Bithumb resumes services, Ryan Selkis’s FOIL request for XRP II affiliate sales and more

Crypto News – 15 May – Bithumb resumes services, Ryan Selkis’s FOIL request for XRP II affiliate sales and more
Don’t forget to follow us for our daily video#XRPNEWS #bitcoin #BitcoinCash #eosio #EOS @BankXRP #xrparmy @twobitidiot @Travis_Kling #bitcoins pic.twitter.com/3OnBmAyStl
— AMBCrypto (@CryptoAmb) May 15, 2019

Crypto News – 15 May
Erik Voorhees on Bitcoin: The Shapeshift CEO is in the news after he claimed that the world’s largest cryptocurrency couldn’t have moved from $0 to its present price, without bubbles
Read more at https://bit.ly/2LKDf4b
Binance research on Bitcoin: The crypto-exchange’s research wing is in the news after a report by Binance claimed that Bitcoin offered far higher returns than traditional assets
Read more at https://bit.ly/2HrSaLq
SEC on Bitcoin ETF proposal: The United States’ Securities and Exchanges Commission continued to prevaricate, postponing a final decision on the Bitcoin ETF proposal to October 2019
Read more at https://bit.ly/2Hmxkyh
New Milestone for Tron: In more good news for the community, Tron [TRX] surpassed $1 billion in 24-hour trading volume after more than a year
Read more at https://bit.ly/2W1JJzL
Cryptopia writes final chapter: The New Zealand-based exchange that was a major target in a January hack, is in the news again after it entered the liquidation phase and appointed Grant Thornton
Read more at https://bit.ly/2HkERxl
Good news for Bitcoin Cash [BCH]: Bitcoin’s [BTC] average transaction fees soared to a 10-month high while Bitcoin Cash [BCH] showed little change
Read more at https://bit.ly/2LLiTrD
Tuur Demeester on crypto-exchanges: The Founder of Adamant Capital is in the news after he claimed that Bitcoin exchanges and custodians were too big to bail and can fail like pre-1914 gold banks
Read more at https://bit.ly/2Hrj0Dr
 
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Source: AMB Crypto

XRP registers massive surge, Bakkt makes major announcement and more

Crypto News – 14 May – XRP registers massive surge, Bakkt makes major announcement and more
Don’t forget to follow us for our daily videos#CryptoNews #cryptocurrency #XRP #ripple #xrp @BankXRP#Consensus2019 @Bakkt #CryptocurrencyNews #bitcoin pic.twitter.com/l9e4shFhAR
— AMBCrypto (@CryptoAmb) May 14, 2019

Crypto News – 14 May
Cryptopia goes down: The New Zealand-based exchange, last in the news for the infamous hack in January, is in the news again after users reported that its website had been down for over 8 hours
Read more at https://bit.ly/2Q5ATLV
New York gets XRP trading access: San Francisco-based crypto-exchange, Coinbase, today announced that it was allowing XRP trading access to residents in the state of New York
Read more at https://bit.ly/2LEVNCY
BitMEX research on Binance: New research released by BitMEX suggests that Binance is the world’s leading Initial Exchange Offering platform
Read more at https://bit.ly/2HjnBZo
BitMEX research on ICOs: New research by BitMEX suggested that the ICO market was down by 3800% in Q1 of 2019
Read more at https://bit.ly/2JF3OFk
New partnership for Gemini: Gemini, the cryptocurrency exchange, has partnered with Flexa, a global cryptocurrency payments network that enables major retailers to accept digital asset payments
Read more at https://bit.ly/2VCJxaL
New milestone for BitMEX: Noted crypto-exchange, BitMEX, marked a major milestone after registering a trading volume of $10 billion
Read more at https://bit.ly/2Q2e7Vb
Roger Ver on Binance Hack: Bitcoin Cash’s Roger Ver is of the opinion that people should not trust crypto-exchanges, but should instead, hold their money in their own wallets
Read more at https://bit.ly/2Yti1cQ
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Source: AMB Crypto

David Schwartz on #CraigIsSatoshi, Binance compromised and more

Crypto News – 08 April – David Schwartz on #CraigIsSatoshi, Binance compromised and more
Don’t forget to follow us for our daily videos#BinanceHack #Ripple #ripplenews @rogerkver @SatoshiLite @JoelKatz @binance #Binance #CryptoNews #cryptocurrency pic.twitter.com/hS9JAkQAON
— AMBCrypto (@CryptoAmb) May 8, 2019

