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Zerocoin, derived from Zero Knowledge Proofs, has been the backbone for lots of privacy coins like ZCoin and PIVX. The inherent problems like the need to manually mint coins into private pools before sending and only capable of spending whole denominations like 1, 10, 100 have been around for years without solutions. Other problems that can be solved but not yet solved like public transaction amount are just making the blockchain less and less anonymous. That said, Zerocoin remained popular for its proven integrity and simple but effective cryptography.
Further derivations like ZCash, using zk-snarks, is another step forward but sometimes gets criticized for using an experimental, unproven tech. And the initial trusted setup was done by ZCash engineers themselves vs zerocoin setups uses the setup in 1991 RSA Factoring Challenge, which is universally accepted to have been correctly destroyed. Even so, the improvements offered by ZCash has been phenomenal. With public and private addresses, the need for manually minting private coins before sending is no more and people can freely choose how to transact with ease.
On the other hand, Monero, using CryptoNote, has proven to be trustworthy in the crypto world. With mandatory private transactions, Monero is no doubt one of the most private blockchain in the market. Some might argue only having private transactions prevents some use cases and raises questions, but that is the path Monero has chosen. CryptoNote is ingenious with probably only one thing left to be commented on, the anonymity set. The size of the anonymity set greatly influence the anonymity of transactions. And for ring signatures, that would mean number of parties in the ring. It raises the question of scalability since the ring size will take up more and more space on the blockchain as it grows bigger to ensure anonymity. This is a special problem for cryptography like CryptoNote but not so much for Zerocoin.
Now to the beef, ZeroCT. It basically adopts the pros solves the cons. As the name suggests, it combines the best parts of Zerocoin and Confidential Transaction and much more. I am not a fan of comparison tables but these are actually important features for privacy coins and people can decide for themselves what to value so here it is.
Simply put, it removes the need of manual minting private coins, predefined denomination set in zerocoin (which allows you to use decimals and improves the performance since sending 999 coins used to need 9x100, 9x10, 9x1 private coins), increases the anonymity set, uses trusted trusted setup. I am not saying it is the best, but it sure looks very promising. ZeroCT has just launched on NAVCoin's testnet. Go try it out and test out the next iteration of privacy protocols.
In the fast moving crypto space, new tech like ZeroCT and Mimblewimble can be very exciting. But the the older tech can still upgrade themselves to be even better. PIVX's anonymous minting and ZCahs's Sapling upgrade have all been successful and promising. There is just so much going on that the best privacy protocol title can still be claimed by anyone with the better tech. To me, ZeroCT has checked all the boxes and definitely set a bar. Now it's time to see if others can push the bar even higher.
If wanting to know more, Crypto lark just did an interview with Craig about ZeroCT.
... that is the question. What do you guys think?
Im feeling bullish again but don't know whether to top up some existing projects, or take positions in new ones?
If it helps the potential topups are: ela, man, dbc, walton, wan, nxs, xtz, ada, vet, link
And potential new projects: coss, hpb, iota, amb, tael/wabi, ubt
Total Market Cap, as of 03.22.19 at 3:00pm (PST): $140,255,684,074 (+1.95%)
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STORY OF THE WEEK
•CEO of Square Jack Dorsey announces its intention to hire 3-4 engineers and 1 designer to work on open source contributions to the Bitcoin/cryptocurrency ecosystem. New hires will not be focused on Square’s commercial interests, but rather what’s best for the crypto community.
•Western Union partners with Stellar based start-up Thunes to enable clients to transfer funds directly to any mobile wallet globally.
CRYPTOCURRENCY TRADING SERVICES
•Coinbase Pro removes support for stop orders and adjusts its trading fees schedule. Those who trade under $100,000 will see a fee increase of 33%. Other transactional thresholds will see no changes or otherwise a reduction of 13-50%.
•Coinbase lists Stellar Lumens (XLM) on its web and native mobile applications (iOS, Android) on March 18th, 2019.
•Binance launches a new fiat-to-crypto gateway in Australia, dubbed “Binance Lite”. The new platform allows for Bitcoin purchase in any of the 1300 newsagent stores for a 5% fee.
•Huobi announces Huobi Prime, a platform allowing traders to speculate on tokens before they list on exchanges in what’s called an IEO (Initial Exchange Offering).
•Cryptopia resumes trading with 40 pairs as of March 18th, 2019. Those who have lost funds as a result of the hack in January will be deposited a Cryptopia Loss Marker (CLM) to keep track of lost coins in New Zealand Dollars.
