Scams. So many of these projects are turning out to be scams, and we knew it was coming. This space is perfect for scammers, and perfect for seizing control from the bankers. HitBTC, Cobinhood, Cryptopia, yo never know which exchange is next. Find out what we’ve seen, as well as some other news from across the land.
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Episode 182 Flagship 73
- Rapid Fire
- DAI is now on COINBASE. Not even Coinbase Pro.
- Definitely saw some funny interactions from friends and their fam bc of the 60 min piece. One friend asked if it was time to get "back into bitcoin", another told me his dad was asking about if Bitcoin Cash is good
- Ethereum Foundation Gets $30 Mil In Funding For Dev Upgrade
- $19mill dedicated to building the "Ethereum of tomorrow" over next 12 months which includes the scaling upgrade (Plasma) that has been dubbed "Ethereum 2.0" and some other unknown R&D projects
- $8mill to be spent on supporting the current Eth mainnet
- Last $3milly is for dev growth, onboarding, organizing the yearly Devcon etc
- Tim Draper, famed investor, went on Fox Business to talk about Bitcoin and said by 2023 he believes it will be $250k and "5% market share of the earth"](https://www.foxbusiness.com/markets/bitcoin-5-global-market-share-earth-tim-draper)
CSW Gets Registration Rights For Satoshi & Then US Copy Says Nah Brent & Adam
- Apparently it only takes $55 to register a copyright and anyone can make a claim. So really the first headline was really a whole lotta nothing
- There was a press release saying the US government recognizes CSW as Satoshi but the US Copy Office did not.
- The internet as you know loves petitions so they were swift to make a petition to remove CSW from Bitcoin's white paper
- I had never heard of Dave Kleinman before this. I actually just assumed it was Hal Finney. They never even mentioned Kleinman iirc in Beyond Bitcoin. It does seem like CSW was involved in some way as the creator.
Enjin teams up with Microsoft](https://www.asiacryptotoday.com/enjin-and-minecraft-launch-worlds-first-blockchain-powered-server-called-enjincraft/https://www.asiacryptotoday.com/enjin-and-minecraft-launch-worlds-first-blockchain-powered-server-called-enjincraft/) (Brent)
Created a server called Enjincraft
It's in close beta
It has those blockchain assets - so you can find and use them in game across games
Minecraft is still a massive game
New Section - THAT'S A SCAM
Bitconnectttt Is Coming Back (Hey hey heyyyyyy)
- Now now, we all love a good Bitconnect joke believe you me but this is not a joke. They are planning on relaunching July 1st. the V2.0 website is up and everything with a countdown.
- They are trying to capture the portion of the world that isn't on social media and doesn't know about BCC and their previous fraud. Honestly, this coin is a large part of the reason why CBP was started. To educate the murky and complicated waters that is the crypto landscape. It's tough especially when it feels imaginary. There is no physicality to the coins. And to all you Basic Bitches, please please please let any of your friends and family who have questions about the space to let them know about stuff like this. No one should ever have to lose their life savings on a scam.
HitBTC Insolvent? (Brent)
- Cryptointelligence has reported that Coinfirm, a firm they're partnered with, has done an analysis on HitBTC's wallets and found they likely only have $3M worth of coins stored there. Take the story with a slight grain of salt, as a research firm they want to make sure people use them, but the information appears to be factual.
- They talk about red flags, which are the most important in the space.
- Proof of Reserves for HitBTC
- Big thing here - Per ETH they have in their storage they have $31.5k worth of volume. This is compared to Kraken's $5, Bitrex's $6, and Kraken's $20. In BTC this is even higher - $2.2M - this is compared to Kraken's $1k, Bitrex's $630 and Poloniex's $2900
- Withdrawal issues following the new KYC/AML policy introduced by HitBTC
- Big thing here - They tend to selectively enforce their AML / KYC laws and cause withdrawal delays. This is anecdotal.
- High withdrawal fees (over 10X the benchmark)
- Their fees can be as high as 40x.
- Anonymous team
- This worked out well with Bruno blocks right?
- Literally no one on their team is known.
- Proof of Reserves for HitBTC
- Tether Has Admitted that it keeps some reserves in Bitcoin (Brent)
- This is ridiculous. Their lawyer David Miller admitted that they invested in Bitcoin with their reserves. Quote - â€œPrior to the April 24th order â€¦ Tether actually did invest in instruments beyond cash and cash equivalents, including bitcoin, they bought bitcoin.â€
- They he goes on to act like the courts are being ridiculous and overstepping their boundaries.
- Miller argued that the Attorney Generalâ€™s Office wants to have restricted language that limits Tetherâ€™s investments to cash or cash equivalents because â€œthey donâ€™t like some of [Tetherâ€™s] investments.â€ Miller claims the Attorney Generalâ€™s Office is acting beyond its jurisdiction in trying to exert regulatory authority.
- He said it was a small amount
- Paolo Ardoino, CTO of Bitfinex, said in a tweet that on May 16, 2019, Tether owned 0.076 BTC. Itâ€™s still unclear how much bitcoin the firm has owned historically and in how many addresses. Stuart Hoegner, General Counsel for both Bitfinex and Tether, in a tweet referred to this report as â€œneither breaking (as advertised) nor news.â€
- Cobinhoob Exit Scams after raising $3M
- They already had an ICO in 2017 and raised $13, but decided to do another one called DEXON. I imagine it was some kinda DEX in theory,.
- THey raised $3M
- Sent out tokens, and then started dumping the tokens they had left.
- Almost immediately filed for bankruptcy and to be liquidated.
- ALl of this happened before the ICO funds were even unlocked to the public sale.
- Ran buy a guy named "Popo" for a nickname and called Cobinhood.
I read an article at the Bitcoinist about JP Morgan telling people that "the US-China trade war could boost safe haven currencies.". Do you think it's likely that the weakening yuan will push the Chinese to use crypto as "the" safe haven asset, now that Russia has already bought the gold? - Mili (Discord)