Monero’s (XMR) lead developer, Riccardo Spagni, helps Jameson Loop discredit Craig Wright

On 9th May 2019, Jameson Loop had published an op-ed on Bitcoin Magazine where he discredited Craig Wright’s claim of being Satoshi Nakamoto.

On 9th May 2019, Jameson Loop had published an op-ed on Bitcoin Magazine where he discredited Craig Wright’s claim of being Satoshi Nakamoto. Under the legal counsel of Craig Wright, Jameson Loop’s article has been geo-blocked in the UK and Australia.

Following the Geoblocking of the article, a number of people joined together and copy pasted the article on other websites to ensure people in the UK and Australia can read the article. Riccardo Spagni, the lead developer of the privacy-focused cryptocurrency, too created several copies of the article, so people can read it.

If you’re in the UK or Australia and want to read up on how Craig Wright is a massive fraud, I’ve got you covered fam.https://t.co/sw72iVc9qghttps://t.co/hiqrxdOCK0

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— Riccardo Spagni (@fluffypony) May 9, 2019

Jameson Loop’s Op Ed

Jameson Loop, the lead developer at CASA, wrote an op-ed in which he points out flaws in Craig Wright’s claim that he is Satoshi Nakamoto. He uses past actions of Satoshi Nakamoto and compares them with statements Craig Wright has said publicly.

Some of the points raised by Jameson Loop are,

  1. Satoshi Nakamoto always mentioned Bitcoin as “Bitcoin” while Craig Wright in his early writings from 2011 mentioned Bitcoin as “Bit Coin”.
  2. Wright said that he never called Bitcoin as “cryptocurrency” while Satoshi Nakamoto did on many occasions.
  3. Craig Wright publicly said “I am a lawyer and this [financial law] is my area of specialty,” while the real Satoshi Nakamoto in 2010 said “I am not a lawyer and I can’t possibly answer that”

The entire article can be read here.

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Ethereum’s Joseph Lubin: Bitfinex, Tether Situation ‘Probably Won’t Get Better’

As covered, Bitfinex was accused by New York’s Attorney General of participating in a cover-up to hide $850 million in losses. The allegations revived …

Ethereum co-founder Joseph Lubin, who’s also the founder and CEO of cryptocurrency-related software company ConsenSys, has recently stated he believes the Bitfinex, Tether situation seems to be a “really big mess” that “probably won’t get better.”

Speaking to Bloomberg at the sidelines of the Fluidity Summit conference in New York, Lubin revealed he thinks some good may come out of it, as other stablecoins may gain traction. He was quoted as saying:

Tether is somewhat important to our ecosystem because it’s used by different institutions to effect more fluid trading. There are other price-stable tokens out there — many others — and I think they’re going to gain traction because of this. I think that will be a really good thing.

As covered, Bitfinex was accused by New York’s Attorney General of participating in a cover-up to hide $850 million in losses. The allegations revived concerns over Tether’s backing, as it was supposed to have 1 USD in reserve for every USDT token in circulation.

Earlier this year the company quietly diluted its reserve claims, and soon after it was revealed that USDT is backed by cash and short-term securities equal to 74% of USDT tokens in circulation. Worryingly, Tether accounted for over 80% of bitcoins’ trading volume as of March of this year.

Bitfinex reportedly lost the $850 million as a third-party payment processor claims the funds were seized by governments throughout the world. To fix the situation it’s set to hold a $1 billion initial exchange offering (IEO) that’s said to already have lined up the $1 billion in commitments.

Regarding concerns Tether’s USDT tokens have been used to manipulate the price of bitcoin – something the US Department of Justice is investigating – Lubin noted that “all prices on the planet are being manipulated.” He added:

Any time that well-resourced actors can get in there and do something, you have to expect them to do that. So we need to build better system.

Lubin added that the “status of things is great,” as last year’s price correction aw the system grow “enormously” as those who were “pulled in by excitement riven by price growth” stayed in the crypto space and have been helping build it.

