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White Papers Deciphered — WPD

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A place to learn the theory behind the tech

Photo by Markus Spiske on Unsplash

With the growing interest in the blockchain and cryptocurrency space reaching new heights week by week, I wanted to create a space that focuses on helping others interested in this space to take a dive into the whitepapers that each project releases and to go over:

  • How does their technology work?
  • What makes it unique and innovative?
  • Take complex theory and subjects and write them out in a simple to digest forms for those who may not be as technically literate.

I will be reviewing and highlighting the main points in the whitepapers of initially the prominent players in the cryptocurrency space. This will include the likes of Bitcoin, Ethereum, Stellar Lumens, and XRP. This will help to build the foundational understanding of the early players in the cryptocurrency space and acknowledge their contributions. Later articles will move into more current themes within the cryptocurrency space such as DeFi, NFT, newer consensus protocols (i.e. Proof of Stake, Proof of Storage, and Proof of Space and Time). If there are any cryptocurrencies that you’d like an extensive review of their white paper, please let me know and I’ll make sure to place it in the queue of projects.

I’d love to expand into more editorial pieces about the various technologies enabled and compare them against each other, but for the time being, I’m going to try and make an objective attempt to review each tech on its own merits.

Source: https://medium.com/white-papers-deciphered/white-papers-deciphered-wpd-735c9dceb59e?source=rss——-8—————–cryptocurrency

Blockchain

Bank for International Settlements backs Central Bank Digital Currencies

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The BIS, which is often called the central bank to the world’s central banks, set out recommendations on June 23 as to how a CBDC should be.

It estimated that around 56 central banks and monetary authorities around the world are now looking at digitizing their currencies as commerce shifts online, as reported by Reuters.

The momentum comes as usage of physical cash has fallen in the wake of online e-commerce portals and pandemic-induced lockdowns.

The big bankers also see decentralized currencies such as Bitcoin and “Big Tech” as a threat, especially the likes of Facebook and its plans for its own cryptocurrency Diem, formerly known as Libra.

Head of the Innovation Hub at BIS, Benoît Cœuré, warned that without CBDCs, digital money would become increasingly dominated by big tech firms. Describing the scenario as a loss of control of sovereign money, he added:


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“That is a place where you don’t want to be, where governments don’t want to be,”

China Leading CBDC Race

According to the report, The Bahamas became the first country to officially launch a general purpose CBDC, known as the Sand Dollar, in October.

China is well on the way to becoming the second.

Earlier this month, Chinese authorities hand out $6.2 million in digital currency to citizens of Beijing for a trial of its digital currency/electronic payments (DCEP) platform.

The Beijing Local Financial Supervision and Administration Bureau allowed citizens to apply for the handout by using two banking applications. The giveaway was part of a lottery system using “red packets” valued at 200 Yuan a piece (around $30).

The southwestern city of Chengdu handed out around 40 million Yuan in digital currency in February this year. Shenzhen also completed a digital currency trial in October 2020.

China also has plans to expand the trials with foreign visitors at the 2022 Beijing Winter Olympics.

More Study, More Regulation

While China forges on, governments in the West are dragging their feet over regulatory woes.

Earlier this month, Republican Maxine Waters announced a task force on Financial Technology that will study cryptocurrencies and CDBCs and their impact on the U.S. economy.

In April, CryptoPotato cited a PwC report that revealed 70% of the world’s central banks are “nowhere near” launching their own CBDCs.

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Source: https://cryptopotato.com/bank-for-international-settlements-backs-central-bank-digital-currencies/

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Blockchain

John McAfee’s Strange Suicide Leads To Even Stranger Conspiracy Theories

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Today is a sad day for the crypto-verse. For good or bad, John McAfee, one of the most eccentric, bizarre, and influential personalities of the ecosystem, said his goodbyes to the physical world in a no less eccentric, bizarre, and controversial way: He committed suicide by hanging himself from a rope in his prison hours after learning that the Spanish justice system had approved his extradition to the United States.

The news was first announced by his lawyer and later confirmed by the government of Catalonia, the region of Spain where McAfee was imprisoned.

“Everything indicates that it could be a death by suicide.”

Immediately after the news broke, the Crypto Twitter community quickly shared their shock. Some paid respect, others criticized… and others questioned everything that happened.

Don’t Trust…

The conspiracy was easy to imagine, given McAfee’s background. Several cryptocurrency influencers began trying to tie up loose ends to understad what happened. They relied on several tweets from McAfee claiming that he would never commit suicide, that he was being threatened, and that he knew some secrets that the elites needed to silence.

But something that blew everyone’s minds was a picture uploaded post-mortem to his official Instagram account. A black letter Q, presumably pointing to the QAnon movement, though without explanation.

