Mysterious Reddit Post Reveals That Not All Is Well at Dash

In a mysterious reddit post, a user with the handle u/dashlabs has claimed that Dash Labs is closing down following months of inactivity and development on the Dash blockchain. This ends the two year relationship with Dash ecosystem for the technical team in Dash Labs.
Unconfirmed: “Dash Labs is Closed and All Employees Have Been Laid Off”
Per the post, Dash Labs, a core development on the Dash platform (together with Dash Core), has closed down its offices and laid off their staff. The organization has been slowly dying out in the past few months and it was finally time to shut its doors.
The post read,
“I was perfectly happy to just let this thing die off slowly but someone seems to have found my main account, and even asked me about the company on other forms of social media – since I don’t want this to follow me forever Dash Labs is closed and all employees have been laid off.”
The post further requested the community to offer the team members space from the Dash, Dash Labs, and Evan Duffield, the founder of Dash.
“I’d appreciate it if anyone who has found our actual identities keeps it to themselves, as we do not wish to be further involved with Dash, Dash Labs or Evan,” the post reads. “What Evan does with Dash Labs now is up to him as we have no further contact.”
The identity of the redditor who posted has not been revealed. Also, the news has not been publicly confirmed by Dash, the parent company of Dash Labs.
In August 2017, months before the mega bull run, Evan Duffield announced Dash Labs’ first employee, a software engineer, to run the organizational aspect of their businesses. Back then, he had also announced that Dash Labs and Dash Core are planning to set up an office in Hong Kong.
More on Dash Ecosystem
In October, Dash came under fire for its alleged non-compliance with FATF’s travel rule causing a number of exchanges including OKEx, CEX.io and Coincheck to consider delisting the privacy coin from their platforms.
Since hitting a yearly high of $185 USD in June, the privacy based coin, has slipped more than 60% to a current price of $70.12 USD, as at time of writing. The slip cannot be solely attributed to Dash Labs stopping its technical developments as the market in general slipped in lieu with Bitcoin’s price reversal below the $9,000 level.
The post Mysterious Reddit Post Reveals That Not All Is Well at Dash appeared first on Coingape.
Source: CoinGape

Tron and EOS Are Now among China’s Favourites in Latest Crypto Rankings

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Tron and EOS Are Now among China’s Favourites in Latest Crypto Rankings
China’s state-backed tech workgroup has released its fourteenth crypto rankings report, with Bitcoin ranked 11th, Tron – 2nd, and EOS (EOS) retaining the top spot
Tron and EOS Are Now among China’s Favourites in Latest Crypto Rankings

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Source: CoinSpeaker

Dash [DASH] Carries Lower Risk of Regulatory Non-Compliance Than Bitcoin: Dash Executive

Dash [DASH], which is deemed as a privacy coin, has come under fire for its alleged non-compliance with FATF’s travel rule. Many exchanges including OKEx, Coincheck and CEX.io have already delisted Dash or are considering doing it. However, Dash’s Regional Manager for Business Development in the US-Canada region, Omar Hamwi, has established that Dash is as compliant with FATF’s travel rule as Bitcoin in a blog on Medium. In fact, he has even said that Dash carries a lower risk of regulatory non-compliance than Bitcoin. 
What is FATF’s Travel Rule?
FATF’s travel rule dictates all Virtual Asset Service Providers (VASPs) to share relevant customer data with beneficiary institutions. The data includes the sender’s name, the sender’s account number used for processing the transaction (e.g. cryptocurrency wallet), the sender’s identification details such as their address, or ID card number, beneficiary’s name and beneficiary’s account number to which the transaction has been processed.
Is Dash Compliant With FATF’s Travel Rule?
Since the announcement of FATF’s travel rule, several exchanges have announced that they will be delisting Dash and other privacy coins including Monero and ZCash. In September, OKEx had announced that it would be delisting Dash, but in earlier in October, it said that it is reviewing its decision to do the same. According to a Twitter handle, Electric Coin Company, CEX.io may also delist Dash. Coincheck had also announced in May that it would be delisting Dash, Monero, and Zcash.
Dash, however, is as compliant with FATF’s travel rule as Bitcoin, as per a company executive. Dash’s Regional Manager for Business Development in the US-Canada region, Omar Hamwi, recently published a blog on Medium in which he explained how Dash transactions were not anonymous and how it was possible for Dash to be compliant with FATF’s travel rule.
The blog establishes how the Bitcoin network and the Dash network are completely identical –

Both Dash and Bitcoin network operates with the same transaction ruleset.
Both the networks are public blockchains, and are transaction data – sender’s address, receiver’s address and the transaction amount are recorded transparently on the blockchain in both the networks.
Both Bitcoin and Dash optionally utilize CoinJoin to offer transactions a certain level of privacy. CoinJoin, while it enhances the privacy aspect of a user’s profile, doesn’t provide the user with complete anonymity. In fact, CoinJoin can be used with any cryptocurrency network. The techniques which are used for analyzing Bitcoin transactions are also applicable to the Dash network.

