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Friday 31 January 2020

The Bitcoin Game #74: David Jevans of CipherTrace

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Welcome to episode 74 of‚The Bitcoin Game, sponsored by eToro. The Bitcoin Game has been a featured podcast on the LTB Network since 2014!

A few facts about David Jevans: In the late '90s, David attended monthly Cypherpunk meetups in Palo Alto. David hired Nick Szabo to help with IronKey (David's previous business, a secure USB product). And David is currently the founder and CEO of CipherTrace, one of the big three "blockchain analysis" companies.

David's past and present positions give him a uniquely informed perspective, and I was fascinated to hear his takes. We discuss a wide range of topics, from details about CipherTrace's work, to hardware wallets, supply-chain security, CryptoCapital, Quadriga, BTC-E, CoinJoin, OPSEC, and tons more.


EPISODE LINKS

CipherTrace
https://ciphertrace.com

David on Twitter
https://twitter.com/davejevans

Cypherpunk
https://en.wikipedia.org/wiki/Cypherpunk

Nick Szabo
https://en.wikipedia.org/wiki/Nick_Szabo

IronKey
https://en.wikipedia.org/wiki/IronKey

ECC (Elliptic Curve Cryptography)
https://en.wikipedia.org/wiki/Elliptic-curve_cryptography

2000 Financial Cryptography Conference
https://ifca.ai/fc00/program.html

David Chaum
https://en.wikipedia.org/wiki/David_Chaum

DigiCash
https://en.wikipedia.org/wiki/DigiCash

Mt. Gox
https://en.wikipedia.org/wiki/Mt._Gox

CoinJoin
https://en.bitcoin.it/wiki/CoinJoin

Wasabi Wallet
https://wasabiwallet.io

OPSEC
https://en.wikipedia.org/wiki/Operations_security

Financial Action Task Force (FATF)'s "Travel Rule"
https://ciphertrace.com/fatf-crypto-travel-rule


THE BITCOIN GAME IS SPONSORED BY

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Join now at b.tc/etorogame.


While much of a Bitcoiner's time is spent in the world of digital assets, sometimes it's nice to own a physical representation of the virtual things you care about. For just the price of a cup of coffee or two (at Starbucks), you can own the world-famous Bitcoin Keychain.

As Seen On
The Guardian ' TechCrunch ' Engadget ' Ars Technica ' Popular Mechanics
Infowars ' Maxim ' Inc. ' Vice ' RT ' Bitcoin Magazine ' VentureBeat
PRI ' CoinDesk ' Washington Post ' Forbes ' Fast Company

Bitcoin Keychains - BTCKeychain.com


CREDITS

All music in this episode was created by me, or is from a jam with me, Mike Coleman and Steve Lunn.

The Bitcoin Game box art was created from an illustration by Rock Barcellos.

Lightning Network tips:
https://tippin.me/@TheBTCGame


Note: We migrated our RSS feed (and primary content host) to Libsyn; SoundCloud is just a legacy feed.



via The Let's Talk Bitcoin Network https://letstalkbitcoin.com/blog/post/the-bitcoin-game-74-david-jevans-ciphertrace

Proof of Love Ep. 43 BDSM

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Have you ever wondered about BDSM and what it could add to your sex life and relationship?

On this very kinky episode of Proof of Love, the ladies provide some background and personal experiences into this often misunderstood form of sexuality and role play. They tackle some of the most common questions such as:

What does BDSM stand for and is there a difference between kink and BDSM?What is a Domme and what is a submissive?Why are people turned on by BDSM and is it common to have these fantasies or is it a result of past trauma?

The three ladies address the importance of being comfortable and trust in BDSM. They discuss:

Pre-negotiating prior to playing.Having a safe word if your partner goes too far or exceeds your comfort or begins hurting you.Discovering different levels of BDSM and find what you enjoy and what you're comfortable with.

Some cons of the power play are discussed such as are there double standards between men and women, what should you an outsider do if they see physical signs of violence, and what to do if your partner tries something that wasn't discussed beforehand.

More Info:‚‚

TatianaMoroz.com

CryptoMediaHub.com

Friends and Sponsors of the Show:

Celsius Network‚ use code '˜LOVE'

LetsTalkBitcoin

The Tatiana Show

Remember, this is a new show, so if you like it, please be sure to tell 3 friends! Leave a good review on iTunes, and be sure to follow us on our socials!

*You have been listening to Proof of Love.‚ This show may contain adult content, language, and humor and is intended for mature audiences.‚ If that's not you, please stop listening. Nothing you hear on Proof of Love is intended as financial advice, legal advice, therapy or really, anything other than entertainment.‚ Take everything you hear with a grain of salt. Oh, and if you're hearing to us on an affiliate network, the ideas and views expressed on this show, are not necessarily of the those of the network you are listening on, or of any sponsors or any affiliate products you may hear about on the show.



via The Let's Talk Bitcoin Network https://letstalkbitcoin.com/blog/post/proof-of-love-ep-43-bdsm

Options Growth Will Ignite Innovation in the Bitcoin Market – But Not in the Way You Think

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Richard Rosenblum, co-founder of GSR, points out the lackluster growth in listed options hides the real action taking place in OTC hedges.

via CoinDesk https://www.coindesk.com/options-growth-will-ignite-innovation-in-the-bitcoin-market-but-not-in-the-way-you-think

Scotland’s Bitcoiners Share Canny Tales of ‘Buying the Dip’

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A meetup in Scotland afforded a forensic examination of bitcoin's rollercoaster cycle – with plenty of examples of the emotional trauma that accompanied the ride.

via CoinDesk https://www.coindesk.com/scotlands-bitcoiners-share-canny-tales-of-buying-the-dip

How Fund Managers View Lending and Staking: 3 Takeaways From a CoinDesk Research Webinar

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In December, we invited two fund managers, both long bitcoin and other crypto assets, for a CoinDesk Research webinar on lending and staking. Jordan Clifford of Scalar Capital and Kyle Samani of Multicoin Capital joined us to discuss how they evaluate risk and returns in crypto lending and staking, what crypto assets' risk-free rate might look like, and what DeFi needs to do to attract investors and new users.

via CoinDesk https://www.coindesk.com/how-fund-managers-view-lending-and-staking-3-takeaways-from-a-coindesk-research-webinar

Google Reinstates Bitcoin Rewards Game Suspended for ‘Deceptive Practices’

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The “Bitcoin Blast” app is back on the Google Play store, though Google still hasn’t clarified why it was taken down in the first place.

via CoinDesk https://www.coindesk.com/google-reinstates-bitcoin-rewards-game-suspended-for-deceptive-practices

Seychelles’ Stock Exchange Will List Ethereum Tokens Representing Supercars

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MERJ, the only licensed stock exchange in the Seychelles, plans to list ethereum tokens representing shares in supercars issued by CurioInvest, starting with a $1.1 million Ferrari.

via CoinDesk https://www.coindesk.com/seychelles-stock-exchange-will-list-ethereum-tokens-representing-supercars

The Beginner's Guide to Bitcoin Part 8: How is Bitcoin Legal with Peter Van Valkenburgh & Jerry Brito - WBD189

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Location: Skype

Date: Monday, 27th January

Project: Coin Center

Role: Peter Van Valkenburgh & Jerry Brito

Welcome to the Beginner's Guide to Bitcoin:

Bitcoin can be intimidating for beginners. The protocol is complicated, the community can be aggressive and unforgiving, silly mistakes can lose you money, and it is easy to succumb to altcoin marketing.

Bitcoin does though, offer you the opportunity to hold a new type of monetary asset, one which can't be seized by the government and is censorship resistance and It has the potential to change the way the world.

The goal of What Bitcoin Did has always been about making things simple; there are no stupid questions, and the show is here to help beginners navigate this new world. To kick off 2020, we are launching a special series to help beginners understand Bitcoin. We will be looking at the basics from breaking down the protocol to explaining the economics and discussing the potential societal shift.

Beginners Guide Part 8 - How is Bitcoin Legal with Peter Van Valkenburgh & Jerry Brito

Bitcoin is still a relatively new technology. However, it is already a very real threat to government-issued fiat currencies and central banks. This has made regulating Bitcoin a tricky proposition for governments.

China took a hard-line approach to this new asset class and in 2013, banned Bitcoin transactions, and in 2017, the government banned exchanges and ICOs. In Bolivia, there is a unilateral ban on all cryptocurrencies.

Other countries have taken a far more progressive view of Bitcoin, embracing it, though often with caution.

Most accepting has been Malta which has created the Malta Digital Innovation Authority; a government body brought in specifically for creating responsible crypto policy.

While the regulatory landscape is complex and jurisdiction-specific, regulations tend to apply more aggressively to businesses in the space than users. These laws and regulations that Bitcoin businesses must comply with, however, still have an impact. For example; the majority of exchanges must follow AML/KYC rules which means when buying Bitcoin on an exchange you do give up your privacy.

