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    Cryptocurrency Daily Discussion - August 8, 2019 (GMT+0)

    August 08, 2019

    Cryptocurrency Daily Discussion - August 8, 2019 (GMT+0)

    Daily Discussion - August 8, 2019 (GMT+0)

    Posted: 07 Aug 2019 05:14 PM PDT

    Welcome to the Daily Discussion. Please read the disclaimer, guidelines, and rules before participating.

    Disclaimer:

    Though karma rules still apply, moderation is less stringent on this thread than on the rest of the sub. Therefore, consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could be an attempt to manipulate new readers by known "pump and dump (PnD) groups" for their own profit. BEWARE of such practices and exercise utmost caution before acting on any trade tip mentioned here.

    Rules:

    • All sub rules apply in this thread. The prior exemption for karma and age requirements is no longer in effect.
    • Discussion topics must be related to cryptocurrency.
    • Comments will be sorted by newest first.
    submitted by /u/AutoModerator
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    Number of Verified Brave Rewards Publishers Reportedly Grew 900% in 12 Months

    Posted: 07 Aug 2019 02:22 PM PDT

    Reddit founder Alexis Ohanian posts about Ethereum-based game he invested and will be playing on livestream on August 8th

    Posted: 07 Aug 2019 11:28 PM PDT

    Please think twice about posting about Bitcoin / Cryptocurrency on your social media. This URL is a list of known attacks on cryptocurrency holders.

    Posted: 08 Aug 2019 01:55 AM PDT

    Coinbase Must Face Negligence Suit Over Bitcoin Cash Listing, Judge Rules - CoinDesk

    Posted: 07 Aug 2019 07:52 PM PDT

    An Extortion Gone Bad: Inside Binance’s Negotiations With Its ‘KYC Hacker’ - CoinDesk

    Posted: 07 Aug 2019 05:28 PM PDT

    Binance offers more than $250,000 for any information regarding KYC data leak

    Posted: 07 Aug 2019 04:35 AM PDT

    Bitcoin Will Be In 'A Lot of Hedge Fund Portfolios': Investment CEO

    Posted: 07 Aug 2019 01:20 PM PDT

    Particl Marketplace will be released on mainnet next monday! What can we expect on day 1?

    Posted: 08 Aug 2019 03:13 AM PDT

    Particl Marketplace will be released on mainnet next monday! What can we expect on day 1?

    The long awaited decentralised and private marketplace will be released on mainnet next monday :) (aftert +1 year in testnet!)

    This is a very different breed than other "decentralised marketplace", as it is really decentralised:

    • No choosen moderators that censors listings (Listings and marketplaces will be moderated by PART holders)
    • Automated escrow with fully anonymised transactions (RingCT)
    • Full privacy on data, from sellers to buyers, client can be used on Tor
    • No staff at alll, no fees, community owns the marketplace

    The best to know-it-all about the marketplace, it to read this post by Cryptoguard: https://particl.news/particl-open-marketplace-what-to-expect-on-day-1-c7dd46c46db. It explains all about:

    • Buy/Sell Flow
    • MAD escrow
    • Privacy (RingCT, No Metadata & co)
    • Community Moderation
    • Community Proposals
    • Multi-wallets

    https://i.redd.it/cmjnl6eb97f31.jpg

    submitted by /u/ffmad
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    North Carolina Congressman Reintroduces Crypto Tax Bill

    Posted: 08 Aug 2019 12:54 AM PDT

    Bitcoin Up 8%, While Big-Tech Stocks Lose $162 Billion - Blockspectator

    Posted: 07 Aug 2019 01:04 PM PDT

    More than 100 fall victim to a crypto scam in Australia

    Posted: 08 Aug 2019 04:15 AM PDT

    Introducing Private Transactions On Ethereum NOW! - tornado.cash

    Posted: 07 Aug 2019 01:35 PM PDT

    Government of South Korea initiates regulation free zone in Busan City. ICON (ICX) met with deputy Prime Minister and Deputy Mayor of Busan City to discuss plans.

    Posted: 07 Aug 2019 07:31 AM PDT

    IBM and Major Partners Launch Blockchain-Powered Network for the Supply Chain

    Posted: 07 Aug 2019 09:54 AM PDT

    The correlation between bitcoin and gold doubled in the last three months

    Posted: 08 Aug 2019 12:31 AM PDT

    The correlation between bitcoin and gold doubled in the last three months

    Over the past three months, the correlation (ratio, relationship) between digital and physical gold has almost doubled, according to Bloomberg.

    So, if last year the correlation dependence between these two assets was at the level of 0.496, then over the past few months this figure has reached 0.837. Thus, the statistical relationship was almost doubled.

    Nevertheless, the analyst of the publication admits that three months is not a long enough period of time to draw convincing conclusions, while the correlation does not always imply causality.

    On the other hand, the expert admits that amid growing global tensions, largely due to the trade war between the US and China, investors increasingly see # Bitcoin as a hedging asset and a "safe haven".

