XRP worth $7.5 million [25,000,000 XRP] transferred from third richest XRP wallet

A sum of 25 million XRP worth $7.5 million was transferred recently from the third richest XRP wallet to another wallet. XRP, a cryptocurrency coin closely connected with payments company, Ripple and enterprise blockchain software company, R3 is third on the list of the world’s largest cryptocurrencies, at press time.
The transaction of 25 million XRP cost a mere 500 drops [0.0005 XRP] which is approximately worth $0.0001514. The transaction took place on February 14, 2019, at 5:21 PM UTC.
XRPL monitor tweeted:
“Transaction Type: Payment
Amount: 25,000,000 XRP
Fee: 500 drops (0.0005 XRP)
Sender: Ripple
Sender Balance: 2,496,635,065.5766
Receiver: rPfSrrKY97EihgZeAwqgR7g1tYzDDJoAys
Receiver Balance: 25,022,278.99987”
The current balance in the new wallet [rPfSrrKY97EihgZeAwqgR7g1tYzDDJoAys] is the same as the amount received, which suggests that it is a fairly new wallet. A total of 15 transactions have been recorded for the aforementioned wallet, the first transaction being on November 16, 2018.
The peculiar thing about this transaction is the identity of the sender [rKveEyR1SrkWbJX214xcfH43ZsoGMb3PEv]. According to data obtained by Bithomp XRP explorer, the sender was Ripple itself.
The wallet address, as per Bithomp belonged to Bitstamp and has a total balance of 2.497 billion XRP, which is worth a total of $752 million and 210,167 BTC.
The sender has had a total of 13 transactions and some people suggest that this wallet could be linked to escrow wallets. The Ripple wallet, however, was activated on December 01, 2017 at 22:54. The Ripple-owned wallet is the third richest wallet on the XRPL.
The first four richest wallets belong to Ripple, the richest wallet [rDbWJ9C7uExThZYAwV8m6LsZ5YSX3sa6US] had a total of 4.68 billion XRP. The second richest wallet has 3.73 billion XRP, the third is aforementioned and the fourth richest wallet has 1.95 billion XRP. The fifth wallet, however, belongs to Bitstamp and it has a total of 1.1 billion XRP.
Moreover, the wallet that received the above-mentioned amount of XRP has now achieved the rank of 128th richest cryptocurrency wallet.
@xrpgiles, a Twitter user speculated as to where this transaction was going, commenting,
“Boom ! JP Morgan have realised after three hours that superior tech exists ha ha ! @digitalassetbuy”
@smcmass1, another Twitter user came to the same conclusion as he commented,
“This transfer must be for JP Morgan to transfer internationally to other big players that don’t want their coin. JP Morgan needs this :)”
@cathy02755674 replying to smcmass1 said,
“What JP Morgan needs is for Warren Buffet to stop pulling their strings. They only wish they could have partnered with Ripple!”
The post XRP worth $7.5 million [25,000,000 XRP] transferred from third richest XRP wallet appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin SV [BSV]: Coinbase releases cryptocurrency while allowing users access to external wallets

The American cryptocurrency exchange Coinbase will now allow its Bitcoin SV [BSV] holders to withdraw the coin to external wallets, as confirmed by an updated blog post on the exchange’s website.
Many exchanges announced the dissemination of the Bitcoin SV, after the coin hardforked from Bitcoin Cash [BCH] towards the end of 2018. However, the American exchange held off the announcement for three months. In light of the above, Coinbase Support recently tweeted:
“We have now begun emailing customers that held Bitcoin Cash (BCH) at the time of the hard fork with instructions on how to withdraw their corresponding Bitcoin SV (BSV).”
Bitcoin SV [BSV] has been on a steep decline since the coin was introduced in mid-November 2018, following the hardfork and hash war drama that drew in the likes of nChain’s Craig Wright, Bitcoin.com’s Roger Ver, and Bitmain’s Jihan Wu.
The coin is currently languishing in the eleventh spot on the global coin rankings, booted out of the top-10 by Binance Coin [BNB] one week ago. With Coinbase now releasing Bitcoin SV tokens to users that held Bitcoin Cash prior to the hardfork, a massive Bitcoin SV dump might ensue, leading to a further decline in the price of the coin.
With reference to the BSV still held, the exchange stated:
“As such, the amount of BSV now available in respective customers’ Coinbase.com accounts is the same as the amount of BCH that was in their Coinbase (Coinbase.com and Coinbase Pro) account at the time of the hard fork.”
Coinbase has however reaffirmed its lack of support for BSV trades and stated that the customers cannot sell the virtual currency on the exchange. A statement released on February 14 read:
“Coinbase does not support purchases or sales of BSV, so customers cannot sell their BSV for fiat currency on Coinbase. They may send their BSV balance to an external wallet.”
Coinbase Support also stated that users can choose to hold their BSV tokens as there is no deadline for withdrawing the coin:
“There is no deadline for withdrawing BSV so you can hold it in your wallet indefinitely.”
At press time, Bitcoin SV is one of the few coins in the top-15 that have declined against the US dollar, with the token down by 0.89 percent and now posting a price of $62.91. Despite the fact that the feared dump hasn’t materialized, a continuing bear run does not rule the prospect out. A twitter user @Sop, voiced what many think will eventually happen:
“BSV dumping will start in coming days…”
The move hasn’t been welcomed by all with some Twitter users displeased at Coinbase and their lack of support for Bitcoin SV, with a user @Janopetsa tweeting:
“This whole BSV situation has tainted my view of. Coinbase and crypto on the whole. It’s just just not a viable alternative to fiat and real assets. This is proof.”
The post Bitcoin SV [BSV]: Coinbase releases cryptocurrency while allowing users access to external wallets appeared first on AMBCrypto.
Source: AMB Crypto