Crypto News – 08 May
Litecoin releases LTC Core 0.17.1: According to Litecoin’s Medium page, the new release included new features, important bug-fixes, and overall performance upgrade and efficient translations
Read more at https://bit.ly/2J7WCC7
Barry Silbert on BTC and Gold: The Grayscale Investments CEO opined that Bitcoin does everything that gold used to do
Read more at https://bit.ly/2VoKSla
New allegation against Craig Wright: According to the WizSec Bitcoin Security Specialists blog, redacted and unsealed court documents reveal that Craig Wright used a “lazy, copy-paste job” to provide a list of his early BTC addresses
Read more at https://bit.ly/2H9ddC5
Bitfinex officially release IEO whitepaper: According to the whitepaper, Bitfinex will be offering USDT in exchange for LEO tokens
Read more at https://bit.ly/2H5YKXG
Binance confirms margin trading feature: During an AMA session, Binance’s Changpeng Zhao responded to a user’s query and confirmed margin trading on Binance
Read more at https://bit.ly/2DYRufv
Binance compromised by hackers: Hackers attacked cryptocurrency exchange, Binance, withdrawing $40 million worth BTCs and stealing several users’ API keys and 2FA codes
Read more at https://bit.ly/2JopyoRV
Roger Ver on Peter McCormack: Roger Ver targeted Peter McCormack and Eric Lombrozo during a Q&A session, claiming that the duo meticulously try to convince people from using Bitcoin to make payments
Read more at https://bit.ly/2LuEHry
 
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Source: AMB Crypto

Bank of America secures crypto-patent, new headache for Bitfinex and more

Crypto News – 02 May – Bank of America secures crypto-patent, new headache for Bitfinex and more
Don’t forget to follow us for our daily videos#bitcoin @Bitcoin @bitfinex @barrysilbert @BankofAmerica #cryptocurrency #bitcoinnews @GrayscaleInvest pic.twitter.com/vgvwgzrGOv
— AMBCrypto (@CryptoAmb) May 2, 2019

Crypto News- 02 May
Binance celebrates World Password Day: Binance’s native token, Binance coin, surged by over 5% in 2 hours as the exchange celebrated World Password Day
Read more at https://bit.ly/2PN7N3S
BitPay-Refundo partnership: Bitpay announced its partnership with Refundo, a collaboration that will enable customers to receive U.S Federal and State tax refunds in Bitcoin [BTC]
Read more at https://bit.ly/2PH8go2
Ripple at IFGS 2019: Ripple’s Head of Regulatory Relations, Europe, made news after he claimed that UK’s FCA had made the country more conducive to crypto-businesses
Read more at https://bit.ly/2VbYwrK
Jack Dorsey’s Square Inc. posts record revenue: Square Inc. released its Q1 report for 2019, stating that it posted record revenues and profits, with many attributing it to the #stackingsats movement
Read more at https://bit.ly/2WhRJta
Good news for Dogecoin: Fans of the meme-coin were elated after the popular coin was given support on Coinbase Wallet, after noting a 17% hike in 2019
Read more at https://bit.ly/2Ws9cPy
Brian Armstrong gets called out: Coinbase’s Brian Armstrong got called out by many in the Twitterverse for ‘shilling’ USDC Coin so soon after the Bitfinex/Tether episode
Read more at https://bit.ly/2IXuK3J
Binance stablecoin in the cards?: The online cryptoverse was rife with speculation after Binance’s CZ hinted at possibly developing a stablecoin of its own, in response to a user’s tweet
Read more at https://bit.ly/2Y1eeTK
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Source: AMB Crypto

Bitfinex responds to New York AG’s allegations, Bitrue collaborates with Wietse Wind and more

Crypto News – 26 April – Bitfinex responds to New York AG’s allegations, Bitrue collaborates with Wietse Wind and more
Do follow us for our daily video#Bitfinex #USDT #Bitrue #XRP #CraigWright #Poloniex #cryptonews pic.twitter.com/IZTPSaDHUW
— AMBCrypto (@CryptoAmb) April 26, 2019

