G20 Prepares to Regulate Crypto Assets – a Look at Current Policies

G20 Prepares to Regulate Crypto Assets - a Look at Current Policies

Following their joint declaration committing to regulate crypto assets, the G20 countries are now preparing to set crypto policies at the upcoming summit. Several international organizations have contributed resources and are actively working to help shape the regulations.

Also read: Indian Supreme Court Postpones Crypto Case at Government’s Request

G20 Prepares to Discuss Crypto Policies

The upcoming G20 summit will be held in Osaka, Japan, on June 28 and 29. Participants are 19 member countries, the European Union, guest countries and a number of international organizations. Following the members’ joint declaration committing to regulate crypto assets for AML and CFT purposes, several standard-setting bodies have contributed resources to help the G20 set crypto policies. According to Japanese media, the countries are expected to agree upon new crypto-related regulations at the summit.

G20 Prepares to Regulate Crypto Assets – a Look at Current Policies

The G20 has reaffirmed its support for the Financial Action Task Force (FATF) as “the global anti-money laundering, counter terrorist financing, and proliferation financing standard-setting body,” the FATF described in its report submitted to the G20 last week. The G20 has additionally asked the organization to clarify how its standards apply to “virtual asset activities.” Responding to this request, the FATF confirmed that “Jurisdictions should apply a risk-based approach to virtual assets” and related activities. Promising to issue new guidelines in June, it elaborated:

At a minimum, virtual asset service providers should be required to be licenced or registered in the jurisdiction where they are created, or … where they have their place of business.

The FATF also recommends that “Virtual asset service providers should be supervised or monitored by a competent authority/ies (not a self-regulatory body)” and “Countries should provide international cooperation in relation to virtual assets and virtual asset service providers.”

G20 Prepares to Regulate Crypto Assets – a Look at Current Policies

The Financial Stability Board, which monitors and makes recommendations about the global financial system, also submitted a report to the G20 which outlines who the crypto regulators are in each member country. Meanwhile, the Basel Committee on Banking Supervision is currently undertaking a quantitative impact study of banks’ direct and indirect exposures to crypto assets.

Furthermore, global standard setter for securities market regulation, the International Organization of Securities Commissions, has developed a support framework to assist with addressing domestic and cross-border issues arising from initial coin offerings (ICOs) and a framework for identifying risks associated with the secondary trading of crypto assets.

The G20 members are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, South Korea, South Africa, Russia, Saudi Arabia, Turkey, the U.K., the U.S., and the European Union. Below is a summary of how they are currently regulating crypto assets.

South America

For Argentina, the central bank assesses the financial stability risks from crypto markets and monitors financial institutions’ exposures to crypto assets. The Securities and Exchange Commission oversees these assets within the capital markets and the Financial Information Unit deals with crypto-related AML/CFT issues.

G20 Prepares to Set Crypto Policies - a Look at Current Regulations

For Brazil, the Securities and Exchange Commission is responsible for cryptocurrencies that are securities. The Central Bank of Brazil (BCB) explained:

Our current mandate allows us to assess financial institutions’ exposure to those assets and supervise their operations. Moreover, BCB has the mandate to regulate what type of operations involving crypto-assets, if any, financial institutions can perform.

North America

The U.S. has multiple regulators for crypto assets. The Securities and Exchange Commission (SEC) regulates cryptocurrencies that are deemed securities whereas the Commodity Futures Trading Commission (CFTC) oversees crypto derivatives and commodities.

The Federal Deposit Insurance Commission (FDIC) supervises financial institutions’ exposures to crypto assets. Financial Crimes Enforcement Network (Fincen) has sole federal enforcement authority over money transmitters operating in convertible cryptocurrency.

The Office of the Comptroller of the Currency determines the permissibility and prudential conduct of banks related to crypto assets. The Office of Financial Research monitors these assets and their markets to identify any financial stability risks.

G20 Prepares to Set Crypto Policies - a Look at Current Regulations

Canada also has many regulators for crypto assets. Among them is the Bank of Canada which ensures that cryptocurrencies do not pose systemic financial stability risks to the country’s economy. The Office of the Superintendent Financial Institutions ensures financial institutions’ levels of exposure to crypto assets are within acceptable risk appetite.

The Financial Consumer Agency of Canada is responsible for protecting consumers of financial services and products involving crypto assets. The Canada Revenue Agency deals with crypto-related taxes. Furthermore, the Ontario Securities Commission, the Autorité des Marchés Financiers, the Alberta Securities Commission, and the British Columbia Securities Commission regulate crypto assets within their jurisdictions.

For Mexico, the central bank is responsible for defining the characteristics of crypto assets that financial institutions are permitted to operate with. The bank recently came up with some rules which stirred up the industry.

Europe

Last week, news.Bitcoin.com reported on how the European Union and five countries on the continent regulate cryptocurrency. Spain is not a G20 member but has been invited to attend the summit as a guest country.

On Monday, France’s Financial Markets Authority published the details of the new regulatory framework for cryptocurrency which was adopted on April 11 as part of the Pacte bill.

G20 Prepares to Set Crypto Policies - a Look at Current Regulations

Asia

Also last week, news.Bitcoin.com reported on how China, India, South Korea, and Japan are regulating cryptocurrency.

