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Coinbase’s case study on Monero met with community dissent

Coinbase recently released a blog post on Proof-of-Work titled ‘How Coinbase views proof of work security.’ However, this blog post failed to appease the Monero community, with some of its proponents

The post Coinbase’s case study on Monero met with community dissent appeared first on AMBCrypto.

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Coinbase recently released a blog post on Proof-of-Work titled ‘How Coinbase views proof of work security.’ However, this blog post failed to appease the Monero community, with some of its proponents highlighting the lack of research done about the privacy-enhancing cryptocurrency. This was in light of the fact that the post had a case study column on Monero’s regular network upgrades to ensure it was ASIC-resistant.

The case study made two points,

  • It is a security feature for a particular coin’s mining operations to be the dominant application of the hardware used to mine that coin
  • Manufacturing and ownership diversity will be improved with ASIC-friendly algorithms

The largest fungible cryptocurrency was used as an example for the second claim made in the post, with the first point under it being that algorithms will never be “ASIC-proof,” but merely “ASIC-resistant.” Along with citing the example of Monero’s Cryptonite to make this case, other cryptocurrency algorithms that were quoted included Litecoin’s Scrypt, Ethereum’s Ethash, and ZCash’s Equihash.

The second point presented under the claim was that “ASIC-resistant algorithms raise the barrier to entry in the mining hardware market.” The blog post by security engineer Mark Nesbitt stated,

“This [ASIC-resistance] results in greater centralization of mining hardware manufacturing – the very situation that the selection of an ASIC-resistant algorithm is meant to avoid! The goal, instead, should be to select an algorithm where it is cheap and easy to manufacture ASIC.

Opting for an algorithm that enables “cheap and easy” manufacturing of ASIC would result in “ASICs that are practically a commodity,” the blog post said. This, in turn, results in the diversification of manufacturers and thereby, the diversification of owners and operations, leading to a decentralized mining ecosystem. The post added,

“When developers choose an ASIC-resistant algorithm, they provide a competitive moat to the chip developers that will eventually build an ASIC for their algorithm.”

As an example of the above, the blog post referenced Monero’s constant six-month upgrades. The post remarked that the constant upgrade strategy “underestimates the ability of talented hardware designers to quickly incorporate functionality into a chip design.”

Source: Coinbase

Source: Coinbase

It further stated,

“The criticality of this group’s decisions and the extreme trust placed in them are not good characteristics for a permissionless world currency, and arguably creates a centralization risk more severe than the risk of miner centralization.”

This post was, however, met with criticism on Monero’s Reddit page, with one user, bawdyanarchist, remarking that there was a “direct conflict of interest, partnered with large mining farms to dump new coins on the market.” The moderator of the forum, dEBRUYNE, pointed out that the strategy of ‘six-month’ upgrade, while “a valid criticism,” was practically “obsolete” since March as the RandomX upgrade was just around the corner.

Source: Monero Reddit

Source: Monero Reddit

The moderator added,

“This statement presents a fundamental misunderstanding of the nature of mining. Mining adheres to a power law, which means that, regardless of the algorithm, a small group of miners will possess the majority of the hashrate (think 80/20 rule). Put differently, large and professional mining farms will exist, regardless of the algorithm.”

Source: https://market.ambcrypto.com/coinbases-case-study-on-monero-met-with-community-dissent

Blockchain

Crypto Exchange Binance Under Investigation by Department of Justice and IRS

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Crypto exchange giant Binance is allegedly under investigation by the U.S. Internal Revenue Service (IRS), as well as the Department of Justice (DOJ) for money laundering and tax evasion.

According to Bloomberg, the federal probe is confidential, with both the DOJ and IRS having “sought information from individuals with insight into Binance’s business.” The report accused Binance of succeeding without strong government oversight, with its lack of corporate headquarters and incorporation in the Cayman Islands — which levies no taxes and offers more lenient business practices. 

“We take our legal obligations very seriously and engage with regulators and law enforcement in a collaborative fashion. We have worked hard to build a robust compliance program that incorporates anti-money laundering principles and tools used by financial institutions to detect and address suspicious activity,” said a Binance spokesperson in response to the recent probe. 

Binance and Crypto Markets Continue to Face Regulatory Scrutiny

One of the biggest criticisms of Bitcoin and the crypto space at large has been their use for criminal activity. Back in January, Treasury Secretary Janet Yellen raised concerns over cryptocurrencies being used in terrorist and illegal financing, with other major financial figures like Charlie Munger associating the industry with “kidnappers” and “extortionists.” 

