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Survey Responses Are IN!
I want to thank everyone who replied to our survey! Your feedback is extremely valuable! Here are the results and how they're helping shape our direction.
What goals would you like to see us accomplish? What's most important to you in how this Quadriga situation ends?
This was an open-ended question and the answers varied widely (and there was definitely a lot of responses which mentioned multiple goals). Here's a summary:
65% mentioned recovering losses for affected users.
45% described a desire to get better standards on Canadian exchanges.
30% included justice for victims.
25% desired education on crypto-asset protection.
20% had the creation of the new exchange.
The justice theme has been entirely overlooked by what we're doing. Discussing the idea on the Quadriga Uncovered Telegram group, it was determined that there was definite interest in a potential letter-writing initiative. One possibility would be sending letters to the RCMP to request the exhumation.
Is there any part of our initiative which confuses you?
Almost universally, there was no mention of any confusion. The feedback we did receive:
"The website landing page could provide an executive summary of the key aspects of the initiative".
The front page was last updated March 30th. We are constantly experimenting and improving the front of the website and our presentation of ideas and welcome any insight.
"I was worried with the proposal to have a token for affected users. The intention may be ok, but tokens and ICOs have a bad reputation for being scams. I confess that I didn't read the website of the Initiative, but from communications, I didn't see the association between the Initiative and the official committee."
We should make clear we are fully separate from the bankruptcy process. There is no tie to the official committee, although we have gotten their feedback throughout. This is an opportunity for the business community to provide additional help for victims.
We are contemplating the need for having blockchain-backing, however it does provide the ability to have greater transparency in the distribution/supply, more control in the form of a multi-sig smart contract, and easier liquidity options.
What we are doing is fundamentally different from any ICO. Tokens are distributed 100% free against verified losses. Redemption happens over time for utility (products/services) or goodwill (best-effort redemption) and it's always a fixed value of $1.
"Generally i understand. Confused about progress and value offer to crypto enthusiasts."
The initial (very first) value proposition for the tokens will be the ability to offset trading fees on the partner exchange, where we expect that traders may adopt having a small stash to cover their trading expenses as they trade. From there, we have other businesses interested in accepting partial payment in tokens. Basically, tokens are spent in place of dollars to get a discount at participating businesses which wish to support affected users.
In terms of progress, we are still waiting for three things:
Partner exchange full launch.
First bankruptcy payout to complete.
Reaching 1,000 signups (as necessary for our deal).
Please feel free to reach out on Telegram and Reddit if there are any further questions!
Is it more important to you that we focus on (a) helping victims of Quadriga recover, (b) educating more people about Quadriga and other exchange fraud, or (c) preventing future exchange fraud events like Quadriga?
Of the first or only choice picked, 70% chose (a) helping victims of Quadriga recover, while 30% chose (c) preventing future exchange fraud events like Quadriga. (a) was mentioned in 80% of cases, and top choice in 70%. (b) was a second choice in 30% of cases and mentioned in 35%. (c) was mentioned in 65% of responses and top choice in 30%. The educational portion of our initiative was seen as the lowest value. We are floating the idea of replacing the Education goal with a separate Justice goal, which is composed of letter-writing and other advocacy to help speed up any potential criminal investigations.
What bothers you most about Canadian cryptocurrency exchanges?
The responses varied widely. Here's a selection:
"The lack of unbiased information on how trustworthy exchanges are."
"The lack of transparency."
"that they are unregulated"
"I only use a non-custodial exchange now (Bull Bitcoin). The inertia and apathy of the government bothers me a lot. After Quadriga there should have been an inquiry. Even my emails to MPs Marie-France Lalonde and Bill Blair got no response. It's not realistic to wait for exchanges to 'self-regulate'."
"Terrible for trading and unreliable"
"Where is the regulation and oversight?"
"It's difficult to know which one is safe and w[h]ich one is not. It's easier to go to a bigger exchange (eg. Binance, Kraken, ... ) who has a solid reputation than Canadian one (at least for now)"
"Slow volume, difficulty to access for some, security"
"Security, trust, support, education"
There is clearly a lack of satisfaction.
Should preventing events like Quadriga focus more on regulatory reform (working with regulators) or trying to create change through setting the example on one exchange and go from there (similar to how "Tesla" has electrified vehicles)?
40% of respondents desired an approach which included both aspects.
40% of respondents desired an approach of setting an example in one exchange.
20% preferred a regulatory approach.
"(c), creating an independent classification/review system that would allow users to know which exchanges are most trustworthy, and to force less trustworthy ones to shape up."
There are a few such services out there. Key issues are that these opinions can be influenced by referral bonuses, the exchange reputations change over time (as was the case in Quadriga), and there is limited information on which to base the evaluation. Many reputable third parties have recommended shady services that subsequently failed.
Pressing forward on both fronts appears to make the most sense.
Would you rather have the recovery run inside of a for-profit exchange (sort of a marketing/promotion idea to push people onto a safer exchange) or as an independent group of affected users pushing for our own interests (working with the safer exchange and other businesses potentially similar to a labour union or political advocacy)?
The end result:
The majority (55%) prefer to have the independent group advocating for affected users.
A minority (35%) prefer to have it run in a for-profit/promotional way inside the exchange.
There were 10% of responses indicating both would be acceptable, or no clear preference.
We will be working to run this independently, however working closely with our partner exchange as a joint project (and it is definitely a promotional tool for them).
If given the choice, would you prefer (a) $20 cash each year for 10 years (slower recovery with full choice), or (b) your choice of $200 worth of discounts on products/services that are donated by small businesses which you could use this year (faster recovery with less choices)?
60% indicated a preference for (b), and 40% had the preference for (a). There is clear interest in focusing on both, which will push the fastest and most flexible recovery.
Affected users have a liquidation option which allows non-victims to purchase their tokens on the exchange. How do you feel about charging non-victims a small fee (5 cents per token) that is split between funding the project and a pool for affected user payout?
50% expressed outright support for the idea. Below are more detailed responses and comments:
"indifferent, although I think any fee will end up factoring in to the exchange rate on the value of the token. If people are willing to pay $10 for a $15 coupon, then a 5% fee might mean they'll only pay $9.50"
This is undoubtedly true. In your example, 25 cents would go to the project, 25 cents to affected users, and $9.50 to the seller. As opposed to $10 going to the seller.
"I am not yet clear on the cost structure of the proposed solution. Has the cost of managing the recovery effort been accounted for?"
It hasn't been properly accounted for, and this is one possible solution.
"I think that it is more important to have broad communication, reaching out to public at large and crypto communities in other countries. Then there should be multiple ways for different communities to contribute financially to affected users. I don't like the idea of fees and tokens because it seems to distract from the larger tasks of communication, rallying, documenting and advocating."
You bring up great points. Outreach is important, as is flexibility in approach. If you have more concrete ideas we would love to consider them!
"Good idea, but it restricts the on boarding of new users"
This is a fair point. The hope is that those participating want to help.
"I would prefer to avoid this option, Unless we can show that there are many added benefits from using this platform over others, thus justifying the fees and making it more acceptable to users."
Absolutely. Hopefully there will be many added benefits.
"I think it a good idea, fees will go anyway to affected users, I totally agree"
Awesome. That's definitely the intent.
"better not tax when tokens are transferred to the blockchain - tax the transaction (something small, in order not to affect the volume/liquidity too much) like what they are doing with the flight tickets in Quebec"
Absolutely! This would be a transaction cost only.
At the moment this has not yet been agreed upon by the partner exchange.
Have you discussed the project with anyone else who lost funds in Quadriga? What kind of feedback are you hearing?
40% said they've discussed it. 40% have not. 20% didn't answer (or it was hard to understand). Some of the responses:
"only online, and there there seems to be some confusion about the projects goals, some concerns about the connection to a for-profit exchange, and a general 'one bitten twice shy' mentality."
"Yes, Matt and my spouse. The problem was foreseeable. We just all ignored the risk because we were sold on the simplicity. The first red flag I saw was that accounts could be reloaded through an entity in China, which did not make sense, but I ignored it because of my perceived impression of protection given that the operator was in Canada."
"Yes - most have given up hope of recovering funds"
" I can't follow the chats on Telegram. I gained no knowledge the times I tried to read the discussions there. In fact the discussions there seemed to be not very polite. I wasn't able to connect with any other affected user. I wish there were some more structured gathering. Maybe a webinar would be nice."
Note: This sounds like it may be talking about the separate and more popular Quadriga Uncovered Telegram group. We would be very interested for any examples of impolite discussions on our Telegram group.
"This recovery process started out fine, but has turned into a circus show as is usual with lawyers who naturally want to stretch cases out to steal more money from victims."
"Not for now, I don't know any other victim (except members of Quadriga initiative)"
"Its your fault for keeping it on an exchange, what did you think was going to happen. There will be no money left after the 'bankruptcy'.. Lightning will solve all these problems other than recovery of funds."
Many affected users have strong privacy concerns and shame regarding what happened to them, such that they are even hesitant to share basic details. What do you feel is the best way to build trust and openness among the affected user community?
Here are some of the replies:
"I really don't know. Keeping things as anonymous as possible might help, but then the project would also need accountability to show that most of the tokens weren't sent to your own account. It's a tricky problem."