•Huobi Global and OkEx announce support for upcoming Tron-based Tether (USDT).
• A report from trading analytics firm The Tie suggests an estimated 87% of cryptocurrency trading volume may be artificially manufactured. This was determined by cross-referencing platform visitor analytics and reported volume by the exchanges.
•Senior advisor at the U.S Securities and Exchange Commission (SEC) Valerie Szczepanik stated that algorithmic stablecoins – tokens that maintain its stability through financial mechanisms may be “getting into the land of securities”.
•The Japanese Cabinet, an executive agency of the Japanese government approves a law that bans margin trading that exceeds 4x from the initial position. Margin-enabled exchanges must now also register no later then 18 months from the effective date the law goes into effect.
•Major mining hardware manufacture Bitmain releases Antminer Z11 on March 19th, 2019. The new miner will be 60% more efficient on electricity and tout a 3x increase in hashing power to mine cryptocurrencies that is based on the Equihash algorithm (ZCash).
•Kakao, an internet conglomerate in South Korea with an estimated 44M users is looking to integrate a cryptocurrency wallet into its flagship messaging app – KakaoTalk.
•Worlds largest manufacture of cryptocurrency mining equipment Bitmain, looks to deploy 200,000 miners in China’s southwestern provinces to take advantage of cheap hydroelectric power.
•Major South Korean cryptocurrency exchange Bithumb to reduce staffing by 50%. This will effectively reduce the head count of the team from 310 to 150.
•Jared Rice Sr, founder of $4.2 million USD crypto bank scam AriseBank pleads guilty to 1 of 3 outstanding charges. Plea will sentence Jared to 60 months in prison with a maximum sentence of 20 years and $5 million USD fine.
•Former BTC-e operator Alexander Vinnik currently accused for money laundering to the tune of $4 billion USD appeals for extradition to Russia for humanitarian reasons.
•@jack – #BitcoinTwitter and #CryptoTwitter! Square is hiring 3-4 crypto engineers and 1 designer to work full-time on open source contributions to the bitcoin/crypto ecosystem. Work from anywhere, report directly to me, and we can even pay you in bitcoin! Introducing @sqcrypto.
•@iamdevloper – If anyone wants a better understanding of Blockchain, I can thoroughly recommend the Fyre Festival documentary on Netflix.
•@danheld – Dollar: In God we trust. Bitcoin: In math we trust.
Content monetization for artists, authors, musicians and other creatives is the next frontier for digital assets! Also covered are the major XRP news items - all in today's blog:
𝐑𝐢𝐩𝐩𝐥𝐞 𝐍𝐞𝐰𝐬: Mercury FX's CEO provides forward-looking insight into their use of xRapid; Brad Garlinghouse is interviewed by Jill Malandrino, a Nasdaq reporter, as part of the DC Blockchain Summit; and David Schwartz pens a new blog about "what blockchains are good for."
𝐂𝐨𝐢𝐥 𝐍𝐞𝐰𝐬: I detail how Coil will power the new trend of content monetization, and point to their recently-added documentation for those looking to monetize sites and channels.
𝐗𝐑𝐏 𝐍𝐞𝐰𝐬: Wietse Wind creates a Community Fund Suggestion Board for purposes of documenting ideas for enabling XRP payment scripts, plugins, and extensions via the bounty reward system; An XRP Community member suggests that Skype integrate XRP tipping; I profile two XRP swag stores; Digitec-Galaxus, an online retailer, now accepts XRP as payment; and four new exchanges add support for XRP;
I hope you enjoy the read!
Thanks & Sincerely,
So I mentioned this a few times before, but I think this next bull season is going to go in 3 phases:
1) Old money getting out of tether (we are juuuust starting to enter this phase now)
2) New money hopping on FOMO train (this could happen sometime around Oct, Nov again)
3) BTC hits scaling issues again (Likely sometime around Nov-Dec again)
(don't get caught up on dates... I posted this just to discuss the general phases and create some discussion around strategies to maximize profits in each phase)
Phase 1, Old money exiting tether
This phase will have alts run faster than BTC, because this old money has previous projects they were supporting. They are going to jump back into those projects, pick up alts on sale (Neo, Eth, Ven, OMG, Nano, etc (my portfolio)). I called this about 2 weeks ago, and it looks like I'm right (so far at least). I called this reversal way back when BTC dominance was actually rising due to it being more resistant on the dump.
