as a cashaccount. It also generates new addresses each time both for BCH and SLP, while also allowing for a connection using Tor, UTXO management and the ability to connect your own full node,” he added.
Mr. Zwets further states:
The Electron Cash wallet apart from supporting Cashshuffle, Tor, UTXO management, and more it also allows the user to install extra plugins. Some of them are privacy-oriented like the Interwallet Transfer Plugin other plugins allow us to build special transactions using smart contracts.
What do you think about all the Bitcoin Cash privacy-oriented tools and platforms available? Let us know in the comments section below.
On Friday, June 26, the China-based Zhejiang Ebang Communication, often referred to as Ebang, will be listed on Nasdaq, according to various reports. Ebang’s initial public offering (IPO) will be the second U.S.-based IPO for an ASIC mining manufacturer joining the company Canaan. The Ebang IPO prospectus was also updated on June 17, raising the fundraising goal to $106 million after the company previously filed for $100 million.
A myriad of regional reports indicates that the Chinese company, Ebang will be listed on the American stock exchange Nasdaq located in New York City this Friday. Nasdaq is the second most popular stock exchange in the U.S., ranked only behind the New York Stock Exchange (NYSE).
News.Bitcoin.com reported on rumors of Ebang filing an initial public offering prospectus on December 6, 2019. The initial $100 million filing with the U.S. Securities and Exchange Commission actually took place on April 24, 2020. The filing notes that when the shares are listed on the Nasdaq Global Market exchange the ticker symbol will be EBON.
Following the original filing last April, weeks later on June 17, Ebang submitted it’s Q1 2020 earnings and updated the fundraising goal from $100 million to $106 million. After the update, the crypto pundit Samson Mow tweeted an invitation sent to him in regards to Ebang’s IPO afterparty. The afterparty is allegedly scheduled for Friday, June 26, and a report published by the regional publication Blockbeats confirms the listing launch as well.
Ebang International Holdings decided to choose Nasdaq and offer 19.3 million shares. The company shares will be sold at a price range between $4.50 to $6.50 per share. Calculations show that the firm would have a market valuation of $721 million.
Of course, Canaan Creative also filed for an IPO in the United States as well with the SEC, and its original goals were to raise $400 million on the Nasdaq Global Market. That never came to fruition, and on November 21, when the Chinese mining rig manufacturer Canaan launched its initial public offering (IPO) sale, it only sold $90 million worth of U.S. shares.
Canaan shares initially sold for $8.99 and today shares are selling for $2.12 per CAN (NASDAQ: CAN), which is a 76.4% loss in value. Additionally, the two mining manufacturers who have not gone IPO just yet, Bitmain and Microbt, still control a dominant share of mining rig sales worldwide.
With Ebang’s plans to launch on Nasdaq on June 26, under the symbol EBON, the company has enlisted Prime Number Capital, AMTD Global Markets, and Loop Capital Markets as book-runners. The company founded in 2002, will hold an IPO celebration ceremony at a hotel in Hangzhou, according to the local reports.
The recent IPO sent to SEC indicates that while Ebang made $109 million last year, the company also had a $41 million deficit in 2019. The firm is run by CEO Don Hu, CFO Lei Chen, and the deputy general manager Chunjuan Peng.
Ebang is also involved in an ongoing lawsuit initiated by Shenzhen-listed Wholeasy’s subsidiary “Beijing Cailiang.” The lawsuit involves an $80 million mining investment gone sour and Ebang claims that Cailiang played a victim and wholeheartedly disagrees with the lawsuit.
Despite the litigation and revenue losses, Ebang’s IPO will likely happen unhinged this Friday. It’s not uncommon for mining manufacturers to be embroiled in lawsuits, as many of the top four firms are involved in litigation proceedings and also lost revenue in 2018 and 2019 as well.
What do you think about Ebang being listed on Nasdaq on Friday, June 26, 2020? Let us know what you think in the comments section below.
This week digital currency enthusiasts have been discussing network fees, specifically transaction fees associated with the Bitcoin and Ethereum blockchains. Last Sunday on June 21, one Ethereum proponent noted that during the last 16 days, Ethereum users have paid more to leverage the network than Bitcoin users.
