Mt. Gox Stolen Bitcoin Rehabilitation Plan is Once Again ...

Bob The Magic Custodian



Summary: Everyone knows that when you give your assets to someone else, they always keep them safe. If this is true for individuals, it is certainly true for businesses.
Custodians always tell the truth and manage funds properly. They won't have any interest in taking the assets as an exchange operator would. Auditors tell the truth and can't be misled. That's because organizations that are regulated are incapable of lying and don't make mistakes.

First, some background. Here is a summary of how custodians make us more secure:

Previously, we might give Alice our crypto assets to hold. There were risks:

But "no worries", Alice has a custodian named Bob. Bob is dressed in a nice suit. He knows some politicians. And he drives a Porsche. "So you have nothing to worry about!". And look at all the benefits we get:
See - all problems are solved! All we have to worry about now is:
It's pretty simple. Before we had to trust Alice. Now we only have to trust Alice, Bob, and all the ways in which they communicate. Just think of how much more secure we are!

"On top of that", Bob assures us, "we're using a special wallet structure". Bob shows Alice a diagram. "We've broken the balance up and store it in lots of smaller wallets. That way", he assures her, "a thief can't take it all at once". And he points to a historic case where a large sum was taken "because it was stored in a single wallet... how stupid".
"Very early on, we used to have all the crypto in one wallet", he said, "and then one Christmas a hacker came and took it all. We call him the Grinch. Now we individually wrap each crypto and stick it under a binary search tree. The Grinch has never been back since."

"As well", Bob continues, "even if someone were to get in, we've got insurance. It covers all thefts and even coercion, collusion, and misplaced keys - only subject to the policy terms and conditions." And with that, he pulls out a phone-book sized contract and slams it on the desk with a thud. "Yep", he continues, "we're paying top dollar for one of the best policies in the country!"
"Can I read it?' Alice asks. "Sure," Bob says, "just as soon as our legal team is done with it. They're almost through the first chapter." He pauses, then continues. "And can you believe that sales guy Mike? He has the same year Porsche as me. I mean, what are the odds?"

"Do you use multi-sig?", Alice asks. "Absolutely!" Bob replies. "All our engineers are fully trained in multi-sig. Whenever we want to set up a new wallet, we generate 2 separate keys in an air-gapped process and store them in this proprietary system here. Look, it even requires the biometric signature from one of our team members to initiate any withdrawal." He demonstrates by pressing his thumb into the display. "We use a third-party cloud validation API to match the thumbprint and authorize each withdrawal. The keys are also backed up daily to an off-site third-party."
"Wow that's really impressive," Alice says, "but what if we need access for a withdrawal outside of office hours?" "Well that's no issue", Bob says, "just send us an email, call, or text message and we always have someone on staff to help out. Just another part of our strong commitment to all our customers!"

"What about Proof of Reserve?", Alice asks. "Of course", Bob replies, "though rather than publish any blockchain addresses or signed transaction, for privacy we just do a SHA256 refactoring of the inverse hash modulus for each UTXO nonce and combine the smart contract coefficient consensus in our hyperledger lightning node. But it's really simple to use." He pushes a button and a large green checkmark appears on a screen. "See - the algorithm ran through and reserves are proven."
"Wow", Alice says, "you really know your stuff! And that is easy to use! What about fiat balances?" "Yeah, we have an auditor too", Bob replies, "Been using him for a long time so we have quite a strong relationship going! We have special books we give him every year and he's very efficient! Checks the fiat, crypto, and everything all at once!"

"We used to have a nice offline multi-sig setup we've been using without issue for the past 5 years, but I think we'll move all our funds over to your facility," Alice says. "Awesome", Bob replies, "Thanks so much! This is perfect timing too - my Porsche got a dent on it this morning. We have the paperwork right over here." "Great!", Alice replies.
And with that, Alice gets out her pen and Bob gets the contract. "Don't worry", he says, "you can take your crypto-assets back anytime you like - just subject to our cancellation policy. Our annual management fees are also super low and we don't adjust them often".

How many holes have to exist for your funds to get stolen?
Just one.

Why are we taking a powerful offline multi-sig setup, widely used globally in hundreds of different/lacking regulatory environments with 0 breaches to date, and circumventing it by a demonstrably weak third party layer? And paying a great expense to do so?
If you go through the list of breaches in the past 2 years to highly credible organizations, you go through the list of major corporate frauds (only the ones we know about), you go through the list of all the times platforms have lost funds, you go through the list of times and ways that people have lost their crypto from identity theft, hot wallet exploits, extortion, etc... and then you go through this custodian with a fine-tooth comb and truly believe they have value to add far beyond what you could, sticking your funds in a wallet (or set of wallets) they control exclusively is the absolute worst possible way to take advantage of that security.

The best way to add security for crypto-assets is to make a stronger multi-sig. With one custodian, what you are doing is giving them your cryptocurrency and hoping they're honest, competent, and flawlessly secure. It's no different than storing it on a really secure exchange. Maybe the insurance will cover you. Didn't work for Bitpay in 2015. Didn't work for Yapizon in 2017. Insurance has never paid a claim in the entire history of cryptocurrency. But maybe you'll get lucky. Maybe your exact scenario will buck the trend and be what they're willing to cover. After the large deductible and hopefully without a long and expensive court battle.

And you want to advertise this increase in risk, the lapse of judgement, an accident waiting to happen, as though it's some kind of benefit to customers ("Free institutional-grade storage for your digital assets.")? And then some people are writing to the OSC that custodians should be mandatory for all funds on every exchange platform? That this somehow will make Canadians as a whole more secure or better protected compared with standard air-gapped multi-sig? On what planet?

Most of the problems in Canada stemmed from one thing - a lack of transparency. If Canadians had known what a joke Quadriga was - it wouldn't have grown to lose $400m from hard-working Canadians from coast to coast to coast. And Gerald Cotten would be in jail, not wherever he is now (at best, rotting peacefully). EZ-BTC and mister Dave Smilie would have been a tiny little scam to his friends, not a multi-million dollar fraud. Einstein would have got their act together or been shut down BEFORE losing millions and millions more in people's funds generously donated to criminals. MapleChange wouldn't have even been a thing. And maybe we'd know a little more about CoinTradeNewNote - like how much was lost in there. Almost all of the major losses with cryptocurrency exchanges involve deception with unbacked funds.
So it's great to see transparency reports from BitBuy and ShakePay where someone independently verified the backing. The only thing we don't have is:
It's not complicated to validate cryptocurrency assets. They need to exist, they need to be spendable, and they need to cover the total balances. There are plenty of credible people and firms across the country that have the capacity to reasonably perform this validation. Having more frequent checks by different, independent, parties who publish transparent reports is far more valuable than an annual check by a single "more credible/official" party who does the exact same basic checks and may or may not publish anything. Here's an example set of requirements that could be mandated:
There are ways to structure audits such that neither crypto assets nor customer information are ever put at risk, and both can still be properly validated and publicly verifiable. There are also ways to structure audits such that they are completely reasonable for small platforms and don't inhibit innovation in any way. By making the process as reasonable as possible, we can completely eliminate any reason/excuse that an honest platform would have for not being audited. That is arguable far more important than any incremental improvement we might get from mandating "the best of the best" accountants. Right now we have nothing mandated and tons of Canadians using offshore exchanges with no oversight whatsoever.

Transparency does not prove crypto assets are safe. CoinTradeNewNote, Flexcoin ($600k), and Canadian Bitcoins ($100k) are examples where crypto-assets were breached from platforms in Canada. All of them were online wallets and used no multi-sig as far as any records show. This is consistent with what we see globally - air-gapped multi-sig wallets have an impeccable record, while other schemes tend to suffer breach after breach. We don't actually know how much CoinTrader lost because there was no visibility. Rather than publishing details of what happened, the co-founder of CoinTrader silently moved on to found another platform - the "most trusted way to buy and sell crypto" - a site that has no information whatsoever (that I could find) on the storage practices and a FAQ advising that “[t]rading cryptocurrency is completely safe” and that having your own wallet is “entirely up to you! You can certainly keep cryptocurrency, or fiat, or both, on the app.” Doesn't sound like much was learned here, which is really sad to see.
It's not that complicated or unreasonable to set up a proper hardware wallet. Multi-sig can be learned in a single course. Something the equivalent complexity of a driver's license test could prevent all the cold storage exploits we've seen to date - even globally. Platform operators have a key advantage in detecting and preventing fraud - they know their customers far better than any custodian ever would. The best job that custodians can do is to find high integrity individuals and train them to form even better wallet signatories. Rather than mandating that all platforms expose themselves to arbitrary third party risks, regulations should center around ensuring that all signatories are background-checked, properly trained, and using proper procedures. We also need to make sure that signatories are empowered with rights and responsibilities to reject and report fraud. They need to know that they can safely challenge and delay a transaction - even if it turns out they made a mistake. We need to have an environment where mistakes are brought to the surface and dealt with. Not one where firms and people feel the need to hide what happened. In addition to a knowledge-based test, an auditor can privately interview each signatory to make sure they're not in coercive situations, and we should make sure they can freely and anonymously report any issues without threat of retaliation.
A proper multi-sig has each signature held by a separate person and is governed by policies and mutual decisions instead of a hierarchy. It includes at least one redundant signature. For best results, 3of4, 3of5, 3of6, 4of5, 4of6, 4of7, 5of6, or 5of7.

History has demonstrated over and over again the risk of hot wallets even to highly credible organizations. Nonetheless, many platforms have hot wallets for convenience. While such losses are generally compensated by platforms without issue (for example Poloniex, Bitstamp, Bitfinex, Gatecoin, Coincheck, Bithumb, Zaif, CoinBene, Binance, Bitrue, Bitpoint, Upbit, VinDAX, and now KuCoin), the public tends to focus more on cases that didn't end well. Regardless of what systems are employed, there is always some level of risk. For that reason, most members of the public would prefer to see third party insurance.
Rather than trying to convince third party profit-seekers to provide comprehensive insurance and then relying on an expensive and slow legal system to enforce against whatever legal loopholes they manage to find each and every time something goes wrong, insurance could be run through multiple exchange operators and regulators, with the shared interest of having a reputable industry, keeping costs down, and taking care of Canadians. For example, a 4 of 7 multi-sig insurance fund held between 5 independent exchange operators and 2 regulatory bodies. All Canadian exchanges could pay premiums at a set rate based on their needed coverage, with a higher price paid for hot wallet coverage (anything not an air-gapped multi-sig cold wallet). Such a model would be much cheaper to manage, offer better coverage, and be much more reliable to payout when needed. The kind of coverage you could have under this model is unheard of. You could even create something like the CDIC to protect Canadians who get their trading accounts hacked if they can sufficiently prove the loss is legitimate. In cases of fraud, gross negligence, or insolvency, the fund can be used to pay affected users directly (utilizing the last transparent balance report in the worst case), something which private insurance would never touch. While it's recommended to have official policies for coverage, a model where members vote would fully cover edge cases. (Could be similar to the Supreme Court where justices vote based on case law.)
Such a model could fully protect all Canadians across all platforms. You can have a fiat coverage governed by legal agreements, and crypto-asset coverage governed by both multi-sig and legal agreements. It could be practical, affordable, and inclusive.

Now, we are at a crossroads. We can happily give up our freedom, our innovation, and our money. We can pay hefty expenses to auditors, lawyers, and regulators year after year (and make no mistake - this cost will grow to many millions or even billions as the industry grows - and it will be borne by all Canadians on every platform because platforms are not going to eat up these costs at a loss). We can make it nearly impossible for any new platform to enter the marketplace, forcing Canadians to use the same stagnant platforms year after year. We can centralize and consolidate the entire industry into 2 or 3 big players and have everyone else fail (possibly to heavy losses of users of those platforms). And when a flawed security model doesn't work and gets breached, we can make it even more complicated with even more people in suits making big money doing the job that blockchain was supposed to do in the first place. We can build a system which is so intertwined and dependent on big government, traditional finance, and central bankers that it's future depends entirely on that of the fiat system, of fractional banking, and of government bail-outs. If we choose this path, as history has shown us over and over again, we can not go back, save for revolution. Our children and grandchildren will still be paying the consequences of what we decided today.
Or, we can find solutions that work. We can maintain an open and innovative environment while making the adjustments we need to make to fully protect Canadian investors and cryptocurrency users, giving easy and affordable access to cryptocurrency for all Canadians on the platform of their choice, and creating an environment in which entrepreneurs and problem solvers can bring those solutions forward easily. None of the above precludes innovation in any way, or adds any unreasonable cost - and these three policies would demonstrably eliminate or resolve all 109 historic cases as studied here - that's every single case researched so far going back to 2011. It includes every loss that was studied so far not just in Canada but globally as well.
Unfortunately, finding answers is the least challenging part. Far more challenging is to get platform operators and regulators to agree on anything. My last post got no response whatsoever, and while the OSC has told me they're happy for industry feedback, I believe my opinion alone is fairly meaningless. This takes the whole community working together to solve. So please let me know your thoughts. Please take the time to upvote and share this with people. Please - let's get this solved and not leave it up to other people to do.