To me it's common sense... where is the money coming from on the ground floor buys? It's from Tether and fiat that is sitting on exchanges, and from crypto supporters trying to time that bottom. Where are they going to put money in? BTC/ETH for sure, but also other projects. This is VERY different from new money which goes almost exclusively in BTC. I based my prediction on this, and it looks like it's playing out that way. For that reason, I've been 10% BTC, 20% ETH, 30% VET, 30% NANO, and the rest split into a bunch of things, hedge positions in ripple, OMG, ICX, just in case they take off, make plasma, etc, and some random moonshots like TKY. I had ENJ, sold that when it pumped, that kind of thing.
We are in this phase now, just starting it actually. In this phase, BTC dominance starts to fall as it pushes against resistance, alts go on a run (again, only my opinion). When BTC pops through resistance alts bleed temporarily as people ride BTC, then it hits a new resistance, alts run while BTC goes sideways, etc.
Phase 2: New money FOMOs in
New money starts FOMO'ing in and where do they buy? They buy BTC mostly, some ETH, some LTC, some BCH. Basically, whatever is on Coinbase and also in the top 10.
Old money sees the BTC run and tries to ride the bull as long as he wants to romp around. Alts go down as people sell them to jump on BTC.
BTC dominance soars, alts don't fall, but they watch BTC have bigger days than them.
When this phase happens, I'm going to try to sell half my alt stacks and go to at least 60% in BTC/ETH, maybe higher. I'm going to try to get there before the rest of you :)
Phase 3: BTC hits scaling issues again
I know LN exists now, but I honestly don't think it's going to be nearly enough. Sally Busdriver won't be setting up LN. It will help push the ceiling higher before we hit scaling issues, but they will still happen.
Once it does, people start getting mad at BTC for being slow, and fees get out of control again. New money starts reading about alts. People trade BTC for alts. Their next purchases are no longer BTC, but ETH, LTC, BCH (as much as you may or may not hate them, these are the gateway cryptos).
BTC dominance starts falling. It doesn't stall (still a FOMO market), but it starts going sideways) as people pick up alts. Alt season begins again, and BTC is not where you want your money to be anymore. It's still a safe "bluechip" bet and should be part of your portfolio, but this is the time where you can make a lot of money with riskier moonshot picks. Market hype is at a high, and everyone is literally throwing money at anything with blockchain in it. Make sure to take some profits in this phase, especially if you have accumulated net capital gains this year.
Those are just my predictions on how the next bull run looks like. It will look slightly different than the last one, simply because there's more people in stablecoins at the start of it. These people aren't going to untether into BTC (they will to an extent), but they will mostly untether back into their alt portfolio (which may include some BTC, even a large percentage, but not 90+%, like what happens when new money enters).
Just my humble opinion that you want to be in BTC only like 10-20% now, and be in alts. Just for now. Once the new money comes in, you want to jump over to BTC before everyone else does, and get your seat on that bull (a first class seat). Then once it starts going sideways and hits scaling issues, you want to jump back into your alts, and again, do it before others do.
I firstly heard about the Ternio more than one year ago. It was one of the first ICO’s on the Stellar. I was thinking about the investing and have already pass the KYC, when they have announced the airdrop. Airdrop was simple. Join Telegram group and wait for codes (so, it was actually a lottery). And the referrals was great (at least on paper), $5 in TERN tokens.
I have started to promoting it. I even had started an airdrop website. In the meantime I have talked with one of their CEO to be sure that I will be paid for my referrals.
Ternio airdrop has started really good. But soon users in their Telegram group started to loose interest. They were exhausted with constant checking if theirs code will be dropped, and they were posting them really irregularly. The result was a huge decline in Ternio’s Telegram group members. In the peak they had more than 40k members, and now they have dropped to around 12k members and the number is keep falling.
Months have passed, airdrop and ICO was prolonged, due the winter, distribution was also prolonged.
Finally in January distribution started, but only for the lucky winners. Referrals was constantly disputed in their Telegram group. They proposed that in order to validate your referrals, all users who sign up for the airdrop must pass the KYC??But why would users do that months after the airdrop was finished? And if they did not won the lottery. Why was that not in the rules of the airdrop? It was just ridiculous.
I'm writing this because I'm pissed. Months of working of promoting their airdrop, year of constantly checking their group, and they simple blocked me from the Telegram group after I asked this question.
They have started as an ad distribution blockchain, and now they have shifted to some sort of blockchain payment card backed up by centralised institution with high fees.
It is just pathetic.
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