Absolutely. We also need to consider the various ways the project could be defrauded.
"What you are doing now. I am just not clear on the sustainab[i]lility of this effort without appropriate financial support."
"We all lost. We got burned. No shame in getting burned. It happens."
"There must be a way for affected users to connect to each other. Communication is the foundation, and it can be done preserving privacy. Some ideas include a webinar, chat tools that preserve privacy, etc. I heard of the documentary but I don't know what will be there. I think it is important also for the public at large to know how Quadriga affected users. That is, it's important for some personal stories to be published, ideally in the mainstream press."
We have Telegram, Reddit, and Twitter. A webinar would be great! There have been a number of mainstream news articles on Quadriga, although it's not well known outside of the crypto community. We welcome any further ideas for platforms.
"I would use the angle that crypto will continue to gain traction as time goes on, and that although the affected users were victims of a terrible fraud, we have an opportunity to prevent this from happening to others. I would also use the fact that this initiative has gained a considerable following and that affected users are all in this together, whether we want it or not."
"Maybe a guarantee that nobody will be further persecuted would help."
Hopefully no affected users are persecuted. Who's being persecuted?
"I don't know what else could be done for now."
"Just let us go forward."
"Once you demonstrate positive effects (and communicating about them), and set up ways to contact you securely, the users who have privacy concerns will contact you. You should have anonymous way to communicate with you (maybe using memo.cash?)"
Feel free to use an anonymous handle for any communication with us via Reddit, Twitter, Telegram, or email.
"Simple questions, good job :). Wonder about the stages of loss/gr[ie]f. Maybe the stinging pain needs to subside before people will trust."
Notes: Percentages rounded to the nearest 5%. Thank you very much for everyone who took the time to respond! We will continue to study your answers as we move forward!
Church Of Monero: Enough is enough - How the leader of the Church tried to fool the community to make look like the Church is organizing the Monero Konferenco and even adding his own Monero address on the flyer (166 points, 268 comments)
[URGENT]Call for translators! - We have two days to submit as many translations as possible for the next release of the GUI wallet! We need your help! (123 points, 46 comments)
Monero translators, we need you to make one final sprint! The code freeze is imminent. (112 points, 15 comments)
I tell a lot of people about Monero who don't know anything about crypto and they instantly get it. They ask me the same thing over and over, so why do people still use Bitcoin? (127 points, 119 comments)
How trustyworthy is the Cake wallet for iOS? (80 points, 43 comments)
Why don't other coin devs like talking about fungibility? They seem to shrug it off even though it's a necessary component to being a currency. (77 points, 85 comments)
This is a compilation of everything suspicious I found with Quadriga. Please let me know if there’s anything incorrect or missing Early History (2013-2017)
QuadrigaCX started in 2013 and made history by being the first crypto exchange to register with FINTRAC and accept gold bullion deposits. By 2015, Quadriga became Canada’s largest crypto exchange. So far, so good.
In March 2015, Quadriga attempted to go public and a month later, announced its intention to install Bitcoin ATMs across Canada. Both these plans were eventually aborted.
Even though Quadriga never listed, it started selling its shares over-the-counter. In Sep 2015, Quadriga stopped publishing audits. In March 2016, Quadriga was banned from selling shares after the BCSC issued a cease trade order (CTO) for not submitting an audit.
Around the same time, 3 of Quadriga’s 5 directors (Anthony Milewski, Lovie Horner, Bill Filtness) and CFO (Natasha Tsai) all resigned. Sometime in 2016, Director and Co-founder Michael Patryn resigned. This left Gerald Cotten ("Gerry") as the only remaining director.
Evidence shows that Michael Patryn has used several aliases (including Omar Dhanani) and is a convicted identity thief
Quadriga has changed its business address several times. It started as a Vancouver-based exchange, with its addresses changing from Commercial Dr, Nelson St, and Homer St. Eventually, the address moved to Toronto. None of these were physical office addresses, but instead a mail forwarding address.
The Terms of Service on Quadriga’s website have always suspiciously stated that:
All account fundings are considered to be purchases of QuadrigaCX Bucks. These are units that are used for the purposes of purchasing Bitcoin or other cryptocurrencies. QuadrigaCX Bucks are NOT Canadian Dollars. Any notation of $, CAD, or USD refers to an equivalent unit in QuadrigaCX Bucks, which exist for the sole purpose of buying and selling Bitcoin and other cryptocurrencies. QuadrigaCX is NOT a financial institution, bank, credit union, trust, or deposit business. We DO NOT take Deposits. We exist solely for the purposes of buying and selling cryptocurrencies.
Banking troubles throughout 2018
In late Dec 2017, Jose Reyes (CEO of Billerfy and Costodian Inc, Quadriga’s payment processor) moved over a million dollars from Quadriga’s account and into his own personal CIBC account
Shortly after, CIBC froze these funds and tried reaching out to Gerry, who refused to speak with them
All throughout 2018, Quadriga’s fiat withdrawal times took 2-3 months to complete. Quadriga kept citing the CIBC freeze as the reason. What’s very suspicious is how Quadriga constantly lied to customers with promises such as “the withdrawal backlog will be cleared in 1 week” or “your funds have been processed” when in fact they were months away from doing so.
Period leading up to Gerry’s death
On Nov 27, Gerry filed his will just 12 days before his death. He left a plane, two houses, and $100,000 for the care of his two Chihuahuas.
Gerry had a plan for all his personal affairs in the event of his death but he had no contingency plan for $180M CAD of crypto in cold storage that only he had the private keys to?
India is a suspicious place to travel, considering Gerry had a medical condition and considering how easy it is to get a death certificate there
After a severe bear market, most crypto businesses have been struggling and laying off staff. It’s odd that Gerry, who has no history of philanthropy, chooses to donate money. Especially when his exchange is having so many banking troubles.
The organization that built the orphanage states on their website that they take care of all construction. There was zero need for Gerry to go to India
A reddit post shows that the orphanage exists, although it’s a mystery where the image came from
Bitcoin fell 50% in Nov – the worst monthly decline in 7 years. Gerry’s death occurred shortly after
Gerry’s death and announcement
On Dec 9, Gerry died in India “due to complications of Crohn’s disease.” However, there is a low probability that Crohn’s disease is fatal, especially at the young age of 30
Just a couple days later, a reddit post indicated someone bought 300 BTC on Quadriga at a 25% premium and moved the funds out of the exchange
It took Quadriga over a month to announce Gerry’s death on Jan 14th.
Over the following 2 weeks, Quadriga continued to assure customers that “our hot wallets are being filled and withdrawals are going slower but will complete.”
On Jan 28th, Quadriga takes down their website. Initially they said “an upgrade is being performed,” then the message changed to “site maintenance” before being changed to “Quadriga has filed for creditor protection” on Jan 31st.
In the media, Gerry stated several times that Quadriga uses multi-sig cold storage. This is where 2/3 or 3/5 people can be used to authorize a transaction. Clearly no multisig was used if only Gerry had the private keys.
Formal Active Investigations
A preliminary court hearing was held on Feb 5, 2019 where the Canadian Apex Court appointed Ernst and Young (EY) as Monitor to further investigate into the matter. EY has stated that its an extraordinary challenge to decipher Quadriga's finances, as the company has no accounting records (and did not systematically track incoming and outgoing payments) nor a bank account in its name.
The Better Business Bureau (BBB), which gives Quadriga an F-rating, launched an investigation in Dec 2018
Quadriga has substantial personal information on its customers, including SIN, driver's license, and banking details. Given Quadriga's murky history, customers may have their identity at risk and should setup up credit report and identity theft alerts with either Equifax or TransUnion.
