Remittance platform for Venezuela’s Petro ready for use

The Petro goes against the ethos of cryptocurrencies as established by Satoshi Nakamoto, starting with its centralization. The Maduro-led socialist …

The cryptocurrency remittance platform for Venezuela’s national cryptocurrency, the Petro, is now ready for use, a senior government official announced recently. Patria Remesa, as the platform is known allows people to send money from abroad to Venezuela using the embattled Petro crypto.

Joselit Ramírez, the National Superintendent of Cryptoactives in the South American country made the announcement during a recent crypto-themed radio show he hosts for Radio Nacional de Venezuela. “This is the easiest and safest way to send money,” Ramirez stated.

Ramirez further praised the impact of the Petro cryptocurrency on the economy of the country. According to him, Petro is the only currency that protects the household income of the Venezuelans from the effects of economic depreciation. He stated:

The world is evolving, there is a new economic revolution that is coming to continue advancing in the country and contribute to the world economy. The traditional financial system is no longer enough. That’s why cryptocurrencies arrived to open their eyes to the economic world.

While Ramirez is right about cryptocurrencies overhauling the legacy financial system, Petro does little to solve the challenges faced by the Venezuelans. The Petro goes against the ethos of cryptocurrencies as established by Satoshi Nakamoto, starting with its centralization. The Maduro-led socialist government has the sole authority over the supply of the Petro, giving it the ability to use it to further its corrupt regime.

The Venezuelan government has run down the country’s economy and debased the country’s currency. Moreover, the country has been on the receiving end of sanctions from the U.S, Canada, Switzerland, France, the U.K, Australia and very many other governments.

This has made the Petro nothing more than the subject of ridicule the world over, purely viewed as just a cheap escape from international sanctions. Had Maduro been genuine about restoring the economic prosperity of the Venezuelans, he would have turned to a decentralized cryptocurrency that is accepted globally such as Bitcoin SV. With BSV, Venezuelans would have had a crypto that is not only fast and with low fees, but one that is also compliant with international standards.

Despite being a resounding failure, Maduro has continued to push the Petro, instructing the country’s leading bank to accept it last month. During an event held to celebrate Banco de Venezuela’s tenth anniversary, Maduro ordered the bank to open Petro desks in its branches countrywide.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as SegWitCoin BTC coins. Altcoins, which value privacy, anonymity, and distance from government intervention, are referenced as dark coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

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Hayato Kameta on how Zweispace came to Bitcoin SV

“Craig Wright disclosed that he’s Satoshi Nakamoto,” he noted, for one. “And also that they will follow the regulations more strictly, and that’s really …

Zweispace made a big splash shortly before the CoinGeek Toronto 2019 scaling conference, declaring that they would use Bitcoin SV (BSV) as their public blockchain. Hayato Kameta, CEO of the Japanese company, quickly made his way to Canada to be at the conference, and there he joined our Becky Liggero on the sidelines to discuss the decision.

Zweispace uses great new technology to improve the data available in Japanese real estate. “We set a height detector in the building, and we code the shake of the building into the blockchain, and then we analyze with the AI,” Kameta explained. “And the gap between the simulated ones and the physical ones, we can identify the crack of the building.”

Liggero asked Kameta what it was that lead his company to choose the BSV blockchain. “Craig Wright disclosed that he’s Satoshi Nakamoto,” he noted, for one. “And also that they will follow the regulations more strictly, and that’s really important. And also, he was proposing to help to design the IoT dashboard, because the detectors needs security. Because we we’re going to install 30 years, 50 years within the building. So in the future, the security attack could be passable to the IoT (Internet of Things) devices. So he has some good ideas, so we’ve been working with him.”

Kameta also noted how he got in touch with Dr. Craig Wright and Bitcoin Association Founding President Jimmy Nguyen in the first place:

We have mutual friends, and we had lunch. Jimmy is excited about this project, and we started to talk over a couple of conference calls. And we announced this, so Jimmy kind of invited me to speak here.

Liggero asked Kameta what the current state of blockchain interest is in Japan, and Kameta explained that it still has plenty of room to grow. “Most people were trading [speculatively], but I mean, announcing blockchain reservations of title to some people noticed me, and we tied up with biggest title law firm listed in Tokyo, so we have some current events in Tokyo,” he noted. “But mostly exchanges in Japan.”