As for Indonesia, Bank Indonesia has banned cryptocurrency as a means of payment but continues to monitor crypto transactions and their potential long-term effects on monetary policy and financial stability. The Ministry of Trade, however, has acknowledged cryptocurrency as a tradable commodity with the Commodity Futures Trading Regulatory Agency (Bappebti) acting as the regulator. The FSB described:

Currently, Bappebti is developing an ecosystem for crypto-assets markets and exchanges with aims to protect crypto-assets consumers.

Furthermore, the Indonesia Financial Services Authority monitors developments and effects of fintech on financial stability while the Ministry of Finance is reviewing the taxation mechanism for crypto asset trading activities.

G20 Prepares to Set Crypto Policies - a Look at Current Regulations

Western and Central Asia

For Saudi Arabia, the Capital Market Authority, together with the Saudi Arabian Monetary Authority (SAMA), “are planning to conduct a study that aims to conduct assessment of the feasibility to introduce crypto-assets and ICOs in Saudi Arabia,” according to the FSB. The board clarified:

Currently, there is no regulation directly targeting crypto-assets in Saudi Arabia. However, SAMA’s current mandate allows it to assess financial institutions’ exposure to those assets and supervise their operations.

For Turkey, the central bank is responsible for overseeing the country’s payments system while the Financial Crimes Investigation Board is working on the rules related to cryptocurrency and related service providers.

G20 Prepares to Set Crypto Policies - a Look at Current Regulations

Russia is also working on the regulatory framework for cryptocurrency. In February, President Vladimir Putin instructed the government to adopt federal laws on cryptocurrency by July.

Africa and Oceania

For the Republic of South Africa (RSA), the central bank assesses the regulatory implications of fintech and oversees crypto assets when used for payments. The bank has clarified:

There are currently no specific laws or regulations that govern the use of VCs [virtual currencies] in RSA. It follows, therefore, that currently no compliance requirements exist for local trading of VCs in RSA.

Meanwhile, the country’s Prudential Authority supervises regulated entities’ involvement in crypto assets and the Financial Sector Conduct Authority oversees crypto assets in the financial markets. The Financial Intelligence Centre ensures that they cannot be used for illicit purposes while the Revenue Services collects related taxes.

G20 Prepares to Regulate Crypto Assets – a Look at Current Policies

For Australia, the Transaction Reports and Analysis Centre (AUSTRAC) regulates crypto exchanges which are required to register with it. The Securities and Investments Commission (ASIC) monitors crypto and ICO activities that seek investment from Australians. Lastly, the central bank assesses the implications of crypto assets for monetary policy, identifies their risks to financial stability, and establishes related payments system policies if required. The bank published its April Financial Stability Review report last week confirming:

ASIC intends to monitor ICOs closely to ensure compliant behaviour, and to introduce market infrastructure regulation for cryptocurrency exchanges.

What do you think of how the G20 countries currently regulate cryptocurrency? What policies do you think they will come up with at the summit? Let us know in the comments section below.


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Coin Time Machine Estimates Profit From Crypto Investments You Could Have Made

Coin Time Machine Estimates Profit From Crypto Investments You Could Have Made

Cryptocurrency prices, which have seen a significant increase since the beginning of April, have again awoken FOMO emotions in the crypto space. If you’d like to know how much profit you would have made if you’d bought certain coins right before the spike, there’s a simple tool that will perform the remorse-inducing calculation for you.

Also read: Bitcoin Forest Offers AI-Based Predictions for Crypto Markets

Calculator Answers the Question ‘What if I had Invested?’

Coin Time Machine is an easy to use website that helps answer the question “What if I had invested in cryptocurrency?” It is one of many “FOMO” calculators that are enjoying renewed interest from potential investors. The online platform allows you to estimate what your profit would have been today if you had bought cryptocurrency for a certain amount of fiat on a specific date, or simply didn’t sell your holdings.

The website offers numerous options including major world currencies like the U.S. dollar, euro, Japanese yen, and also the national currencies of countries where cryptos are popular, such as the Turkish lira.

The website can check prices of a great number of cryptocurrencies, including all of the most popular coins. Select a coin and then set a past date in the calendar when you could have made the crypto investment.

Coin Time Machine Estimates Profit From Crypto Investments You Could Have Made

Most cryptocurrencies registered significant gains in April. Among those with the largest market cap, bitcoin cash led the pack when prices jumped. According to Coin Time Machine, if you bought $1,000 of BCH exactly a month ago, you would now have 6.15 BCH worth $1,919.50 at the time of writing.

The calculator lets you know the profit you’ve missed to make. In this case, it would have been $919.50 – that’s a 91.95% change. The website also displays a chart showing the price of purchase, which was around $162 on March 18.

If you need a reliable real-time data about the current prices and market valuations of multiple cryptocurrencies, you can always check the Satoshi Pulse market cap aggregator. Bitcoin.com also offers you the opportunity to buy BCH and BTC with Visa or Mastercard in USD and EUR.

What other FOMO calculators do you know of? Tell us in the comments section below.

Disclaimer: Readers should do their own due diligence before taking any actions related to third party companies or any of their affiliates or services. Bitcoin.com is not 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 third party content, goods or services mentioned in this article.


Images courtesy of Shutterstock, Coin Time Machine.


