Research reveals Bitcoin’s multidisciplinary influence

A comprehensive research dubbed “Mapping Bitcoin’s Influence on Academic Research” was conducted by authors Mark Holub and Jackie Johnson; they looked into literature samples of 1,206 that had Bitcoin citation between 2011 and 2016 and revealed Bitcoin’s multi-disciplinary influence.
In order to demonstrate Bitcoin’s “multidisciplinary influence”, the samples were categorized and mapped out of which 43% were extracted from Journal publications while both published and unpublished articles accounted for nearly 25% over the period of six years.
Source: SSRN
The chart depicts Bitcoin’s influence across various disciplines, according to the study conducted. The high technology-based coverage can be attributed to a massive volume of papers released, explaining the digital currency and the technology it was developed on. The economic relevance of the largest digital asset was also recorded to be one of the most widely studied aspects which focussed mostly on its impact in the payment system, the monetary system, monetary policy or governance.
This was followed by articles citing regulation and critical thought [articles posing questions of Bitcoin’s relevance on technical issues, pricing, regulation, taxation, and use]. Bitcoin’s influence in finance [which mainly focussed on  Bitcoin’s high volatility and price differences across crypto] and taxation also received significant coverage. The research not only reflects the over-arching influence that Bitcoin has on other disciplines but also hints at the growing popularity of the King coin.
As Bitcoin users continue to grow, the popularity of the coin also grew. Looking at Google trends, one can track the extent of the increase in “Bitcoin” searches over the years.
Source: Google Trends
Google trends depicted a significant rise in its popularity in 2013-2014. This can be attributed to instances where Coinbase reported selling $1 million worth of Bitcoins in just one month at over $22 per Bitcoin and various small scale projects accepting donations in the cryptocurrency. During the same time, The D Las Vegas Casino Hotel and Golden Gate Hotel & Casino properties in Las Vegas announced accepting Bitcoin.
However, the same year, Mt Gox had filed for bankruptcy protection in Japan over stolen funds which could have resulted in the downtrend on Google trends soon after.
*The original sample size of the research was 13,507. Non-journal type such as newsletters and magazine publications were not counted in the study. A mere mention of the word Bitcoin was included; abstracts from languages other than English were also counted. However, those without an English abstract were ruled out.
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Source: AMB Crypto

EOS rises by over 6%; Ripple’s XRP and Ethereum follow suit prompted by Bitcoin’s rally

Bitcoin, the largest cryptocurrency by market cap breached the $9,000-mark anchoring another market spin towards the bulls. The collective market cap stood at $285 billion, at press time.
EOS:
Since the onset of 2019, Block.one, the parent firm of EOS had rolled out several significant technological upgrades on its EOS blockchain. Even as the price movement was underwhelming for the most part of the year, the sixth largest digital asset by market cap, EOS gained strong market support. At press time, EOS climbed by 6.11% and stood at a price of $7.13 with a market cap of $6.5 billion. The trading volume recorded for the past 24 hours was $2.55 billion.
Source: TradingView
Ethereum:
With the much-anticipated Ethereum 2.0 blockchain rollout, the second largest cryptocurrency, on CoinMarketCap, garnered gained bullish momentum against the US Dollar. At press time, ETH rose by 3.67% over the past 24 hours and was priced at $275.1. The digital asset registered a market cap of $29.3 billion and a 24-hour trading volume $8.49 billion. Additionally, 4.2% of the trading volume was recorded at ZBG via the trading pair ETH/USDT.
Source: TradingView
Ripple:
Ripple’s focus has always been disrupting cross-border payment space following which the Brad Garlinghouse-led firm introduced new technologies, features, and network updates. Its native token, XRP, significantly leveraged from the recent developments as well as the market recovery steered by BTC.
At press time, the third largest digital coin was valued at $0.42 after posting 3.41% gains in the past 24-hours. XRP held a market cap of $17.92 billion and registered a 24-hour trading volume of $1.5 billion. 4.4% of XRP was being traded at ZBG via XRP/USDT.
Source: TradingView
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Source: AMB Crypto