Newbs might not know this, but bitcoin recently came out of an intense internal drama. Between July 2015 and August 2017 bitcoin was attacked by external forces who were hoping to destroy the very properties that made bitcoin valuable in the first place. This culminated in the creation of segwit and the UASF (user activated soft fork) movement. The UASF was successful, segwit was added to bitcoin and with that the anti-decentralization side left bitcoin altogether and created their own altcoin called bcash. Bitcoin's price was $2500, soon after segwit was activated the price doubled to $5000 and continued rising until a top of $20000 before correcting to where we are today. During this drama, I took time away from writing open source code to help educate and argue on reddit, twitter and other social media. I came up with a reading list for quickly copypasting things. It may be interesting today for newbs or anyone who wants a history lesson on what exactly happened during those two years when bitcoin's very existence as a decentralized low-trust currency was questioned. Now the fight has essentially been won, I try not to comment on reddit that much anymore. There's nothing left to do except wait for Lightning and similar tech to become mature (or better yet, help code it and test it) In this thread you can learn about block sizes, latency, decentralization, segwit, ASICBOOST, lightning network and all the other issues that were debated endlessly for over two years. So when someone tries to get you to invest in bcash, remind them of the time they supported Bitcoin Unlimited. For more threads like this see UASF
Daily analysis of cryptocurrencies 20190911(Market index 38 — Fear state)
https://preview.redd.it/25xag2ahp5m31.png?width=1080&format=png&auto=webp&s=af83a570993c5886035df96652253610b0368fb6 The Japan Financial Services Agency held the second round of the Encrypted Assets Roundtable, calling Libra the “alarm clock” According to the official website of the Japan Financial Services Agency on September 9, the Japanese Financial Agency revealed today that the agency had held the second round table on encrypted assets in Tokyo on September 6. The meeting brought together relevant financial regulators and international organizations to discuss and exchange experiences on the latest developments in cryptographic assets, including stable currency. The conference consisted of four main topics, namely: 1. The latest technological developments and challenges of cryptographic assets; 2. Supervision of crypto-equity trading platforms; 3. Investor protection and market integrity; 4. Participation of multiple stakeholders global cooperation. It is reported that the meeting is an invitation system and is not open to the public. At the meeting, the Japanese Finance Agency’s international deputy, Iwami, made an opening speech, saying: “Libra is like a ‘sounding alarm clock’ to all of us. The alarm bell has been ringing, which requires regulators and central bank officials to expand. Eyes, face up to the problem to face sooner or later. Many other clocks may be waiting for the next time.” US Deputy Treasury Secretary: Libra will accept US anti-money laundering review On the 11th, Sigal Mandelker, deputy secretary of the US Treasury for terrorism and financial intelligence, warned on Tuesday that Libra, the proposed cryptocurrency of Facebook (FB.O), must comply with US anti-money laundering standards in order to survive, even if its headquarters is in Switzerland. Mandelker said: “What we have pointed out to them many times is that they must deploy appropriate anti-money laundering and sanctions programs to combat terrorist financing. I think they are still at a very early stage of thinking about how to meet these requirements.” Indian parliamentarian: cryptocurrency is more complicated than the Internet in the early stages of development Indian Congressman Rajeev Chandrasekhar said in an interview that cryptocurrency is much more complicated in the early stages of its development than the Internet. The growth and innovation momentum of encryption technology is almost like a perfect storm. Speaking of India’s position on managing encryption for the public, he cautioned that the Supreme Court has ruled that privacy is a fundamental right for all Indians. In addition, he added, there is currently no legislative and legal framework for innovation to allow people to collect data from consumers and to allow consumers to agree. He deliberately confused encryption and privacy because it currently does not have a policy framework.
Encrypted project calendar（September 12, 2019）
BNB/Binance Coin:Coin Security will stop providing services to US users on Binance.com on September 12thBCN/Bytecoin:Bytecoin (BCN) will release Copper v3.6.0 on September 12tHBT/Hubii Network:Hubii Network (HBT) hubii’s “Blockchain in Practice” campaign with Microsoft will be held on September 12th at the Microsoft office in Oslo.ETC/Ethereum Classic:ETC or will perform Atlantis hard fork on September 12th
Encrypted project calendar（September 13, 2019）
VET/Vechain:VeChain (VET) VeChain CEO Sunny Lu will deliver a speech at the Public Blockchain Symposium on September 13th.WABI/Tael:The Tael (WABI) project team will release the new Tael website on September 13.
Encrypted project calendar（September 14, 2019）
BTC/Bitcoin:The European Union will launch its name, Payment Services Directive 2 (PSD2), which will take effect on September 14. The new law includes banks implementing “strong customer certification”. In addition, according to previous news, PSD2 can obtain some of the functions of the banking industry, providing new payment solutions for encryption products.BNB/Binance Coin:Binance Coin (BNB) Coin’s overseas team will hold its first community gathering in Jakarta, Indonesia on September 14.OKB/OKB:OKB (OKB) OKEx Africa will hold a party in Accra, Ghana, on September 14th, and the first African blockchain project supported by OKEx will be released.
Encrypted project calendar（September 15, 2019）
TRX/TRON:Wave field TRON launches side chain plan Sun Network network three-phase releaseWAN/Wanchain:Wanchain (WAN) will hold a 3Q community conference call in mid-SeptemberAE/Aeternity:Aeternity (AE) æternity is expected to carry out the Lima hard fork upgrade on September 15th, and the third Ethernet AE token migration hard fork will take effect.NANO/Nano:Nano (NANO) NANO founder Colin LeMahieu will attend an informal community gathering in Austin, Texas on September 15th.
Encrypted project calendar（September 16, 2019）
LINK/ChainLink:Chainlink (LINK) Oracle will host the Oracle Code One conference from September 16th to September 19th, at which it will announce the launch of 50 startups with Chainlink.MANA/Decentraland:The Decentraland (MANA) community will host the SDK hackathon on September 16.WABI/Tael:Tael (WABI) “Tael Insider” campaign will be held on the new project website on September 16.
Encrypted project calendar（September 17, 2019）
ZEN/Horizen:The official team of Horizen (ZEN) will hold a community gathering in Strasbourg, France on September 17th.
Encrypted project calendar（September 18, 2019）
OKB/OKB:OKB (OKB) On September 18th, OKEx will hold an institutional meeting in London to share the regulatory environment issues facing encryption organizations.
Encrypted project calendar（September 19, 2019）
NRG/Energi:Energi (NRG) Energi will launch a trading competition on the KuCoin platform on September 9th. By September 19th, 800 NRG will be presented to the top 470 participants.ADA/Cardano:The Cardano (ADA) project official will host the Wyoming hackathon from September 19th to 22nd.KIN/Kin:The Kin (KIN) project team will host a community gathering in Toronto on September 19.BTC/Bitcoin:The 2019 Open Core Summit will be held in San Francisco from September 19th to 20th.
Encrypted project calendar（September 20, 2019）
NULS / NULS: The NULS 2.0 Beta hackathon will be held from September 20th to September 21st, 2019.AE/Aeternity:Aeternity (AE) will hold “Cosmos One” conference in Prague, Czech Republic on September 20th
Encrypted project calendar（September 21, 2019）
BTC/Bitcoin:The 6th FINWISE Global Summit Macau will be held from September 21st to 22nd. Distributed Financial Technology (DeFi) is the main topic of this conference.OKB/OKB:OKB (OKB) OKEx The Africa Cryptour series of talks in Kenya will take place on September 21 in Nairobi.
Encrypted project calendar（September 23, 2019）
BTC/Bitcoin:Bakkt, the digital asset platform led by ICE, the parent company of the New York Stock Exchange and the world’s second largest trading group, will launch a bitcoin physical delivery futures contract on September 23.EOS/EOS:EOS main network is expected to upgrade version 1.8 on September 23
Encrypted project calendar（September 24, 2019）
ENG/Enigma:Enigma (ENG) ENG main network token snapshot will end on September 24, the original start time is August 26.
Encrypted project calendar（September 26, 2019）
ADA/Cardano:The Cardano (ADA) Cardano community will host a party in Washington, DC on September 26.
Why the "Trustee" sold YOUR BTC/BCH now in quiet and on open Markets..?
Dear Creditors! Finita la Commedia with the trustee's claims to act in the best interests of Mt.Gox creditors. RIP. We need to URGENTLY act collectively on this revelation in a manner that will make SURE creditors interests are upheld in this bankruptcy process and justice is made. As the matters stand now we are drifting in the wrong direction.
1. Mt.Gox trustee sells 35,841 Bitcoin and 34,008 Bitcoin Cash for a total of 42,988,044,343 JPY (~405,167,934 USD).
Why now and not before distribution in couple of years?
Why has he decided that $10K/btc is a "high" price? What if in a year 1BTC worth $100k? What he will say then?
Why not sell OTC to avoid market crash?
Why not disclose beforehand?
Why dump on market and not put limit sell order?
Why is this magic number? Why not sell 100,000 BTC?
This is because the total amount of claims that have been accepted until now is 45,609,593,503 JPY with YOUR bitcoin price fixed by the trustee in 2014 at 50,058.12 JPY (~471 USD). All this because the trustee wanted to be "in compliance with Japanese Bankruptcy Laws." not taking into account the reality of deflationary crypto assets. After the current sell-of by the trustee, he has a total of 44,952,982,218 JPY in fiat assets almost enough to pay all the accepted claims of creditors by fixed price of 50,058.12 JPY (~471 USD) per BTC. 2. All Bitcoin Cash and other forks that belongs to creditors has just been unilaterally confiscated by the trustee's decision in favor of Mark Karpeles and other Gox shareholders with the following decision on page 12 par. II.3 of latest meeting report:
"It is my understanding that the cryptocurrencies split from BTC of the bankruptcy estate belong to the bankruptcy estate."