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Bitfinex Provides Details of Its Operations in a Whitepaper

Controversial cryptocurrency exchange Bitfinex recently announced in a whitepaper that its total net profit for last year was $404 million. The exchange …

Controversial cryptocurrency exchange Bitfinex recently announced in a whitepaper that its total net profit for last year was $404 million. The exchange revealed details of its operation in a whitepaper from its owner company IFinex Inc.

What do Bitfinex’s financials say?

The Hong Kong-based IFinex released a whitepaper recently suggesting that the crypto exchange earned a net profit of $404 million last year. Its gross profit for the year was $418.2 million which means that the company netted 97% of its gross profits. Bitfinex has been tight-lipped about its finances till date, but now it is planning to raise over $1 billion in an Initial Exchange Offering (IEO). The offering will be available to non-US investors.

Bitfinex Provides Details of Its Operations in a Whitepaper

Bitfinex Provides Details of Its Operations in a Whitepaper

The company will be launching a new digital currency called LEO. The coin could be used to get discounted services on the crypto exchange. The company revealed that it has a staff of 60 to 90 people and its annual expenses amount to $14 million. In 2018, it paid dividends of $261.7 million to its shareholders. In 2017, they had paid $246 million to shareholders as dividends. Interestingly, the company noted that its financial data does not follow the generally accepted accounting principles of any jurisdiction. The data has also not been audited by a firm.

Is it the right time for the token launch?

Bitfinex’s IEO has been the talk of the town since rumors first started appearing. However, around the same time, the New York Attorney General also alleged that Bitfinex had used $850 million from Tether’s funds to hide its losses. Both Tether, a stablecoin and Bitfinex are operated by IFinex. This created a controversy about Bitfinex’s business practices as well as the legitimacy of Tether’s 1:1 dollar peg. As a stablecoin, each Tether coin is backed by $1 in cash. This helps in avoiding aggressive price fluctuations and provides a digitized dollar equivalent to the market. The company later revealed that only 74% of its outstanding coins are backed by cash and cash equivalents.

Bitfinex, on the other hand, said that the funds never went missing. Instead, they were seized by government authorities. As the company keeps its financial details under wraps, it is difficult to say for sure. However, the exchange says that it will use at least 95% of the funds recovered from the government and repurchase LEO tokens and burn them. It would take 18 months to burn the coins from the day of recovery.

Viraj ShahViraj Shah

Viraj Shah

Viraj has been writing for FXTimes covering Cryptocurrencies and Forex news for 2 years now. Also known as ‘Sherlock’, Viraj comments on the latest businesses emerging in the blockchain industry. His areas of expertise are Bitcoin and Blockchain. He enjoys covering new startups and busting myths across the industry.

email:viraj@fxtimes.com

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Fluidity to Introduce Ethereum-Based Mortgages This Summer

Fluidity will then process the information and create a smart contract using a tokenized representation of the mortgage. Lippiatt then explained that the …
Photo: Fluidity / Facebook

Photo: Fluidity / Facebook

The blockchain technology has become a reliable ledger that hosts information for many industries including supply chains. Now, on fintech startup called Fluidity plans to launch a project that will log mortgages onto the blockchain network. On Thursday the company announced its schedule to develop the first ethereum-powered mortgages in New York and California.

After all the licensing paperwork is finalized, Fluidity executives said the offering is planned for this summer. The chief architect of Fluidity, Todd Lippiatt, said:

“We’ll tokenize the house, which will effectively take the collateral that is the equity of the house. You’re pledging the house and you get an advanced rate back in terms of dollars.”

When the FINRA-registered broker-dealer Propellr merged with the ConsenSys decentralized exchange (DEX) in early 2019, Fluidity appeared Sam Tabar, Fluidity co-founder, said that although Joe Lubin is still a major AirSwap shareholder, the company’s subsidiary, the parent company has another set of shareholders. Some of the new notable shareholders include Mike Novogratz, Bill Tai, and Brock Pierce.

