Learning to Understand Bitcoin at Satoshi Meetup in Caracas, Venezuela

Willmen Blanco
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Learning to Understand Bitcoin at Satoshi Meetup in Caracas, Venezuela

Satoshi Meetup in Venezuela is a non-profit educational event aimed at familiarizing people with Bitcoin. The event is supported by Samourai Wallet, Blockstream and other companies from the ecosystem.

Cryptocurrencies have been gaining relevance in Venezuela in recent years. There is an increasing number of Venezuelans interested in this technology, which has shown great potential to cope with the current hyperinflation in the country.

Satoshi seeks to familiarize Venezuelans with Bitcoin by offering a meetup exclusively dedicated to this cryptocurrency. This free event will be addressed to all those who are interested in learning more about it.

Satoshi’s main objective is that people think about Bitcoin before other cryptocurrencies. The organizers of the event seek to promote the critical knowledge of cryptocurrencies so that Venezuelans are able to judge their own financial decisions, having all the information that is required.

The idea is that participants know the underlying reasons for the creation of Bitcoin and its importance above the fever for the blockchain technology, among other subjects. The organizers also want to offer basic tools that will allow participants to seek information and research on Bitcoin on their own.

First Satoshi Meetup in Venezuela

Despite starting from a clear idea, the organizers say that participants should be skeptical about the credibility of their words. They expect those who participate in the meetup to be curious, doubt and research by themselves every day.

The first Satoshi event in Venezuela will be held on October 5th, 2019, in the We Connect spaces at the Lido Shopping Center, in Caracas. The host of the event will be Javier Bastardo, who holds a Bachelor’s degree in Philosophy and is a specialist in Bitcoin and its technology.

Besides providing information and sharing knowledge, the organizers seek to offer useful sources and tools to fully enter the largest cryptocurrency market, created by Satoshi Nakamoto. This Satoshi meetup proposes a series of pedagogical-philosophical meetings focused on Bitcoin.

One of the premises of the event is that, despite the more than 2,540 options available in the market, Bitcoin is the only cryptocurrency that could be considered a hard currency. The objective of this event is not to raise funds but to show how Bitcoin can become a useful option in Venezuelans’ daily lives.

Even though the organizers of this Satoshi meetup expect to have a large audience, they warn that they have a limited capacity, with a maximum capacity of about 60 people. Consequently, those who are interested should check the Twitter and Instagram accounts of the event to know how to obtain the tickets.

Sponsors of the Event

Among its sponsors, the Satoshi meetup in Venezuela has the support of CSO of the renowned company Blockstream, Samsom Mow, who was subsequently joined by CryptoBrekkie, of Block26.

Other supporters of the event are the Ledn Bitcoin loan platform, Francis Pouliot, Bull Bitcoin and Panda Group. Additionally, the team of Samourai Wallet has not only contributed resources but also gave their recognition to the organizers and arranged to share information about transactions without the use of the Internet or electricity.

The organizers comment that Bitcoin is not the definitive solution but they establish that it is the option that has the best features to be a good tool.

By Willmen Blanco

Uncertainty among Users Increases because of Bitinka’s Fall and Silence

Willmen Blanco
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Uncertainty among Users Increases because of Bitinka’s Fall and Silence

The online service provided by the exchange house was not available for about seven hours. The CoinMarketCap index warned users that they should exercise caution regarding their funds.

The website of the cryptocurrency exchange house Bitinka remained offline for at least seven hours on Wednesday, September 11th, which gave rise to great uncertainty among its users. It is worth noting that they have been demanding for months that the funds that they keep on this exchange platform be unlocked and returned.

The level of tension increased even more because the parent companies of the Bitinka brand, Inka Ventures or InkaPayments, did not announce the fall of their platform through any of their channels. The news about the temporary cessation of operations was not released on either their website or their Twitter, blog, Facebook, Instagram or LinkedIn accounts.

The interruption of the service of Bitinka without any public notification was interpreted by users as an act with an aura of mystery in which there was no official information. One of the concerned users, Francisco Pulido, reported from Colombia that the platform was no longer available, that is, it was closed. In addition, he said that since February 2019 Bitinka has retained all the fiat and cryptocurrency assets of its users.

Another of those affected, who has claimed the withholding of his funds and sued Bitinka, is Federico Gastón Bernini, who pointed directly to Benites about what he has been forced to experience. He said that users had been expecting this situation to happen. Besides, he complained about Roger Benites, who has allegedly opened other societies seeking to discard Bitinka’s responsibilities. He considers that the illegal actions performed by individuals like Benites are more than obvious.

CoinMarketCap Reflected the Fault

The situation with Bitinka was recorded by the cryptocurrency and token index CoinMarketCap (CMC). The portal reflected in its section dedicated to this startup, originally from Peru, that it had not received information for 25 hours. Besides, it noted that the exchange house did not provide any data on the exchanged volumes or the most traded Bitcoin pairs among its operators.