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as SegWitCoin BTC coins. Altcoins, which value privacy, anonymity, and distance from government intervention, are referenced as dark coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

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Class action threat against Bitcoin SV for ‘defrauding’ supporters

However, there’s no indication the Judge actually believes any of the representations Wright has made including that Wright is Satoshi Nakamoto OR …

A British podcaster has proposed a class action lawsuit against Bitcoin Satoshi Vision for falsely claiming Satoshi’s endorsement.

In the wake of the stunning – but hypothetical at this stage – $5 billion judgment against Dr Craig “Satoshi” Wright, British podcaster Peter McCormack has proposed a class action lawsuit against Wright’s Bitcoin SV.

British podcaster Peter McCormack

McCormack, who is currently fighting a defamation battle against Craig Wright for calling him a “fraud”, said he will propose a class action lawsuit to his legal team for those who bought Bitcoin SV under the impression Wright is Satoshi Nakamoto and felt ‘defrauded’.

“I am thinking that a class action lawsuit would only be right for falsely claiming a technology is Satoshi’s Vision when CSW is not Satoshi,” he Tweeted this morning.

“This has affected a lot of people. I’ll be talking to both my US lawyers and those who have been defrauded.

“Let’s Wright this Wrong.”

50% of nothing is still nothing

Despite Judge Reinhart finding Craig Wright had lied, potentially falsified documents, and concocted a frankly “inconceivable” story about the whereabouts of more than one million Bitcoin – he nevertheless ruled the Kleiman family was entitled to 50% of the hypothetical stash.

(Wright is being sued by Ira Kleiman – bother of Wright’s late business partner Dave – for attempting to appropriate more than a million BTC held in a family trust).

Craig Wright

However, there’s no indication the Judge actually believes any of the representations Wright has made including that Wright is Satoshi Nakamoto OR ever had access to the coins in question.

In fact, the Judge doesn’t even believe the ‘Tulip Trust’ – in which the coins are supposedly held – exists.

“The totality of the evidence in the record does not substantiate that the Tulip Trust exists,” said Judge Reinhart. “Wright’s testimony that this trust exists was intentionally false”

In fact, there’s plenty of evidence cited in the case that suggests Wright simply copied a bunch of wallet addresses from the blockchain that had made large transactions and claimed them as his own or Kleiman’s.

If Wright doesn’t have any coins, and never did, it would make his pronouncements that $2 billion of Bitcoin would need to be dumped to pay estate tax completely hollow.

Bitcoin SV holds up remarkably well

Bitcoin SV has held up remarkably well given the judgment – which Bitcoin SV booster Calvin Ayre claimed vindicated Wright as Satoshi and proved he had access to the Satoshi stash.

It’s currently got a $2.25 billion market cap.

Class action has supporters, but also doubts it could succeed

Plenty of followers were on board with the class action proposal including The Crypto Monk and Bitcoin Podcast host Joe Blackburn.

However, McCormack is likely to face a few hurdles with his class action.

As Jameson Lopp, creator of Statoshi and CTO at Casa pointed out, Wright didn’t call Bitcoin SV ‘Satoshi’s Vision’ but rather “Satoshi Vision’ “which could mean any number of things.

“Craig’s 5D chess is already way ahead of you”

Sorry but Craig’s 5D chess is already way ahead of you. He didn’t call it “Satoshi’s Vision” but rather just “Satoshi Vision” which could mean any number of things.

— Jameson Lopp (@lopp) August 28, 2019

And of course, McCormack first needs to win his own case against Wright – though that’s looking more likely after a UK judge dismissed Wright’s similar defamation case against Bitcoin Cash’s Roger Ver on the grounds it was ‘weak’ and ‘inappropriate’.

$10,000 bet Wright won’t move Satoshi coins

McCormack is also offering a $10,000 bet to any Bitcoin SV booster, that Wright won’t move any of the Satoshi coins within the space of a year – and offered 2-1 odds saying they could put up $5,000 as their stake.

Open bet available for any $BSV CSW cultist of the belief that Craig has the Satoshi coins.

I’ll put up $10k that none of these coins will be moved by CSW within a year, I’ll even offer you 2-1 odds, so $5k for you.

Money locked in escrow, paid out 1 year today.

— Peter McCormack (@PeterMcCormack) August 28, 2019

In a strange bit of timing, Craig Wright released a book yesterday called The Art of Bitcoin AND a new promotional campaign began for another book called Behind The Mask: Craig Wright and the Battle for Bitcoin by journalists Byron Kaye and Jeremy Wagstaff.

Ayre claimed the book would receive heavy promotion when Wright moves the coins out of the Tulip Trust.

