Daily Archives: June 14, 2020

Many people are familiar with blockchain technology, but did you know that Ethereum has the largest and most active blockchain community in the world?

Unlike many other blockchain networks, Ethereum is programmable. This customizable feature has enabled developers to solve problems ranging from digital identification and privacy, to corporate ownership and data security.

When the blockchain community disagrees on what changes the network needs to function smoothly or when such changes should take place, developers plan for a fork (an offshoot) of the underlying code rules.

Todays graphic maps out the major Ethereum blockchain forks that have occurred to date, highlighting key events that surrounded each of these updates. It also includes details on the highly anticipated Istanbul hard fork, planned for December 2019.

Forks are common practice in the software industry, and happen for one of two reasons: split opinions within the community, and required changes to the blockchain code.

When either reason is discussed, four major types of forks can occur.

There are currently three types of hard forks:

Lets dive into the timeline of major Ethereum forks, and explore a few of their defining moments and characteristics.

Below are some of the most prominent and important forksboth hard and softon the Ethereum blockchain since its launch.

Vitalik Buterin, founder of Ethereum, and his team finished the 9th and final proof of concept known as Olympic in May 2015. The Ethereum blockchain, also known as Frontier, went live shortly after, on July 30, 2015.

Also known as Frontier Thawing, this was the first (unplanned) fork of the Ethereum blockchain, providing security and speed updates to the network.

Homestead is widely considered Phase 2 of Ethereums development evolution. This rollout included three critical updates to Ethereum: the removal of centralization on the network, enabling users to hold and transact with ETH, and to write and deploy smart contracts.

The Decentralized Autonomous Organization (DAO) event was the most contentious event in Ethereums short history. The DAO team raised US$150 million through a 2016 token salebut an unknown hacker stole US$50 million in ether (ETH), prompting the developer community to hard fork in order to recover the stolen funds.

Widely regarded as the only Ethereum fork of any significance, this hard fork was based on the controversial DAO event. The original chain became known as Ethereum Classic, and the new chain moved forward as the main Ethereum chain.

This September 2019 hard fork event required all software users to upgrade their clients in order to stay with the current network. Enhancements included better security, stability, and network performance for higher volumes of traffic.

Regarded as the third phase of Ethereums evolution, the Metropolis-Byzantium soft fork functioned more like an operating system upgrade, rather than a full split.

Constantinople is the current version of the Ethereum blockchain. This hard fork occurred concurrently with the St. Petersburg update. Important changes included closing a major security loophole that could have allowed hackers to easily access users funds.

Constantinoples most notable improvements include smart contracts being able to verify each other using only the unique string of computer code of another smart contract, and reduced gas feesnamely, the price users pay to process transactions more quickly.

The Ethereum community is preparing for the next hard fork event Istanbul, scheduled for release on December 4th, 2019.

Ethereums 4th and projected final stage of development is Serenity, which has yet to be scheduled. Community members have speculated what changes will come with Serenity, but many agree that the Ethereum blockchain will shift focus from Proof of Work to Proof of Stake.

Proof of Stake means that there is less competition for completing blocks of data, significantly reducing the energy required to process data. Currently, a single Bitcoin transaction consumes the same electricity as 1.75 American households do in a day.

Ethereum continues to be a leading blockchain platform, with the highest number of decentralized apps (dApps) and a massive, engaged community.

To date, cryptocurrencies have largely been the focus of news headlines. However, weve only begun to scratch the surface of what blockchain can offer, and the value it will create beyond the financial world.

[Blockchain] could be the foundation of a whole new era whereby our basic right to privacy is protected, because identity is the foundation of freedom and it needs to be managed responsibly.

Don Tapscott, Executive Chairman of the Blockchain Research Institute

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Cryptocurrency: Redefining the Future of Finance - Visual Capitalist

An anonymous user paid approximately $2.6 million in transaction fee to transact small amounts of money in the Ethereum (ETH) cryptocurrency two times over the last 24 hours at press time.

The first transaction of 0.55 ETH, or $136.26, according to ETH's price at press time, was made at 5:47 am on Wednesday, according to data from Etherscan.

To make this transaction, the user paid 10,668.73 ETH, or $2.6 million, in "gas," as the transaction fee at the Ethereum network is called. A similar transaction was repeated at 11:30 PM later in the day. This time 350 ETH, or $86,712.5, were transferred for the exact same fees.

Gas is charged by miners on the Ethereum blockchain network based on the amount of computing it takes to verify a transaction. If the users agree to pay a higher gas price, the transaction becomes more lucrative to minersand is completed rapidly.