In Part 8 of the Bitcoin Beginner's Guide and to help explain and navigate the regulatory landscape I talk to Peter Van Valkenburgh & Jerry Britto, the Director of Research & Executive Director at Coin Center a non-profit focused on the policy issues for Bitcoin. We discuss the Bitcoin regulatory landscape and the implications to the users.



via The Let's Talk Bitcoin Network https://letstalkbitcoin.com/blog/post/the-beginner-guide-to-bitcoin-part-8-how-is-bitcoin-legal-with-peter-van-valkenburgh-jerry-brito-wbd189

The Founders of Synthetix and Chainlink on DeFi, Derivatives and 25 New Decentralized Price Feeds

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Yesterday Chainlink released price reference data for 25 of its decentralized oracle networks which, together, power more than $100m in DeFi.

via CoinDesk https://www.coindesk.com/the-founders-of-synthetix-and-chainlink-on-defi-derivatives-and-25-new-decentralized-price-feeds

Listen to Elon Musk’s Latest EDM Beats on the CoinDesk Crypto Roundup

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We've got the 'hawt' new single from Tesla CEO Elon Musk and as bitcoin ends its best January ever, traders eye a price move above the psychological level of $10,000.

via CoinDesk https://www.coindesk.com/listen-to-elon-musks-latest-edm-beats-on-the-coindesk-crypto-roundup

Ethereum Miners’ ETH Holdings Near Record Highs

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Ethereum miners are hoarding ether tokens, and this could indicate high confidence in the project.

via CoinDesk https://www.coindesk.com/ethereum-miners-eth-holdings-near-record-highs

4 Minute Crypto - Tone Vays Is 99% Positive Bitcoin Will Hit $100K Once This Happens

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Former Bear Stearns risk analyst Tone Vays says he still believes Bitcoin will likely suffer a major pullback before beginning another long term rally. However, the recent price action has him feeling bullish in the near term.

CONTACT INFO

YouTube Channel

SUPPORT

Gary is available to keynote or emcee your Bitcoin/Crypto event. Please email GaryLeland@gmail.com for additional info.

DISCLAIMER: This article should not be taken as is, and is not intended to provide, investment advice.



via The Let's Talk Bitcoin Network https://letstalkbitcoin.com/blog/post/4-minute-crypto-tone-vays-is-99-positive-bitcoin-will-hit-100k-once-this-happens

Bitcoin Startup Casa Names New CEO as Node Service Goes Open-Source

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Bitcoin startup Casa is charging into 2020 with a new look – by winding down its hardware product and shuffling its front office.

via CoinDesk https://www.coindesk.com/bitcoin-startup-casa-names-new-ceo-as-node-service-goes-open-source

Financial Firm SBI Holdings to Offer XRP Cryptocurrency as Shareholders’ Benefit

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Japan's crypto-friendly financial firm SBI Holdings is to give shareholders the option to receive the XRP cryptocurrency as a benefit. They can alternatively accept health supplements.

via CoinDesk https://www.coindesk.com/financial-firm-sbi-holdings-to-offer-xrp-cryptocurrency-as-shareholders-benefit

‘Key Milestone’ for Hyperledger as Fabric Blockchain Platform Reaches 2.0 Release

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Version 2.0 marks the most significant release since Fabric first launched in 2017.

via CoinDesk https://www.coindesk.com/key-milestone-for-hyperledger-as-fabric-blockchain-platform-reaches-2-0-release

Crypto Tax Software Developers Get Serious About System Standards

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A growing number of crypto tax software developers are trying to bolster their products’ technical credibility with the CPA’s stamp of attestation.

via CoinDesk https://www.coindesk.com/crypto-tax-software-developers-get-serious-about-system-standards

Bitcoin Heads Into Historically Positive February on a Bullish Note

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Bitcoin's 30% rise in January has put the bulls into the driver's seat, opening the doors for a continued rally into five figures.

via CoinDesk https://www.coindesk.com/bitcoin-heads-into-historically-positive-february-on-a-bullish-note

Deribit to Launch Daily BTC Options as Regulated Competition Heats Up

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Launching Feb. 3, the daily bitcoin index options will appeal to a different kind of trader, the firm says.

via CoinDesk https://www.coindesk.com/deribit-to-launch-daily-btc-options-as-regulated-competition-heats-up

Third-Party Trackers Are Pulling Your Data Off Ring’s Android App

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A new report from the Electronic Frontier Foundation details the personally identifiable information pulled from your Ring app.

via CoinDesk https://www.coindesk.com/third-party-trackers-are-pulling-your-data-off-rings-android-app

USA vs. Virgil Griffith: What We Know (and Don’t) in the Bombshell Crypto Sanctions Case

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Prosecutors appear to have a strong case against Virgil Griffith, the ethereum developer charged with conspiring to aid North Korea, legal experts say.

via CoinDesk https://www.coindesk.com/usa-v-virgil-griffith-what-we-know-and-dont-in-the-bombshell-crypto-sanctions-case

Thursday 30 January 2020

Bitfinex Adds Margin Trading on Tether Gold With Pairs of Up to 5x Leverage

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Bitfinex has launched margin trading for Tether Gold with select pairs of up to 5 times leverage.

via CoinDesk https://www.coindesk.com/bitfinex-adds-margin-trading-on-tether-gold-with-pairs-of-up-to-5x-leverage

Citizen Bitcoin - Andy Edstrom: Investing in Bitcoin

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Andy Edstrom is a wealth manager who has fallen down the bitcoin rabbit hole. He started writing content to justify a small stake in bitcoin for his clients and that turned into the new book 'Å“Why Buy Bitcoin' - a great book to recommend to family and friends thinking about an investment in bitcoin. Andy's history in the finance industry gives him a valuable perspective as one of early adopters of bitcoin from the industry. In this episode we get into that history and perspective, we discuss where the finance industry currently is in terms of moving toward embracing bitcoin as an asset. We talk about monetary maximalism how bitcoin might change our economy. And, as any good wealth manager would do, Andy has a thorough examination of bitcoin's risk as an investment in the closing chapters of his book and we discuss them.

Links from the episode:

Citizen Bitcoin on Twitter

Citizen Bitcoin Podcast

Andy on Twitter

Andy's website

Andy's book on Amazon

Music: Moon in the Sky by Hobotek



via The Let's Talk Bitcoin Network https://letstalkbitcoin.com/blog/post/citizen-bitcoin-andy-edstrom-investing-bitcoin

Silk Road Operator Pleads Guilty to 1 Charge of Conspiracy

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Roger Clark, an alleged operator behind the Silk Road darknet site arrested in 2015, has pleaded guilty to one charge of conspiracy to distribute narcotics.

via CoinDesk https://www.coindesk.com/silk-road-operator-pleads-guilty-to-1-charge-of-conspiracy

Listia Raised $15M With Its XNK ICO. Now It’s Ditching the Token for Props

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Listia's marketplace for used-goods is ditching its native XNK token in favor of YouNow's props.

via CoinDesk https://www.coindesk.com/listia-raised-15m-with-its-xnk-ico-now-its-ditching-the-token-for-props

Exchange Tokens: Neither a Great Investment Nor a Great Market Indicator

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It’s surprising that, despite the success of their issuers, exchange tokens have not been more successful as investments, or as metrics of adoption in one of crypto assets' best-proven use cases, speculation.

via CoinDesk https://www.coindesk.com/exchange-tokens-neither-a-great-investment-nor-a-great-market-indicator

With Strike, Zap Rethinks Its Olympus Fiat-to-Bitcoin Feature

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The Zap Lightning Network wallet’s Olympus feature is almost ready for launch — well, sort of. 

The much-anticipated addition to Zap’s services, which would allow the wallet’s users to buy bitcoin via Lightning with USD for direct deposit into their Zap wallets, is being rolled out in a new form. 

“Strike,” as it’s now being called, serves the same function that Olympus was supposed to, but through different means. With Olympus, Zap users would have a Lightning Network payment channel “pushed” to them with whatever amount of bitcoin they purchased through the service. With Strike, instead of instantly converting the cash to bitcoin for each user, Zap will hold a static dollar balance for each user and send Lightning payments for them on a transaction-by-transaction basis.

Yes, the model is custodial, Zap Founder Jack Mallers explained to Bitcoin Magazine. But it comes with plenty of upside. For instance, now Zap users can top off their accounts with, say, $20 and use this to spend bitcoin as needed. They aren’t buying bitcoin directly, but rather a claim on $20 worth of bitcoin at any point in time, so the service removes any exposure to volatility (instead of having a balance of 0.002 BTC, you have a balance of $20).

Zap decided to ship this model after it began testing the Olympus beta and confronted a few hurdles in the way of tax implications and user experience.

“There were many obstacles and aha moments,” Mallers said. “Volatility, taxes and the need to set up a Bitcoin wallet and own bitcoin were all barriers to mainstream adoption.”

Striking the User-Friendly Balance

The panacea, then, was to remove the complexity all together. Given Lightning’s technical barriers to entry and demanding upkeep, Zap decided that it would be best to neutralize the user’s need to interact with the network directly. If users really want self-sovereignty, they’ll find it on their own; for everyone else, Mallers espoused, there’s Strike.