Therefore, if Bitcoin can be compliant with FATF’s travel rule, so can Dash be.
Dash is Not a “Privacy- Centric Coin”
The blogs explain how privacy and transparency are not a binary, but rather a spectrum –
“This spectrum includes complete shielding of transactions (in which addresses or amounts are completely obscured from third-party observers), optional shielding of transactions, and completely transparent transactions. It can also include “off-chain” transactions and other enhancements that prevent third-parties from observing transactions at all.”
In the case of Dash, privacy is an optional feature – otherwise, its transactions are completely transparent by default like Bitcoin’s. The added privacy feature is available in the desktop wallet only. As for CoinJoin, it combines multiple payments from multiple spenders into a single transaction or a series of transactions. This makes it more difficult for third-party observers to determine which address paid which recipient or recipients. CoinJoin can be used with any transparent blockchain including Bitcoin’s, therefore making Dash and Bitcoin identical in terms of privacy. The blog also notes that with Bitcoin’s Lightning Network, bitcoin users get to enjoy anonymous transactions.
Bitcoin users have an “off-chain” option called the Lightning Network, which is completely anonymous. Even the nodes (e.g., servers) relaying transactions on the Lightning Network are unable to determine the origin or destination node of the payments it routes.
Thus, Dash carries a lower risk of regulatory non-compliance than Bitcoin.
The blog further goes on to say that Dash has partnered with many companies for ensuring compliance with FATF’s guidelines. Its compliance partners are helping it meet the Travel Rule and other compliance requirements in several ways including transactions monitoring, identifying and blocking transactions that make use of mixers. The cryptocurrency has also listed guidelines for VASPs on how they can identify, block and report suspicious Dash transactions with enhanced privacy features like the utilization of a mixer.
The blog explains in great detail how Dash does not violate FATF’s guidelines and helps exchanges decide whether to delist the cryptocurrency or not. What do you think of Dash’s move to explain how it is as compliant as Bitcoin with the FATF travel rule? Share your views with us in the comments below!
The post Dash [DASH] Carries Lower Risk of Regulatory Non-Compliance Than Bitcoin: Dash Executive appeared first on Coingape.
Source: CoinGape

Visa-backed Crypto Custodian Anchorage to Introduce Governance Platform with Voting Rights

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Visa-backed Crypto Custodian Anchorage to Introduce Governance Platform with Voting Rights
Crypto assets custodian Anchorage has introduced a new governance platform. Voting is based on ownership of the Maker token.
Visa-backed Crypto Custodian Anchorage to Introduce Governance Platform with Voting Rights

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Source: CoinSpeaker

Monero, privacy coin usage would have made child porn investigation difficult

When news about Bitcoin being the main factor behind the crackdown on the largest child pornography website broke out, some speculated that this would lead to an increased use of privacy-enhancing cryptocurrencies for illicit activities on the deep web, making it harder for law enforcement agencies to track down the people involved in illegal activities. […]
The post Monero, privacy coin usage would have made child porn investigation difficult appeared first on AMBCrypto.
Source: AMB Crypto

Monero [XMR] Hits a 6-Month Low as Major Exchanges Gear to Delist Privacy Coins

Monero [XMR], on Oct 14, fell to a 6-month low at $52.85 continuing with a downtrend which began almost a month ago. This downtrend, initiated by the news of XMR’s delisting from major crypto exchanges after the Financial Action Task Force (FATF) announced the “travel rule” for crypto exchanges, has resulted in a 35% dip in XMR’s price in less than a month. 
XMR Hits $82.85 to Record a 6-Month Low on Oct 14
The news of the implementation of FATF’s travel rule seems to have hit XMR rather gravely as OKEx announced its plan of delisting XMR on September 10. XMR, which was at nearly $76 plunged and closed at $72.23. However, buying resumed the next day and XMR jumped back to $74.41 after hitting a low of $70.16. It continued to climb up the charts till Sept 19, hitting $81.76. However, it could not sustain above the $80 mark for long and came crashing down to $72.92 on September 20. The downtrend which began on Sept 20 has pushed XMR price to the present $50 zone.
Monero 6 month chart | source: CoinStats