Facts/background/sources (skip if you like):



Thoughts?
submitted by azoundria2 to QuadrigaInitiative [link] [comments]

How To End The Cryptocurrency Exchange "Wild West" Without Crippling Innovation


In case you haven't noticed the consultation paper, staff notice, and report on Quadriga, regulators are now clamping down on Canadian cryptocurrency exchanges. The OSC and other regulatory bodies are still interested in industry feedback. They have not put forward any official regulation yet. Below are some ideas/insights and a proposed framework.



Many of you have limited time to read the full proposal, so here are the highlights:

Offline Multi-Signature

Effective standards to prevent both internal and external theft. Exchange operators are trained and certified, and have a legal responsibility to users.

Regular Transparent Audits

Provides visibility to Canadians that their funds are fully backed on the exchange, while protecting privacy and sensitive platform information.

Insurance Requirements

Establishment of basic insurance standards/strategy, to expand over time. Removing risk to exchange users of any hot wallet theft.


Background and Justifications


Cold Storage Custody/Management
After reviewing close to 100 cases, all thefts tend to break down into more or less the same set of problems:
• Funds stored online or in a smart contract,
• Access controlled by one person or one system,
• 51% attacks (rare),
• Funds sent to the wrong address (also rare), or
• Some combination of the above.
For the first two cases, practical solutions exist and are widely implemented on exchanges already. Offline multi-signature solutions are already industry standard. No cases studied found an external theft or exit scam involving an offline multi-signature wallet implementation. Security can be further improved through minimum numbers of signatories, background checks, providing autonomy and legal protections to each signatory, establishing best practices, and a training/certification program.
The last two transaction risks occur more rarely, and have never resulted in a loss affecting the actual users of the exchange. In all cases to date where operators made the mistake, they've been fully covered by the exchange platforms.
• 51% attacks generally only occur on blockchains with less security. The most prominent cases have been Bitcoin Gold and Ethereum Classic. The simple solution is to enforce deposit limits and block delays such that a 51% attack is not cost-effective.
• The risk of transactions to incorrect addresses can be eliminated by a simple test transaction policy on large transactions. By sending a small amount of funds prior to any large withdrawals/transfers as a standard practice, the accuracy of the wallet address can be validated.
The proposal covers all loss cases and goes beyond, while avoiding significant additional costs, risks, and limitations which may be associated with other frameworks like SOC II.

On The Subject of Third Party Custodians
Many Canadian platforms are currently experimenting with third party custody. From the standpoint of the exchange operator, they can liberate themselves from some responsibility of custody, passing that off to someone else. For regulators, it puts crypto in similar categorization to oil, gold, and other commodities, with some common standards. Platform users would likely feel greater confidence if the custodian was a brand they recognized. If the custodian was knowledgeable and had a decent team that employed multi-sig, they could keep assets safe from internal theft. With the right protections in place, this could be a great solution for many exchanges, particularly those that lack the relevant experience or human resources for their own custody systems.
However, this system is vulnerable to anyone able to impersonate the exchange operators. You may have a situation where different employees who don't know each other that well are interacting between different companies (both the custodian and all their customers which presumably isn't just one exchange). A case study of what can go wrong in this type of environment might be Bitpay, where the CEO was tricked out of 5000 bitcoins over 3 separate payments by a series of emails sent legitimately from a breached computer of another company CEO. It's also still vulnerable to the platform being compromised, as in the really large $70M Bitfinex hack, where the third party Bitgo held one key in a multi-sig wallet. The hacker simply authorized the withdrawal using the same credentials as Bitfinex (requesting Bitgo to sign multiple withdrawal transactions). This succeeded even with the use of multi-sig and two heavily security-focused companies, due to the lack of human oversight (basically, hot wallet). Of course, you can learn from these cases and improve the security, but so can hackers improve their deception and at the end of the day, both of these would have been stopped by the much simpler solution of a qualified team who knew each other and employed multi-sig with properly protected keys. It's pretty hard to beat a human being who knows the business and the typical customer behaviour (or even knows their customers personally) at spotting fraud, and the proposed multi-sig means any hacker has to get through the scrutiny of 3 (or more) separate people, all of whom would have proper training including historical case studies.
There are strong arguments both for and against using use of third party custodians. The proposal sets mandatory minimum custody standards would apply regardless if the cold wallet signatories are exchange operators, independent custodians, or a mix of both.

On The Subject Of Insurance
ShakePay has taken the first steps into this new realm (congratulations). There is no question that crypto users could be better protected by the right insurance policies, and it certainly feels better to transact with insured platforms. The steps required to obtain insurance generally place attention in valuable security areas, and in this case included a review from CipherTrace. One of the key solutions in traditional finance comes from insurance from entities such as the CDIC.
However, historically, there wasn't found any actual insurance payout to any cryptocurrency exchange, and there are notable cases where insurance has not paid. With Bitpay, for example, the insurance agent refused because the issue happened to the third party CEO's computer instead of anything to do with Bitpay itself. With the Youbit exchange in South Korea, their insurance claim was denied, and the exchange ultimately ended up instead going bankrupt with all user's funds lost. To quote Matt Johnson in the original Lloyd's article: “You can create an insurance policy that protects no one – you know there are so many caveats to the policy that it’s not super protective.”
ShakePay's insurance was only reported to cover their cold storage, and “physical theft of the media where the private keys are held”. Physical theft has never, in the history of cryptocurrency exchange cases reviewed, been reported as the cause of loss. From the limited information of the article, ShakePay made it clear their funds are in the hands of a single US custodian, and at least part of their security strategy is to "decline[] to confirm the custodian’s name on the record". While this prevents scrutiny of the custodian, it's pretty silly to speculate that a reasonably competent hacking group couldn't determine who the custodian is. A far more common infiltration strategy historically would be social engineering, which has succeeded repeatedly. A hacker could trick their way into ShakePay's systems and request a fraudulent withdrawal, impersonate ShakePay and request the custodian to move funds, or socially engineer their way into the custodian to initiate the withdrawal of multiple accounts (a payout much larger than ShakePay) exploiting the standard procedures (for example, fraudulently initiating or override the wallet addresses of a real transfer). In each case, nothing was physically stolen and the loss is therefore not covered by insurance.
In order for any insurance to be effective, clear policies have to be established about what needs to be covered. Anything short of that gives Canadians false confidence that they are protected when they aren't in any meaningful way. At this time, the third party insurance market does not appear to provide adequate options or coverage, and effort is necessary to standardize custody standards, which is a likely first step in ultimately setting up an insurance framework.
A better solution compared to third party insurance providers might be for Canadian exchange operators to create their own collective insurance fund, or a specific federal organization similar to the CDIC. Such an organization would have a greater interest or obligation in paying out actual cases, and that would be it's purpose rather than maximizing it's own profit. This would be similar to the SAFU which Binance has launched, except it would cover multiple exchanges. There is little question whether the SAFU would pay out given a breach of Binance, and a similar argument could be made for a insurance fund managed by a collective of exchange operators or a government organization. While a third party insurance provider has the strong market incentive to provide the absolute minimum coverage and no market incentive to payout, an entity managed by exchange operators would have incentive to protect the reputation of exchange operators/the industry, and the government should have the interest of protecting Canadians.

On The Subject of Fractional Reserve
There is a long history of fractional reserve failures, from the first banks in ancient times, through the great depression (where hundreds of fractional reserve banks failed), right through to the 2008 banking collapse referenced in the first bitcoin block. The fractional reserve system allows banks to multiply the money supply far beyond the actual cash (or other assets) in existence, backed only by a system of debt obligations of others. Safely supporting a fractional reserve system is a topic of far greater complexity than can be addressed by a simple policy, and when it comes to cryptocurrency, there is presently no entity reasonably able to bail anyone out in the event of failure. Therefore, this framework is addressed around entities that aim to maintain 100% backing of funds.
There may be some firms that desire but have failed to maintain 100% backing. In this case, there are multiple solutions, including outside investment, merging with other exchanges, or enforcing a gradual restoration plan. All of these solutions are typically far better than shutting down the exchange, and there are multiple cases where they've been used successfully in the past.

Proof of Reserves/Transparency/Accountability
Canadians need to have visibility into the backing on an ongoing basis.
The best solution for crypto-assets is a Proof of Reserve. Such ideas go back all the way to 2013, before even Mt. Gox. However, no Canadian exchange has yet implemented such a system, and only a few international exchanges (CoinFloor in the UK being an example) have. Many firms like Kraken, BitBuy, and now ShakePay use the Proof of Reserve term to refer to lesser proofs which do not actually cryptographically prove the full backing of all user assets on the blockchain. In order for a Proof of Reserve to be effective, it must actually be a complete proof, and it needs to be understood by the public that is expected to use it. Many firms have expressed reservations about the level of transparency required in a complete Proof of Reserve (for example Kraken here). While a complete Proof of Reserves should be encouraged, and there are some solutions in the works (ie TxQuick), this is unlikely to be suitable universally for all exchange operators and users.
Given the limitations, and that firms also manage fiat assets, a more traditional audit process makes more sense. Some Canadian exchanges (CoinSquare, CoinBerry) have already subjected themselves to annual audits. However, these results are not presently shared publicly, and there is no guarantee over the process including all user assets or the integrity and independence of the auditor. The auditor has been typically not known, and in some cases, the identity of the auditor is protected by a NDA. Only in one case (BitBuy) was an actual report generated and publicly shared. There has been no attempt made to validate that user accounts provided during these audits have been complete or accurate. A fraudulent fractional exchange, or one which had suffered a breach they were unwilling to publicly accept (see CoinBene), could easily maintain a second set of books for auditors or simply exclude key accounts to pass an individual audit.
The proposed solution would see a reporting standard which includes at a minimum - percentage of backing for each asset relative to account balances and the nature of how those assets are stored, with ownership proven by the auditor. The auditor would also publicly provide a "hash list", which they independently generate from the accounts provided by the exchange. Every exchange user can then check their information against this public "hash list". A hash is a one-way form of encryption, which fully protects the private information, yet allows anyone who knows that information already to validate that it was included. Less experienced users can take advantage of public tools to calculate the hash from their information (provided by the exchange), and thus have certainty that the auditor received their full balance information. Easy instructions can be provided.
Auditors should be impartial, their identities and process public, and they should be rotated so that the same auditor is never used twice in a row. Balancing the cost of auditing against the needs for regular updates, a 6 month cycle likely makes the most sense.

Hot Wallet Management
The best solution for hot wallets is not to use them. CoinBerry reportedly uses multi-sig on all withdrawals, and Bitmex is an international example known for their structure devoid of hot wallets.
However, many platforms and customers desire fast withdrawal processes, and human validation has a cost of time and delay in this process.
A model of self-insurance or separate funds for hot wallets may be used in these cases. Under this model, a platform still has 100% of their client balance in cold storage and holds additional funds in hot wallets for quick withdrawal. Thus, the risk of those hot wallets is 100% on exchange operators and not affecting the exchange users. Since most platforms typically only have 1%-5% in hot wallets at any given time, it shouldn't be unreasonable to build/maintain these additional reserves over time using exchange fees or additional investment. Larger withdrawals would still be handled at regular intervals from the cold storage.
Hot wallet risks have historically posed a large risk and there is no established standard to guarantee secure hot wallets. When the government of South Korea dispatched security inspections to multiple exchanges, the results were still that 3 of them got hacked after the inspections. If standards develop such that an organization in the market is willing to insure the hot wallets, this could provide an acceptable alternative. Another option may be for multiple exchange operators to pool funds aside for a hot wallet insurance fund. Comprehensive coverage standards must be established and maintained for all hot wallet balances to make sure Canadians are adequately protected.