Tron [TRX/USD] Price Analysis: Token fails to climb the price ladder as updates increase

The cryptocurrency market’s rollercoaster has been going on for some time now, with users and investors bracing for an attack by the bear. These price downtrends have not been exclusive to just some cryptocurrencies but, have had a widespread effect across the entire market. Popular coins like Bitcoin [BTC], Ethereum [ETH] and Tron [TRX] have all succumbed to the bear’s prowess with emphasis on the support breaks.
Source: TradingView
After starting the year off with price hikes, Tron has fallen prey to the bear, with the downtrend becoming more and more significant. The visible downtrend resulted in the prices dropping from $0.0277 to $0.0242 while the support has been holding at $0.0236. The immediate resistance is at $0.0277.
The Parabolic SAR has been a mix of bearish and bullish signals, with the bear having a slight edge over the bull. This is evidenced by the markers staying above the price candles.
The Awesome Oscillator for Tron has fared better than other cryptocurrencies, with the amplitude still remaining significant. The AO still points to the fact that the market momentum has decreased considerably over time.
Source: TradingView
Tron’s one-day graph paints the opposite picture to that of the one-hour graph, with the uptrend standing out. The rise lifted the prices from $0.0126 to $0.0236 while the long-term support is at $0.0117.
The Relative Strength Index has started falling towards the oversold zone after staying closer to the overbought zone earlier. The hold near the oversold zone is a sign of the selling pressure being more than the buying pressure.
The Chaikin Money Flow indicator has crashed way below the zero-line. This suggests that more capital is leaving the market, than coming in.
The above-mentioned indicators all point to the rampant pressure by the bear on the cryptocurrency market. Tron’s user base has been vying for a ‘moon’ spike on the back of several updates and developments, something that the cryptocurrency market’s behavior is yet to provide.
The post Tron [TRX/USD] Price Analysis: Token fails to climb the price ladder as updates increase appeared first on AMBCrypto.
Source: AMB Crypto

Nouriel Roubini says JP Morgan’s cryptocurrency JPM Coin is a joke; compares it to XRP

Nouriel Roubini aka Dr. Doom has always been against cryptocurrencies and blockchain, but Roubini’s tweets regarding JP Morgan’s cryptocurrency suggests that he acknowledges cryptocurrencies.
JP Morgan, an American financial services company and bank, recently launched its own cryptocurrency called “JPM Coin”, which was created to settle payments between clients. JP Morgan, as a result, became the first major bank to launch its own cryptocurrency in the US.
The cryptocurrency faced a lot of heat from the cryptocurrency eco-system as they called it centralized as it basically destroys the ethos of blockchain and the first cryptocurrency, Bitcoin, which was created to take control away from centralized authorities.
Nouriel Roubini was one among such people who disliked the idea of a bank coin. Roubini tweeted:
“In which way has the new alleged JPMorgan crypto coin anything to do with blockchain/crypto? It is private not public, permissioned not permissionless, based on trusted authorities verifying transaction not trustless, centralized not decentralized. Calling it crypto is a joke.”
The JPM Coin is similar to stablecoins in concept as it can be redeemed for $1 and as CNBC reported, clients will be issued the coins after depositing dollars at the bank; after using the tokens for a payment or security purchase on the blockchain, the bank destroys the coins and gives clients back a commensurate number of dollars.
Nouriel Roubini went on to compare the JPM coin and XRP. Roubini retweeted his aforementioned tweet with a comment:
“Ditto for XRP. It is as much of a joke as the new JPMorgan new pseudo crypto coin.”
Even though a lot of people in the crypto-community hated the idea of a bank-issued coin, some applauded it. Twitter user @Tusharjain tweeted:
“Banks were obviously never going to use XRP for settlements and enrich Ripple Inc (who owns more than half of all XRP). They would rather enrich themselves instead!
Kudos to JPM for being first. They are going to wipe the floor with Ripple.”
Miked Dudas, the founder, and CEO of The Block, commented:
“JP Morgan, the bank whose CEO Jamie Dimon has called Bitcoin a “scam” + said “I don’t really give a shit about Bitcoin” is launching its own cryptocurrency.
When @TheBlock__ inquired a month ago, JP Morgan blockchain execs denied this was in the works.”
The post Nouriel Roubini says JP Morgan’s cryptocurrency JPM Coin is a joke; compares it to XRP appeared first on AMBCrypto.
Source: AMB Crypto