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

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Ongoing Effort to Free Ross Supported by 100 Eminent Organizations and Individuals

Ongoing Effort to Free Ross Supported by 100 Eminent Organizations and Individuals

Ross Ulbricht’s clemency petition is closing in on 160,000 signatures stemming from individuals asking U.S. President Donald Trump to pardon Ulbricht. In addition to the vast number of signatures, roughly 100 eminent organizations and well known figures have supported Ulbricht’s effort, many of whom have written a statement on Ulbricht’s behalf in order to speak out against his draconian double-life prison sentence for creating a website.

Also read: Strong Evidence Suggests a Single Entity Mined More Than 1 Million Bitcoin

Close to 160,000 Signatures and Widespread Support for Ross Ulbricht

Ross Ulbricht is serving a double-life sentence, plus forty years in prison without the chance of parole. The sentence was handed down by U.S. District Judge Katherine Forrest back in 2015 and Ulbricht has spent a number of years behind bars. Since Ulbricht was sentenced, a great number of individuals and organizations have supported him over the years and just recently his family created a petition asking Trump to grant Ulbricht clemency.

Free Ross Effort Supported by 100 Eminent Organizations and Individuals

At the time of writing, the petition has gathered a whopping 158,602 signatures and the family hopes to reach 200,000 soon. Scrolling through the commentary shows people who have signed the petition believe that Ulbricht’s sentencing was unfair to give to a person who just created a website where others sold drugs. Ulbricht’s punishment for operating the Silk Road marketplace is far harsher than even murderers and many other darknet creators have received much lesser sentences.

Free Ross Effort Supported by 100 Eminent Organizations and Individuals

Moreover, with Ulbricht receiving a great number of signatures from people who support his cause, there’s also a wide range of statements addressed to Trump stemming from prominent businesses, well known political activists, celebrities and crypto luminaries.

Free Ross Effort Supported by 100 Eminent Organizations and Individuals

For instance, the assistant secretary of housing under U.S. President George H.W. Bush details in her statement that she would like to see Ross free as soon as possible. “I am but one of the thousands – growing to millions – of people who intend to see Ross Ulbricht walk free, putting an end to a saga that began in 2013 and that constitutes one of the worst examples of prosecutorial abuse the United States has suffered yet,” Catherine Austin Fitts’ statement explains. The popular political party in the United States that promotes free markets and individual freedoms, the Libertarian Party, also would like to see Trump grant Ulbricht clemency. The political party states:

The Libertarian Party has requested President Trump grant a full pardon to Ross Ulbricht.

The Ulbricht Trial and Sentencing Was a ‘Shocking Miscarriage of Justice’

There are countless influential people supporting Ross who have made specific statements on his behalf. The world-renowned scholar, historian and political activist Noam Chomsky calls Ulbricht’s sentence a “shocking miscarriage of justice.” Television personality and show host John Stossel says “No American is safer because Ross Ulbricht is in jail for life — He is just one more casualty of our futile war against drugs.” The popular actor Keanu Reeves notes that Ulbricht’s cruel sentencing affects us all. “The Silk Road and trial of Ross Ulbricht involve many important and complex issues that impact the life of Mr. Ulbricht and us all,” Reeves highlights in his statement.

Free Ross Effort Supported by 100 Eminent Organizations and Individuals

The Republican U.S. Senator from Maine, Eric Brakey, reveals in his declarative support for Ross that he believes Ulbricht was treated unfairly by our criminal justice system. “[It is] terrible to learn that the Judge considered pending charges during sentencing that were later dismissed — This is not how our criminal justice system is supposed to work,” Senator Brakey added. The former Governor of Minnesota, Jesse Ventura, feels the same way and thinks that most online articles concerning this case “present false or misleading information.” The CEO of the financial publication Business Insider believes Ulbricht’s sentence will also cost U.S. taxpayers.

“Ulbricht’s life sentence won’t deter others from giving Americans access to the drugs they want — It won’t ‘protect’ society,” Henry Blodget noted. It won’t ‘serve justice’ in some moral or cosmic sense. It will just waste another life behind bars and cost non-incarcerated taxpayers about $2 million over Ulbricht’s 50-year remaining life expectancy.”

The widespread support for Ulbricht continues to show that many people adamantly disagree with Ulbricht’s sentencing and would like to see him walk away a free man. The list of well known organizations and influential people is filled with many more statements from people like Reason’s EIC Nick Gillespie, Bitcoin.com’s CEO Roger Ver, film director Alex Winter, angel investor Tim Draper, libertarian author Lew Rockwell, and political commentator Tom Woods.

Free Ross Effort Supported by 100 Eminent Organizations and Individuals

Ulbricht is also supported by many organizations such as the American Black Cross, Cato Institute, Downsizedc.org, Electronic Frontier Foundation, Foundation for Economic Education, National Association of Criminal Defense Lawyers, Parallel Polis, Students for Liberty, and more. Essentially, the signatories and statements bolster the evidence that Ross’s investigation, trial, and sentencing were rife with abuse and he did not get a fair trial. The Ulbricht family hopes the thousands of signatures and the 100 proclamations from people will help convince Trump to pardon Ross.

What do you think about all the individuals and organizations that support Ross Ulbricht’s clemency? Let us know what you think about this subject in the comments section below.


Image credits: Freeross.org, and Pixabay.