ETH Gas Station recommends paying $0.155 for a standard transaction that can take up to five minutes and $0.2 for a fast transaction that will be expected to complete in less than two minutes.

Paying $2.6 million for a transaction is extremely unusual and doesn't make operational sense, giving rise to speculation of accidental error, money laundering, or a technical glitch.

Some cryptocurrency community members on Twitter suggested that the transaction was more likely to be a technical error since the ETH transaction fee in both cases was exactly the same, which would be extremely unlikely to be an accident.

The transactions on blockchain can't be reverted, but the mining pool which verified the transaction can choose to return the money to the original owner by creating a new transaction. The first transaction was approved by Chinese mining pool "Spark Pool," and the second by "Ethermine."

Sparkpool said in a statement that it "has had the experience of handling similar issues properly. There will be a solution in the end."

Ethereum traded 1.2% higher at $247.75 at press time on Thursday. The apex cryptocurrency Bitcoin (BTC) was up 1.1% at $9,873.64.

2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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A Cryptocurrency User Paid $2.6M In Transaction Fee To Send $136 Twice - Benzinga

NEW YORK, NY / ACCESSWIRE / June 14, 2020 / The concept of blockchain and thus, Bitcoin, came riding on the advantage of the anonymity of transactions, defiance to authority, lack of centralization and overseer authority among other advantages. Cryptocurrencies became popular because their programmers touted them as anonymous. It has, however, emerged that they are not and that transactions undertaken using altcoins can be traced.

Over time with the increased government scrutiny and unwanted invasion by phishers, users now realize that the cryptocurrency world is not as anonymous as most of them were led to believe.

A tech startup called, CryptoMixer is changing all this and giving back cryptocurrency enthusiasts their security and privacy. The start-up provides a cryptocurrency mixing platform that obscures your cryptocurrency transactions, making it hard for anyone to trace your dealings. CryptoMixer reintroduces anonymity by allowing online shoppers that pay using cryptocurrency through addresses that remain anonymous when the user is completing transactions. The shoppers, as such, cannot be associated with the various addresses they use.

How Does Coin Mixing Work?

Coin mixers work by essentially collecting cryptocurrency from the people using cryptocurrency, mixing it with a giant pile of other cryptocurrencies, and then sending them smaller units of cryptocurrency to an address of their preference, with total the amount that you put in minus 1-3%. The 1-3 % is generally taken as a profit by the coin mixing company. This is how they make money.

A cryptocurrency mixer (also known as a blender) allows you to spend, store and share cryptocurrencies, without your transactional data becoming public. In short, it makes your financial transactions anonymous in the true sense. It is done by mixing your transactional data with a pool of Bitcoin data. This ensures your data is secure, you have control over your privacy, and no data can be traced back to you, as the link between the sender and the receiver is broken.

Crypto Mixer: The crypto mixing solution

CryptoMixer is a unique cryptocurrency mixer/blender that ensures your cryptocurrency becomes untraceable, and no link exists between the stakeholders. They have designed different pools of cryptocurrencies based on their sources, with variable fee percentages. This segmentation and differentiation ensure the clean mixing of the currency. The three pools include Standard Pool, Smart Pool, and Stealth Pool. It uses a 'smart code' to avoid the same currencies from reaching a user on multiple occasions.

Features of Smart Mixer Platform

Zero Post-Transaction Logs - CryptoMixer platform keeps transaction logs for only as long as it needs them. The longest period that these logs can remain is 24 hours, otherwise, the platform keeps them only for as long as is necessary to complete a transaction.

Full Anonymity - The need for complete anonymity is greater in the online space, and it is only second to the information online prowlers seek. Users that mix cryptocurrency on the platform do not even need to input their information. Instead, only the recipient altcoin address is necessary.

Customizable Process - Users can set various parameters as they so choose. You, for instance, can choose the amount of cryptocurrency to mix, the commission to pay for the mixing, and the delay period you prefer.

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CryptoMixer.bz: Bitcoin Mixer for your anonymity in the Crypto World - Yahoo Finance

A new survey of about 800 institutional investors in the U.S. and Europe shows strong cryptocurrency adoption, particularly bitcoin. About 80% of institutions said they find cryptocurrency appealing, and 60% believe cryptocurrencies have a place in their portfolios.

Fidelity Digital Assets, the cryptocurrency arm of Fidelity Investments, announced Tuesday the results of a survey to better understand institutional interest and adoption of cryptocurrencies as well as key barriers to investing in them. It was conducted from November 2019 to March 2020. Fidelity Digital Assets offers a full-service, enterprise-grade platform for securing, trading and supporting cryptocurrencies.