    Meanwhile, gold from the beginning of this year rose by 16%, reaching the level of six years ago 👇🏻 Meanwhile, the price of Bitcoin worked out the "Bull Flag" trend continuation pattern, rising again above $ 12,000.

    What do you think about that? do you invest in bitcoin? or in gold?

    👉🏻 And I remind you, you can buy bitcoin and other cryptocurrency with a favorable commission of 0.2% in P2P exchange Bit.Team is a blockchain project of Russian developers. Also in the near future we expect the launch of BitTeam Marketplace in payment for crypto

    ​

    https://i.redd.it/9dx3ziblg6f31.jpg

    submitted by /u/liliyakard75
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    Esports Betting Operator Unikrn partners with Bittrex to provide support for all major cryptocurrencies

    Posted: 07 Aug 2019 04:35 PM PDT

    Industry understanding still has a long way to go.

    Posted: 07 Aug 2019 01:20 PM PDT

    Wirex CEO Paval Mateev discusses their plans for cryptocurrency payments (BTC, ETH, LTC, Nano, XLM, XRP, & more) - 2.5 million customers and growing

    Posted: 07 Aug 2019 08:29 AM PDT

    Video here: https://www.youtube.com/watch?v=Awt-5PE0hLk

    My notes are below.

    Overview

    • Founded in 2014 - Main idea was to use Bitcoin for the payment use case

    • They are bridging the gap between current infrastructure and a full crypto-to-crypto world by offering products that use the current infrastructure (e.g. VISA) with crypto on the backend

    • Payment use cases include cross-border, daily commerce, and machine-to-machine

    • Currently have around 100 employees, 2.5 million customers, and 5,000 corporate customers

    • Most of their active customers are in Europe

    • Licensed and regulated in the UK - backed by Softbank/SBI Group

    • Have offices all over the world, which show where they plan to expand (Tokyo, Singapore, Atlanta, London, Toronto, etc)

    Company Products and Features

    • Their products are split by corporate and consumer

    • They offer multi-currency accounts that support multiple in/out funds (ACH, SWIFT, debit/credit, etc)

    • Instant exchange - fiat-to-crypto, crypto-to-crypto, and crypto-to-fiat

    • OTC rates for customers - Wirex is integrated with multiple exchanges and offers those OTC rates directly to their customers. This keeps fees low and liqudity high

    • VISA card so funds can be used everywhere

    • "Cryptoback" - Cashback but for cryptocurrencies

    • Supports ~26 currencies, including multiple fiat currencies

    • Freemium pricing volume for corporate accounts - Low volume is free, you can pay a subscription fee if you need higher limits

    • Fully automated KYB - Much faster onboarding than traditional banks (days vs weeks)

    Other Thoughts

    • Full merchant adoption will take time - Lot of legacy systems that won't disappear anytime soon

    • P2P payments and the token economy are coming fast, and Wirex is bridging the gap

    • They see a lot of people that aren't familiar with cryptocurrencies using their card because of the rewards (cashback/cryptoback)

    • Nano is one of Wirex's top currencies (9:50)

    • It was very difficult to open cryptocurrency-related accounts in multiple currencies, but now that they've gone through that process they can offer similar accounts to corporate customers

    • They launched their corporate account product a few months ago and in the first week they had 5,000 crypto business applicants without any marketing

    Roadmap

    • Asia and North America launches are planned for 2019 - cards are actively being tested right now

    • India, Latin America, and Africa launches planned for 2020

    • Planning to open offices in Mexico and Brazil

    • REST API coming soon so businesses can directly integrate to Wirex's infrastructure

    • Doubling their client-base every year - 5 million planned for 2019, goal is 25 million by 2021

    • Planning to launch 26 Stellar-based stablecoins + IBM World Wire integration. 2019

    • A multi-currency card is planned

    Q&A

    • Why was Wirex successful getting debit cards when other companies have failed? Wirex built working products, not just promises. They've got the backing to obtain the necessary licenses

    • Are there any plans to fix Wirex's Nano implementation (hot-wallet keeps going down)? This shouldn't be happening, Pavel will follow-up with his team.

    • Where will Nano be incorporated in the future? Possibly in the cryptoback product

    • What is the average conversion fee between fiat and crypto? There is no flat fee - fees depend on the currency path (more liquid currencies have lower fees).

    • What do you plan to integrate with machine-to-machine payments? Hard to say since machine-to-machine is still in the vision phase.

    Appendix

    submitted by /u/Qwahzi
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    I made a proof that Proof-of-Stake consensus is worse than centralized alternatives.

    Posted: 07 Aug 2019 01:03 PM PDT

    Cryptocurrency Exchange Development: KYC, AML and CFT Regulations

    Posted: 08 Aug 2019 12:49 AM PDT

    Are we naive to think the elites were surprised by btc/blockchain? Some interesting points inside.