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Central Bank Digital Currencies Take Center Stage at IMF Spring Meetings

CBDCs Take on Major Importance at IMF Spring Meetings

Central bank digital currencies (CBDCs) featured prominently when global financial leaders met for this year’s World Bank Group and International Monetary Fund (IMF) joint Spring Meetings in the United States. Faced with emerging disruptive technologies like Bitcoin, their discussions also focused on how money and payments are taking on new forms throughout the world. There wasn’t any determined conclusion to the debates, but the IMF’s Christine Lagarde admitted that cryptocurrencies have shaken the established global financial order.

Also read: The Struggle to Buy Bitcoin in Crypto-Starved Botswana

50% Chance Sweden Will Issue CBDC in Next 10 Years

It is not surprising that CBDCs continue to be a topic of interest at the Spring Meetings, held this year in Washington D.C. from April 8-12. Lagarde, the managing director of the IMF, has in the past urged central banks to consider issuing digital currency to make transactions more secure. She argues that state-backed cryptocurrencies could satisfy public policy goals related to financial inclusion, consumer protection, privacy and fraud prevention.

Central Bank Digital Currencies Take Center Stage at IMF Spring Meetings

At the latest round of meetings, central bank officials experimenting with CBDCs, including those from Canada, Sweden, and Uruguay, provided updates on their work while debating the potential features and technological design of such currencies. In one of the panel discussions, titled “CBDC: Should central banks issue digital currencies?,” Swedish central bank deputy governor Cecilia Skingsley revealed that there was a greater than 50% chance the Risbank would issue its own digital currency, e-krona, within the next decade.

“The discussion around CBDCs is very important because of the notion of money and how we organise societies around money,” Skingsley stated. In Sweden, the value of bank notes and coins in circulation now accounts for just 1% of GDP, she revealed. That compares with about 10% in the Eurozone and 20% in Japan. Skingsley said just 1 in 10 people use cash for payments in Sweden, a development which has made the e-krona a possible alternative. She explained:

People now find that digital payments and keeping their money in digital form is much more suitable to their needs. It means that within a couple of years, given current trends, Swedes will no longer have access to central bank money, because notes are the central bank money.

Non-Cash Transactions Soar

Cashless transactions or various kinds have soared around the world in recent years. Bitcoin, for example, was created to challenge the conventional financial system and return the ownership of money to the people, beyond the reach of the state. But this vision has not endeared it to global financial gurus who are steeped in tradition. Unsurprisingly, many national governments have raised concerns about cryptocurrencies and have called for tighter regulation.

To counter these threats, a number of central banks have started to ponder whether and how to adapt CBDCs. About 25% of central banks around the world are now actively exploring the possibility of issuing state-backed cryptocurrencies, even though only a handful of trials have been reported. The Eastern Caribbean Central Bank and the Central Bank of the Bahamas have both announced advanced plans to conduct blockchain-based CBDC pilots.

Central Bank Digital Currencies Take Center Stage at IMF Spring Meetings

The Case for Central Bank Digital Currencies

In Canada, a central bank digital currency is steadily and carefully taking shape. Speaking at the IMF Spring Meetings, Bank of Canada deputy governor Timothy Lane illustrated the costs and benefits, risks and opportunities of issuing CBDCs. One of his key contributions centered on the relationship between interest rates and a central bank digital currency. Lane elaborated:

Some people have suggested that CBDC should be interest-bearing, including that it should allow the possibility of negative interest. Partly, that also would be the reason for introducing it, which is the idea that if you want to provide more money for policy stimulus you could breakthrough the zero lower bound.

However, Lane added that “for this whole thing to be viable the public would actually have to be convinced that this is something they want to hold. I suppose this is part of the primary motivation [for issuing CBDCs].”

Both the World Bank and IMF appear resolute on virtual money. The Bretton Wood institutions announced an in-house experimental blockchain token of their own, aptly named Learning Coin. The idea is for staffers to have a hands-on approach to learning about blockchain technology. Through a purpose-built mobile phone app, employees can read curated content and watch videos related to blockchain in exchange for earning the valueless Learning Coin, which can only be redeemed in-house.

Special Drawing Rights

But the concept of a unique unit of exchange isn’t exactly new to the IMF. In 1969, the organization created what it called Special Drawing Rights (SDR) – an asset that almost functions as a currency. SDR is used for transactions between central banks and the IMF; more or less what some countries are trying to achieve with large value, blockchain-based interbank payment experiments, for example, Jasper I & II in Canada, Khokha in South Africa, and Stella I in Europe. Similarly, at least six international banks have revealed plans to issue stablecoins backed by fiat currency, on IBM’s World Wire, to allow for faster and cheaper cross-border remittances and payments.

Central Bank Digital Currencies Take Center Stage at IMF Spring Meetings

There are some similarities in both systems. The value of the SDR is based on a basket of five currencies – the U.S. dollar, the euro, the Chinese renminbi, the Japanese yen, and the British pound sterling. Stablecoins derive their value from fiat currency. Canada’s Timothy Lane indicated that it will take a little more time for central bank digital currencies to become useful for cross-border payments as that requires greater regulatory collaboration. Others are simply encouraged that the CBDC discussion has remained open and topical at the IMF conferences.

