Well thought, bad done? – Coinbase wants to offer customers more decentralisation

The Coinbase crypto exchange researches blockchain-based identity management. According to Coindesk, a team of 17 is working on the development of a decentralized app (dApp) that will give Coinbase customers more control over personal data. However, the implementation is still lacking.

An all too well-known battle cry of the Blockchain enthusiasts is “Be in possession of your own data”.

Identity management is and remains the use case for Bitcoin trader technology

Personal Bitcoin trader data is no longer stored as usual on central company servers, but remains on a Bitcoin trader blockchain and is thus effectively under the company’s own control. The advantage: On the one hand, the companies cannot make a mess of the data and on the other hand, data theft or loss is largely excluded. In short: The single point of failure is eliminated.

Now Coinbase is also researching such a blockchain solution. As Coinbase manager and head of the 17-member task force, B Byrne, told Coindesk, the team first wants to identify in which areas more decentralization is desired.

The Bitcoin exchange recently asked a small number of its customers about the dApps they were using.

“I look at dApps and which of our customers uses which dApps. That’s probably a good indicator of what kind of activities [our customers] want to do on an on-chain basis, Byrne told Coindesk.

Crypto trader in a different way

A possible application case for more decentralization in crypto trader IT is the storage of KYC data (“Know Your Customer”): https://www.geldplus.net/en/crypto-trader-review/ This could considerably simplify the registration processes for the various Coinbase products and grant more customers access to the Exchange.

At the same time, however, the US crypto exchange is realistic. The decentralized identity management via blockchain is not an egg-laying wool milk sow. Although there are interesting areas in which an application seems to make sense, the company does not want to invest large sums in development, according to the report.

Byrne says that, in all honesty, a complete decentralization of customer data is hardly compatible with the regulatory requirements of the tax authorities.

So it remains with the focus team and the credo: Somewhere there is already a meaningful application case for the blockchain technology.

Venezuela to propose common oil currency to OPEC

Venezuelan President Nicolas Maduro wants to warm the members of the Organization of Petroleum Exporting Countries OPEC for a common crypto currency. This was reported by Al-Jazeera on Tuesday. The model could be his own controversial digital currency Petro, announced in December, which is held with the oil reserves of the crisis-ridden country. Whether Maduro’s proposals will fall on fertile ground with oil producers is questionable.

When the Petro’s advance sale starts in less than two weeks, this should only be the beginning – at least if you go to Nicolas Maduro. Venezuela’s president announced on the South American country’s radio this week that he wanted to launch a common oil currency for the OPEC states.

“I will officially propose to all OPEC members and oil producers to introduce a common oil-secured crypto-currency mechanism, the 55-year-old describes his vision. According to Maduro’s ideas, oil producers could thus issue a currency with stable values, secured by common oil, modelled on petroleum.

Securing with the Bitcoin profit of others?

Such an OPEC Petro would be a real coup for Maduro. OPEC, based in Vienna, represents Venezuela as well as the oil-rich Gulf states. The association is thus responsible for an estimated 45% of Bitcoin profit production. In addition, 75 % of the world’s oil reserves slumber in the soils and waters of the member countries. Read more about it: https://www.geldplus.net/en/bitcoin-profit-review/

A common currency would secure Venezuela against possible resistance from abroad, which would only be directed against Caracas. Maduro has his back to the wall. His economy crawls, the luck of the experiment “Petro” is questionable.

While the domestic opposition is going on the barricades, which Petro calls “illegal” and an “illegal loan of the state oil reserves”, one thing, especially on the part of the USA, is by no means desired. And this is witnessing how Venezuela is circumventing international financial sanctions.

An OPEC petroleum will not be allowed and, in case of doubt, every lever will be used to prevent it. It is true that the organization once displaced the Americans as world market leaders and is currently trying to dictate the oil price to the displeasure of the USA by cutting production. Moreover, the US influence on OPEC’s competitors is still large, especially in foreign policy terms. OPEC engine and world market leader Saudi Arabia are regarded as close allies of Washington.