XRP/USD Price Analysis: Bulls carry coin ahead while bear sharpens its claws

The cryptocurrency market had been under the bear’s vice and this contributed to XRP slipping from its second position on CoinMarketCap in terms of market cap, to third this month. Ethereum [ETH] took over XRP’s place in the market and it appears that the two coins are in a tough fight for the spot.
At press time, XRP was valued at $0.3032, with a market cap of $12.4 billion. The coin registered a 24-hour trading volume of $407 million, with a minimal fall of 0.27% over the past day. The coin noted a growth of 3.55% over the past seven days while registering a rise of 0.17% over the past hour.

Source: TradingView
The coin’s one-hour chart indicates a downtrend from $0.3215 to $0.3128, followed by another downtrend from $0.3176 to $0.3093. XRP drew a resistance at $0.3107 and a support at $0.3059.
Bollinger Bands appear to be converging, indicating reduced volatility in the market. The moving average line is under the candles, suggesting a bullish trend.
Awesome Oscillator points towards a weakened bullish momentum.
Chaikin Money Flow has the marker above the zero-line, indicating that money is flowing into the market and that a bullish ride may be in the offing.

Source: TradingView
The one-day chart of the coin marks an uptrend from $0.2707 to $0.4785 and a downtrend from $0.5558 to $0.4785. The coin traced resistance at $0.3276 and support at $0.2926.
Parabolic SAR points towards a bearish reign as the markers have aligned themselves above the candlesticks.
MACD line is over the signal line, marking a bullish market.
Relative Strength Index indicates that the buying and the selling pressure are evening each other out.
As per the indicators, Bollinger Bands, Awesome Oscillator, Chaikin Money Flow and MACD, a bullish trend is forecast. However, the lingering presence of the bear cannot be ignored.
The post XRP/USD Price Analysis: Bulls carry coin ahead while bear sharpens its claws appeared first on AMBCrypto.
Source: AMB Crypto

Ripple and XRP face new challenges as JP Morgan launches new stablecoin, JPM coin

JP Morgan launched its own stablecoin on February 14 and after being used for just one transaction, it has been applauded and called by some as the game changer for digital assets, reported Bloomberg.
The company hopes that its clients soon use JPM coins for cross-border payments, which would pose serious competition for the more prominent blockchain company, Ripple. This new coin is a direct challenge to Ripple and its digital currency, as per Tom Shaughnessy, principal at Delphi Digital which is a crypto research boutique in New York. The third largest cryptocurrency as per market cap, XRP could be used to carry out faster transactions for lower cost with respect to cross-border payments.
Ripple has been in the business for long and has been aiming to replace the SWIFT network used by banks, individuals, and businesses to carry out financial transactions. While JP Morgan registers transactions worth $5 trillion in wholesale payments every day, such a step could have a huge impact on its rivals. Shaughnessy said:
“This is a huge slap in the face for Ripple. Ripple’s target market is cross-border payments and remittances and now JPMorgan’s effort is a direct threat.”
As per the publication, Ripple’s CEO Brad Garlinghouse dismissed the impact of the coin’s launch and tweeted saying:
“As predicted, banks are changing their tune on crypto. But this JPM project misses the point- introducing a closed network today is like launching AOL after Netscape’s IPO. 2 years later, and bank coins still aren’t the answer.”
The San Francisco-based company has claimed that it has more than 200 banks and payment providers on its Ripple Network, which also includes Japan’s Mitsubishi UFJ Financial Group Inc. and Standard Chartered PLC, as per their website.
Travis Kling, the Los Angeles-based founder of crypto hedge fund Ikgai Asset Management had this to say:
“JPM’s project is much more evolutionary than revolutionary — it is utilizing a private, permissioned blockchain technology called Quorum, which is much closer to a Google Sheet than a Bitcoin. The project is clearly competing directly with Ripple Labs and their centralized cryptocurrency XRP.”
The JPM coin, unlike XRP, is pegged to the dollar, thus offering a stable medium of exchange for the people, while XRP was trading above $3 in early 2018 and has gone down to 30 cents currently. Shaughnessy added:
“The JPM Coin is a stable coin whereas XRP is anything but stable. That’s going to be a very contentious point for banks who don’t want the currency in which they make payments to be volatile.”
The post Ripple and XRP face new challenges as JP Morgan launches new stablecoin, JPM coin appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin [BTC]: Daily average block size hits an all-time high of 1.3 MB