“It’s clear that the government and private sector are both very interested in learning more about CBDC and what the future of digital payments might look like,” Ashley Lannquist of the World Economic Forum told news.Bitcoin.com. “It’s commendable that the IMF and World Bank Group have decided to embrace and feature dialogues on central bank digital currency, setting an important example for other international organizations.”

What do you think about the IMF’s position on central bank digital currencies? Let us know in the comments section below.


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Strong Evidence Suggests a Single Entity Mined More Than 1 Million Bitcoin

Strong Evidence Shows a Single Miner Mined More Than a Million Bitcoin

On April 16, RSK Labs chief scientist Sergio Demián Lerner published a new research study concerning the earliest blocks mined on the Bitcoin network. The report concerning one of Bitcoin’s earliest miners provides strong evidence to suggest that a single miner processed 22,000 blocks. Additionally, Lerner has released a new website called Satoshi Blocks that aims to help crypto enthusiasts visualize mining during the protocol’s earliest days.

Also read: Are You Ready for What Happens If Satoshi’s Coins Move?

New Data Stemming from Bitcoin’s Earliest Miners Hardens Prior Evidence

Years ago, independent researcher and cryptographer Sergio Demián Lerner released one of the most in-depth studies concerning Bitcoin’s earliest mining periods. According to his first study published on April 17, 2013, the vast majority of the initial BTC mined was done by a single miner. Moreover, Lerner produced data sets from his blockchain analysis that tracked the extranonce fields within the coinbase field stemming from the coinbase transactions themselves. At the time Lerner estimated that the miner was able to gather precisely 1,814,400 BTC. In addition to this large number of mined coins, 63% of those coins, or 1.1 million, have never been spent since the day they were created.

Strong Evidence Suggests a Single Entity Mined More Than 1 Million Bitcoin

Fast forward to six years later and Lerner has published another rigorous study that provides an even stronger argument that backs his prior claims. The latest paper, called “The Return of the Deniers and the Revenge of Patoshi,” at first discusses Lerner’s original study and how he originally came to his previous conclusion. Lerner detailed how he found the information in the extranonce field and how certain flaws revealed information in a “non-privacy preserving way.”

Strong Evidence Suggests a Single Entity Mined More Than 1 Million Bitcoin
Lerner calls these patterns shown as blue lines the ‘Patoshi pattern’ after identifying a single miner who accumulated about 1.1M bitcoins during 2009-2010. The Patoshi pattern (blue) and other miner patterns (green). The data can be visualized on Lerner’s new website Satoshiblocks.info.

Lerner’s paper then discusses the single miner who has been dubbed ‘Patoshi’ and describes how he was able to find the miner’s pattern. Lerner explains how a few people have accepted the existence of the Patoshi pattern, a few years on, yet believe multiple miners may have been synchronized or there was some form of an early mining pool in place since the genesis block. Lerner debunks these arguments with many reasons and by explaining various factors including:

  • 99.9% of all Patoshi blocks are unspent.
  • Each Patoshi block “links” to a block in the pattern set, but not to any of the remaining blocks.
  • There are some time intervals where the Patoshi pattern interrupts abruptly.
  • Mining pools were invented several years later.
  • Mining pools were created to reduce reward variance due to the low individual probability of solving a block, but during 2009 single miners could easily solve blocks frequently.

By the end of 2013, Lerner said he had found proof “beyond any doubt, that the pattern was real, using a completely different method.” His latest study describes how he discovered that all of the blocks mined by Patoshi were identifiable by a depleted range of nonces used in processed blocks to a specific range. From 2014 to early 2019, Lerner didn’t have much more to add to his prior research and there were a few other studies published recently that suggest Patoshi only mined around 700,000 coins. However, Lerner’s latest study “proves with overwhelming probability” that a single miner extracted all of the coins in his Patoshi pattern, which is well over a million BTC. The researcher’s new argument is based on computer clocks because even in the early days miners used a local computer’s clock to timestamp blocks after processing them.

Strong Evidence Suggests a Single Entity Mined More Than 1 Million Bitcoin
According to Lerner, Patoshi paused mining for 10 days. Lerner also suggests that the miner called ‘Patoshi’ gave away approximately 550 BTC to other people in the form of donations

“If you’ve studied the Bitcoin protocol, you’ll know that block timestamps are not necessarily monotonically increasing,” Lerner writes. “This is true from the Bitcoin source code 0.1.0 to the latest version of Bitcoin Core that had an internal miner (before mining pools were created).”

Clocks and Timestamps

Some of the latest evidence Lerner provides also concerns why he strongly believes the single miner extracted close to 1.1M coins, which is even more than the initial 1M BTC discovered by Lerner years ago. For instance, Lerner states that “computer clocks can be unsynchronized from each other,” “timestamps were not updated continuously during mining,” and “block timestamps are adjusted by the Bitcoin software to match the median time of the peers that are connected to a node.” Because of these reasons, the study notes that the same computer will almost never reverse its own timestamps and “the delta between inverted block timestamps indirectly measures the hashrate of the parent block miner.”

Strong Evidence Suggests a Single Entity Mined More Than 1 Million Bitcoin
Lerner’s study shows a few cases of timestamp inversions.

“There are no time inversions between Patoshi blocks — Zero — This result is very relevant considering the Patoshi blocks account for 43% of all the blocks in the first 50k. I’m open to considering other explanations, but for me, this can only mean one thing — There is a single PC clock whose time is stamped in the Patoshi blocks.” Lerner’s paper continues:

A single software that controls how block templates are created — A single miner.

