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Monero (XMR) community members call out MobileCoin project

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Riccardo Spagni, also known by his Twitter handle “fluffypony,” who is the lead maintainer of Monero, recently shared his opinion on Mobilecoin (MOB) project. Taking to Twitter, Spagni claimed that MobileCoin was actually based on Monero and not CryptoNote, as the project “claims.”

Stating that he was “disappointed” that there was no credit given to Monero devs for the project; he wrote: 

Very, very disappointing. MobileCoin claims to be based on CryptoNote, but it’s not. It’s based on Monero…Not sure why there’s no credit where credit is due?

This sort of low-integrity behavior never bodes well, regardless of how well-intentioned a project is at the start.

Spagni explained that CryptoNote does not have certain features which prove that MobileCoin is based on Monero. These features include RingCT, Subaddresses, Bulletproofs.

He criticized Mobilecoin’s code and the project’s founding engineer, Alex Graveley’s comments on Monero’s code. The tweet in question was deleted. However, Spagni shared a screenshot of the comment, stating how crypto projects “find it so hard to be high integrity.”

Source: Twitter

On the other hand, some team members of the MobileCoin project claimed that “Monero isn’t fast enough” and that it “doesn’t support transaction recovery.” They addressed the fact that Monero “has probabilistic linkage which MobileCoin”. The note from the project representatives further stated

We spent almost 18 months building MobileCoin Fog to solve the second problem (https://github.com/mobilecoinfoundation/fog). It’s a non-trivial stack of code to allow users to recover strings from servers they don’t control without the operators of those servers being able to learn what strings are being recovered. Don’t get me wrong, we stand on the shoulders of giants, but there’s a lot of new tech here.

Meanwhile, community activist Seth Simmons also claimed on Twitter that MobileCoin uses the Monero protocol “to provide strong privacy for users,” however, it “relies on Intel hardware guarantees and centralization.”

Simmons was also concerned about the token supply of Mobilecoin stating that all 250 million coins were pre-mined. He claimed that since the project has not yet announced any exchange listings, this made the price of MOB vulnerable to whale manipulations. Especially since he believed that the tokens “solely” represented the property of the project and its VC investors.

Further, Simmons stated that the most troubling of all with MobileCoin “is that they already explicitly censor and prevent US citizens (among many others) from using MobileCoin in any way.”

Meanwhile, the price of MOB has been up by 12.6% in the past 24 hours and was trading at $44.27 at press time. The token made news earlier after it reached an all-time high of $71.96 two days ago.


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Source: https://ambcrypto.com/monero-xmr-community-members-call-out-mobilecoin-project

Blockchain

Chinese officials warn about risks associated with crypto trading.

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Chinese officials warned the public about the risks associated with trading cryptocurrencies. The authorities pointed out three major considerations which might harm investors – false transactions, security breaches, and illegal and criminal activities involving cryptocurrencies. According to the China Financial Stability Report, investors should be extra vigilant when operating with bitcoin and other cryptocurrencies. Officials from China Securities Journal have called for better regulation and pointed out major risks involving crypto trading.

“Cryptocurrencies lack supervision and legal protection.”

Cryptocurrencies are highly decentralized, which means they lack supervision and legal protection. According to the journal, this is a huge disadvantage and can cause price manipulation and false transactions. Another concern that Chinese officials expressed is that the price of most cryptocurrencies, including bitcoin, can easily become an instrument for speculation and can go through sharp declines.’ The report also noted that the movement of funds on blockchain technology is difficult to be observed. This can create an excellent environment for money laundering. Additionally, illegal and criminal activities can also thrive with these conditions as lawbreakers have the opportunity to make drugs or gun transactions using cryptocurrencies. 

“There are no legal crypto trading venues in the country and no regulatory protections.”

The Chinese authorities advised that the crypto community must stay alert to prevent these hazards due to these factors. Furthermore, China Securities Journal reminded that there are no legal crypto trading venues in the country and no regulatory protections.” Once you encounter risks, you can only bear the consequences. In short, speculation in coins is risky, and you need to be cautious when entering the market,” the report noted. However, despite the Chinese government’s stance, the leading cryptocurrency bitcoin is highly popular in China – there’s a high number of miners situated in the large Asian nation.

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Source: https://chaintimes.com/chinese-officials-warn-about-risks-associated-with-crypto-trading/

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Blockchain

China Securities Journal Says Cryptocurrency Trading Is Risky and Calls for Strict Supervision

Republished by Plato

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Chinese officials warned the public about the risks associated with trading with digital assets. The authorities pointed out three major considerations which might harm investors – false transactions, security breaches, and illegal and criminal activities involving cryptocurrencies.

Tighter Regulations on Crypto Trading

According to the China Financial Stability Report, investors should be extra vigilant when operating with bitcoin and other crypto assets. Officials from China Securities Journal have called for better regulation and pointed out three major risks that trading with digital assets may carry.

First, digital assets are highly decentralized, which means they lack supervision and legal protection. According to the journal, this is a huge disadvantage and can cause price manipulation and false transactions.

Second, the price of most cryptocurrencies, including bitcoin, can easily become an instrument for speculation and can go through sharp declines.’

Third, the movement of funds on blockchain technology is difficult to be observed. This can create an excellent environment for money laundering. Additionally, illegal and criminal activities can also thrive with these conditions as lawbreakers have the opportunity to make drugs or gun transactions using cryptocurrencies.


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The Chinese authorities advised that due to these factors, the crypto community must stay alert to prevent these hazards. Furthermore, China Securities Journal reminded that there are no legal crypto trading venues in the country and no regulatory protections:

”Once you encounter risks, you can only bear the consequences. In short, speculation in coins is risky, and you need to be cautious when entering the market.”

China and BTC

Despite the government’s stance, the primary cryptocurrency is highly popular in China – there’s a high number of miners situated in the large Asian nation.

Recently, the country’s central bank announced that it was looking into bitcoin as an alternative investment. Zhou Xiaochuan, former governor of PBoC, outlined the potential of digital assets and their future implementation. However, he ascertained that whatever the case may be, cryptocurrencies must not be used for illicit activities such as drug or weapon trafficking, gambling, or money laundering:

”We believe that crypto assets should play a major role in the future, either as an investment tool or as an alternative investment. Many countries, including China, are also studying it as an investment tool.”

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Source: https://cryptopotato.com/china-securities-journal-says-cryptocurrency-trading-is-risky-and-calls-for-strict-supervision/

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Blockchain

Vitalik Buterin Burns 41% Supply of “Dog Token” Shiba Inu

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Source: https://cryptobriefing.com/vitalik-buterin-burns-41-supply-dog-token-shiba-inu/

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