Connect with us

Blockchain

Nevermind Coinbase — Big Brother Is Already Watching Your Coins

Avatar

Published

on

On June 5, cryptocurrency exchange Coinbase came under fire for its alleged efforts to sell crypto surveillance services to both the U.S. Drug Enforcement Administration and the Internal Revenue Service.

In the days since, Coinbase representatives have made it clear that the company’s analytics services do not share any personally identifiable data with law enforcement. They claim to source all data from publicly available information.

Big brother has been keeping tabs for nearly a decade

Though Coinbase’s denial may contain a grain of truth, a source who has worked in compliance for crypto exchanges and Bitcoin ATM companies revealed to Cointelegraph that multiple government entities have been actively monitoring users across nearly every centralized exchange and custodial crypto service provider for years.

Speaking on the condition of anonymity, this source indicated that crypto surveillance tactics go all the way back to Bitcoin’s earliest days. They said these practices became a much broader effort after the much maligned Mt. Gox incident, in which 850,000 BTC went missing on the once-popular crypto exchange in late 2013.

Our source explained:

“I’ve worked for crypto exchanges, bitcoin ATM companies, general crypto services providers, and more. They all engage in surveillance practices. They have no choice.”

When it comes to keeping tabs on users, they said that the U.S. government’s favored methodology is called a Suspicious Activity Report, or SAR. While SARs are common in most money transmission businesses, crypto SARs appear to operate under different standards. They stated that:

“In traditional institutions, a transaction needs to meet certain criteria in most cases to be deemed suspicious. That’s not really true for Bitcoin and other cryptocurrencies though. As far as the government is concerned, the threshold of ‘suspicious’ is met as soon as cryptocurrency is involved.”

They elaborated:

“Custodial entities are legally required to file SARs for basically any [suspicious] crypto-related transaction above $5,000, regardless of the user’s other activity. Many file for lower amounts. The entities are legally barred from revealing this reporting data to users, or any member of the public. We can not tell you we’ve filed a report on you — ever. And entities can not refuse to comply with these reporting tactics because if they do, they will lose the licenses which allow them to operate. They may face fines or even imprisonment.”

Who are they and what do they want to know?

When asked which agencies are most interested in user’s crypto data, our source revealed that “reports are shared with FinCEN, the IRS, the FBI, various other federal law enforcement agencies. It runs the whole gamut.”

And it isn’t just U.S. law enforcement:

“It’s the U.S., China, Japan, Russia, the UK, others I’m sure; it depends on where you’re based. But nearly every world power has legally mandated methods of reviewing centralized user data.”

Our source also revealed that the information requested is fairly robust. Agencies want to know:

“What coins you hold, how often you trade, the initial source of any funds used to buy crypto, the amount of profit you’ve taken within a certain period of time. They can and do ask for it all. They also keep track of where your coins are sent once they leave centralized custody. So if you’re keeping your coins in cold storage, there is a good chance that some office within one or more world governments is aware of that wallet address. No matter where you move them, if a centralized exchange has ever held those coins, they can track you.”

Are you being watched?

So how can you know if you’re one of the people who has been (or is currently being) monitored by a government agency? That is an eerily simple question to answer, says our source: “If you’ve ever filled out AML information, there’s a good chance that data has been requested by someone. Monitoring crypto users is the entire point of AML and KYC. Why do you think places collect this information at sign up? You are being watched.”

Though services cannot legally inform their users that they have filed activity reports, there are apparently signs people can watch out for:

“Frozen accounts or funds. If you’ve had login issues that barred you from accessing your account. Anything like that likely means you have been subjected to a suspicious activity report without your knowledge. Or a government entity may have requested insight about you or your funds, in which case you may not be allowed to move forward until their review is complete.”

Can you avoid surveillance?

Blockchain participants operate in an industry largely built upon the ideals of individual sovereignty and personal privacy. There are numerous projects in the space that are working to build decentralized variants of popular crypto service offerings. When it comes to avoiding the demands of surveilling governments around the world, our source was clear:

“Decentralized exchanges and privacy coins are the only answer that I am aware of. Use centralized services at your own peril.”