Current Draft Proposal

(1) Proper multi-signature cold wallet storage.
(a) Each private key is the personal and legal responsibility of one person - the “signatory”. Signatories have special rights and responsibilities to protect user assets. Signatories are trained and certified through a course covering (1) past hacking and fraud cases, (2) proper and secure key generation, and (3) proper safekeeping of private keys. All private keys must be generated and stored 100% offline by the signatory. If even one private keys is ever breached or suspected to be breached, the wallet must be regenerated and all funds relocated to a new wallet.
(b) All signatories must be separate background-checked individuals free of past criminal conviction. Canadians should have a right to know who holds their funds. All signing of transactions must take place with all signatories on Canadian soil or on the soil of a country with a solid legal system which agrees to uphold and support these rules (from an established white-list of countries which expands over time).
(c) 3-5 independent signatures are required for any withdrawal. There must be 1-3 spare signatories, and a maximum of 7 total signatories. The following are all valid combinations: 3of4, 3of5, 3of6, 4of5, 4of6, 4of7, 5of6, or 5of7.
(d) A security audit should be conducted to validate the cold wallet is set up correctly and provide any additional pertinent information. The primary purpose is to ensure that all signatories are acting independently and using best practices for private key storage. A report summarizing all steps taken and who did the audit will be made public. Canadians must be able to validate the right measures are in place to protect their funds.
(e) There is a simple approval process if signatories wish to visit any country outside Canada, with a potential whitelist of exempt countries. At most 2 signatories can be outside of aligned jurisdiction at any given time. All exchanges would be required to keep a compliant cold wallet for Canadian funds and have a Canadian office if they wish to serve Canadian customers.
(2) Regular and transparent solvency audits.
(a) An audit must be conducted at founding, after 3 months of operation, and at least once every 6 months to compare customer balances against all stored cryptocurrency and fiat balances. The auditor must be known, independent, and never the same twice in a row.
(b) An audit report will be published featuring the steps conducted in a readable format. This should be made available to all Canadians on the exchange website and on a government website. The report must include what percentage of each customer asset is backed on the exchange, and how those funds are stored.
(c) The auditor will independently produce a hash of each customer's identifying information and balance as they perform the audit. This will be made publicly available on the exchange and government website, along with simplified instructions that each customer can use to verify that their balance was included in the audit process.
(d) The audit needs to include a proof of ownership for any cryptocurrency wallets included. A satoshi test (spending a small amount) or partially signed transaction both qualify.
(e) Any platform without 100% reserves should be assessed on a regular basis by a government or industry watchdog. This entity should work to prevent any further drop, support any private investor to come in, or facilitate a merger so that 100% backing can be obtained as soon as possible.
(3) Protections for hot wallets and transactions.
(a) A standardized list of approved coins and procedures will be established to constitute valid cold storage wallets. Where a multi-sig process is not natively available, efforts will be undertaken to establish a suitable and stable smart contract standard. This list will be expanded and improved over time. Coins and procedures not on the list are considered hot wallets.
(b) Hot wallets can be backed by additional funds in cold storage or an acceptable third-party insurance provider with a comprehensive coverage policy.
(c) Exchanges are required to cover the full balance of all user funds as denominated in the same currency, or double the balance as denominated in bitcoin or CAD using an established trading rate. If the balance is ever insufficient due to market movements, the firm must rectify this within 24 hours by moving assets to cold storage or increasing insurance coverage.
(d) Any large transactions (above a set threshold) from cold storage to any new wallet addresses (not previously transacted with) must be tested with a smaller transaction first. Deposits of cryptocurrency must be limited to prevent economic 51% attacks. Any issues are to be covered by the exchange.
(e) Exchange platforms must provide suitable authentication for users, including making available approved forms of two-factor authentication. SMS-based authentication is not to be supported. Withdrawals must be blocked for 48 hours in the event of any account password change. Disputes on the negligence of exchanges should be governed by case law.

Steps Forward

Continued review of existing OSC feedback is still underway. More feedback and opinions on the framework and ideas as presented here are extremely valuable. The above is a draft and not finalized.
The process of further developing and bringing a suitable framework to protect Canadians will require the support of exchange operators, legal experts, and many others in the community. The costs of not doing such are tremendous. A large and convoluted framework, one based on flawed ideas or implementation, or one which fails to properly safeguard Canadians is not just extremely expensive and risky for all Canadians, severely limiting to the credibility and reputation of the industry, but an existential risk to many exchanges.
The responsibility falls to all of us to provide our insight and make our opinions heard on this critical matter. Please take the time to give your thoughts.
submitted by azoundria2 to QuadrigaInitiative [link] [comments]

Who has gotten screwed over by exchanges in the past and how?

There have been so many hacks and thefts in bitcoin's history, in terms of both coin (Mt. Gox hack) and kyc data (Binance data breach), or other times when exchanges just lost users' trust (Shapeshift implementing KYC policies).
History keeps repeating itself and I wonder why people aren't flocking towards alternatives like the bisq bitcoin/fiat exchange or liquality atomic swaps?
Edit: it seems like everyone has had issues with custody and found themselves without support when they needed it most. Has anyone tried these non-custodial services?
submitted by epluribusbtc to Bitcoin [link] [comments]

Crypto-Powered: Understanding Bitcoin, Ethereum, and DeFi

Crypto-Powered: Understanding Bitcoin, Ethereum, and DeFi
Until one understands the basics of this tech, they won’t be able to grasp or appreciate the impact it has on our digital bank, Genesis Block.
https://reddit.com/link/ho4bif/video/n0euarkifu951/player
This is the second post of Crypto-Powered — a new series that examines what it means for Genesis Block to be a digital bank that’s powered by crypto, blockchain, and decentralized protocols.
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Our previous post set the stage for this series. We discussed the state of consumer finance and how the success of today’s high-flying fintech unicorns will be short-lived as long as they’re building on legacy finance — a weak foundation that is ripe for massive disruption.
Instead, the future of consumer finance belongs to those who are deeply familiar with blockchain tech & decentralized protocols, build on it as the foundation, and know how to take it to the world. Like Genesis Block.
Today we begin our journey down the crypto rabbit hole. This post will be an important introduction for those still learning about Bitcoin, Ethereum, or DeFi (Decentralized Finance). This post (and the next few) will go into greater detail about how this technology gives Genesis Block an edge, a superpower, and an unfair advantage. Let’s dive in…
https://preview.redd.it/1ugdxoqjfu951.jpg?width=650&format=pjpg&auto=webp&s=36edde1079c3cff5f6b15b8cd30e6c436626d5d8

Bitcoin: The First Cryptocurrency

There are plenty of online resources to learn about Bitcoin (Coinbase, Binance, Gemini, Naval, Alex Gladstein, Marc Andreessen, Chris Dixon). I don’t wanna spend a lot of time on that here, but let’s do a quick overview for those still getting ramped up.
Cryptocurrency is the most popular use-case of blockchain technology today. And Bitcoin was the first cryptocurrency to be invented.
Bitcoin is the most decentralized of all crypto assets today — no government, company, or third party can control or censor it.
Bitcoin has two primary features (as do most other cryptocurrencies):
  1. Send Value You can send value to anyone, anywhere in the world. Nobody can intercept, delay or stop it — not even governments or financial institutions. Unlike with traditional money transfers or bank wires, there are no layers of middlemen. This results in a process that is much more cost-efficient. Some popular use-cases include remittances and cross-border payments.
  2. Store Value With nothing but a smartphone, you can become your own bank and store your own funds. Nobody can seize your assets. The funds are digital and stored on a blockchain. Your money no longer needs to be stored at a bank, in a vault, or under your mattress. I covered a few inspiring use-cases in a previous post. They include banking the unbanked, protecting assets from government seizure, mitigating the risk of a bank run, and protection against hyperinflation (like what recently happened in Venezuela).
The fact that there are so few things one can do with Bitcoin is one of its greatest strengths.
Its design is simple, elegant, and focused. It has been 10+ years since Satoshi’s white paper and no one has been able to crack or hack the Bitcoin network. With a market cap of $170B, there is plenty of incentive to try.
https://preview.redd.it/bizndfpkfu951.png?width=800&format=png&auto=webp&s=456c53b798248e60456a65835a33c69b2fe8daf0

Public Awareness

A few negative moments in Bitcoin’s history include the collapse of Mt. Gox — which resulted in hundreds of millions of customer funds being stolen — as well as Bitcoin’s role in dark markets like Silk Road — where Bitcoin arguably found its initial userbase.
However, like most breakthrough technology, Bitcoin is neither good nor bad. It’s neutral. People can use it for good or they can use it for evil. Thankfully, it’s being used less and less for illicit activity. Criminals are starting to understand that transactions on a blockchain are public and traceable — it’s exactly the type of system they usually try to avoid. And it’s true, at this point “a lot more” crimes are actually committed with fiat than crypto.
As a result, the perception of bitcoin and cryptocurrency has been changing over the years to a more positive light.
Bitcoin has even started to enter the world of media & entertainment. It’s been mentioned in Hollywood films like Spiderman: Into the Spider-Verse and in songs from major artists like Eminem. It’s been mentioned in countless TV shows like Billions, The Simpsons, Big Bang Theory, Gray’s Anatomy, Family Guy, and more.
As covid19 has ravaged economies and central banks have been printing money, Bitcoin has caught the attention of many legendary Wall Street investors like Paul Tudor Jones, saying that Bitcoin is a great bet against inflation (reminding him of Gold in the 1970s).
Cash App already lets their 25M users buy Bitcoin. It’s rumored that PayPal and Venmo will soon let their 325M users start buying Bitcoin. Bitcoin is by far the most dominant cryptocurrency and is showing no signs of slowing down. For more than a decade it has delivered on its core use-cases — being able to send or store value.
At this point, Bitcoin has very much entered the zeitgeist of modern pop culture — at least in the West.
https://preview.redd.it/dnuwbw8mfu951.png?width=800&format=png&auto=webp&s=6f1f135e3effee4574b5167901b80ced2c972bda

Ethereum: Programmable Money

When Ethereum launched in 2015, it opened up a world of new possibilities and use-cases for crypto. With Ethereum Smart Contracts (i.e. applications), this exciting new digital money (cryptocurrency) became a lot less dumb. Developers could now build applications that go beyond the simple use-cases of “send value” & “store value.” They could program cryptocurrency to have rules, behavior, and logic to respond to different inputs. And always enforced by code. Additional reading on Ethereum from Linda Xie or Vitalik Buterin.
Because these applications are built on blockchain technology (Ethereum), they preserve many of the same characteristics as Bitcoin: no one can stop, censor or shut down these apps because they are decentralized.
One of the first major use-cases on Ethereum was the ability to mint and create your own token, your own cryptocurrency. Many companies used this as a way to fundraise from the public. This led to the 2017 ICO bubble (Initial Coin Offerings). Some tokens — and the apps/networks they powered — were fascinating and innovative. Most tokens were pointless. And many tokens were outright scams. Additional token reading from Fred Ehrsam, Balaji, and Naval.
https://reddit.com/link/ho4bif/video/b5b1jh9ofu951/player

Digital Gold Rush

Just as tokens grew in popularity in 2017–2018, so did online marketplaces where these tokens could be bought, sold, and traded. This was a fledgling asset class — the merchants selling picks, axes, and shovels were finally starting to emerge.
I had a front-row seat — both as an investor and token creator. This was the Wild West with all the frontier drama & scandal that you’d expect.
Binance — now the world’s largest crypto exchange —was launched during this time. They along with many others (especially from Asia) made it really easy for speculators, traders, and degenerate gamblers to participate in these markets. Similar to other financial markets, the goal was straightforward: buy low and sell high.
https://preview.redd.it/tytsu5jnfu951.jpg?width=600&format=pjpg&auto=webp&s=fe3425b7e4a71fa953b953f0c7f6eaff6504a0d1
That period left an embarrassing stain on our industry that we’ve still been trying to recover from. It was a period rampant with market manipulation, pump-and-dumps, and scams. To some extent, the crypto industry still suffers from that today, but it’s nothing compared to what it was then.
While the potential of getting filthy rich brought a lot of fly-by-nighters and charlatans into the industry, it also brought a lot of innovators, entrepreneurs, and builders.
The launch and growth of Ethereum has been an incredible technological breakthrough. As with past tech breakthroughs, it has led to a wave of innovation, experimentation, and development. The creativity around tokens, smart contracts, and decentralized applications has been fascinating to witness. Now a few years later, the fruits of those labors are starting to be realized.