Bitcoin, the largest cryptocurrency according to market capitalization, has often been under a lot of criticism for its limited block sizes on their blockchain. The disagreement even led to a hard fork within the cryptocurrency, which subsequently led to the birth of two new crypto assets, Bitcoin Cash and Bitcoin SV.
However, according to recent data from blockchain.com, Bitcoin’s daily average block size has reached 1.3 MB, an all-time high.
The blocks of a blockchain act as a digital record book where all the transactions are stored. The independent units are organized into a linear sequence over time as new transactions are constantly being processed and added by miners and the length of the blockchain increases. The higher the number of blocks gets buried in the blockchain, the more difficult it is to remove and make changes in the blockchain, contributing to the irreversibility of Bitcoin’s blockchain.
Average Block size graph | Source: Twitter
According to the chart, the rate of the average block size has been gradually increasing since the turn of the year, after dipping to around 0.80 MB in December 2018.
The blocks mined at press time, which is approximately every 10 minutes, is marginally larger than the previous limit of 1MB which was put in place by the Bitcoin network. The improved block size can be attributed to the introduction of Segregated Witness [SegWit] in August 2017.
Since the introduction of SegWit, the concept of ‘block size’ has been slightly updated to ‘block weight,’ allowing block capacity to be raised up to 4 MB in capacity.  In the current Bitcoin network, around 40 percent of all Bitcoin transactions are using the concept of Segwit.
The implementation of SegWit has also opened the possibility for off-chain scaling of which the Lightning Network is the prime example. The Bitcoin Lightning Network is currently growing at a rapid pace due to the involvement and support of crypto users and high-profile personalities.
Moreover, according to blockchain.com, the implementation of SegWit might have also affected transaction fees and transaction rates on the Bitcoin network as they have approached their all-time low and all-time high respectively.
The post Bitcoin [BTC]: Daily average block size hits an all-time high of 1.3 MB appeared first on AMBCrypto.
Source: AMB Crypto

Ethereum [ETH]: Cryptopia to resume operations a month after hack stole $16 million in Ethereum

The New Zealand-based cryptocurrency exchange Cryptopia has resumed operations following a green light from the local police, a month after the exchange was hacked.
Cryptopia boasts 2 million users globally and offers trading for a host of notable cryptocurrencies. The main hack, which took place on January 14, and the hack that followed on the January 28, cost the exchange an estimated $16.1 million [or over $23 million in New Zealand Dollars], with a large proportion of funds taken out of Ethereum [ETH] wallets.
At press time, the company’s website is non-operational. However, a message regarding the hack and an update about its co-operation with local authorities has been posted. It stated:
“Cryptopia has notified and is cooperating with the appropriate government agencies, including the NZ Police and High Tech Crimes Unit.”
Furthermore, the exchange posted on their official Twitter account following a month of inactivity. In the tweet, Cryptopia stated that the exchange is working tirelessly to ensure that the stolen funds are retrieved as soon as possible. It read:
“Update: The police have now given us access back to our building, while they continue their investigations. Our staff are working relentlessly to evaluate the funds that were stolen.”
The significant part of the work by the investigating High Tech Crimes Unit has been completed at the Christchurch office of Cryptopia, as confirmed by Greg Murton, a Detective Inspector. Additionally, the authorities stated that the exchange now has full access to their business premises, which was also confirmed by Cryptopia in the above tweet.
Murton did not confirm the quantity or value of virtual currencies stolen during the hack. However, he did state that the police are not interfering with the exchange in the investigation and that the latter is free to commence their operations, without any hindrances.
Earlier in the month, the local police had stated that the investigation was going well and that the process will take a “considerable amount of time to resolve due to the complexity of the cyber environment”.
Twitter users are not happy that the exchange was locked up for over a month and that the accounts were frozen, with no access or any notification from the company’s end.
Twitter users, however, remain skeptical about the announcement. One of them, @CryptoSurvivor, replied to Cryptopia’s tweet:
“Thats not good enough. It’s been exactly one month. About time we get to our respective accounts and protect our funds. You obviously have no clue how. Take the hit and be accountable for your mismanagement.”
@Domienbueds, commented,
“We just want our funds back! Its been long enough!”
@RobertRenders stated,
“Thank you for this update. As we all know, nothing so frustrating as not knowing or getting no response. Hope current circumstances suit the team better and allows it to give clients an update on a daily (?) basis. Even if it doesn’t entail much.. Good luck with the task at hand”
The post Ethereum [ETH]: Cryptopia to resume operations a month after hack stole $16 million in Ethereum appeared first on AMBCrypto.
Source: AMB Crypto

$2.47 million in cryptocurrency stolen from Turkish firm by hackers communicating through PUBG

