Bitcoin [BTC] being unconfiscatable doesn’t apply to exchanges that are going to get regulated, says Bitcoin proponent

Tone Vays, a well-known Bitcoin proponent, spoke about Bitcoin [BTC] being unconfiscatable, in a Q&A session during the Tampa Meetup. He also spoke about what prevents countries and exchanges from gaining over 80% to 90% of the coins.
Vays stated that Bitcoin being unconfiscatable does not apply to cryptocurrency exchanges which are going to get regulated. He added that this creates a “big dilemma” as Bitcoin does not have a single price, quoting the example of the price on Bitfinex. The Bitcoin proponent went on to say that Apple stock and S&P 500 have one price because all the stock and supply is in one place, adding that only one exchange has Apple stocks who act like brokers. He said:
“so the problem is when it comes to the Bitcoin ETF I’m not happy with the fact that in order to have like a really stable price of Bitcoin, all the Bitcoin needs to sit in one place. Because that would stop, you know, someone with a few million dollars to move the market on a single exchange and then the rest of the exchanges panic.”
The Bitcoin proponent stated that having all the Bitcoins at one place creates huge risks even though it creates a much more stable market. This includes one single target for hackers, creating a same situation for gold in 1933, wherein the government confiscated gold from any US citizen who owned or traded it.
This was followed by Vays stating that if 50%-60% of Bitcoin are with regulated exchanges such as Coinbase, Gemini or is underlying in ETF, then it is a problem. This is because the governments could have the power to step in and confiscate it. He stated:
“So, I don’t see all of that Bitcoin would be under control of a single government. So, you know, all the government’s have to get together and agree to something which never happens or ah like the US would have to be dominant […] the United States is pushing the superpower limits, countries don’t usually stay as a superpower for over a hundred years”
He went on to say that it is a “concern” that a lot of Bitcoin is under the control of regulators and governments as people could start to lose faith in Bitcoin being a “fully independent and hard money” because it could be confiscated.
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Source: AMB Crypto

Ethereum [ETH/USD] Technical Analysis: Bull dives back in to save the coin again

Yesterday, the whole market witnessed all the major cryptocurrencies hitting a new low for the year. Contrary to the investors’ expectations, instead of taking the upward direction, the cryptocurrencies are going the opposite direction.
According to CoinMarketCap, at press time, Ethereum was trading at $83.23 on Coinbase and has an overall market cap of $8.78 billion. The coin has a trading volume of $1.6 billion and has plunged by over 8% in the past seven days.
1-hour
Ethereum one-hour price chart | Source: Trading View
In the one-hour chart, the coin has a downtrend from $96.89 to $89.94. The coin shows another steep fall from $89.13 to $84.02. The chart also records an uptrend from $81.95 to $83.82. It has immediate resistance at $85.86 and the strong resistance is at $89.96. The support ground for the cryptocurrency is at $81.93.
Parabolic SAR is forecasting a bullish trend as the dots have aligned below the candlesticks.
Chaikin Money Flow is also bullish for the cryptocurrency as it demonstrates that the money is flowing into the market.
Bollinger Bands are predicting a less volatile market for the coin as the bands have started to converge.
1-day
Ethereum one-day price chart | Source: Trading View
In the one-day chart, the coin pictures a downtrend from $466.01 to $208.77. It also shows that the coin continued to fall further from $203.20 to $89.02. The immediate resistance is set at $122.07 and the strong resistance is set at $219.01. The support has found its ground at $82.95.
RSI is showing that the selling pressure for the coin is more than the buying pressure, indicating a bear’s wave.
MACD is on the bull’s side as the moving average line has made a crossover to only reach the top.
Klinger Oscillator shows that the reading line has also made a bullish crossover.
Conclusion
The bull has returned to ensure that the coin is not crushed by the bear. It was persuaded to return by MACD and Klinger Oscillator from the one-day chart, and Parabolic SAR and CMF from the one-hour chart.
The post Ethereum [ETH/USD] Technical Analysis: Bull dives back in to save the coin again appeared first on AMBCrypto.
Source: AMB Crypto