“They started promoting the book that will have the background of Craig creating #Bitcoin. It’s nice timing to be out at the same time as Craig gets the Satoshi coins out of Tulip Trust. Also good timing with Judge just ruling Craig is Satoshi.”

they started promoting the book that will have the back ground of Craig creating #Bitcoin. Its nice timing to be out at the same time as Craig gets the Satoshi coins out of tulip trust. Also good timing with Judge just ruling Craig is Satoshi.https://t.co/55vZgvDDUk

— Calvin Ayre (@CalvinAyre) August 28, 2019

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ERC20 Tether Transactions Flip Their Omni Equivalent

Ethereum cofounder Vitalik Buterin told Bloomberg this week that the “[ETH] blockchain has been almost full for years.” ““I think it’s still good to develop …

Crypto enthusiasts have noticed that the Ethereum blockchain has come awfully close to reaching capacity due to the added transactions stemming from the Tether (USDT) network. The transaction count since mid-August shows the ERC20 version of tether has surpassed the original version that uses BTC. ERC20 tether transactions cost users more than $260,000 in the last 30 days and the over-saturation of trades is 17X larger than the infamous Crypto Kitties fiasco.

Also read: How to Create Non-Fungible Assets and Collectible Tokens With Bitcoin Cash

Tether Migrating to ETH Sparks Capacity Fears

In December 2017 during the height of the crypto bull run, the Ethereum blockchain was swamped with unique cats similar to Pusheens that could be collected and traded using the ETH network. The Crypto Kitties event prompted the creators to increase the cat birthing fee in order to incentivize miners to add birthing transactions to the chain. Fast forward to 2019 and Tether has started migrating coins from the Omni Layer network which uses the BTC chain to an ERC20 version which runs on top of the ETH chain. Tether is a $4 billion dollar network with coins spread across multiple blockchains which include BTC (Omni), ETH (ERC20), EOS, and Tron. Data pulled from the website Coin Metrics shows that the ETH-based tether transactions have surpassed the BTC-based versions this month. Today, on August 28, there are 39,000 tether transactions on the BTC network via Omni, but that number is eclipsed by the 126,000 ETH-based tether transactions. At the time of publication, there’s roughly 1.5 billion USDT minted using the ETH chain and 2.5 billion tied to the Omni Layer network.

ERC20 Tether Transactions Flip Their Omni Equivalent
USDT transaction count stemming from Omni Layer (dark green) and the USDT transaction count stemming from the Ethereum network (light green).

Since the tether transactions being used on the ETH chain have spiked significantly, the crypto community has been observing the ETH chain grow congested again. Ethereum cofounder Vitalik Buterin told Bloomberg this week that the “[ETH] blockchain has been almost full for years.” ““I think it’s still good to develop apps, but anything substantial should be developed with scalability techniques in mind, so that it can survive higher transaction fees that would come with further growing demand for Ethereum — In the longer term, Ethereum 2.0’s sharding will, of course, fix these issues,” Buterin asserted during the interview. Prominent Ethereum evangelist and founder of Mythos Ryan Sean Adams explained that every asset on Ethereum is “a future revenue source for ETH stakers.” “Tether paid 993 ETH over the last 30 days,” Adams said to further bolster his prior statement.

The fleppening just happened. Tether token on ETH now doing more daily tx then Tether token on Bitcoin Core. https://t.co/0mntDfpVS3#btc

— Crypto Mak 🌐 (@crypto__mak) August 28, 2019

For Stablecoin Use Cases Like Trading and Arbitrage, the Market Demands Faster Transactions and Lower Fees

The tether migration to Ethereum has been quite noticeable and Coin Metrics’ Nic Carter published data concerning Tether’s growth and transition to Ethereum. “USDT-ETH active addresses (the count of unique addresses that were active in the network as a recipient or originator of a ledger change) skyrocketed over the past week, jumping from 38,600 on August 19 to over 78,800 on 8/23,” the report notes.

ERC20 Tether Transactions Flip Their Omni Equivalent

“Meanwhile, USDT-OMNI active addresses continue to decline, despite two recent spikes.” The report also notes that the migration from Omni to Ethereum may have stemmed from market demand. “The primary use case for Tether is for active trading and arbitrage — For these use cases, Tether on Ethereum is faster (15-second blocks for Ethereum versus 10-minute blocks for Bitcoin) and require less fees,” the Coin Metrics’ State of the Network research explains. The report adds:

Since these characteristics are desirable for active traders, Tether issuance on Ethereum should continue to grow relative to issuance on Omni. The recent burn in Tether came solely from Tether issued on Omni.