“The biggest aha moment for me was the fact that a user doesn’t need to own bitcoin or have a wallet to scan and pay a Lightning invoice,” Mallers said. “Instead of ‘spend and replace,’ why not ‘buy and spend in seconds under the hood without even noticing’? If you want privacy and censorship resistance, run a full node, a Lightning node and drive it with Zap. If you want to invest, get a hardware wallet and HODL. If you want to participate in this new global economy, connect your debit card to Strike.”

Zap holds all USD deposits with an FDIC banking partner which services “many cryptocurrency companies,” Mallers said. On the Bitcoin side, all transactions are handled by Zap using the infrastructure it erected for Olympus — so, the original tech stack is still being used, it’s just going on behind the scenes. This work behind the curtain “not only handles application and protocol interaction but also real-time risk management and automated trading/hedging,” Mallers said.

Hedging is important here, as Zap will “take on all the balance sheet risk,” as Mallers put it. For instance, if they have 100 orders for $100 each, they owe $10,000 worth of bitcoin transactions to these customers. If bitcoin drops 25 percent, then they still have $10,000 in obligations even though, theoretically, they now only have $7,500 of the original money deposited. Zap conducts the leverage trading (longing and shorting) to keep its reserves on par with deposits.

Finding a Base

Mallers mentioned that the team demoed the product with nearly 100 testflight users who “really helped to shape the product” and its use cases. One that Mallers is particularly excited about comes from Colorado, where he onboarded a few local marijuana dispensaries to help them circumvent the banking restrictions that continue to choke the access these businesses have to cash accounts.

This, among other use cases, are why Zap is building this infrastructure: to provide a cheap, fast payment option that simultaneously eases access to these services for its users.

“I think users will use it to buy and sell bitcoin, to make remittance payments, to give financial tools to those that don’t have them, for internet commerce like pay-for-content and more,” Mallers said. “But I am most excited about what we have enabled and all the possibilities to come. The barrier to entry to this new economy has never been lower, all you need is a debit card.”

Though he’s excited, Mallers told us that this is still “very much the beginning.” Notwithstanding the basic fact that the Lightning Network itself is still a very young protocol with plenty of its own growing pains to come, Strike still has a balance to find with its automated algorithms and risk management before it’s able to support millions of users. It’s also got some work on the legal and compliance side of things.

So, for now, the service will accept new users on a rolling, weekly basis from its beta program list. Mallers hopes to have Strike ready for full public access by the end of Q1 2020.

The post With Strike, Zap Rethinks Its Olympus Fiat-to-Bitcoin Feature appeared first on Bitcoin Magazine.



via Bitcoin Magazine https://bitcoinmagazine.com/articles/with-strike-zap-rethinks-its-olympus-fiat-to-bitcoin-feature

Two Social Networks Announce Plans to Integrate YouNow’s Props Token

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YouNow says two other peer-to-peer sites are now integrating its props token: Camfrog and Listia.

via CoinDesk https://www.coindesk.com/two-social-networks-announce-plans-to-integrate-younows-props-token

Zap’s New Product Lets Merchants Take Dollars Over Lightning Network

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"Merchants can accept bitcoin and lightning payments with the same infrastructure, except they never touch the asset," explained Zap founder Jack Mallers.

via CoinDesk https://www.coindesk.com/zaps-new-product-lets-merchants-take-dollars-over-lightning-network

Coronavirus Controls in China Are Delaying Crypto Miner Deliveries, Firms Say

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MicroBT and Canaan have notified customers they would be delaying ASIC deliveries due to the Chinese government's quarantine of Wuhan following the coronavirus outbreak.

via CoinDesk https://www.coindesk.com/coronavirus-controls-in-china-are-delaying-crypto-miner-deliveries-firms-say

‘One Network, Many Chains’ – The Case for Blockchain Interoperability

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Inter-blockchain communication (IBC) is poised to be a major theme of 2020. And, like most trends in crypto, it has its fair share of hope, hype and haters.

via CoinDesk https://www.coindesk.com/one-network-many-chains-the-case-for-blockchain-interoperability

Cambodia Readies a Blockchain-Based Digital Currency

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Cambodia's central bank digital currency platform has the support of 11 national banks and will be used initially for domestic payments once launched at some point during the first fiscal quarter of this year.

via CoinDesk https://www.coindesk.com/cambodia-readies-a-blockchain-based-digital-currency

Crypto News Roundup for Jan. 30, 2020

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Markets Daily is back with news of the day and clips of Democratic Presidential hopeful Andrew Yang's recent crypto comments.

via CoinDesk https://www.coindesk.com/crypto-news-roundup-for-jan-30-2020

TokenSoft Launches Wallet Allowing Investors to Self-Manage Security Tokens

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The U.S.-regulated security token platform says its new wallet product makes managing tokens easier for less tech-savvy investors.

via CoinDesk https://www.coindesk.com/tokensoft-launches-wallet-allowing-investors-to-self-manage-security-tokens

Compared to Traditional Banks, Crypto Lenders See Booming Growth

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A lukewarm U.S. economy is making big banks like JPMorgan Chase struggle to produce fast loan growth - even with interest rates close to historic lows. Yet, in the white-hot cryptocurrency industry, lenders are burgeoning.

via CoinDesk https://www.coindesk.com/compared-to-traditional-banks-crypto-lenders-see-booming-growth

Bittrex Takes Out Record $300M Insurance on Crypto Held in Cold Storage

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The insurance was underwritten by Arch Syndicate 2012, which provides specialized insurance for corporations.

via CoinDesk https://www.coindesk.com/bittrex-secures-record-300m-insurance-on-crypto-held-in-cold-storage

The Tatiana Show Ep. 242 Luke Mulks, Bobby Lee, & Sasha Hodler

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Write up/Show Breakdown by Tatiana or for her approval: On this episode of the Tatiana show, Tatiana interviews Luke Mulks and Bobby Lee live at the North American Bitcoin conference. Luke Mulks is the Business Development Director at Brave, an internet browser that promises privacy and security for their users. Anything that may try to track you on other browsers and collect your data without your awareness is blocked by default. Along with this, third-party ad blocking and tracking protection are integrated into the browser as well. Brave has created a new way to monetize the internet, and has implemented use of their BAT token for software users. Tatiana and Sasha Hodder interview Bobby Lee, as they find out more about Ballet. Ballet is a crypto wallet, and a brand new, simple way to be able to hold multiple cryptocurrencies. Created for people that have no prior knowledge in crypto and those who are experienced veterans, Ballet is an innovative product that is leading us into the future of cryptocurrency. Ballet is a physical device, that uses a two-factor key generation process. Find out more about what inspired this iteration of wallets after working so many facets of the crypto industry. This episode will also be syndicated on the Hodlcast with Sasha! About the Guests: Luke Mulks Luke has founded multiple businesses of his own, worked for others, freelanced, taught, worked in print publishing, print production, photography, video, audio, illustration, web design, development, user experience, client services, ad ops, ad products, strategic planning, product integration, product support and incident response. He is a true Jack-of-all-trades. Bobby Lee Bobby Lee is an entrepreneur in the cryptocurrency industry, and he just recently founded his second startup, Ballet, in early 2019. Ballet aims to drive global adoption of Bitcoin and cryptocurrency. It is headquartered in Las Vegas, Nevada, USA. Previously, Mr. Lee was the Co-founder and CEO of BTCC (formerly BTCChina), the first bitcoin exchange in China, and the leading bitcoin financial platform worldwide. BTCC was acquired in January of 2018. Before BTCC, Mr. Lee was Vice President of Technology for Walmart's e-commerce business in China. Previously he was the CTO of SMG BesTV New Media, the largest IPTV operator in China with the most subscribers globally. He moved to Shanghai in 2007 and started off at EMC's China Center of Excellence, as Director of Software Engineering, with responsibilities for Cloud Computing and Cloud Storage. Mr. Lee started his career in Silicon Valley as a software engineer at Yahoo!, and led the development of the earliest online communities. He graduated from Stanford University with B.S. and M.S. degrees in Computer Science, and was a member of the Mayfield Fellows Program. He earned an EMBA degree from CEIBS in China. Mr. Lee currently serves on the board of Bitcoin Foundation, a non-profit organization that fosters the adoption of bitcoin globally. In his spare time, he enjoys traveling, photography, watching movies, and playing poker. Sasha HodderEsq Sasha is an Attorney with DLT Law Group, P.A. where we support crypto-related businesses. She helps her clients navigate the variety of applicable regulations. She has worked with companies attempting to launch crypto-exchanges, establish LLCs in America and abroad, apply for various money transmission licenses; respond to SEC subpoenas, start crypto-hedge funds, operate a fleet of Bitcoin ATMs, and fundraise through Regulation D and CF. She is a regular guest on the Tone Vays Bitcoin Law Review Show where a group of prominent crypto attorneys discuss the legal news. She is the host of the HodlCast podcast, a show focused primarily on crypto regulation. These interviews have given her a deeper understanding of the industry from many unique viewpoints. She is also a curator for the MerkleReport and a guest writer for Bitcoin Magazine. If you like this content, please send a tip with BTC to: 1Q2QHoNowg8D2QzWhBQU1YrraG771aCpgS More Info: TatianaMoroz.com CryptoMediaHub.com Friends and Sponsors of the Show: eToro Proof of Love Brave Ballet Sasha Let's Talk Bitcoin *You have been listening to the Tatiana Show. This show may contain adult content, language, and humor and is intended for mature audiences. If that's not you, please stop listening. Nothing you hear on The Tatiana Show is intended as financial advice, legal advice, or really, anything other than entertainment. Take everything you hear with a grain of salt. Oh, and if you're hearing to us on an affiliate network, the ideas and views expressed on this show, are not necessarily of the those of the network you are listening on, or of any sponsors or any affiliate products you may hear about on the show.



