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Satoshi Nakamoto Is Writing a Book, Website Claims

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Bitcoin’s creator, whoever it is, has hinted that a new tell-all book chronicling the development of the game-changing cryptocurrency is being developed, a new website claims.

Is Satoshi Nakamoto Writing a New Book?

Bloomberg’s Matthew Leising has drawn attention to a new cryptic message posted Friday on a website that is said to be linked to Satoshi Nakamoto, the person or entity who developed the original bitcoin whitepaper ten years ago.

The website claims that bitcoin’s creator has released “the first excerpt to a literary work consisting of two parts.” Although it is not entirely clear how much the book will reveal, the website claims it will answer “some of the most brought up questions,” possibly in relation to bitcoin’s creation and the identity of the person or entity behind it.

The post also includes a cryptogram that enables readers to decipher names related to the book’s title. According Leising’s article, the answer to the cryptogram is “honne and tatamae,” which appears to be a Japanese expression that contrasts a person’s true feelings and the behavior one displays publicly.

An excerpt of “Duality” has been made available here.

Satoshi’s Motivation

The author of the 21-page excerpt claims that Satoshi Nakamoto first became interested in cryptograhy as a 14-year old by joining an online “cypherpunk” movement. The creative drive behind the digital currency was paved by the likes of Adam Back, Wei Dai, David Chaum and Hal Finney.

“David Chaum preceded me by almost twenty years, but with his paper Untraceable Electronic Cash he explored the possibility of anonymous transactions using a number of cryptographic protocols,” the author wrote. “Its inherent flaw however, was that it was centralized. And like all things, people can lose trust in something that is controlled by one authority.”

Despite the flaw, the principles in Chaum’s work convinced the cyberpunks that anonymous transactions were possible.

Interestingly, the excerpt’s author tells readers that Satoshi Nakomoto is not a real or “legal” name, but Japan’s equivalent to “John Smith.” Although this was implied in the original whitepaper, the excerpt is the first public acknowledgement that Satoshi Nakamoto is actually a pseudonym.

The Primary Reason for Bitcoin’s Success

Bitcoin’s success, the author claims, can be boiled down to one factor: the realization that “you could generate your own form of money” independent of government or any central authority. “It wasn’t about the proficiency of the code or the novelty, it was because it had to do with money. It centered around money.”

The excerpt says bitcoin is ultimately one of “tens of thousands of projects” tied to cryptography and digital money. It “started as most things do, a love, an idea, a dream” before it emerged as the flagship digital currency project that proponents say has changed the world.

Nakamoto’s identity has long evaded journalists, researchers and crypto enthusiasts at large.  While the search has died down in recent years, a book written by bitcoin’s elusive founder would spark renewed interest in unearthing a true identity.

The excerpt does not claim Satoshi’s identity will be revealed in the new book. However, it does imply that a more thorough telling of the story was “inevitable.”

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

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Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 498 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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  1. irukandji

    July 3, 2018 at 1:35 am

    It’s a fake. It uses American English whereas Satoshi used Commonwealth English

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World’s Largest Asset Manager BlackRock Is Exploring Bitcoin

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The floodgates could be about to open in the cryptocurrency market. BlackRock, the world’s largest asset management firm, with $6.3 trillion in assets under management, is exploring bitcoin. The firm reportedly has established a working group to determine opportunities surrounding cryptocurrencies and blockchain technology, according to Financial News London.

The reaction is twofold. If BlackRock can do for bitcoin what it did for exchange-traded funds (ETFs), as the firm is largely responsible for opening up nearly every American’s 401(k) plan to ETFs, this would be a complete game-changer for cryptocurrencies. On the other hand, BlackRock chief Larry Fink in 2017 characterized bitcoin as an “index of money laundering.” What a difference a year can make.

Bitcoin Futures

Based on the report in Financial News, BlackRock has tapped various individuals from the company to comprise the blockchain exploratory group. This group is being spearheaded by Terry Simpson, a multi-asset strategist for the firm. Simpson and the team are expected to research ways in which BlackRock could benefit from bitcoin — specifically bitcoin futures — and share those findings with the senior management team, which would include Mr. Fink.

Incidentally, now that Ethereum is clear of being designated as a security, reports suggest that  ETH futures could be on the horizon.

BlackRock is also interested in gauging the temperature of its rivals that are participating in the space. JPMorgan has an asset management arm and the firm has a blockchain business. Jamie Dimon, JPMorgan CEO, also previously dissed bitcoin, similar to BlackRock’s Fink. For BlackRock to jump into bitcoin futures could bolster liquidity in the market and invite other asset-management firms to enter the space.

We don’t want to get ahead of ourselves, as it’s early days for BlackRock’s crypto committee. But clearly, there is enough potential opportunity on the institutional investment side for the firm to take these next steps. With the rise of custody solutions from the likes of leading cryptocurrency exchange Coinbase, it’s only a matter of time before hedge funds and other big investors jump in.

The development comes in the midst of a mini-rally in the broader cryptocurrency market, one that has been led by the No. 5 cryptocurrency by market cap, EOS, which is currently advancing nearly 9%. The rally has also bolstered the Ethereum price to within reach of $500.

It’s unclear if the BlackRock development is what turned the markets around, but given the influential nature of the world’s largest asset manager, it’s certainly contributing to the positive sentiment among crypto market participants after last week’s disappointing showing.