A total of 774 institutional investors participated in the survey, 393 of which were in the U.S. while 381 were in Europe. Respondents include financial advisors, family offices, pensions, crypto and traditional hedge funds, high net worth investors, endowments, and foundations. This is the second consecutive year Fidelity has surveyed U.S. institutions but it is the first time it surveyed European investors. According to the results:

Almost 80% of institutional investors find something appealing about digital assets.

Breaking down the number, 74% of U.S. institutional investors find cryptocurrency appealing, while 82% of European investors do. A notable contrast is that 25% of European investors find the fact that certain digital assets are free from government intervention to be appealing, whereas only 10% of investors in the U.S. feel this way, the report further reads.

Moreover, 36% of respondents 27% in the U.S. and 45% in Europe revealed that they are currently invested in digital assets. Bitcoin continues to be the cryptocurrency of choice with over a quarter of respondents holding BTC while 11% have exposure to ETH. Looking out five years, 91% of respondents who are open to exposure to digital assets in a portfolio expect to have at least 0.5% of their portfolio allocated to digital assets, the report adds.

Three characteristics of cryptocurrencies are most compelling to both U.S. and European institutional investors. 36% of respondents said uncorrelated to other asset classes, 34% are compelled by innovative technology, and 33% by the high upside potential. The report notes:

The majority of institutional investors (6 in 10) feel digital assets have a place in their portfolio, though opinions vary on precisely where.

Despite growing interest among institutions, obstacles remain to cryptocurrency adoption. 53% of respondents cited price volatility as the main reason, 47% said market manipulation, and 45% said lack of fundamentals to gauge appropriate value.

Fidelity Digital Assets president Tom Jessop commented on the survey findings: These results confirm a trend we are seeing in the market towards greater interest in and acceptance of digital assets as a new investable asset class. This is evident in the evolving composition of our client pipeline, which spans from crypto native funds to pensions.

What do you think about institutional interest in cryptocurrency? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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80% of US and European Institutional Investors Find Cryptocurrency Appealing: Survey - Bitcoin News

In order to profitably trade in a highly volatile market like cryptocurrency trading, the trades have to be on top of all the expert quotes and forecasts they can find on a daily basis.

Cryptocurrencies are the revolutionary digital alternatives to the physical currencies regulated by the central banks around the world. Unlike traditional currencies like dollars, pounds, or euros, cryptocurrencies cant be converted to cash. However, they can be bought, exchanged, and traded on specialist platforms available online. The currencies themselves only exist digitally, with all the ownership information stored in encrypted ledgers.

The first successful cryptocurrency is Bitcoin and it was launched back in 2009. Within a couple of years, a few other cryptocurrencies were introduced, making the possibility of exchanging the digital currencies with one another. It works similarly to the traditional stock and forex markets and requires the use of a cryptocurrency exchange. On some platforms, you can also exchange or trade cryptocurrencies against dollars.

Trading and Exchanging Cryptocurrencies

Between 2017 to 2018, major cryptocurrencies such asBitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, etc. saw a massive surge ininterests from investors, which eventually pushed the Bitcoin value to as highas $20,000 each. It came down to $3,000 level in the following year, and now,experiencing a slow but steady upturn.

As you can see, cryptocurrencies are highly volatile assets. Their value goes up and down on a massive scale and is prone to speculative news and information. Therefore, traders in the cryptocurrency market need to be very careful. There are a number of technical analysis tools available, with many daily resources to learn about the latest quotes and forecasts.

Latest Forecasts on Major Cryptocurrencies

At the time of writing, Bitcoin (BTC) the most important cryptocurrency in terms of value is moving in the $9,000 marks, while Ethereum (ETH) is moving in and around $200. So, borsainside.com, tells us what lies ahead for the top three digital currencies in terms of value.

Bitcoin (BTC/USD)

After the halving in the second week of May this year, Bitcoin prices are experiencing some optimism from the investors. The price is moving just above $9,000 levels. With some analysts predicting a nine percent chance for the price to reach an all-time high, investors should be looking at the $10,050 level, breaking through which may lead to a consistent upward movement for a few days.

Ethereum (ETH/USD)

In light of Bitcoin halving and the launching possibility of Ethereum 2.0; analysts are mainly bullish about this coins value. If it holds the $190 level, and push upwards, all the technical signs suggest for the value to reach between $330 to $360, the level previously seen in 2019.

Ripple (XRP/USD)

December last year saw the value of XRP drop by amammoth 13%. While it somewhat recovered at the beginning of this year, thevalue continues to move around $0.15 $0.20. Analysts see some more downwardmovements, which may turn bullish only if it reaches $0.28 mark.