The last post by John McAfee: A Letter Q.
Source: Instagram

QAnon, or simply Q, is a conspiracy movement that claims that a group of satanic pedophiles dominate government and media elites. Its followers claimed that former President Donald Trump was waging a battle to destroy this group.

The movement gained momentum with the arrest of Harvey Epstein on sex charges. The suspicious causes of his controversial suicide prior to his testimony further heightened suspicions that he had in fact been murdered in order to be silenced.

The slogan “Epstein didn’t kill himself” went viral and is still observed when references are made to corrupt government practices in the United States.

And, of course, McAfee had a thing or two to say about this. He pointed out to similarities between his case and Harvey Epstein’s in many times, and assured he had many secrets that the government wanted to hide. If his allegations are true, and the QAnon post means anything, we could soon find out what he knew.

“McAfee Didn’t Kill Himself”

A Twitter user attempted to contact the administrator of the controversial right-wing news site Zero Hedge and introduce him to a Spanish journalist who claims to have video recordings and reports that Joe Biden allegedly teamed up with the Prime Minister of Spain, Pedro Sanchez, to fake McAfee’s suicide.

MMCrypto, a cryptocurrency trader, also questioned McAfee’s suicide. He shared a tweet from McAfee in which he assured that if he were to appear dead, it would not be by his own decision, and everything could be a set-up “a la Epstein.”

Tweet from MMCrypto
Source: Twitter

Podcaster Peter McCormack shared the ticker $WHACKD in reference to another McAfee tweet showing a tattoo as a reminder that he would never commit suicide despite threats from US Officials.

Also, Kim Dotcom, the man behind Mega.nz and active Bitcoin Cash advocate, claimed to be working with McAfee on an initiative to fight government surveillance shortly before the tragic news.

And finance lecturer Vladislav Ginko also shared several tweets warning about the danger of McAfee and his family suffering from deaths caused by USAMRIID, the Department of Defense’s (DoD) lead laboratory for medical, biological defense research.

So far, no official autopsy has indicated his cause of death. In the meantime, theories will continue to emerge. But if there is one thing that everyone – conspiracy theorists or not – can agree on, it is that John McAfee lived his own way until the end.

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Source: https://cryptopotato.com/john-mcafees-strange-suicide-leads-to-even-stranger-conspiracy-theories/

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Owners Of South African Investment Platform Vanish, Alongside 3.6 Billion USD Worth Of Bitcoin

The owners of the South African crypto company AfriCrypt have reportedly vanished and took off with 69,000 BTC. Largest Exit Scam ever? In April 2021, the two brothers who co-own the investment firm AfriCrypt, turned to their users, stating that the platform has been hacked, leading to a damage of 69,000 BTC, which were worth […]

The post Owners Of South African Investment Platform Vanish, Alongside 3.6 Billion USD Worth Of Bitcoin appeared first on CryptoCoin.News.

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The owners of the South African crypto company AfriCrypt have reportedly vanished and took off with 69,000 BTC.

Largest Exit Scam ever?

In April 2021, the two brothers who co-own the investment firm AfriCrypt, turned to their users, stating that the platform has been hacked, leading to a damage of 69,000 BTC, which were worth 3.6 billions USD at that time. This claim has since then lost most of its credibility, since the brothers cannot be reached anymore.

The South African law firm Hanekom Attorneys, who handle the case on behalf of the victims, believe the incident to be an exit scam, rather than a hack. By their account, employees of AfriCrypt had already lost access to the platform’s backend seven days before the alleged hack. The fact that the owners of AfriCrypt urged investors not to take legal action made the law firm even more suspicious. If proven true, this would make AfriCrypt the largest exit scam in history.

10% Daily Return too good to be true

Reportedly, AfriCrypt attracted new investors by promising them a whopping return of 10% on a daily basis. Additionally, the investment firm promised referral rewards for bringing in more customers. Unrealistically high returns like this should automatically make anyone suspicious, but greed and FOMO drive investors into the arms of fraudulent investment companies and crypto projects.

For the scammers, this is a highly profitable business model, as can be seen by the example of the TRON blockchain. Besides gambling, TRON is notorious for “high risk” investment platforms that typically promise daily returns on the same scale as AfriCrypt, but pull an exit scam shortly after their scheme has gained enough traction.

The success of these fraudulent schemes is a result of the huge influx of new and inexperienced investors over the last months. Just recently, the UK-based Financial Conduct Authority warned against unregulated crypto companies, which operate in a legal grey market.

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Source: https://cryptocoin.news/news/owners-of-south-african-investment-platform-vanish-alongside-3-6-billion-usd-worth-of-bitcoin-54425/?utm_source=rss&utm_medium=rss&utm_campaign=owners-of-south-african-investment-platform-vanish-alongside-3-6-billion-usd-worth-of-bitcoin

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