DeFi: Decentralized Finance

So as a reminder, tokens are cryptocurrencies. Cryptocurrencies can carry value. And value is a lot like money. Because tokens are natively integrated with Ethereum, it’s been natural for developers to build applications related to financial services — things like lending, borrowing, saving, investing, payments, and insurance. In the last few years, there has been a groundswell of developer momentum building in this area of financial protocols. This segment of the industry is known as DeFi (Decentralized Finance).
https://preview.redd.it/f0sjzqspfu951.png?width=461&format=png&auto=webp&s=8e0a31bf29250fc624918fbd8514b008762f379e
In Q2 of 2020, 97% of all Ethereum activity was DeFi-related. Total DeFi transaction volume has reached $11.5B. The current value locked inside DeFi protocols is approaching $2 Billion (double from a month ago). DeFi’s meteoric growth cannot be ignored.
Most of that growth can be attributed to exciting protocols like Compound, Maker, Synthetix, Balancer, Aave, dYdX, and Uniswap. These DeFi protocols and the financial services they offer are quickly becoming some of the most popular use-cases for blockchain technology today.
https://preview.redd.it/wn3phnkqfu951.png?width=800&format=png&auto=webp&s=02f56caa6b94aa59eadd6e368ef9346ba10c7611
This impressive growth in DeFi certainly hasn’t come without growing pains. Unlike with Bitcoin, there are near-infinite applications one can develop on Ethereum. Sometimes bugs (or typos) can slip through code reviews, testing, and audits — resulting in loss of funds.
Our next post will go much deeper on DeFi.

Wrap Up

I know that for the hardcore crypto people, what we covered today is nothing new. But for those who are still getting up to speed, welcome! I hope this was helpful and that it fuels your interest to learn more.
Until you understand the basics of this technology, you won’t be able to fully appreciate the impact that it has on our new digital bank, Genesis Block. You won’t be able to understand the implications, how it relates, or how it helps.
After today’s post, some of you probably have a lot more questions. What are specific examples or use-cases of DeFi? Why does it need to be on a blockchain? What benefits does it bring to Genesis Block and our users?
In upcoming posts, we answer these questions. Today’s post was just Level 1. It set the foundation for where we’re headed next: even deeper down the crypto rabbit hole.
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Other Ways to Consume Today's Episode:
We have a lot more content coming. Be sure to follow our channels: https://genesisblock.com/follow/
Have you already downloaded the app? We're Genesis Block, a new digital bank that's powered by crypto & decentralized protocols. The app is live in the App Store (iOS & Android). Get the link to download at https://genesisblock.com/download
submitted by mickhagen to genesisblockhq [link] [comments]

Introducing The Cryptocurrency Informer

Hey all,
We are trying something new. Full disclosure, I work for BitcoinTaxes, and I am the host of the new podcast I am here to talk about.
News happens in the world of cryptocurrency at a rapid pace. Every day something new and innovative is announced, that expands on existing technologies. The Cryptocurrency Informer is a weekly update series highlighting notable events happening in the crypto and crypto-adjacent spaces. Each episode provides a brief summary of these events, and an accompanying blog post provides sources for each story, so our listeners can dig deep on the things they want to know more about.
In the first episode of The Cryptocurrency Informer, we discuss the effects of the COVID-19 outbreak on tax deadlines and federally backed cryptocurrencies. Binance has released it’s new “Binance Card”, and Mt.Gox creditors may be getting closer to a payout.
Podcast Links:
Podcast Page
Direct Episode Link
Info Links:

IRS Moves Tax Deadline To July 15th

Notice 2020-18 – Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic
Filing and Payment Deadlines Questions and Answers

“Digital Dollar” and “Digital Dollar Wallet” Mentioned In Stimulus

Stimulus Draft
Forbes – Central Bank Currency on Ethereum
Technology Review – FedAccounts

Chinese Central Bank Digital Currency

Global Times Report

Binance Releases The Binance Card (Beta)

Binance Blog
Binance Card Registration Page

Mt. Gox Draft Rehabilitation Plan Released

*Creditor Portal Login (View Documents)
Coindesk Report
* Please use your best judgement when providing login information. The Creditor Portal Login link was provided via update on Mt. Gox's page. A PDF of this annoncement can be found here.
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Hopefully you guys enjoy this kind of content. We'll still be releasing normal episodes of The BitcoinTaxes Podcast soon, but this will be an additional series that we release now as well.
submitted by Sal-BitcoinTax to bitcointaxes [link] [comments]

$1B Bitcoins On The Move: Owner Transfers ~$100M to Bitfinex And Binance In 10 Days

$1B Bitcoins On The Move: Owner Transfers ~$100M to Bitfinex And Binance In 10 Days
This is the third post of a series of articles dedicated to investigate $1B worth of bitcoins (111,114 BTC/BCH/... BXX) that were dormant since 2014 and started moving actively. The BTC coins were originally located at this address (1933phfhK3ZgFQNLGSDXvqCn32k2buXY8a).
The origin of the bitcoins is discussed here.
A deep-dive into the wallet activity was discussed here.
Today, I will focus on the transfer to major exchanges wallets that could indicate that the owner is selling his coins or exchanging it with alts or mixing it to cover his back.
I built a graph in order to deep dive into the transactions originated from the 111,114-BTC wallet and to follow it. This is the resulting graph were red indicates transactions <1 day, yellow <1 month, blue <1 year, green else.
https://preview.redd.it/nk3iov045vj11.png?width=1677&format=png&auto=webp&s=176d5b5bda930abf870dbea7edd1ba5b654158be

I found that at least 15,593 BTC originated from the 111,114-BTC wallet have been moved to Bitfinex and Binance wallets. This represents 14% of the original funds and more than $110M.

Bitfinex wallet

https://preview.redd.it/m8fryy8s5vj11.png?width=2038&format=png&auto=webp&s=117806763f7fc79909ee0358755e43c6de652749

11,114 BTC have been transferred to Bitfinex wallet 1Kr6QSydW9bFQG1mXiPNNu6WpJGmUa9i1g and the majority of these coins have been transferred in the last 7 days (August 24th - September 2nd).
Here is the list of the transactions:
https://preview.redd.it/8e9l0lqf0vj11.png?width=471&format=png&auto=webp&s=c63fa6ce9479efd4f27ce8f8cd456de19712fc9e

Binance wallet

https://preview.redd.it/i1v5lv3j9vj11.png?width=2025&format=png&auto=webp&s=bc6c893b684d2c97206565219ff4d5ce8eb721a2

4,421 BTC have been transferred to Binance wallet 1NDyJtNTjmwk5xPNhjgAMu4HDHigtobu1s and the majority of these coins have been transferred in the last 10 days (August 21st - September 2nd).
Here is the list of the transactions:
https://preview.redd.it/2cs6ufabavj11.png?width=453&format=png&auto=webp&s=5cdcb45cbe44f3f61251317036c6738aa0f3a9cd
Bitmex wallet(s)

I tracked Bitmex as well but "only" found 210 BTC transferred in with the following 6 major transactions:
https://preview.redd.it/2oondki1ovj11.png?width=432&format=png&auto=webp&s=9ae358b80e747b62d6940ef9022df2734ed001f0

Also, I have found 350 BTC transferred from Bitmex wallets though, maybe after being "washed out":
https://preview.redd.it/sx2g36jnovj11.png?width=546&format=png&auto=webp&s=26f0ac6c64e6aa9aedb7f76c90fb8ebea1beefcc

Update 1
If anyone finds if the owner of this address is an exchange : 3PtJRj5xKUKJ21TshP5u2G6dQMPNz2yUSc, I would be interested, thanks.

Update 2
Here is a full resolution version of the graph requested by u/rush717:
https://preview.redd.it/xwvn0l9yxxj11.png?width=2705&format=png&auto=webp&s=cc01b3bfc8aed64af4323a485e35ce459f498327


Update 3
MtGox vs SilkRoad origin and September 6th BTC price impact is now discussed here: https://www.reddit.com/btc/comments/9dvaj1b_bitcoins_on_the_move_mtgox_vs_silkroad_origin/

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Surprisingly BTC price was pumping since those funds were starting to be transferred to Bitfinex and Binance wallets (see Binance transactions' list, August 11th)
How do you think this will impact the market?
Do you want me to continue this investigation? If yes let me know what you would want me to focus on.
submitted by sick_silk to Bitcoin [link] [comments]

Near $1B are currently on the move from a Silkroad related wallet

Near $1B are currently on the move from a Silkroad related wallet
It seems that the owner of a huge #SilkRoad related wallet is moving funds actively since 3 days, dividing it in chunks of 100 coins by subwallets.
The original wallet owned 111,114.62 $BTC / $BCH , which is currently valuated ~ $844M (without taking in account other #Bitcoin forks).
Last movements on these subwallets are 4 years and 5 months old (March 9th, 2014).
The chunks have been divided over time to 60,000 coins then to 30,000 / 20,000 / 10,000 / 5,000 / 500 and now 100 coins.
#Bitcoin: https://www.blocktrail.com/BTC/address/1KyJr2L6CN5XhDfv9Sb5q3kjKwFCrRxTLy/transactions
#BitcoinCash: https://www.blocktrail.com/BCC/address/1KyJr2L6CN5XhDfv9Sb5q3kjKwFCrRxTLy/transactions
Does the owner intend selling it on the market soon?

Update 1
For those who asked, the original wallet (1933phfhK3ZgFQNLGSDXvqCn32k2buXY8a) seems to be related to a SilkRoad address per this post: https://bitcointalk.org/index.php?topic=310600.0.
So it's most probably a wallet owned linked to DPR / SilkRoad. Note that this address is still active with 5 transactions executed in 2018 and 13 in 2017, with really small amount of BTC received/sent.
However, I ran some checks and it does not seem to be linked to the DPR seized coins wallet (1FfmbHfnpaZjKFvyi1okTjJJusN455paPH, there's only a 0.001 BTC link between the 2 addresses), so either the FBI did not sold them yet (last auction was in November 2015) or someone else (linked or not to SilkRoad) has access to it .
Finally, if it's not a SilkRoad related wallet the other options are, by descending probability order:
a) a MtGox cold wallet that has been seized or is still owned by MtGox: in fact the wallet funds moved in March 2014 right after MtGox filed for bankruptcy one month earlier in February 2014; these movements dates are really similar to the 200,000 lost coins "found" by Karpeles which moved March 7th, 2014 (1dda0f8827518ce4d1d824bf7600f75ec7e199774a090a947c58a65ab63552e3), just 2 days before the movements on the wallet we are talking about here.
b) a whale wallet since the major part of the 111,111 coins are coming from a very old deposit of 37,421 coins processed on June 21st, 2011 making this an early adopter's wallet (70d46f768b73e50440e41977eb13ab25826137a8d34486958c7d55c5931c6081)
...
z) CSW's wallet ... https://www.scribd.com/document/372445546/Bitcoin-Lawsuit, credits mishax1

Update 2
This amount of $1B in bitcoins that MtGox is going to return to customers looks pretty familiar, it could match the 111,114-coin wallets we are investigating here: https://btcmanager.com/mt-gox-preparing-return-1b-stolen-bitcoin-affected-users/.
But the methodology of transfer does not match in my opinion, it looks that the owner tries to hide the movements by mixing the coins.

Update 3
Investigating the $1B Bitcoins on the move from a SilkRoad related wallet: https://www.reddit.com/Bitcoin/comments/9bwsaf/investigating_the_1b_bitcoins_on_the_move_from_a/

Update 4
$1B Bitcoins On The Move: Owner Transfers ~$100M to Bitfinex And Binance In 10 Days
https://www.reddit.com/Bitcoin/comments/9ceb5v/1b_bitcoins_on_the_move_owner_transfers_100m_to/

Update 5
MtGox vs SilkRoad origin and September 6th BTC price impact is now discussed here: https://www.reddit.com/btc/comments/9dvaj1b_bitcoins_on_the_move_mtgox_vs_silkroad_origin/

submitted by sick_silk to Bitcoin [link] [comments]

$1B bitcoins on the move: MtGox vs SilkRoad origin and BTC price impact discussed

$1B bitcoins on the move: MtGox vs SilkRoad origin and BTC price impact discussed
Preamble: it seems that my post was censored and removed on bitcoin... from now I will only publish my articles on btc and crosspost it. Freedom and freespeech matter to me.
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This is the 4th post of a series of articles dedicated to investigate $1B worth of bitcoins (111,114 BTC/BCH/... BXX) that were dormant since 2014 and started moving actively. The BTC coins were originally located at this address (1933phfhK3ZgFQNLGSDXvqCn32k2buXY8a).
  • The facts that part of this funds (>13%) have been transferred in the past month to Bitfinex, Binance and Bitmex exchanges is discussed here.
  • The origin of the bitcoins was originally discussed here.
  • A deep-dive into the wallet activity was discussed here.

Today I am writing a short update to discuss the origin of the funds and some events that could be related both to this wallet and yesterday's price crash.