Crypto News – 26 April
Ripple crosses new frontier: In a major development, Ripple partnered with Saudi British Bank to launch international instant remittance service to India
Read more at https://bit.ly/2L6kRTj
Gab chooses Bitcoin LN over BAT: Gab, the free speech-focused social network is considering replacing BAT with Bitcoin’s Lightning Network integration for its new browser
Read more at https://bit.ly/2IKdtdY
Bitfinex exec on financial problems: New reports suggest that a Bitfinex executive claimed in 2018 that monetary issues could pull the price of Bitcoin to below $1000
Read more at https://bit.ly/2vlKQer
Nicholas Maduro on Petro: Venezuela’s President urged his citizens to purchase Petro over rising number of users adopting cryptos in the region
Read more at https://bit.ly/2UHkBcD
Ripple-SBI Holdings partnership strengthened: SBI Holdings’ Yoshitaka Kitao has joined Ripple’s Board of Directors
Read more at https://bit.ly/2UDoRKt
Ran NeuNer on cryptocurrency market: Popular crypto influencer, Ran NeuNer, is in the news after he claimed that crypto bull run had begun since most coins’ YTD returns had surged
Read more at https://bit.ly/2vkSRAs
Nike joins crypto-race: Iconic sports equipment company was the latest to join the crypto bandwagon after it filed a trademark application for ‘CRYPTOKICKS.’
Read more at https://bit.ly/2IVrwwI
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Source: AMB Crypto

Weiss Ratings claims correlation between Binance Coin and cryptocurrency market’s performance

The crypto-rating giant, Weiss Ratings, has been in the news for quite a while now. However, none of its news-making antics over the past few weeks have reflected positively on Weiss Ratings itself. If getting called out for predicting a crypto-surge after the fact wasn’t enough for the ratings agency, Weiss Ratings is in the headlines again after making an astounding claim.
The ratings agency incited quite a reaction after positing that Binance Coin may be the new Bitcoin [BTC]. Weiss made the hypothesis after claiming that the collective cryptocurrency market’s pumps usually coincided with and followed a similar pump in Binance Coin’s price and vice versa. The agency’s full tweet read,
 “It seems #BNB is leading the market now – when BNB is up, the market is up – and vice versa. Is BNB the new #BTC? #bitcoin #crypto”
Weiss Ratings’ hypothesis is flawed on many counts. For starters, when compared to other major coins in the coin market, Binance Coin remains a new entry to the cryptocurrency market. Despite the dominance of Binance as a top cryptocurrency exchange, Binance Coin’s market share and daily transaction volumes remain a mere fraction of the king coin’s metrics.
While the king coin holds a market cap of over $97 billion (over 53% of the market share), BNB’s market cap is a mere $3.3 billion. Also, since the crypto-exchange, Binance, handles over 40% of Bitcoin trading volumes, it can also be argued that Binance itself has contributed to Bitcoin’s growth.
There are a few more flaws with the hypothesis. Since BNB remains a new entry to the cryptocurrency realm and given the volatility of the market, it’s unlikely that Weiss Ratings has an adequate sample size or a wider time frame to make such an assumption. Further, given the fact that the crypto-winter loomed over the cryptocurrency market for much of last year, it’s unlikely that Weiss could have tested the “when BNB is up, the market is up” proposition since the market was down for most of the time period.
At press time, Bitcoin, the world’s premier cryptocurrency, was surging by 4.93%. Additionally, major altcoins such as Cardano, Bitcoin Cash and Litecoin were also surging by 9.25%, 5.25% and 3.51%, respectively. Contrary to the collective market movement, however, Binance Coin [BNB] was down by 1.10%.
Further, Binance Coin pumped significantly last week on the back of the DEX announcement. On the other hand, the collective market was trading sideways. Ergo, the hypothesis that the market is up when BNB is up or vice versa is immediately disproven.
Twitterverse did not take kindly to Weiss Ratings’ new hypothesis. @XRPGhostmurdock responded,
“How lame is the social media team for Weiss ratings. Whoever they are they should be fired for putting out juvenile and terrible content.”
This is not the first time Weiss has been trolled for its social media “predictions” and “hypotheses” though. The ratings agency came under fire after claiming that its “model” correctly predicted Bitcoin’s surge in early-April. Weiss was called out for making the claim after the fact.
The post Weiss Ratings claims correlation between Binance Coin and cryptocurrency market’s performance appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin [BTC]: Craig Wright may have deleted all information pertaining to his role in Bitcoin’s creation, claims Phil Wilson

