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Provable Solvency Report #67 – October 2019

Coinfloor is a custodian of client bitcoins and we believe that we must set the industry standard for transparency and regular audits. Without proper public accountability, the industry will not be able to grow and mature. This is why we are committed to releasing a Provable Solvency Report every month. Coinfloor is proud to have the longest standing track record among bitcoin exchanges in regards to auditing.

Today we are publishing our 67th monthly Provable Solvency Report with step-by-step validation instructions for your convenience.

As of today, Coinfloor holds a total of 3,908.6071 XBT on behalf of our clients. You are invited to verify that your held bitcoins are included in this balance by following the instructions below.

What does the Provable Solvency Report include?

We started out by creating an obfuscated report of all current client balances (the Solvency Report) and then generated a SHA-256 hash of this report.

We then created a bitcoin transaction to ourselves, that includes all currently held client bitcoins, for a value of 3,976.5549. XBT. The output of the script also includes the OP_RETURN of the SHA-256 hash of the report, proving that at the time of making the solvency report, Coinfloor held all of our clients’ XBT funds. You can verify the amount and details of the transaction on the blockchain.

Key Pieces of information:

Provable Solvency Report #67 (October 24th, 2019):
https://s3-eu-west-1.amazonaws.com/provablesolvency/solvency_20191024.txt

SHA-256 Hash of the Provable Solvency Report: D416EBDE74A254F4E6DA2828C2DAFDDB5DC036C69AD7114ABF54F57DD1B1686D

Transaction ID: c354df2e5d6a7c8fc77b28dfbbcaf70dc6beae755bbdeb877d2785b2343208d6

View the transaction here:
https://explorer.bitcoin.com/btc/tx/c354df2e5d6a7c8fc77b28dfbbcaf70dc6beae755bbdeb877d2785b2343208d6

Your API authentication cookie:
You will find it in My Account > Dashboard in the Coinfloor signed in view, in the API section (visible only for fully verified accounts).

Instructions for Validating Solvency Report:

1. Open the Provable Solvency Report file:

https://s3-eu-west-1.amazonaws.com/provablesolvency/solvency_20191024.txt

2. Go to

https://passwordsgenerator.net/sha256-hash-generator/ or to your SHA256sum calculating application.

Copy the entire contents of the solvency report (including any leading or trailing spaces or blank lines) into the SHA-256 generator and calculate the SHA-256 hash of the report.

3. Go to

https://explorer.bitcoin.com/btc/tx/c354df2e5d6a7c8fc77b28dfbbcaf70dc6beae755bbdeb877d2785b2343208d6

Click on the `SHOW ADVANCED` switch to view the OP_RETURN, where you will find the hash generated in the previous step matches the hash in the OP_RETURN output script of the transaction that includes all customer bitcoins.

Instructions for finding your account balance within the Solvency Report:

1. Go to

your local SHA1sum application

to calculate the SHA-1 digest of a message consisting of the timestamp shown at the top of the Solvency Report (1571910092) and your API authentication cookie.

Example (Linux):

    timestamp: 1571910092

    API authentication cookie (API Key): 9BTa7M0Z/Mrk6tFMJwEkTV3BQek=

    command: echo -n ‘15719100929BTa7M0Z/Mrk6tFMJwEkTV3BQek=’ | sha1sum

(the command may differ depending on the SHA1sum application used)

2. Find the resulting hash in the solvency report. Your balance is shown on that line in satoshi units. 1 bitcoin = 100 000 000 satoshis. For your convenience, here is a link to a bitcoin unit converter:

http://www.satoshi.24ex.com

We believe that this approach is the best way to achieve maximum accountability whilst retaining privacy for our clients. We welcome your feedback and hope that in time, other exchanges will also help safeguard client funds by providing proof of solvency reports to their users on a regular basis.

Thank you for your trust,

Coinfloor Team

image

Published

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Coinfloor is a custodian of client bitcoins and we believe that we must set the industry standard for transparency and regular audits. Without proper public accountability, the industry will not be able to grow and mature. This is why we are committed to releasing a Provable Solvency Report every month. Coinfloor is proud to have the longest standing track record among bitcoin exchanges in regards to auditing.

Today we are publishing our 67th monthly Provable Solvency Report with step-by-step validation instructions for your convenience.

As of today, Coinfloor holds a total of 3,908.6071 XBT on behalf of our clients. You are invited to verify that your held bitcoins are included in this balance by following the instructions below.

What does the Provable Solvency Report include?

We started out by creating an obfuscated report of all current client balances (the Solvency Report) and then generated a SHA-256 hash of this report.

We then created a bitcoin transaction to ourselves, that includes all currently held client bitcoins, for a value of 3,976.5549. XBT. The output of the script also includes the OP_RETURN of the SHA-256 hash of the report, proving that at the time of making the solvency report, Coinfloor held all of our clients’ XBT funds. You can verify the amount and details of the transaction on the blockchain.