Cryptocurrency networks are often exposed to the threat of thefts that loom over the network’s security. It is for this reason that such networks and firms spend a significant amount of capital to fix the critical vulnerabilities and improve the protection quotient.
A Turkish firm failed this test after a group of cyber criminals pulled off an online heist on a domestic cryptocurrency company. The group of alleged hackers has been detained by the local authorities and according to reports, the hackers used the highly popular game PUBG as a medium of communication prior to the cryptocurrency theft.
The Turkish company which has fallen to the vicious attack of the virtual hackers is an Istanbul-based cryptocurrency firm. According to the Daily Sabah, a local news publication, the identity of the firm has not been disclosed, however, it has been suggested that the firm provides digital currency trading platforms.
A reported $2.47 million was stolen in the hack. The police authorities have suspended 24 members involved in the felony, following a nationwide investigation across eight of Turkey’s provinces. However, police raids could only recover $256,000 of the stolen $2.47 million.
The authorities had been informed about the hack by the cooperation itself. In its primary report, it stated that a large amount of Bitcoin, Ethereum, and XRP had been stolen. However, the Istanbul Cybercrime Branch Officer later clarified that not one, but two firms’ cryptocurrencies were compromised, amounting to a total of 13 million lira. The funds were transferred from the company wallets to the digital wallets controlled by the hackers.
The official police report has also confirmed that the felons had been communicating with each other using the popular battle royale video game called Player Unknown’s Battlegrounds, or popularly known as PUBG.
The incident, which highlights yet another case of a firm’s compromised security, has raised a lot of questions and reactions. A Redditor, bitcoin_master, commented:

“It is safest for one to protect their Bitcoin and other digital assets by taking responsibility for securing their own financial capital and keep a check of their own private key.”

The post $2.47 million in cryptocurrency stolen from Turkish firm by hackers communicating through PUBG appeared first on AMBCrypto.
Source: AMB Crypto

Litecoin [LTC] Price Analysis: Bear’s grasp over the coin tightens

With a total market cap of only $120 billion, most of the crypto assets on CoinMarketCap are now in the red. Despite last week’s surge, digital currencies have stepped back, falling behind support levels, including Litecoin [LTC], which currently stands fourth after a sudden flip last week.
The silver crypto opened at $43.83 and traded at a high of $44.51 before falling down to $41.42 and finally, closing at a low, recorded at $42.00.
The pair LTC/BTC has been trending on five different exchanges. Leading the way was OKEx, with a 24-hour volume of $63.91 million. The second exchange platform on the list was Coineal, with a volume of $57.63 million, was followed by DigiFinex with a volume of $56.63 million.
At the time of writing, the market capitalization held by LTC stood at $2.51 billion. LTC was valued at $41.56, with a volume of $1.09 billion. The fourth-largest coin displayed a slip of 2.15% in the past 24 hours.
Source: TradingView
An uptrend from $43.01 to $43.67 has been recorded for the coin on the hourly chart. The downtrend for the same has been recorded from $46.52 to $43.68. The resistance is marked at $42.35, while the support is at $40.78, which is uncomfortably close to the price of the coin.
Parabolic SAR: Dotted markers are placed above the candles, suggesting a bearish phase for the silver coin.
Chaikin Money Graph: The CMF is trending just below zero, suggesting that money inflow is lower than the outflow.
Klinger Oscillator: With the reading line looking to move over the signal line, the KO indicator predicts a potential bullish crossover soon.
Source: TradingView
An upward trend from $23.25 to $30.68 and a massive downward trend from $55.91 to $38.87 has been recorded on the altcoin’s one-day chart. The immediate resistance noted for this time period is marked at $46.48 and the support point is at $38.67.
Bollinger Bands: The diverging Bollinger Bands suggest a high probability for a significant price fluctuation in the LTC market.
Awesome Indicator: The lines are slowly turning red, indicating that the price momentum is moving towards a bearish phase.
MACD: The MACD line is placed above the signal line. This suggests that a bullish market may soon be in the offing.
Parabolic SAR, CMF, AO indicators all paint a bearish picture for the LTC market. However, a faint bullish trend is predicted by the KO and MACD indicators. Price movement for the coin seems inevitable as the Bollinger Bands suggest some price volatility in the future.
The post Litecoin [LTC] Price Analysis: Bear’s grasp over the coin tightens appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin is decentralized and the ledger is correct but the structure is inefficient, says Bank of Canada