Fluidity Mortgages

The startup’s upcoming mortgages are expected to use cryptocurrency and smart contracts for back-end management. Lippiatt said that Fluidity is currently looking for partnerships with ethereum-centric lending platforms like MakerDAO’s dollar-pegged DAI loans.

Currently, the ethereum-backed stablecoin still struggles to achieve liquidity and stability in the wider markets. However, Lippiatt believes that mortgages from such prospective partnership merely involve a “mitigatable” risk.

Thus, neither the property seller nor the borrower will directly touch any digital currency. He added that:

“We will deal with the inner workings of the decentralized system. The borrowers pay back in dollars and we will also be managing the risk profile of the underlying securities.”

Hence, borrowers must submit online credit checks and all other essential information just like in any other online loan platform. Fluidity will then process the information and create a smart contract using a tokenized representation of the mortgage. Lippiatt then explained that the company can then package these loans together and resell them as securities via an exchange like AirSwap.

Fluidity’s Customers

In his view, the low-income and under-banked borrowers who can repay represent a prime opportunity for these loans. He elaborated:

“The whole portfolio will be a composition of a bunch of different loans. We are looking at methodologies by which we can deploy [underwriting] more algorithmically.”

DeFi smart contracts will offer theoretically auditable records. Moreover, Fluidity plans to offer cheaper rates compared to the banks. Nonetheless, the whole process provides the borrower with a quasi-traditional mortgage. The issuer and the subsequent traders are the main beneficiaries of this blockchain system functionality.

In the end, Lippiatt said that the company’s methodology is designed to offer better pricing. The pricing model solely depends on the intrinsic credit of the transaction. No external factors like the political trade winds and domestic central bank governance policies will affect these Ethereum-based mortgages.

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Blockchain to be included within Samsung SDS’s Digital Transformation Framework

In February this year, Samsung SDS released “Nexledger Accelerator” which passed Hyperledger Fabric test. At the beginning of April, Tech Mahindra …

Samsung SDS President and CEO Hong Won-pyo has revealed plans to incorporate blockchain technology in its enterprise solution at Samsung’s Real 2019 event held in Seoul on May 8.

Regarding the issue, Samsung SDS, the firm’s consulting arm, has for some time now been exploring ways to tap into the blockchain option.

Samsung also stated that its ‘Digital Transformation Framework’ is intended to leverage technological solutions so as to provide of digital innovation support for its sectors such as management systems, manufacturing, marketing & sales, among others.

The firm’s listed blockchain technology is one of its core and industry know-how and technical competencies alongside internet of things technology and artificial intelligence (AI).

Through a partnership with ABN AMRO, a major Dutch bank, Samsung SDS subsidiary had in the past delved into the blockchain industry. In summer 2018, Samsung SDS decided to launch a blockchain platform for the logistics industry as well as another one that targets finance-related businesses.

In February this year, Samsung SDS released “Nexledger Accelerator” which passed Hyperledger Fabric test.

At the beginning of April, Tech Mahindra (Indian IT giant) announced that it would expand its use of Samsung SDS’ enterprise blockchain platform, “Nexledger.”

Also in April, a newer version of enterprise blockchain platform “Nexledger Universal,” was unveiled by the subsidiary. Users can apply its application programming interface to different blockchains like Samsung’s own Nexledger Consensus Algorithm, Ethereum, and Hyperledger Fabric.

Finally, the CEO of Samsung SDS’ Nexledger project Hong Hyeong-jin, stated:

“Blockchain is a technology that is used in all areas of business including finance, manufacturing, logistics, and distribution. We are upgrading the company’s blockchain platform at Nexledger to meet the demand.”

Source:https://cointelegraph.com/news/samsung-sds-includes-blockchain-within-digital-transformation-framework

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