The RSK Labs chief scientist concludes that there is evidence that links the Patoshi patterns to Satoshi but he prefers to stop there and “leave Patoshi alone once for all.” Lerner believes the evidence he provided is reliable but he expects more people to deny the information in forums. Lerner also infers that he has discovered a more precise figure and coded a more accurate pattern-following algorithm which can be viewed on his new site satoshiblocks.info.

Do you think the Patoshi pattern belongs to Satoshi? Do you believe a single miner mined over 1.1 million BTC during the network’s earliest days? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, Sergio Demián Lerner’s blog Bitslog.com, Pixabay, and Satoshiblocks.info.


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Win Double Prizes Playing Cashgames at Bitcoin.com

Win Double Prizes Playing Cashgames at Bitcoin.com

It’s no secret that bitcoin cash (BCH) has been on a tear over the last few weeks, as the asset has more than doubled in price. This year’s best performing coin from the top 10 cryptocurrencies by capitalization has consistently posted impressive weekly gains. As a result, the value of the jackpots at Cashgames, which are denominated in BCH, have more than doubled in USD terms, giving you twice as many reasons to play.

Also read: UK and Europe-Based Users Can Now Buy Bitcoin Cash Inside the Bitcoin.com Wallet

4,000 BCH Is a Whole Lotta Cash

The amount you would win from playing Cashgames at Bitcoin.com varies from game to game, where many of the jackpots are set to increase over time. If you were fortunate to record a recent win playing one of your favorite Cashgames, however, the sustained price appreciation of bitcoin cash will have provided a nice boost. The jackpot for video poker stands at a cool 4,000 BCH, though you’ll need to land a royal flush to claim it. Even if you don’t get that lucky, jacks or better are all it takes to begin winning, paying out 5 BCH, and the prizes only grow from there.

Win Double Prizes Playing Cashgames at Bitcoin.com
Bitcoin cash has more than doubled in value in a month

For many cryptocurrency proponents, playing BCH-powered games like roulette, slots, and craps isn’t just about wagering and winning: it’s about exercising your financial freedom, and the ability to use your crypto assets as you see fit, without seeking the permission of any third party. Because all of the games at Cashgames are provably fair, players can participate in the knowledge that the outcome of each hand, dice roll, or spin of the wheel can be verified. And with an average return of 99%, Cashgames heavily favors the player – not the house.

Win Double Prizes Playing Cashgames at Bitcoin.com

Play With BCH or BTC

While bitcoin cash is the default cryptocurrency on Cashgames, holders of bitcoin core can also get involved. Sideshift integration allows for BTC to BCH conversion. Alternatively, click the dropdown tab at the top of the page to switch from Bitcoin Cash Games to Bitcoin Games, where you can use BTC in the same manner.

There’s a lot of buzz about bitcoin cash right now, with increasing merchant adoption and new futures products all helping to raise interest in the BCH ecosystem. That heightened appreciation for all things BCH has been reflected at Cashgames, where the number of daily players has grown in line with the price of bitcoin cash. Give it a play today and immerse yourself in a world of BCH-based casino games.

Have you tried Cashgames? What are your thoughts on the BCH-powered gaming portal? Let us know in the comments section below.


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Bitcoin Forest Offers AI-Based Predictions for Crypto Markets

Bitcoin Forest Offers AI-Based Predictions for Crypto Markets

With digital asset markets on the move again, the importance of accurate predictions grows. An online platform called Bitcoin Forest uses market data and an AI algorithm to produce forecasts for the prices of many cryptocurrencies on a number of global and regional trading platforms.

Also read: Use the Bitcoin Cash Notary to Back Up Important Documents

Website Provides Short-Term and Long-Term Forecasts

Bitcoin Forest is a simple-to-use website that displays two charts, yearly and daily, with data about the price fluctuations of a particular cryptocurrency on a preferred exchange. The graphs show the actual market movements in red and the trend, long-term and short-term respectively, in blue.

The main platform tracks price changes of BTC against the U.S. dollar. On the left side you can choose a marketplace from a long list that contains major platforms such as Kraken, Gdax, Bithumb, and Bitstamp. Exchanges with regional importance like Mercado Bitcoin, Koinex and Yobit are also included.

Bitcoin Forest Offers AI-Based Predictions for Crypto Markets

Current, short-term and long-term rates are also displayed in USD on the top of screen. Bitcoin Forest not only takes into account market trends but also evaluates the latest crypto news from multiple sources with a colored indicator. The short-term chart contains links to recent publications about cryptocurrencies and related developments.

Bitcoin Forest has a sister platform called Altcoin Forest where users can find more information about dozens of other digital currencies. For example, market data and forecasts are available for BCH against BTC. Charts for BCH and fiat currencies such as the U.S. dollar and the Australian dollar are offered as premium content that costs around 0.016 BCH at the time of writing.

If you need to stay informed about the current prices and market valuations of multiple cryptocurrencies, you can also monitor the Satoshi Pulse market cap aggregator developed by Bitcoin.com.

Have you used platforms like Bitcoin Forest to take decisions about crypto investments? Share your experience in the comments section below.