The real identity of Bitcoin’s creator, Satoshi Nakamoto, has always been shrouded in mystery. While many have come forward to claim the identity for themselves, none have conclusively proven it. nChain’s Craig Wright is the most famous of these claimants. However, he is not the only one. Phil “Scronty” Wilson has now come forward on Crypto Finder, reiterating his claims to the pseudonym.
This isn’t the first time the Kiwi computer programmer is staking his claim to the pseudonym. In fact, he has been doing so since publishing a story titled “Bitcoin Origins”, wherein he stated that he was part of the team behind the pseudonym Satoshi Nakamoto, a team that also included Craig Wright and David Kleiman.
Wilson’s claims had previously been disqualified over the fact that he couldn’t present any evidence to back his claims. In fact, even the self-proclaimed Satoshi Nakamoto, Craig Wright, who Wilson claims were his partner in the project has categorically rejected these claims.
Speaking on Crypto Finder, Wilson claimed that the “team” had always intended to reveal the identity of Bitcoin’s creators slowly, in light of the dubious legality of the brand-new currency. He said,
“It was better to be safe than wearing an orange suit.”
However, Bitcoin’s link to the WikiLeaks scandal “kicked the hornet’s nest”, he claimed. Citing the efforts of many in the early days of the cryptosphere to de-anonymise Nakamoto, Wilson said that the team resisted the urge to spend even one Bitcoin from those 2009, 2010 addresses. Wilson also stated that the team was cautious in the face of any action by “three letter agencies”.
During the interview, Wilson also spoke about Craig Wright, reiterating his claims that nChain’s Chief Scientist was part of the trio behind the creation of the world’s premier cryptocurrency. Despite much of the cryptocurrency community disputing Wright’s own claims of being Satoshi Nakamoto, Wilson claimed that there may be another reason why Wright was unable to produce any evidence to support his claims.
He said,
“The fear I put into him about deleting all the information so if anyone grabs him there’s no proof… looks like it might’ve actually happened.”
While Wilson continued to speak about his role in the creation of Bitcoin, he conceded that he was unable to prove the same since,
“I can’t do any proving, because I’ve got no data, no emails or any of that.”
The post Bitcoin [BTC]: Craig Wright may have deleted all information pertaining to his role in Bitcoin’s creation, claims Phil Wilson appeared first on AMBCrypto.
Source: AMB Crypto

Bithumb resumes Bitcoin [BTC] and Ethereum [ETH] withdrawal and deposit services

Bithumb, one of South Korea’s leading and more controversial crypto-exchanges, has been in the news for quite a while now. Just a few weeks ago, the exchange was hacked, contributing to the loss of millions in XRP and EOS. Almost two weeks after the exchange asked users to stop withdrawals and deposits, Bithumb today announced the partial resumption of the services.
Following the hack, which the exchange claimed was an inside job, Bithumb had asked its users to stop making cryptocurrency deposits while an investigation by KISA and several cyber-security agencies was still underway. The full statement read,
“We would like to ask you to stop making deposits of cryptocurrency in order to check our member’s assets through external organization and to cooperate with the investigating agency in connect with an accident that is supposed to be an internal embezzlement that occurred on March 29th.”
The suspension of these services was deemed “necessary” by the exchange, while a “fair and objective due diligence review” of all cryptocurrency assets held by Bithumb was conducted by an external auditing firm.
The South Korean exchange tweeted that it will be partially resuming withdrawal and deposit services on April 17, 2019, at 3 pm, local time. For the time being, this resumption of service will apply only to Bitcoin [BTC] and Ethereum [ETH] deposits and withdrawals, Bithumb’s blog read. It also stated that this was an attempt at “minimizing the inconvenience” caused by the suspension of services previously.
The exchange also announced that it will be resuming these services with additional and “enhanced security and monitoring systems” in order to safeguard its users’ crypto-assets. However, the exchange failed to go into the specifics of what changes it had made to its security system.
Bithumb’s blog concluded by stating that any cryptocurrency deposits made during the period of suspension would be processed sequentially, when services resume on April 17.
The development would be one of the few pieces of good news for the beleaguered exchange. Recent reports suggested that the exchange incurred a loss of $180 million, since the price of Bitcoin dropped in 2018. Following mounting losses, the exchange had to lay off over 50% of its staff last month.
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Source: AMB Crypto