Ethereum 2.0 migration is similar to a hard fork says, Blockstream’s Samson Mow

Ethereum 2.0 project was designed to solve the scalability and consensus problems as Vitalik Buterin , the co-founder of Ethereum said. The much-anticipated rollout features revamp in terms of security, scalability, and decentralization which could not be introduced by means of a hard fork in the existing Ethereum network. According to Samson Mow, the Chief Strategy Officer of Blockstream, “migration of one chain to another, in the case of Ethereum 2.0, is similar to a hard fork”.
In the latest edition of Magical Crypto Friends, hosted by Whale Panda, a prominent figure in the crypto space, took a jibe at the network and stated that Ethereum is basically “dumping Ethereum 1 for Ethereum 2” which would require jumping from one chain to another and “starting from scratch”, and subsequently crop up issues of “potential bugs” on the network.
Responding to which, Mow said,
“You have to expect that everyone is going to give up their old Ethereum or you find a way to migrate it to the new chain. [..] you’re still expecting everyone’s going to migrate right if people don’t migrate then technically you would have the legacy chain alive “
Mow went on draw parallels to the upcoming Ethereum 2.0’s Beacon chain. According to the CSO of the Bitcoin startup firm, the Beacon chain, which is the central blockchain that is responsible for coordinating other Ethereum blockchains, is “similar to Bitcoin main chain”. He further compared the Ethereum’s “shards” to that of Bitcoin’s “side chains”. Following the comparison, Riccardo Spagni, aka Fluffy Pony ridiculed,
“so maybe the dream is to take existing stuff that someone invaded for Bitcoin, rename it, and then that’s how you make it real”
Mow, who is a Bitcoin bull, had earlier singled out Ethereum and said that the blockchain has “no future”.
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Source: AMB Crypto

Bitcoin’s ‘supply shock’ ahead, scaling progressing rapidly, says VC

Bitcoin [BTC] has managed to eclipse altcoins this year posting major bullish waves as it was trading above $8,6oo following a surge of over 4% in the last 24-hours. BTC was approaching its Bitcoin block reward halving which is scheduled 342 days away, at the press time.
The recent market recovery revived institutional investor interest in the space. The digital asset’s imminent lowering of supply was speculated by many in the field as the reason behind driving up the coin’s demand. Echoing a similar sentiment, Alyse Killeen, the Founding Partner of StillMark Co. in the latest video, said,
“what I think might be happening is an anticipation of a coming supply shock in 2020 [..] we are also seeing a greater demand for Bitcoin and there is an anticipation that there will be a broader group of consumers that have access and appetite for Bitcoin”
The main flaw in the Bitcoin network that has been extensively debated is its scaling. Killeen believes that “scaling” is “one of the most exciting progressions of Bitcoin in the past year”. According to the U.S. venture capitalist, Lightning Network gained significant tandem and a “higher layer of infrastructure development” which was rapidly progressing.
Referring to its development of the Layer 2 solution, Killeen said that its quick adoption can be attributed to both early users as well as entrepreneurs building on top of the network.
Killeen further highlighted the sidechain development in the Bitcoin network and added,
“We are looking at the introduction of the side chain technology including Blockstream’s Liquid network which gives us a new breadth and depth of the use cases of the blockchain and finally advancements happening at Bitcoin’s core protocol level things like Schnorr or Taproot and 2017’s introduction of Segwit, all help us with the issues of scaling”
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Source: AMB Crypto

Cryptocurrency regulation necessary for money laundering, not ban in India; tweets WazirX CEO

The ‘draft bill’ in India for banning digital assets that circulated through social media stunned the entire crypto community as the regulatory bodies are yet to clarify its stance on the matter. Under the proposed Banning Cryptocurrencies and Regulation of Official Digital Currency Bill 2019, mining, trading or owning cryptocurrency in India which calls for penalties of up to 10 years in jail.
The Indian cryptocurrency ecosystem is on the fence due to lack of transparency in the regulatory climate. According to a report by ET, government departments in the country were aware and very much in support of the circulated draft.
Nischal Shetty, the CEO of WazirX, a Mumbai-based cryptocurrency exchange, in a recent tweet, insisted that regulations in the cryptocurrency sector is important and not a blanket ban which would only stimulate money laundering. Shetty’s tweet comes at a time when cryptocurrency exchanges were geo-blocking/geo-fencing certain regions to comply with the native regulations, His tweet read,