Disclaimer: Readers should do their own due diligence before taking any actions related to third party companies or any of their affiliates or services. Bitcoin.com is not 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 third party content, goods or services mentioned in this article.


Images courtesy of Shutterstock.


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Bitcoin Forest Offers AI-Based Predictions for Crypto Markets appeared first on Bitcoin News.

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UK and Europe-Based Users Can Now Buy Bitcoin Cash Inside the Bitcoin.com Wallet

In the summer of 2017, Bitcoin.com launched its open source light client and since then more than 3.8 million wallets have been created. We’ve since added a load of new features to the wallet software and as of April 15, 2019, Bitcoin.com Wallet users in the UK and Europe can purchase bitcoin cash (BCH) directly inside the wallet.

Also read: This Version of Lode Runner Is Fueled by BCH-Powered SLP Tokens

Bitcoin.com’s New Buy Feature Aims to Spread Economic Freedom Globally

Bitcoin.com strives to be the leading destination for all your bitcoin needs and our wallet is the perfect example. The open source Bitcoin.com Wallet is designed to be a secure application for sending, receiving, and storing digital assets. It features a simple interface for newcomers and veterans in the space. Our last version of the wallet gave users the ability to swap between BCH and BTC using the Sideshift platform. This week, the latest release of our light client has given U.K. and Europe-based users the ability to purchase BCH directly within the wallet thanks to our new Moonpay integration.

UK and Europe-Based Users Can Buy BCH Directly in the Bitcoin.com Wallet
“Bitcoin cash is a global currency with the potential to put an end to extortionate bank fees, delays, and fraud. But this isn’t just an idea: it’s usable right now as digital money. Both online and instore, an increasing number of merchants are beginning to accept bitcoin cash.” – Roger Ver.

With the new buy service, Bitcoin.com Wallet users from Europe and the U.K. can quickly purchase the cryptocurrency using a credit or debit card. Small fractions of BCH (€150 worth) can be purchased without the need for formally validating your identity. If you want to purchase a larger amount of BCH up to €5,000 daily, and up to €20,000 monthly, verification will be required. One of the earliest angel investors within the cryptocurrency space and CEO of Bitcoin.com, Roger Ver, explained during the announcement that providing these types of resources helps bolster digital currency accessibility.

“We strive to bring economic freedom to everyone, everywhere, and we want to make it easy for everyone to buy bitcoin cash,” Ver stated. “With our latest wallet feature, it’s never been simpler.”

UK and Europe-Based Users Can Buy BCH Directly in the Bitcoin.com Wallet
Bitcoin.com CEO Roger Ver.

Eliminate Exchanges and Reduce Risk by Purchasing Within the Wallet

Because the Bitcoin.com Wallet is noncustodial, it provides a a more secure solution for acquiring crypto because there’s no need to deposit funds on a centralized exchange. After a purchase is made within the wallet interface the BCH is sent directly from the official seller to the owner’s noncustodial light client. This is in stark contrast to leaving funds on an exchange for a period of time to make a trade. Cryptocurrency exchanges are custodial, which means the exchange has full control of the user’s funds at all times.

UK and Europe-Based Users Can Buy BCH Directly in the Bitcoin.com Wallet
The team at Bitcoin.com plans to introduce the wallet’s ‘Buy’ feature to more countries soon.

Exchange breaches have been prevalent within the cryptocurrency industry for years and a few hacks have hit news headlines over the past few months. Canada’s largest exchange, Quadriga, lost $145 million recently and Bithumb saw over $19 million worth of cryptocurrency siphoned out of the trading platform. In response to these recent exchange hacks, Roger Ver stated:

“It’s a big eye-opener for many people. Buying from an exchange means using their custodial wallet and, even if it’s just temporarily while you purchase the coins, the cryptocurrency is still not as secure as it could be — the Bitcoin.com Wallet now lets users sidestep exchanges altogether, so your bitcoin cash is under your control from the moment you buy it.”

In addition to introducing the buy bitcoin cash feature to U.K. and Europe-based Bitcoin.com Wallet users, there are plans to roll the service out to more countries soon. To download the latest version and try the new Moonpay service, visit wallet.bitcoin.com today.

Have you tried the Bitcoin.com Wallet? Let us know about your experience with our noncustodial wallet in the comments section below.


Image credits: Shutterstock, Bitcoin.com, Roger Ver, and the Bitcoin.com Wallet.


Not up to date on the news? Listen to This Week in Bitcoin, a podcast updated each Friday.

The post UK and Europe-Based Users Can Now Buy Bitcoin Cash Inside the Bitcoin.com Wallet appeared first on Bitcoin News.

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Review: BC Vault Is an Unorthodox Hardware Wallet With a Random Key Generator

One of the biggest responsibilities of cryptocurrency owners is safely storing their digital assets. Over the last few years, hardware wallets have become an extremely convenient security solution that has helped in this regard. The BC Vault is a new hardware device with a number of distinctive features.

Also read: The Struggle to Buy Bitcoin in Crypto-Starved Botswana

The BC Vault Isn’t Like All the Rest

The BC Vault (short for Blockchain Vault) is a new hardware wallet that was designed by a Slovenia-based firm called Real Security Inc. Its creators believe that the BC Vault is “the safest way to store your cryptocurrencies,” refusing to even refer to the gadget as a wallet. “Wallets are for pocket money and vaults are for safekeeping,” Real Security asserts. The BC Vault costs $155 plus VAT for EU customers and the firm will ship to customers around the world. My BC Vault arrived this weekend in a box sealed with tamper-resistant holographic tape which I removed after inspection with a pocket knife.

