Alleged Bitcoin [BTC] withdrawal scam on HitBTC pointed out by Reddit user

HitBTC’s has created quite a ripple in the cryptospace over the past few days with multiple complaints being registered against the cryptocurrency exchange. The controversy had started when the exchange was accused of deliberately freezing transaction on New Year’s.
This issue was brought to light when a couple of users complained about random account blocks. John McAfee, who has been historically against the cryptocurrency exchange did not lose the opportunity to dig into it. He tweeted:
“I warned everyone more than a dozen times. Don’t sign up. Don’t use it. Withdraw your funds. I was trashed for calling out HitBTC as a corrupt company. Tough shit. You had six months warning from me to withdraw your funds. Do not ask me to help you now.”
Just recently, colonelnipples, a Reddit user had stated, “I think HitBTC just scammed me and I have it documented”. The Reddit thread stated how the user had bought $700 worth of Bitcoin [BTC] after which he was not able to withdraw the assets due to a stipulated incompletion of the Know Your Customer [KYC] service.
The user also spoke about how the KYC process took a long and bizarre trail that included the cryptocurrency exchanges wanting photos around the user’s house as well as a documented form of the origin of the funds. He further said:
“I put together everything I have and send it off to them (remember, this is 1 transaction of $700, not multiple. They send exact same email about wanting the origin of funds, I politely ask what part I missed. They send exact same email about origin of funds again, I send them everything I have again.”
The allegations on the cryptocurrency exchange were also supported by several other users who had undergone similar experiences. Another Reddit user, SalvaD1, had stated:
“agree , very shitty exchange . the may not have the coins so they come up with that nonsense.”
The post Alleged Bitcoin [BTC] withdrawal scam on HitBTC pointed out by Reddit user appeared first on AMBCrypto.
Source: AMB Crypto

Redditors ‘unearth’ Bitcoin’s Satoshi Nakamoto, he says I don’t want the attention

Opinion: The bear market of 2018 gets more aggressive and painful as the year comes to a bitter end. Bitcoin has suffered quite an excruciating fall ever since it reached an all-time high back in December 2017.
The market cap of Bitcoin has slumped from a massive $336 billion to $60 billion, which is a massive decrease of ~82%. The altcoins have followed Bitcoin and most of them have also declined by 80% since their all-time highs.
Apart from the bear market, the US Securities and Exchange Commission [SEC] has tightened the noose around ICOs, causing a sharp decline in fraudulent ICOs and exchanges.
Many enthusiasts had also pinned down the hash wars between Roger Ver and Craig S Wright that ensued this year to have played a crucial role in Bitcoin breaking the $6,500 support and collapsing as low as $3,200.
Despite the bear market, crypto enthusiasts find something to look forward to, something to hope for. In their mission to find the light at the end of the tunnel, a Reddit user MATURBO, and other Redditors have unearthed videos of a YouTuber called davincij15, who used to post videos about investing in Gold and Silver back in 2009.
The Reddit thread posted by MATURBO discusses and claims that the person could actually be Satoshi Nakamoto. Although this seems like a far-fetched speculation, there are certain points that Davinci spoke about in his videos that might sway the decisions of people who are skeptical.
The Redditors are surprised with his “accurate predictions” of a lot of major events in the Bitcoin ecosystem.
On June 1, 2011, he posted a video titled “The power of Bitcoin vs Gold and Silver”, in which he spoke about Bitcoin and how it was revolutionary.
In the same video he said:
“I don’t know why you don’t see how this is a new powerful currency that will change the landscape of the internet and probably the rest of our world. Gold and silver are always going to be the money, but this allows you the convenience of sending somebody money all the way around the world.”
He added:
“… correct me if I’m wrong but there’s a lot of central authorities have been cheating us over the past hundred years… but this new bitcoin currency allows us to operate globally in a fast and efficient manner so we can operate locally with our silver and globally with bitcoins.”
On a video dated January 26, 2013, and titled “Remove your bitcoins from Mtgox”, he suggested users to “abandon Mt. Gox” and “move their money out from Mt. Gox” as Mt. Gox was being attacked by the US government and banksters.
Surely enough, on August 5, 2013, Mt. Gox announced that it incurred “significant losses” due to crediting deposits which had not fully cleared and that new deposits would no longer be credited until the transfer of funds was fully completed.
To make matters more interesting, on December 4, 2017, a video titled “Bitcoin Price Comment” he said that Bitcoin has saturated and that people should not buy Bitcoins at this point. He stated:
“and I still think you should you should take some profits I mean close to $20,000…I cannot endorse someone buying bitcoins right now so that’s my comment.”
In the same video he also said:
“I mean it’s it’s a little bit ridiculous… I see it quite a lot higher prices than it is right now I see it doing like a $100,000 the next time it does a big run like this, close to a $100,000.”
Now, this might all seem like a long shot, but apart from actually talking about Bitcoin, he has made videos about investing in silver and gold.
On January 6, 2009, Davincij15, posted a video named “Who is DavinciJ15?”, which was an “Ask Me Anything” video of sorts.
While speaking about gold and silver and giving his opinion on it, he addresses a few real-world problems in the financial sector, like the paper money, centralization by governments, middle-man fees etc.
He commented:
“Yep paper gold is a fraud! Keep your gold it does not require anyone to pay it back.”
“A dollar today is worth more than a dollar in the future. Why? Because the Federal Reserve and the government are creating it like crazy and they are not going to stop. Whatever you decide to do try to get the payment as small as possible interest only if you can.”
He also talks about the short-comings the banks had and have while addressing a need for “monetary freedom”, which were among the reasons why Satoshi Nakamoto developed Bitcoin in the first place.
“Maybe not a gold standard but monetary freedom where anyone can accept anything as money and contracts are enforced by law.”
Taken aback by his accurate predictions, redditors are speculating that he could be the real Satoshi Nakamoto.
A redditor, c5corvetter commented:
“This guy understood the concept behind bitcoin and what it could actually mean for e-commerce before 99.99999999% of others did. It wasn’t FOMO, it wasn’t luck, he understood the basis of bitcoin. One of his comments was “One day those same 10 coins will get you 10 oz of gold”. I’m positive this guy is a multi-millionaire now if he kept that mindset and kept mining.”
Another Redditor, RobelS commented:
“What if this guy is Satoshi nakamoto. He is still vouching for Bitcoin to this day btw”
Moneymakessense29, replied to RobelS saying:
“I’ve been following him and the thought has crossed my mind, he moved to a discreet location in Chile and he’s a software developer…. hmmm”
EuW_MadWard suggests him being the real Satoshi as he commented:
“To the question “Are you holding BTC now and/or buying?” he replied:
“Yes and no it’s complicated”.
That’s because he’s Satoshi, and he’s technically “holding” BTC just because if he didn’t the whole thing would come crumbling down.
We found him gents!”
After reaching out to him about the whole Reddit claiming him to be the real Satoshi Nakamoto, he replied saying that he was just a normal person.

