TL;DR: Welcome to In Case You Missed It (ICYMI), a fast blazing set of facts about Lightning Network brought by your favorite altcoin maximalist, Linzerd. Bitgrail CEO found guilty of Nano hack. Bitcoin investors fleeing to gold. Emin Gün Sirer says decentralization does not exist. Only two groups responsible for most cryptocurrency hacks. Bitfury’s Lightning Peach not so anonymous, and Venezuelan bitcoin trading surpassed $10 million in a week.
Bitgrail CEO Responsible for Nano Hack
A year had to pass for a responsible person to be found in the controversy the Bitgrail exchange had with the Nano cryptocurrency project. A document, authored by the Bigrail Victims Group, states Italian courts have held Francesco Firano and Bitgrail liable for the hack. “The Court found that the NANO reported lost by Mr. Firano on February 9, 2018, had actually been removed from the exchange months earlier, between July 2017 and December 2017,” the document declares. Authorities are now seizing assets to pay customers.
Bitcoin Investors Fleeing To Gold
The CEO and founder of Van Eck Associates Jan Van Eck declared the bear cryptocurrency market has led investors to flee to more traditional stores of value assets, such as gold. “We just polled 4,000 bitcoin investors and their number one investment for 2019 is actually gold. So gold lost to bitcoin and now it’s going the other way,” he insisted in an interview on CNBC. Gold is up 2.5% while bitcoin has lost 80% since last year.
Emin Gün Sirer Thinks There Aren’t Decentralized Coins
Emin Gün Sirer, a computer science professor at Cornell and cryptocurrency researcher, declared there are not truly decentralized cryptocurrencies. In an interview with Long Hash, he explained, “All of the existing coins are far from the decentralized dream that has been sold to the masses,” he stressed when asked about the topic. “They are pathetic,” he added. He justified his answer by stating Bitcoin is controlled by 19 mining pools, and Ethereum just by 11; two of the top cryptocurrencies in the market today.
Only Two Groups Responsible for Most Cryptocurrency Hacks
A report from The Wall Street Journal revealed two groups of hackers are responsible for most cryptocurrency hacks occurring recently, according to crypto-research firm Chainalysis. These groups appear to still be active, and their actions have caused losses on the order of a billion dollars. Hacking groups called “Alpha” and “Beta” act differently: Alpha cashes out funds quickly, while Beta waits for the hacks to be forgotten, according to the source.
Bitfury’s Lightning Peach Is Not Anonymous
So tell me again why I should trust you, when literally the Terms of Service themselves in a vacuum show you are completely full of shit? Why should I trust you when your INSTANT reaction to me making the original of this thread is to delete the tweet it was a reply to?
— Secret Blockstream Employee #202884 (@brian_trollz) January 28, 2019
A Twitter thread by “Secret Blockstream Employee #202884” clarified the status of “privacy” and “anonymity” that the latest suite of Lightning Network solutions by Bitfury offers, pointing out contradictions with in their ToS. The ToS of the software clearly reads they don’t collect information about transactions, but it also says they can log this information about the number and amount of payments per session, which does seem contradictory. A puzzling ToS disaster from every point of view.
Venezuelan Bitcoin Trading Numbers High As Ever
Amidst the whole political crisis Venezuela is facing this week, Bitcoin trading did not stop. In fact, it recorded one of the highest amounts in their history. In just one week, Venezuelans traded more than $10 million, according to numbers from the statistics site Coin Dance. 1,782 bitcoin was traded through LocalBitcoins, the second highest amount for a week. Venezuela is still a fertile ground for cryptocurrencies, and this economic turmoil they are living in just makes it clearer.
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