Coinbase has released its recent Transparency Report, and the results are not at all encouraging for privacy advocates and believers in an “anti-establishment” philosophy of cryptocurrencies.
According to the company, out of 1914 requests for information it received, 1848 of them corresponded to subpoenas and interactions made by criminal investigation agencies, and only 66 came from civil or administrative agencies.
Coinbase Unveils An Unsurprising Report
Such statistics from Coinbase are not strange. The company has consistently expressed its willingness to cooperate with U.S. law enforcement agencies, having contracts and good relations with the U.S. Department of Homeland Security.
This number far exceeds the 710 requests received by Kraken during 2019. This exchange is also based in the United States and discloses data on requests made by authorities. This year, Kraken reported that the authorities developed an increasing interest in crypto, raising the number of information requests by almost 50%.
It’s that time again. Here’s a snapshot of our Compliance team’s 2019 Transparency Report. Team America still ahead with 61% of total requests, down from 66% last year. Other geos gaining fast. Trend is obvious. Costs are increasing, even in a relatively flat market. pic.twitter.com/4AMe11unoL
— Kraken Exchange (@krakenfx) January 7, 2020
The team at Coinbase said they have no problem disclosing information to the authorities as long as legal procedures are followed. Still, they also emphasized that customer privacy is also considered. In any case of conflict of interest, they could act in favor of their customers.
As a financial institution with a duty to detect and prevent prohibited activity on its platform, we respect the legitimate interests of government authorities in pursuing bad actors who abuse others and our platform. Yet, we will not hesitate to push back where appropriate.
However, it is important to consider that both Coinbase and Kraken were ranked among the top cryptocurrency exchanges of 2020 by CryptoCompare. The fact that they are registered in the US, have strong AML/KYC policies, and comply with US law, is a major point when it comes to assessing how safe and trustworthy a crypto exchange platform is.
Another highlight of the report is the most interested agencies in tracking cryptocurrencies across the crime world. According to Coinbase, 30.5% of the requests came from the FBI, Homeland Security followed by 16.5%, several local entities with 16.2%, and finally the DEA with 9.3%.
Running An International Business Comes With a Cost
Agencies with direct competence in the economic area had a minimal relationship with Coinbase. The SEC presented 2.6%, the CFTC 0.6%, and the IRS administrative area a little more than 2.2% (in contrast to the 6% of the area that is dedicated to criminal investigations).
Outside of the United States, Coinbase also collaborates with many governments. America has 1113 of the 1914 applications, while the rest of the countries have very little interest in this world. The U.K. sent 443 requests, and Germany 116, the rest of the countries did not reach the 50 interactions with the exchange.
The Coinbase report shows that the United States is increasingly interested in regulating cryptocurrencies to the fullest extent. From trying to force encryption service providers to work on solutions to allow law enforcement agencies to access private citizen data to paying companies to develop methods to track down privacy-focused blockchains, such as Monero or Zcash.
I Like Bitcoin Even More, It’s The Best Inflation Trade: Billionaire Investor Paul Tudor Jones
- Billionaire hedge fund manager Paul Tudor Jones III has become an even bigger Bitcoin fan following the most recent price developments.
- As CryptoPotato reported back in May, Jones bought an undisclosed amount of BTC to protect himself amid the rising fears of increased inflations.
- In an interview with CNBC’s Squawk Box, the prominent investor doubled-down on his words that Bitcoin serves as a hedge against the failing traditional financial world.
- Jones noted that “I like Bitcoin even more now than then [when he bought BTC in May]. It’s in the first inning and has a long way to go.”
- He also clarified now that BTC has a single-digit percentage in his investment portfolio. However, he believes that Bitcoin could outperform all other traditionally regarded as safe-haven investment assets:
“The reason I recommended Bitcoin is because it was one of the menu of inflation trades, like gold, like TIPS breakevens, like copper, like being a long yield curve and I came to the conclusion that Bitcoin was going to be the best inflation trade.”
- Jones is not the only representative of the traditional investment world to have come on board the Bitcoin bandwagon. The Former CEO of the insurance giant Prudential and current Chairman of Sanders Morris Harris, George Ball, recently said that BTC is an attractive long-term investment.
- In addition, giant companies like MicroStrategy and Square recently purchased millions of dollars worth of Bitcoin.
Featured Image Courtesy Of CNBC
XRP Bulls Step in With a 5% Daily Increase, Is $0.30 Next? (Ripple Price Analysis)
XRP/USD – Buyers Finally Break Above Symmetrical Triangle
Key Support Levels: $0.26, $0.251, $0.245.
Key Resistance Levels: $0.261, $0.271, $0.279.
XRP went through a rollercoaster of price action yesterday as it reached as high as $0.271 (bearish .618 Fib) and as low as $0.228 (.618 Fib) during the 24 hours.
The cryptocurrency had been trading within a symmetrical triangle and rebounded from the lower boundary at the start of the week. Despite the whipsaw like movement yesterday, the daily candle still closed beneath the triangle’s upper boundary.