Davinci denied being the actual Satoshi Nakamoto, be that as it may, he also predicted that Bitcoin would be revolutionary and change the way we do payments. He even warned his audience to clear off funds from Mt. Gox before it happened and even advised users to take off some profits at $20,000.
It could have been sheer luck if what he predicted was right just once, but three times in a row seems like a lot more than luck. He is either well-informed or the actual Satoshi Nakamoto as the redditors are discussing.
The post Redditors ‘unearth’ Bitcoin’s Satoshi Nakamoto, he says I don’t want the attention appeared first on AMBCrypto.
Source: AMB Crypto

Reddit Co-founder: Bear Market is Good for Crypto Innovation

Alexis Ohanian has spoken about the current state of the cryptocurrency markets.
The Reddit co-founder believes that the dwindling prices experienced throughout 2018 are good for the space and will allow those committed to it to work with fewer distractions.
Ohanian Silent on Previous Ether Price Call
One of cryptocurrency’s most committed bulls, Alexis Ohanian, has stated that the current bear market is actually good for the digital asset and blockchain industry.
Ohanian founded the wildly successful social news forum Reddit from his university dorm room in 2005. A few years later the site became a useful resource for Bitcoiners and this gave the entrepreneur a rare early opportunity to observe, engage with, and learn about the community and tech.
This led to Ohanian developing a keen interest in cryptocurrency and blockchain technology.
In 2013, he decided to take a more hands-off approach to Reddit and pursue a venture capital fund known as Initialized Capital. The early stage investment group has previously invested in Coinbase and other crypto-related startups.
In a recent interview with Breaker Mag, Ohanian was joined with his Initialized Capital partner Garry Tan to discuss the state of cryptocurrency as well as what the pair looked for in terms of blockchain startups to invest in.
The Initialized Capital co-founders first addressed their approach to picking prospects from the digital currency space. Tan told the publication that there was little difference between how they evaluate blockchain firms and non-crypto ones. He said if the company in question was able to outperform the competition then it mattered little if they were centralised or decentralised. Ohanian supported this point, but added that Initialized Investments believes blockchain can provide “better, cheaper, faster” services.
The interviewer then addressed current market conditions. In response to a question about whether Ohanian and Tan believed the current bear market to be permanent or simply a passing phase, the pair agreed that prices would eventually resume an upwards trajectory. Commenting on what could break the downtrend, Tan stated:
“How it comes out of the current crypto winter, we still think it will come back to real use cases.”
Rather than dwelling on the dropping prices, the partners instead focused on the positives of such a bear market. For them, the bursting of the late 2017 bubble allows those developing projects to concentrate on more important matters than price. Tan said:
“The last time this happened, Bitcoin went from north of $1,000 down to $250, and that winter lasted years. People started losing hope, and out of that came etherium [sic]. Truly useful things come out of the nadir of the last hype cycle.”
Ohanian added that the price action had pushed many speculators away from the market. For him, such a move causes the space to realign and “really incentivises the people who are building to just build.”
Interestingly, during the interview there was no mention of Ohanian’s early 2018 price call for ether tokens. The Reddit co-founder famously stated in May that he believed the number two digital asset on earth would reach a staggering $15,000 this year.
With the price floating around the $213 mark at the time of writing, a prediction that looked far-fetched then now looks all but impossible.
Related Reading: Reddit Co-Founder Bullish on Bitcoin Despite Current Price Slump
Featured image from Shutterstock.
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Source: New feedNewsBTC.com