Do you see where this is drifting? 3. Moreover, the trustee in the last creditors meeting report on page 12 paragraph II.2 Says:
With the trustee now playing a role of amateur shady surprise trader on open markets, we are in a worse situation then we have thought. Just FYI, this "trader" have panic sold 18,000 (50%) of all BTC he sold at near bottom prices at around February 5 crashing the market even further. If this is not a blatant market manipulation then this is utter incompetence. See this: https://twitter.com/matt_odell/status/971432146656202752 So at the current trajectory the trustee is planning to give ~24,750 user victims of Mt.Gox fiasco ~45 billion JPY (~430 Million USD) and Mark Karpeles with other Gox shareholders the remaining 166,344 Bitcoin with 168,177 Bitcoin Cash with the remaining forks! Is this justice? Does this scenario suit US? NO! All this bogus conduct is justified by the trustee "to be in compliance" with existing outdated Japanese bankruptcy laws. Common sense, justice, moral values, honor or any other value besides what's in the outdated "Japanese bankruptcy law" does not play any role here. These people dragging feet for years while letting Mark Karpeles get away with the biggest scam in crypto history. Remember the "it's only technical" explanations while continuing to accept deposits from his own users while he perfectly well knows that his company is INSOLVENT? Now it got to the point that this masterpiece Mr. Karpeles claims that because the remaining fiat value of btc left is much higher today then the value of all the btc his company possessed in 2014 it is somehow makes Mt.Gox "solvent". Huh? Didn't he loose more than 75% of all crypto assets he held and this state remains to this day? Yes? Then his company is INSOLVENT! Period. Any other type of bogus calculation to make a thief rich and proud of himself on the misery of tenth's of thousands of users whose trust he has abused is nothing short of preposterous and should be challenged in the supreme court at the very least!
So what can be done? I propose the following: A. Prepare what ever necessary legal proposal to change the bankruptcy law in Japan to take into account the new reality of deflationary monetary assets/currencies. The Japanese bankruptcy law as it stands today is one sided, outdated and not reflecting on the reality of existence of appreciating (deflationary) assets like crypto, some stocks, real estate in a growing market. We need a specific change that when the bankruptcy deals with holding appreciating assets then the initial asset exchange rate to JPY ($483) will be used as an "assessment" price only to determine the Pro-Rata % amount of each creditors portion of the assets at the time of bankrupt entity's collapse. The "actual" exchange rate will be determined by the assets price at the time of liquidation of those assets for JPY or distribution. In this case the creditors will receive their rightfully owned percent of the assets in the time of distribution/conversion. This is the only just way to avoid a scenario when a bankrupt insolvent entity suddenly claims to become "solvent" during the process of bankruptcy proceedings because of prematurely determining the exchange rate of the assets before hand. B. Prepare what ever needed application to Japans supreme court to freeze any distribution to Mt.Gox shareholders until the necessary amendments to the bankruptcy law are passed. C. Stop the Mt.Gox trustee trader from selling more BTC in a surprise and anonymous manner. Until the final ruling by the supreme court about the belonging of the crypto assets held by the trustee either to Mt.Gox creditors or shareholders is decided. The Mt.Gox Trustee has no right to sell or trade with these assets as he sees fit. D. Prepare a lawsuit against MtGox/sharehoders for unjust enrichment/conversion and get a preemptive lien/garnishment against the distribution that might go to them. (proposed by jespow). E. We as Mt.Gox creditors are not organized in due manner to effectively enforce our interests. We need one UNIFIED representative body to act on our behalf in this bankruptcy saga. I propose we set up for all creditors a voting process through which we will be able to elect "Mt.Gox creditors representative counsel". People we absolutely trust to think and act in accordance with the best interests of the creditors. These people can be big creditors (for example, Josh Jones CEO and Founder of Bitcoin Builder), Other people that are not creditors but have proven themselves over the years to be on the side of the creditors like Jesse Powell jespow the CEO and owner of Kraken, he has done a lot over the years to help us. You can read his proposals on here: https://www.reddit.com/mtgoxinsolvency/comments/7dyr74/re_inquiries_about_mtgox_disbursements_and/ Unless we step up our organizational game it's game over. I think the best and easiest for creditors would be communicating by email: E1. We have a list of all the creditors from the list of acceptance or rejection for all claimants posted by the Mt.Gox trustee. E2. We need to get from trustee or build an email list of all the creditors to send them periodic communication like monthly news, voting proposals, status updates, password for forum, etc. All this managed by trusted party like Kraken preferably or with oversight by them with unsubscribe option. E3. We need more than 50% of the creditors to join this list preferably to claim we have the majority of creditors support in courts. Best for this process to be all inclusive not requiring any mandatory financial contributions because of the fact that many investors got themselves into debt and financial hardships by Gox fiasco. If a creditor that was not active until now, can't help financially but can commit his support by voting or pledging some financial support once the successful distribution of BTC is made then this is a big win. E4. We probably need a new forum. Best would be to allow only the original email addresses of Mt.Gox creditors to set up accounts there to avoid trolls signing up and ruining or influencing our decision making. Also new accounts could be set up for trusted people after review by the moderator and marked as such. Example: Lawyer, People the creditors hire for different jobs, etc. All of the above together with monthly or weekly updates can create a positive momentum and keep this issue afloat with a lot of new organizational ideas coming in and helping improve our overall chance as creditors to win this battle for the benefit of all of us and the crypto community! Please keep your comments and info constructive! Suggest names for possible representative council members, ping users, post ideas, let's get this brainstormed. Pinging for input: jespow -- Kraken CEO andypagonthemove --Coordinating Mtgoxlegal.com P.S. I apologize for the long post. Thank you for your time & contribution!
A Crypto-Mystery: Is $140 Million Stuck or Missing? PAUL VIGNA FEBRUARY 06, 2019 A Canadian cryptocurrency exchange says about $140 million worth of customers’ holdings are stuck in an electronic vault because the company’s founder, and sole employee, died without sharing the password. But two independent researchers say publicly available transaction records associated with QuadrigaCX suggest the money may be gone, not trapped. They say it appears Quadriga transferred customer funds to other cryptocurrency exchanges, although it isn’t clear what might have happened to the money from there. Their research is the latest twist in what is shaping up to be a bizarre case, even within the often murky and unpredictable world of cryptocurrencies. Gerald Cotten launched Quadriga in December 2013. The exchange claimed to be one of the largest in Canada, allowing customers to trade a handful of cryptocurrencies, including bitcoin and ether. On Jan. 15, the company announced on its website that Mr. Cotten had died on Dec. 9 from complications related to Crohn’s disease while building an orphanage in India. He was 30 years old. Two weeks later, the exchange filed for bankruptcy protection in a Nova Scotia court. Quadriga said its customers have accounts with a total balance of about C$250 million. Only about C$70 million of those customer funds is in cash. About C$180 million, or about $140 million, is in cryptocurrencies held in a reserve account maintained on Mr. Cotten’s laptop, the company said in its bankruptcy filing. Quadriga would need control of that account to send those cryptocurrency funds to customers. Mr. Cotten ran the business out of his home in Fall River, Nova Scotia, his widow, Jennifer Robertson, stated in an affidavit. Ms. Robertson said Mr. Cotten was the only person who moved funds from an active account—called a “hot wallet” in crypto circles because it is connected to the internet—to the reserve account, which is an offline “cold wallet.” The company said it has been unable to break into Mr. Cotten’s laptop to try to recover the access keys. If the laptop can’t be accessed, the funds could be permanently frozen. On Tuesday, a judge in the Supreme Court of Nova Scotia granted the company a 30-day stay of proceedings as it tries to untangle its finances. There are no standards or regulations in the cryptocurrency world that would prevent a situation such as at Quadriga, where one person runs an exchange that handles millions of dollars in virtual currencies using a laptop computer, and has sole access to crucial passwords. Some cryptocurrency specialists aren’t waiting for Quadriga to figure things out. James Edwards, a cryptocurrency analyst who publishes research on a website called Zerononcense, said he reviewed the exchange’s claims based on an examination of publicly available transaction histories. He says he found no evidence that Quadriga controlled any wallets that held the large amounts the company claims. “It appears that there are no identifiable cold wallet reserves for QuadrigaCX,” he wrote in a report. Quadriga didn’t respond to a request for comment. The analysis Mr. Edwards performed is possible because bitcoin and other virtual currencies have publicly available digital records that allow anybody to trace the entire transaction history of a specific currency. This type of forensic analysis has become more common over the past few years in the cryptocurrency world. Mr. Edwards collected information from more than 50 Quadriga clients and then performed an analysis of those transactions, drawing a picture of Quadriga’s money flows. Transactions from the customers to Quadriga revealed the existence of its active accounts. But Mr. Edwards couldn’t find any transactions going to the kinds of reserve accounts Quadriga says it has. If the reserve accounts existed, Mr. Edwards said, then at some point transactions either to or from the active accounts should have appeared. “None of the withdrawal addresses provided by customers led to a wallet that could be considered anything comparable to a ‘reserve’ wallet,” Mr. Edwards wrote. Mr. Edwards told The Wall Street Journal there was evidence wallets once existed that had larger balances, but those balances were currently much lower. The largest wallet currently, he said, appeared to be the hot wallet, or the one used for transactional purposes. The exchange appeared to be satisfying withdrawal requests from the hot wallet, he said, but only after enough new deposits came in from other customers to cover the withdrawals. Mr. Edwards focused mostly on Quadriga’s bitcoin holdings. Another analytics firm, Elementus Group, traced the exchange’s ether holdings, and came to the same conclusion. “It is extremely likely that there aren’t any cold wallets,” CEO Max Galka told the Journal. Most of the funds appeared to be going out to other exchanges, he said, including Bitfinex, Poloniex, and ShapeShift. Poloniex said it identified accounts that could be related to Quadriga, and is working with appropriate authorities. Bitfinex did not immediately reply to a request for comment. ShapeShift declined to comment. Jesse Powell, the CEO of online exchange Kraken, also doubted Quadriga’s claims.He said on Twitter Sunday that his exchange had wallets known to belong to Quadriga and was investigating the “bizarre” story. He suggested the Royal Canadian Mounted Police contact him. Mr. Powell declined to comment. The researchers’ analysis isn’t conclusive, though. “In my opinion, that’s an impossibility to determine,” said David Jevans, the CEO of CipherTrace, another firm that does analytics in the sector. It is possible Quadriga had a number of accounts that served as cold wallets, rather than one, which wouldn’t have shown up in the searches of Mr. Edwards and others. “It very well could be they took the money, moved it out to the cold wallets, and tragedy happened,” he said. While those suspicious of Quadriga acknowledge the public transactions don’t provide certainty, some say there is a way to determine if the exchange’s money is indeed trapped. A crypto developer named Amaury Sechet suggested Quadriga should publish the addresses of the cold wallets. This would allow anyone to see how much cryptocurrency is in them, even if they couldn’t access it. Poloniex said it identified accounts that could be related to Quadriga, and is working with appropriate authorities. Bitfinex did not immediately reply to a request for comment. ShapeShift declined to comment. “Over time trust will build as the coins remains (sic) untouched,”he wrote on Twitter.“If they cannot do this, their story is not credible.”