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Cryptocurrency Quotes and Forecasts: Last Updates on Cryptocurrencies - FinSMEs

Fifteen people entered guilty pleas for involvement in an international scam that posted fraudulent auctions online and laundered money through cryptocurrency exchanges, according to the Justice Department.

One expert says the case could serve as a template for nation-state actors using cryptocurrency exchanges to cover their tracks more in the future.

Todays modern cybercriminals rely on increasingly sophisticated techniques to defraud victims, often masquerading as legitimate businesses, said Assistant Attorney General Brian A. Benczkowski of the Justice Departments Criminal Division in a press release Thursday. These guilty pleas demonstrate that the United States will hold accountable foreign and domestic criminal enterprises and their enablers, including crooked bitcoin exchanges that swindle the American public.

Law enforcement officials have noted that increased use of cryptocurrencies like Bitcoin has made it especially challenging to nail down cybercriminals. But while cryptocurrency exchanges encode transactions hiding the identity of the parties, those codes are permanently and publicly recorded across a large number of computers. Its possible to study them and identify patterns in transactions that could eventually lead to the identity of a suspect, and law enforcement might be getting better at this.

Compared to 2016, in 2019 and 2020, were seeing more cases where its clear that law enforcement is following this stuff and is not totally dumbfounded because something involves a Bitcoin address, Yaya Fanusie, a former CIA analyst and current senior fellow at the Center for New American Security told Nextgov. It gives us the assurance that at least U.S. federal law enforcement is capable of doing an investigation that involves cryptocurrency.

In the case Justice highlighted Thursday, the defendantsindividuals in their 30s based both in Romania and the United Statesadmitted their involvement in a scheme where they established their own cryptocurrency exchange and used it as a passthrough for traditional payments they got from advertising non-existent high-value items such as cars on auction sites such as eBay and Craigslist.

According to court documents, members of the conspiracy created fictitious online accounts to post these advertisements and communicate with victims, often using the stolen identities of Americans to do so, the press release noted.

The defendants also used IP addresses anonymizing services, according to court documents. Fanusie said cryptocurrency exchanges are part of an ecosystem primed for cyber malfeasance.

Cyber services like domain names, [virtual private networks], servers, that infrastructure is ready-made to be leveraged through cryptocurrencies, he said. Its already an environment that invites anonymous use. Cryptocurrencies are the native money of the internet. So if we know that were going to have more cyber threats, it makes sense that cryptocurrencies are going to play a part.

So its good that law enforcement doesnt seem daunted by the changing landscape of criminal activity, he says, because this time [a cryptocurrency exchange] was being used by criminal fraudsters, but there are definitely parallels in what weve already seen from nation-state actors.

Fanusie has written about how cryptocurrency exchanges were used to launder and steal money and delay law enforcements identification of suspected hackers in high-profile cases involving persons affiliated with China and North Korea and Russia.

He said the 2018 indictment leading up to Thursdays guilty pleas is almost a blueprint for how nation-state actors could be thinking about running their operations, adding that the case confirms that the main thing to look out for is not so much fundraising, the biggest thing is that cryptocurrency is one part of a laundering process. Its to move the money to somewhere else so you lose the trace.

For now, law enforcement officials seem empowered by their success after an investigation that involved the U.S. Secret Service, Kentucky State Police, Lexington Police Department, IRS Criminal Investigation, and U.S. Postal Inspection Service, the Justice Departments Organized Crime Drug Enforcement Task Forces and International Organized Crime Intelligence and Operations Center, as well as the Romanian National Police Service for Combating Cybercrime and the Romanian Directorate for Investigating Organized Crime and Terrorism.

Through the use of digital currencies and trans-border organizational strategies, this criminal syndicate believed they were beyond the reach of law enforcement, said Assistant Director Michael DAmbrosio, U.S. Secret Service, Office of Investigations. However, as this successful investigation clearly illustrates, with sustained, international cooperation, we can effectively hold cybercriminals accountable for their actions, no matter where they reside. I commend the hard work and perseverance of all those who joined together in this investigation and prosecution. This includes our partners in Europe, as well as those closer to home.

It was also helpful that Romanian officials secured and coordinated the arrests and extraditions from that country of more than a dozen defendants, the release said.

The 15 defendants who have pleaded guilty in this case have yet to be sentenced, the release notes. Two other defendants in the case are scheduled for trial starting on Sept. 14, 2020, before the Honorable Robert E. Wier of the U.S. District Court for the Eastern District of Kentucky. Three others are fugitives. This case is being prosecuted by Senior Trial Attorney Timothy C. Flowers and Senior Counsel Frank H. Lin of the Criminal Divisions Computer Crime and Intellectual Property Section and Assistant U.S. Attorneys Kathryn M. Anderson and Kenneth R. Taylor of the U.S. Attorneys Office for the Eastern District of Kentucky.