Wallet's origin

This question has been discussed a lot by the crypto community in the past year.
Here is a summary of the most probable hypothesis for the 1933p wallet's origin:
  1. a SilkRoad user or DPRs wallet per this post: https://bitcointalk.org/index.php?topic=310600.0
  2. a MtGox cold wallet that has been seized or is still owned by MtGox: in fact the wallet funds moved in March 2014 right after MtGox filed for bankruptcy one month earlier in February 2014; these movements dates are really similar to the 200,000 lost coins "found" by Karpeles which moved March 7th, 2014 (1dda0f8827518ce4d1d824bf7600f75ec7e199774a090a947c58a65ab63552e3), just 2 days before the movements on the wallet we are talking about here.
  3. a whale wallet since the major part of the 111,111 coins are coming from a very old deposit of 37,421 coins processed on June 21st, 2011 making this an early adopter's wallet (70d46f768b73e50440e41977eb13ab25826137a8d34486958c7d55c5931c6081)

Wizsec, a prominent Bitcoin security expert, seems to be pretty sure that the wallet belongs to a MtGox hodler and early investor, who is not a DPR or a SilkRoad user, per his Twitter post: https://twitter.com/wizsecurity/status/1037030003068653569
Finally, Wizsec and I agree that this wallet is not CSW`'s wallet despite it is mentioned in several court documents. Wizsec spent a lot of time debunking CSW's ownership claims earlier this year: https://twitter.com/wizsecurity/status/968337084837781504

What do you think about this wallet origin?
`
BTC price crash

Also, I wanted to report some events that could be related to this 1933p wallet activity:

  • $100M USDT were transferred (reported by u/whalecheetah) while the 1933f wallet owner was in the process of transferring approximately the same amount to several exchanges.
(update) Here is a link provided by u/jesquit: https://www.reddit.com/btc/comments/9cj208/bitcoin_surge_expected_as_100m_tether_goes_to
  • 10,000 BTC buy order was filed last night on Bitmex with 8,030 BTC transferred from a Bitfinex user wallet while the 1933p wallet owner transferred approximately the same amount of BTC to Bitfinex since August, 24th.
(update) Here is the actual BTC transaction: https://www.blocktrail.com/BTC/tx/f2465a1225531d33696380f06034499a52d707f85ee6ae1419885980011f6e25 ,
with its Bitfinex inputs:
1Kr6QSydW9bFQG1mXiPNNu6WpJGmUa9i1g (3,000)
1Kr6QSydW9bFQG1mXiPNNu6WpJGmUa9i1g (2,000)
1Kr6QSydW9bFQG1mXiPNNu6WpJGmUa9i1g (2,000)
1Kr6QSydW9bFQG1mXiPNNu6WpJGmUa9i1g (1,029.98)
and output to Bitmex:
3BMEXqGpG4FxBA1KWhRFufXfSTRgzfDBhJ (10,000).

Was this deal prepared or was the buyer a bitcoin angel?

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In the light of September 6th price crash, do you think the $100M transferred to the exchanges caused it?

https://preview.redd.it/npazsakt1uk11.png?width=2277&format=png&auto=webp&s=1806829761fb30619b4796961b9616875f1ca602
submitted by sick_silk to btc [link] [comments]

Daily analysis of cryptocurrencies 20191010(Market index 41 — Fear state)

Daily analysis of cryptocurrencies 20191010(Market index 41 — Fear state)

https://preview.redd.it/waoxpqkwcpr31.png?width=960&format=png&auto=webp&s=940a66b31f08378194cd275c19fc40fc3af2b8a9
https://preview.redd.it/dura57wwcpr31.png?width=1536&format=png&auto=webp&s=98f3a7e842503c858adea063d9a559a20ae6f624

UK Regulator Ramps Up Crypto Investigations And Considers KYC For Wallets The UK’s Financial Conduct Authority (FCA) has been relentlessly scrutinizing cryptocurrency startups and investigations are up 74% from 2018. Meanwhile, proponents of decentralized software development models and open collaboration are upset about the FCA aiming to extend KYC/AML regulations to the publication of Open source and zero-knowledge software.
Russia’s Central Bank Sees No Obvious Need To Issue National Cryptocurrency Russia’s Central Bank sees no obvious need to issue a national cryptocurrency, said head of the regulator Elvira Nabiullina speaking at the Finopolis forum of innovative financial technologies.
Telegram’s Upcoming GRAM Token Finds Support From Coinbase Custody American cryptocurrency exchange Coinbase seems to be heading towards expansion, following the addition of several cryptocurrencies to its network. In a recent update, the exchange has announced its intention of supporting messaging giant Telegram’s yet-to-be launched cryptocurrency, GRAM.
Alipay Reiterates Noninvolvement In OTC Market Of Cryptocurrency The security center of Alipay reiterated via its Weibo handle on Oct 10 that it would prohibit the use of Alipay in crypto trading on the OTC market. “If any of the trading activities were found to be associated with Bitcoin or other cryptocurrencies, we would stop providing with payment services immediately,” the announcement said. Alipay emphasized it would cancel business accounts involved in crypto trading. Individual accounts using Alipay to trade cryptocurrencies will be suffering from collection limitations either for a certain period of time or permanently depending on the actual circumstances. As previously reported by CoinNess.com, Binance announced the Chinese launch of its P2P trading service, with the slug-line, ‘anything that makes it easier to get crypto.’ Head honcho CZ later confirmed on Twitter the addition of fiat on-ramps via WeChat and Alipay. The claim made by Alipay seems to be a reply to CZ’s announcement about the “upcoming” new feature of fiat on-ramps through Alipay.

Encrypted project calendar(October 10, 2019)

INB/Insight Chain: The Insight Chain (INB) INB public blockchain main network will be launched on October 10. VET/Vechain: VeChain (VET) will attend the BLOCKWALKS Blockchain Europe Conference on October 10. CAPP/Cappasity: Cappasity (CAPP) Cappasity will be present at the Osaka Global Innovation Forum in Osaka (October 10–11). TrueFeedBack (TFB): 10 October 2019 (or earlier) Application Release New version of TFB application and TFB bounty application. Sparkpoint (SRK): 10 October 2019 4rth Quarterly Burn SparkPoint ( SRK) will execute its 4rth quarterly burn on October 10, 2019. Insight Chain (INB): 10 October 2019 Mainnet Launch “The Mainnet for INB Public Blockchain Will be Launched on October 10.” Celer Network (CELR) and 4 others: 10 October 2019 Layer 2 Meetup Osaka “Join us at Layer 2 Meetup for fruitful networking, chilled atmosphere & sushi on October 10, 2019 during the DevCon in Osaka, Japan.” Cappasity (CAPP): 10 October 2019 Global Innovation Forum Cappasity presents at Osaka’s Global Innovation Forum in Osaka. ThoreNext (THX): 10 October 2019 Submission Last Date “$THX #THX Swap #Update Submission Last Date 10–10–2019”

Encrypted project calendar(October 11, 2019)

OKB/OKB: OKB (OKB) OKEx series of talks will be held in Istanbul on October 11th to discuss “the rise of the Turkish blockchain.” Aragon (ANT): 11 October 2019 Osaka DAO Party “We are excited to invite you to our @EFDevcon Aragon Dream DAO Party — DAICO Edition in Osaka on the evening of October 11th!” BitTorrent (BTT) and 1 othe: 11 October 2019 Airdrop “On October 11th 00:00 UTC we will initiate our ninth $BTT airdrop and reward TRON $TRX holders with 990,000,000 #BTT!” Zilliqa (ZIL): 11 October 2019 Dev Call “The Aztec Protocol team will be joining our 4th Dev Call this Friday at 2pm EST. We will be having interesting conversations about FOAM (FOAM): 11 October 2019 Osaka Happy Hour “Join FOAM and @3boxdb for a #DevCon Happy Hour in Osaka this Friday at Runway lounge.”

Encrypted project calendar(October 12, 2019)

BTC/Bitcoin: The 2019 Global Mining Leaders Summit will be held in Chengdu, China from October 12th to 14th. BLAST (BLAST): 12 October 2019 (or earlier) Masternode & Assets “Masternode functionality and versionbits signalling for Assets will become active on the BLAST network at block height 1710000.”

Encrypted project calendar(October 14, 2019)

BCH/Bitcoin Cash: The ChainPoint 19 conference will be held in Armenia from October 14th to 15th.

Encrypted project calendar(October 15, 2019)

RUFF/RUFF Token: Ruff will end the three-month early bird program on October 15th KAT/Kambria: Kambria (KAT) exchanges ERC20 KAT for a 10% bonus on BEP2 KAT-7BB, and the token exchange reward will end on October 15. BTC/Bitcoin: The Blockchain Technology Investment Summit (CIS) will be held in Los Angeles from October 15th to 16th.

Encrypted project calendar(October 16, 2019)

BTC/Bitcoin: The 2019 Blockchain Life Summit will be held in Moscow, Russia from October 16th to 17th. MIOTA/IOTA: IOTA (MIOTA) IOTA will host a community event on the theme of “Technology Problem Solving and Testing IoT Devices” at the University of Southern California in Los Angeles on October 16. ETH/Ethereum: Ethereum launches Istanbul (Istanbul) main network upgrade, this main network upgrade involves 6 code upgrades. QTUM/Qtum: Qtum (QTUM) Qtum main network hard fork is scheduled for October 16. (CRYPTO): and 1 other 16 October 2019 Supply Chains Unblocked Supply Chains Unblocked in London from 9:30 AM — 6 PM. Binance Coin (BNB): 16 October 2019 Singapore Meetup “Bring your friends to come along with, & it will be FUN! With snacks and drinks.”

Encrypted project calendar(October 17, 2019)

Holo (HOT): 17 October 2019 Redgrid AMA “Join us for the AMA with RedGrid on October 17th. Submit your questions before the AMA on our Holochain Dev Forum.” IOST (IOST): 17 October 2019 Breeding Competition Ends “Join IOST 2nd Breeding Competition by @FishChainGame now! The competition only lasts till 17 Oct” Aragon (ANT): 17 October 2019 Seoul Meetup “You are invited to join @licuende for a meetup and presentation on ‘Aragon and DAOs: What’s next after ICOs and DeFi?’” Skycoin (SKY): 17 October 2019 NYC Skywire Meetup NYC Skywire Mainnet Meetup in NYC from 6–8 PM.

Encrypted project calendar(October 18, 2019)

BTC/Bitcoin: The SEC will give a pass on the VanEck/SolidX ETF on October 18th and make a final decision HB/HeartBout: HeartBout (HB) will officially release the Android version of the HeartBout app on October 18. OKB (OKB): 18 October 2019 Rotterdam Meetup “Meet us in Rotterdam on 18 Oct as we partner up with Crypto010 Meetup to bring you a talk on ‘Decentralized Finance’.” HeartBout (HB): 18 October 2019 Android Version “18th of October 2019 will be officially released Android version of HeartBout app.” BTU Protocol (BTU): and 2 others 18 October 2019 Paris Blockchain Summit The event will gather major international key players of the Blockchain ecosystem including well-known influencers, investors, government…

Encrypted project calendar(October 19, 2019)

PI/PCHAIN Network: The PCHAIN (PI) backbone (Phase 5, 82 nodes, 164, 023, 802 $ PI, 7 candidates) will begin on October 19. LINK/ChainLink: Diffusion 2019 will be held in Berlin, Germany from October 19th to 20th DeepBrain Chain (DBC): 19 October 2019 (or earlier) Deploy Main Chain “Deploy Main Chain,” during the third week of October. General Event (CRYPTO): and 1 other 19 October 2019 Free State Blockchain “This “unconference” style event brings together some of the top financial tech innovators, researchers, company leaders, and other…” PCHAIN (PI): 19 October 2019 Main Chain Voting “Main chain: Epoch 5, 82 nodes, 164,023,802 $PI, 7 Candidates, voting will start on Oct. 19th.” Nash Exchange (NEX): 19 October 2019 Nash Anniversary Nash will present their work from the third quarter of 2019. Team members will be present and to answer your questions in person.

Encrypted project calendar(October 20, 2019)

GameCredits (GAME): 20 October 2019 (or earlier) Mining Reward Drop GameCredits mining reward will be cut in half at block 2519999 (~October 20). This will be the 4th halvening of the GAME mining reward!

Encrypted project calendar(October 21, 2019)

KNC/Kyber Network: The official online hackathon of the Kyber Network (KNC) project will end on October 21st, with more than $42,000 in prize money.

Encrypted project calendar(October 22, 2019)

ZRX/0x: The 0x protocol (ZRX) Pantera blockchain summit will be held on October 22.

Encrypted project calendar(October 23, 2019)

MIOTA/IOTA: IOTA (MIOTA) IOTA will host a community event on October 23rd at the University of Southern California in Los Angeles with the theme “Connecting the I3 Market and Experiencing Purchase and Sales Data.” BTC/Bitcoin: The WBS World Blockchain Summit (Middle East) will be held in Dubai from October 23rd to 24th.