Digital currencies like bitcoin, ethereum, bitcoin cash, and litecoin all have a network or miner fee associated with sending each and every transaction. This means in order to send a fraction of bitcoin (BTC), there must be enough BTC in the wallet to also cover the sending fee.
At the time of publication, the data site bitinfocharts.com shows the average BTC network fee was $1.14 per transaction on June 22. Ethereum (ETH) network fees show the average fee on that day was around $0.62 per send. Bitcoin cash (BCH) has an average fee of $0.006 per transaction or six-tenths of a U.S. penny. Now not all BTC fee recording websites are exactly the same as there are many different averages depending on the site used.
According to the fee calculation website offered by billfodl.com, the next block fee required to have your transaction mined on the next block (10 minutes) is $0.87 today. Similarly, for June 23, the average fee for getting into the next three blocks is the same price. If an individual paid $0.73 per BTC fee, the transaction would possibly confirm within six blocks (1 hour).
The six-block fee would bring ETH transaction fees much closer to current BTC fees which bitinfocharts.com shows is $0.62. Coin Metrics charts show that ETH transaction fees have been consecutively higher than BTC’s fees in June. The well known ETH proponent on Twitter Eric.eth (Eric Conner – @econoar) told his 15,000 followers on Sunday:
For 16 straight days, Ethereum users have paid more to use the network than Bitcoin users.
Since the tweet, Ethereum transaction fees have dropped according to Coin Metrics data. The web portal ethgasstation.info, a website that provides ether gas price recommendations, notes that ETH fees are much lower than BTC’s average as far as stats on billfodl.com is concerned.
All the fees measured in gwei highlight that the gas amount it takes to send an ETH transaction and ERC20 token as well, is $0.26 for the fastest transaction confirmation time. Every tier lower is only a U.S. penny cheaper for standard and safe but low fee transactions.
Now during the last few years and especially since 2017, we know that when the price of ETH or BTC rises and is used more often, fees grow much larger. At the height of 2017, BTC fees jumped higher than $50 per transaction on December 22, 2017. On that same day, ETH fees were around $1.40 per ETH transaction.
Now, this occurrence doesn’t happen with bitcoin cash (BCH) since the block size has increased to 32MB. Before the block size upgrade, on that same day in mid-December 2017, the average BCH fee did rise to $0.31 per transaction. However, during the September 2018 stress tests, after confirming over 2.4 million transactions per day outshining BTC’s best day by 5x, the average BCH transaction (txn) fee was $0.003 per txn.
Since then BCH fees have not risen past the $0.008 txn fee naturally and have been consistently under a U.S. penny per transaction for the last two years. According to Coin Dance stats it is currently 815.51x more expensive to transact on Bitcoin (BTC) on June 23, 2020.
Transacting on the Bitcoin Cash chain is also much cheaper than transacting in ETH as it is 8,566.66% more expensive to transact in ETH than it is to leverage bitcoin cash. This data is all publicly available by leveraging sources like ethgasstation.info, bitinfocharts.com, Coin Metrics data, and billfodl.com.
What do you think about the difference in transaction fees between ETH and BTC lately? Let us know what you think in the comments section below.
Investing in bitcoin has been somewhat of a phenomenon, as millions of individuals have invested funds into the crypto-economy since at least 2010. One specific and lucrative method of investment is dollar-cost averaging. If an individual was to invest $10 a week into purchasing bitcoins since July 2010, the $5,130 USD (overall cost of investment) would have purchased 3,040 BTC, giving the individual over $29 million worth of gains in a decade.
Purchasing Bitcoin Via the Dollar-Cost Average Method Between Halvings
There is one method of investment that many crypto investors would call the smartest way to invest in anything. Essentially, the method called “dollar-cost averaging” is a strategy that investors use to invest funds into an asset across a periodic number of purchases, which essentially reduces exposure to overall price volatility.