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Justice Gets 15 Guilty Pleas for International Crime Ring that Laundered Money Through Cryptocurrency Exchanges - Nextgov

Cryptocurrency Mining Hardware Market Overview

The Cryptocurrency Mining Hardware market report presents a detailed evaluation of the market. The report focuses on providing a holistic overview with a forecast period of the report extending from 2018 to 2026. The Cryptocurrency Mining Hardware market report includes analysis in terms of both quantitative and qualitative data, taking into factors such as Product pricing, Product penetration, Country GDP, movement of parent market & child markets, End application industries, etc. The report is defined by bifurcating various parts of the market into segments which provide an understanding of different aspects of the market.

The overall report is divided into the following primary sections: segments, market outlook, competitive landscape and company profiles. The segments cover various aspects of the market, from the trends that are affecting the market to major market players, in turn providing a well-rounded assessment of the market. In terms of the market outlook section, the report provides a study of the major market dynamics that are playing a substantial role in the market. The market outlook section is further categorized into sections; drivers, restraints, opportunities and challenges. The drivers and restraints cover the internal factors of the market whereas opportunities and challenges are the external factors that are affecting the market. The market outlook section also comprises Porters Five Forces analysis (which explains buyers bargaining power, suppliers bargaining power, threat of new entrants, threat of substitutes, and degree of competition in the Cryptocurrency Mining Hardware) in addition to the market dynamics.

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Leading Cryptocurrency Mining Hardware manufacturers/companies operating at both regional and global levels:

Cryptocurrency Mining Hardware Market Scope Of The Report

This report offers past, present as well as future analysis and estimates for the Cryptocurrency Mining Hardware market. The market estimates that are provided in the report are calculated through an exhaustive research methodology. The research methodology that is adopted involves multiple channels of research, chiefly primary interviews, secondary research and subject matter expert advice. The market estimates are calculated on the basis of the degree of impact of the current market dynamics along with various economic, social and political factors on the Cryptocurrency Mining Hardware market. Both positive as well as negative changes to the market are taken into consideration for the market estimates.

Cryptocurrency Mining Hardware Market Competitive Landscape & Company Profiles

The competitive landscape and company profile chapters of the market report are dedicated to the major players in the Cryptocurrency Mining Hardware market. An evaluation of these market players through their product benchmarking, key developments and financial statements sheds a light into the overall market evaluation. The company profile section also includes a SWOT analysis (top three companies) of these players. In addition, the companies that are provided in this section can be customized according to the clients requirements.

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Cryptocurrency Mining Hardware Market Research Methodology

The research methodology adopted for the analysis of the market involves the consolidation of various research considerations such as subject matter expert advice, primary and secondary research. Primary research involves the extraction of information through various aspects such as numerous telephonic interviews, industry experts, questionnaires and in some cases face-to-face interactions. Primary interviews are usually carried out on a continuous basis with industry experts in order to acquire a topical understanding of the market as well as to be able to substantiate the existing analysis of the data.

Subject matter expertise involves the validation of the key research findings that were attained from primary and secondary research. The subject matter experts that are consulted have extensive experience in the market research industry and the specific requirements of the clients are reviewed by the experts to check for completion of the market study. Secondary research used for the Cryptocurrency Mining Hardware market report includes sources such as press releases, company annual reports, and research papers that are related to the industry. Other sources can include government websites, industry magazines and associations for gathering more meticulous data. These multiple channels of research help to find as well as substantiate research findings.

Table of Content

1 Introduction of Cryptocurrency Mining Hardware Market

1.1 Overview of the Market1.2 Scope of Report1.3 Assumptions

2 Executive Summary

3 Research Methodology of Verified Market Research

3.1 Data Mining3.2 Validation3.3 Primary Interviews3.4 List of Data Sources

4 Cryptocurrency Mining Hardware Market Outlook

4.1 Overview4.2 Market Dynamics4.2.1 Drivers4.2.2 Restraints4.2.3 Opportunities4.3 Porters Five Force Model4.4 Value Chain Analysis