Stellar Lumens [XLM] falls by 8.32%; Tether [USDT] take over fourth position

Stellar [XLM] which ranked fourth on the CoinMarketCap until December 14, has slipped to the fifth position. This slip provided the stable coin, Tether [USDT] to take over the fourth position.
Source: CoinMarketCap
At the time of press, Stellar was valued at $0.0953 with a market cap $1.8 billion. The coin registered a 24-hour trade volume of $83 million and it slipped by 8.32% within 24 hours, at the time of press. The coin noted an overall fall of 19.29%.
According to the maximum trading volume of the coin, Bibox reported the highest volume of $23.5 million with LTC/BTC pair. Bibox followed itself and registered second highest trading volume of $22.7 million with LTC/ETH pair. Bibox was followed by $21.9 million with LTC/USDT.
Tether, the stable coin was trading at $1 with a market cap of $1.85 billion and had plunged by 0.19% and is seen to maintain its standing.
Source: Trading view
When the coin started to fall, it broke previous support and a new support was seen to form at $0.0963. The coin was valued at $0.9057 at the beginning of the year, which was the highest it was ever valued at. However, the coin has been gradually falling and it doesn’t seem to stop.
Recently, Tron [TRX] had surpassed Stellar in terms of trading volume. It was informed by Tron, Chief Executive Officer and founder of the Tron Foundation, Justin Sun in a twitter post. Sun tweeted:
“According to @CoinMarketCap, there are 159 trading pairs of #TRON which already surpassed 157 trading pairs of Stellar. #TRX was already listed on more than 100 exchanges, including Crypto/Crypto & Crypto/ Fiat trading pairs. $TRX”
However, a glimpse of happiness was seen for the coin on December 13, when CoinField, a prominent Canadian cryptocurrency exchange announced that they were launching Stellar on the platform as an XRP base pair. The XLM/XRP pair will be available alongside six different fiat pairings like USD, CAD, EUR, GBP, JPY, and AED.
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Source: AMB Crypto

Ripple’s blockchain technology to be used to transfer GBP to UK’s Santander Bank from Turkey

Akbank, a Turkish bank, has announced that it is using Ripple’s blockchain technology to transfer Great Britain Pound [GBP] to UK’s Santander Bank from Turkey.
As the most devastating bear year approaches the end, some good news comes afloat as Olga Ulutaş, Executive Vice-President in charge of Direct Banking made his satisfaction of becoming the first bank to use Ripple’s blockchain technology for cross-border payments clear.
Referring to the announcement made last year about adopting Ripple’s blockchain technology, Ulutaş said that they’ve started international money transfer using blockchain technology. He continued:
“Now we have started to transfer money from GBP via Ripple to Santander UK with Blockchain infrastructure. With this important technology, our customers will now be able to benefit from the possibility of transferring money to international money transfers at a much lower cost. With the participation of new banks in the system, we continue our journey to expand this service through cooperation with different banks.”
GMT Israel’s largest and leading financial services company announced in their blog that they are authorized in using Ripple’s blockchain technology.
The blog stated:
“GMT is joining companies like MoneyGram, AmericanExpress, CIBC, Earthport, AKBANK and many more, who are already authorized to use Ripple’s platform.”
Although there are no mentions about the use of xRapid to facilitate the transactions, some people in the community are speculating that it could be xCurrent and not xRapid.
Back in June, Brad Garlinghouse, the CEO of Ripple said at CBInsights that he is sure that at least one bank would use XRP. He said:
“I have publicly said we expect this year for at least one bank to use XRP in their payment flows to use xRapid”
When asked if he was sure, he replied that he was “… a 100% sure”. The community is putting two and two together and speculating that this could very well be that bank as 2018 has only 15 days left.
A Redditor mikenard77 commented:
“They are transferring GBP to Santander. This means they are using Santander as a hub, to pay out in multiple currencies with one bilateral relationship. Santander will send the needed currency to the recipient. Multihop does not require xRapid, but the most efficient multi-hop payments are done through xRapid.”
The news might also bring back the familiar “$589+ by the EoY” to life as it coincides with the well-known BearableGuy123’s riddle and Brad Garlinghouse’s comments.
The post Ripple’s blockchain technology to be used to transfer GBP to UK’s Santander Bank from Turkey appeared first on AMBCrypto.
Source: AMB Crypto