Review: BC Vault Is an Unorthodox Hardware Wallet With a Random Key Generator
Both the box and the device itself are sealed with tamper-resistant holographic tape.

Inside the box is a piece of paper that explains the BC Vault setup process and the device itself which sits in a foam enclosure. Under the device is a few stickers and a long USB cord to attach the BC Vault to a computer. One end of the cord is a traditional USB insert, but the other side of the cord that fits into the device itself is the new USB-C standard. The machine is similar in size to the Keepkey wallet but has a four-way control pad and a 2.42 inch OLED screen. The USB connection is also taped over with tamper-resistant tape which needs to be peeled off gently. The D-pad reminded me of an old Sega Genesis controller. The USB-C cord, as is customary with devices of this nature, needs to be inserted with a forceful push.

Review: BC Vault Is an Unorthodox Hardware Wallet With a Random Key Generator
BC Vault uses a global password and PIN.

It was after plugging the BC Vault in that I observed just how different the device is compared to other hardware wallets. This is because the BC Vault generates each wallet with a random number generator (RNG) which uses an integrated gyro sensor. The process obliged me to shake the Vault for at least a minute and a half in order to begin the setup process. The scheme is similar to moving your mouse around or typing random keys in order to create a paper wallet. Essentially, the RNG mechanism inside the device created my private key after I’d shaken the device enough and from there I proceeded to the Vault’s quickstart guide.

The guide offers standalone software for Linux, Mac OS, and Windows. The application I downloaded for Mac OS was around 29.9 MB in size and the process took only took a minute. I was prompted to use my computer’s administrator password for the install and the software wound up taking around 62 MB of disk space. After launching the software, you will be asked to agree to an end-user license agreement.

Review: BC Vault Is an Unorthodox Hardware Wallet With a Random Key Generator
The main BC Vault dashboard display.

Unlike the Trezor or Ledger, the BC Vault does not use an unencrypted BIP39/44 seed phrase, instead opting for a global password, PIN, and encrypted backup. In order to back up the funds, the device gives the option of saving encrypted wallet data on an SD card or backing up the encrypted wallet data by printing out a series of QR codes. Competitors use hierarchical deterministic wallets which means the funds and addresses can be traced back to the seed.

Review: BC Vault Is an Unorthodox Hardware Wallet With a Random Key Generator
Ethereum wallet dashboard.

BC Vault claims it brings higher security to the table because the non-deterministic wallets on the device cannot be mathematically linked. While browsing the software I noticed I can add a variety of different digital currencies, with bitcoin core (BTC) available by default. BC Vault can hold BTC, BCH, ETH, DASH, XRP, LTX, XLM, DOGE, and a bunch of ERC20 tokens as well.

Review: BC Vault Is an Unorthodox Hardware Wallet With a Random Key Generator
Bitcoin cash wallet dashboard.

An Integrated Gyro Sensor, Random Key Generation, and Encrypted Backups Provide a Different Approach to Security

The BC Vault device I received was built well and the seed creation by shaking the RNG was an interesting experience. The product reminded me of a cross between Shapeshift’s Keepkey and the Swiss-made Digital Bitbox because of the SD card backup. Unlike the Bitbox, however, the BC Vault does not come with an SD card and you have to purchase one. The standalone software was also a nice change to having to use a Chrome extension.

Review: BC Vault Is an Unorthodox Hardware Wallet With a Random Key Generator
Choosing to add another wallet.

Similarly to the Trezor model T and the Keepkey, I found that inserting the cord needs a forceful push. The BC Vault will actually make a clicking sound so you will know the device is securely connected. The wallet interface worked well and things like network fees can be customized. One issue I had found with the BC Vault is that it still uses legacy addresses for bitcoin cash (BCH). It would be nice if they added the Cashaddr format to make things less confusing for wallet sends.

Review: BC Vault Is an Unorthodox Hardware Wallet With a Random Key Generator
The application settings panel is where most changes can be made.

The BC Vault is fairly intuitive to use and a beginner could master this wallet without much difficulty. Even though the device doesn’t use a mnemonic seed, users must remember to back up the encrypted key on an SD card or print out the QRs for recovery purposes. If the global password, PIN, and encrypted backups are lost, the funds held inside the BC Vault can never be retrieved.

Overall, the BC Vault, much like the simple Bitbox, offers cryptocurrency users something different and people may enjoy the alternative security aspects it incorporates. A built-in random number generator definitely sets the BC Vault apart from the rest of the hardware wallets on the market.

What do you think about the BC Vault? Let us know what you think about this device in the comments section below.

Disclaimer: Readers should do their own due diligence before taking any actions related to the mentioned company, software or any of its affiliates or services. Bitcoin.com or the author is not 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. This editorial review is for informational purposes only.


Image credits: Jamie Redman, and BC Vault.


Now live, Markets.Bitcoin.com: A comprehensive, real-time listing of the cryptocurrency market. View prices, charts, transaction volumes, and more for the top 500 cryptocurrencies trading today.

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