via The Let's Talk Bitcoin Network https://letstalkbitcoin.com/blog/post/the-tatiana-show-ep-242-luke-mulks-bobby-lee-sasha-hodler

Coinbase Custody, Bison Trails Join Proof of Stake Alliance to Push for Clearer Crypto Regulations

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Coinbase Custody and Bison Trails have joined the Proof of Stake Alliance, a lobbyist organization hoping to clarify the legal treatment of staking rewards in the U.S.

via CoinDesk https://www.coindesk.com/coinbase-custody-bison-trails-joins-proof-of-stake-alliance-to-push-for-clearer-regulations

Andrew Yang: US Has to Fix Its ‘Hodgepodge’ Crypto Regulation

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The current fragmented regulatory situation in the U.S. is "bad for everybody," Yang said.

via CoinDesk https://www.coindesk.com/andrew-yang-us-has-to-fix-its-hodgepodge-crypto-regulation

Chain Reaction - Blockchain Capital's Aleks Larsen: The Tsunami Of DeFi Innovation

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Host Tom Shaughnessy talks to Aleks Larsen, part of the Investment team at Blockchain Capital. Aleks discusses issues with decentralization, DeFi growth and opportunities, what place security tokens hold in the DeFi space, and more. This episode builds on a recent episode we hosted with Blockchain Capital's Spencer Bogart.

Key Points

Nothing is entirely decentralized yet because we're still learning best practices for blockchain and DeFi tech. The user experience on DeFi is generally lacking, and to grow the user base that will have to change.There are a lot of opportunities with blockchain and DeFi in financial services to address global disparities in access to banking.

Tweetable Quotes

'Å“If your token doesn't accrue value, it's going to be really hard long-term to align incentives within your ecosystem. No one's gonna want to hold it. So the most attractive tokens are going to attract people to use it for reasons other than the service itself.' '"Aleks Larsen

'Å“Over time, we're going to figure out some things that work, and over time, the points of failure that exist today, or the points of centralization, will hopefully become less of an issue.' '"Aleks Larsen

Episode Highlights

  • Aleks was working in traditional investments, but became interested in DeFi as he casually researched Bitcoin and Ethereum on his own.
  • Choosing new projects to invest in comes down to intangibles; Aleks doesn't have a strict framework or methodology around choosing.
  • Right now, there's a lot of experimentation and testing in DeFi tech, trying to find a model that will work more broadly.
  • Most DeFi platforms aren't entirely decentralized yet.
  • In the early days of a chain, it's safest to have a point of centralization so that there's a failsafe as the tech develops and loopholes or bugs are discovered.
  • Aleks doesn't see faster transaction speeds as a significant enough advantage over secure transaction settlement, so if you have to wait a few minutes for space on a chain, that should be okay.
  • Some of the most interesting new tokens from Aleks's perspective are ones that give you voting rights, feel like equity, or outright gives dividends.
  • Tokens now often have use cases beyond just raising money, including as collateral for other tokens.
  • The amount of assets you have locked in DeFi is not the best metric to use for value because it really comes down to volume of transactions.
  • Aleks believes the DeFi space is ambitious and optimistic, but launching new products usually takes 2-3x longer than predicted.
  • New applications either need to address a market that has been experiencing significant pain, or it needs to create a big market that hasn't existed before.
  • Adding open source applications to your stack, like a savings account that you can access anywhere, is of huge value for use cases like developing countries where millions of people do not have access to basic banking.
  • Facebook's move into crypto with Libra is an interesting way to make financial services available to people who don't otherwise have access to banking.
  • Security tokens have unexplored potential to redefine what it means to own something in the digital age.
  • Security tokens simply aren't a good way to raise money.
  • Aleks thinks at least for the foreseeable future, security tokens and crypto giants in the space will work together.

Resources Mentioned:

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Disclosures: This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host may personally own tokens that are mentioned on the podcast. Tom Shaughnessy owns tokens in ETH, BTC, XTZ, STX, SNX, RUNE, sUSD and HNT. Lets Talk Bitcoin is a distribution partner for the Chain Reaction Podcast, and our current show features paid sponsorships which may be featured at the start, middle and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product or service.

Music Attribution:

Cosmos by From The Dust | https://soundcloud.com/ftdmusicMusic promoted by https://www.free-stock-music.comCreative Commons Attribution 3.0 Unported Licensehttps://creativecommons.org/licenses/by/3.0/deed.en_US



via The Let's Talk Bitcoin Network https://letstalkbitcoin.com/blog/post/chain-reaction-blockchain-capital-aleks-larsen-defi-tsunami

Bitcoin Reinforces Latest Rally With Defense of $9,200 Price Support

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Bitcoin's price rally is looking solid, with the bulls defending key price support earlier on Thursday.

via CoinDesk https://www.coindesk.com/bitcoin-reinforces-latest-rally-with-defense-of-9200-price-support

Japan Must Be Ready if Demand for Digital Yen ‘Soars’: Central Bank Official

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Japan needs to keep researching a central bank digital currency, even if it won't launch one just yet, accord to the Bank of Japan's deputy governor.

via CoinDesk https://www.coindesk.com/japan-must-be-ready-if-demand-for-digital-yen-soars-central-bank-official

Ethereum-Based Ad Firm Bidooh Sues Founders in Tech Ownership Dispute

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The co-founders are countersuing, claiming the company – which developed "Minority Report-inspired ad boards – has been hijacked.

via CoinDesk https://www.coindesk.com/ethereum-based-ad-firm-bidooh-sues-founders-in-tech-ownership-dispute

Former JPMorgan Exec Joins Binance as Latin American, European Director

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Former State Street counsel, JPMorgan vice president and Huobi regional head Josh Goodbody is joining Binance as its new director of European and Latin American growth and institutional business.

via CoinDesk https://www.coindesk.com/former-jpmorgan-exec-joins-binance-as-latin-american-european-director

Wednesday 29 January 2020

Stablecoins ‘Flip’ Ethereum’s Native Currency In Transfer Value

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A greater share of value is being transferred via stablecoins over the Ethereum network than its own native cryptocurrency.

via CoinDesk https://www.coindesk.com/stablecoins-flip-ethereums-native-currency-in-transfer-value

Coinbase Custody Officially Launches Internationally

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Coinbase Custody will now offer its institutional-grade crypto asset storage to clients through Europe via a regional base of operations in Dublin, Ireland.

Today we’re announcing the launch of Coinbase Custody International, Ltd. Based in Dublin, Ireland, the new entity will offer the same industry-leading crypto asset storage that has made Coinbase Custody the world’s leading and most trusted crypto custodian. In addition to offering institutional custody services, all staking activity performed by Coinbase will transition to Coinbase Custody International.

Coinbase Custody International’s mission is to provide the broadest digital asset coverage of any institutional-grade custodian. While Coinbase Custody has served European-based clients in the UK, Switzerland, Germany, Finland, the Netherlands and more since 2018, our dedicated presence in Europe will allow us to offer these services in a completely localized way, with local staff, localized SLAs and in compliance with local laws.

Meeting our customers needs

Our international launch is aimed to meet the demands of institutional investors in Europe and beyond. Europe is our fastest growing geographic segment and our international launch is a direct result of client demand. By offering our services from the same region in which our clients are located, it’s our goal that they will benefit from greater legal and regulatory clarity. Our growing and experienced staff in Dublin and London have enabled us to expand our SLAs to fully cover European-based clients. Our SLAs are in effect from 9am through 2am GMT (1am through 6pm PT), meaning our customers will benefit from almost round the clock support.

Over the coming months, we plan to support more assets and launch new features that will continue to demonstrate that Coinbase Custody is the most trusted and innovative place for institutions to store their crypto assets. To learn more about Coinbase Custody International, visit: custody.coinbase.com


Coinbase Custody Officially Launches Internationally was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.



via The Coinbase Blog - Medium https://blog.coinbase.com/coinbase-custody-officially-launches-internationally-e4fee2ef4d84?source=rss----c114225aeaf7---4

Coinbase Custody Goes International With New Entity in Ireland

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Coinbase has launched Coinbase Custody International Inc., a European entity for handling cryptocurrency deposits.

via CoinDesk https://www.coindesk.com/coinbase-custody-goes-international-with-new-entity-in-ireland

Developers Say Google Play Unfairly Booted Their Bitcoin Rewards Game

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"Bitcoin Blast," a puzzle game that rewards players with BTC, was kicked off the Google Play store with little explanation, said the game's developers.

via CoinDesk https://www.coindesk.com/developers-say-google-play-unfairly-booted-their-bitcoin-rewards-game

Cryptocurrency Taxes in the UK: What You Need to Know

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Tax season is here in the U.K. — and it’s time crypto investors buckled down to file their cryptocurrency tax returns correctly. There have been a lot of indications that the U.K.’s Her Majesty’s Revenue and Customs (HMRC) is starting to take a stern view of crypto tax evaders. 