Reddit Co-Founder Bullish on Bitcoin Despite Current Price Slump

Alexis Ohanian, the co-founder of popular news and forum site, Reddit, is bullish on Bitcoin despite the current price slump. His optimistic views on the future of Bitcoin come as he moves away from Reddit and towards more venture capital initiatives, including investments in cryptocurrencies and cryptocurrency companies.
Following the acquisition of Reddit by Conde Nast parent company, Advance Publications, Ohanian has been slowly relieving himself of his day-to-day duties at the online platform. The 35-year old is now looking towards investing in more cutting-edge technologies, including Instacart, and self-driving car company Cruise. He has also been moving further into the cryptocurrency industry, acquiring a sizable amount of Bitcoin as well as an investment in cryptocurrency exchange Coinbase.
Ohanian is optimistic about his investments on both a fiscal and personal level, explaining that his new job as the head of his venture capital firm, Initialized Capital, allows for better family discussion with his wife, tennis star Serena Williams.
While speaking about Initialized Capital, Ohanian said:
“I’ve wanted for a long time to get back to early stage founders to being the ‘first check’ in Initialized. It’s a lot of fun, frankly. I get to come home and have really good dinner table conversations about the things I did at work, and it’s always [about] meeting new founders, learning about the future and then sometimes rolling up my sleeves.”
Ohanian Bullish on Bitcoin and the Future of Cryptocurrency
Despite the current price slump in the cryptocurrency markets, falling from a market capitalization of over $800 billion in January to its yearly low of under $200 billion in August, Ohanian is still incredibly optimistic about the future of the cryptocurrency markets.
Part of his bullishness on crypto is due to the instability of fiat currencies in countries in economic turmoil, saying:
“As a store of value, there is some real traction [with bitcoin], and actually as we’re seeing in countries like Turkey that are having significant economic crisis — where people are losing faith in the Turkish lira — we’re going to see money move over to bitcoin because as unstable as it is, it is actually a lot more stable for a lot of people than their own nations’ fiat currency. But right now, we’re still in the earliest, earliest stages.”
Ohanian is referencing the overwhelming devaluation of fiat currencies in countries like Turkey, who have seen their state-backed currency, the Lira, decline in value by 50% since September of 2017 due to economic decline. Another country that has been turning to cryptocurrency over their fiat currency is Venezuela, who has seen hyperinflation of their fiat currency, the Bolivar totaling an estimated 1,000,000% by the end of 2018, according to the International Monetary Fund.
In Venezuela, citizens are turning to cryptocurrencies, like Dash and Bitcoin, to make daily purchases, as no middle man is required to initiate or complete a transaction.  Dash has seen a meteoric rise in adoption in Venezuela, mainly due to a massive marketing campaign in the country.
The CEO of the Dash Core Group spoke to Business Insider about Venezuela, saying:
“We are seeing tens of thousands of wallet downloads from the country each month… Earlier this year, Venezuela became our number two market even ahead of China and Russia, which are of course huge into cryptocurrency right now.”
Ohanian doubled down on his bullish statement on the future of cryptocurrencies, explaining that price action doesn’t really matter right now, saying:
“No matter what the currency prices are doing, seeing more and more people creating accounts … shows more and more adoption, and their end game is to be this interface between people, their fiat money and crypto — it would be the most user friendly trusted safe secure way to do it. I just encourage people not to get too, too invested in the speculation around the day-to-day trading of the currencies.”
Featured image from Shutterstock.
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Source: New feedNewsBTC.com