XRP/USD Technical Analysis: Coin taken to the dumps by the bear as year comes to a close

XRP has been part of the cryptocurrency roster that has been affected by the crushing market drops. Ripple’s product, which is currently holding the number two position on the cryptocurrency charts, has broken a lot of price supports and has found it difficult to get on the bullish slide.
1-hour

The one-hour XRP chart shows a support of $0.289, with an immediate resistance of $0.326. The recent downtrend has bought the prices down from $0.311 to $0.296.
The Parabolic SAR has been predominantly bearish with the markers staying above the price candles. In an immediate scenario, the PSAR shows bullish signals.
The Relative Strength Index, after recovering from the oversold zone is staying just below the middle of the graph. This is an indication of the selling pressure being more than the buying pressure.
The Chaikin Money Flow indicator has been staying below the zero line. This signifies the money flowing out of the market is more than the money coming into the market.
1-day

The daily chart for XRP does not paint a better picture for the cryptocurrency with no recent uptrends. The last uptrend saw the cryptocurrency climb to $0.573 while the following downtrend witnessed the cryptocurrency fall from $0.516 to $0.306.
The Bollinger band has started a divergence with the bearish trend taking charge. The size of the Bollinger cloud has also reduced due to the reduced magnitude of the trend changes.
The MACD indicator shows a conjoined movement by the signal line and the MACD line. Both the lines have crashed to the bottom, showing the stronghold of the bear. The MACD histogram has also stayed red for the past three weeks.
Conclusion
The above-mentioned indicators all take the side of the bear with no bullish reprieve in sight. With 2018 coming to a close, the ‘crypto-winter’ seems to be holding strong, proving analysts who predicted an extended bear run, run.
The post XRP/USD Technical Analysis: Coin taken to the dumps by the bear as year comes to a close appeared first on AMBCrypto.
Source: AMB Crypto

Litecoin [LTC] creator Charlie Lee’s ‘Flappening’ prediction materializes; LTC overtakes BCH to become seventh-largest token

The cryptocurrency market is undergoing changes with respect to cryptocurrencies’ standing almost every day. Yesterday, Litecoin [LTC] took over Bitcoin SV [BSV] and moved to the eighth position. Later in the day, Litecoin [LTC] crossed Bitcoin Cash [BCH], to rank seventh on the CoinMarketList.
Charlie Lee, the creator of Litecoin expressed his joy of overtaking BCH by retweeting a gif doing rounds on Twitter. Lee tweeted:

Who needs TV when you’ve got cryptotainment? https://t.co/PN23ZzlBf9 pic.twitter.com/mJIpmjlE2F
— Jameson Lopp (@lopp) December 15, 2018
The flappening refers to a previous tweet by the creator of LTC that dates back to February 25. Lee tweeted:
Source: Twitter
In early 2018, when Ethereum boomed, many speculated it to overtake the biggest cryptocurrency Bitcoin [BTC]. However, Lee, the Ethereum skeptic denied the possibility and instead, said that his cryptocurrency, LTC, could overtake Bitcoin Cash [BCH].
The Litecoin community responded to Lee by launching an LTC vs BCH data aggregator called Flappening.watch, which was in line with Lee’s ‘Flappening’. They also used Lee’s mascot, a chicken in an armor. Even though BCH was way ahead of LTC for most of the year, it ultimately crossed BCH on Friday.
Lee had also tweeted about merchants accepting Lightning network payment. He tweeted saying:
“Even Litecoin will soon have more than 1000 merchants accepting LN payments! Thanks @CoinGatecom!”
On Friday, BCH started to surrender and fell below its support point. Meanwhile, LTC started recovering and bounced off its lowest $22.5 standing. Lee pointed at his prediction and took to Twitter to share his joy with a tweet which contained three emojis, a chicken, flying dollar bill and a rocket added to a gif.
Flappening.watch reported LTC to have registered a market cap of $5 billion higher than that of BCH and had 384% more active addresses, 340% higher daily transactions, and 288% more in trading volume. CoinMarketCap reflected this change in the standings of the two coins with LTC on the seventh position.
At the time of reporting, LTC was valued at $24.08 with a market cap of $1.4 billion and grew by 2.27% within 24 hours. The coin registered a 24-hour trade volume of $328 million. The coin recorded a growth on 0.04% over an hour, at the time of press.
However, LTC and BCH are playing the game of power and are constantly undergoing changes, which is impacting their standings on cryptocurrency list. As on December 15, the coin plunged and was back to the eighth position, yet ahead of BSV. The coin recorded an overall fall of 6.09% at the time of reporting.
The post Litecoin [LTC] creator Charlie Lee’s ‘Flappening’ prediction materializes; LTC overtakes BCH to become seventh-largest token appeared first on AMBCrypto.
Source: AMB Crypto