Encrypted project calendar(October 24, 2019)

BCN/Bytecoin: Bytecoin (BCN) released the hidden amount of the Bytecoin block network on October 24.

Encrypted project calendar(October 25, 2019)

ADA/Cardano: Cardano (ADA) The Ada community will host a community gathering in the Dominican Republic for the first time on October 25.

Encrypted project calendar(October 26, 2019)

KAT/Kambria: Kambria (KAT) Kambria will host the 2019 Southern California Artificial Intelligence and Data Science Conference in Los Angeles on October 26th with IDEAS. BTC/Bitcoin: CoinAgenda Global Summit will be held in Las Vegas from October 26th to 28th

Encrypted project calendar(October 28, 2019)

LTC/Litecoin: Litecoin (LTC) 2019 Litecoin Summit will be held from October 28th to October 29th in Las Vegas, USA BTC/Bitcoin: Mt.Gox changes the debt compensation plan submission deadline to October 28 ZEC/Zcash: Zcash (ZEC) will activate the Blossom Agreement on October 28th

Encrypted project calendar(October 29, 2019)

BTC/Bitcoin: The 2nd World Encryption Conference (WCC) will be held in Las Vegas from October 29th to 31st.

Encrypted project calendar(October 30, 2019)

MIOTA/IOTA: IOTA (MIOTA) IOTA will host a community event on October 30th at the University of Southern California in Los Angeles on the topic “How to store data on IOTA Tangle.”

Encrypted project calendar(November 1, 2019)

INS/Insolar: The Insolar (INS) Insolar wallet and the redesigned Insolar Block Explorer will be operational on November 1, 2019.

Encrypted project calendar(November 6, 2019)

STEEM/Steem: The Steem (STEEM) SteemFest 4 conference will be held in Bangkok from November 6th to 10th.

Encrypted project calendar(November 8, 2019)

BTC/Bitcoin: The 2nd Global Digital Mining Summit will be held in Frankfurt, Germany from October 8th to 10th.

Encrypted project calendar(November 9, 2019)

CENNZ/Centrality: Centrality (CENNZ) will meet in InsurTechNZ Connect — Insurance and Blockchain on October 9th in Auckland.
https://preview.redd.it/kwx1zlfzcpr31.png?width=504&format=png&auto=webp&s=95ecc02a02a6b24d8ad27f27ceefec242bc9e065

Yesterday, we saw a minor downside correction in BTC below the $8,200 support area against the US Dollar. We also discussed a possible bounce as long as the price holds the $8,000 support area and the 100 hourly simple moving average. The price did stay above $8,000 and recently started a strong upward move. It is up more than 5% and surpassed the $8,350 resistance. Moreover, there was a break above the key $8,500 resistance area.
A new weekly high was formed near $8,691 and the price is currently consolidating gains. It corrected below the $8,600 level. However, the 23.6% Fib retracement level of the recent rally from the $8124 low to $8,691 high is acting as a decent support. Additionally, there is a short term breakout pattern forming with support near $8,540 on the hourly chart of the BTC/USD pair.
If there is a downside break below the $8,540 and $8,500 support levels, the price could extend its correction. The next key support is near the $8,400 level. Moreover, the 50% Fib retracement level of the recent rally from the $8124 low to $8,691 high is also near the $8,407 level. If there are any additional losses, the price may perhaps test the $8,350 support area (the recent key resistance).
Review previous articles: https://medium.com/@to.liuwen

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A Beginners Guide to Bitcoin, Blockchain & Cryptocurrency

As cryptocurrency, and blockchain technology become more abundant throughout our society, it’s important to understand the inner workings of this technology, especially if you plan to use cryptocurrency as an investment vehicle. If you’re new to the crypto-sphere, learning about Bitcoin makes it much easier to understand other cryptocurrencies as many other altcoins' technologies are borrowed directly from Bitcoin.
Bitcoin is one of those things that you look into only to discover you have more questions than answers, and right as you’re starting to wrap your head around the technology; you discover the fact that Bitcoin has six other variants (forks), the amount of politics at hand, or that there are over a thousand different cryptocurrencies just as complex if not even more complex than Bitcoin.
We are currently in the infancy of blockchain technology and the effects of this technology will be as profound as the internet. This isn’t something that’s just going to fade away into history as you may have been led to believe. I believe this is something that will become an integral part of our society, eventually embedded within our technology. If you’re a crypto-newbie, be glad that you're relatively early to the industry. I hope this post will put you on the fast-track to understanding Bitcoin, blockchain, and how a large percentage of cryptocurrencies work.

Community Terminology

Altcoin: Short for alternative coin. There are over 1,000 different cryptocurrencies. You’re probably most familiar with Bitcoin. Anything that isn’t Bitcoin is generally referred to as an altcoin.
HODL: Misspelling of hold. Dank meme accidentally started by this dude. Hodlers are much more interested in long term gains rather than playing the risky game of trying to time the market.
TO THE MOON: When a cryptocurrency’s price rapidly increases. A major price spike of over 1,000% can look like it’s blasting off to the moon. Just be sure you’re wearing your seatbelt when it comes crashing down.
FUD: Fear. Uncertainty. Doubt.
FOMO: Fear of missing out.
Bull Run: Financial term used to describe a rising market.
Bear Run: Financial term used to describe a falling market.

What Is Bitcoin?

Bitcoin (BTC) is a decentralized digital currency that uses cryptography to secure and ensure validity of transactions within the network. Hence the term crypto-currency. Decentralization is a key aspect of Bitcoin. There is no CEO of Bitcoin or central authoritative government in control of the currency. The currency is ran and operated by the people, for the people. One of the main development teams behind Bitcoin is blockstream.
Bitcoin is a product of blockchain technology. Blockchain is what allows for the security and decentralization of Bitcoin. To understand Bitcoin and other cryptocurrencies, you must understand to some degree, blockchain. This can get extremely technical the further down the rabbit hole you go, and because this is technically a beginners guide, I’m going to try and simplify to the best of my ability and provide resources for further technical reading.

A Brief History

Bitcoin was created by Satoshi Nakamoto. The identity of Nakamoto is unknown. The idea of Bitcoin was first introduced in 2008 when Nakamoto released the Bitcoin white paper - Bitcoin: A Peer-to-Peer Electronic Cash System. Later, in January 2009, Nakamoto announced the Bitcoin software and the Bitcoin network officially began.
I should also mention that the smallest unit of a Bitcoin is called a Satoshi. 1 BTC = 100,000,000 Satoshis. When purchasing Bitcoin, you don’t actually need to purchase an entire coin. Bitcoin is divisible, so you can purchase any amount greater than 1 Satoshi (0.00000001 BTC).

What Is Blockchain?

Blockchain is a distributed ledger, a distributed collection of accounts. What is being accounted for depends on the use-case of the blockchain itself. In the case of Bitcoin, what is being accounted for is financial transactions.
The first block in a blockchain is referred to as the genesis block. A block is an aggregate of data. Blocks are also discovered through a process known as mining (more on this later). Each block is cryptographically signed by the previous block in the chain and visualizing this would look something akin to a chain of blocks, hence the term, blockchain.
For more information regarding blockchain I’ve provided more resouces below:

What is Bitcoin Mining

Bitcoin mining is one solution to the double spend problem. Bitcoin mining is how transactions are placed into blocks and added onto the blockchain. This is done to ensure proof of work, where computational power is staked in order to solve what is essentially a puzzle. If you solve the puzzle correctly, you are rewarded Bitcoin in the form of transaction fees, and the predetermined block reward. The Bitcoin given during a block reward is also the only way new Bitcoin can be introduced into the economy. With a halving event occurring roughly every 4 years, it is estimated that the last Bitcoin block will be mined in the year 2,140. (See What is Block Reward below for more info).
Mining is one of those aspects of Bitcoin that can get extremely technical and more complicated the further down the rabbit hole you go. An entire website could be created (and many have) dedicated solely to information regarding Bitcoin mining. The small paragraph above is meant to briefly expose you to the function of mining and the role it plays within the ecosystem. It doesn’t even scratch the surface regarding the topic.

How do you Purchase Bitcoin?

The most popular way to purchase Bitcoin through is through an online exchange where you trade fiat (your national currency) for Bitcoin.
Popular exchanges include:
  • Coinbase
  • Kraken
  • Cex
  • Gemini
There’s tons of different exchanges. Just make sure you find one that supports your national currency.

Volatility

Bitcoin and cryptocurrencies are EXTREMELY volatile. Swings of 30% or more within a few days is not unheard of. Understand that there is always inherent risks with any investment. Cryptocurrencies especially. Only invest what you’re willing to lose.

Transaction & Network Fees

Transacting on the Bitcoin network is not free. Every purchase or transfer of Bitcoin will cost X amount of BTC depending on how congested the network is. These fees are given to miners as apart of the block reward.
Late 2017 when Bitcoin got up to $20,000USD, the average network fee was ~$50. Currently, at the time of writing this, the average network fee is $1.46. This data is available in real-time on BitInfoCharts.

Security

In this new era of money, there is no central bank or government you can go to in need of assistance. This means the responsibility of your money falls 100% into your hands. That being said, the security regarding your cryptocurrency should be impeccable. The anonymity provided by cryptocurrencies alone makes you a valuable target to hackers and scammers. Below I’ve detailed out best practices regarding securing your cryptocurrency.

Two-Factor Authentication (2FA)

Two-factor authentication is a second way of authenticating your identity upon signing in to an account. Most cryptocurrency related software/websites will offer or require some form of 2FA. Upon creation of any crypto-related account find the Security section and enable 2FA.

SMS Authentication

The most basic form of 2FA which you are probably most familiar with. This form of authentication sends a text message to your smartphone with a special code that will allow access to your account upon entry. Note that this is not the safest form of 2FA as you may still be vulnerable to what is known as a SIM swap attack. SIM swapping is a social engineering method in which an attacker will call up your phone carrier, impersonating you, in attempt to re-activate your SIM card on his/her device. Once the attacker has access to your SIM card he/she now has access to your text messages which can then be used to access your online accounts. You can prevent this by using an authenticator such as Google Authenticator.

Authenticator

The use of an authenticator is the safest form of 2FA. An authenticator is installed on a seperate device and enabling it requires you input an ever changing six digit code in order to access your account. I recommend using Google Authenticator.
If a website has the option to enable an authenticator, it will give you a QR code and secret key. Use Google Authenticator to scan the QR code. The secret key consists of a random string of numbers and letters. Write this down on a seperate sheet of paper and do not store it on a digital device.
Once Google Authenticator has been enabled, every time you sign into your account, you will have to input a six-digit code that looks similar to this. If you happen to lose or damage the device you have Google Authenticator installed on, you will be locked out of your account UNLESS you have access to the secret key (which you should have written down).

Hardware Wallets

A wallet is what you store Bitcoin and cryptocurrency on. I’ll provide resources on the different type of wallets later but I want to emphasize the use of a hardware wallet (aka cold storage).
Hardware wallets are the safest way of storing cryptocurrency because it allows for your crypto to be kept offline in a physical device. After purchasing crypto via an exchange, I recommend transferring it to cold storage. The most popular hardware wallets include the Ledger Nano S, and Trezor.
Hardware wallets come with a special key so that if it gets lost or damaged, you can recover your crypto. I recommend keeping your recovery key as well as any other sensitive information in a safety deposit box.
I know this all may seem a bit manic, but it is important you take the necessary security precautions in order to ensure the safety & longevity of your cryptocurrency.

Technical Aspects of Bitcoin

TL;DR
  • Address: What you send Bitcoin to.
  • Wallet: Where you store your Bitcoin
  • Max Supply: 21 million
  • Block Time: ~10 minutes
  • Block Size: 1-2 MB
  • Block Reward: BTC reward received from mining.

What is a Bitcoin Address?

A Bitcoin address is what you send Bitcoin to. If you want to receive Bitcoin you’d give someone your Bitcoin address. Think of a Bitcoin address as an email address for money.

What is a Bitcoin Wallet?

As the title implies, a Bitcoin wallet is anything that can store Bitcoin. There are many different types of wallets including paper wallets, software wallets and hardware wallets. It is generally advised NOT to keep cryptocurrency on an exchange, as exchanges are prone to hacks (see Mt. Gox hack).
My preferred method of storing cryptocurrency is using a hardware wallet such as the Ledger Nano S or Trezor. These allow you to keep your crypto offline in physical form and as a result, much more safe from hacks. Paper wallets also allow for this but have less functionality in my opinion.
After I make crypto purchases, I transfer it to my Ledger Nano S and keep that in a safe at home. Hardware wallets also come with a special key so that if it gets lost or damaged, you can recover your crypto. I recommend keeping your recovery key in a safety deposit box.

