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The US agency puts out a call for prototypes to trace Monero, Zcash, OmiseGo, and other cryptocurrency tokens and platforms.
In brief
The IRS is on the hunt for new crypto tracing tools.
The request is focused on privacy-centric coins, as well as off-chain/side-chain protocols.
Interactive prototypes can be submitted until July 14.
The United States Internal Revenue Service (IRS) is seeking tools that it can use to trace privacy-centric cryptocurrency tokens, as well as Layer 2 off-chain transaction protocols such as Bitcoin’s Lightning Network.
The agency issued a Request for Information earlier this week for the pilot program initiated by the IRS Criminal Investigations Division. The IRS is seeking an interactive prototype with a graphical interface that will let it cluster together transactions from a user, as well as associate “user distributed addresses with distributed ledger addresses” of criminal suspects. The news was first reported by industry publication The Block.
Additionally, the agency wants a prototype that can provide a library of suspects’ distributed ledger addresses, uses open-source intelligence data, and lets agents share data between investigations, as well as export data into various file formats.
The request specifically calls out the cryptocurrencies Monero (XMR), Zcash (ZEC), Dash (DASH), Grin (GRIN), Komodo (KMD), Verge (XVG), and Horizon (ZEN). In addition to Lightning, it also mentions Layer 2 protocol networks Raiden Network and Celer Network, as well as side-chains such as Plasma and OmiseGo (OMG).
The IRS admits that it doesn’t have a lot of options on those particular fronts.
“Currently, there are few investigative resources for tracing transactions involving privacy cryptocurrency coins, Layer 2 network protocol transactions, side-chain ledger transactions, or transactions on distributed ledgers that are adopting signature algorithms that provide privacy to illicit actors,” reads the request document.
Recently, public records discovered by The Block pointed to both the IRS and US Drug Enforcement Administration seeking to purchase Bitcoin tracing tools from Coinbase, much to the horror of the crypto community.
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The $1 million per Bitcoin forecast looks like an extremely unreasonable price to be assigned to one single Bitcoin, especially in a time where Bitcoin is struggling. However, if you take a look at current and past data, you might see why so many cryptocurrency experts are seemingly convinced that it is actually possible for BTC to reach the ellusive million dollar mark. Is Bitcoin at $1 million really possible?
Before you go ahead and dismiss the outrageous amount of $1 million per Bitcoin, you have to remember that Bitcoin ever since its inception has continued to proof the largest of skeptics wrong.
In the beginning of 2011, it seemed impossible for Bitcoin to ever reach the value of even one single dollar. However, throughout the years Bitcoin has shown impressive resilience, having survived multiple painful bear markets. Every time Bitcoin came back with a vengeance reaching new all-time-highs.
Whether it was $100, $1000, $10,000 and eventually $19,783, each and one of those prices were considered to be an impossible milestone at some point in the past, and Bitcoin smashed them all anyway.
Many leading cryptocurrency experts believe Bitcoin is on its way to absolute world domination.
'Bitcoin at $1 million is still on'
One of those is the colorful cryptocurrency fanatic John McAfee who famously predicted that a single Bitcoin would be worth a massive $1,000,000 by the end of 2020.
The relentless ongoing crypto winter clearly didn't have any influence on McAfee's prediction. In September 2018, he reaffirmed his prediction that Bitcoin will hit $1 million by the end of 2020.
'I think it is impossible to be anything less than that. The bet is still on', McAfee repeated.
However, for Bitcoin to be on track with McAfee's prediction, BTC should be at around $32,500 around this time, at the start of 2019, and break the $100,000 barrier by September 2019. Bitcoin should be growing at a rate of 0.79% per day to get from $3,600 to $1,000,000.00 by the end of 2020, which doesn’t seem to be the most plausible way for the market to develop today.
On the other hand, Bitcoin has shown that kind of growth for most of its existence, so don't rule it out just yet.
Another leading crypto expert, Bobby Lee, brother of Litecoin creator Charlie Lee and co-founder of BTCC, China’s first bitcoin exchange, joins McAfee in his $1 million per Bitcoin prediction. However, Lee predicts Bitcoin will hit this number within 20 years.