FATF’s “Travel Rule” –  Killer of Privacy Coins?
The FATF is an intergovernmental organization, comprising of 39 member countries, whose aim is to develop policies to combat money laundering. The FATF’s travel rule dictates cryptocurrency exchanges, some digital wallet providers and other firms to share customer data such as names and account numbers with institutions involved in receiving fund transfers. In other words, the rule demands virtual currency companies to behave like banks that share customer information with each other for wire transfers.
OKEx was among the first major exchanges which announced that that it will delist privacy coins – Monero (XMR), Dash (DASH), Zcash (ZEC), Horizen (ZEN) and Super Bitcoin (SBTC) from its platform. The design of these privacy coins makes it impossible for OKEx to verify the identities of the senders and receivers, resulting in non-compliance with FATF’s travel rule. OKEx was supposed to withdraw transaction support for these coins on the 10th of October, and stop withdrawal services on the 10th of December 2020. At the moment, all the coins except for SBTC are available on OKEx for spot trading.
South Korean exchange Upbit is another exchange that announced its plans of delisting privacy coins including Monero (XMR), Dash (DASH), Zcash (ZEC), Haven (XHV), Bittube (TUBE), and PIVX (PIVX).
In August, Coinbase also revealed that it is dropping support for Zcash.
ZEC and DASH – Price Update
ZEC has also been on a downtrend since the end of June. On 30th June, ZEC stood at $114. It began Q2 2019 by plunging to $96.69. The downtrend has continued and ZEC is now trading at $37, reducing to almost a third of its value at the beginning of Q2.
DASH had witnessed similar price movement. From peaking at $187.54 on June 26, it began Q2 on a bearish note at $156.42. In the time between the beginning of Q3 2019 and Q2 2019, it plunged further, losing over 50% of value to trade around the $70 mark. The coin is presently trading around at $71 at the time of writing this article.
Is this the end of Monero? Will FATF’s travel rule lead to all crypto exchanges delisting privacy coins? Let us know what you think in the comments below!
The post Monero [XMR] Hits a 6-Month Low as Major Exchanges Gear to Delist Privacy Coins appeared first on Coingape.
Source: CoinGape

Top 10 Web Crypto Wallets of 2019

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Top 10 Web Crypto Wallets of 2019
While there’s a whole myriad of alternatives for storing your cryptos online, we decided to help you limit the scope with a review of the top 10 web wallets of 2019.
Top 10 Web Crypto Wallets of 2019

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Source: CoinSpeaker

Stellar Lumens records massive price movement after Coinbase listing announcement

San Francisco-based cryptocurrency exchange, Coinbase, recently revealed that the exchange was eyeing an expansion. While OKEx delisted an array of privacy coins, Coinbase recently listed privacy-focused Dash [DASH] onto its platform. The exchange even plans on listing Telegram’s much-anticipated cryptocurrency, GRAM. More recently, Coinbase revealed that Stellar Lumens [XLM] and Chainlink [LINK] were made available […]
The post Stellar Lumens records massive price movement after Coinbase listing announcement appeared first on AMBCrypto.
Source: AMB Crypto

Binance Teases FATF, Allows Lending via Privacy Coins

Binance, one of the world’s leading cryptocurrency exchanges by trading volume, is adding three anonymity-focused cryptocurrencies to its loaning platform.
The Malta-based company said in a blog post that Binance Lending would allow users to lend in Monero, Zcash, and Dash. The annualized interest rate for the “fifth phase of Binance Lending products” with a 14-day maturity term, is 3.5 percent. Binance put out a total subscription cap of 300 XMR for Monero, 600 ZEC for Zcash, and 300 DASH for Dash. If borrowers subscribe all the available tokens, they will return lenders interest per lot of 0.001342 XMR, 0.001342 ZEC, and 0.001342 DASH.

Binance Lending – Special Edition $DASH $XMR $ZEChttps://t.co/HKWycfO2e0 pic.twitter.com/6Rs1BM2dd5
— Binance (@binance) September 17, 2019

Ditching FATF Standards
The announcement came a day after OKEx, another cryptocurrency exchange, declared that it is going to delist Monero, Zcash, and Dash from its South Korea-based trading platform. The Malta-headquartered firm decided to move against the privacy coins after the Financial Action Task Force (FATF) directed cryptocurrency exchanges to report suspicious transactions – especially those that exceed $1,000.
The global financial watchdog brought crypto firms under a so-called travel rule. It made exchanges and wallet providers equivalent to banking institutions. That complies those modern firms to keep track of their users’ financial activities, share them with other FATF-complied firms, and report them to the agency as soon as they spot irregularities.