The first cryptocurrency guidance was released back in 2018 after a special report was submitted by the Cryptoassets Taskforce — an initiative launched by the HMRC in collaboration with the Financial Conduct Authority (FCA) and Bank of England. These guidelines clarified some important details about how HMRC views cryptocurrencies, which many see as a prelude to a stricter approach toward crypto taxation. 

HMRC also sent requests to some major crypto exchanges (including Coinbase) for information about their U.K.-based investors in August of 2019. This is exactly what the United States’ IRS did before they sent out warning letters to suspected crypto tax evaders. 

All this is to say that HMRC looks to be fairly serious about crypto tax evasion — which means that tax filings will become especially important this year. Here are some of the most important things you should know about crypto taxes in the U.K.

Cryptocurrency Is an Asset

For all practical purposes, cryptocurrency is a digital currency. However, when it comes to taxation, HMRC looks at cryptocurrency as an asset. This means that disposal of crypto is subject to Capital Gains Tax. This categorization is being widely adopted by tax agencies; even the U.S.’s IRS views cryptocurrency as property for tax purposes instead of a currency.

When Are Crypto Transactions Taxable?

HMRC says that you need to pay capital gains tax on every disposal of cryptocurrency. Disposal here refers to the following:

  1. Sale of cryptocurrency for fiat currency (like pound sterling);
  2. Exchange of cryptocurrency for another cryptocurrency (e.g., selling bitcoin to buy ether); and
  3. Gifting of crypto to someone other than a spouse or civil partner. The value of the crypto on the date of the gift will be taken as the sale value in this case.

It’s important to keep in mind that charitable donations of crypto are not subject to capital gains tax. Of course, if the donation is tainted or if it the crypto is sold to the charity at a price greater than the acquisition cost, then capital gains tax will apply. 

How Much Tax Do You Need to Pay?

The actual capital gains tax to be paid will depend on your income tax bracket and the marginal tax rate. Keep in mind that there is an exemption limit of £11,700: If your gains are lower than this amount, you don’t need to pay any capital gains tax. If you end up selling crypto which is more than four times the exemption limit (or over £46,800), you will still have to report the capital gains in your tax returns — even if the actual gains are below the limit.

How Is the Capital Gains Tax Calculated?

In the U.K., cryptocurrency gains are calculated using share pooling. Most people are familiar with accounting methods such as FIFO and LIFO when it comes to taxes. However, share pooling is quite different and involves using the average cost of all current assets to determine the cost of the assets being sold.

There are also additional rules like the same-day rule and the 30-day “bed and breakfasting” rule that are used to prevent tax loss harvesting or the practice of selling assets at a low price and rebuying it afterward to sustain taxable losses. 

Airdrops, Mining, Staking and Other Forms of Crypto Income

Crypto transactions also happen in other forms, for instance:

  1. Miners receive crypto in exchange for mining cryptocurrencies.
  2. Users may receive cryptocurrency through airdrops.
  3. Certain employers pay their employees and freelancers with cryptocurrency rather than fiat currency.

In each of the above cases, you will have to pay income tax and national insurance contributions. When you dispose of the assets, you will also have to pay capital gains tax in a similar manner as discussed before. It is important to separate the source of your crypto assets when preparing crypto taxes in the U.K. as HMRC has specifically classified hard-fork proceeds and airdrops as income.

Cryptocurrency Trading as Part of a Business

If you trade cryptocurrencies as part of your business, then trading profits will be subject to income tax. This kind of trade is similar to trading in securities, shares and other financial instruments — the HMRC Business Income Manual (BIM56800) deals with these transactions in detail.

Keep Accurate Records of Your Transactions

HMRC recommends keeping detailed records of all your crypto transactions. Since even crypto-to-crypto trades are taxable, you will need to figure out the value of the crypto at the time of sale — which could prove very time consuming if you are running bots. 

Another thing to consider is that crypto exchanges don’t always provide complete records, so it’s best to be proactive and keep a log of your trades. Nowadays, there are also tools such as Koinly, Cointracking, Lukka (formerly Libra), BitcoinTaxes and others that can help you with your record keeping for tax purposes.

The Bottom Line

Given that HMRC has made it a point to clarify regulations around crypto taxes and has also started asking for information about U.K.-based traders from crypto exchanges, it’s high time to get your affairs in order. If your crypto tax returns aren’t completely up-to-date, you should use this year to get things sorted — even filing amended returns if you need to. The tax returns for the 2018–2019 tax year are due at the end of January!

This is a guest post by Robin Singh, founder of Koinly, a cryptocurrency tax startup. Views expressed are his own and do not necessarily reflect those of Bitcoin Magazine or BTC Inc. This article is for information purposes only and should not be construed as financial or tax advice. Consult with a tax professional to properly assess your particular tax situation.

The post Cryptocurrency Taxes in the UK: What You Need to Know appeared first on Bitcoin Magazine.



via Bitcoin Magazine https://bitcoinmagazine.com/articles/cryptocurrency-taxes-in-the-uk-what-you-need-to-know

Welcome Surojit Chatterjee, Coinbase’s Chief Product Officer

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Today we’re announcing that Surojit Chatterjee is joining Coinbase as our new Chief Product Officer after spending 11 years at Google. Coinbase is a product-led company, and Surojit will play a critical role in making the cryptoeconomy accessible to millions more people through Coinbase’s suite of products.

Most recently, Surojit was Vice President of Product at Google, where he led Google Shopping, which helps people discover and compare products on Google. Before leading Google Shopping, Surojit was the Head of Product at Flipkart, a popular Indian e-commerce site, leading product management, user experience, product operations, and data science. Prior to Flipkart, Surojit was a founding member of Google’s mobile search ads product.

Surojit’s 11 years at Google will be valuable as we continue to scale Coinbase into a company with a lasting and meaningful impact on the world’s financial system. But his experience leading Flipkart — an exciting startup in one of the world’s fastest-growing markets — arguably provided him an even closer look at the complexity and inefficiency of global commerce. When someone has only lived, worked, or transacted in a country like the United States, it can be difficult to grasp the size of the opportunity in simplifying cross-border transactions. But it’s clear that Surojit’s insights and experiences on the front lines of global commerce make him the perfect person to lead our product organization, help us continue our pace of repeatable innovation, and bring Coinbase products to the next billion crypto users around the world.

In his own words, Surojit has witnessed first-hand how smartphones have upended the process of buying goods and services around the world, and he sees how “cryptocurrencies and blockchain technology can help open up the financial system for everyone by growing cross-border commerce, lowering transaction costs, providing higher security and by helping individuals have more control over their financial future.”

I look forward to working alongside Surojit to make cryptocurrency even more accessible in 2020 and beyond.


Welcome Surojit Chatterjee, Coinbase’s Chief Product Officer was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.



via The Coinbase Blog - Medium https://blog.coinbase.com/welcome-surojit-chatterjee-coinbases-chief-product-officer-c611d156610a?source=rss----c114225aeaf7---4

Coinbase Hires Google VP as Chief Product Officer

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Surojit Chatterjee becomes Coinbase’s first chief product officer since the departure of Jeremy Henrickson in December 2018.

via CoinDesk https://www.coindesk.com/coinbase-hires-google-vp-as-chief-product-officer

Bitcoin & Co. - Tatiana Moroz on How Bitcoin Liberates Humanity and Gives Power to Creators

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Tatiana Moroz is an American folk singer-songwriter, liberty activist, and peaceful revolutionary. She is in the Bitcoin space since 2012 and is pioneering creative autonomy and freedom as the creator of the world's first artist cryptocurrency Tatiana Coin. Tatiana merges music with blockchain technology to renew the power of songwriters and creators. Her inspiring album 'Å“Keep The Faith' was released in 2017 and was funded completely with cryptocurrency. She wrote a song about Bitcoin, it's called the 'Å“Bitcoin Jingle' and it is featured in this episode.