Chainalysis, a blockchain-based data analytics firm used by U.S. federal agencies, reported in 2019 that Binance saw more funds tied to criminal activity than any other exchanges based on the transactions that it had analyzed.

Binance and Huobi, which are two of the largest cryptocurrency exchanges in the world by volume, saw over 51% of total illicit transactions in the space. Source: Chainalysis Blog

“Binance and Huobi lead all exchanges in illicit Bitcoin received by a significant margin. That may come as a surprise given that Binance and Huobi are two of the largest exchanges operating, and are subject to KYC regulations. How can they be receiving so much Bitcoin from criminal sources? Let’s start by looking at the specific accounts receiving illicit funds at both exchanges.”

This is certainly not the first time Binance has been embroiled in legal troubles. Recently, the exchange’s venture into tradable stock tokens landed the company under the scrutiny of European regulators, including the U.K’s Financial Conduct Authority (FCA) and Germany’s BaFin. In March, Binance hired former U.S. senator Max Baucus as a regulatory advisor. 

Binance Coin (BNB) on Tradingview.com
Featured image from UnSplash 

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinist.com/crypto-exchange-binance-under-investigation-by-irs-and-doj/?utm_source=rss&utm_medium=rss&utm_campaign=crypto-exchange-binance-under-investigation-by-irs-and-doj

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Blockchain

Mark Cuban Responds to Elon Musk, Says Bitcoin and Crypto Will Benefit Society and the Environment

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Dallas Mavericks owner Mark Cuban says his NBA franchise will continue to accept Bitcoin as payment despite Elon Musk’s recent announcement that Tesla will not.

Cuban tells his 8.4 million Twitter followers that, as a store of value, BTC is in fact a better environmental alternative to gold.

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The billionaire Shark Tank star also argues that the largest crypto asset by market cap will benefit society.

Cuban goes on to note that Mavericks fans are buying “thousands of dollars per week” in tickets and merchandise via Bitcoin. The professional basketball team is a relatively early cryptocurrency adopter, first enabling BTC payments in May 2019.

Musk made waves across the crypto space this week when he told his 54.4 million Twitter followers that Tesla will no longer accept Bitcoin for purchases. He cited concerns over Bitcoin’s extensive energy use as the reason for the sudden change.

“Tesla has suspended vehicle purchases using Bitcoin. We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.”

Musk says the company is considering utilizing other crypto assets that consume less power in their business.

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“Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment.

Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy. We are also looking at other cryptocurrencies that use <1% of Bitcoin’s energy [per] transaction.”

Tesla began accepting Bitcoin back in February. That same month, Tesla announced it purchased $1.5 billion worth of BTC.

Bitcoin is trading at $48,845.76 at time of writing and is down 6.5% in the 24 hours since Musk’s announcement, according to CoinGecko.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Tithi Luadthong

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://dailyhodl.com/2021/05/14/mark-cuban-responds-to-elon-musk-says-bitcoin-and-crypto-will-benefit-society-and-the-environment/

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Blockchain

Kraken Daily Market Report for May 14 2021

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Overview


  • Total spot trading volume at $3.17 billion, 5.3% higher than the 30-day average of $3.01 billion.
  • Total futures notional at $638.8 million.
  • The top five traded coins were, respectively, Ethereum (+2.3%), Bitcoin (-1.4%), Tether (0%), Dogecoin (12%), and Polkadot (-0.6%).
  • Strong returns from Dogecoin (+12%) and Synthetix (8.5%).