Source: https://cointelegraph.com/news/nevermind-coinbase-big-brother-is-already-watching-your-coins

Blockchain

Bitcoin-Themed NFT Card Set Launches On Anniversary Of Satoshi’s White Paper

Avatar

Published

on

Bitcoin-Themed NFT Card Set Launches On Anniversary Of Satoshi’s White Paper

Bitcoin Origins, a series of non-fungible tokens based on the history of Bitcoin, will officially launch on October 31 at 10:31 AM PT. With the goal of creating awareness about Bitcoin, the highly scarce NFT collection will highlight the most significant moments in Bitcoin’s history. Bitcoin Origins has partnered with amazing artists to recreate at least 15 moments in Bitcoin history. Today marks the release of Moment 1, the Whitepaper Creation, with more to come.

“Bitcoin and every other crypto has a marketing problem,” said Jeremy Born, CEO of CoinGenius and co-founder of Bitcoin Origins. “NFTs are a way to solve that and help push the mass adoption of Bitcoin. We’ve created unique artistic assets with an educational dimension to arm people with the knowledge about why bitcoin was created, why it exists, and why it will thrive and flourish.”

When it comes to Bitcoin Origins, it’s all there: Satoshi’s whitepaper, the genesis block––you name it. Each moment will be a little bit different. Each new card will be released as its own block. The first release is a 1MB block containing one card and the chance of receiving a bonus “Death Card,” which pays homage to the exaggerated reports of Bitcoin’s demise. There will also be 2MB and 4MB blocks for purchase which will become available once the 1MB block is fully mined (sold out).

Paul Jenkins saw the potential in Bitcoin and artwork surrounding the world’s first digital currency, and so he joined the Bitcoin Origins team. Jenkins, who shaped many of the characters which helped lift Marvel Comics from Chapter 11 Bankruptcy, sees NFTs as a new medium for storytelling.

“Bitcoin Origin is not just a history of Bitcoin––it’s a game,” said Jenkins. And the value is in the community. That is what made Bitcoin work: the value was in people’s perception of it. With Bitcoin Origins and NFT, we’re breaking new ground. There are new ways we can tell stories, and NFTs are a new form of storytelling.”

Said Born: “This is about the artistic nature of the piece. People hold these at high value, because it is a very scarce and limited set and is truly like holding a piece of Bitcoin history.”

Anyone can join the Bitcoin Origins story and play for free and receive a free NFT by simply filling out this form.

About Bitcoin Origins

Bitcoin Origins is an exclusive collection of digital collectible cards immortalizing the most significant moments in Bitcoin history. These cards are intended for Bitcoin fans around the world who want to own a rare piece of Bitcoin history. You can join the community now on Telegram (https://t.me/BitcoinOrigins) and stay up to date at BTCOrigins.com.

Continue Reading

Blockchain

TRAMS DEX Propels Global Adoption of DeFi with Automated Market Maker (AMM) protocol

Avatar

Published

on

 

TRAMS DEX Propels Global Adoption of Defi with Automated Market Maker (AMM) protocol, as Industry Leader VIP Guests, Global Participants, and Management Team concludes Webinar Session Marking a Successful First-Phase Launch.

 

VIP Speakers Unanimously Acknowledge Perfect Market Timing of TRAMS DEX in Decentralized Finance Industry, High Industry Growth Factors, Following 2 Hour-Long Launch Session.

The TRAMS DEX founder and senior management team today concluded a high-impact webinar session as an official launch of its Automated Liquidity Provider protocol, the first of three phases for TRAMS’ Decentralized Finance Business. Industry leader VIP guests and participating members pledge support for open finance and Defi for creating more access to financial products at much lower costs to anyone on demand.

The launch took place in District Singapore, Republic Plaza 9 Raffles Place with a Zoom Webinar hosting a global Defi community and TRAMS DEX protocol members/users community. The discerning VIP panels and participants from ranging continents stencil the much-needed change in the financial sector especially in traditional banking plagued with corruption and scandals where only a small closed and selected groups are the main beneficiaries.

The webinar introduces the protocol with its open finance principles and guides participants into the operations with these key points: TRAMS DEX is one of three key operations from the TRAMS ecosystem with the main operating principle of Decentralized Finance (Defi). TRAMS DEX is an Automated Liquidity Provider that enables better and faster user interactions with digital assets. With the innovation of the Automated Market Maker (AMM) solution, traders can easily exchange digital assets at any time with guaranteed market supplies from the liquidity pool without giving up the custody of their digital assets. As a decentralized exchange, TRAMS DEX is able to create open access opportunities for participation without discrimination and any controlling institution barrier.