We talk about:

  • What music and Bitcoin have in common
  • How artists can be supported directly by their fans
  • Social media platforms 'Å“own' your fans
  • Building a long term relationship with her fans with Tatiana Coin
  • Counterparty used for Tatiana Coin
  • Supporting Ross Ulbricht
  • Learnings from Tatiana Coin
  • Token.fm as creators platform
  • Tatiana show since 2014
  • Proof of Love podcast
  • Bitcoin conferences
  • Her event for the Bahamas
  • Bitcoins impact in the Carribean
  • Teaching kids how to code
  • Using bitcoin on a day to day basis


via The Let's Talk Bitcoin Network https://letstalkbitcoin.com/blog/post/bitcoin-co-tatiana-moroz-how-bitcoin-liberates-humanity-gives-power-to-creators

While CME Shines, Literally No One Is Trading Bakkt’s Bitcoin Options

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Trading volumes in bitcoin options listed on the Intercontinental Exchange's Bakkt platform have completely dried up, even while CME’s options product is seeing strong interest.

via CoinDesk https://www.coindesk.com/while-cme-shines-literally-no-one-is-trading-bakkts-bitcoin-options

Most of MakerDAO’s Asset Value Is in Only a Few Addresses

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Though the industry is growing rapidly, a very small portion of addresses hold the majority of assets being locked and borrowed in the DeFi space.

via CoinDesk https://www.coindesk.com/most-of-makerdaos-asset-value-is-in-only-a-few-addresses

Crypto News Roundup for Jan. 29, 2020

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With bitcoin set for its best-ever January, Markets Daily is back with today's crypto news roundup.

via CoinDesk https://www.coindesk.com/crypto-news-roundup-for-jan-29-2020

Former Coinbase COO Joins Blockchain-Based Lending Firm Figure

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Asiff Hirji, Coinbase's former president and COO, will take on a new role as president of blockchain-based lending startup Figure Technologies.

via CoinDesk https://www.coindesk.com/former-coinbase-coo-joins-blockchain-based-lending-firm-figure

Colorado Gov. Jared Polis to Speak at ETHDenver Conference

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For the first time, ETHDenver is officially partnering with Colorado's state government.

via CoinDesk https://www.coindesk.com/colorado-gov-jared-polis-to-speak-at-ethdenver-conference

Silvergate Bank Adds 48 Crypto Clients in Q4 Even as Deposits Slip 4%

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The La Jolla, Calif.-based bank, which went public on the New York Stock Exchange under the trading symbol SI in November, released its earnings report before market open on Wednesday.

via CoinDesk https://www.coindesk.com/silvergate-bank-adds-48-crypto-clients-in-q4-even-as-deposits-slip-4

4 Minute Crypto - Google Searchers For Bitcoin's Halving Growing

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Bitcoin traders are split on whether Bitcoin's halving which happens once every 4 years, will jolt prices toward 2017's all-time high near $20,000. What's clear is interest in the topic is surging on Google.

CONTACT INFO

YouTube Channel

SUPPORT

Gary is available to keynote or emcee your Bitcoin/Crypto event. Please email GaryLeland@gmail.com for additional info.

DISCLAIMER: This article should not be taken as is, and is not intended to provide, investment advice.



via The Let's Talk Bitcoin Network https://letstalkbitcoin.com/blog/post/4-minute-crypto-google-searcher-for-bitcoin-halving-growing

Binance US CEO Catherine Coley Explains Why Crypto Exchanges Are Rushing Into Staking

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Binance US CEO Catherine Coley joins The Breakdown to discuss efforts to lower crypto's barriers to entry.

via CoinDesk https://www.coindesk.com/binance-us-ceo-catherine-coley-explains-why-crypto-exchanges-are-rushing-into-staking

Binance US Now Offers Staking Rewards for These Two Cryptocurrencies

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Binance US has joined other major exchanges in the staking game, adding staking rewards for cryptocurrencies algorand (ALGO) and cosmos (ATOM).

via CoinDesk https://www.coindesk.com/binance-us-now-offers-staking-rewards-for-these-two-cryptocurrencies

UK Financial Service Provider to Coinbase, Bitstamp Awarded FCA Payments License

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A company that provides payment services for cryptocurrency companies like Coinbase, Bitstamp and Galaxy Digital has been awarded a license by the U.K.'s Financial Conduct Authority (FCA).

via CoinDesk https://www.coindesk.com/uk-financial-service-provider-to-coinbase-bitstamp-awarded-fca-payments-license

France Charges Alleged BTC-e Operator Alexander Vinnik Following Greek Extradition

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French prosecutors have charged Vinnik on counts of extortion, aggravated money laundering, conspiracy and more.

via CoinDesk https://www.coindesk.com/france-charges-alleged-btc-e-operator-alexander-vinnik-following-greek-extradition

DealBook: How the Coronavirus Could Hurt Apple and Starbucks


By Unknown Author via NYT Business Day https://ift.tt/310RhTq

Bitcoin Eyes Best January Close in 7 Years After 30% Price Increase

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Bitcoin is eyeing its best January performance in seven years after crossing the all-important 200-day average hurdle overnight.

via CoinDesk https://www.coindesk.com/bitcoin-eyes-best-january-close-in-7-years-after-30-price-increase

Swiss Company Gets Green Light to Incorporate for a Blockchain IPO

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In what's being called a first for Switzerland, a company has been allowed to incorporate for an IPO offering of tokenized shares on a blockchain.

via CoinDesk https://www.coindesk.com/swiss-company-gets-green-light-to-incorporate-for-a-blockchain-ipo

Crypto Ponzi OneCoin May Have Used Flood of Fake Reviews to Boost Ailing Image

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The OneCoin cryptocurrency project – accused by authorities of being a ponzi scheme – attempted to boost its fortunes by using "inauthentic" accounts to place favorable reviews on TrustPilot and Quora, according to new research.

via CoinDesk https://www.coindesk.com/crypto-ponzi-onecoin-used-fake-reviews-to-counter-negative-news-flow-research

Tuesday 28 January 2020

Bitcoin Cracks $9,400 to Reach Nearly 3-Month High in ‘Asia-Driven Rally’

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Bitcoin has risen above a key area of resistance to reach its highest point in nearly 3 months.

via CoinDesk https://www.coindesk.com/bitcoin-cracks-9400-to-reach-nearly-3-month-high-in-asia-driven-rally

LedgerX Board Member and Former CFTC Chair Named CEO of Miami Futures Exchange

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Former acting CFTC Chairman and LedgerX board member Mark Wetjen is the new CEO at Miami International Futures Exchange, where he will build out its crypto asset and derivatives products.

via CoinDesk https://www.coindesk.com/ledgerx-board-member-and-former-cftc-chair-named-ceo-of-miami-futures-exchange

Darknet Moderator Pleads Guilty to Racketeering Conspiracy


By The Associated Press via NYT U.S. https://ift.tt/36AtFGm

Blockcrunch: Ex Goldman Sachs Partner's Crypto 2020 Outlook - Kelvin Koh, Spartan Capital, Ep. 85

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A very special interview with Kelvin Koh (@SpartanBlack_1), former Partner at Goldman Sachs, current CIO at crypto hedge fund Spartan Capital and someone whom I've learnt a lot from in the past 1.5 years. We discuss:

  • Is there diversification in crypto? (11:33)
  • The risk of shorting cryptoassets (12:20)
  • Thoughts on velocity, current valuations (15:26)
  • Why the halvening isn't "priced in" (29:00)
  • How do derivatives affect crypto price discovery (35:11)
  • Are institutions coming this year? (40:25)

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Disclaimer: Jason Choi is an investor at Spartan Capital, the hedge fund arm of The Spartan Group. All opinions expressed by Jason and podcast guests are solely their own opinions and do not reflect the opinion of The Spartan Group and any of its subsidiaries and personnel. This podcast is for information purposes only and should not be relied upon as a basis for investment decisions. The Spartan Group and its clients may hold positions in assets described in the episode. Detailed‚disclaimers available at jasonchoi.me and‚spartangroup.io/disclaimer



via The Let's Talk Bitcoin Network https://letstalkbitcoin.com/blog/post/ex-goldman-sachs-partner-crypto-2020-outlook-kelvin-koh-spartan-capital-ep-85

Crypto-Related Deposits Drop by Half at Metropolitan Commercial Bank

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Metropolitan Commercial Bank’s deposits from crypto firms have steadily declined, a sign of heightened competition in a field where the bank was once one of the only games in town.

via CoinDesk https://www.coindesk.com/metropolitan-commercial-banks-digital-currency-business-shrinks

Lawyers Ramp Up Pressure to Exhume Quadriga CEO’s Body

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Miller Thomson is doubling down on its request that the RCMP exhume Quadriga founder Gerald Cotten's body by publicly requesting an update from Canadian MP Bill Blair, who oversees the agency.

via CoinDesk https://www.coindesk.com/lawyers-ramp-up-pressure-to-exhume-quadriga-ceos-body

Bitcoin Has Lost Steam. But Criminals Still Love It.


By Nathaniel Popper via NYT Technology https://ift.tt/311oIVT

Ex-PBoC Governor Urges China to Join Global Conversation on Libra

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A former senior official with the People’s Bank of China (PBoC) believes the nation should join a global conversation about regulating stablecoins, with a particular focus on the Libra stablecoin.

via CoinDesk https://www.coindesk.com/ex-pboc-governor-urges-china-to-join-global-conversation-on-libra

Narrative Watch: The Future of Crypto FUD

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When markets get hot, new FUD emerges. @nlw looks at three categories of FUD most likely to come up in the next bull market.

via CoinDesk https://www.coindesk.com/narrative-watch-the-future-of-crypto-fud

The Beginner's Guide to Bitcoin Part 7: Bitcoin's Monetary Policy with Dan Held - WBD188

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Location: Skype

Date: Wednesday, 22nd January

Project: Kraken

Role: Head of Business Development

Welcome to the Beginner's Guide to Bitcoin:

Bitcoin can be intimidating for beginners. The protocol is complicated, the community can be aggressive and unforgiving, silly mistakes can lose you money, and it is easy to succumb to altcoin marketing.