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Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 23 rated postsGerelyn has been covering ICOs and the cryptocurrency market since mid-2017. She's also reported on fintech more broadly in addition to asset management, having previously specialized in institutional investing. She owns some BTC and ETH.




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South Korea’s Blockchain Association Draws Ire for Green Lighting Exchanges

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South Korea has the dubious distinction of allowing two of the major security breaches at cryptocurrency exchanges this year — Coinrail at around $40 million and Bithumb at $31 million.

But a self-regulatory agency in the country — the Korea Blockchain Association (KBA) — just gave its stamp of approval for the security of a dozen crypto exchanges operating there, including one of the companies that suffered a hack. The move is controversial at best and self-serving at worst at a crucial time in the industry when new and veteran crypto investors alike are awaiting market security.

The KBA is comprised of nearly two-dozen blockchain companies including Bithumb and about a dozen other local cryptocurrency exchanges such as Coinone and Korbit, as pointed out by The Korea Times. Here’s the rub.

Officials from these companies are the very individuals who performed in-house inspections of the safety and security of South Korea’s 12 leading cryptocurrency exchanges including recently hacked Bithumb, which despite apparent flaws were green-lighted at a Seoul press conference. According to CCN, the exchanges are: “Dexko, Hanbitco, OKCoin Korea, Huobi Korea, Bithumb, Upbit, Neoframe, Gopax, Cpdax, Coinzest, Korbit and Coinone.”

But the exchanges didn’t pass with flying colors, which taints the review and could give traders and investors a false sense of security for directing funds onto these platforms.

“This inspection does not guarantee the absolute safety of the 12 exchanges. The result indicates the 12 exchanges satisfy the minimum requirement for their operations. It is like a driver’s license. It is hard to tell whether they are good drivers or not” according to KBA Chairman Jeon Ha-jin.

The KBA appears to have kowtowed to the exchanges, doubling its review period in an attempt to give the trading companies more time to meet their seemingly loose standards.

South Korea’s Crypto Landscape

The Ministry of Strategy and Finance said today that the government will “ease requirements for new technology support, including the blockchain technology investment support.” This is expected to include expanded tax reductions “for new growth engine investment.”

Indeed, South Korea’s cryptocurrency regulatory landscape is evolving. Last month, the Financial Services Commission unveiled new guidelines to combat money laundering activity at financial institutions that transact in virtual currencies. Regulators also appear to have probed a trio of leading banks that have facilitated cryptocurrency accounts — Nonghyup, Hana Bank, and Kookmin.

The bottom line is that policymakers are requiring exchanges and banks alike to follow stricter know-your-customer standards, all of which is encouraging despite where the self-regulating KBA fell short and is a step toward the crafting of formal regulation of the cryptocurrency industry in South Korea.

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Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 23 rated postsGerelyn has been covering ICOs and the cryptocurrency market since mid-2017. She's also reported on fintech more broadly in addition to asset management, having previously specialized in institutional investing. She owns some BTC and ETH.




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President Trump Unleashes Task Force Targeting Crypto-Fueled Fraud

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As a businessman, Donald  Trump has been curiously mum on the topic of cryptocurrencies — until now. The U.S. president has signed an executive order to activate a task force whose mission is protecting consumers against fraud in the cryptocurrency space, according to Bloomberg. It’s a sign that the U.S. government is throwing more resources at this nascent market even as any formal regulatory policy remains elusive.

Regulation is expected to be among the catalysts for a turnaround in the bitcoin price, but so far all U.S. agencies have been able to do is create peripheral groups to target scams.

At the helm of the new security unit, which was unveiled on Wednesday, is the U.S. Department of Justice. In addition, the task force is comprised of regulators from the U.S. Securities and Exchange Commission, which has its own digital currency task force, as well as officials from the Federal Trade Commission and the Consumer Financial Protection Bureau.

The Trump administration is lumping crypto-fueled fraud with that of other white collar crimes such as money laundering and Ponzi schemes, for instance, with a particular focus on protecting the elderly and veterans from these nefarious activities. It’s Trump’s stamp on an Obama-era security unit that was formed in response to the Great Recession. By signing an executive order, President Trump can control the focus and direction of the group’s activities, which now includes bitcoin.

On the Radar

It’s not as though crypto fraud isn’t already on the radar of government officials. In recent days, the U.S. DOJ announced the sentencing of a “so-called Bitcoin Maven” who was charged with running an unlicensed crypto-to-fiat transfer operation and laundering bitcoin that was obtained from narcotic-fueled transactions.

Theresa Lynn Tetley of Southern California, a former real estate investor, was sentenced to more than a year in federal prison in addition to fines and forfeiting 40 bitcoin, hundreds of thousands of dollars in cash and gold bullions, all of which she obtained illegally.

Tetley advertised on LocalBitcoins.com, which is a platform for buying and selling bitcoin locally. Meanwhile, Facebook in recent weeks eased its ban on select cryptocurrency projects and many in the cryptocurrency community are wondering if Twitter will follow in its footsteps, especially after Justin Sun, founder of the Tron Foundation, tweeted about having received a visit from Twitter at the Tron offices.

President Trump is a Wall Street guy, with the Trump Building perched prominently on 40 Wall Street, a stone’s throw from the New York Stock Exchange. He made his fortunes in real estate, which incidentally is an industry that has begun to support bitcoin for payments.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 23 rated postsGerelyn has been covering ICOs and the cryptocurrency market since mid-2017. She's also reported on fintech more broadly in addition to asset management, having previously specialized in institutional investing. She owns some BTC and ETH.




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