5 Cryptocurrency Mining Hardware Market, By Deployment Model

5.1 Overview

6 Cryptocurrency Mining Hardware Market, By Solution

6.1 Overview

7 Cryptocurrency Mining Hardware Market, By Vertical

7.1 Overview

8 Cryptocurrency Mining Hardware Market, By Geography

8.1 Overview8.2 North America8.2.1 U.S.8.2.2 Canada8.2.3 Mexico8.3 Europe8.3.1 Germany8.3.2 U.K.8.3.3 France8.3.4 Rest of Europe8.4 Asia Pacific8.4.1 China8.4.2 Japan8.4.3 India8.4.4 Rest of Asia Pacific8.5 Rest of the World8.5.1 Latin America8.5.2 Middle East

9 Cryptocurrency Mining Hardware Market Competitive Landscape

9.1 Overview9.2 Company Market Ranking9.3 Key Development Strategies

10 Company Profiles

10.1.1 Overview10.1.2 Financial Performance10.1.3 Product Outlook10.1.4 Key Developments

11 Appendix

11.1 Related Research

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Cryptocurrency Mining Hardware Market Growth Trends, Key Players, Competitive Strategies and Forecasts to 2026 - Jewish Life News

Here is what you need to know on Thursday, June 11, 2020

BTC/USD rejection from yesterday was continued today down to $9,100 but has recovered a little now and its trading at $9,350.

ETH/USD suffered a 9% drop today down to $226.2 holding the daily 26-EMA but losing the 12-EMA.

XRP/USD had one of the worst crashes today sliding below $0.20 and currently trading at around $0.191 although the low of the day was $0.184.

A lot of bearish action today in the market after yesterdays failed attempt to break $10,000 by Bitcoin. What initially looked like a mild rejection has turned into a significant crash but not everything is lost and some bullish sentiment is still active.

Bullish news from the United States, President Trump head of OCC seems to be a bitcoin bull according to a recent interview conducted by Forbes. Brian Brooks has recently become the new top banking regulator and is working for the Trump administration. Donald Trump is known for his strong stance against Bitcoin and cryptocurrencies in general.

A digital dollar might be closer than ever as the recent stimulus payments due to the COVID-19 have been quite disappointing. According to Christopher Giancarlo, co-founder of the Digital Dollar Project, digital dollars could help the financial system and make it really simple and accessible.

Binance, the most popular exchange by trading volume has just added a new Bitcoin Futures quarterly contract. Binance customers will be able to use 125x leverage on Bitcoin and benefit from 30 days of maker fee rebates and 0.02% taker fees until July 10.

Blockchain has potential to connect up, in a decentralized network, all kinds of data. It has the ability to create large, friction-free, decentralized networks of people. There is huge and great promise in blockchain and crypto.

Brian Brooks

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Cryptocurrency Market News: Bitcoin drops to $9,100, the rest of the market follows suit - FXStreet

[NEW YORK, June 12, 2020]

Chainalysis, the blockchain analysis company, and A&D Forensics, Africas leading blockchain and financial forensics firm, today announced a partnership that will further the adoption of Chainalysis Reactor, the companys investigative software, in the African market.

In April, Chainalysis announced the launch of its partnership program, which, among other initiatives, includes working with cryptocurrency training specialists who will help investigators, compliance officers, analysts, and regulators perform blockchain analysis to derive actionable intelligence using Chainalysis Reactor.

SEE ALSO:Paxful, Africas Largest P2P Bitcoin Marketplace, Partners with Chainalysis for Increased Transactions Overwatch

Chainalysis is dedicated to building trust in blockchains across the world, and Africa in particular is an exciting market with growing cryptocurrency adoption, said Jason Bonds, Chief Revenue Officer, Chainalysis.

By partnering with A&D Forensics, were continuing to expand our reach into new jurisdictions and responding to the increased demand for both cryptocurrency investigation and compliance solutions.

Both Chainalysis and A&D Forensics are committed to promoting the safe adoption of cryptocurrencies by building trust among financial institutions, governments, andcryptocurrency businesses, said Adedeji Owonibi, Senior Partner at A&D Forensics.

By partnering with Chainalysis, were providing the African cryptocurrency ecosystem with the investigative technology that it needs to fully understand blockchain activity.

A&D Forensics joins the program as Chainalysis first investigative partner in Africa,offering law enforcement customers investigatory services using Chainalysis Reactor to help identify and stop bad actors who are using cryptocurrencies for illicit activity such as ransomware, darknet markets, scams, money laundering, and more. This comes at a time when establishing proper compliance procedures and leveraging robust investigative tools is more critical than ever, as jurisdictions around the world scrutinize the cryptocurrency industry.

About ChainalysisChainalysis is the blockchain analysis company providing data and analysis togovernment agencies, exchanges, and financial institutions across 40 countries. Ourinvestigation and compliance tools, education, and support create transparency across blockchains so our customers can engage confidently with cryptocurrency. Backed by Accel, Benchmark, and other leading names in venture capital, Chainalysis builds trust in blockchains.