What is Bitcoins Max Supply?

The max supply of Bitcoin is 21 million. The only way new Bitcoins can be introduced into the economy are through block rewards which are given after successfully mining a block (more on this later).

What is Bitcoins Block Time?

The average time in which blocks are created is called block time. For Bitcoin, the block time is ~10 minutes, meaning, 10 minutes is the minimum amount of time it will take for a Bitcoin transaction to be processed. Note that transactions on the Bitcoin network can take much longer depending on how congested the network is. Having to wait a few hours or even a few days in some instances for a transaction to clear is not unheard of.
Other cryptocurrencies will have different block times. For example, Ethereum has a block time of ~15 seconds.
For more information on how block time works, Prabath Siriwardena has a good block post on this subject which can be found here.

What is Bitcoins Block Size?

There is a limit to how large blocks can be. In the early days of Bitcoin, the block size was 36MB, but in 2010 this was reduced to 1 MB in order to prevent distributed denial of service attacks (DDoS), spam, and other malicious use on the blockchain. Nowadays, blocks are routinely in excess of 1MB, with the largest to date being somewhere around 2.1 MB.
There is much debate amongst the community on whether or not to increase Bitcoin’s block size limit to account for ever-increasing network demand. A larger block size would allow for more transactions to be processed. The con argument to this is that decentralization would be at risk as mining would become more centralized. As a result of this debate, on August 1, 2017, Bitcoin underwent a hard-fork and Bitcoin Cash was created which has a block size limit of 8 MB. Note that these are two completely different blockchains and sending Bitcoin to a Bitcoin Cash wallet (or vice versa) will result in a failed transaction.
Update: As of May 15th, 2018 Bitcoin Cash underwent another hard fork and the block size has increased to 32 MB.
On the topic of Bitcoin vs Bitcoin Cash and which cryptocurrency is better, I’ll let you do your own research and make that decision for yourself. It is good to know that this is a debated topic within the community and example of the politics that manifest within the space. Now if you see community members arguing about this topic, you’ll at least have a bit of background to the issue.

What is Block Reward?

Block reward is the BTC you receive after discovering a block. Blocks are discovered through a process called mining. The only way new BTC can be added to the economy is through block rewards and the block reward is halved every 210,000 blocks (approximately every 4 years). Halving events are done to limit the supply of Bitcoin. At the inception of Bitcoin, the block reward was 50BTC. At the time of writing this, the block reward is 12.5BTC. Halving events will continue to occur until the amount of new Bitcoin introduced into the economy becomes less than 1 Satoshi. This is expected to happen around the year 2,140. All 21 million Bitcoins will have been mined. Once all Bitcoins have been mined, the block reward will only consist of transaction fees.

Technical Aspects Continued

Understanding Nodes

Straight from the Bitcoin.it wiki
Any computer that connects to the Bitcoin network is called a node. Nodes that fully verify all of the rules of Bitcoin are called full nodes.
In other words, full nodes are what verify the Bitcoin blockchain and they play a crucial role in maintaining the decentralized network. Full nodes store the entirety of the blockchain and validate transactions. Anyone can participate in the Bitcoin network and run a full node. Bitcoin.org has information on how to set up a full node. Running a full node also gives you wallet capabilities and the ability to query the blockchain.
For more information on Bitcoin nodes, see Andreas Antonopoulos’s Q&A on the role of nodes.

What is a Fork?

A fork is a divergence in a blockchain. Since Bitcoin is a peer-to-peer network, there’s an overall set of rules (protocol) in which participants within the network must abide by. These rules are put in place to form network consensus. Forks occur when implementations must be made to the blockchain or if there is disagreement amongst the network on how consensus should be achieved.

Soft Fork vs Hard Fork

The difference between soft and hard forks lies in compatibility. Soft forks are backwards compatible, hard forks are not. Think of soft forks as software upgrades to the blockchain, whereas hard forks are a software upgrade that warrant a completely new blockchain.
During a soft fork, miners and nodes upgrade their software to support new consensus rules. Nodes that do not upgrade will still accept the new blockchain.
Examples of Bitcoin soft forks include:
A hard fork can be thought of as the creation of a new blockchain that X percentage of the community decides to migrate too. During a hard fork, miners and nodes upgrade their software to support new consensus rules, Nodes that do not upgrade are invalid and cannot accept the new blockchain.
Examples of Bitcoin hard forks include:
  • Bitcoin Cash
  • Bitcoin Gold
Note that these are completely different blockchains and independent from the Bitcoin blockchain. If you try to send Bitcoin to one of these blockchains, the transaction will fail.

A Case For Bitcoin in a World of Centralization

Our current financial system is centralized, which means the ledger(s) that operate within this centralized system are subjugated to control, manipulation, fraud, and many other negative aspects that come with this system. There are also pros that come with a centralized system, such as the ability to swiftly make decisions. However, at some point, the cons outweigh the pros, and change is needed. What makes Bitcoin so special as opposed to our current financial system is that Bitcoin allows for the decentralized transfer of money. Not one person owns the Bitcoin network, everybody does. Not one person controls Bitcoin, everybody does. A decentralized system in theory removes much of the baggage that comes with a centralized system. Not to say the Bitcoin network doesn’t have its problems (wink wink it does), and there’s much debate amongst the community as to how to go about solving these issues. But even tiny steps are significant steps in the world of blockchain, and I believe Bitcoin will ultimately help to democratize our financial system, whether or not you believe it is here to stay for good.

Final Conclusions

Well that was a lot of words… Anyways I hope this guide was beneficial, especially to you crypto newbies out there. You may have come into this realm not expecting there to be an abundance of information to learn about. I know I didn’t. Bitcoin is only the tip of the iceberg, but now that you have a fundamental understanding of Bitcoin, learning about other cryptocurrencies such as Litecoin, and Ethereum will come more naturally.
Feel free to ask questions below! I’m sure either the community or myself would be happy to answer your questions.
Thanks for reading!

Related Links

Guides

Exchanges

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Top 10 Richest People in the World, in Bitcoin

Bitcoin has been given the nickname “digital gold”. This is because of its characteristic as a store of wealth. Many big investors are resorting to Bitcoin as a good place to put their money. The reason for this is not just because it can be sustained, but also because of the high tendency of appreciation in value. Here we shall be considering the top 10 richest people in the world, in Bitcoin.
We will take a look at their net worth, and how much that amounts to in Bitcoin. We will also consider their primary business and a little bit of their history. How they started out in the Bitcoin ecosystem and what they have achieved so far will also enable us to understand more about them.
So, here is a list of the top 10 richest people in the world, in Bitcoin.
10. Matthew Roszark
Matthew Roszark is the founder of Tally Capital, and co-founder of Bloq. Roszark is widely known as the man who gave Richard Branson and Bill Clinton their first Bitcoins. Roszark made it early into the Bitcoin space and participated in the very first ICO in 2013. Although that wasn’t what it was called at the time.
Roszark has investments in 20 startups in the cryptocurrency ecosystem, some of which have gone ahead to do great things. Some of the startups that he invested in include Coinbase, Kraken and BTCC.
Roszark’s net worth is $1 billion, which amounts to 102,712.94 BTC (at the time of writing).
  1. Anthony Di Iorio
Anthony Di lorio is the founder of Jaxx and Decentral, and co-founder at Ethereum. Having studied a bit of economics and trying to find out the true essence of money after the recession of early 2000, Di lorio discovered Bitcoin and decided to explore. He started a Toronto Bitcoin-meetup, where he met his eventual co-founder of Ethereum, Vitalik Buterin.
Di lorio contributed his personal funds towards the coding of Ethereum, and has since been involved in a number of other crypto assets. Some of them include Qtum, VeChain and ZCash.
Di lorio is a serial investor who commits to projects at an early stage, then after levelling up, he pulls his funds and moves on to something new. His net worth of $1 billion is the equivalent of 102,712.93 BTC.
  1. Michael Novogratz
This CEO of Galaxy Digital is also popular in the field of macro hedge fund management. Novogratz started investing in cryptocurrencies in 2013 and two years later he left his position at Fortress Investment Group to focus on crypto.
In the cryptocurrency industry, Novogratz is known as a seasoned trader who believes that the crypto market as it is today is a bubble. According to him, his aim is to make as much money as possible from the bubble before it bursts.
Novogratz is worth $1 billion which is the equivalent of 102,712.92 BTC
  1. Cameron and Tyler Winklevoss
The Winklevoss twins arrived in the face of the public through the controversial law suit against Facebook for intellectual property theft. They eventually won the case and were paid $11 million in compensation.
With many Silicon Valley startups not wanting to get into Facebook’s black book, the twins seemed to not have where to invest their money. They were introduced to Bitcoin by Brooklyn-based investor David Azar in 2012, and found their new investment ecosystem.
Over the years, the astronomic rise in Bitcoin price has turned their $11 million investment to a $1 billion portfolio of 102,712.91 BTC.
  1. Matthew Mellon
Matthew Mellon’s money started as old money which he inherited from family sources. However, through his “crazy” investment approach, he has been able to build a fortune out of his family inheritance.
Having bought into Bitcoin some years ago, Mellon abandoned his early investments and sold his Bitcoins at some point. His attachment with the banking industry and the XRP feasibility attracted him to the coin.
Mellon spent $2 million to acquire XRP tokens a few years back. That investment has grown to $1 billion, in the equivalence of 102,712.90 BTC.
  1. Zhao Chaopeng
Zhao Chaopeng popularly known as CZ, is the founder of cryptocurrency exchange, Binance. Within one year of its launch, Binance became the largest cryptocurrency exchange in terms of volume.
The platform’s tokens were sold at a price of 10 cents during its ICO. At the time of writing, the price of the coin has risen to over $27 and CZ owns a huge volume of the coins.
In 2014, CZ sold his house in Shanghai, which was practically all he had, to go all out into Bitcoin. Today, his net worth is $1.3 billion, which is equivalent to 133,523.65 BTC.
  1. Brian Armstrong
Brian Armstrong is the CEO of Coinbase, the largest cryptocurrency exchange in America. Coinbase was founded in 2012, and is the most patronized cryptocurrency exchange in the US. The exchange has also expanded, and is now available in many countries of the world.
In 2018, the exchange embarked on a financing round that saw it raise $300 million, and the company is now valued at $8 billion.
Armstrong’s net worth stands at $1.3 billion, with equates to 133,523.64 BTC.
  1. Jihan Wu
Johan Wu is the co-founder of Bitmain, a China-based Bitcoin mining giant. Together with Micree Zhan Ketuan, they have grown Bitmain to become a household name in the industry, and the main supplier of ASIC-chip miners. Wu is also popular for his open support of Bitcoin Cash.
Wu is estimated to be worth up to $1.5 billion, which translates in Bitcoin to 154,065.75 BTC.
  1. Chris Larsen
Chris Larsen is the co-founder of Ripple, a company which was founded in 2012 with Jed McCaleb, the founder of Mt Gox.
Larsen is regarded as a self-made billionaire, with the bulk of his wealth coming from cryptocurrency enterprises. Ripple boasts many top end customers in its portfolio. Among the list includes Bank of America, Santander and Mitsubishi Financial.
Larsen’s net worth is estimated at $1.5 billion, which is equivalent to 154,065.74 BTC.
  1. Micree Zhan Ketuan
Zhan is the co-founder of Bitmain technologies. Bitmain is regarded as the biggest Bitcoin mining company in China. The company is also known to specialize in the sale of ASIC-chip miners.
Zhan is an electrical engineer by training and is the builder of the ASIC chips on the Bitmain hardware. He is an acclaimed self-made billionaire whose source of wealth is the manufacturing and sales of cryptocurrency mining chips.
Zhan’s net worth is estimated at $2.7 billion, which when converted to Bitcoin is 215,692.05 BTC.
Conclusion
The dominant investment industry concept is evolutionary. At different eras of existence, different industries have produced different money magnates. Serial investors at the same time have found ways of aligning with the prevailing markets as the times change.
With the advent of Bitcoin and blockchain technology, the digital assets ecosystem appears to be making a strong statement in the wealth sector. The number of self made billionaires within this sector is a testimony to the impact of this concept in today’s world.
The top 10 richest people in the world, in Bitcoin, parades some names that can stand side-by-side with money magnates of traditional industries. With more developments likely to emerge in the crypto ecosystem, it will not be surprising to see the number of crypto-made billionaire skyrocket in the near future.
https://medium.com/@4kingsocials/top-10-richest-people-in-the-world-in-bitcoin-94183268189b
submitted by OliAustin101 to CryptoNewsandTalk [link] [comments]