Competition is the fuel of innovation

When it comes to the cryptocurrency market, few things remain static. Start-ups are racing to provide ever-improving products to gain a foothold in their respective markets. BitMax.io [BTMX.com] aligns with this mindset of constant improvement and in turn developed one of the most innovative exchanges model in the crowded cryptocurrency trading exchange space.
The Mechanism
BitMax.io’s introduction of combined BTMX mining and reverse-mining models has allowed it to lay the foundation for what they aim to be the most client-centric exchange to date.
Users who opt to utilize the exchange’s transaction-fee mining mechanism will be able to trade with transaction fees ranging from 0.04%-0.025%, which is the lowest in the industry. The equivalent of the aforementioned fee will be returned to the user’s account in the form of BTMX, the native token of the BitMax.io exchange, based on BTMX’s price on the secondary market.
Additionally, as BitMax.io offers the option of reverse-mining for Maker trades, user not only get rebates by executing Maker trades but also “return” the equivalent market value of BTMX tokens by the platform deducting them from the user’s account. They will be sent for permanent lock-up, thus reducing the overall circulation of BTMX on the secondary market.
An Outstanding Token Model
Most of the current top-ranked exchanges earned their positions on the basis of price-competition. However, the crypto market is one of the most dynamic industries in the world, and thus the pricing models that once seemed economical are now considerably expensive if compared to the fees charged by BitMax.io. On top of that, BitMax’s tight spreads and outstanding token model, which were developed through extensive market research, have definitely differentiated itself from the rest of industry.
Trans-fee and Reverse Mining vs Other Models
BitMax’s trans-fee mining and reverse-mining models go hand-in-hand. The trans-fee model provides liquidity on the secondary markets while reverse mining model for those maker trades provides a means to control the inflationary nature of transaction mining from the number of token in circulation. Together, these facilities carve out a new token model, and this is how it compares with established token models.
Membership Benefits: using BTMX to purchase membership VIP cards can give users the discount that can be as much as 30% off of regular transaction fees. Currently, some other exchanges charge several thousand dollars per month for this kind of membership benefit. Also, the membership allows the user to have high limit for large-sell orders, giving user more flexibility while reducing the number of BTMX tokens in support of the overall supply-demand balance.  All in all, the membership program creates loyalty among the users with potential higher share of distribution of transaction fee in the form of data usage feel pool.
Transaction-Mining and Reverse-Mining: BitMax.io is not only the pioneer of trans-fee mining, but also is the industry first exchange to complement it with reverse-mining. This has a considerable impact on how BitMax differs from other exchanges that only offer trans-fee mining. Other exchanges that use transaction-mining have only developed minimal usages for the mined tokens. Thus, the only way to control token in circulation while maintaining the token value is through the artificial buy-backs the exchanges perform themselves, or for token holders hoping to receive a dividend derived from daily fees.
BitMax.io, however, has structured BTMX as a utility token with a sustainable use case. With combined mining and reverse mining models, users can reduce their overall transaction fees especially factoring in the rebates received for the maker trades, and share one’s trading data to the exchange in return for a portion of daily transaction fee. These mechanisms establish a natural demand for BTMX tokens because of the utility they provide. And BitMax’s future platform improvements will increase BTMX utility moving forward.
For more information, follow BitMAX on:
Website
Twitter
Reddit
Telegram
Medium
Contact
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Source: AMB Crypto

Nvidia Stock Good for Bottom Fishing This Christmas, Citi Group Executive Says

CoinSpeaker

Nvidia Stock Good for Bottom Fishing This Christmas, Citi Group Executive Says

Shedding out 50% of its value in the last three months, some analysts predict Nvidia’s stock price has already reached its bottom while seeing a buying opportunity this time.