At TRAMS.io, anyone with an Internet connection and a Web 3.0 wallet can gain access to liquidity where otherwise would be ineligible through traditional finance or banking. TRAMS DEX operates a Decentralized Exchange that offers three (3) impactful functions with a minimal user interface designed for clear navigation.

The first function, global liquidity access or buyable, sellable, or tradable market access. Users of the protocol can easily gain access to “constant” liquidity with a simple crypto assets swap function at a minimal cost of 0.3% transaction fee. Direct wallet connections are automated as well with a few simple clicks. All transactions are secured with blockchain encryptions and conducted on-chain with transaction data records automatically recorded for open access viewing on Ether can in real-time.

The second function, make money from idle assets. TRAMS DEX creates a money-making model for liquidity providers (LPs) on the platform. By supplying idle crypto assets to any pools listed on the protocol, the LP earns a profit share generated from the swapping fees on TRAMS DEX. The liquidity provider profit sharing is proportional to contribution. Profits are calculated at least once every twenty-four hours (24 hrs). True to open finance principles and Defi, participating LPs can withdraw their contribution at any time without any fee or penalty.

Thirdly, earn a high passive income. The TRAMS DEX incentive model lets participants earn high passive income in the form of yields, calculated in APY% (annual percentage yield), simply by staking (or depositing) its native token (TRAMS) on the platform. This encourages participants to remain active on the platform and better maintains constant liquidity reserve. This translates to double benefits for participating LPs, more profits are added on-top of the profit-sharing earning from staking LP tokens on TRAMS DEX.

TRAMS DEX is accessible constantly 24/7 to anyone globally. All associated costs of operations are kept very low and precise by utilizing automated smart contracts and AMM trading algorithms for trade executions and operations. Compared to traditional financial institutions and banks, TRAMS DEX provides better, cheaper, more accurate services.

Bryan Feinberg of Plato Data Intelligence, the Founder/CEO of Etheralabs, commented from New York City via Zoom video call with the support of blockchain as the fundamental architecture of TRAMS DEX and Defi space which offers high data security and transaction transparency for users. As a member of the Blockchain Venture Advisory, he believes Decentralized Finance such as TRAMS DEX has a high adoption rate and direct use case for blockchain applications.

Mamadou Toure, Forbes 10 Most Influential person in Africa and President/CEO of Ubuntu Capital Group, tributes TRAMS DEX for providing access channel to liquidity where traditional banking and capital access are limited to non-existent. He further acknowledged the opportunities TRAMS DEX would create for users world-wide to easily finance business initiatives.

Victor Kong, CEO of VK Capital Digital Funds Pte Ltd endorses William Tien, TRAMS DEX’ Founder/CEO, for his vision and ambition in creating a Decentralized Ecosystem starting with TRAMS DEX following by TRAMS Finance and TRAMS Assets, for phase 2 & 3, respectively, as an alternative to private equity funds for real estates and infrastructure projects with a portfolio size of 1-10 million USD. TRAMS DEX removes the high barrier to entry by drastically reducing mandatory due diligence costs of raising capital, which remains the same as a 50 million USD project. He also credits the intention of listing the ecosystem, TRAMS DEX included, on the London Stock Exchange via reverse IPO within 3-6 months.

 

 

Continue Reading

Blockchain

Self-Sovereign Decentralized Digital Identity

Avatar

Published

on

Time & Date: Wednesday, Nov 4th, 2020
8:30 AM Eastern Standard Time

Speakers: Marco Aniballi (BlockBlox)
Luke Stokes (FIO, EosDAC)
Alex Puig (Caelum Labs)
Gordon Einstein (CryptoLaw Partners)
Sander de Bruijn (Crypto Entrepreneur)

Zoom Info: https://zoom.us/j/89200977541

 

Continue Reading
Bulgaria
Esports6 hours ago

blocker steps down from FATE

Energy7 hours ago

Energy Inspectors Corporation Receives U.S. Environmental Protection Agency National WaterSense Provider of the Year Award For 2020

