Crypto Fight Club: Vitalik Buterin once again calls for a 'riot'

Crypto Fight Club: Vitalik Buterin once again calls for a 'riot'

Belfrics starts to work in India, Vitalik Buterin criticizes nChain, Switzerland helps blockchain companies, Hong Kong partners Abu Dhabi, the US Congress warns of crypto terrorism, the Philippines changes fiat to crypto

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Shocker: In 2009, Hal Finney Estimated Bitcoin To One Day Reach $10 Million

For a long time, there have been lots of people coming up with their own predictions in regard to the future price of Bitcoin. People like Tim Draper and Tom Lee has estimated Bitcoin to hit above $100k in the coming years. They’ve also predicted that Bitcoin will soon achieve mass adoption and attract more institutional investment. However, there’s one person who seems to have lived way ahead of his time. His name is Harold Thomas Finney. In a now-viral screenshot of his posts from way back in 2009, Hal Finney seems to have had great optimism about the future of Bitcoin. Just a week after the Bitcoin network went live in January 3rd, 2009, Hal Finney predicted that the crypto would one day be valued at a cool $10 million apiece. You think bitcoin twitter is bullish? Hal Finney (@halfin), was calculating a bitcoin price of $10,000,000 per coin just ONE WEEK after the the genesis block on January 3rd, 2009. Absolute legend. pic.twitter.com/5MptLhEYHL — Dr. Bitcoin, M.D. (@DrBitcoinMD) August 23, 2019 Introducing The “Finney” One of the contributors in the tweet sought to kick-start a move to name 10,000 Satoshis a ”Finney.” Of course, this move can easily succeed if more effort is put to popularize it, and many people would get on board especially given Hal Finney’s respected status within the Bitcoin community.  Could He Be The Creator? Many have argued that Hal Finney could be the mysterious Satoshi Nakamoto, the creator of Bitcoin. In fact, one of the contributors on the thread claimed that Finney is Satoshi. The user argued that Finney must have had the idea about Bitcoin way longer than a week before he made his prediction.  Indeed, from a logical point of view, it’s hard to believe that someone who knew about Bitcoin for no longer than a week after its introduction could have known so much about it and even have the audacity to make predictions running into decades. Was Harold Finney really Satoshi? The post Shocker: In 2009, Hal Finney Estimated Bitcoin To One Day Reach $10 Million appeared first on ZyCrypto.
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United States Intensifies Bitcoin Address Analysis in Opioid Fight

The U.S. Treasury Department is stepping up its focus on illegal cryptocurrency-related activities. Recently, Treasury announced that its financial intelligence and enforcement agencies are collecting and analyzing Bitcoin addresses. These addresses are associated with several “Chinese kingpins” allegedly involved in “fueling America’s deadly opioid crisis.” OFAC Adds BTC Addresses to the Specially Designated Nationals list On August 21, 2019, Treasury’s Office of Foreign Assets Control (OFAC) and Treasury’s Financial Crimes Enforcement Network (FinCEN) announced their coordinated actions to step up “financial pressure upon those who manufacture, sell, or distribute synthetic opioids or their precursor chemicals.” Treasury targets Chinese drug kingpins fueling America’s deadly opioid crisis https://t.co/lJRdfr7hF4 — Treasury Department (@USTreasury) August 21, 2019 These actions are components of investigations being carried out “to confront the deadly synthetic opioid crisis plaguing America.” According to OFAC, under these investigations are the following “Chinese drug kingpins,” – Fujing Zheng (Zheng) and the Zheng Drug Trafficking Organization (DTO). – Guanghua Zheng – Qinsheng Pharmaceutical Co. Ltd. – Xiaobing Yan (Yan) In this connection, on August 21, 2019, OFAC announced it had added 11 Bitcoin addresses and one Litecoin address to the Specially Designated Nationals (SDNs) list. Therefore, no U.S. individual can execute any transaction involving these addresses. The SDNs list includes targeted individuals and companies. Their assets are blocked. And it is illegal for U.S. persons to deal with them. FinCEN: Chinese Kingpins Use Bitcoin To Bypass Currency Controls At the announcement, Sigal Mandelker, Under Secretary for Terrorism and Financial Intelligence, stated, “The Chinese kingpins that OFAC designated today run an international drug trafficking operation that manufactures and sells lethal narcotics, directly contributing to the crisis of opioid addiction, overdoses, and death in the United States.” According to U.S. officials, the Zheng DTO used Bitcoin to launder part of its drug proceeds and to bypass currency controls and reporting requirements. Moreover, authorities pointed out that both Zheng and Yan are Bitcoin users. Therefore, “OFAC is also identifying Bitcoin addresses associated with these two drug traffickers to maximize disruption of their financial dealings.” FinCEN Director Kenneth A. Blanco indicated that, through the Bank Secrecy Act, FinCEN is collecting, analyzing, and disseminating data, which provides insight into the financial networks used by individuals “fueling America’s deadly opioid crisis.” And he pointed out, “We are making the financial sector aware of tactics and typologies behind illicit schemes to launder the proceeds of these fatal drug sales, including transactions using digital currency and foreign bank accounts.” How effective do you think the U.S. Treasury Department’s investigations will be? Let us know in the comments below! Images via Shutterstock, Twitter: @USTreasury The post United States Intensifies Bitcoin Address Analysis in Opioid Fight appeared first on Bitcoinist.com.
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HODL: 79% of Bitcoin Addresses Are in Profit, Will They Sell?