Bitcoin [BTC] and other cryptocurrencies have been considered revolutionary in the finance and technology industry. Moreover, Bitcoin, currently the largest cryptocurrency in the space and also the very first cryptocurrency, is often hailed as digital gold, and a currency that would give financial freedom to all.
The topic of whether “Cryptocurrencies offer something new” was recently discussed by the Bank of Canada in its report, ‘Crypto money – Perspective of a couple of Canadian central bankers’. Here, the report elucidates on whether Bitcoin and other cryptocurrencies offer anything new in terms of economic services. It also talks about whether it should be coined revolutionary, considering that cryptocurrency claims to remove intermediaries and the need for trusted third parties.
On this topic, the report first elucidates on blockchain technology. According to the bank, the distributed ledger service has two main economic services; first is noted to be ‘well-established’ and the other is ‘innovative’. Here, the well-established service is “record keeping in a ledger” and the innovative service is the “distributed consensus mechanism,” wherein the most common consensus mechanism is noted to be Proof-of-Work [PoW].
Furthermore, the report states that the main reasons the Bank of Canada and several other players are looking into the use-case of blockchain technology is its ‘potential efficiencies’ and ‘the need to update legacy systems.’
The report reads,
“That said, these experiments show that efficiency gains are not always realized, especially when the existing system is already very efficient. The initial phases of the Bank of Canada’s project to experiment with a DLT-based interbank large-value payments system is an example of this kind of result, mainly because the existing system is highly centralized and efficient. “
It further states,
“That said, efficiency gains may be more likely in other payment systems that are less efficient, for example, because they involve multiple intermediaries across jurisdictions. This is one reason why the Bank of Canada, Monetary Authority of Singapore and Bank of England have examined cross-boarder payments and uses of DLT in this process.”
Furthermore, the report states that despite the technology being built to be trustless, in reality, it is not completely trustless. It states that even if a person does not have trusted counter-parties, an individual will have to trust the developers, miners and the protocol itself.
“One example of a vulnerability that can arise in the system design is the possibility that the ledger could be distorted by a 51 per cent attack. This is not just a theoretical possibility; several altcoins such as Bitcoin Gold, have had issues due to 51 per cent attacks in which miners have ganged together to manipulate the whole ledger. “
This was followed by the report stating that it is “critical” for users in the space to trust the people developing the code that supports crypto assets. It added that people in the space “have to know” that the code is bug-free and is resilient to tampering. Here, the report quotes the bug found in Bitcoin in September 2018 as an example for its importance.
Furthermore, the report speaks about the ‘blockchain trilemma’, written by Abadi and Brunnermeier. According to this, a general blockchain has to correct, cost-efficient and decentralized. However, the blockchain trilemma suggests that “no ledger can simultaneously meet all three criteria.”
The report reads:
“For instance, Bitcoin is decentralized and the ledger is essentially correct. But structure is very inefficient. The consensus process is onerous to ensure the correctness of the ledger. This is done by imposing a computational burden in the form of a very high energy cost, as well as a slow speed for processing transactions.”
The post Bitcoin is decentralized and the ledger is correct but the structure is inefficient, says Bank of Canada appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin [BTC]: Lightning Torch gains momentum as Binance’s CZ and Erik Voorhees participate

The cryptocurrency ecosystem has recently been very active in the development and growth of Bitcoin’s Lightning Network. The introduction of Lightning Network has been getting more and more attention due to ever-increasing support for an improved rate of adoption.
Changpeng Zhao, CEO of Binance exchange recently tweeted through his support for the implementation of Lighting Network through his Twitter.
He tweeted:

The wider adoption of Bitcoin’s Lightning Network has been assisted by the ‘Lightning Torch,’ a social experiment that has generated a lot of attention for the network.
According to the LN developers, Bitcoin’s Lightning Network offers significant improvements over major issues that plague common payment systems. The LN is supposed to enable users to transfer capital across the globe without the involvement of a third party, unlike MasterCard or PayPal.
With the help of the social platform Twitter, the experiment has caught enough momentum and people are passing the “torch payment” from one person to another after adding 10,000 satoshis [valued at $0.357 at press time] to the payment, before passing it further forward.
The experiment has got a lot of high-profile personalities to participate in the BLT [Bitcoin Lightning Network] experiment, including the CEO of Twitter, Jack Dorsey who openly participated and by extension, promoted the Bitcoin LN. Jack Dorsey had recently dubbed Bitcoin as the future “native currency” of the internet.
Regarding the experiment he had stated,
Source: Twitter
The Lightning Torch was recently passed on to Changpeng Zhao and the founder of Binance exchange was also happy to engage in the experiment and demonstrate his support for the cause.
Zhao has passed on the lighting torch to the Tron Foundation’s CEO Justin Sun who was delighted to be part of the experiment as well.
He tweeted that,
Source: Twitter
Justin Sun’s shout out and endeavour to pass on the Lightning Torch failed however as Tesla CEO Elon Musk and NBA player Kobe Bryant failed to respond and participate.
The Lightning Torch is now in the possession of Shapeshift exchange’s CEO, Eric Voorhees who recently tweeted on the subject.
He tweeted,
Source: Twitter
The post Bitcoin [BTC]: Lightning Torch gains momentum as Binance’s CZ and Erik Voorhees participate appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin [BTC] may still be the rockstar in this asset class but, it appears to be aging fast, says Bank of Canada