BAN Crypto to PROMOTE Money Laundering
REGULATE Crypto to PREVENT Money Laundering
Any subject matter expert will agree
Regulation > Ban
Dear @nsitharaman @narendramodi
Ban is the opposite of what India wants to achieve. Hence US & EU aren’t banning it#IndiaWantsCrypto
— Nischal (WazirX) (@NischalShetty) June 15, 2019

The CEO also hoped that the much-hyped Facebook cryptocurrency which, according to him, is a “game changer”, will foster mass adoption by firms globally and India would not want to be left behind. The narrative of “blockchain and not cryptocurrency” in the country is flawed, Shetty in another tweet said.
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Source: AMB Crypto

Binance Coin declines by 9.8% following news of geo-blocking US residents from its platform

Binance, one of the world’s largest cryptocurrency exchange, has undergone revamps on its platform which has significantly contributed to the valuation of its native token, BNB. The digital coin surpassed the market cap of $5 billion in a recent report. However, the glory was short-lived as the exchange dropped two bombs within 24 hours.
The Malta-based platform announced geo-blocking the US residents from the Bitcoin Global platform and also disclosed upcoming exchange, dubbed, Binance.US rollout in collaboration with BAM trading. Changpeng Zhao aka CZ, the CEO revealed the exchange would substantially provide “security, speed, and liquidity of Binance.com” to users in North America.
The revised agreement that restricted the US residents to trade on the Binance Global platform may have triggered a decline in the price of the exchange’s in-house token, Binance Coin [BNB]. At press time, BNB depreciated by 9.80%, over the last 24-hours, holding a valuation of $31.56, on CoinMarketCap. The digital asset recorded a market cap of $4.40 billion and a trading volume of $747 million over the past 24-hours.
Additionally, BNB recorded a significant 22.8% trading at Binance via the pair BNB/USDT and 21.4% via BNB/BTC.
Source: TradingView
BNB had gained traction following the market recovery along with its peer altcoins. Bulls drove Binance coin’s price above $30 on the latter part of May which was propelled by the massive Bitcoin rally. The digital coin was performing fairly well despite a few minor lows. BNB continued to exhibit upward movement but was halted by the announcement.
The US makes up a significant amount of traffic of nearly 14% on Binance’s platform. Geo-blocking the country would not be prudent for the world’s leading exchange. As the development unfolded, many analysts have speculated that the reason behind the coincident of the two announcements is that the user base on the Binance’s platform is likely to be moved to the new Binance.US even as its launch date is not revealed yet.
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Source: AMB Crypto

BitMEX partners with CryptoCompare to provide real-time crypto futures dataset to investors

BitMEX, the cryptocurrency derivatives trading platform, has collaborated with CryptoCompare, a platform for cryptocurrency data and indices, according to latest reports. The press release stated that the latest partnership will essentially provide professional investors with real-time cryptocurrency futures information on the Refinitiv Eikon terminal, a financial information platform.
Arthur Hayes, CEO of the Seychelles-registered crypto-derivative exchange, remarked,
“When it comes to investing, good decision-making depends on access to solid data insights. We are pleased to deliver a new wealth of data on cryptocurrency futures for institutional investors that can contribute to their overall confidence throughout their decision-making process.”
Hayes hopes that the collaboration will potentially attract more institutional investors in the space by bringing more “transparency and confidence” in the cryptocurrency space, which has been riddled with controversies of fake volumes lately.
Bitcoin Mercantile Exchange or BitMEX, had recently released a report stating that users do not use the maximum 100x leverage that the platform offers. The digital currency trading platform also recorded a 24-hour trading volume that climbed an all-time high of over $10 billion. Hayes attributed the spike to the volatility of the cryptocurrency space and the traders.
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Source: AMB Crypto

Peter McCormack joins the #FreeRoss bandwagon; says prohibition leads to more crime