So a person invests $1 to $10 per day or per week into a cryptocurrency and they become sheltered by the overall cost average over time. Finding the earliest price of bitcoin (BTC) is not too hard to find and we can highlight that it occurred a few weeks after Laszlo Hanyecz purchased two Papa John’s pizzas for 10,000 coins (BTC value would be $0.0025 cents per unit).
Not too long after Hanyecz’s exchange, historical resources say that the exchange rate for BTC jumped 10X until mid-July when a single BTC was swapping for $0.08 to $0.10 per coin. Coincidently, the popular exchange Mt Gox was launched on July 17, 2010.
Now bitcoin investors who jumped in on putting funds into the crypto-economy on July 17, 2010, and stuck with it until Bitcoin’s first halving on November 28, 2012, the average cost per BTC would be $3.81 per coin. That’s a 122,400% increase from $0.08 per coin.
If that individual invested $10 per week into bitcoins they would have invested $1,240 over the course of over 150,000 BTC blocks mined or three and a half years. The person would have gathered 3,024 BTC at an average purchase price of $0.41 per coin. The value they would possess using today’s 2020 exchange rate in June would be $29 million.
If that person instead started to invest in bitcoin at the start of the first halving at the end of November 2012, they too would have done very well. The average price between the first halving in 2012 to the July 9, 2016 halving is $376.75 per BTC. If the individual invested on November 28, 2012, you would have experienced an increase of 5,336% in value.
Now say they invested $10 a week since the first halving and stopped investing on the day of the second Bitcoin halving. The individual would own 15.68 BTC worth $151,264 for investing a measly $1,890 U.S. dollars. The average purchase price at $10 per week between this period would be $120 per coin.
Investing $10 per Week Between the 2016 Bitcoin Halving to the May 2020 Halving Would Gather a $5,900 Profit
Again we can take another individual and note that they invested between the July 2016 halving up until May 11, 2020, the Bitcoin (BTC) network’s third reward halving. The price increased 1,206% from those two points in time and the average price per BTC would be $6121. If the individual invested $10 a week into BTC (Date Range- 07/09/2016-05/11/2020) they would have only invested $2,010 into the crypto economy.
The person would only own 0.82908926 BTC, but would have profited by $5,987. The cost average profit for this individual would amount to 297.71% in value gained. The average purchase price would be $2,424. Now if an individual participated in dollar-cost averaging and started on July 17, 2010, investing all the way until the third halving, the average cost per BTC would be $2,167.17.
It’s safe to say that dollar-cost averaging is a less risky and cost-effective way to invest in anything, but with bitcoin, it has proven lucrative. Of course, BTC’s average cost percentage will rise, if the price rises going forward.
The higher the price, the higher the average over time and if it goes lower it will be the opposite effect. Someday spanning it over 50 years would be cool as it’s only been 11 and half years of collecting dollar-cost average metrics with bitcoin.
What do you think about the dollar-cost average investment method? Let us know what you think about this topic in the comments section below.
On June 16, 2020, Bitmex researchers published a report that noted bitcoin mining rig manufacturers have consolidated a great deal and in the future, Bitmex researchers predict that “only 2 to 3 players will survive into the longer term.” There’s still a number of SHA256 mining rig manufacturers today, and regional reports claim that the manufacturer Ebang expects to be listed on Nasdaq this week.
At the time of writing, there are at least 8-10 reputable mining rig manufacturers including Innosilicon, Strongu, Bitfury, and Pantech. However, the top dog mining rig manufacturers worldwide include the Chinese companies Bitmain, Microbt, Ebang, and Canaan. These four firms dominate the globe’s market share of SHA256 miners, as most mining operations leverage machines made by these companies.
Last year, the mining rig creators Canaan had an initial public offering and the company’s shares are now listed on Nasdaq. Ebang seems to be next in line to go IPO, and rumors stemming from regional reporters claim that Ebang will allegedly be listed on Nasdaq on June 26.
Despite the fact that Canaan and Ebang are U.S. IPO participants, Bitmain and Microbt dominate most of the mining rig market shares. The Bitmex researchers report called the “Battle For ASIC Supremacy,” shows that in 2017, 2018, and 2019 Bitmain controlled a majority of ASIC mining rig sales. Canaan in 2017 and 2018 came in a distant second, followed by Microbt and Ebang respectively.
