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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Last Week Today: Bitcoin and Cryptocurrency Weekly Digest for August 19-26

Satoshi Nakamoto Renaissance Holdings, which claims to be a new blockchain company, hired the services of Ivy McLemore, a New York based PR …
  • A new individual claims he is Satoshi in risible PR stunt
  • Liquidity analysis pegs Bitcoin’s market dominance beyond 90%
  • Japanese Amazon launches cryptocurrency wallet and exchange
  • Original faketoshi, Craig Wright loses Kleiman lawsuit

Yes, as we can all see, the price of bitcoin dropped over $550 in a matter of hours on August 28th to see a low of $9,613 BTC/USD after being $10,269 earlier in the day. But, aside from the real time action, let’s recap the last week of bitcoin and cryptocurrency news stories and map out a timeline of what transpired for those who may have missed any important headlines.

Another Satoshi Wannabe Emerges With Sob Story And New Project to Shill

Before getting stuck into this story, it would be remiss not to make it unequivocally clear that this is a story that I would much rather not cover, were it not for the publicity and conspicuity it has been afforded in mainstream media.

With the most notorious claim to the moniker, courtesy of Craig Wright, falling apart at the seams in the middle of a Florida courtroom, it would seem many a wannabe Satoshi is now emboldened to step into the breach with some pretty ridiculous backstories.

Satoshi Nakamoto Renaissance Holdings, which claims to be a new blockchain company, hired the services of Ivy McLemore, a New York based PR agency, to reveal the identity of Satoshi Nakamoto.

A three-part reveal was published last week over the course of three days by the PR firm and it has left many in the crypto community fuming and wondering just how much more blatantly false and downright preposterous these claims are going to get and what it’s going to take to stop the faketoshi farce.

The individual claiming to be Satoshi was revealed by many online to be Bilal Khalid from Pakistan, by looking up the registration for another website he owned, even before he himself came around to revealing his identity in the third installment of his three-part reveal on the website.

Most of the efforts at debunking the claims focused on the use of basic word press, multiple edits and poor choice of words, but all that is really of any relevance is whether he is able to sign a message from Satoshi’s address, which predictably he cannot.

As narrated to Ivy McLemore, Bilal talks about the origins of the Bitcoin idea as everyone knows it, the cryptography mailing list et all., and then explains the provenance of the Bitcoin name as stemming from a disgraced, defunct Pakistani bank, Bank of CredIT and COmmerce INternational (BCCI).

He shows proof of registering a domain named after BCCI in 2008, talks about being paranoid over his identity, says his pseudonym was inspired by Chaldean numerology, thanks Hal Finney and explains how he solved the Byzantine General’s Problem.

In parts two and three, he narrates his life story, which comes across as a cookie-cutter sob story – about how being denied banking services in the UK inspired him to create a currency independent of banks, losing access to his email addresses and his 980,000 bitcoins.

Bilal Khalid, who adopted the alias James Caan in the UK, claims that he mined his bitcoins using a remote computer, which he then transferred to his Fujitsu laptop and then to an Acer laptop. Being of the habit of “never leaving data that was recoverable on any remote PC or laptop,” he then wiped all the data from old devices.

As luck would have it, the Acer stopped working the very next day. He sent it to Acer support, who diagnosed a corrupt hard drive and replaced it. Thus, Satoshi lost his 980,000 bitcoins.

In all of this tedious yarn, where exactly is there any semblance of proof to adduce this individual’s claim to being the creator of Bitcoin?

Ignore the story, but does the reveal consist of any verifiable information at all that only Satoshi and maybe a few early contributors, someone like Andresen, would be privy to?

Everything in the reveal, besides the individual’s life story, is publicly available information. The best thing you could say about this wannabe’s claim is that it can justifiably be argued to warrant a B-grade disaster fiction movie.

Ivy McLemore doesn’t seem like a serious PR firm but if it has any designs on being one someday, it should have simply said to Bilal, “Cool story, bro. But do you have any actual proof?”

Is Bitcoin More Dominant Than What Market Cap Indicates?

We tend to measure Bitcoin’s dominance by calculating the share of its market cap against the combined market cap of all cryptocurrencies but how reliable is the method?