Anonymity has long been one of the big allures of the space. However, it has also given birth to many malicious entities on the network who indulge in “unlawful activities,” including the exchange of “illegal content.” The invention of the first decentralized currency, Bitcoin, raised many questions initially, especially after its wide use in illegal activities.
Silk Road was the first online darknet marketplace which allowed people to anonymously purchase and sell anything on its platform. The main idea behind Silk Road was to lower violent crime and ensure safety, while also ensuring that the buyer got exactly what ordered. However, law enforcement agencies soon nabbed Founder Ross Ulbricht, who is currently serving two life sentences plus forty years in prison after what the community called a “sham trial.”
Following the trial, many notable personalities in the space have voiced their dissent. Additionally, a petition urging U.S. President Donald Trump to pardon Ulbricht received more than 173,019 signatures from across the world, at press time. The efforts to free Ross Ulbricht have gained significant momentum since his arrest. Peter McCormack, the famous Bitcoin podcaster, in his recent tweet, said,

The Silk Road was the best thing to happen to the drug industry.
It’s closure was a failure of rational thinking.
Prohibition doesn’t work, it leads to more crime, more harm and unnecessary deaths. #FreeRoss
— Peter McCormack (@PeterMcCormack) June 10, 2019

McCormack’s tweet is a reflection of the significant majority in the cryptocurrency ecosystem who are of the opinion that regulating movement of users on the infamous “darknet web” to purchase drugs online will only fuel more harm, than do good to the society. According to proponents of the space,” curbing freedom” will only lead to rise in the abuse of drugs.
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Source: AMB Crypto

Tether [USDT] Whale Alert: 20 million USDT moved from Bitfinex to Tether Treasury as Bitcoin pumps

The infamous Bitfinex-Tether saga is far from cooling down after the oldest stablecoin, USDT, recorded a series of unusual fund movements to unknown wallets from its treasury.
Whale Alert, the ever-observant Twitter handle which tracks significant cryptocurrency transactions, reported another movement by the controversial Tether. According to the online crypto-tracker, a transaction of 20,000,000 USDT [worth $20,019,422] with the timestamp of Mon, 10 Jun 2019 12:48:46 UTC was executed from Bitfinex to Tether Treasury on the Bitcoin blockchain.

20,000,000 #USDT (20,019,423 USD) transferred from #Bitfinex to Tether Treasury
Tx: https://t.co/E1Uf5tA2XB
— Whale Alert (@whale_alert) June 10, 2019

The Bitfinex wallet address of the sender was 1KYiKJEfdJtap9QX2v9BXJMpz2SfU4pgZw and that of the recipient, Tether Treasury, was reported to be 1NTMakcgVwQpMdGxRQnFKyb3G1FAJysSfz. The hash of the said transaction was f4181abf634ff8561c42890bd8bc59a5d42045ec3c8ba3b4d9f71fb221b0406b.
Following the successful execution of the transaction, Bitfinex’s final balance stood at 101.89787316 BTC. The available balance on Tether Treasury was 179,898,234.45 USDT. The transaction fees incurred in the process was 0.00043690 BTC.
Similar transactions have previously been carried out between Bitfinex and Tether Treasury, wherein large sums of money were exchanged between the two. The latest fund transfer comes at a time when the largest crypto by market cap, Bitcoin [BTC], was pumping by over 4% in an hour, at press time, which is noteworthy because it was previously observed that every time Tether [USDT] was directly sent to Bitfinex, Bitcoin’s price would jump. This led analysts and prominent traders of the space to speculate that the scandalous duo, Tether and Bitfinex, could be the reason for the next Bitcoin crash.
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Source: AMB Crypto

Bitcoin Cash: Roger Ver’s tweet highlights governments’ double standards

India’s proposed “draft bill” that was released by Bloomberg Quint earlier this week had caused a massive uproar in the crypto community. The lack of clarity and ambiguous cryptocurrency climate drove Zebpay, an app-enabled crypto exchange, from the country to Malta. The current version of the ‘draft bill’ renders mining, generating, holding, buying, selling or dealing in cryptocurrencies both “directly or indirectly” illegal in the country. This could potentially be a huge blow to the growing Asian cryptocurrency adoption.
The crypto regulatory climate in another Asian country, Indonesia is fairly better than India after the former announced rules which made it mandatory for the cryptocurrency futures exchange to be registered an approved before operating, thus, bringing clarity to the table. However, Roger Ver, the CEO of Bitcoin.com and a prominent face in the crypto realm, cited a banner which read “Use Rupiah in every transaction in Indonesia” and violation of which is a punishable offense,