'Bitcoin, I think will get to $1 million per bitcoin. It will go to 100,000 and then 200,000, 500,000', he said.
'Half a million, that’s going to be a milestone and then eventually it will cross $1 million for bitcoin.'
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Head of blockchain at IBM, Jesse Lund revealed during IBM Think 2019 that between 40 and 50 banks are expected to join the Stellar-based IBM World Wire service in the next few months,
Using blockchain technology and the Stellar protocol, IBM Blockchain World Wire allows financial institutions to clear and settle cross-border payments in seconds.
"We've got a launch announcement coming out soon... we're going to be supporting more than 50 countries out of the gate, 30-40 currencies, and enough market makers to drag along 30 or 40 banks, so we'll have a significant portion of the world covered," he explained.
There are already several banks that have confirmed their plans to issue digital assets, including some of their own stablecoins, through IBM World Wire.
"We've got letters of intent with several banks around the world to support and issue digital currencies, stablecoins and other currencies," Lund added.
Our goal is to continue to expand that network and to provide global coverage within 3-5 years where you can actually send remittances in a consistent way, immediately, at a very low cost, from anywhere in the world to anywhere in the world."
Stellar's price has been on the rise over the last couple of days, growing 1.22% in the last 24 hours.
With more details expected to emerge at the Money 20/20 conference in Singapore on March 20, this marks a massive win for Stellar who takes a big step towards real-world use and mass adoption.
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Bitcoin Bull Spencer Bogart Faces Bearish Bloomberg Analyst, Plus Ripple and XRP, Ethereum, Tron, EOS, Cardano, VeChain: Crypto News Alert
From Bitcoin’s near-term prospects to an accidental airdrop from Binance, here’s a look at some of the stories breaking in the world of crypto.
Bitcoin
Blockchain Capital’s Spencer Bogart and Bloomberg market analyst Mike McGlone just went head-to-head to discuss the current state of crypto.
Bogart says Bitcoin is probably the “most compelling asset in the world” but added he’s not sure whether the price of BTC has hit a bottom.
“Are we ready to see new all-time highs? Probably not yet. I still feel like there’s a few more regulatory shoes to drop. But for now, the entrepreneurial activity and the institutional interest in the space has not ceded with the price. I think now’s a very good time to buy.
Is it the absolute bottom? I’m not sure. Could be.
[Bitcoin] hasn’t slumped at all in terms of entrepreneurial activity. We operate a venture capital fund that invests in both digital assets and the companies, and we see more and more companies coming in every day, and higher quality entrepreneurs as well.
I think behind the scenes when you think about Bitcoin as an asset, we think about this vortex of a macro environment with rising debt levels at all-time highs, money printing, this tension between nationalism and globalism and this notion of jurisdictional competition. I think there’s a strong case to be made that Bitcoin is the most compelling asset in the world right now.”
As for McGlone, he says the major Bitcoin indicators he likes to watch show the bear market is probably not over.
“It’d be nice if it is a bottom, but I think it’s unlikely. Basically, if you look at the price, it’s been trading between $3,100 and $4,100 since December and it’s basically doing the same thing it did last year. It’s consolidating at lower levels, and I think it still needs to go to lower levels…
Actual transactions are near levels when Bitcoin was last around $2,000. You look at addresses used – they’re basically at levels that are below the 2017 low, and that low was around $900. So these kind of indicators need to pick up.”
Ripple owns about 60% of the total supply of XRP and regularly sells portions of its holdings to third parties like crypto exchanges and institutions.
Ethereum
The Ethereum development studio ConsenSys has released a recap on what went down at ETHDenver.
“While major announcements by the likes of Rhombus, Shapeshift, and UNICEF are taking the headlines, it was Buffidai – a Dai-based digital asset minted for ETHDenver – decentralized finance, and all the cool tech built during the BUIDLathon that showcased what blockchain technology can do in the here and now.
Elsewhere, a wild roving Bufficorn caused mischief and mayhem wherever he or she went, and the ETHDenver Art Gallery showcased some of the ETH-inspired or ETH-created art being made around the world right now.”