Bitcoin has undoubtedly had a stellar 2019 so far. Year to date, the cryptocurrency has gained some 200%, rallying from around $3,500 to $10,000. Related Reading: Bitcoin: Crypto-Like Global Monetary System To Be a Boon For BTC While this market’s whales have undoubtedly benefited from this performance, data suggests that a good majority of BTC users are actually profitable. Thousands of Bitcoin Users Are Profitable According to Into The Block, a machine learning-enhanced blockchain analytics firm, 79% of all Bitcoin addresses with a positive balance are in profit. For any address with a positive balance, @intotheblock identifies avg price at which tokens were acquired, indicating if the address is at profit or loss. Addresses at profit:$BTC 79%$LINK 56% Addresses at loss:$ETH 74%$ADA 75%$ICX 94%$FET 93%$ZEC 95% h/t @mbeaudroit pic.twitter.com/4kOlhFui4i — Alex Krüger (@krugermacro) August 24, 2019 Their data, which was cited by pro-crypto economist Alex Krüger, suggested that some 21.36 million BTC addresses are “in the money”. Into The Block’s data suggests that most of the addresses in the money, accumulated Bitcoin at $850 to $3,900. The reason why so many Bitcoin holders are in profit is due to the fact that the cryptocurrency has only traded in a five-digit region for a small percentage of its lifetime. In fact, for around 99% of the cryptocurrency’s life, it has traded under $10,000, where BTC is trading at today. Why BTC Owners Are HODLing On While it would make sense for this vast majority of Bitcoin investors to liquidate their positions to lock in gains, CoinMetrics data is suggesting that there are now more HODLers of the cryptocurrency than ever before. On all time frames that CoinMetrics analyzed — 180 days (half year), one year, two years, and five years — the untouched supply of Bitcoin has been on the rise, growing since the bull run of 2017 and early-2018. Related Reading: Crypto Tidbits: Bitcoin Hash Rate High, Square Crypto Bags Hire, Libra in Turmoil In fact, the number of BTC that hasn’t been touched for at least one year has grown to ten million — an all-time high. This means that over half of the Bitcoin currently mined and just under half of all of BTC’s fully-diluted supply have not been transferred in over 12 months. The copious number of long-term-minded cryptocurrency investors is likely a byproduct of the growing number of theses and models that predict Bitcoin still has massive upside potential. Altcoin Bagholders Suffering While most Bitcoiners are in the money, Into The Block’s data shows that altcoin holders haven’t been doing too well. In fact, 74% of Ethereum addresses are at a loss, with many holding ETH bags from $260 to $315. Cardano, ICX, Fetch, and ZCash are among the altcoins that have also seen a majority of their owners suffer massive losses. In fact, the firm’s data suggests that 95% of ZCash addresses — there may be some shielded transactions — are out of the money. This implies that many altcoin holders held their cryptocurrencies from 2017’s mania until now, without selling. Featured Image from Shutterstock HODL: 79% of Bitcoin Addresses Are in Profit, Will They Sell? was last modified: August 25th, 2019 by Nick ChongThe post HODL: 79% of Bitcoin Addresses Are in Profit, Will They Sell? appeared first on NewsBTC.
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