Governments say monopolies are bad, but they’ll toss you in jail for competing with their own monopoly. pic.twitter.com/fbblR7TDr0
— Roger Ver (@rogerkver) June 8, 2019

A Twitter user, Lutfi, commented on the above thread,
“the point is because rupiah in indonesia more low rate than dollar us.. so much fear when bitcoin uptrend in 2017 until the bubble explode, bank indonesia makes announcement about regulation digital asset not to use as transaction and then investor take down the asset..”
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Source: AMB Crypto

Block.one’s CEO asserts Voice to be a mix of centralized and decentralized features

The controversy surrounding whether EOS network being decentralized has garnered huge attention in the past and continues even today. As the community continues to battle EOS’s innate nature between centralized and decentralized network, the firm behind it, Block.one’s latest product and the social media app Voice will be a mixture of both decentralization and centralization.
In the latest edition of CNBC Crypto Trader, Brendan Blumer, CEO of Block.one, the official developer for EOS cryptocurrency, revealed that the latest rollout has both the aspects. Talking about whether Voice is a decentralized entity and the revenues generated will be distributed across the community, the CEO said,
“We are absolutely decentralizing the economy of attention. If you think, that’s exactly what social media platforms are, they basically sell attention. So we are decentralizing the control over that component.”
Blumer further noted,
“When it gets into content moderation, and these sorts of things we are starting with centralized moderation, just to make sure that we can make it a compliant platform with multiple different types of jurisdictions.”
The CEO also said that in a longer term, Block.one will focus on a road to go towards decentralizing content moderation.
He also cited that blockchain is an excellent vehicle to disrupt the existing social media platform. It brings not only transparency and accountability to the table, but also leverages blockchain-based identity.
The latest blockchain-powered Voice roll-out on the EOS network, according to the CEO, aims to clean-up the behavior and autonomously recognize the values and distribute tokens which will allow people to be beneficiaries of the platform as opposed to just the company.
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Source: AMB Crypto

EOS: Weiss ratings reduces coin’s ‘tech’ score in view of centralization debate

Apart from PoW-based digital coins such as Bitcoin and Ethereum, another token- EOS network’s centralization has always been debated. The highly publicized centralization problem has led many in the community to believe that decentralization is not EOS’s “top priority”. The network has only 21 nodes which imply that a handful of people possess central authority.
A Delegated Proof of Stake [DPoS]-based crypto asset posted gains of 450% since it hit a low in December 2018 and the EOS blockchain also hosted notable decentralized applications [DApps]. Even as EOS recovered along with its peer currencies, controversies surrounding it have not cooled down. As the network’s DApp activity recorded positive figures, upon further discovery made by AnChain.AI, it was noted that 75% of the transaction could potentially be “bot activity”.
The latest criticism came from Wiess Rating, which stated that it has downgraded EOS technology score as the network was drifting further away from decentralization. The recent tweet by the international cryptocurrency rating agency only added to EOS’s “centralization” rumors. Referring to the new developments by EOS’s parent firm, Block.one, Wiess Ratings confounded:

EOS DOWNGRADE: #EOS has serious problems with centralization, and their event last week did anything to alleviate that, so we’ve severely downgraded its technology score. It’s now up to #ADA to launch a truly decentralized #PoS #blockchain. No pressure.#crypto #Cardano #BTC
— Weiss Ratings (@WeissRatings) June 7, 2019

The latest social media app roll-out of the network dubbed, Voice and the much-anticipated Coinbase listing, couldn’t significantly drive the price up as the EOS market cooled down shortly after.
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Source: AMB Crypto

SEC’s Hester Peirce urges crypto-community to ‘walk the regulators through the technology’