Bitcoin does though, offer you the opportunity to hold a new type of monetary asset, one which can't be seized by the government and is censorship resistance and It has the potential to change the way the world.

The goal of What Bitcoin Did has always been about making things simple; there are no stupid questions, and the show is here to help beginners navigate this new world. To kick off 2020, we are launching a special series to help beginners understand Bitcoin. We will be looking at the basics from breaking down the protocol to explaining the economics and discussing the potential societal shift.

Beginners Guide Part 7 - Bitcoin's Monetary Policy with Dan Held

In our current economic system, currency is issued by the central banks. As fiat (government-issued money) is no longer backed by gold or any other scarce asset these central banks are able to print, or issue money at will.

As more and more money is printed and enters circulation, the money you hold in your bank account becomes a smaller percentage of the total supply and therefore loses value. This by de-facto promotes spending rather than saving and by many, is seen as a flaw in the financial system.

When Satoshi released the Bitcoin protocol, it offered an alternative to this system: scarce digital money. Satoshi gave Bitcoin a fixed supply of 21 million Bitcoins. He also designed an issuance schedule of 50BTC every ~10 minutes which is cut in half every 210,000 blocks (~4 years).

The exact number of the total supply of Bitcoin is not important and it doesn't matter that the issuance schedule is designed exactly as it is, what is crucial is that this monetary policy can't be changed.

These rules are part of the Bitcoin protocol and can not be amended or changed without a hard fork. Social consensus for a change like this would almost certainly never happen and Bitcoiners can be confident that their Bitcoin holdings will not lose value to do inflation.

In Part 7 of the Bitcoin Beginner's Guide, I talk to Dan Held Bitcoin OG and Director of Business Development at Kraken to look at Bitcoin's monetary policy. We discuss how the economy works, the 21 million hard cap, the release schedule and block rewards.



via The Let's Talk Bitcoin Network https://letstalkbitcoin.com/blog/post/beginner-guide-bitcoin-part-7-monetary-policy-dan-held-wbd188

Volatility, Illiquidity Continue to Threaten BSV’s Newfound Position

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Volatility in bitcoin SV (BSV) is raising concerns about the resilience and stability of the world’s fifth-largest cryptocurrency.

via CoinDesk https://www.coindesk.com/volatility-illiquidity-continue-to-threaten-bsvs-newfound-position

Standard Chartered Invests More Money in Newly Rebranded Trade Finance Startup

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Standard Chartered has invested in Contour, the recently-rebranded Voltron blockchain trade finance platform digitizing letters of credit for financial institutions.

via CoinDesk https://www.coindesk.com/standard-chartered-invests-more-money-in-newly-rebranded-trade-finance-startup

Uphold Introduces Commission-Free Trading for Users

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The move to commission-free cryptocurrency trading was based on Uphold’s ability to net trades at a lower cost after gaining more liquidity providers, said Uphold CEO JP Thieriot.

via CoinDesk https://www.coindesk.com/uphold-introduces-commission-free-trading-for-users

MARKETS DAILY: Crypto News Roundup for Jan. 28, 2020

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Bitcoin rallied to near $9,150 as stocks dropped over Coronavirus fears, plus IBM's new "Self-Aware Token" approach.

via CoinDesk https://www.coindesk.com/markets-daily-crypto-news-roundup-for-jan-28-2020

POV Crypto - Expanding decentralization, Staking, and Leo with Joe Lallouz

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Co founder of Bison Trails Joe Lallouz joins POV Crypto to discuss the Bison Trails platform. This was a wide ranging conversation covering Joe and Bison Trails' history, Joe's impression of the Cosmos community, why staking infrastructure, the implications of building a staking platform, and why Libra.

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You can find us‚@POVCryptopod‚on Twitter.‚

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Send Bitcoin: 3P1kkSBdsc2vPWXin3h6bdVeTS4BzXdNG1

Send Ether: POVCrypto.eth



via The Let's Talk Bitcoin Network https://letstalkbitcoin.com/blog/post/pov-crypto-expanding-decentralization-staking-leo-with-joe-lallouz

Roger Ver’s Mining Pool Pulls Support for Bitcoin Cash Dev Fund Over Chain Split Threat

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Ver said he was "mostly just along for the ride," as the parties stepped back from competing hard forks.

via CoinDesk https://www.coindesk.com/roger-vers-mining-pool-pulls-support-for-bitcoin-cash-dev-fund-over-chain-split-threat

Opporty Founder Calls SEC Suit ‘Grossly Overstated’ in Public Defense

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In an open letter, Sergey Grybniak claims his firm followed all regulatory guidance available at the time of its 2017–2018 initial coin offering.

via CoinDesk https://www.coindesk.com/opporty-founder-calls-sec-suit-grossly-overstated-in-public-defense

IBM Awarded Patent for ‘Self-Aware Token’

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The firm says the concept of tokens that record their own data could make it easier for regulators to understand who is using them.

via CoinDesk https://www.coindesk.com/ibm-awarded-patent-for-self-aware-token

Bitcoin Rallies to Near $9,150 as Stocks Drop Over Coronavirus Fears

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Bitcoin is rising in line with broader uptrend which began well before the coronavirus scare began weighing over traditional markets. In the short term, though, a dip is looking likely.

via CoinDesk https://www.coindesk.com/bitcoin-rallies-to-near-9150-as-stocks-drop-over-coronavirus-fears

One of World’s Richest Firms Joins Blockchain Trade Platform Vakt After $5M Investment

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Saudi Aramco Energy Ventures (SAEV) – the investment arm of one of the biggest firms in the world by revenue – has made a $5 million investment in Vakt, a commodities post-trade processing platform based on blockchain tech.

via CoinDesk https://www.coindesk.com/one-of-worlds-richest-firms-joins-blockchain-trade-platform-vakt-after-5m-investment

British Court Freezes $860,000 in Bitcoin Linked to Ransomware Payout

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The victim firm in the ransomware attack had paid $950,000 in bitcoin to the perpetrator through an insurance company. Much of it ended up on Bitfinex.

via CoinDesk https://www.coindesk.com/british-court-freezes-860000-in-bitcoin-linked-to-ransomware-payout

Why Lightning Payments Aren’t Clicking for Porn Companies (Just Yet)

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Bitcoin may finally achieve broader traction through the adult entertainment industry in 2020, but the chips aren’t stacked in its favor.

via CoinDesk https://www.coindesk.com/why-lightning-payments-arent-clicking-for-porn-companies-just-yet

Monday 27 January 2020

What to Know for Year Two of the Trump Tax Plan


By The Associated Press via NYT Business Day https://ift.tt/2uDfWBr

Gemini Hires Former Circle Compliance Officer to Oversee European Market

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Blair Halliday steps into the role at Gemini as the EU's Fifth Anti-Money Laundering Directive (AMLD5) goes into effect.

via CoinDesk https://www.coindesk.com/gemini-hires-former-circle-compliance-officer-to-oversee-european-market

Singapore Announces New AML Rules for Crypto Businesses

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Singapore’s newly-enacted Payment Services Act brings so-called Digital Payment Token (DPT) services under current anti-money laundering (AML) and counter-terrorist-financing (CTF) rules.

via CoinDesk https://www.coindesk.com/singapore-announces-new-aml-rules-for-crypto-businesses

Deutsche Bank Says Digital Currencies Could Be Mainstream in 2 Years

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A digital currency could see widespread adoption within the next few years, a new report by Deutsche Bank suggests.

via CoinDesk https://www.coindesk.com/deutsche-bank-says-digital-currencies-could-be-mainstream-in-2-years

Do CoinJoin Mixes Really Require Equal Transaction Amounts for Privacy? Part Two: Knapsack

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Although Satoshi Nakamoto’s white paper suggests that privacy was a design goal of the Bitcoin protocol, blockchain analysis can often break users’ privacy. This is a problem. Bitcoin users might not necessarily want the world to know where they spend their money, what they earn or how much they own, while businesses may not want to leak transaction details to competitors — to name some examples.

But there are solutions to regain privacy, like CoinJoin. Some of the most popular mixing solutions available today use this trick, including Wasabi Wallet (which leverages ZeroLink) and Samourai Wallet (which leverages Whirlpool). In both cases, users chop their coins into equal amounts to mix them with each other. Using equal amounts is considered a crucial step for the mix to be effective.

Part one of this miniseries covered a new mixing protocol in development for Bitcoin Cash called CashFusion, which challenges the assumption that equal amounts are necessary for a successful mix.