Nvidia Stock Good for Bottom Fishing This Christmas, Citi Group Executive Says

Continue reading at Coinspeaker
Source: CoinSpeaker

On 5th Day of Christmas Coinbase Gave to U.S. Customers Free Instant Withdrawals to PayPal

CoinSpeaker

On 5th Day of Christmas Coinbase Gave to U.S. Customers Free Instant Withdrawals to PayPal

Coinbase launched its new 12 Days of Coinbase initiative and is already publishing new features and services every day at midday from 10th to 21st December.

On 5th Day of Christmas Coinbase Gave to U.S. Customers Free Instant Withdrawals to PayPal

Continue reading at Coinspeaker
Source: CoinSpeaker

PayPal Launches New Blockchain-Based Token System for It’s Employees

CoinSpeaker

PayPal Launches New Blockchain-Based Token System for It’s Employees

Paypal, an online payment system platform has mostly avoided Bitcoin implementation till now. But, recently it has rolled out an internal employee incentive program that is based on Blockchain technology.

PayPal Launches New Blockchain-Based Token System for It’s Employees

Continue reading at Coinspeaker
Source: CoinSpeaker

LinkedIn Report Names “Blockchain Developer” the Top Emerging Job of 2018

CoinSpeaker

LinkedIn Report Names “Blockchain Developer” the Top Emerging Job of 2018

LinkedIn, a social network for finding business contacts and job opportunities, has published its annual Economic Graph, where it listed top-5 emerging jobs that develop at the quickest pace among the others.

LinkedIn Report Names “Blockchain Developer” the Top Emerging Job of 2018

Continue reading at Coinspeaker
Source: CoinSpeaker

Bitcoin [BTC]: Tone Vays “couldn’t disagree more” with Tom Lee’s valuation

Tone Vays, former Wall Street Risk Analyst and Bitcoin enthusiast/influencer, spoke about the bear market and how Bitcoin is performing and gave his opinion on probable outcomes for Bitcoin in the near future.
Vays referred to the monthly chart of Bitcoin said that this was the worst that Bitcoin has ever seen ever since the start of 2018.
Furthermore, Vays said that there was a chance for the monthly RSI to reach and possibly cross the 30-line, referring to an oversold market for Bitcoin.
Source: TradingView
He continued:
“That would mean a sub $1000 Bitcoin or a $1,000 Bitcoin for a year, like $1,200 over a year, that’s what it would take to get the RSI to be below 30”
In the live stream, Vays said that he disagrees with Tom Lee’s valuation of Bitcoin which is in the range of $13,000 – $14,000.
Vays said:
“I just saw links to an article about Tom Lee today morning telling you that Bitcoin’s valuation is still above like $15,000. I couldn’t disagree more. I think Bitcoin’s current valuation at best $5,000 and I could be a little over-optimistic on that.”
According to Tom Lee, the fair price of Bitcoin should lie between $13,800 and $14,800 and if the Bitcoin wallet users approach 7% of the total number of users of Visa, which is at a massive $4.5 billion, then the fair price of a Bitcoin would be $150,000.
Fundstrat’s Tom Lee said:
“Given we are so close to year-end, we are not providing any updates to near-term price objectives—read this as, we are tired of people asking us about target prices.”
Apart from his fair price prediction, Lee recently slashed his year-end prediction for Bitcoin from a prior $25,000 to $15,000 because Bitcoin had fallen below the break-even point.
There was a huge uproar in the community about Tom Lee’s opinion which led many prominent people to talk about it, and mostly disagree with it.
Nouriel Roubini tweeted in reply to Tom Lee’s fair price for Bitcoin asking people to “keep digging deeper in that cesspool”.