May 14, 2021 
 $3.17B traded across all markets today
 Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD 
ETH 
$3796.7 
↑2.3% 
$825.8M
XBT 
$48974. 
↓1.4% 
$779.3M
USDT 
$1.0009 
↑0.08% 
$508.9M
XDG 
$0.5503 
↑12% 
$407.6M
DOT 
$39.663 
↓0.6% 
$165.0M
ADA 
$1.8208 
↓6.1% 
$154.1M
USDC 
$1.0 
↑0.01% 
$95.7M
XRP 
$1.3287 
↓2.5% 
$79.3M
LTC 
$312.26 
↓1.4% 
$52.4M
ETC 
$88.401 
↓0.4% 
$51.6M
EOS 
$10.559 
↓0.07% 
$34.0M
BCH 
$1232.1 
↓1.5% 
$34.0M
LINK 
$43.633 
↑1.2% 
$33.6M
XLM 
$0.6651 
↑1.4% 
$30.2M
NANO 
$10.933 
↓5.4% 
$28.7M
AAVE 
$532.69 
↑4.9% 
$23.0M
KSM 
$510.58 
↓3.3% 
$19.2M
FIL 
$116.34 
↓0.9% 
$14.4M
SC 
$0.0307 
↑0.7% 
$13.3M
YFI 
$67698. 
↑2.6% 
$10.4M
TRX 
$0.1212 
↓0.19% 
$9.58M
ATOM 
$23.629 
↑0.7% 
$8.93M
SNX 
$19.964 
↑8.5% 
$8.79M
ALGO 
$1.3422 
↓0.6% 
$8.75M
XMR 
$398.66 
↓0.9% 
$8.7M
XTZ 
$6.0497 
↓0.9% 
$8.06M
ZEC 
$288.35 
↓2.5% 
$7.03M
UNI 
$37.991 
↑1.8% 
$6.93M
FLOW 
$24.679 
↑2.2% 
$6.27M
DASH 
$357.46 
↑0.18% 
$5.15M
DAI 
$1.0002 
↓0.01% 
$5.09M
OMG 
$9.7649 
↑1.4% 
$4.35M
OCEAN 
$1.1936 
↓0.3% 
$4.12M
KAVA 
$5.3777 
↑0.5% 
$3.99M
EWT 
$15.814 
↓4.4% 
$3.78M
QTUM 
$20.106 
↓3.0% 
$3.46M
CRV 
$3.3409 
↓0.4% 
$3.04M
WAVES 
$30.683 
↓3.4% 
$2.88M
MANA 
$1.2435 
↓0.5% 
$2.75M
GRT 
$1.2896 
↓1.7% 
$2.63M
ICX 
$2.0734 
↓0.8% 
$2.48M
PAXG 
$1852.2 
↓0.12% 
$2.45M
COMP 
$774.63 
↑1.1% 
$2.31M
BAT 
$1.1887 
↓0.12% 
$2.23M
KEEP 
$0.5042 
↑0.5% 
$2.19M
REPV2 
$36.097 
↓0.4% 
$2.06M
LSK 
$6.7568 
↓5.2% 
$1.98M
STORJ 
$1.6898 
↓0.4% 
$1.89M
KNC 
$2.9788 
↓0.21% 
$1.26M
OXT 
$0.5575 
↑1.7% 
$1.05M
BAL 
$60.560 
↑1.2% 
$979K
GNO 
$250.55 
↑3.0% 
$883K
ANT 
$8.0996 
↓0.8% 
$867K
MLN 
$105.13 
↑1.2% 
$864K
REP 
$39.528 
↑1.6% 
$423K
TBTC 
$50620. 
↓1.8% 
$95.5K



#####################. Trading Volume by Asset. ##########################################

Trading Volume by Asset


The figures below break down the trading volume of the largest, mid-size, and smallest assets. Cryptos are in purple, fiats are in blue. For each asset, the chart contains the daily trading volume in USD, and the percentage of the total trading volume. The percentages for fiats and cryptos are treated separately, so that they both add up to 100%.

Figure 1: Largest trading assets: trading volume (measured in USD) and its percentage of the total trading volume (May 14 2021)



Figure 2: Mid-size trading assets: (measured in USD) (May 14 2021)



Figure 3: Smallest trading assets: (measured in USD) (May 14 2021)



#####################. Spread %. ##########################################

Spread %


Spread percentage is the width of the bid/ask spread divided by the bid/ask midpoint. The values are generated by taking the median spread percentage over each minute, then the average of the medians over the day.

Figure 4: Average spread % by pair (May 14 2021)



.


#########. Returns and Volume ############################################

Returns and Volume


Figure 5: Returns of the four highest volume pairs (May 14 2021)


Figure 6: Volume of the major currencies and an average line that fits the data to a sinusoidal curve to show the daily volume highs and lows (May 14 2021)



###########. Daily Returns. #################################################

Daily Returns %


Figure 7: Returns over USD and XBT. Relative volume and return size is indicated by the size of the font. (May 14 2021)



###########. Disclaimer #################################################

The values generated in this report are from public market data distributed from Kraken WebSockets api. The total volumes and returns are calculated over the reporting day using UTC time.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://blog.kraken.com/post/9130/kraken-daily-market-report-for-may-14-2021/

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