But even in 2017, in a paper analyzing the privacy of non-equal amount CoinJoins in depth, researchers from RWTH Aachen University and Karlsruhe Institute of Technology proposed a solution to gain privacy through CoinJoin without the need to use equal amounts: knapsack mixing.

Author’s note: If you do not know what a CoinJoin transaction is or why equal amounts are assumed necessary for mixing, you should first read part one of this miniseries — or at least read the first two sections of that article.

Mixing Versus Paying

As explained in part one of this miniseries, equal-amount bitcoin mixing probably offers the best achievable privacy on the Bitcoin blockchain today. But it does leave users with unequal-change outputs. These don’t offer the same level of privacy and could even be a privacy risk. CashFusion could help deal with these unequal outputs.

But there’s another problem. The requirement to use equal amounts prevents users from making actual payments through CoinJoin transactions: It’s unlikely that a merchant would charge the exact amount required in the CoinJoin. So, instead, equal-amount CoinJoins are really only used for mixing: Participants put funds in and get the same amount of funds back. Unfortunately, this means that mixing requires extra blockchain transactions, which cost transaction fees and time.

Researchers Felix Konstantin Maurer (of RWTH Aachen University), Till Neudecker and Martin Florian (both of Karlsruhe Institute of Technology) set out to solve this problem in their 2017 paper titled “Anonymous CoinJoin Transactions with Arbitrary Values.” They proposed a CoinJoin solution that could be useful for actual payments — that is, it uses unequal amounts — while still offering privacy.

Named after the knapsack problem, their solution is referred to as knapsack mixing.

Knapsack Mixing

Like CashFusion, the core idea behind knapsack mixing is to generate a CoinJoin transaction that can be puzzled together into several different configurations of potential original transactions. Different configurations would link different inputs to different outputs, thereby breaking the trail of coins on the blockchain.

Knapsack mixing achieves this by cutting the original outputs from the original transactions into smaller outputs for the CoinJoin transaction. Furthermore, it uses relatively simple tricks to ensure that the smaller outputs result in several potential configurations being possible.

Maurer, Neudecker and Florian’s paper includes three variants of knapsack mixing. The first variant is the most fleshed out in the white paper itself. The second and third versions are fairly similar, where the third version is really a superior version of the second version. (The authors of the paper only came up with the third version in a late stage of writing the paper; it would have probably been given a more prominent place in the study otherwise.)

Let’s look at the different variants.

Variant One

To explain the first variant of knapsack mixing, let’s take a CoinJoin example from the first article in this miniseries. Alice wants to pay Carol 3.2 coins and has two inputs worth 2.3 and 1.4 coins, respectively. Meanwhile, Bob wants to pay Dave 4 coins and has two inputs worth 3 and 2 coins, respectively.

Simplified, these transactions look like so:

2.3 + 1.4 = 3.2 + 0.5

and

3 + 2 = 4 + 1

(The 0.5 BTC and 1 BTC outputs are change.)

Merged together, the CoinJoin transaction would then look like so:

3 + 2.3 + 2 + 1.4 = 4 + 3.2 + 1 + 0.5

As pointed out in the previous article, the transactions were merged, but assuming you know that there are two payers, the amounts can be puzzled together in only one configuration: the original transactions. As such, it’s trivial to rediscover which inputs paid which outputs, defeating the point of making a CoinJoin.

Knapsack mixing changes this. In short, it uses the value difference between the two original transactions to split an original output from the biggest transaction into smaller pieces. This at least ensures that there are two configurations, where most outputs could be linked to any input.

Let’s look at this step by step. First, the total amount of the outputs are added up per transaction. For Alice and Carol’s transaction, this is 2.3 + 1.4 = 3.7. For Bob and Dave’s transaction, this is 3 + 2 = 5. Bob and Dave’s transaction is the biggest one.

Next, the difference between the two is calculated: 5 – 3.7 = 1.3. Then, this difference is subtracted from the biggest transaction. Bob and Dave’s is the biggest transaction, and we’ll split the 4 output, so: 4 – 1.3 = 2.7.

Hence, the four outputs from the biggest transaction is in the CoinJoin split into 1.3 and 2.7.

This time, the CoinJoin looks like so:

3 + 2.3 + 2 + 1.4 = 3.2 + 2.7 + 1.3 + 1 + 0.5

Now we get back to puzzling…

Of course, the original configuration is still possible. It’s just that Dave now receives two outputs instead of one.

This would look like so:

2.3 + 1.4 = 3.2 + 0.5

and

3 + 2 = 2.7 + 1.3 + 1

But on top of that, a whole new configuration is now possible:

2.3 + 1.4 = 2.7 + 1

and

3 + 2 = 3.2 + 1.3 + 0.5

As a result, blockchain analysts can no longer link outputs 3.2, 2.7, 1 or 0.5 to any input with certainty! A boon for privacy, even though the CoinJoin transaction did not use equal amounts.

To add a new transaction to the mix, the value all previous transactions (put differently: the existing CoinJoin) would be added up as if it were one transaction. Then, like the first time around, the value difference between these previous transactions and the new transaction would be used to split an output. And so forth for the next transaction and any additional transaction after that.

Variants Two and Three

While variant one of knapsack mixing does a good job of delinking most outputs from any of the inputs, the inputs themselves can still be linked to other inputs. These sets are the same for both configurations. This is not ideal for privacy either.

Knapsack mixing variants two and three are specifically designed to unlink the inputs. Variant two does, however, require that all participants in the CoinJoin learn each other’s inputs and outputs, which means it doesn’t actually offer much privacy: Variant three fixes this. Yet, for the purpose of the article (which focuses on blockchain privacy), the difference is small enough to cover both variants at once.

We’re taking the same examples as above. Alice wants to pay Carol 3.2 coins, and Bob wants to pay Dave 4 coins.

So:

2.3 + 1.4 = 3.2 + 0.5

and

3 + 2 = 4 + 1

For variants two and three, a “virtual transaction” is generated. This virtual transaction doesn’t otherwise exist, but blockchain analysts will be tricked to think that it might.

To create this virtual transaction, one input from each original transaction is taken. Then, the value of these inputs is added up.

For example, like so:

1.4 + 2 = 3.4

The value of our selected inputs is 3.4. Therefore, the value of the outputs of the virtual transaction must also be 3.4.

This is easy to accomplish. We once again take an output from the biggest original transaction, which, in our example, is again 4. We also look at the output it was originally matched with in this original transaction: 1. Then we split the big output (4) so that one of the halves can be combined with its original match (1) to generate the virtual value (3.4). In this case, that means that 4 is split into 2.4 and 1.6. (After all, 2.4 + 1 = 3.4.)

Now, the CoinJoin looks like so:

3 + 2.3 + 2 + 1.4 = 3.2 + 2.4 + 1.6 + 1 + 0.5

Again, based on this CoinJoin, the original configuration is of course still possible. It’s just that Dave once again receives two outputs instead of one.

This would look like so:

2.3 + 1.4 = 3.2 + 0.5

and

3 + 2 = 2.4 + 1.6 + 1

But on top of that, a new “virtual configuration” is also possible:

3 + 2.3 = 3.2 + 1.6 + 0.5

and

2 + 1.4 = 2.4 + 1

Not only do different configurations match different inputs to different outputs, different configurations also match different inputs with each other!

Knapsack Weaknesses

Knapsack mixing, based on a simple trick, offers a significant privacy improvement, especially compared to making normal transactions. 

Still, knapsack mixing is not quite as private as equal-amount mixes. Equal-amount mixes essentially allow for a maximum amount of configurations; necessarily more than even the best knapsack mix. And perhaps more notably, knapsack mixing still allows for some linking of certain inputs and outputs — or at least more likely linkages.

Indeed, in the examples above, certain inputs and outputs were matched in both potential configurations. In variant one, the 1.3 output was matched with the 3 and 2 inputs either way. So while blockchain analysis wouldn’t reveal what the original transactions were, it’d still reveal a link between the 3 and 2 inputs and the 1.3 outputs. Variants two and three, while delinking inputs from each other, allow for even more matches between inputs and outputs.

It’s also worth pointing out that a knapsack CoinJoin for payment requires extra outputs and would, therefore, still cost more fees than regular transactions or even regular CoinJoin transactions would. It may also require merchants to provide two addresses when they are paid, instead of just one.

In other words, while an improvement over equal-amount mixing when it comes to blockspace efficiency and fees, and a big improvement versus regular transaction or even regular CoinJoin transactions for privacy, knapsack mixing still comes with a little extra hassle and cost.

Author’s note: There is a bit more to the knapsack mixing proposal, like how the CoinJoin transaction is constructed. There are also several more subtle risks and trade-offs when it comes to privacy, like how users handle their coins before and after the mix. For simplicity and readability, this article focuses only on the central and arguably most interesting idea behind knapsack mixing: unequal-amount mixing.

The post Do CoinJoin Mixes Really Require Equal Transaction Amounts for Privacy? Part Two: Knapsack appeared first on Bitcoin Magazine.



via Bitcoin Magazine https://bitcoinmagazine.com/articles/do-coinjoin-mixes-really-require-equal-transaction-amounts-for-privacy-part-two-knapsack