Bitcoin.org’s Cobra accuses Jack Dorsey’s Square Crypto of pandering to Bitcoiners to promote Cash App

Cobra, Co-owner of Bitcoin.org and Bitcointalk.org, has always been very vocal about his views on other cryptocurrency projects. Cobra has consistently attacked altcoins, or what he calls “shitcoins,” while hailing Bitcoin as the “king coin” and “worth more than all other altcoins combined.” He is in the news again after attacking Jack Dorsey and his new crypto project, Square Crypto.
Cobra accused Dorsey and Square Crypto of pandering to Bitcoin users, while also suggesting that the crypto project is merely a way to bring in more users for Dorsey’s Cash App. Cash App, developed by Dorsey’s Square Inc., is a mobile payments app that announced Bitcoin support last year to great fanfare. Cobra’s tweet read,
“Gotta respect how hard @sqcrypto is pandering to Bitcoiners. Very clever how @Jack has embedded himself in the community; in return the community promotes @CashApp, which gives that service a small but dedicated and activist group of early users.”
For its part, Square Crypto has not announced anything major, since it was first launched last month. However, it is known that the crypto project is on the hunt for crypto engineers and designers. Square Crypto was also in the news after querying the cryptoverse about what it wanted to be added to the ecosystem, with privacy enhancements and lightning plug-ins being the most popular suggestions.
Cobra wasn’t done attacking Jack Dorsey. In the same thread, he further added,
“Liberal elites don’t like things they can’t control. Bitcoin goes against everything Jack stands for. He’s no Bitcoiner, and never will be.”
The response to Cobra’s tweets was mixed, however, with Twitter user @StopAndDecrypt commenting,
“Do things we like and it’s pandering, do things we don’t like and we’re being too tribalistic? Once again, it’s like Cobra doesn’t understand how any of this works.”
This isn’t the first time Cobra has spoken out against Dorsey and Cash App. Cobra had previously claimed that Dorsey’s Cash App will push the same kind of censorship Bitcoin advocates work against. Cash App’s censorship would be an extension of Twitter’s censorship policies, he said, adding that it will soon restrict users from accessing their own funds. He said,
“Word of caution for everyone riding @Jack’s dick, the same de-platforming tools will be applied to @CashApp eventually; loss of your money or suspension based on arbitrary BS.”
The post Bitcoin.org’s Cobra accuses Jack Dorsey’s Square Crypto of pandering to Bitcoiners to promote Cash App appeared first on AMBCrypto.
Source: AMB Crypto

Coin Metrics’ Nic Carter says crypto is a frontier industry and catnip for charlatans

Characteristics such as decentralization and freedom of access have allowed cryptocurrencies to emerge not only as alternatives, but also as competitors to legacy financial systems. Part of the reason why the industry has emerged so is the fact that there is a widespread perception that the traditional financial and banking systems are morally corrupt. However, Coin Metric’s Nic Carter had some interesting insights on the matter.
Carter, a partner at the venture capitalist firm Castle Island Ventures, is also the Co-founder of Coin Metrics, an open-source project that provides transparent and actionable crypto-asset network and market data. On a Twitter thread that evoked a diverse range of reactions, Carter said,
“However morally bankrupt you think the crypto industry is, I assure you, it’s far worse than you could have possibly imagined.”
Carter further tweeted,
“Crypto folks have a knack for railing against the legacy financial system and then creating infinitely more exploitative and corrupt versions of those same systems.”
According to Carter, this cynicism isn’t new-found. He claimed to have always felt this way, stating that a “methodical survey of 50 projects”, where he graded their transparency and investor protections, was when the realization first struck him.
Nic Carter’s perspective on the current state of the cryptocurrency market is in sharp contrast to the many who advocate the industry’s positives. In fact, for someone actively working in the crypto-asset industry, Carter’s views are more in line with cryptocurrency skeptic Nouriel Roubini.
Carter even went on to defend Roubini, tweeting that “he did not blame Nouriel for writing off all of crypto as a scam”. The Coin Metrics Co-founder continued,
 “I don’t blame people like Nouriel who write off all of crypto as a scam, that is a truncated version of the truth. Bitcoin blew the overton window wide open, so wide that people dared to believe that they could seize the right of seignorage from the gods (central banks)”
According to Nic Carter, the emergence of Bitcoin and the later altcoins, expanded the window of financial and political discourse, allowing many to seize powers, such as the issuance of currency, from financial institutions, despite being in no way prepared for the same. His tweet storm continued,
“That realization – the gods are not infallible. good lord, we can be the issuers of currency. we can depose those decadent gods on mt olympus and install ourselves in their stead. that realization led to the worst orgy of excess imaginable. and it still hasn’t unwound.”
Carter’s views received a host of diverse reactions online, with many asking him to compare it with traditional finance. Carter unequivocally commented that crypto was worse and a “catnip for charlatans”.
BlockTower Capital’s Ari Paul agreed with Nic Carter’s views, tweeting that crypto was much worse and “indisputable in terms of ratio of the value to fraud”.
The post Coin Metrics’ Nic Carter says crypto is a frontier industry and catnip for charlatans appeared first on AMBCrypto.
Source: AMB Crypto