In the fight against the Bitcoin profit

In December last year Maduro announced the Bitcoin profit based on oil reserves. With this currency, the country should profit from the continuing crypto boom, find its way out of the economic crisis – and consequently break the chains of international sanctions with the help of Bitcoin profit according to onlinebetrug. With a current galloping inflation rate of 2,900 %, Venezuela has been in an ever faster downward spiral since last year. Food is in short supply and public order is falling apart. The International Monetary Fund even forecasts Venezuela an inflation rate of 13,000 % by the end of the year.

The Petro advance sale, on the other hand, could be a first financial injection. This will start in just under two weeks. Last week, the president announced this with the signature of the Petro White paper and published new details for the first time. The Petro is to be used in the future with the help of passports and identity papers and thus bind citizens directly to the state in their financial management.

“The Petro will have a huge impact on how our access to foreign currencies will look like and how we will buy the goods and services we need from anywhere in the world,

so Maduro on Venezuelan television.

As was announced today, he wants to be re-elected in an early election on 22 April. Only his name will be put to the vote so far. According to estimates, this could also remain so against the will of the opposition.

Bitcoin rate over 800 EUR – To the moon? No, to the stars!

The current upward trend is gaining speed, so the price is currently at 840.58 EUR (877.33 USD).

Again the price rose continuously throughout the week. Since 21 December, this rise has been steeper.

Today, on December 22nd, the price rose again, so that it now stands at 840.58 EUR (877.33 USD).
Wow – only yesterday we were jubilant that the price had risen above 800 dollars, today the price rises significantly above 800 euros. We are experiencing a price rally that last took place at such heights two years ago. With the breakthrough of 800 dollars, one of the great resistances of the price was broken, on which Bitcoin still gritted its teeth in June. Of course, this has given the share price an enormous boost, so that – depending on the exchange – it has already reached historic highs.

As an example, the long-term price development of the Bitcoin code

With the exception of a short spike on 6 November 2013, the Bitcoin code established at the beginning of 2014 was broken through. On other Exchanges it is not yet so clear, but with all modesty one can say that also there this Bitcoin code is currently being shaken.

Bitcoin has long since left the “To the Moooon! moon” behind him and the flight continues. That’s also what the indicators say.

The MACD (second panel from above) is still positive. Just the rush of this morning has pushed the MACD line (blue) clearly over the signal (orange). The MACD is therefore bullish overall.

Of course also the RSI is bullish (When in the last weeks was it actually bearish?). At 94, it is overbought as never before this year. Of course this is a signal for caution, but the price developments over the last few months have taught us that overbuying is not an immediate sign of a price fall.

The Bitcoin code remains positive

So that’s everything very, very positive. Of course we see that we are in a rally and have to see what happens when it is over (then a good moment would have come for Bagholder to bring her Bitcoin code home), but all signs are bullish for now like this: https://www.forexaktuell.com/en/bitcoin-code-scam/

Looking at different time scales has always been worth it, just to see if the trend is confirmed in the long run. And yes, he thinks so: “On the 240-minute chart, we see last month’s development:

The price has actually always risen. Yes, he tested the EMA100 trend twice, but otherwise it just went up. Here, too, we can see that in the last few days the share price has increased in speed.

The indicators are also positive here, whereby both the very strong discrepancy between MACD line and signal and the astronomical height of the RSI speak for a consolidation soon.

Money laundering at Shapeshift? The reaction of the stock market

According to a report in the Wall Street Journal, 88.6 million US dollars of illegally acquired funds were channelled through 46 different crypto exchanges via Bitcoin & Co. The report published on 28 September focuses in particular on the allegedly anonymous platform Shapeshift. According to the report, a total of nine million US dollars had been washed on the stock exchange. Now Shapeshift is defending itself with a public statement.

Shapeshift is a crypto exchange founded in 2014 that allows users to exchange crypto currencies such as Bitcoin without giving their identity. It is possible to track the addresses of the transactions. But who is behind the addresses remains unknown.