ERC20 Tether Transactions Flip Their Omni Equivalent

Stablecoin Networks Using the Bitcoin Cash Network Will Benefit From Low Fees and More Capacity

Despite Tether’s move to the ETH chain, a few digital currency fans believe that there could be issues with the ERC20-styled tethers if the network grows too congested. Some skeptics and observers think tether users are paying way too much in network fees. On the bitcoin cash-oriented Reddit forum r/btc, some BCH supporters said that it would be far cheaper to host a popular stablecoin like tether on the BCH chain.

ERC20 Tether Transactions Flip Their Omni Equivalent

“Tether transactions alone pay $14,000 in transaction fees for 120,000 transactions every single day on Ethereum (a total of $57,000),” Reddit user u/eyeofpython remarked. “With a daily volume of $400,000,000 (source: SQL query on eth.events for the 23 August) — If Tether were to move to BCH, people would only pay $120 of fees in total.” On August 28, the average BCH network fee is only $0.004 per transaction, while the gas needed to push an ERC20 token is between $0.11-0.16 per transaction. Another BCH supporter wrote:

Tether should switch to SLP tokens on the Bitcoin Cash network, which never gets congested, unlike BTC and ETH.

Over the last few days, there have also been discussions as to whether ETH’s capacity can handle various apps alongside Tether. The number of transactions stemming from tether users has grown every year since the stablecoin launched and currently represents 30% of all cryptocurrency trades, rising at times to 40%. At the time of publication, tether (USDT) captures a whopping 77% of all BTC trades, 53% of ETH, and 54% of BCH trades worldwide.

ERC20 Tether Transactions Flip Their Omni Equivalent
USDT/BTC on August 28, 2019.

Tether continues to dominate, despite the fact there’s a slew of other stablecoins competing like USDC, DAI, TUSD, and USDH. Most of the stablecoin competitors use the ETH network as well, which presents another set of capacity problems for the chain. The stablecoin Honestcoin (USDH) does not use the BTC or ETH chain and is built on top of the BCH network using the Simple Ledger Protocol. USDH and its nascent network only has a $32,000 market capitalization and $173,000 in global trade volume. However, traders using stablecoins for quick swaps and arbitrage will quickly find that transaction fees at $0.004 per transaction or less are far cheaper.

What do you think about tether transactions on the ETH chain surpassing the Omni Layer-based tether transactions? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, Coin Metrics’ State of the Network research, Crypto Compare, Coinlib.io, and Pixabay.


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Jamie Redman

Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.

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Calvin Ayre Claimed The Court Ruled Craig Wright Is Satoshi, Invented Bitcoin But Was Wrong

Calvin Ayre has claimed that his business partner Craig Wright has been proved in court to be Satoshi Nakamoto, the creator of Bitcoin. He lied.

The controversial duo responsible for Bitcoin Satoshi Vision (BSV) has come under the fire of the crypto community once more. Calvin Ayre has claimed that his business partner Craig Wright has been proved in court to be Satoshi Nakamoto, the creator of Bitcoin. He lied.

This is just the most recent of the duo’s controversies. Craig has been on the spotlight since he affirmed that he was the creator of Bitcoin, which almost no one believed. Ayre is somewhat less controversial, but this time he made a mistake when he claimed that the judge ruled that Craig was Satoshi.

they started promoting the book that will have the back ground of Craig creating #Bitcoin. Its nice timing to be out at the same time as Craig gets the Satoshi coins out of tulip trust. Also good timing with Judge just ruling Craig is Satoshi.https://t.co/55vZgvDDUk

— Calvin Ayre (@CalvinAyre) August 28, 2019

According to him, during the case in which Craig is being accused of stealing $10 billion worth of BTC from his late partner, the judge understood that Craig invented BTC. However, the judge has absolutely not said that in any moment of the judgment.

Crypto Twitter promptly attacked Ayre by affirming that this was not the truth. At the moment, it is unknown how Ayre came to this conclusion despite all the proof that this is not what happened.

The Bitcoin SV Fiasco

The reputation of both Ayre and Wright took a hit last year when they decided to hard fork from Bitcoin Cash (BCH) back in November and create their own token. BSV had a pretty rocky history since then and several problems.

At the moment, the token is considerably less valuable than BCH. BCH is the 4th largest token by market cap with the price of $294 per token and BSV is only the 9th largest one, with the price of $126 USD.

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