    Posted: 07 Aug 2019 11:33 AM PDT

    I'll start with saying the concept of blockchain was created by NSA with a bunch of cryptologists in 1994-1997 so they have known about it for a long time(even created it, actual paper below)

    disclaimer: theres just a tiny bit of a conspiracy spin to it

    With that as a starting point, it's now becoming increasingly evident that Bitcoin MAY be a creation of the NSA and was rolled out as a "normalization" experiment to get the public familiar with digital currency. Once this is established, the world's fiat currencies will be obliterated in an engineered debt collapse (), then replaced with a government approved cryptocurrency with tracking of all transactions and digital wallets by the world's western governments.

    .

    What evidence supports this notion? First, take a look at this document entitled, "How to make a mint: The cryptography of anonymous electronic cash." This document, released in 1997 — yes, twenty years ago — detailed the overall structure and function of Bitcoin cryptocurrency.

    https://digitalcommons.wcl.american.edu/cgi/viewcontent.cgi?article=1389&context=aulr

    .

    [1997]With the onset of the Information Age, our nation is becoming increasingly dependent on network communications. Computer-based technology is impacting significantly our ability to access, store, and distribute information.

    .

    An electronic payment protocol involves a series of transactions, resulting in a payment being made using a token issued by a third party.

    .

    The most common example is the electronic approval process used to complete a credit card transaction; neither payer nor payee issues the token in an electronic payment.

    .

    The electronic payment scenario assumes three kinds of players:

    " a payer or consumer ("Alice"),

    " a payee, such as a merchant ("Bob"), and

    " a financial network with whom both Alice and Bob have accounts(the "Bank")

    Why would they want blockchain? Its even mentioned in the paper.

    The untraceability property of electronic cash creates problems in detecting money laundering and tax evasion because there is no way to link the payer and payee. To counter this problem, it is possible to design a system that has an option to restore traceability using an escrow mechanism.

    Theyre talking about blockchain and tracing money in fucken 1997.

    So whilst btc is great and open source but do you think this is going to replace banks? That they didnt see this coming? Blockchain is great for goverment.

    Btc is Robin Hood style money and its gonna get smashed.

    .

    "See Tony Eng & Tatsuaki Okamoto, Single-Term Divisib Electronic Coins, 1994 ADvANcES IN CRYPTOLOGY-EUROCRYPT '94, LECTURE NOTES IN COMPUTER SGI. 311, 313."

    Three divisible off-line cash schemes have been proposed, but at the cost of longer transaction time and additional storage.

    Eng/Okamoto's divisible scheme is based on the "cut and choose"

    Okamoto's scheme is much more efficient and is based on Brands' scheme but also will work on Ferguson's scheme.'

    Okamoto and Ohta's scheme is the most efficient of the three, but also the most complicated.

    It relies on the difficulty of factoring and on the difficulty of computing discrete logarithms.

    Eng/Tatsuaki Okamoto and Ohta's scheme

    Tatsuaki Okamoto +eng+ohta

    Satoshi Nakamoto

    Did these 3 create this or?

    ??

    .

    It is evident that SHA-256, the algorithm Satoshi used to secure Bitcoin, was not available because it came about in 2001. However, SHA-1 would have been available to them, having been published in 1993.

    .

    On top of the fact that the NSA authored a technical paper on cryptocurrency long before the arrival of Bitcoin, the agency is also the creator of the SHA-256 hash upon which every Bitcoin transaction in the world depends. "The integrity of Bitcoin depends on a hash function called SHA-256, which was designed by the NSA and published by the National Institute for Standards and Technology (NIST)."

    .

    "If you assume that the NSA did something to SHA-256, which no outside researcher has detected, what you get is the ability, with credible and detectable action, they would be able to forge transactions. The really scary thing is somebody finds a way to find collisions in SHA-256 really fast without brute-forcing it or using lots of hardware and then they take control of the network." Cryptography researcher Matthew D. Green of Johns Hopkins University said.

    .

    Chaum developed ecash way back in 1983, long before the large scale propagation of the world wide web. Chaum was a proponent of anonymity in transactions, with the express demand that banks and governments would have no way of knowing who had purchased what.

    .

    Although Bitcoin adds mining and a shared, peer-to-peer blockchain transaction authentication system to this structure, it's clear that the NSA was researching cryptocurrencies long before everyday users had ever heard of the term.

    .

    'I wouldn't be surprised if he is actually an American working for the NSA specializing in cryptography. Then he got sick of the government's monetary policies and decided to create Bitcoin.' Vitalik Buterin account then replied: 'Or the NSA itself decided to create Bitcoin.

    Here you see a freedom of information act letter to the NSA asking about their involvement in BTC and they say its classified lol

    Why the fuck would that be classified?

    We're fucked guys.

    submitted by /u/pabbseven
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    #ethereumcard offers a medium where vendors will accept cryptocurrency from their customers whilst bringing liquidity to their ideal cryptocurrency. Vendors will be patronized by customers with actively trading digital assets or stable coins. https://ethereumcard.org/

    Posted: 08 Aug 2019 01:54 AM PDT

    Consensus Mechanism Uses by TAU: Proof of Transaction

    Posted: 07 Aug 2019 06:22 PM PDT
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