Kevin Marek replied to Nouriel Roubini saying:
“What is your actual argument against protocols that enable value transfer online in a trust less manner? Calling things shitcoins makes you look much less like an economist and more uneducated with every post.”
Another user, CryptoRev added:
When will you stop regretting your decision of not investing in Bitcoin at 1 usd?
You still have chance to invest in Btc else we will see your post in 2020
“Bitcoin down 35% in a week trading at 135000 Usd told these crypto traders to stay away”
The post Bitcoin [BTC]: Tone Vays “couldn’t disagree more” with Tom Lee’s valuation appeared first on AMBCrypto.
Source: AMB Crypto

Tron [TRX] transaction fees to reach 0 by Friday, Justin Sun retweets

The CEO and Founder of the Tron Foundation, Justin Sun posted on Twitter that the fee of the transaction of the Tron Market has dropped to 0.1% at 7:00 [UTC] on 14th December. Furthermore, the good news got amplified when the next line of the post stated that the ecosystem might reach a transaction fee of zero by next Friday. The original tweet read:
“The transaction fee of #TRXMarket has dropped to 0.1% at 07:00(UTC) on Dec 14th! And 0 transaction fee will be realized by next Friday, go trade: @ http://trx.market tele: http://t.me/trxmarket2018 #TRON $TRX @justinsuntron @Tronfoundation”
To this, Justin Sun replied by saying:
“Nice! Hear the voice of the community! #TRON #TRX $TRX”
This is not the only progress that the TRX ecosystem has seen. In the latest weekly report by the Tron Foundation, it has been found that Tron’s TRC20 Exchange was finally launched. Furthermore, the report stated that with the help of Tronscan, it can be observed that 9 TRC20 tokens have been listed on Tronscan, wherein most of the projects are dApp tokens.
In another success story, the 24-hour transaction number for decentralized apps reached 1.04M, which is almost a 50% increase from the previous week.
TRX dApp report | Source: Medium
There were two decentralized exchange that went live and were created and launched by the Tron community; one was TRX Market while the other one was called GOC. TRX Market was launched on 12th December and supports multiple tokens, namely, GOC, BET and FUN, which have bee issues through dApps.
Meanwhile, GOC is the first TRC20 and TRC10 exchange of Tron wherein the TRC10 is based on Bancor. This exchange is coded similarly to the Tronscan DEX but has a different UI.
Regarding dApps, Tron is also in heavy competition with the Ethereum blockchain, which has about 2,000 dApps. Sun, in the past has also instructed developers to move their dApp projects from Ethereum to Tron blockchain.
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Source: AMB Crypto

Bitcoin [BTC]’s prices are significantly lower than its $13000-$14000 fair price, says Tom Lee

Fundstrat’s Thomas Lee aka Tom Lee, well-known for his predictions on Bitcoin in the crypto-community spoke about the current market for cryptocurrencies and more specifically about Bitcoin and year-end predictions.
As reported by CNBC, Thomas Lee, former J.P. Morgan Chief of Equity Strategist said:
“Given we are so close to year-end, we are not providing any updates to near-term price objectives—read this as, we are tired of people asking us about target prices.”
Lee, in his recent appearance in the crypto-community, said that he was done with giving out year-end predictions but instead updated his opinion on what the fair price for Bitcoin should be.
As per the International Accounting Standards Board, fair value is the price received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on a certain date, typically for use on financial statements over time.
To further simplify it, fair value is the rational and unbiased estimate of the potential market price of a good service or asset.
Lee calculated the fair price of Bitcoin with the number of active wallet users in mind and said that it is “significantly” higher than the actual price. Considering the number of active wallet users are 50 million, Lee thinks that the active wallet users have to be reduced to $17 million to justify the current price of Bitcoin.
Moreover, Lee thinks the fair price of Bitcoin should lie between $13,800 and $14,800, but the current price is hovering in the $3,300 range.
It might be true to some extent as the price of Bitcoin has collapsed vastly in the last two months breaking major supports at ~$6,500 and now at ~$3600. The prices are getting closer to $3,000 mark as the end of the year approaches.
If the Bitcoin wallet users approach 7% of the total number of users of Visa, which is at a massive $4.5 billion, then according to Lee’s regression model, the fair price of a Bitcoin would be $150,000.
Bitcoin has suffered a massive decline of 82% in its price and market cap since its all-time high in December 2017 and the total market cap of all-cryptocurrencies have also declined by an approximate of 87% and is currently hovering at $111 billion.
Lee said that investors will likely stay bearish until Bitcoin remains below the 200-day moving average and that technicals play an important role in cryptocurrency trading.
In his recent appearance on CNBC, Lee cut his year-end prediction for 2018 from $25,000 to $15,000 and substantiated it with the research done by the Fundstrat’s data science team which included calculating a break-even point. Lee later changed his prediction to $15,000.
A Twitter user J. Braunstein commented:
“A prudent speculator never argues with the tape. Markets are never wrong, opinions often are.” – Jesse Livermore
Another user BitHoncho replied:
“Oh well .. he was wrong about $ES targets as well .. But always called on cnbc .. It should be @winternomics who should be there”
Jersey replied BitHoncho saying:
“Value is scarce man, even if Kaz was up there, most wont take in the info and judge the mask or his grammar, look at the 99% nitpicking Musk’s tweets #RuleOfTheAtom”
The post Bitcoin [BTC]’s prices are significantly lower than its $13000-$14000 fair price, says Tom Lee appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin [BTC] addresses blacklisting doesn’t really matter that much, says Litecoin Creator