Arcane Research published an analysis last week based on volume and liquidity of the various markets to show that Bitcoin’s actual dominance might be a lot higher than what market cap data suggest. The study claims that the market cap measure is deeply flawed and underestimates the relative strength of Bitcoin.

The argument put forth is that the market cap does not reckon for liquidity, which is the ability to execute large orders in a market without slippage and a tight spread between ask and bid prices. A good indicator of liquidity is volume and the study uses volume to measure the relative dominance of different currencies.

Using this method, which excludes stablecoins as a fiat alternative, thus not being true cryptocurrencies, Bitcoin’s dominance is estimated to be over 90%.

By using volume data only from the top 10 exchanges, which are largely regulated and reputed to not indulge in wash trading, Bitcoin’s dominance using the volume-weighted method is a staggering 92.4%.

Japanese Central Bank “in love” With Blockchain Technology

As inventors of fiber-optic communication, microprocessor, laptop and camera phones, among a myriad other technologies, Japan is widely regarded as the most progressive country in the world for developing and adopting revolutionary technologies. Obviously, you wouldn’t expect Japan to stifle blockchain innovation in the country.

Last week, an executive from Bank of Japan (BOJ) revealed that the country’s central bank is “in love” the technology behind virtual currencies and has no fear of capital outflows through new forms of money, “Because of fear of capital outflows, China regards all financial assets as enemies. But we are not worried about capital outflows. We are in love with the technology behind it (virtual currency) and interacting with the technical community.”

The country’s largest e-commerce platform, Rakuten, often dubbed “Japanese Amazon”, released a wallet last week, first for android devices and a few days later for iOS devices. Along with the wallet service, the app also provides feeless spot trading service for crypto assets.

Rakuten Wallet’s parent company, Rakuten Group, had been seeking regulatory clearance since March and has now obtained license to allow trading of three crypto assets – Bitcoin, Ethereum and Bitcoin Cash.

Customers of Rakuten will be able to deposit Japanese yen to their account and exchange it to any of the three crypto assets using the smartphone app. To encourage users to adopt crypto payments, no fee is charged on crypto to crypto transactions.

This is a major development in Japan, the equivalent of Amazon integrating crypto payments in the US, and shows how progressive Japan continues to set the benchmark for adoption of revolutionary technologies.

Craig Wright Is Found Guilty of Perjury to No One’s Surprise

Since we’re talking faketoshis this week, we might as well round it up with the Kleiman lawsuit involving Craig Wright.

Ira Kleiman, who is the brother of Wright’s erstwhile business partner, late Dave Kleiman, litigated Wright in February 2018 over embezzlement of 1.1 million bitcoins which were mined and jointly held by Wright and Dave Kleiman.

The lawsuit, which has rumbled on for 18 months, seems to have been all but settled. Reports emerged on Monday from courtroom eyewitnesses that the judge had ruled the case in favour of the Kleiman estate.

Wright was found guilty of perjury, falsifying documents and in contempt of court by Judge Bruce E. Reinhart, who rejected all of Wright’s testimony. It was also found that “Tulip Trust”, which was the trust created for holding the coins the pair had mined between 2009 and 2011, does not exist.

In his final ruling, Judge Reinhart awarded the Kleiman trust 50% of intellectual property rights and 50% of bitcoins mined before Dave Kleiman’s passing.

At least, Wright won’t be able to sue anyone that calls him a fraud for libel while he busies himself trying to cough up the 550,000 bitcoins which he likely never mined.

In the immortal words of Walter Scott, “Oh, what a tangled web we weave, when first we practice to deceive!”

Trading Insights

It would be fair to suggest that August has been a pretty mundane month with a lot of sideways movement and relatively little volatility. That may not be a bad thing.

Bitcoin has already spent more days above 10000 than it did back in Dec ’17 to Jan ’18, which shows that it is comfortable at this level and doesn’t feel out of place. A necessary spell of consolidation following a steep upsurge is characteristic of a healthy, mature market.

Last week’s trading closed in red in a short body which indicates that sell pressure has relented once again at the key Fibonacci ratio of .38. This level, near 9400 has proven to be a formidable layer of support throughout the month. The resistance to break still remains 10800.

The weekly chart is showing bearish tendencies on multiple fronts for the first time in nearly six months. Although RSI remains healthy in the bull market zone, there are rumblings which indicate a slide could be imminent. Whether or not it comes to pass, 9400 still remains the support zone to defend for the time being.