Criminals have now apparently taken advantage of the Bitcoin news

To prove this scam, onlinebetrug spared no expense and effort and developed its own computer program that tracked the financial flows of over 2,500 users suspected by the journal of fraud. According to the Bitcoin news, these include mainly investment fraudsters and Ponzi schemes. With the help of Shapeshift, for example, they have converted their Bitcoin into Monero and can no longer be found. The Wall Street Journal criticises in the report that Shapeshift has still not abandoned its policy of anonymity.

This is how Shapeshift reacts: Massive criticism of the criticism
On October 1, Shapeshift reacted to the report in a public statement. According to the Crypto Exchange, the report is “peppered with inaccurate and sometimes even false data”. For over five months, the Bitcoin Exchange had been working with the financial journal, answering its questions and always being cooperative. Among the many topics discussed, however, nothing of the criticisms that the Wall Street Journal has now published has ever come up. In addition, nine million US dollars are only 0.15 percent of the trading volume of Shapeshift – too little to criminalize it.

Fraudsters convert Bitcoin formula to Monero

But even to this extent money laundering via onlinebetrug is not possible. The Exchange works closely with a large number of other crypto exchanges in order to prevent criminal energy. In return, even entire countries are on the Bitcoin formula list. Instead of withholding information about suspicious accounts for months on end, the Wall Street Journal could have provided Shapeshift with the necessary data to prevent possible crimes. This was apparently not the aim of the financial journal.

Moreover, Shapeshift doubts the competence of the authors, who are by no means fully involved in the topic. In the public statement, the Exchange goes into further accusations in detail.

The old attempt to criminalize anonymity
Of course it is desirable to put a stop to Ponzi schemes and fraud. However, the question arises as to which is the best way to do this. It seems to be much better to educate people about their machinations than to criminalise projects that want to promote privacy.

Too quickly the child is dumped with the bathwater and whole large projects are shorn over a ridge, as here in the case of Shapeshift. Especially since the general accusation that crypto currencies are mainly used for criminal purposes no longer has much to do with reality. The trend is clearly in the opposite direction.

Sentiment analysis for crypto currencies

The bon mot ‘there is no bad press’ does not apply to crypto currencies. EOS had a media presence on Twitter regarding the accounts frozen by block producers, but this was rather negative. Accordingly, it is helpful to follow the general mood on the social media around a crypto currency.

Scionanalytics offers first approaches for such a sentiment analysis

In this, the evaluation of the tweet is classified AI-supported. In a pie chart, the sum of the tweets within the last week is displayed. If you move the mouse over a section of the pie chart, you get a rough picture of the mood within the last week for a crypto currency:

As you can see, the opinion of the Twitter community regarding DASH has been rather positive. Of a total of around 43,000 tweeets, almost 5,000 are positive, while just under 1,400 are negative. The ratio between positive and negative tweets is therefore 3.6.

For EOS, for example, the picture looked somewhat less good last week thanks to the dramas affecting the block producers: Here the ratio is 2.3, so in relative terms fewer positive tweets were posted than at DASH.

An interesting project with optimization potential

In addition to these features, Social Coin Analytics tries to give AI-based price forecasts. Should the probability for such a forecast exceed a certain level, it will be displayed in the dashboard. The Iunera team continues to train the AI in order to make successively better predictions.

Social Coin Analytics from Iunera knows how to please. Data nerds can spend a lot of time studying the tweeting behavior for different crypto currencies.

As with many young projects, working with Social Coin Analytics results in a small wish list in your head. So it would be extremely useful if one could also look at longer time intervals. Furthermore, it would be great if you could also consider data from other social networks. Also important is a filter option in the time-dependent plot so that you can only look at the positive or negative tweets as a function of time. After all, it would be fantastic if you could watch the tweets yourself at certain times, as in the above example on June 24.

Nevertheless: The wishlist shows above all that you quickly get a desire for more when using it. An interesting tool, which one should pursue further.