The report notes that after assessing Microbt and Bitmain, Bitmex researchers have noticed Microbt is “gaining significant traction in the market, obtaining [a] share from Bitmain.” 2019 numbers show Microbt took the second place position, as far as market share is concerned, followed by Canaan and Ebang.
Unfortunately for Canaan, the IPO shares have lost over 70% since the IPO went public. Both Canaan and Ebang suffered serious net revenue losses as well in 2019, and both firms are under fire from class-action lawsuits. “At the height of Bitmain’s power during the 2017 bull market, its market share was around 75%,” explains the recent report.
Bitmex researchers stress that Bitmain appears to be “facing an almost comically abysmal corporate governance situation,” referring to the quarrel between Micree Zhan and Jihan Wu.
According to mining rig statistics at today’s exchange rates, the top three mining rigs are Bitmain manufactured. The third most profitable mining rig on June 22, is Microbt’s Whatminer M30S. Two more Bitmain-made Antiminers lead the pack and another Microbt rig, before Innosilicon and Ebang machines show profits. The top mining rig as far as profitability is concerned on the market today is the Bitmain Antminer S19 Pro (110TH/s).
Any machine that produces 50 terahash per second (TH/s) to 100TH/s is in the top ten profitability wise. Many of the machines that are not made by the top four mining manufacturers in China, are not profitable at today’s bitcoin (BTC) price per unit at a rate of $0.07 per kilowatt-hour (kWh). At $0.04 per kWh, a number of the older generation machines and rigs not made by the four top dogs, can rake in some profits using today’s BTC exchange rate.
Bitcoin mining manufactures and pool operations have failed in great numbers over the last five years with companies like Butterfly Labs, Mining ASIC Technologies, BTC Guild, and Cointerra. At that time, machines manufactured by those companies only processed 10-15TH/s.
The current next-gen machines created by Bitmain, Microbt, Canaan, and Ebang are in the 50TH/s to 100TH/s range. Bitmex researchers think that these machines will likely have a longer shelf life than the bitcoin mining rig predecessors of the past.
“The lifespan of ASIC mining machines is likely to extend considerably and the current generation of products may remain in operation for several years,” the report concludes.
What do you think about the four top mining rig manufactures current dominance? Let us know in the comments section below.
On June 19, 2020, the massive industrial firm Honeywell told the public the company is now running a quantum computer that effectively leverages six effective quantum bits, or qubits. Honeywell’s machine is two times more powerful than the quantum computers designed by IBM and Google. With Honeywell revealing the new quantum computer, skeptics have already started discussing the future effects on Bitcoin and 256-bit encryption.
Honeywell Reveals a Powerful Six Qubit Quantum Computer Invoking Theoretical Discussions About Bitcoin’s 256-bit Cryptography
In January 2019, bitcoiners started talking about theoretical attacks against the Bitcoin network, after IBM unveiled its Q System One at the Consumer Electronics Show (CES) 2019. The following September, the Bitcoin network threat conversation and debates picked up again, when the press reported on Google’s quantum computer performing a calculation that deemed it the “world’s most powerful supercomputer.”
Another big reveal has invoked discussions of a quantum computer breaking 256-bit encryption and the foundations of Bitcoin’s cryptography once again, and debates have started to heat up. The reason for these new conversations is due to an announcement made on Thursday from the firm Honeywell.
According to the reports, Honeywell’s new quantum computer is two times more efficient than the IBM Q System One and Google’s supercomputer. Reports say that Honeywell’s quantum computer is a “game-changer” and it is heralded for the resulting “volume” of quantum processing power.
Now even though Honeywell’s quantum computer is quite powerful, in order to break Bitcoin’s 256-bit cryptography, it would take anywhere between 2,000 to 3,000 qubits of computing power. Estimates say that it would take computer scientists roughly a decade to even attempt to crack today’s 256-bit encryption, or projects like Bitcoin that leverage the cryptography.