Recently, Bank of Canada, the North American country’s central bank released a report on Bitcoin [BTC] and other cryptocurrencies, titled ‘Crypto Money – Perspective of a couple of Canadian Central Bankers’. The report takes a deep dive into the cryptocurrency space, its evolution and its current role in terms of affecting the central bank’s role in the economy. The primary focus of the report was to highlight the payment and money properties of digital currencies as the bank claims them to be of “utmost importance.”
The report begins with five key observations about the cryptocurrency space. They are,
Classification of cryptocurrencies available in the market
Trading volume of cryptocurrency against the trading volume of U.S municipal bonds and U.S corporate bonds
Bitcoin’s market share over the course of time
Entry and exit of crypto-assets trading on exchanges
Bitcoin and other cryptocurrencies as a means of payment
The first observation speaks about the classification of digital currencies present in the space currently. Here, the report has divided the token found in the space into three types of currency. The first is cryptocurrencies, tokens that were created to play the role of currency and with which users can purchase goods and services. Here, Bitcoin [BTC], Litecoin [LTC], and Monero [XMR] are quoted as an example for this type of currency.
Second are Security Tokens, tokens that allow investors “to take some form of position in the firm”. According to the report, several Initial Coin Offering [ICOs] fall under this category. Third are Utility tokens that allow users “to consume goods and services specific to the platform,” like Ethereum’s token, Ether [ETH].
The report states,
“The difficulty for regulators is not only that there are shades of grey between different types of cryptoassets. They also may change types over the lifecycle of a project; many that start off primarily as a fundraising tool are intended to eventually be either a currency or a utility token.”
Furthermore, it also mentions CoinMarketCap’s distinction of cryptocurrencies in the market into four “broad buckets”. The first two buckets are Bitcoin and Ethereum, which are classified to be the most prominent assets in the space. The third bucket includes altcoins, cryptocurrencies that have their own blockchain and the fourth are those tokens that are based on other blockchains like the Ethereum blockchain.
The second observation is pertaining to the cryptocurrency market’s trading volume which saw massive growth over the past year and a half. Here, the report states,
“While cryptoassets may not yet be prominent enough to pose immediate financial stability concerns, they are prominent enough to warrant active monitoring assessment. In fact, the trading volume of cryptoassets is currently the same as U.S municipal bonds, which is also roughly the same as that of Canadian-Dollar spot foreign markets.”
It further reads,
“Moreover, during the peak trading in 2017, Bitcoin and tokens rivaled US corporate bonds trading volume. This raises the question of how the composition of the market has changed over time.”
The third observation the report speaks of is concerning Bitcoin’s market share in the cryptocurrency market, which has seen a steady decrease over the years. It states that the coin once had a “Lion’s share” of weekly trading volume when measuring in U.S dollars till 2015. However, this was soon cut to 50% in 2017, during the emergence of other tokens in the space.
“Bitcoin may still be the rockstar in this asset class, it appears to be aging fast”
The fourth observation is related to the entry and exit of cryptocurrency assets in the market. The report states that new cryptocurrencies started to enter the market in 2015 and picked up their pace in 2017. It further states that even though there were many crypto assets that were introduced to the market, there were several that failed.
Here, the reasons for the failure is stated to be either the failure of the exchange the token was listed on, providing no volume and liquidity for the coin, the failure of the asset itself, or the possibility that the token could have been a scam or the project would have met a dead-end.
“The introduction of cryptocurrencies such as Ethereum, Litecoin, Monero and EOS among many others show that at least some of the entry of new coins and tokens represent a kind of creative destruction with new coins and tokens improving on older coins and tokens.”
The last observation of the report was related to Bitcoin and other cryptocurrencies as a means of payment. Here, the report stated that the high volatility in the price of cryptocurrencies makes them a “very poor means of payment.”
“The high-price volatility of bitcoin imposes a large short-term risk to its users; and the relevance of this risk is accentuated by the fact that bitcoin is not the unit if account in most cases, for either goods and services or wages.”
The post Bitcoin [BTC] may still be the rockstar in this asset class but, it appears to be aging fast, says Bank of Canada appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin SV [BSV]: Jimmy Nguyen says stability is key; hardforks a thing of the past