In the latest episode of Magical Crypto Friends, Charlie Lee, the creator of Litecoin, Samson Mow, the CSO of Blockstream, Riccardo Spagni, the lead developer of Monero and Whale Panda, discussed the recent new regarding the backlist of two Bitcoin addresses by the Office of Foreign Assets Control [OFAC].
Recently, reports emerged that the OFAC blacklisted two Bitcoin addresses as they were linked to cyber crime. The owners of the addresses are believed to be Iranian nationals and these addresses have more than 7000 transactions, receiving approximately 6000 BTC. Additionally, anyone who interacts with these addresses could potentially be held responsible by the United States government and could face legal punishment.
Charlie Lee stated that backlisting two Bitcoin addresses does not really matter “that much”. However, according to him, exchanges are going to have a lot of work as they have to check thousands of addresses and keep a tab every time someone makes a transaction in order to ensure that none of the addresses belong to the OFAC list of addresses, adding that “this can be like so painful”.
Furthermore, Riccardo Spagni said:
[…] if your job is in exchange is to check that no funds that are being deposited are coming from those addresses and no funds that are being withdrawn are being withdrawn to those addresses, that’s easy. But because of the nature of Bitcoin it’s very easy to move funds like you know from one address pass it through ten addresses and then go and deposit it”
The lead developer added:
“so the question is how far back do you need a check now as an exchange and it seems to me that this is just like all it’s going to result in is some sort of magical number like okay guys we only need to check ten steps back or three steps back which apparently you have you told is the magical number and people are then just gonna watch the coins more than 10 steps or more than three steps this doesn’t seem to be a trivially solvable problem or an easy way to prevent anything from happening.”
This was followed by Charlie Lee stating that this is the same with coins “moving forward” as well, adding whether he would be banned if the coins are deposited to the terrorists address after three steps or whether the exchange would be keeping a track of the addresses even a year later.
Spagni remarked:
“Yeah like exactly so you move it to an intermediary address and then you move it to the banned address and now what the exchange is supposed to be responsible for monitoring that”
Following this, WhalePanda pointed out the possibility of a dust attack, stating, “they can send tiny amounts to other addresses and do some sort of dust attack and then every address is tainted because it’s coming from the blacklisted or the blacklisted addresses”.
To which, Spagni said:
“If you’re using a wallet that gives you coin control and it’s easy to prevent you being affected by a dust attack but let’s be honest I’ll be people using Bitcoin are, a) using wallets that have coin control b) are aware that a dust attack is even a thing and c) have the presence of mind to go and prevent all this stuff”
The lead developer further said:
“here’s another thing what happens if I pay a fee to a miner  from a tainted address is the new coinbase output now also tained? […] they’re ways within the Bitcoin blockchain to to wash outputs”
The post Bitcoin [BTC] addresses blacklisting doesn’t really matter that much, says Litecoin Creator appeared first on AMBCrypto.
Source: AMB Crypto