Litecoin’s [LTC] Charlie Lee responds to Michael Novogratz’s comments on silver coin

Galaxy Digital’s Michael Novogratz was in the news this week after he blasted Litecoin [LTC], calling it a ‘glorified testnet’ for Bitcoin [BTC]. Novogratz stated that the digital silver’s market cap was just 6.4% of BTC’s, mockingly claiming that actual silver was, at the very least, useful with respect to industrial production. Following this, Charlie Lee, the Creator of Litecoin, responded to Novogratz’s statements.
Lee refuted Novogratz’s statements, claiming that he couldn’t “be more wrong”. Lee also ridiculed the former hedge fund manager’s statement about Litecoin and Bitcoin’s Lightning Network. He had claimed that BTC’s Lightning Network made Litecoin useless. Charlie Lee’s full tweet read,
Source: Twitter
Charlie Lee also proposed a solution for the high BTC fees. Lee shared the news of Boltz’s alpha release, an instant, account-free, and non-custodial digital asset exchange built on top of Bitcoin’s Lightning Network. The creator of Litecoin suggested the use of Boltz for on-chain submarine swaps from LTC to BTC. Using Boltz costs pennies and guarantees a transaction speed of no more than two-and-a-half minutes, he claimed.
Charlie Lee’s response gained a lot of traction online, with many in the cryptocurrency community opining on the matter. Cobra, the co-owner of Bitcoin.org, commented,
“Replace “Litecoin” with “Bitcoin Cash” and “LTC” with “BCH” and this reads exactly like a Roger Ver tweet. Only difference is Roger believes his own bullshit and didn’t dump all his BCH on his followers at the top.”
Bull Bitcoin’s CEO, Francis Pouliot, commented,
“Suckers. Thanks for losing your money for the benefit of bitcoiners!”
There were some who defended Lee and Litecoin too. Twitter user, @JasonEbacher, responded,
“Cobra, you forgot the part about LTC having segwit first & having lightning network, atomic swaps & soon to have confidential transactions… @satoshilite is nothing like roger in any way, Especially he doesn’t say his coin is bitcoin and doesn’t claim babies are dying.”
Novogratz had previously requested everyone to forego their LTC holdings and buy BTC instead. His comments came at a time when Litecoin and the collective cryptocurrency market was seeing a surge in its fortunes.
At press time, the silver coin was trading at $87.51, with a market cap of $5.35 billion. It had a 24-hour trading volume of $3.9 billion. While the coin was falling by 0.47% at press time, it had registered a 43% surge over the past seven days.
The post Litecoin’s [LTC] Charlie Lee responds to Michael Novogratz’s comments on silver coin appeared first on AMBCrypto.
Source: AMB Crypto

Ethereum’s Vitalik Buterin and Nouriel Roubini square off to discuss scalability, censorship resistance and decentralization