Want to relay my recent experience to help other canucks entering the cryptocurrency scene. I wanted to invest 100K in both main coins and some alt coins. Depositing that amount can’t be done using ETF/bank-transfeetc. – the only reasonably quick way is to wire funds. For wires, most exchanges have a percentage based deposit fee – something that makes absolutely no sense to me. Whether you wire 1K or 1MM, the amount of work for the exchange is identical, so it should be a flat fee. Deciding on an exchange is more complicated than that though: each one has their own rules for minimums/maximums, trading fees, supported coins, holding periods, and withdrawal fees. They also can vary greatly on the amount of time verification takes. One thing to note is that pretty much all exchanges don’t charge a fee for inbound crypto transfers. 2 months ago I signed up for 10 exchanges (Coinbase/GDAX, Binance, Coinsquare, Kraken, ezBTC, QuadrigaCX, Bitfinex, Gemeni, Bittrex, Poloniex) and was verified on 7 of them (I’m still in queue for Gemeni, Bittrex, and Poloniex). Verification times gave me what I thought was a decent indicator of the level and quality of support I would receive. Of these exchanges, some have what I believe to be relatively high trading fees (Gemeni .25%, Bittrex, .25%, ezBTC .30%, QuadrigaCX .50%) vs lower maketaker fees (GDAX 0/.3%, Binance .1/.1%, Gitfinex .1/.2%, Coinsquare .1/.2%, Kraken .16/.26%). Still others have high percentage based wire fees. And finally, there’s a big disparity between withdrawal fees: free on some exchanes, vs fixed rate based on the coin for others, vs Coinsquare’s insane fixed 0.0025 BTC regardless of what coin or the amount being withdrawn. So here are some observations on the exchanges. Please note that the below is not a reflection on any of the people who work at the exchanges. I’m sure they are working as hard as they can and are doing their best. It’s just my experience. It’s also not financial advice. Also, I’m only human so feel free to offer corrections or better advice. Coinsquare: amazingly fast verification time, and for very large deposits seems to likely be the best option as they will let you speak to a human being by phone and will waive the deposit fee (I didn’t know this until later though). I excluded them because of their high 0.5% percentage based deposit fee and their crazy high withdrawal fee. They also only have support for 6 coins. QuadrigaCX: I had a terrible initial experience with QuadrigaCX’s support, so I immediately excluded them. They have high trading fees and there are many complaints of support tickets being ignored or having extremely lengthy wait times. They have a crazy high 1% percentage based CAD wire fee, but offer free USD wires. Note that they only support wires for large amounts. GDAX/Coinbase: Loads of good reviews, but only has support for 4 coins. Seems like they also don’t have a fee for crypto withdrawals. You also can’t seem to wire CAD or USD funds directly to GDAX. I think you may have to wire USD funds to Coinbase and then transfer them over to GDAX (for free). Kraken: I created an account but the verification page just appeared blank for me. After a few days, their support team got back to me telling me that they had a bug and that I needed to create a new account using a different email address and try again. That worked. I decided to use them as they seemed like the best all-around alternative. I was impressed with their support response (they gave me an answer that worked and responded in days as opposed to weeks), they offer a no-fee inbound CAD wire, support 16 coins, and have low (though not free) crypto withdrawal fees. They have also been around a while and have a good reputation (They were picked to handle MtGox claims). Wiring funds to them was a hair-raising experience though. You basically need to send your funds to an unknown bank in Tokyo, Japan. Kraken also has two slightly different sets of wire instructions: one that is on their website, and the other that their support folks send out. Only one of them mentions that you should tell your bank not to use an intermediary that will convert your currency. If you do things properly, and are lucky, you end up only paying ~$40 in fees. But chances are, you don’t, and end up paying 4%! (see https://www.reddit.com/BitcoinCA/comments/7rd6k8/fees_when_sending_to_krakencom/). You also have no idea how much the fees will be until the money finally shows up in your account. That’s tremendously unsettling. Luckily my bank branch manager was familiar with crypto currency wires and helped me do things properly. But, the wire took over 2 weeks to show up (Jan 18th), and Kraken support is so overloaded that they didn’t’ respond, despite me escalating my support ticket several times. I eventually had to resort to a reddit post to get a response to my support ticket. I gave support my wire receipt and answered lots of additional questions to help them try to “locate” it. Perhaps the worst part of my entire experience was that while my wire was being located, the entire crypto market tanked by 50%...and no one would respond to my support ticket…I felt helpless. A Kraken support rep a few days ago said that they are handing >50K new user registrations per day and have >20K new support tickets per day. I feel they should turn off new user registrations until they are capable of servicing existing customers. This is what their competitors have done. I found it disheartening to learn that the only way to get a response to my support ticket was to complain via social media --- many others have found the same. While I was waiting for my wire to appear Kraken had a >48h outage. Prior to the outage, the site was almost unusable as you’d receive constant 50x errors (I found this out prior to wiring my funds). After the outage, I find that their site is still barely usable. Pages take 10-15 seconds to load and when they do load many times they display errors so you have to continually retry until things work. At the end of the day though, they did come through for me: my wire arrived safely. So with my funds in Kraken, I tried to use them to purchase crypto. But no matter what I tried, none of the CAD dollar trading pairs would appear. I logged out and back in a few times and 15 minutes later, it suddenly started appearing. With the flakiness in Kraken’s platform, I had no choice but to transfer everything to a more stable and faster exchange: Binance: These guys have their shit in order. Super simple site navigation once you get used to it, fast verification times, blazingly fast website and trading engine, more than 50 coins supported, etc. But, they don’t support fiat – you must use one of the other exchanges to buy crypto with fiat and then transfer in your crypto. Gotta say it again: everything is super fast. Not just the page loads, but also trading, email confirmations, and withdrawals. Trading takes a bit of getting used to as you aren’t really buying or selling crypto…you are instead “trading” one crypto coin for another. Depending on the coin you want to purchase, you might have to trade your coin for BNB (binance’s own coin) and then trade BNB for the coin you desire. Be Your Own Bank: One final word of advice. Binance is awesome, but don’t trust anyone as despite everyone’s best intentions: no matter how secure a platform is, it can and will be hacked. As soon as you have done your shopping, transfer your coins off to your own wallet. This is why withdrawal fees are important. You might be asking: in hindsight, if I had to do it all over again, what would I do differently? To wire CAD funds I would try to use Coinsquare if it’s a big amount (after re-reading other people’s recent reviews). For USD wires, I might try using Gemeni, but I still haven’t been verified by them and have been waiting for almost 2 months. Before using either I would re-test how long it takes for a support ticket to be responded to. If you do wire funds, don't wire an exact round amount like "10,000.00", instead I would wire "10,070.45" so that it's easier to locate if things go wrong. Once the account has been funded I wouldn’t hesitate to transfer everything to another exchange if I wasn’t happy with the platform, the number of coin offerings, or quality of service I was receiving: you can always come back when things improve. Things change so quickly so not sure how helpful this will be…just wished I had known some of the above before starting.
Most important above all else, Ethereum has never been decentralized since its distribution (i.e. premine) & thus value of incentives depend entirely on 1 trusted party, the exact opposite of decentralization or trust minimization [1,2,3,4,5,6]. Calling themselves decentralized is literally deception of others for profit, which is by the most standard definitions called fraud. Below is an example of how this centralization manifests and the absolute lack of ethics & types of other fraud behind Ethereum: Historic account of bailout, fraud, and centralization: how Ethereum Foundation demonstrated to have full control over the ethereum blockchain beyond reasonable doubt while advertising falsely for profit Point by point summary (sources cited below):
Ethereum Foundation (EF) sell centrally pre-mined/pre-made Eth coins in ICO for centralized funding/profit while advertising "unstoppable .. exactly as programmed" code (regular cryptocurrencies are 0% premined, EF had 72m coins premined on day 0 which is ~70% of current supply)
Slock.it developers including eth co-founder create an app called DAO on it for the purposes of funding themselves even more with claims that their "code sets the terms and conditions" like no one has done before them for even more money.