Key Pieces of information:

Provable Solvency Report #67 (October 24th, 2019):
https://s3-eu-west-1.amazonaws.com/provablesolvency/solvency_20191024.txt

SHA-256 Hash of the Provable Solvency Report: D416EBDE74A254F4E6DA2828C2DAFDDB5DC036C69AD7114ABF54F57DD1B1686D

Transaction ID: c354df2e5d6a7c8fc77b28dfbbcaf70dc6beae755bbdeb877d2785b2343208d6

View the transaction here:
https://explorer.bitcoin.com/btc/tx/c354df2e5d6a7c8fc77b28dfbbcaf70dc6beae755bbdeb877d2785b2343208d6

Your API authentication cookie:
You will find it in My Account > Dashboard in the Coinfloor signed in view, in the API section (visible only for fully verified accounts).

Instructions for Validating Solvency Report:

1. Open the Provable Solvency Report file:

https://s3-eu-west-1.amazonaws.com/provablesolvency/solvency_20191024.txt

2. Go to

https://passwordsgenerator.net/sha256-hash-generator/ or to your SHA256sum calculating application.

Copy the entire contents of the solvency report (including any leading or trailing spaces or blank lines) into the SHA-256 generator and calculate the SHA-256 hash of the report.

3. Go to

https://explorer.bitcoin.com/btc/tx/c354df2e5d6a7c8fc77b28dfbbcaf70dc6beae755bbdeb877d2785b2343208d6

Click on the `SHOW ADVANCED` switch to view the OP_RETURN, where you will find the hash generated in the previous step matches the hash in the OP_RETURN output script of the transaction that includes all customer bitcoins.

Instructions for finding your account balance within the Solvency Report:

1. Go to

your local SHA1sum application

to calculate the SHA-1 digest of a message consisting of the timestamp shown at the top of the Solvency Report (1571910092) and your API authentication cookie.

Example (Linux):

    timestamp: 1571910092

    API authentication cookie (API Key): 9BTa7M0Z/Mrk6tFMJwEkTV3BQek=

    command: echo -n ‘15719100929BTa7M0Z/Mrk6tFMJwEkTV3BQek=’ | sha1sum

(the command may differ depending on the SHA1sum application used)

2. Find the resulting hash in the solvency report. Your balance is shown on that line in satoshi units. 1 bitcoin = 100 000 000 satoshis. For your convenience, here is a link to a bitcoin unit converter:

http://www.satoshi.24ex.com

We believe that this approach is the best way to achieve maximum accountability whilst retaining privacy for our clients. We welcome your feedback and hope that in time, other exchanges will also help safeguard client funds by providing proof of solvency reports to their users on a regular basis.

Thank you for your trust,

Coinfloor Team

image

Source: https://blog.coinfloor.co.uk/post/188562806971

Blockchain

Dharma Domination Drive Thwarted as Uniswap Vote Concludes

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DeFi protocol Uniswap has concluded its first governance vote with a failure to come to quorum by a minuscule margin. The good news is that it keeps the platform relatively decentralized … for now.

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The first governance vote for automated market maker Uniswap concluded on October 20 with 98% of the votes in favour of the proposal, but that wasn’t enough to secure it.

Uniswap
Image – uniswap

As previously reported by CoinGape, the highly-contentious proposal raised a number of centralization concerns as it would effectively grant the most voting power to the largest couple of UNI holders, which were Dharma and Gauntlet at the time.

Crypto trading platform Dharma proposed a reduction of the thresholds for voting and quorum from 1% of the total supply to 0.3%, and 4% of the total to just 3% respectively. It has been reported that Dharma was not happy with the airdrop and distribution of UNI tokens and felt that their users should have got more.

Winning this vote would have enabled Dharma to have more control over the distribution process through subsequent proposals, which it would have won with collaboration from Gauntlet.

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A Whisker Short of Winning

In order to seal the proposal, 40 million votes were required but it fell just short with just below 39,600. The majority of those came from just three accounts held by Dharma, Gauntlet, and Yuni.Finance, which is managed by other DeFi whales and big bag holders.

Naturally, the Dharma CEO and co-founder was disappointed with the outcome, almost calling it ‘undemocratic’;

While other industry observers hailed it a victory for ‘everyday users’ and against centralization;

DeFi Watch’s Blec added;

“The vote didn’t pass because users learned about the issue and decided not to vote for it. This is how tokenized governance is *supposed* to work. Votes shouldn’t just pass by default.”

Many simply abstained from voting either not wanting to spend the gas or seeing little point in going against the whales which had the majority.

UNI Price Reaction

UNI prices have retreated around 4% over the past few hours as news of the failed proposal circulates. As with the voting, the largest bagholders have the greatest influence over markets and price action should they decide to sell.

Currently, UNI prices are down over 60% from their peak on September 19. Prices may descend further when yield farming pools expire on November 17 and rewarded tokens flood the markets.