The cryptocurrency world witnessed its own version of Ali v. Foreman after Vitalik Buterin, the Co-founder of Ethereum and prominent cryptocurrency skeptic, Nouriel Roubini, faced off at the Deconomy Forum in Seoul. The two stalwarts were up against each other on a panel discussion titled, ‘Fundamental Value of Cryptocurrency and its sustainability,’ moderated by Antony Lewis.
The debate was billed as the most exciting panel discussion of the year, with Nouriel Roubini and Vitalik Buterin having squared off several times previously. The debate itself covered a range of subjects, including, centralization, scalability, and censorship resistance, among other things.
Ethereum’s Co-creator spoke about the utility of cryptocurrencies and how they can be censorship resistant and be used to allow more people access to financial services, while exploring more use cases such as DApps. The economist dismissed this, stating that the privacy and anti-censorship argument was a ‘joke.’
Calling it nothing more than a myth, Roubini said that since governments have the power and authority to overrule crypto-systems, cryptos can only be as resistant as the government allows them to be. Further, since many regulators impose KYC norms, anonymity and censorship resistance will be rendered moot, he said.
Roubini further added that since felonies such as tax evasion, human trafficking and terrorist financing are common, governments have no incentive to accept cryptocurrencies. Instead, they’ll be motivated to act against anonymous finance, he said. Buterin responded by saying that anonymity was not mutually exclusive with finance. He also added that private and compliant finance is possible.
Roubini and Buterin also crossed swords on the issue of scalability and decentralization. Proof-of-Work networks such as Bitcoin and Ethereum are not sufficiently scalable, Roubini said, citing the consensus algorithm’s slow transaction speeds. The economist also spoke about the alleged degree of centralization within the mining and developer community.
Buterin was quick to respond however, stating that solutions such as Ethereum’s sharding not only allows maximum efficiency for nodes and miners, but also contributes towards improving scalability and decentralization.
Emin Gün Sirer, a professor at Cornell University, had this to say about Roubini’s comments on centralization,
“Ok, he even called out the centralization among developers. Not wrong, but kind of unfair to direct it at ETH, one of the few coins with a decentralized developer ecosystem.”
Buterin and Roubini also spoke about a scenario where Central Banks hold cryptocurrencies in the future. While Roubini said that it was not possible, Buterin commented that it wasn’t impossible since central banks already hold gold reserves.
Ethereum’s Vitalik Buterin also had some interesting insights on what present-day cryptocurrencies are supposed to become in the future. He said,
“I don’t advocate for BTC or ETH to become a unit of account for the world. Things like @MakerDAO have potential. But value of most of crypto in short term is not to replace global fiat.”
The post Ethereum’s Vitalik Buterin and Nouriel Roubini square off to discuss scalability, censorship resistance and decentralization appeared first on AMBCrypto.
Source: AMB Crypto

No current cryptocurrency is viable for terrorist use, says RAND Corporation report

Cryptocurrency, and the underlying technology it’s built on, blockchain, has a lot to offer to individuals and governments. However, according to a RAND report, terrorist organizations such as Al Qaeda, ISIS and Hezbollah may soon be on the precipice of taking advantage of the same.
The report, titled ‘Terrorist Use of Cryptocurrencies: Technical and Organizational Barriers and Future Threats’, tries to address two queries; whether terrorist organizations are actually using cryptocurrencies, and the future properties that would make cryptos more viable for such terror networks.
The report suggested that despite cryptocurrencies offering an anonymous, secure, and ready stream of funding, there was “little current evidence of the adoption of cryptocurrencies by terrorist organizations or the motivation to do so”. However, this may soon change as the cryptocurrency technology evolves over time, it warned.
The report evaluated a set of useful cryptocurrency characteristics and weighed them against a list of five financial activities common to terror outfits. These crypto characteristics included anonymity, usability, security, acceptance, reliability, and volume.
Upon evaluation, it was found that no single cryptocurrency is currently able to address all the financial needs of terrorist organizations. The report used examples of Bitcoin and Zcash to make its case.
While the world’s premier cryptocurrency satisfies the conditions of acceptance and usability, it’s relative anonymity isn’t substantial enough for terror outfits which are keen to keep their fundraising and operational costs completely anonymous.
On the other hand, while coins such as Zcash satisfy the condition of anonymity by offering a higher degree of privacy and allowing digital currencies to be moved offline, it does not satisfy the conditions of acceptance as it doesn’t have a user base as huge as Bitcoin.
However, the RAND report didn’t discount the future use of cryptocurrencies by terror organizations. It concluded by stating,
“…should a single cryptocurrency emerge that provides widespread adoption, better anonymity, improved security, and that is subject to lax or inconsistent regulation, then the potential utility of this cryptocurrency, as well as the potential for its use by terrorist organizations, would increase.”
In fact, Hamas, the Gaza Strip-based Palestinian terror outfit has already been accepting donations via Bitcoin for the past two months.
The report also cited several factors that may dissuade terror organizations from using cryptocurrencies. These include infighting within the crypto community and stronger law enforcement actions such as de-anonymization of crypto transactions, among others.
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Source: AMB Crypto