The uncertain regulatory climate with respect to the cryptocurrency ecosystem has led to detrimental consequences, with the geofencing of crypto-tokens by Poloniex being a recent example. The Commissioner of the United States Securities and Exchange Commission, Hester Peirce, had previously expressed her fears regarding the delay of the same.
While speaking to Naomi Brockwell in an interview held on the sidelines of Consensus 2019, Peirce acknowledged that “there was room for the regulators to do more” in the space. She had said,
“We need people to come in and hold our hands a little bit – and walk us through the technology”
The Commissioner stated that people have come to rely too heavily on what they perceive as an “SEC seal of approval”. She further urged users in the space to make disclosures for the things they want to trade, keeping in mind basic compliance.
Famously referred to as “crypto-mom” for being the dissenting voice against SEC’s decision to reject an exchange-traded fund [ETF] offering exposure to Bitcoin, she further noted that one of the “best things” that could be done was to try and “encourage skepticism”.
According to Peirce, the recently released SEC guidance was a little overwhelming for people in comprehending securities law. She stated,
“It threw lots of factors onto the paper and then it said to people, all right, go figure out how those should be weighted and that’s a concern because people you know that in some ways generates more confusion about how to weight these things how to figure it out, so I think we’re not thinking always that this is a space where you’ve got a lot of people, who haven’t thought about securities laws and now this is their first interaction with the securities laws and it’s a little overwhelming.”
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Source: AMB Crypto

Apple announces CryptoKit for iOS 13 version; update still in its Beta phase

Apple, the California-based multinational technology behemoth, announced a CryptoKit for its version of iOS 13, that is still in its Beta phase, to perform cryptographic operations. According to official documentation, the latest update’s fundamental use case is to make the app more secure by automatically handling tasks and freeing it from managing raw pointers.
The document detailed,
“Use public-key cryptography to create and evaluate digital signatures, and to perform key exchange. In addition to working with keys stored in memory, you can also use private keys stored in and managed by the Secure Enclave. Generate symmetric keys, and use them in operations like message authentication and encryption.”
Source: developer.apple
CryptoKit leverages hashing SHA-2 hash functions that include, SHA512, SHA256, SHA384. The release further said,
“MACs rely on hashing, but incorporate a secret cryptographic key into the digest computation. Only a user that has the key can generate a valid MAC.”
According to the framework published, Apple’s CryptoKit also uses elliptic curve-based protocol, which is an approach to public-key cryptography that privacy coins like Monero are based on.
Source: developer.apple
This development coincided with reports of both Apple and Microsoft incorporating Bitcoin’s symbol on their icon set. Brandon L, Co-founder of OpenNode, posted,
Source: Brandon L|Twitter
These developments could be cited as significant moves towards the wider adoption of blockchain tech for the purpose of providing a secure channel, at a time when privacy is highly challenged by malicious entities.
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Source: AMB Crypto

Ripple: XRP-focused cryptocurrency exchange XRP United announces termination of all operations

In yet another case of a cryptocurrency exchange meeting its untimely demise, the Estonia-based and Ripple’s native XRP-focused, XRP United, announced that it will be ceasing all operations from 1st July. The exchange added that funds not withdrawn within the stipulated date will be liquidated and the proceeds donated to the charity. The official announcement also suggested that the exchange will stop accepting fund deposits from the 15th of June.
XRP United’s official tweet read,

It is with regret and sadness that we have to announce that XRP United Exchange will cease operations on 1st of July 2019 at 00:00:00 UTC. If You are a customer of our exchange, please check Your email for further instructions.
We thank the #xrpcommunity for all the support!
— XRP United (@xrpunited) June 2, 2019

Founded in 2018, the platform’s decision to wrap up activities in less than a year since its inception was speculated to be the death of one of XRP United’s key members. The Ripple-focused exchange had tweeted,
“It is with great sadness and sorrow that XRP United teams announces the passing away of P3T3RIS @p3_ris , a key member of the XRP community and a great visionary… We kindly ask you to take a moment to remember him. Thank you on behalf of the entire XRP United team.”
Mart Liivand, CEO and Co-founder of XRP United, in an Imgur post had revealed that the team would continue operating in the fintech space and working with XRP. Liivand also hinted at upcoming projects aimed at a wider audience.
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Source: AMB Crypto