For more information, visit http://www.chainalysis.com

About A&D ForensicsA&D Forensics has been in the forefront of Financial and Blockchain Forensics Services helping to combat fraud within the Blockchain and Cryptocurrency ecosystem and trainings to law enforcement in Sub-Saharan Africa, The firm was part of VASP Inter-Messaging working group that came out with the recent IVMS 101 standard aim at helping VASP comply with FATF travel rule.

Its Founding Partner was also recently appointed by the Security and Exchange Commission of Nigeria as a member of its Virtual Asset Regulatory Framework Drafting Committee to help bring sanity to the cryptocurrency business and safeguard the interest of Nigerians who are keen to using the emerging Blockchain Technology and the benefits it affords.

For more information, visitwww.adforensics.com.ng

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Chainalysis Partners with A&D Forensics, Expanding Access to its Cryptocurrency Investigative Tools in Africa - bitcoinke.io

As a former investment professional, I am constantly asked about Bitcoin (BTC-USD) and various other coins in the cryptocurrency universe. In a nutshell, I am far from convinced. The analogy that Bitcoin is to the blockchain as email was to the internet seems apt - blockchain, not Bitcoin, is the key. Yet, following the bursting of the 2017 bubble, another mighty run-up has emerged this year.

Source: Coindesk

For the various reasons cited in this article, I have no intention of participating in the 2020 version of the Bitcoin boom. Instead, I see a prime opportunity to capitalize on Bitcoin's volatility without making a directional call via equity in Bitcoin-related futures exchanges (e.g., CME Group (CME) and Cboe Global Markets (CBOE)) or exchange tokens (e.g., Binance Coin (BNB-USD)).

Per the Satoshi whitepaper, the initial intent of the Bitcoin cryptocurrency was for payments at lower transaction costs in a decentralized manner (i.e., without the involvement of centralized, third-party financial institutions). Bitcoin was clearly built on libertarian principles - through the network, participants were provided with a means by which to bypass the fiat currency system while maintaining transaction security.

Source: Satoshi Whitepaper

Yet, Bitcoin does not quite live up to its intended use case as P2P cash based on a comparison with existing online providers (e.g., TransferWise (TWISE)), the cryptocurrency fails to hold its own in terms of cost, speed, and transparency.

On cost, Western Union (WU) and TransferWise remain the cheapest options by far at <1% on a $1,000 transaction. Money transfer through the Bitcoin network, on the other hand, costs ~4% (via Coinbase), which is above even PayPal's (PYPL). This seems far too high, in my view, to ever sustain mass adoption as a cash-like medium of exchange.

Source: FXCIntelligence

Speed is another key hurdle - Bitcoin transactions are settled in ~10 minutes. This simply does not cut it, in my view, given day-to-day transactions require seconds, not minutes, for settlement. Since Bitcoin is typically exchanged through a third-party, the compliance issue is also a hurdle, whether one transacts in Bitcoin or fiat.

Admittedly, having transactions recorded on a blockchain does make it easier to track, but conventional payment services sent through a centralized network also offer similar tracking capabilities today. Arguably, users of the latter system benefit more from having an accountable third-party that can manually ensure the payment has arrived by messaging the retail agent in the receiving country. Here's a sample flow chart depicting Western Union's remittance strategy:

Source: SlideShare

As Bitcoin does not provide a significant enough benefit compared to conventional methods of money transfer and does not have a clear pathway to matching existing options, I fail to see how it can live up to its intended use case at any point in the future either.

While Bitcoin has clearly failed to live up to its original use case (facilitating casual transactions at low cost), Bitcoin's pseudonymous nature has allowed it to emerge as the preferred currency of cyber criminals. Per Chainalysis, a whopping $2.8bn worth of Bitcoin was sent to exchanges (e.g., Binance and Huobi) in 2019 alone.

Source: Chainalysis via Yahoo Finance

Besides the clear value proposition for criminals, speculators have also been attracted to the wild price swings of Bitcoin. March, for instance, saw a staggering ~50% price drop in one day. Per Coinbase, the extent of the drop was attributable to the extent of the leverage being used, with >100x leverage not unusual in this realm. Here's Coinbase on the episode (note the mention of 5-30x leverage being "more sensible"):

Bitcoin has some offshore exchanges that offer 100x+ leverage, where $1 of Bitcoin could be used as collateral to back $100 in purchasing power. To be fair, this is very risky a position leveraged to 100x would get force-closed if the market moved just ~1% against you. So most traders hold positions at a more sensible 530x leverage, but still notably higher than 23x.