Honeywell’s latest machine is live and it has the processing power of around six qubits, which is quite powerful, but still a few thousand qubits less than what is needed to even threaten Bitcoin. The industry giant Honeywell and its new quantum computer is fast and has received praise for its “quantum volume of 64.” The publicly-traded company worth over $80 billion is also involved with blockchain research and development.
Honeywell International Inc., has revealed a number of projects that leverage blockchain ledgers. However, with Honeywell’s new quantum computer, skeptics think that it could threaten Bitcoin’s underlying infrastructure, specifically SHA256. A number of Bitcoin-based hash values could theoretically make generated private keys vulnerable to a brute force attacks.
2^128 is a Really Big Number
In a Twitter discussion between long time Bitcoin proponent Gabor Gurbacs, Ethereum’s Vitalik Buterin, and Blockstream’s Adam Back, the group also discussed the theoretical threat.
“Even if one could simulate a quantum computer classically, there are a number of quantum-secure signature schemes that can be used to secure Bitcoin/blockchains,” Gurbacs tweeted on June 19. “I expect those signature schemes to be implemented as practical/deployable quantum computing power increases,” he added.
Moreover, bitcoiners also discussed the well known bitcoin pundit Alistair Milne’s recent experience, when he had a single BTC giveaway where he gave out 8/12 seed words on Twitter. His mnemonic phrase or seed was brute force attacked, and the person wrote an interesting Medium blog post on how the assault was successful. Still, many veteran bitcoiners are simply not concerned about Honeywell’s new supercomputer or brute force attacks. After, Milne’s giveaway was spoiled, he jokingly tweeted about the subject last Thursday. “Lost all my bitcoin in a 1-trillion calculation brute force attack,” Milne said.
Of course, Milne made it far easier for hackers, by giving away a number of seed words too early and the developer who brute-forced the seed, John Cantrell, noted that it is much harder to do this to an unknown seed. In a tweet thread on June 19, Cantrell said that 12-word Bitcoin mnemonics themselves are secure, as long as people don’t “give out any of [the] words on Twitter.”
“Your bitcoin is safe. 2^128 is a REALLY big number – Just don’t let anyone near your seed words,” Cantrell added.
Extra Protection: Don’t Reuse Bitcoin Addresses
Other people on Twitter also stressed that they did not fear Honeywell’s new supercomputer or theoretical brute force attacks on Bitcoin because the cryptography is double protected.
The software engineer at Cashapp, Danny Diekroeger, tweeted about the quantum discussion and said: “Even a 51% isn’t the end of the world — It would take continued cash flow to keep the attack running so it ends eventually.”
“As for quantum – it is a risk for every form of cryptography/encryption, etc — The entire internet is as risk,” Diekroeger further stated.
“I expect best practice quantum algorithms to emerge, and worst case Bitcoin could fork (hard or soft not sure) to include state of the art algorithms — There are two main primitives used in bitcoin: hash functions and ECDSA (elliptic curve digital signature algorithm). Quantum would crack ECDSA first, far before it would crack hash functions. Mining uses hash functions, so quantum won’t affect that at first. ECDSA is what gives us private/public keys and signing.” Diekroeger added:
So if you share your public key, an advanced quantum computer could figure out your private key. Good news is most bitcoin addresses don’t share a public key — They share a hash of the public key so there’s extra protection. We don’t reveal our public key until we *spend* from an address. So by simply not reusing addresses, you’ll be protected from quantum computing even if ECDSA is compromised.
Whatever the case may be, Honeywell’s new six quantum bits have given bitcoiners another moment to argue about whether or not quantum computers are a threat to the Bitcoin network. For now, most veterans are not at all concerned that the 10-year timeline estimates are probably much shorter, with Honeywell’s latest six qubit innovation. Despite this, many Bitcoin optimists believe they can safely fork the code toward a quantum-resistant algorithm if they needed to in the future.
What do you think about Honeywell’s new six quantum bit computer and the possible threat to Bitcoin? Let us know what you think about this subject in the comments below.
Bitcoin Cash proponents have been introduced to a new project built using the Simple Ledger Protocol (SLP) framework called mistcoin (MIST). The new token is essentially the first mineable implementation of colored coins on Bitcoin Cash. Mist allows participants to mine the SLP tokens “using proof-of-work to help decentralize allocation of newly minted tokens.”
