Variable mood in the Bitcoin evolution

13. November 2018 at 18:41Category:crypto experts

In the past week, a lot has happened around the globe in terms of regulation. In our regulatory ECHO we look back at the end of the week and summarize what was said, thought or decided, when, where and by whom.

South Korea: Government wants to abolish tax advantages of Bitcoin evolution

South Korean crypto exchanges could soon lose their entitlement to significant tax breaks currently granted to smaller Bitcoin evolution companies. The South Korean government announced a revision of the existing tax law. This would no longer place stock exchanges in the category of Bitcoin evolution start-ups or small and medium-sized enterprises (SMEs). Under the country’s existing tax law, start-ups and SMEs can claim a deduction of 50-100% of their income tax or corporate income tax for the first five years after their formation.

China: Censorship agency hires crypto experts
The Chinese government agency for the censorship of media production is looking for a cryptologist who is familiar with blockchain. The Research Center of the State Press Administration has published a job description. The ideal candidate is technology-oriented and has strong skills in cryptographic algorithms and performance optimization.

Philippines: New ICO law classifies all tokens as securities

The Philippines is about to introduce a new law to regulate the legal situation of ICOs. The country’s Securities and Exchange Commission (SEC) has published a draft regulation for this purpose. In it, all tokens issued in ICOs are classified as securities by default, unless the issuers can prove otherwise. Only if the tokens are classified as securities do they fall within the SEC’s remit.

Holland: Crypto currencies “no real money”.
For Petra Hielkema, Director of the Dutch Central Bank, crypto currencies are not real money. This is due to volatility and high consumer risks. This was reported by the local news agency Dutch News. Hielkema also pointed out that the bank has been experimenting with the blockchain for three years and has already developed four prototypes. Although Hielkema adds that Blockchain is not yet ready to be implemented in Dutch payment systems, there are “opportunities for the future”.

Chamber of Digital Commerce: Guidelines for sustainable growth
The Token Alliance of the Chamber of Digital Commerce has published a joint report on the proposed guidelines for “responsible growth” of the crypto currency market, according to its press release. The document, entitled “Understanding Digital Tokens: Market Overviews & Guidelines for Policymakers & Practitioners”, is divided into three sections: a regulatory overview of digital token markets in five countries, principles for the distribution of digital non-securities tokens, and economic reporting on the “global token landscape”.

A legitimate Bitcoin evolution?

25. October 2018 at 23:00Category:Blockchain

In addition to an extensive bounty program, almost 6% of the total coin supplies should be in the hands of the team behind MoneroV. This represents a significant centralization; accordingly, it quickly came to the accusation that the project primarily wanted to enrich itself. Ryan Hildreth’s endorsement is also sceptical, as he was also involved in BitConnect.

Above all, one point became important: the Bitcoin evolution

Using Monero keys to claim currencies created by a Bitcoin evolution is an attack on privacy. By using the same private key in two different contexts, some information about ring signatures is given to third parties. This can endanger not only their own anonymity, but that of the entire Bitcoin evolution network.

As long as the heads behind MoneroV do not recommend generating new private keys on the fork, participation is not advisable.

This is not only important for lovers of anonymity, but also for the investor. Free money is always great, only it endangers the primary use case of your investment. The crash of BitConnect a few weeks ago showed how low the price can fall with a destroyed use case.

About a Bitcoin evolution

I also know from my own experience that this is a foreign word for some companies. Everyone wants to benefit from the Bitcoin evolution, but no one wants to hear that this also entails dangers.

Spend money on Bitcoin evolution? Some people may frown, but once a network is infected or a crypto-locker takes the database hostage, every effort is made to get the child out of the well.

The virtual world, in my opinion, is seen far too much like a traditional fistfight. Dangerous half-knowledge is coupled with overestimated self-confidence. The result is that one goes into a fistfight with empty hands – and the opponent carries a rifle.

Let’s learn better from the newcomers of our technical scene. Let’s learn better from Blockchain, Bitcoin, Ethereum, Monero and all others. Because one thing is clear: It is more than absurd to think that cybercrime simply disappears into thin air by itself.

The waiting has come to an end: The first Monero Hardware Wallet

19. October 2018 at 22:59Category:Hardware Wallet

The Monero project released the binary code of the update on June 4th. With the Command Line Interface (short: CLI) you can now store your private keys on the Ledger Nano S and Ledger Blue. What can the new version do?

Monero (XMR) had the last hard fork on the version number (short: 12.0) on April 6th. With the Hard Fork, new functions were added to the protocol, namely fluffy blocks, multi-signature support and the integration of sub-addresses. The proof-of-work algorithm has also been slightly changed so that the ASICs produced by Bitmain can no longer mine XMR. After the big update of April now follows a smaller update which fixes many bugs and allows the use of the Ledger-Hardware Wallet.

The source code on GitHub for the Monero CLI Wallet 12.2

The first hardware wallet for Monero. After four years of waiting, the time has finally come: Monero is supported by the first hardware wallet.

It is an important step for the pure crypto currency, because Monero is based on a completely own code and therefore has nothing in common with Bitcoin, so the hardware wallet integration turned out to be very tedious. While several Bitcoin Forks were able to take advantage of Bitcoin’s technical achievements, everything had to be reprogrammed for Monero.

Remember that there weren’t always hardware wallets for Bitcoin either. Here, too, the first wallets were only available four years after the Genesis block.

So there is reason to cheer for Monero owners. Nevertheless, the normal user of the private crypto currency still has to wait a few days before he can use Monero in combination with the ledger. The reason for this is that most users use the so-called Graphic User Interface Wallet (GUI). However, the binary code for 12.2 is only available for the CLI as of today (5.6.2018). The code for the GUI will follow in calendar week 23. It remains to be hoped that the expectations will be fulfilled. It is difficult to define a fixed time horizon for open source projects.

An overview of 12.2

The GUI Wallet with version 12.0 was problematic for many users, as there were often problems with synchronizing the blockchain. With the update to 12.2 these complications should come to an end. So there are a lot of smaller bug fixes that simplify the use of the official Monero software.

The number of mostly voluntary and unpaid developers in version 12.2 is remarkable. 87 people were involved in the latest release. GitHub received 1,649 commits and 56,735 lines of new code were written. A list of all contributors can be found in the Reddit thread.