Today, XRP pushed higher to break toward the upside of this triangle. It reached the resistance at $0.261, provided by a bearish .5 Fib Retracement level.
XRP-USD Short Term Price Prediction
Moving forward, if the buyers can break the current $0.261 level, higher resistance lies at $0.271 (bearish .618 Fib Retracement). Following this, resistance lies at $0.279 (1.414 Fib Extension), $0.286 (bearish .786 Fib), $0.295 (bearish .886 Fib), and $0.3.
On the other side, the first level of support lies at $0.26. Beneath this, support is expected at $0.251, $0.245 (100-days EMA), and $0.237 (200-days EMA).
The Stochastic RSI produced a bullish crossover signal, which helped the recent push higher.
XRP/BTC – XRP Briefly Penetrates Beneath 2000 SAT.
Key Support Levels: 2000 SAT, 1960 SAT, 1915 SAT.
Key Resistance Levels: 2050 SAT, 2127 SAT, 2200 SAT.
XRP has been struggling throughout the entire month of October against Bitcoin. Yesterday, the coin fell from 2050 SAT and broke beneath 2000 SAT. It continued to spike as low as 1915 SAT where it found support at a downside 1.618 Fib Extension.
The coin managed to close the daily candle at the 1960 SAT level (downside 1.272 Fib Extension) and it has rebounded back above 2000 SAT today as it trades at 2015 SAT.
XRP-BTC Short Term Price Prediction
Looking ahead, if the buyers continue higher, the first level of resistance lies 2050 SAT. Above this, resistance lies at 2127 SAT (bearish .236 Fib), 2200 SAT, and 2260 SAT (bearish .372 Fib & 100-days EMA).
On the other side, if the sellers break back beneath 2000 SAT, support lies at 1960 SAT, 1915 SAT, and 1900 SAT.
The Stochastic RSI is in extremely oversold territory as we wait for a bullish crossover signal to send the market higher.
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Cryptocurrency charts by TradingView.
BitTorrent Launches BitTorrent X Ecosystem Following DLive Acquisition
BitTorrent Inc., the firm behind the massively popular BitTorrent protocol and app, has announced its acquisition of blockchain-powered live streaming platform DLive.
DLive will now form part of the newly established BitTorrent X ecosystem, which also includes the BitTorrent File System (BTFS), a service used for distributed file storage and retrieval, as well as the BitTorrent client, which will be utilized delivering these services and more to users.
Transitioning to BitTorrent X
Since the BitTorrent protocol was first developed in 2001, it has become the most successful peer-to-peer data distribution system. It has already been used by well over 2 billion users globally — including massive enterprise users like Facebook, Twitter, and Blizzard.
The BitTorrent file-sharing protocol also appears to be an inspiration that edged Satoshi Nakamoto towards the development of Bitcoin (BTC), as described in a message posted by Nakamoto on the Cryptography Mailing List.
After being acquired by TRON CEO Justin Sun in 2018, BitTorrent has gradually been woven into the rapidly growing TRON blockchain ecosystem, with the BitTorrent File System (BTFS) now being used by the TRON blockchain and DLive as a decentralized storage solution.
With the acquisition of DLive, BitTorrent is now ready to move into the next stage of its expansion: the launch of BitTorrent X — an ecosystem comprised of BTFS, the BitTorrent (and μTorrent) apps, the BitTorrent token (BTT), and now DLive.
DLive is a leading blockchain-powered live streaming platform and currently has more than 7 million users and 200,000 content creators.
Some of its top creators include PewDiePie, tugaygokyt, and enesbatur — each of whom has hundreds of thousands of followers thanks to their popular gaming and e-sports live-streamed content.
“BitTorrent X is the next step in establishing a truly decentralized internet,” said Justin Sun, founder of TRON and CEO of BitTorrent. “In one big step, the BitTorrent X ecosystem may drive blockchain-related tools to billions of devices. Hundreds of millions of users will have access to the next era of tools to share, store, and stream their content directly to anyone across the web.”
According to the announcement, the BitTorrent X ecosystem will be powered by the BTT cryptocurrency, which is already used for incentivizing users to share their storage space on the BTFS, and can be staked on DLive to earn rewards.
It is expected that the arrangement will allow potentially billions of users to access decentralized file sharing and live streaming services, with the same simplicity and ease of use users expect from BitTorrent and TRON applications.
“The acquisition marks a new start for DLive.tv. We are more than excited to join the BitTorrent ecosystem as the collaboration will provide us with more innovative solutions to empower content creators and reward communities.” says Charles Wayn, CEO of DLive, “Together with the BitTorrent team, we look forward to bringing disruptive innovations to the digital media space, and furthermore create value for our global community.”
The last few months have been packed full of news coming from BitTorrent and DLive. Last month, it was announced that TRON would now use the BitTorrent File System (BTFS) as the data storage solution for TRON nodes, making onboarding new nodes to the network much simpler and faster. Likewise, DLive recently completed its 2 million Lemon #StayAtHome giveaway, helping to supports its viewers and streamers during the COVID-19 lockdown.
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