A guideline issued by the Financial Action Task Force (FATF) is prompting OKEx to delist popular privacy-centering cryptocurrencies.https://t.co/p84Xb0IT7T
— NEWSBTC (@newsbtc) September 16, 2019

Recognizing the privacy coins anonymized people involved in a financial transaction, OKEx believed removing them was the only option left to ensure FATF-compliance. Nevertheless, its rival Binance decided to the opposite by adding them to its new lending platform. The Binance chief executive & co-founder Changpeng “CZ” Zhao tweeted a cryptic message in support of financial privacy.
“Do you think privacy is a fundamental right?” the message read.
June 2020
Meanwhile, FATF has not issued any statements regarding the use of anonymity-focused cryptocurrencies as of late. In its June 2019 notice, the watchdog discussed how countries and obliged entities must comply with its recommendations to prevent the misuse of cryptocurrencies in money laundering and terrorist financing.
Excerpts from their public notice:
“The obligations require countries to assess and mitigate their risks associated with virtual asset activities and service providers; license or register service providers and subject them to supervision or monitoring by competent national authorities—(notably, countries will not be permitted to rely on a self-regulatory body for supervision or monitoring)—and implement sanctions and other enforcement measures when service providers fail to comply with their AML/CFT obligations; and underscore the importance of international cooperation. Some countries may decide to prohibit virtual asset activities based on their own assessment of the risks and regulatory context or to support other policy goals.”
Based on national regulators’ feedback, FATF will prepare a review report and release it in June 2020. The agency has warned that it would blacklist countries with a higher number of money laundering and terrorist financing crimes, including those powered by cryptocurrencies.
The post Binance Teases FATF, Allows Lending via Privacy Coins appeared first on NewsBTC.
Source: New feedNewsBTC.com

Dash Launching on Coinbase Pro Cryptocurrency Exchange

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Dash Launching on Coinbase Pro Cryptocurrency Exchange
The announcement of Dash’s impending listing on Coinbase Pro comes slightly over a month after an announcement that the platform was exploring the addition of eight new digital assets.
Dash Launching on Coinbase Pro Cryptocurrency Exchange

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Source: CoinSpeaker

Dash Core Group’s Ryan Taylor laments communication gap between Coinbase and DCG

Coinbase, the San Francisco-based cryptocurrency exchange, recently announced that the organization was “exploring” the idea of adding new virtual assets to its platform, a proposal which included Dash among 7 other cryptocurrencies. In a recent Q&A, Ryan Taylor, CEO of Dash Core Group, was questioned about the development of Dash in 2019 and his views […]
The post Dash Core Group’s Ryan Taylor laments communication gap between Coinbase and DCG appeared first on AMBCrypto.
Source: AMB Crypto

July’s Industry Dynamics Revealed in New Crypto Report

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July’s Industry Dynamics Revealed in New Crypto Report
The latest CORindex crypto report is titled “July 2019 Cryptocurrencies Transactions and Activity” and it features key data any analyst or investor in this space will need to know to make decisions about their assets.
July’s Industry Dynamics Revealed in New Crypto Report

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Source: CoinSpeaker

Dash joins hands with BlockchainIntel to promote adoption and provide compliance reporting for exchanges

In an attempt to increase the adoption of its crypto, Dash has partnered with a “transaction monitoring solutions for blockchains” company, BlockchainIntel. BlockchainIntel analyzes cryptocurrency transactions, along with addressing and risk-scoring them based on ‘evidence of possible nefarious activity.’ Dash will aid BlockchainIntel with respect to regulatory compliance for exchanges and other businesses, in order […]
The post Dash joins hands with BlockchainIntel to promote adoption and provide compliance reporting for exchanges appeared first on AMBCrypto.
Source: AMB Crypto

More trouble for Facebook’s Libra, Bitcoin falls below key indicator and more

Crypto News – 24 July – More trouble for Facebook’s Libra, Bitcoin falls below key indicator and more Don’t forget to follow us for our daily videos pic.twitter.com/CvsXwe2o5P — AMBCrypto (@CryptoAmb) July 24, 2019 Crypto News – 24 July Bitcoin puts two paradigm shifts into motion Bitcoin has evolved from the dark web and the […]
The post More trouble for Facebook’s Libra, Bitcoin falls below key indicator and more appeared first on AMBCrypto.
Source: AMB Crypto

DAPI meant to resolve barriers to crypto-adoption, claims Dash Core Group’s Ryan Taylor

Ryan Taylor, CEO of Dash Core Group, was in the news last week after he claimed that the implementation of Chainlock protocol would make the network immune to 51% attacks and a chain re-org. Dash is in the news yet again, for their soon to be released Decentralized API [DAPI]. With support from the yet-to-be […]
The post DAPI meant to resolve barriers to crypto-adoption, claims Dash Core Group’s Ryan Taylor appeared first on AMBCrypto.
Source: AMB Crypto