DAO code has a mistake and starts giving away money to a user, vocal fraction of community is divided whether to bailout DAO investors, many unofficial polls show conflicting results with extremely low participation making it unclear whether the super majority is even aware or cares about this 3rd party issue.
EF members refuse to disclose if they are invested in the DAO after promoting it, and many are later found to have been invested in it.
EF tells exchanges there will not be a minority chain surviving, ignoring the divided community, and making it impossible to sell no-bailout version
EF makes the carbonvote the "official" vote 12 hours before the release of the client--after repeatedly claiming for weeks it had no official capacity, and after already having made support for the fork the default option in the codebase. The vote only shows 4% of possible consensus supporting bailout, 1/4 of it from one vote.
Most automated nodes and miners that run "apt-get upgrade && apt-get update" switch over even if haven't seen the announcement 12 hours prior and fork is declared a success.
No-bailout chain survives regardless despite Foundation's efforts, but Ethereum Foundation refuses to update it even if it increases in popularity or size.
Ethereum projects are forced to choose between developed chain with ICO funding, bailout, roadmap and one with no funding, no clear devs, no roadmap. Most are forced to stay with Ethereum Foundation holding central ICO funding & updates hostage.
EF sells the unsold premined coins they still own on the no-bailout chain (forked premine), thus damaging its value
EF members participate in White Hat Group (WHG), use same method used to drain DAO to drain no-bailout chain DAO and then market sell no bail-out ether on the exchanges damaging no-bailout chain value further
EF changed the properties of the security it sold and still falsely advertises "unstoppable .. exactly as written" code (despite proving it false) while profiting from all of it.
Almost all the above actions are fraud. Details and sources: Top left of the banner shows marked up graphic  of ethereum.org claims including "decentralized platform that runs smart contracts exactly as programmed without any possibility of downtime, censorship, fraud". Additionally, the third party app "the DAO" also re-iterated in their contract the similar premise that their code IS the terms and conditions [1,2]. Both DAO and Eth were sold advertised as such in their initial phases. However, the DAO was programmed in a poorly done manner  and allowed loss of the investments put into it . It was no secret members of the Ethereum Foundation (EF) were connected to the DAO often promoting it. Many were found to be invested in the DAO as time passed [1,2,3] , yet refused to disclose it when asked directly [4,5,6]. Despite the loss due to DAO contract being an issue of only minority of users, virtually all mentioned advertised properties of ethereum and the DAO were changed by the Ethereum Foundation to manually reverse the operations the smart contract ran while profiting from it. How did they do it? By exploiting and proving centralization Several centralized aspects of Ethereum were used to achieve this result:
EF controls the defaults settings in codebase to get what they want. Only 12 hours before before the release of the client they selected carbonvote the "official" vote out of many varying options (after repeatedly claiming for weeks it had no official capacity, and after already having made support for the fork the default option in the codebase). This selected poll had many issues discussed below including 96% of possible votes not showing support for EF/DAO bailout. However the 4% vote with quarter from single vote with only hours of official notice before were used as justification anyway for bailout as default setting [1,2,3,4,5,6,7]. By controlling the defaults, they easily took advantage of anyone not up to date on announcement hours earlier who automatically updated and/or the apathetic users to control the blockchain. By moving focus from what's best for majority via opt-in consensus (blockchain standard) to giving only a short window to opt-out, they can centrally manipulate the blockchain in almost any manner without enraging the majority into action [1,2]. As expected, the fork was quickly declared a success [1,2,3]. Control over codebase also allowed them to compromise those opting out by leaving them open to replay attacks, thus further damaging their value as can be seen celebrated by DAO and Eth cofounder Stephan Tual . Effectively, this was equivalent to a successful 4% attack on a blockhain or even attack by a single centralized entity (EF). The approach is easily repeatable and exact opposite of expected censorship resistance against <50% attacks, thus proving it unsecure.
EF has complete centralized ownership of the funds from 70% premine in form of eth and ICO BTC raised . This made them the only well funded core developers and thus the only choice for rapid development and fully in control of what gets updated. By choosing to address this third party contract issue, by refusing to update the old chain, they effectively held their funding and updates hostage to make sure people can't opt out without significant costs [1,2]. Additionally, with such capital, it's trivial to affect the swing vote for under-represented polls with eth or hashpower making their polling governance methods unsecure. Furthermore, once the old chain did receive an exchange and thus possible value, the old chain coins from EF premine were used to damage the value of the old chain further .
EF has name recognition as the founders, name ownership of "the real Eth" or ETH, with even a trademark . Unlike volunteer based or anonymous core teams, EF is Swiss nonprofit operating as a single entity. When a high publicity issue appeared that threatened their money, they were able to stop trade on major exchanges with a simple message [1,2].
Exchanges were deceived by the EF into belief there will be no one in dissent of the self-bailout fork (leaving the other fork without a market and 0 worth) and not prepared for people opting out of bailout [1,2,3], which was misleading due to highly uncertain polls (below). This deception allowed them to be the only chain with value following the fork, and allowed them to keep the name. Despite it all, dissent was also to exist by original chain surviving and prospering even under countless harmful actions of the EF (usually 1/3rd of Eth in number of transactions, 45-50% of marketcap at peak , and even longer chain on at least one occasion).
EF demonstrated ability and willingness to cease trade, fork, and affect entire network when a single app of their choosing fails while profiting from it . The non-democratic nature of the decision was noted by many [1,2]. Changes in properties of the ether security - securities fraud The "unstoppable" app was sending money to an unknown user. What followed was the controversial change of the advertised rules where EF stopped the app by censoring that transaction without consent and confiscated the transaction contents resulting in personal profit for EF devs and friends. The rule change that let EF and friends profit financially while harming someone else financially is very plausibly securities fraud [1,2,3,4]. Additionally, it was a clear conflict of interest in governance. The change of the rules of the security associated platform to censor or run applications based on feelings of how it should run (e.g. liked/ok or disliked/exploit) by the Ethereum Foundation (a centralized entity) broke the EF and DAO earlier statements on decentralization, lack of censorship, and explicit execution of code. While the user followed all the known rules from statements of the platform and the app, the fork rule changes were applied not to fix a bug but to undo previous actions using new rules ex post facto. The changes were retroactive and arbitrary: stopping the app and censoring the user by reverting his money transfer back to where they could take it out, subjectively justified by calling it a theft. Blockchains gain value by decentralizing trust to numerous different parties thus creating censorship resistance against minority attacks and thus security. Ethereum Foundation supported ether asset changed from decentralized, trustless, secure, censorship-resistant platform asset to (proven based on EF actions) centralized, trust-requiring, unsecure, censorable platform asset hence damaging said value. However, to this day the advertisement of the properties of the ether security has not changed, long after EF actions proved virtually every statement in them false. No safeguards were put into place to prevent a repeat as well. This makes it a case of continuous securities fraud as well. What choice did community have? Bad and worse.
Miners had no choice but to mine on the chain with the only coin that would be sold on exchanges under same name (so they can cover electricity bills and profit instead of paying for useless coins) and only chain with future upgrades [1,2]. The bailout was the default setting in codebase with only hours of notice giving it enormous advantage [1,2,3,4,5,6,7,8]. However, some managed to remain on the original despite taking financial losses with no exchange value but were still ignored. Carbonpoll declared official only hours prior suggested 94% not knowing about the issue or being apathetic, hashpoll earlier had 90% no-responses.
App developers had a choice of 2 chains - EF abandoned chain with no clear funding/devs/roadmap or certainly centralized chain with funding/updates. Most had to choose the one with known roadmap despite concerns  vs complete uncertainty but community focused on security .
The ether security holders had the properties of their platform change from known as trustless dapp platform with ico funded devs and updates to two inferior choices : (1) chain with no roadmap nor funded devs but with a nervous community around trustless security, and (2) unsecure chain with no mechanism to prevent a repeat but with update roadmap and ico funded devs. Many gave up hope taking a loss up to 65% in value. EF effectively created two new different and inferior versions of the original security.
No evidence of community support for bailout The justifications of the self-bail out forks are often in the tone of it being a democratic decision or that there was agreement from the community. The survival of the original chain both in value and transactions despite being damaged in value by the EF and even when it had no market value is a demonstration it was not an insignificant disagreement. Additionally, often several voluntary polls are referred to with ~5% eth and 12% hash turnout and single digit 4% and 9% vote of all possible votes for self-bail out fork [1,2,3] - far from majority. Historic archives of the subreddit and simple online polls during the time show much stronger opposition to bailout [1,2,3,4,5]. Issues with official poll
The low turnouts of a voluntary insignificant poll done on a little known subreddit instead of protocol level makes it statistically insignificant. EF made carbon vote the "official" vote 12 hours before the release of the client after claiming it had no official capacity and after making support for the EF-bailout fork default option in the code base [1,2,3,4,5,6]. Additionally, due to low turn out and polls could be easily manipulated for financial gain by buying eth or renting hash power momentarily just for the vote by third parties (thus breaking another earlier statement). About 1/4th of the 5% eth vote was from a single voter .