Blockchain News7 hours ago

Chinese President Xi Jinping: Participate in Making Digital Currency and Digital Tax’s International Rule Actively

Germany
Esports8 hours ago

BIG qualify for BLAST Premier Fall Finals over Complexity

Energy8 hours ago

1 p.m. Update: Georgia Power working to restore remaining 68,000 customers after Hurricane Zeta

Blockchain News8 hours ago

South Korean Hospitals to Usher in New Healthcare Era Using Blockchain Technology, AI and Big Data

Code8 hours ago

[AWS Certified Developer] – Associate Practice Test Exam

Esports10 hours ago

Edward: “After three consecutive tournament victories in 2018, we could have become the best team in the world, but we chose to hang out”

AR/VR10 hours ago

VR Animation Baba Yaga Exclusive to Oculus Quest in 2021

Blockchain11 hours ago

Bitcoin-Themed NFT Card Set Launches On Anniversary Of Satoshi’s White Paper

Blockchain News11 hours ago

Verizon’s New Blockchain Verification Tool ‘Full Transparency’ Combats Fake News

Energy12 hours ago

9 a.m. Update: Georgia Power working to restore remaining 78,000 customers after Hurricane Zeta

Energy12 hours ago

E-Bikes Catch on Outside China, Boosting Global Market Growth Through 2024

Blockchain News12 hours ago

Chinese City Eyes Blockchain Applications for Urban Governance and Smart Education

Cyber Security12 hours ago

USCYBERCOM Released New Malware Samples

Blockchain News13 hours ago

The Bank of Russia Says CBDC Will Eliminate Challenges Caused by Cryptocurrencies

Esports14 hours ago

ESEA Season 35 Global Challenge canceled

Cyber Security17 hours ago

The WordPress Core Team has Released an Emergency Release of WordPress 5.5.3

Energy22 hours ago

Exchange between ChantsWood (Beijing) Information Technology Co., Ltd. and ZHOU Qian, Renowned Chinese Expert on Electric Power Communication

Energy1 day ago

Energy Fuels Announces Q3-2020 Results; Debt-Free with Strong Working Capital; Advancement of Uranium & Rare Earths; Webcast on November 3, 2020

Energy1 day ago

7 p.m. Update: Power restored to nearly 741,000 Georgia Power customers after Hurricane Zeta’s path through Georgia

Energy1 day ago

ACC: Plastic Waste Study In “Science Advances” Provides Incomplete Picture

Europe
Esports1 day ago

Complexity eliminate FaZe from BLAST Premier Fall Series

Blockchain1 day ago

TRAMS DEX Propels Global Adoption of DeFi with Automated Market Maker (AMM) protocol

AI1 day ago

AI Contact Tracer Awarded at UNLV

Press Releases1 day ago

Bixin Ventures Announces $100M Proprietary Capital Fund to Support Global Blockchain Ecosystem

Press Releases1 day ago

SHANGHAI, Oct 26, 2020 – (ACN Newswire)

Start Ups1 day ago

CB Insights: Trends, Insights & Startups from The Fintech 250

Press Releases1 day ago

Valarhash Launches New Service Series for its Mining Hosting Operations

zephyrnet1 day ago

Trends, Insights & Startups from The Fintech 250

AR/VR1 day ago

The VR Game Launch Roundup: Time to Grapple With Zombies & Interior Design

Cyber Security1 day ago

Hackers Continue to Target Zerologon Vulnerability

AR/VR1 day ago

Oculus Quest 2 Sales Surpass Facebook Expectations, Pre-orders 5x More Than Original Quest

Crowdfunding1 day ago

Warning: This Is Cyber Criminals’ New Method of Attack

Cannabis1 day ago

Current Research on Effect Specific Uses of Cannabis

Crowdfunding1 day ago

Friday Charts: I Double Dare You To Ignore This Trend

AR/VR1 day ago

Five Nights at Freddy’s AR: Special Delivery Update Expands Phone Compatibility, Adds New Modes

AR/VR2 days ago

Hybrid Tower Defence/FPS Cyberspace VR Launches Kickstarter

Covid192 days ago

How Telemedicine Can Help Keep Your Health on Track

Start Ups2 days ago

Website Packages – Good or Evil?

Trending