It seems an unknown developer called “Kasumi” created a Simple Ledger Protocol (SLP) token that can be mined like bitcoin (BTC) or bitcoin cash (BCH). The Mist project’s white paper can be viewed on the website mistcoin.org and it describes the SLP token framework and how the mining process works. “Mist presents the notion of using mineable SLP tokens to address this problem with a Bitcoin script, allowing tokens to be mined using proof-of-work,” explains the project’s white paper.
“Mist is an SLP token that can be generated by proof-of-work mining and is governed by a simple, but novel, Bitcoin script,” the white paper details.
“The script is a stateless covenant contract that provides validation for an acceptable mining solution and a scheduled mining reward amount. A constant proof-of-work difficulty requirement coupled with OP_CHECKLOCKTIMEVERIFY keeps Mist synchronized with the underlying blockchain block height. As far as we are aware, Mist is the first fully autonomous, decentralized, mineable token built on Bitcoin,” the paper adds. The white paper further reads:
Prior to Mist, the process of minting new tokens was solely in the control of the token’s creator. The novel concept of mining SLP tokens enables a Bitcoin-based token to be decentralized with a permissionless mining reward process.
“Furthermore, the concept may be used for decentralized applications beyond the purpose of winning token rewards and may leverage a mining process to facilitate a number of interesting concepts,” the white paper stresses.
The Mist website also has a software program available for download under the name “mist_miner_0.0.2.zip.” The small but growing Mist community also created a Telegram chat room (t.me/mistmining), where people can discuss how to set up Mist mining.
The Telegram channel’s pinned message says that a person who wants to mine needs to click the launchpad icon in the dock and install homebrew. With a terminal command line, the user needs to install nodejs with homebrew, and extract the “mist_miner_0.0.2.zip” after verifying the file’s sha256sum.
From here the user needs to install the dependencies for the project, and “set up the Electron Cash SLP Edition Mining Wallet.” After locating the private key and adding it to the program, the user needs to fund the mining wallet. After sending some fractions of 0.0001 BCH, the user can simply start mining the SLP token Mist with a CPU. In the terminal after following all the step-by-step directions, simply open the terminal and type “npm start.”
The Bitcoin Cash community is pleased with this project, as a few people commented on the subject on the Reddit forum r/btc. “Kind of the coolest thing I’ve seen on SLP so far,” explained the Redditor who created a thread about Mistcoin. The SLP token mistcoin (MIST) was created on BCH block 639,442 and there are 559,200 coins in circulation at the time of publication.
So far, there have been 1,466 Mist transactions, according to Simpleledger.info stats. According to the site’s MIST “rich list,” this address here has the most mistcoin at press time. The coin has a very even distribution thus far, and the richest MIST address has only 15.2 thousand mistcoins more than the second-largest address.
What do you think about the mistcoin (MIST) mineable SLP token project? Let us know what you think in the comments below.
A couple of months ago, a new WordPress (WP) plugin launched that allows anyone to host a digital currency trading platform. With the application, WP website owners can earn fees from various crypto asset trades. The developer of the plugin called “Wpcryptoexchange” tweeted on June 19, that there are now 300 active installs of his Crypto Exchange WordPress plugin.
On April 22, 2020, news.Bitcoin.com reported on a new platform called the “Wpcryptoexchange” or the Crypto Exchange WordPress plugin. For now, the application allows people to trade various cryptocurrencies including ETH, DAI, BAT, and WBTC using someone’s WordPress site that has the plugin installed. Other cryptocurrencies may be added to the roster of Wpcryptoexchange supported coins in the future.
The developer Alon Goren from the firm, Goren Holm, released the new WordPress (WP) so literally anyone can create a crypto exchange on any WP-based site. The platform leverages the Totle application programming interface (API) and the website wpcryptoexchange.com gives WP website owners simple to follow, step-by-step installation instructions.