Voluntary polls are extremely susceptible to biases. Voluntary response bias strongly favors those with stronger incentives to respond and thus results in sampling bias: the profit coming from self-bailout of a minor third party app investors is far stronger incentive than voting for standard operation of a blockchain. Uncast votes from apathy or not being up to date was prevalent accounting for 90%+ mentioned above. By setting the bailout as the default setting (unlike opt-in setting used typically elsewhere) with only 12 hour warning, anyone not paying attention was tricked into supporting the bailout. Nodes can simply automate "apt-get upgrade && apt-get update" so this setting took advantage of everyone who hasn't seen official announcement only hours earlier .
Censorship resistance is often taken for granted in crypto projects as it is expected as the minimum requirement of something being called a blockchain. This expectation results in a bias from bystander effect  and diffusion of responsibility to ensure it: many assume vote for censorship resistance is a sure thing but will definitely happen by others voting. What can happen is a group expects someone else to vote and ends up in almost no one voting.
By the EF labeling the unintended execution of a contract "an exploit" and the person doing it "the attacker" alleging "theft" (which was not a universal interpretation) and stating support for the bailout, they introduced leading question bias that increases tendency to vote in a way that favored bailout. Additionally, individuals and companies had to face a social desirability bias where they were more likely to vote in a way that would feel more socially acceptable.
In summary on 2 polls selected and referenced by the EF is that there is no conclusive evidence of majority support for the bailout fork. Similar conclusions were reached by others.  Financial & value attacks Ethereum Foundation refused to work on the older chain thus damaging the older security they sold [1,2]. Ethereum Foundation took the premine from the development of the original chain, which is possible theft. Ethereum Foundation took the money of a rule following user, which is possible theft . Ethereum Foundation compromised security of the old chain by keeping it open to replay attacks hurting its value further. Ethereum Foundation damaged the value of the competing asset of the original chain using the stolen premine by selling it on exchanges  and making fun of doing so . Ethereum Foundation and closely related White Hat Group (WHG) not only took the remaining money from the DAO on their chain, but also on the original chain, and then used the funds to damage the price of the competing asset on the exchanges [1,2,3,4]. Every level of Ethereum proven to be unsecure and not trustworthy Additionally, every level of ethereum after proven centralized requires trust. And it's easily shown how each level cannot be trusted thus lowering its value:
Code: Ethereum Foundation (EF) via demonstration of centralized control stated and shown that they will decide how code should run instead of as written, so the code itself doesn't matter, and it can't be trusted to handle transactions, balances, apps.
Apps: Ethereum foundation broke the promises of a third party app called DAO that very uniquely stated code sets the terms, so eth apps cannot be trusted.
EF: Ethereum foundation also broke its own advertised statements about the platform when it censored users and stopped apps to take others money for subjective reasons. Additionally, their refusal to acknowledge conflict of interest, making a poll official only hours before pushing the update, and abusing power of defaults in the code shows so Ethereum Foundation cannot be trusted [1,2,3,4,5,6]. Additionally, centralization shown by EF makes it a weak spot for malicious actors to attack the entire platform using incentives (e.g. litigation, force, threat, pressure 1) to force them to exercise the control over the chain once again with existing precedent. There's no way to gain trust that this attack vector won't be used.
* The self-bailout fork events demonstrated centralized Ethereum Foundation has complete centralized control over every level of this blockchain: every transaction and every app. It proved that EF has capability and the will to use it to overwrite operation of any smart contract even if it serves their self interest. In other words, Eth is a proven unsecure centralized censorable trust-requiring platform that can't be trusted on any level with any aspect of operation. There are zero safeguards currently in place to prevent EF from taking advantage of their control from occurring again. Additionally this is public information making it a well known centralized weakness and, thus, a known attack vector that could be used by interested third parties, which would be nothing new . Nothing has been done to fix it and continues to be part of Ethereum's flawed premine controlled "economic forks". This subreddit is a curated collection of resources for education purposes only that would be difficult to find downvoted on biased ethereum subreddits to protect and warn people from being hurt by this fraud via investment or development on top of a nonsecure blockchain. Other notable events about Ethereum to read about:
Newcomers are mislead to think EEA uses public chain with ether (ETH), while almost all actually use independent private chains  and mostly used for "dumb money" 
Ethereum being treated by some like a secure cryptocurrency alternative, when only recently months apart it was brought down several times: by spam attack  and also accidental forks leading to reversed transactions [2,3,4] on top of being unsecure through centralization discussed above including willingness to erase attackers money (even if they are a majority) by controlling the codebase defaults and causing user activated soft forks[4,5,6]. Developers have shown willingness to put rapidly written code as defaults to force a change while compromising security, shown most obviously in the failed soft fork incident . Concerns about lack of security through centralization also appear to be ignored when even lead developer said he prefers consensus failures to criticism . And the concerns of using crypto with larger attack surface are constantly being proven true [1,2,3] including issues with its scripting language & evm itself [4,5,6]. Centralized miners (2 pools control majority of hash power) are another source of security failures soon to be followed by stake based security in Casper where worst possible distribution method of premine+ICO will help centralize control further.
Ethereum plans to add zero-knoweldge proofs with unsecure trusted set-ups. 
Ethereum advertised as answer to scalability while already suffering issues [1,2] putting app use in question  at only 4th place transaction load in crypto  and requires distant updates to address it (casper, sharding). The blockchain is showing incredible size and bandwidth bloat already orders of magnitudes higher than alternatives [5,6]. Transactions are getting lost . Most of the capacity is taken up by same accounts transmitting more eth/assets showing much lower adoption use .
EF often demonstrates willingness to make similar radical changes without requiring opt-in consensus 
SUMMARY: Ethereum is an unsecure, trust-requiring, centralized, mutable platform that runs stoppable apps and censors people Ethereum Foundation (EF) dislikes - the opposite of what it advertises itself as. Ethereum Foundation misrepresents what Ethereum is to prospective investors for increasing the value of the traded asset ETH while profiting financially. This means, by definition, Ethereum Foundation is participating in fraud by continuously misleading investors. Furthermore, the act of suddenly changing the properties of the unregistered security after the sale of the security in the initial coin offering (ICO) and/or on exchanges while profiting personally constitutes securities fraud. Additionally, Ethereum Foundation is connected to damaging the value of sold assets, damaging the value of competing assets, theft from competition, and market manipulation of competing assets for profit. Nothing has changed after historic actions proved centralization beyond reasonable doubt. Eth is still centralized, unsecure, and gains value only through fraud
How to follow, study and keep up to date with the Ethereum project. This info or link might help with newbies or people you would like to send info to regarding what ethereum is.