Top 10 Richest People in the World, in Bitcoin

Bitcoin has been given the nickname “digital gold”. This is because of its characteristic as a store of wealth. Many big investors are resorting to Bitcoin as a good place to put their money. The reason for this is not just because it can be sustained, but also because of the high tendency of appreciation in value. Here we shall be considering the top 10 richest people in the world, in Bitcoin.
We will take a look at their net worth, and how much that amounts to in Bitcoin. We will also consider their primary business and a little bit of their history. How they started out in the Bitcoin ecosystem and what they have achieved so far will also enable us to understand more about them.
So, here is a list of the top 10 richest people in the world, in Bitcoin.
10. Matthew Roszark
Matthew Roszark is the founder of Tally Capital, and co-founder of Bloq. Roszark is widely known as the man who gave Richard Branson and Bill Clinton their first Bitcoins. Roszark made it early into the Bitcoin space and participated in the very first ICO in 2013. Although that wasn’t what it was called at the time.
Roszark has investments in 20 startups in the cryptocurrency ecosystem, some of which have gone ahead to do great things. Some of the startups that he invested in include Coinbase, Kraken and BTCC.
Roszark’s net worth is $1 billion, which amounts to 102,712.94 BTC (at the time of writing).
  1. Anthony Di Iorio
Anthony Di lorio is the founder of Jaxx and Decentral, and co-founder at Ethereum. Having studied a bit of economics and trying to find out the true essence of money after the recession of early 2000, Di lorio discovered Bitcoin and decided to explore. He started a Toronto Bitcoin-meetup, where he met his eventual co-founder of Ethereum, Vitalik Buterin.
Di lorio contributed his personal funds towards the coding of Ethereum, and has since been involved in a number of other crypto assets. Some of them include Qtum, VeChain and ZCash.
Di lorio is a serial investor who commits to projects at an early stage, then after levelling up, he pulls his funds and moves on to something new. His net worth of $1 billion is the equivalent of 102,712.93 BTC.
  1. Michael Novogratz
This CEO of Galaxy Digital is also popular in the field of macro hedge fund management. Novogratz started investing in cryptocurrencies in 2013 and two years later he left his position at Fortress Investment Group to focus on crypto.
In the cryptocurrency industry, Novogratz is known as a seasoned trader who believes that the crypto market as it is today is a bubble. According to him, his aim is to make as much money as possible from the bubble before it bursts.
Novogratz is worth $1 billion which is the equivalent of 102,712.92 BTC
  1. Cameron and Tyler Winklevoss
The Winklevoss twins arrived in the face of the public through the controversial law suit against Facebook for intellectual property theft. They eventually won the case and were paid $11 million in compensation.
With many Silicon Valley startups not wanting to get into Facebook’s black book, the twins seemed to not have where to invest their money. They were introduced to Bitcoin by Brooklyn-based investor David Azar in 2012, and found their new investment ecosystem.
Over the years, the astronomic rise in Bitcoin price has turned their $11 million investment to a $1 billion portfolio of 102,712.91 BTC.
  1. Matthew Mellon
Matthew Mellon’s money started as old money which he inherited from family sources. However, through his “crazy” investment approach, he has been able to build a fortune out of his family inheritance.
Having bought into Bitcoin some years ago, Mellon abandoned his early investments and sold his Bitcoins at some point. His attachment with the banking industry and the XRP feasibility attracted him to the coin.
Mellon spent $2 million to acquire XRP tokens a few years back. That investment has grown to $1 billion, in the equivalence of 102,712.90 BTC.
  1. Zhao Chaopeng
Zhao Chaopeng popularly known as CZ, is the founder of cryptocurrency exchange, Binance. Within one year of its launch, Binance became the largest cryptocurrency exchange in terms of volume.
The platform’s tokens were sold at a price of 10 cents during its ICO. At the time of writing, the price of the coin has risen to over $27 and CZ owns a huge volume of the coins.
In 2014, CZ sold his house in Shanghai, which was practically all he had, to go all out into Bitcoin. Today, his net worth is $1.3 billion, which is equivalent to 133,523.65 BTC.
  1. Brian Armstrong
Brian Armstrong is the CEO of Coinbase, the largest cryptocurrency exchange in America. Coinbase was founded in 2012, and is the most patronized cryptocurrency exchange in the US. The exchange has also expanded, and is now available in many countries of the world.
In 2018, the exchange embarked on a financing round that saw it raise $300 million, and the company is now valued at $8 billion.
Armstrong’s net worth stands at $1.3 billion, with equates to 133,523.64 BTC.
  1. Jihan Wu
Johan Wu is the co-founder of Bitmain, a China-based Bitcoin mining giant. Together with Micree Zhan Ketuan, they have grown Bitmain to become a household name in the industry, and the main supplier of ASIC-chip miners. Wu is also popular for his open support of Bitcoin Cash.
Wu is estimated to be worth up to $1.5 billion, which translates in Bitcoin to 154,065.75 BTC.
  1. Chris Larsen
Chris Larsen is the co-founder of Ripple, a company which was founded in 2012 with Jed McCaleb, the founder of Mt Gox.
Larsen is regarded as a self-made billionaire, with the bulk of his wealth coming from cryptocurrency enterprises. Ripple boasts many top end customers in its portfolio. Among the list includes Bank of America, Santander and Mitsubishi Financial.
Larsen’s net worth is estimated at $1.5 billion, which is equivalent to 154,065.74 BTC.
  1. Micree Zhan Ketuan
Zhan is the co-founder of Bitmain technologies. Bitmain is regarded as the biggest Bitcoin mining company in China. The company is also known to specialize in the sale of ASIC-chip miners.
Zhan is an electrical engineer by training and is the builder of the ASIC chips on the Bitmain hardware. He is an acclaimed self-made billionaire whose source of wealth is the manufacturing and sales of cryptocurrency mining chips.
Zhan’s net worth is estimated at $2.7 billion, which when converted to Bitcoin is 215,692.05 BTC.
Conclusion
The dominant investment industry concept is evolutionary. At different eras of existence, different industries have produced different money magnates. Serial investors at the same time have found ways of aligning with the prevailing markets as the times change.
With the advent of Bitcoin and blockchain technology, the digital assets ecosystem appears to be making a strong statement in the wealth sector. The number of self made billionaires within this sector is a testimony to the impact of this concept in today’s world.
The top 10 richest people in the world, in Bitcoin, parades some names that can stand side-by-side with money magnates of traditional industries. With more developments likely to emerge in the crypto ecosystem, it will not be surprising to see the number of crypto-made billionaire skyrocket in the near future.
https://medium.com/@4kingsocials/top-10-richest-people-in-the-world-in-bitcoin-94183268189b
submitted by OliAustin101 to CryptocurrencyToday [link] [comments]

Mt Gox Returns Delayed Until 2020 Bitcoin FUD - Mt Gox, Binance Hack, SEC Regulations! Mt. Gox Bitcoin Delay, Ripple + Justin Bieber, Monero Futures & Bitcoin Price Bounce SEC, Binance and Mt Gox Sink Crypto Markets - FUD Storm News I Missed 007 - Crypto, Altcoin, ETH, XRP, LTC, TRON, Bitcoin, Mt Gox, ICO, Tezos News Mt Gox Bitcoin Fork Dilemma, Stellar + Western Union, XRP Base Pair & Binance Coin Price Jump News : Binance Blockchain ,Mt Gox Dump, OkCoin China Govt ... The Strange Binance Hack, Mt Gox Crashing BTC, And Twitter Spam Bitcoin Price Prediction 2018 - Death Cross, MT Gox, BTC Halving, G20 Summit, TA, Lightning Network? CNBC Fast money with Ripple and Stellar Co Founder Jed McCaleb - Binance moving to Malta ?

Among them, Binance stands as the most liquid exchange for Bitcoin spot trading, with daily volume above USD 450 million. Coinbase Pro and Kraken also exhibit high volumes for BTCUSD trading pairs, with daily volumes above USD 200 million respectively, as of July 24th 2019. Table 3 - Comparison of spread and volume on BTC main pairs across 24/7 exchanges. Platform: Product 24-hour estimated ... Chainalysis Says They've Found the Missing $1.7 Billion Dollar Mt Gox Bitcoins . On June 8 the U.S. House Financial Services Subcommittee on Terrorism and Illicit Finance discussed the possible ... Later, Mt Gox CEO Mark Karpeles found 200,000 BTC ($1.3 billion using current exchange rates) in cold storage and these specific funds will be distributed to creditors. Since 2014, Mt Gox ... The attacker may resolve not nameless it's more personal keys are found right here. Up until 2017 the company's income was reported at 1 billion and extra. An increasing number of . Fulton Monaghan. To content To menu. Bitcoin Transaction Malleability And MtGox. By martinsen93bruun on Monday, March 23 2020, 17:42 . The attacker may resolve not nameless it's more personal keys are found right ... Mark Karpeles, the founder of the now-defunct bitcoin exchange Mt.Gox, was found guilty of tampering with records and given a suspended prison sentence of two years and six months. The High Court ruling comes five years after a massive security breach in 2014 at Mt.Gox that led to millions of dollars in losses for both local and foreign bitcoin investors. Am gestrigen Mittwoch, dem 07. März, wurden Details zum Verkauf der Konkursmasse der bankrotten Krypto-Exchange Mt. Gox bekannt gegeben. Demnach veräußerte der Insolvenzverwalter Bitcoin und Bitcoin Cash im Wert von mehr als 400 Millionen US-Dollar. Mt. Gox was once the largest cryptocurrency exchange. The Japan-based platform was responsible for more than 70% of all Bitcoin transactions during its peak years ago. However, the exchange became the victim of a massive attack in 2014 that resulted in the theft of 850,000 bitcoins (worth about $470 million at the time or nearly $10 billion ... Binance Coin $ 27.70 3.15%. Polkadot $ 4.26 4.68%. Litecoin $ 58.51 7.4%. Cardano $ 0.097076 1.84%. Alle Kurse. Mt.Gox: Aufstieg und Fall der ersten Bitcoin-Börse . Startseite ; Aktuelle Artikel im Überblick; Insights; Mt. Gox: Aufstieg und Fall der ersten Bitcoin-Börse . von Moritz Draht. Am 9. November 2019 8. November 2019 · Lesezeit: 5 Minuten. Moritz Draht. Moritz Draht hat Deutsche ... Appearing on Reddit today have been posts relating that addresses attributed to MtGox in the past continue to hold 100’s of thousands of bitcoins, thereby providing reason that customer funds have been found. The bitcoin addresses date back to 2011 transfers, where MtGox CEO Mark Karpeles had issued transfers from one address to others to … Launched in 2010 by US programmer Jed McCaleb (who later went on to found Ripple), Mt Gox expanded rapidly to become by far the most popular bitcoin exchange in the world after being purchased by French developer and bitcoin enthusiast Mark Karpelés in March 2011. Rather bizarrely the name Mt Gox stood for “Magic: The Gathering Online eXchange”.

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Mt Gox Returns Delayed Until 2020

Support Me On Patreon! https://www.patreon.com/TheModernInvestor ----- Protect And Sto... The developer, who also created the Mt. Gox bitcoin exchange and then sold it in 2011, said the only other successful decentralized network he's seen is the internet. The SEC came out with a very negative tone on digital asset exchanges, Binance dealt with a phishing/hack/pumping issue and the Mount Gox trustees announced a major Bitcoin liquidation. SEC ... Some of the breaking news of Bitcoin discussed here are Death Cross, MT Gox, Reward Halving, G20 Summit, Lightning Network and Japan's Binance FUD. And finally we look at Bitcoin Prediction ... The Curse of Mt Gox Still Haunts Us - Bitcoin Crash - Duration: 9:24. Bitraged 5,615 views. 9:24 . 80 Trillion Dollar Bitcoin Exit Plan - Duration: 22:12. Mineable 340,482 views. 22:12. Mix Play ... Bitcoin Law Review - Telegram, Kik, Tezos & More Tone Vays 308 watching Live now Crypto Q&A - Bitcoin Price Prediction, The Future Of ADA, NEO, TRON And Why Use XRP? Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collecti... Mt Gox Bitcoin Fork Dilemma, Stellar + Western Union, XRP Base Pair & Binance Coin Price Jump The Modern Investor. Loading... Unsubscribe from The Modern Investor? Cancel Unsubscribe. Working ... My Second Channel: https://www.youtube.com/channel/UCvXjP6h0_4CSBPVgHqfO-UA ----- Supp... talking about an unusual form of hacking on binance today. as well as an additional recently unnoticed reasoning of the december - february crypto price dip. and the twitter spam problem. Sign up ...

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