Source: Coinbase

The process of mining new Bitcoin ("Proof-of-Work") also impinges on government territory. The rent from creating fiat currency (seigniorage), for instance, goes to governments, which indirectly allows for incomes to be taxed at a lower rate than otherwise. In this sense, the benefit of fiat issuance is shared. The prospect of a Bitcoin standard, on the other hand, would disrupt governments' seignorage revenue and the resulting shared benefit.

The mining process also wastes enormous amounts of electricity on solving complex computational tasks in the process, resulting in negative externalities from an environmental perspective. At this stage, Bitcoin mining has significantly impacted global electricity demand - mining already uses more energy than some developed nations.

Source: Forbes

This process seems wasteful, in my view, and I would not be surprised to see superior mining algorithms (e.g., Proof of Stake) eventually take hold. Perhaps more damning is the prospect of more restrictive government regulation - given Bitcoin mining will continue to impact electricity pricing, governments are increasingly incentivized to outlaw the practice.

Source: Cointelegraph

Admittedly, there has yet to be a full-fledged hack on the Bitcoin network itself but this does not mean Bitcoin is and will remain secure into perpetuity, in my view. Holders of Bitcoin, for instance, are constantly exposed to the risk of theft given the numerous well-documented hacks of well-established Bitcoin wallets and exchanges (see timeline graphic below). Note that once Bitcoins are stolen, there is no recourse.

Source: Fintechnews

The biggest risk, however, lies in the rise of quantum computing, which would make it very likely that Bitcoin private keys can eventually be generated from their corresponding public keys. Per MIT Technology Review, this could happen within the decade. In a best-case outcome, this could lead to additional forks, but in the worst-case outcome, this would entail a complete wipe-out of Bitcoin's value. Even if quantum computing does not spell the end of Bitcoin, it does introduce far too serious a risk to the Bitcoin story for it to emerge as a widely-adopted currency.

Source: MIT Technology Review

Another key stumbling block is custody - Bitcoin storage typically comes in the form of digital vaults, with holders storing sheets of paper on which the corresponding private keys are printed. This introduces a wide range of attack vectors, from physical theft to online hacking, which in turn, has led to the costs of Bitcoin storage eclipsing even some gold vaults. In some cases, Bitcoin custody can cost up to 15x that of gold. Even then, hacks continue to take place.

As an early-stage asset class, it is perhaps unsurprising that Bitcoin's price discovery is inefficient. What few account for, however, is the extent to which Bitcoin prices are manipulated - per a 2019 study, a single trader had manipulated the price of Bitcoin "sharply higher" during the 2017 run-up to $20,000 using Tether, a stable coin pegged to the USD. U of Texas' John Griffin calculates that Tether manipulation accounted for a whopping half of the increase in Bitcoin's price over the period.

I'll refrain from taking a stand on the study's findings, but I would note the credibility of the authors (both affiliated with credible academic institutions) and the fact that the paper was peer-reviewed (published in the Journal of Finance). It is also notable, I think, that the sharp price increase has tracked tether issuance fairly closely.

Source: Griffin/Shams 2019 Paper

These findings also, interestingly, come on the heels of the U.S. Justice Department's investigations into Tether's role (among other cryptocurrencies) in "a tangled web involving Bitcoin, Tether, and crypto exchange Bitfinex might have been used to move prices illegally."

Regardless of whether one thinks these investigations and studies are credible, negative news flow like this makes it much harder for regulators like the SEC to approve a Bitcoin ETF. It also complicates the private sector's efforts to enter the space while maintaining regulatory compliance (e.g., Facebook's Libra launch).

Asset bubbles are nothing new much like the California Gold Rush, some will hit it big here, and others will fail. I see the Bitcoin frenzy as a similar phenomenon. Yes, there is a chance one becomes an overnight millionaire; then again, there's also a very good chance it all goes up in flames. I'm inclined to side with the latter, but I do not think the right trade here is directional. Instead, I think the more favorable risk/reward lies in profiting from the volatility.

Much like the Gold Rush, when Levi Strauss made a fortune selling the picks and shovels, I think the exchanges are the way to play the Bitcoin theme. Thus, while the speculators bet on Bitcoin's rapid rise (or fall), I much prefer owning equity in exchanges such as the CME or CBOE, or exchange tokens such as Binance Coin all of which extract rent off the millions of Bitcoin-related volatility, activity, and volumes in the form of cash flows.

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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Bitcoin: A Value Investor's Take On This Asset Bubble - Seeking Alpha