Since the initial launch, Goren revealed on June 19, the Crypto Exchange WordPress plugin now has roughly 300 active installs. “Just checked and there are over 300 active installs of the Crypto Exchange WordPress Plugin,” Goren tweeted. The developer added:
That means because of ME (& Totlecrypto), there are over 300 more websites on the internet that allow you to swap tokens on them.
In order for people to leverage Goren’s Crypto Exchange WordPress plugin, all they need to do is download the zip file and give the plugin privileges from the WP admin. After activating the plugin, anyone can have their “own cryptocurrency exchange that will route the trades across all decentralized exchanges,” the developer’s website details.
WP website owners can customize trading fees and even set fees at zero if they prefer. The application is backed by the company Draper Goren Holm, which is a “blockchain venture studio,” associated with the well known venture capitalist Tim Draper. Goren’s Crypto Exchange WordPress plugin that uses the Totle API, can work with a number of digital currency wallets that support the Ethereum chain and ERC20 tokens.
Goren’s Crypto Exchange WP plugin also has a step-by-step tutorial on how website owners can customize colors and window sizes by using custom CSS code. Essentially these configurations can transform how the crypto exchange looks and feels to visitors. Further, there’s a walkthrough and Youtube video available, so WP owners can learn how to earn trading fees from decentralized crypto exchanges in a passive manner.
The video leverages the Metamask wallet and it “walks you through the whole process, including running a test transaction,” explains the website’s guide.
In order to follow along and test the fee settings with the video presentation, a WP install with Crypto Exchange Plugin activated is required. Also an “ethereum wallet on Metamask with some ETH for gas fees,” the website notes.
A WP website owner can test some transactions to make sure the exchange and fee collection is operating efficiently. The developers say that exchange operators can simply check the Totle Partner Console to inspect trade volume and collect trading fees.
With the Draper Goren Holm created plugin increasing the number of active installs, it provides the public with a myriad of individuals offering a crypto trading experience on any WP-based website. Regulators who are quite busy cracking down on the massively large exchanges, will have a hard time stopping free-market crypto trades if Goren’s platform continues to grow.
What do you think about the Crypto Exchange WordPress plugin’s 300 active installs? Let us know in the comments section below.
It’s been close to twelve months since we reported on the vast Simple Ledger Protocol (SLP) universe built on top of the Bitcoin Cash chain. At the time, there were 2,700 unique SLP tokens created, and that’s increased by 217% during the last year with 8,585 SLP tokens created to-date. A number of different projects are leveraging the tokenization protocol, as Tether has announced using the SLP framework, a video game called “Enter the Sphere” has spawned, an SLP Lottery was created, and there’s now an SLP Foundation.
There’s a lot going on in the world. Especially with Covid-19 and as far as the global economy is concerned, and unfortunately, it’s stopped a number of people from paying attention to what’s being built using the Simple Ledger Protocol (SLP). At the time of publication, there’s a whopping 8,585 SLP tokens today, 10,972 token burns (removed from existence), and approximately 34,255 SLP transactions.
The last time, news.Bitcoin.com covered the SLP universe to a greater extent, there were only 2,700 tokens on July 29, 2019. Some of the most popular tokens being used today, according to the SLP token data and transaction explorer, Simpleledger.info include Honk Honk, the Tribeos Test Token, Spice, Tribeos Ghost Token, Sour, Bread, and Cryptophyl’s Drop.
Other popular tokens being leveraged a lot more than most include tokens like goldcoin, renewable.cash, Sai, Flex, ACD, and the stablecoin Honestcoin.
On June 20, 2020, a post on the Reddit forum r/btc told the public that an SLP enhanced video game is on the way. The video game has a website called enter-the-sphere.com and the web page says there is “up to 10 million SPICE for grabs ultimately.”
According to the creators, The Sphere is a roleplaying (RPG) collectible game, and the pre-alpha testing period is limited to 150 sign-ups. The Sphere’s website further states:
The Sphere is a game where the most powerful and exotic resources in the universe lie on a planet protected by an impenetrable energy barrier. A wasteland of a once advanced magical technological civilization. You enter with an avatar of your creation, customized by your own arsenal and allies.