Weekly MACD saw bearish convergence this week, with ADX holding high and DI likewise evincing bearish convergence.

On the Daily chart, which has been largely bearish since last week, RSI has formed an ominous M-top formation just above lower bull cycle level of 40.

After showing some signs of mounting a revival, Ethereum has gone back to treading water, struggling to break above 0.019 BTC. Ethereum Classic (ETC) was the best performer among leading altcoins last week, gaining nearly 30%, rising from 55k sats to 70k sats.

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Exploring Electroneum {ETN} and its key characteristics: Built specifically for the good of humanity

Under the leadership of Richard Ells, this virtual currency has seen a soaring rate of adoption. They have abided by the KYC/AML regulations.

After July kicked-off, Electroneum was able to successfully implement an update. The chain will henceforth be backed by the Proof-of-Responsibility protocol. This leads to crucial NGOs [non-profit and non-governmental entities] being chosen as miners, instead of the usual process of validation which leads to centralization.

Under the leadership of Richard Ells, this virtual currency has seen a soaring rate of adoption. They have abided by the KYC/AML regulations. With this upgrade, the blockchain is practically impenetrable if the possibility of a 51% attack arises. As the network is being monitored constantly, malicious threats can be stopped in their tracks in an effective manner.

Electroneum is also the first currency to have conceptualized cloud mining involving mobile phones. All one needs to do is download their app, sign up and earn $3 worth of ETN every month. This has contributed to their popularity in Africa and other nations as well. TwitterAudit has verified that 96% of their reported followers are genuine [this is great news, as both TRON and XRP have been propelled forward via the use of bots].

Want to know more about why we chose @UbuntuPathways as one of our trusted NGOs?

Take a look at this fantastic Q&A from ‘MancItalian’ with Ubuntu’s UK director to see how we began working together > https://t.co/Y9BwAyUDDm#ETN#Electroneum#UbuntuPathways#QandA#NGO#Cryptopic.twitter.com/nWKSBKwbjY

— electroneum (@electroneum) August 25, 2019

For now, ETN is the only network to have brought in the Proof-of-Responsibility methodology. Electroneum is also one of the most environment-friendly digital currencies and saves time and resources during mining. So what are you waiting for? Check out this immensely secure network with extraordinary scalability.

Electroneum is ranked at #104 on coinmarketcap. The price declined by 5.82% in the course of the past 24-hours. The trading volume recorded is $0.170 million, while the supply has 9,790,903,050 ETN coins in play. As of this moment, ETN is priced at $0.003551. The total market cap of Electroneum, according to present data is $34.769 million.

About Post Author

Aditya Chatterjee

A specialist in comics and cryptocurrencies with an inclination towards DASH and Cardano. I have an innate desire to be a seasoned trader in the near future. Analyzing candlestick charts is a personal hobby.

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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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BlockEx Is Acquired By UK Manager as Current CEO Leaves

It had a pretty successful Initial Coin Offering (ICO) back in January 2018 but the plunge in the prices affected it a lot. Most of the assets acquired …

The crypto firm BlockEx has been recently acquired by a United Kingdom asset manager. After the takeover, the current CEO of the company, Adam Leonard, is leaving. He was instrumental during the acquisition and negotiated the deal for over six months.

Leonard has been a part of the company since 2014 and it has over two full decades of experience in the financial sector. He is a specialist in business administration and in the blockchain technology.

BlockEx was created o manage digital assets during their whole lifecycle. The main idea was to offer a service that would support investors during all the process of buying, managing and selling cryptos.

The company started to get into financial trouble because of the bear market. It had a pretty successful Initial Coin Offering (ICO) back in January 2018 but the plunge in the prices affected it a lot. Most of the assets acquired during the sale of the tokens turned to dust as the prices went down and the company started to enter a dire financial situation.

One of the main reasons why the company lost so much money was because most of its assets were cryptos. Some assets lost over 90% of their value last year, so the company was hit very heavily. A consortium that would pay over $9 million GBP to the company also failed to deliver on its promises, so the problem only got worse.

Despite all the issues, the CEO remained upbeat. He tried to calm the shareholders and decided to sell the company. Now, Leonard’s job is done with the company and he is set to move towards new challenges.

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