Bitcoin SV [BSV] emerged in November 2018 after a messy hardfork with Bitcoin Cash [BCH], with supporters of the coin claiming that it is the only, “project that follows the original Satoshi Nakamoto whitepaper.” Now, spearheads of the project are gunning for mass adoption with their new “No Limits” approach.
Jimmy Nguyen, the CEO of nChain, founding president of the bComm association and a major proponent of Bitcoin SV stated that the BSV camp has been pushing several boundaries, primarily on the data size limit, applicability and scalability front.
In an interview with Coingeek, Nguyen stated:
“It’s real validation for us that the path we chose to follow with Bitcoin SV, the Satoshi Vision, lifting the limits, letting it scale as big as possible, was right, and developers would think of amazing new usages of Bitcoin if you just give them the potential unlimited power to do so.”
He stated that one of the biggest changes for the blockchain was the expansion of OP_RETURN, which would allow the network to carry larger data, without splitting the coin. This was done through a consensus among the miners. Nguyen added that this would make BSV the “world’s new data carrier network,” so that the blockchain can store and transmit data.
Bitcoin SV was in the news last week when an illegal picture was floated on the coin’s network. This was an unfortunate event which was addressed by top members of the BSV camp, including Nguyen and nChain’s Chief Scientist Craig Wright, who stated that the issue was not limited to just BSV but, is true for Bitcoin and Ethereum as well.
This change in protocol, Nguyen believes, will allow Bitcoin SV to be a Dropbox of sorts, where variable data, in terms of type and size can be stored and transmitted. He added that this would open a host of opportunities for the larger market,
“If I’m a big enterprise, one of the things I’d be thinking about are, what kinds of data could I store on the Bitcoin SV blockchain that I’d want to be able to pair with the ability to access, or give access to that data to other people, in exchange for micropayments. Instead of having large volume fees, you could individualize the access to data. And I think that opens up a whole new world of business models.”
Quite ironically, the nChain executive believes that hardforks are redundant for the future of cryptocurrencies, as this takes away stability. The emergence of Bitcoin SV was quite contentious as it led to a hashwar between the two feuding camps, each backed by heavyweights of the cryptocurrency industry.
In light of this, Nguyen added,
“Restore the original Satoshi protocol, keep it stable, leave it alone. Lift the limits and let developers build on top of the chain and that will unleash creativity with no bounds.”
Scaling is no doubt a prime focus for the coin with their new 0.1.1 version focused on “massive scaling,” as confirmed by the node team. The goal is to achieve consistent 64MB blocks, with the aim for 2019 to push for 512MB blocks and 1-2GB blocks in the coming years. Eventually, the goal will be to not have any block size cap, with the size configured by miners.
Nguyen concluded:
“The plan is, on Bitcoin SV, to raise the default block cap to 512MB as another step towards getting to 1GB to 2GB in size. And one day, much like Op Return, no limits. I think that’s our message. We believe in Bitcoin, #NoLimits.”
The post Bitcoin SV [BSV]: Jimmy Nguyen says stability is key; hardforks a thing of the past appeared first on AMBCrypto.
Source: AMB Crypto

JPMorgan Launches JPM Coin, World’s First Bank to Launch Cryptocurrency

A banking giant with almost $6trillion worldwide every day has announced the launch of its own cryptocurrency called, JPM Coin. Accordingly, JPMorgan’s new coin will go live in the next few months.
World’s First Cryptocurrency By Bank
Announced on Feb 14, 2019, JPM Coin’s headline surprised many crypto enthusiasts – since, in last few years, the name of JPMorgan’s Jamie Dimon appears on headline while criticizing the largest cryptocurrency, bitcoin. In fact, CEO Jamie Dimon called Bitcoin as a ‘fraud’. However, few Engineers at Bank have rolled a new coin on Bank’s name which intends to transfer the minimum payment in initial.
While Jamie Dimon constantly avoiding the growth of Bitcoin, the managers and engineers at NewYork based bank have always been optimistic towards the underlying technology and digital currency at large. The new coin by Bank’s engineers is an initiative to execute instant payment settlement between banks using cryptocurrency mechanism. Talking about the payment transfer using blockchain, Umar Farooq, the banks’ blockchain projects says that ‘it would be payment leg for that transaction’.
“So anything that currently exists in the world, as that moves onto the blockchain, this would be the payment leg for that transaction,” Umar Farooq said. “The applications are frankly quite endless; anything, where you have a distributed ledger which involves corporations or institutions, can use this.”
Bashed Bitcoin But Not Regulated Crypto
It’s quite interesting to note that Jamie and bank’s few engineers ‘bashed bitcoin’ but they constantly eye on digital currency that is ‘regulated’. Consequently, they believe such regulated cryptocurrency will hold the promise. At this point of time, JPM Coin is more likely a stable coin. The reports revealed that the coin will be backed by 1 U.S.dollar wherein the value wouldn’t fluctuate.
The idea is that, once the dollar is deposited in banks, clients will issue the coins and such coins will be used either as payment or security purchase on the blockchain. As such, once after the clients used it, the bank would destroy the coins and return ‘commensurate number of dollars’ to clients.
Per Farooq’s statement, JPM coin will be on board for three key reasons. First is for international payments for large corporate clients, second is for securities transactions and lastly for huge corporations using bank’s treasury services business.
Addressing the JPM coin for treasury service firms which replace their dollars in subsidiaries worldwide, Farooq said that;
“Money sloshes back and forth all over the world in a large enterprise,” he said. “Is there a way to ensure that a subsidiary can represent cash on the balance sheet without having to actually wire it to the unit? That way, they can consolidate their money and probably get better rates for it.”
Isn’t it surprising that JPMorgan is the first banking player to launch cryptocurrency? share your opinion with us.
The post JPMorgan Launches JPM Coin, World’s First Bank to Launch Cryptocurrency appeared first on Coingape.
Source: CoinGape