Iv been asked to put together some info / links on the Ethereum Project by a few people lately that iv met or talked to and since its Sunday and i got a half day from work here it is: I emailed them and then pasted it here so sorry if its a bit clumped together. Cant get the grasp of how reddit breaks up sentances 8-() https://www.ethereum.org/ Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference. These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property. This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middle man or counterparty risk. The project was bootstraped via an ether pre-sale during August 2014 by fans all around the world. It is developed by the Ethereum Foundation, a Swiss nonprofit, with contributions from great minds across the globe. Ethereum Blog: https://blog.ethereum.org/ Note: This is not investment advise, This email is just to show you what Ethereum is, what these 1000's of computer scientists, developers, programmers and hackers are building. A whole new internet run from millions of peoples computers all over the world to create the "Ethereum Virtual Machine" or world computer that 7 Billion people can log onto at the same time. It is censorship resistant, encrypted and the Ethereum Blockchain can not be hacked. This is going to change the world as we know it. There is a built in currency called "Ether" or "ETH" and can be purchased from any of many exchanges listed below. Note 2: ETC or Ethereum Classic is a smaller blockchain project that also uses the EVM (Ethereum Virtual Machine) and id advise to stay away from that project, it has not got the 1000's of developers building it like ETH does, it apparently has one or 2 developers that went their own way, The EVM can also run private and consortium blockchains that alot of big and small companies are building on for their inhouse private operations. Like a Intranet (intranet is a private network that is contained within an enterprise) Its very hard to understand at first what exactly blockchain is so here are some videos that i think explains it well: BBC 2015 https://www.youtube.com/watch?v=0X33lgMbvdI Ethereum: the World Computer https://www.youtube.com/watch?v=j23HnORQXvs An Ethereum Interview Series // Teaser from the recent Devcon2 https://www.youtube.com/watch?v=gHseIdJ0SJU What is Ethereum? https://www.youtube.com/watch?v=Clw-qf1sUZg&t=123s ETHEREUM explained in 100 seconds. https://www.youtube.com/watch?v=eRDKP8nCVtU Vitalik Buterin explains Ethereum https://www.youtube.com/watch?v=TDGq4aeevgY DEVCON1: Understanding the Ethereum Blockchain Protocol - Vitalik Buterin https://www.youtube.com/watch?v=gjwr-7PgpN8 2016 China Devcon2: Ethereum in 25 Minutes https://www.youtube.com/watch?v=66SaEDzlmP4&t=1s Joseph Lubin - The Basics of Blockchain and Etherum https://www.youtube.com/watch?v=0ilYnuP1qd4&t=50s DEVCON1: Ethereum for Dummies - Dr. Gavin Wood https://www.youtube.com/watch?v=U_LK0t_qaPo Blockchain is Eating Wall Street | Alex Tapscott | https://www.youtube.com/watch?v=WnEYakUxsHU How the mysterious dark net is going mainstream https://www.youtube.com/watch?v=pzN4WGPC4kc&t=378s The four pillars of a decentralized society | Johann Gevers https://www.youtube.com/watch?v=8oeiOeDq_Nc Gavin Wood: Why is Blockchain a game changer? https://www.youtube.com/watch?v=ygZWhQXZtl4&t=188s Brock Pierce: Blockchain technology https://www.youtube.com/watch?v=3lMvo0PPxjQ&t=619s 2014 Keiser Report: New Crypto Phenomenon Ethereum https://www.youtube.com/watch?v=hdAnyC45ZbU (starts at about 12 mins) Devcon2 Videos from 2016 https://www.youtube.com/channel/UCNOfzGXD_C9YMYmnefmPH0g/videos Devcon1 and other Ethereum Videos from 2014 & 15 https://www.youtube.com/useethereumproject/videos Soundcloud: (these are great with Arthur speaking directly to Developers that are building on Ethereum) The Ether Review - Arthur Falls https://soundcloud.com/arthurfalls ConsenSys Media - Arthur Falls https://soundcloud.com/consensys Evan Van Ness sends out "The week in Ethereum" latest here: http://www.weekinethereum.com/ Id highly recommend subscribing to his news letter here http://evanvanness.us14.list-manage1.com/subscribe?u=4c6ec57a148e890524b6ac91f&id=7061f7fa65 Ethereum Rules and Getting Started Guide https://www.reddit.com/ethereum/comments/4ws9um/rethereum_rules_and_getting_started_guide/ Reddit: https://www.reddit.com/ethereum/new/ News, development and everything apart from price. Most news about Ethereum can be found here daily https://www.reddit.com/ethtradenew/ price and trading discussions Ethereum News commentators i watch: Crypt0 https://www.youtube.com/useobham001/videos Mr Yukon C https://www.youtube.com/channel/UClfAgeZvfwC9hcJrFisW8cQ/videos Ethereum people to follow on twitter to get linked and fed important blockchain info: @SingularDTV @golemproject @ethcoreproject @MrYukonC @EthereumCanada @ConsenSysLLC @R3CEV @DigixGlobal @AugurProject @NickSzabo4 @ethereumJoseph @Gatecoin @aantonop @BobSummerwill @GeorgeAHallam @el33th4xor @awrelllRo @mingchan88 @peter_szilagyi @koeppelmann @LefterisJP @stephantual @wmougayar @jeffehh @TaylorGerring @avsa (there is plenty more i just don't have them on my twitter yet) To run a node from your computer you can download the "Ethereum Wallet" here: https://github.com/ethereum/mist/releases Instructions: How to Install the Ethereum Wallet https://www.youtube.com/watch?v=Y3JfLgjqNU4&t=7s How to Back up and load the Ethereum Wallet https://www.youtube.com/watch?v=CZ8ZCtbxD0M&t=2s How To Watch Tokens and Other Smart Contracts with the Ethereum Wallet https://www.youtube.com/watch?v=V_KJ84jkPi8 Ethereum and other blockchain project prices http://coinmarketcap.com/ There are many exchanges that trade Ether around the world http://coinmarketcap.com/currencies/ethereum/#markets Some ones i have used are: www.kraken.com Accepts Euro, Dollar, GBP etc.. by SEPA or international bank transfer and you can buy Ether www.poloniex.com (does not accept fiat but it is the largest volume for trading crypto pairs, I have used www.bitstamp.net in the UK to buy Bitcoin and then send them to Poloniex to swap for Ether ) www.yunbi.com A very good exchange based in China and have listed a few ethereum tokens, you need to swap through CNY (Chinese Yuan) but its easy and very good support. www.bittrex.com No Fiat but also lists some Ethereum Based tokens www.gatecoin.com Based in Hong Kong and you can send Euro and Dollar, Also lists alot of Ethereum Based tokens, Volume is very low at the moment as they recover from a hack but they offer very good support. The safest place to store you Ether is on a hardware wallet like this one https://www.ledgerwallet.com/products/12-ledger-nano-s. You can also store all you Ethereum based tokens or shares on this device https://ledger.groovehq.com/knowledge_base/topics/how-to-secure-your-eth-tokens-augur-rep-dot-dot-dot-with-your-nano-s The way "I view" the incentive to keep Ether (ETH) is the following and the reason i think it will go up in value is because of "The velocity of Ether moving through the Ethereum economy (Platform)". So the more Ether is used the higher the price will get and in a number of years will see us move down to the lower units finney, szabo, shannon, babbage, lovelace, and wei as the digital economy grows. Ether has 18 decimal places 1,000,000,000,000,000,000. Because after POS Ether total supply will be set at approx. 100 Million with a small inflation of 1 to 3% that pays the computers running it. So ether will be more like the reserve currency and trade currency between all the other currencies, contracts and Dapps interacting in the Ethereum digital economy. But its main function is like a gas to run the network. Every transaction you have to pay a tiny amount to the network that goes to all the computers running the network. less than 1 penny. Ethereum Based Tokens / Synthetic assets (What is a Synthetic Asset https://www.youtube.com/watch?v=St9DBpNBP1Q) On coinmarketcap.com you can see there are 642 other Blockchain projects listed and some like Bitcoin are 8 years old. 90%+ of these projects are junk projects developed by 1 or 2 people and are just copies of Bitcoin. Some have added extra functions over Bitcoin and Bitcoin is a very secure but slow payment DAPP but cant do much else besides payments. Ethereum was built from scratch and is built like lets say "android or a smart phone" so that DAPPS can be plugged in as you should have heard from the above videos. So there are now a good few DAPPS that are nearly completion that were built on the ethereum blockchain by different groups of developers. There are alot more but 328 are listed here: http://dapps.ethercasts.com/. So there is not just 643 blockchain projects there are over 1000 but all the ones on Ethereum can communicate or interoperate with eachother. Some notable ones you can see listed on coinmarketcap are Augur, Iconomi, DigixDAO, Golem, SingularDTV etc..... All these because they are built on the Ethereum blockchain can interact with eachother but the other 600+ blockchains can not. This is what makes Ethereum different from the rest. As DigixDAO is the one i have studied most ill give an example of a DAPP thats built on Ethereum and why a DAPP would be usefull In industry most work is automated, the operators no longer have to take process samples manually and send to the lab or go and top up a tank manually with certain additives, This is all done by automation, When the process is at a certain temperate, level, viscosity etc.. the instrumentation measures this and adds or pumps the necessary ingredients / additives to make sure the final product is made correctly. This automation has saved alot of costs and manual labour in industry. What Digix / blockchain is doing is automating alot of the back office paperwork, accounting, agreements etc... Example: company that owns a gold vault (Like Silver Bullion) have employees handling paperwork / sales etc and when people sell and buy gold it changes hands or changes registered ownership and the employees have to manually do this paperwork. What Digix provides is automated software that does all this automatically in 14 seconds. For billing / storage if you have gold stored in the vault you pay about 1% a year so you know if you have $10,000 worth of gold then you need to pay about $100 a year which you pay by topping up your gold (DGX) by $100 and its taken out automatically each day by a tiny tiny amount. The good thing is that if you have Gold Tokens as your savings instead of Fiat and you need to borrow $ short term you can borrow $ by agreeing to lock your Gold Tokens in a smart contract in the software and pay interest for that loan. If you pay back the loan over 3 months then the gold tokens are automatically returned to your address and you havent missed a gold rally or a Fiat devaluation. If you dont pay it back then the person who lent you the $ gets all your gold (or the % not paid) Again this process is automated in a smart contract and the bullion employee didnt have to settle all the paperwork, transfers of gold or get contracts and agreements signed by both parties, This is done by digital signature / agreements and saves the Vault operator alot of costs. The vault operator can also earn a bit of the loans interest and $ can be provided by them or even 3rd parties. Using the Ethereum blockchain this can be done for lots of different industries from banking, stocks, insurance, gambling, pritty much everywhere Other non Ethereum related Youtube people i follow, mainly Economics, Geo-politics, Gold / Silver etc.... These people give some very good info that you wont get from the big media companies or state media. Maybe this will help you understand why you should not keep 100% of your wealth in $ and maybe a few % is worth keeping in Crypto or ever Gold Physical or easier DGX (DigixDAO) or DGD. Greg Hunter https://www.youtube.com/useusawatchdog/videos Gerald Celente Trends in the News https://www.youtube.com/usegcelente/videos Gregory Mannarino https://www.youtube.com/useGregVegas5909/videos Realist News Jsnip4 https://www.youtube.com/usejsnip4/videos SGT Report https://www.youtube.com/useSGTbull07/videos Stefan molyneux https://www.youtube.com/usestefbot/videos X22 Report https://www.youtube.com/useX22Report/videos Clif High https://www.youtube.com/results?search_query=clif+high Noem Chomsky https://www.youtube.com/results?search_query=noem+chomsky Health Dr John Bergman https://www.youtube.com/usejohnbchiro/videos Nutrition Facts Org https://www.youtube.com/useNutritionFactsOrg/videos Any questions just ask
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