In addition to a new Sphere game in the works, a user on the read.cash blogging platform called “SLPLottery” revealed a new lottery system that leverages the Simple Ledger Protocol. The creators of this project also have published a website called slplottery.cash. “SLP Lottery allows you to randomly draw one (or multiple) holders of a specific SLP Token. It’s then up to you to reward them as you see fit,” the website reads.
Moreover, news.Bitcoin.com recently reported on the creation of an SLP Foundation. The SLP Foundation has been in the works since December 2019, and the primary goal is to foster SLP innovation and standards.
This year at the North American Bitcoin Conference Miami on January 17, Bitcoin.com revealed the company’s new SLP minting program. Bitcoin.com Mint is a noncustodial web wallet that allows users to store bitcoin cash and Simple Ledger Protocol (SLP) tokens.
The wallet has numerous token portfolio capabilities, as the Mint gives anyone the ability to create their own customized SLP tokens in less than a minute after they add a tiny fraction of bitcoin cash (BCH). Additionally, since the initial Bitcoin.com Mint launch, there’s a number of new features like the ability to add custom icons, dividend, and SLP token audit capabilities as well.
A lot has happened during the last year, and the Simple Ledger Protocol has seen a number of new projects and lots of action. Other SLP announcements include Tipbitcoin.cash giving livestreamers the ability to accept both SLP tokens alongside bitcoin cash.
News.Bitcoin.com readers also recently learned how General Bytes ATMs now offer SLP support. Further, the software developer Pokkst recently tweeted about how SLP BIP70 support is being implemented into bitcoincashj, and Crescent Cash.
What do you think about the Simple Ledger Protocol (SLP) universe in 2020? Let us know in the comments section below.
Market data from Glassnode shows that bitcoin holders have increased their positions by 233,000 BTC since January 1, 2020. However, when it comes to holders making money at the current price, bitcoin cash and bitcoinsv have performed better and the concentration of large holders is larger too. As far as “holders’ composition by time held” statistics bitcoin cash outshines BTC by 27% for the last twelve months.
Just a few days ago, news.Bitcoin.com’s Jeffrey Gogo reported on a Glassnode report that detailed the “number of whales with 1,000 bitcoin or more has climbed to 1,882 from around 1,650 in January.”
In addition to the increase in bitcoin whales with over 1,000 coins, Glassnode has also detailed that throughout 2020, the “Hodler net position change” chart indicates that holders scraped up 233,000 bitcoins this year.
“Despite a drop in bitcoin’s price and onchain fundamentals in week 24, the overall health of the network remains strong,” the report notes.
Back in May, it was noted that 12 months of onchain data had shown bitcoin whales obtained hundreds of BTC from small fish (new traders). However, data from the 100 richest bitcoin address list shows that whales have sold a small fraction of those coins.
On May 1, 2020, mega bitcoin whales with addresses holding 10,000 to 100,000 coins or more was around 106 addresses.
Today there are only 102 addresses who represent the mega whale category. Similarly, massively gigantic BTC whales who have 100,000 to 1,000,000 BTC were only three addresses and today it is down to two. Whales with 1,000 to 10,000 BTC on May 1, were counted at approximately 2,002 addresses and today there are 2,056.
Despite all the talk of holders within the bitcoin (BTC) community, bitcoin cash (BCH) and bitcoinsv (BSV) community members are also holding. For instance, data powered by Intotheblock, which can be found on markets.Bitcoin.com, show some interesting data for all three bitcoin branches.
One example is that BTC holders making money at the current price is around 73%. Meanwhile for bitcoin cash (BCH) using the same metric is around 84% and bitcoinsv (BSV) is 94%.
The concentration by large holders for BTC is also lighter at 11% as BCH statistics show the concentration is 30%.
In this field, BCH is the top dog, as bitcoinsv (BSV) is 2% lower than BCH at 28%. Bitcoin cash also takes the cake when it comes to “holders’ composition by time held” according to Intotheblock stats.
“Holders’ composition by time held” today for BTC is only 65% for a whole year while BCH is 92%. Bitcoinsv also has a better holder composition metric as well with 90% for 12 months.
What do you think about the holding composition data for all three Bitcoin branches? Let us know in the comments section below.