You can check out the full recap here.
EOS
The CEO of EOS creator Block.one says governments are “aggressively” looking into how they can utilize the blockchain. According to Brendan Blumer, political leaders around the world are waking up to the many opportunities the emerging tech has to offer.
BrendanBlumer
@BrendanBlumer
Every government I’ve spoken to at #MSC2019 is aggressively studying how to leverage #blockchain; some have started implementation. As they continue to learn, they’re realizing the opportunities and stakes are so much greater than what was initially imagined @novogratz
Binance CEO Changpeng Zhao says an undisclosed amount of Tron’s BitTorrent Token (BTT) was accidentally airdropped to a number of people who bought BTT on Binance Launchpad. Zhao says his team is currently working on fix
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The cryptocurrency market has just seen a rather dramatic recovery following the slide in the last few days. $10 billion has been added to the total market capitalization in the last few hours and many are asking one question – is this the long-awaited bull run?
There has been a downward trend for the past year but a more severe market crash was experienced towards the end of 2018 that brought the price of Bitcoin (BTC) down from ~$6,500 to below $4,000 even going as low as $3,200. Although Bitcoin appreciated to just over $4000 at the start of 2019, it crashed shortly after and has been under $3,500 since.
Ethereum (ETH) has also appreciated significantly earlier this year but later crashed as well. Probably because of the coming Constantinople upgrade which was to take place in January, the asset appreciated to $160. Since the postponement of the upgrade, however, Ethereum lost 4% of its price within 24 hours. It declined steadily since then getting close to $100 before this sudden recovery.
Interestingly though, Ethereum’s daily number of new accounts has been on the increase despite the price crash, according to Datalight. This is actually a sign that a bull run could be underway, at least for Ethereum, hopefully after the Constantinople upgrade which is scheduled to take place on 27 February.
Bitcoin. However, most of them foresee this bull run in the next few years, which has actually removed investors’ expectation of one at this time. The future projections of a bull market may be premised upon the fact that cryptocurrencies are seeing much wider adoption in many sectors of industry.
For instance, it was recently announced that Abra has enabled the purchase of stocks using Bitcoin on its wallet. This certainly means stocks at some point will be tokenized which will increase adoption of Bitcoin because of what it can be used to do. As use cases like this continue to increase, adoption also increases until there is a substantial and stable amount of investment in the industry that will not only bring a steady growth but will also sustain it.
The word from a SEC commissioner that a Bitcoin ETF will be approved eventually may also be a contributing factor to this recovery as institutional investors are said to be waiting for an ETF to have a sense of security before investing in the cryptocurrency market. What is not certain is if the recovery will continue or it is just a short relief like the several others that have been experienced this year.
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Intercontinental Exchange, parent of the New York Stock Exchange, could soon be launching the first futures contract to be paid in cryptocurrency.
According to a report published by Wall Street Journal (via Bitcoinist) on Thursday, the BTC contract will be produced by the Intercontinental Exchange-backed Bakkt, which is currently working with the United States Commodity Futures Trading Commission to ensure the contract complies with official standards.
The plan had previously been postponed to 2019, with the last date set being January 24. Yet, still, the approval process has been slow-moving, meaning the contract will likely be delayed again while the company goes through its security procedures and protection against cybercrime.
An internal source told Coindesk that the delay might not be huge, however, stating that it would still be “plausible” to release the contract on 30 January.
For the contract to be approved, the CFTC needs to issue an exemption that will enable Bakkt to custody bitcoin for its customers in its own “warehouse,” sources familiar with discussions around the plan told Coindesk.
While there’s always a possibility the contract will not be approved by the CFTC, reports on the outcome are generally optimistic. The exemption request was passed over to the Commission on Friday, where it will stay while board members vote as to whether or not to open it up for public discussion. If that happens, public comments would be collected after 30 days and reviewed by Commission staff before deciding whether or not to grant the exemption.
Nasdaq is also looking to begin offering Bitcoin futures next year. The exchange partnered with VanEck in November, with a view to launching a “regulated crypto 2.0 futures-type contract” to its clients in 2019, reported CNBC