To keep track of DeFi updates in real time, check out our DeFi news feed Here.

Author: Martin Young




Martin has been writing on cyber security and infotech for two decades. He has previous forex trading experience and has been covering the blockchain and crypto industry since 2017.

Source: https://coingape.com/dharma-domination-drive-thwarted-as-uniswap-vote-concludes/

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Bitcoin Price Eyes $12,000 Following US Fed Chair Powell Talks

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  • Bitcoin’s price finally made a worthwhile move after surging to $11,840 on Bitstamp following days of stagnation.
btcusdh_chart
BTC/USD. Source: TradingView
  • The price has since retraced a bit to trade at its current level of around $11,780. Nevertheless, this is a move in the right direction as concerns started crippling up that we might be in for a fill of the CME gap down at $11,100.
  • Bitcoin is trading approximately only $700 away from the $12,500 area – the 2020 highest level that was reached on August 17. The next major resistance for BTC now lies at $12,000 – $12,100.
  • The move came soon after the Chairman of the US Federal Reserve, Jerome Powell, spoke on a panel hosted by the International Monetary Fund (IMF).
  • During the event, he said that the US is “committed to carefully and thoughtfully evaluating the potential costs and benefits of a CBDC (Centra Bank Digital Currency) for the US economy and payments system.”
  • He also said that it’s better to be right than be first on CBDCs.
  • Interestingly enough, BTC’s move appears to be uncorrelated to the US stock market. At the time of this writing, the S&P 500 is down about 0.4%, while the Dow Jones Industrial Average (DJI) is down about 0.3%.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/bitcoin-price-eyes-12000-following-us-fed-chair-powell-talks/

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33 Years Since Wall Street’s Black Monday: Have We Learnt Nothing? (Opinion)

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They say that to see the future, one should only learn history. Oftentimes, though, we tend to ignore history altogether.

Exactly 33 years ago, on this day, October 19th, 1987, Wall Street and global markets tumbled in a massive selloff that saw the S&P 500 lose about 20% and the DJIA about 22%.

One might think that this is something that we don’t want happening again and that the economic policies would be structured in a way where massive national debt doesn’t mount up. Here we are, 33 years later, and the US national debt has increased by roughly 12 times.

But it doesn’t matter, right? The Fed can always just “print more money,” as the former Chairman of the US Federal Reserve has said.

Rolling Back to 1987: What Happened and Why it Matters?

The year is 1985. The United States policymakers and economists decided that the time is ripe for a shift in the direction. As such, they moved to a slower expansion approach, unlike the state of rapid recovery from the recession in the early 1980s.

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Fast forward a few years when on October 14th, 1987, the House Committee on Ways and Means introduced a tax bill that was aimed at reducing the benefits associated with financing leveraged buyouts and mergers.

October 19th comes, and traders, analysts, and economists found themselves dismayed as markets took a beating. The S&P dropped by over 20%, while the DJIA was down 22% in a single session. Additionally, markets from across the world were also bleeding out, making this into a global downturn.

black_monday
Dow Jones during Black Monday of 1987. Source: Wikipedia

Back then, Nobel-winning economist Robert Shiller surveyed 889 investors right after the drops to find the reason, according to them. Most of them said that it was perhaps brought on by “too much indebtedness.”

Looking at historical data, the US national debt in 1987 was around $2.3 trillion, representing 48% of the country’s GDP.

Learn From History, or You’re Destined to Repeat It… Right

The year is now 2020, and we just saw the third quarter closing down. In March, there was another Black Swan event that saw global markets tumble in response to the outbreak of the novel coronavirus COVID-19. Countries were literally locked down, and economies suffered as a consequence.

The US was no exception. In fact, it’s the current leader in terms of total cases of COVID-19. However, it’s worth noting that this year, unlike back in 1987, there was an obvious trigger as global economies were virtually shut down in response to the outbreak.

Their response, however, was criticized by many. Data shows that the US national debt has grown to $26.5 trillion at the end of the second quarter of 2020. This represents 136% of the country’s GDP. In fact, the debt increased by around $4 trillion this year alone. For reference, it grew with that much from 2015 to 2019 combined.

When there’s an obvious uncertainty of how the world will handle the pandemic, US stock markets are charting all-time highs. And all of this was made possible by the trillions of dollars printed to bail out huge corporations.

This Time Could Be Different… But Will It?

Of course, this time, we have Bitcoin – a scarce digital asset that comes with pre-programmed inflation that will, eventually, disperse.

However, it also challenges the very essence of what banks are created for. It’s the first real attempt to separate money from state and … well, that’s scary for some.

Bitcoin’s censorship resistance, immutability, actual transparency, and, most of all, digital scarcity are just some of its inherent qualities that could make a change. However, it’s definitely questionable if and when that will happen.

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Source: https://cryptopotato.com/33-years-since-wall-streets-black-monday-have-we-learnt-nothing-opinion/

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