Bitcoin’s [BTC] decreasing reward schedules are dishonest, says Ethereum’s Vitalik Buterin

The issue around Bitcoin’s supply cap of 21 million BTCs is one that has been around for quite some time now. The debate was pushed into the limelight as recently as February, when heated discussions about the subject made their way to Twitter. Vitalik Buterin, the Co-founder of Ethereum, became the latest person to give his two cents on the digital gold’s supply cap.
During a recent Reddit Q&A, the Russian-Canadian programmer was asked how he felt about Bitcoin’s supply cap, in light of the falling block rewards that would follow the cryptocurrency’s halving in 2020, newsBTC reported.
Buterin did not mince his words, stating that “there was something dishonest to this decreasing rewards schedule concept.” Citing Bitcoin’s 21 million supply cap, Buterin said that imposing such an upper limit was disingenuous as it presented two diametrically and contradictory ideas at once.
He said,
“You’re using the present level of issuance of the system and the system’s ability to operate under the present level of issuance as a proof that the system is safe. But then you’re using the fact that it has this baked in decreasing reward schedule as a proof that it’s finite supply. But then if its finite supply, then the reward schedule is going to decrease and we have no evidence that the system is going to be safe under the decreased awards. “
Buterin’s comments questioning the safety and security of a chain with reducing emission rates incited a lot of diverse reactions online. Founder of Mythos Capital, Ryan Sean Adams, was one of the people to come out in support of Buterin. He said,
“Completely agree. Supply caps are good for the meme, but ultimately disingenuous when implemented too early.”
Others, however, were not that kind. John Carvalho, the CCO of Bitrefill, called Buterin’s example illustration of Bitcoins dishonest. He further added,
“..he ignores that the fees miners need are measured in their own capex, not in bitcoins. If price doubles at a halving, everything is fine.”
The reaction to Vitalik Buterin’s comments on Bitcoin’s supply cap is a continuation of the debate that ensued after February’s Satoshi Roundtable. Matt Luongo, the Founder of Fold, had then proposed the raising of Bitcoin’s supply cap. Luongo said that doing so was only logical as with block rewards halving, miners won’t have any incentive to secure the network and protect it against a 51% attack.
Like Buterin, Luongo’s arguments incited a heated discussion as well. Bitcoin Cobra, the Co-founder of Bitcoin.org, responded,
“Anyone who dares suggest we raise the supply of Bitcoin should be ostracised and chased out of the community. 21 million Bitcoins will be minted, no more.”
The post Bitcoin’s [BTC] decreasing reward schedules are dishonest, says Ethereum’s Vitalik Buterin appeared first on AMBCrypto.
Source: AMB Crypto

John McAfee on Bitcoin, BlockFi faces backlash and more

Crypto News – 21st March – John McAfee on Bitcoin, BlockFi faces backlash and more
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Daily Crypto News – 21 March
Coindcx launches lending program: Indian crypto exchange, Coindcx, announced the launch of Dcxlend, a crypto-lending program, that will support five cryptocurrencies, including Bitcoin and XRP.
Read more at https://bit.ly/2Cw1wEe
Ledger’s CEO on the cryptoverse: Eric Larchevêque, CEO of the hardware wallet manufacturer, Ledger, stated that financial institutions want to build a back office using cryptocurrency and its underlying technology.
Read more at https://bit.ly/2HJyODf
Facebook joins crypto race: The Mark Zuckerberg-led social media giant is stepping up its crypto project, and is looking for a lead counsel to head its Blockchain division.
Read more at https://bit.ly/2TplUMS
Mike Novogratz on Satoshi Nakamoto: Bitcoin advocate and billionaire is in the news again after he claimed that people should bow down to Satoshi Nakamoto, and thank him for the creation of the world’s premier cryptocurrency.
Read more at https://bit.ly/2ujAEmj
Vitalik Buterin on ICOs: Buterin, the creator of the world’s second largest cryptocurrency and smart contracts platform, Ethereum, claimed that ICO boom would have happened, regardless of the ETH platform
Read more at https://bit.ly/2FnOzwD
Cryptocurrency users surged in 2018: According to a report filed by Silvergate Bank with the United States’ SEC, despite the ongoing crypto-winter, the cryptocurrency user base shot up by 122% in 2018.
Read more at https://bit.ly/2UMWNF9
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Source: AMB Crypto