Once the Bitinka platform was lifted, the information began to update on the website. However, CoinMarketCap published a message in which it warned about reports that indicate alleged difficulties in withdrawing funds from this exchange house.

CoinMarketCap indicated that it had received reports that user withdrawals may be hampered, so it warned Bitinka’s users to be careful with their funds. It is not clear if this warning was released before what happened on Wednesday, September 11th, or if it is a consequence derived from the interruption of the service.

It should be mentioned that Bitinka has been accused by dozens of users that claim that the platform has frozen their funds and blocked their cryptocurrency accounts. In Argentina, for example, there is a lawsuit against the parent company for US $ 417,000 in process. In its defense, Bitinka has said that users have taken advantage of an internal failure of its service, which has generated unrecognized profits for them.

By Willmen Blanco

Legal Crisis in Brazil Leads to Dismissal of Atlas Quantum Directors

Willmen Blanco
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Legal Crisis in Brazil Leads to Dismissal of Atlas Quantum Directors

Lawsuits against the startup for delays in the withdrawal of funds reach USD 246 thousand. The company confirmed that four of the eleven senior managers were dismissed.

The case of Atlas Quantum, a Brazil-based Bitcoin investment fund, seems to be becoming more complicated after the multiple lawsuits from users who demand that their funds be returned. On Thursday, September 12th, the company confirmed to some local media that almost half of its governing body was dismissed, after intense rumors of internal disagreements.

According to the information provided, four of the eleven main directors were ordered to leave their positions within the company. However, the firm limited itself to commenting that it is undergoing a transition period and did not give any details about the reasons that motivated it to take such a measure.

Among the executives that were dismissed, they mentioned Marcelo Melo, the Executive Director of Marketing; Emília Campos, the Executive Director of Compliance; Bruno Peroni, the Director of Sales; and Rodolfo Marun, the Director of Technology.

Before this announcement was made, information emerged about the alleged discomfort of several company executives, who had removed Atlas Quantum from their LinkedIn network profile. According to Portal Bitcoin, that was the case of one of the outgoing directors, attorney Emília Campos, who had commented on a WhatsApp group that she was tired of having contacts asking questions that she could not answer.

Company’s Case Becomes More Complicated

Atlas Quantum, whose main product is an algorithm that performs operations with Bitcoin through automated financial arbitration, has been facing the ban on offering cryptocurrency investments in Brazil since mid-August.

This measure was imposed by the Securities and Exchange Commission (CVM), the Brazilian capital market authority, which claims that the services offered by the startup fit the definition of Collective Investment Agreements (CIC). This type of financial instruments is regulated by the CVM, thus the institution considers that Atlas Quantum had to request the authorization of the official body to offer this service.

Even though the company notified users that their operations would be maintained normally while solving their situation with the CVM, there was a high demand for funds withdrawal. To face the situation, Atlas decided to extend the time for responses for up to 30 days.

As a consequence, users initiated lawsuits against the startup, which resulted in a precautionary measure issued by a court in the city of São Paulo, where Atlas Quantum is urged to hand over the funds to users. A growing number of investors have been taking legal action, with which the amount to be reimbursed rose to almost one million Brazilian reais, equivalent to more than USD 246 thousand, so far in September 2019.

It should be noted that in Brazil no specific regulation has still been introduced concerning the cryptocurrency sector. Until now, existing stock market and financial sector regulations are the laws that apply to this market. However, the Brazilian parliament seems to be interested in developing specific laws that adapt to the operation of the cryptocurrency sector in the South American country.

By Willmen Blanco

BTCC Founder Brings New Cryptocurrency Wallets to China

Willmen Blanco
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BTCC Founder Brings New Cryptocurrency Wallets to China

Ballet wallets, under the brand name REAL, are actually paper wallets in a metallic format. The products will be sold at a promotional price of USD 29.

Bobby Lee, founder of China’s first cryptocurrency exchange house, returned to the market with several cryptocurrency wallets, which were conceived by the new startup Ballet.

Lee told Yahoo Finance UK that the new Ballet wallets, which are as big as a credit card, will allow normal ordinary people to gain access to cryptocurrencies.

REAL is the brand name chosen by the Chinese firm Ballet for its cryptocurrency wallets. Actually, they are paper wallets with no electronic parts, that is, they can store electronic keys, without the risk of being hacked. They act as storage media for the private keys that cryptocurrency owners must use to unlock their online wallets, something like a key to a safe deposit box.

Lee, a former Walmart executive, said that it works like cash. He explains that, once this device is loaded with Bitcoin, Litecoin, or Ethereum, it has all that is needed to access the funds.

Likewise, he noted that it can be used to be given as a gift or simply to be stored in a safe and hidden somewhere at home. He highlighted that it is completely offline, so there is no risk of piracy.

Before Ballet, Lee founded and directed BTCC, China’s first cryptocurrency exchange house. It started growing rapidly but it was forced to stop operating in China in 2017, when Beijing introduced a ban on crypto exchange houses.

Lee sold BTCC for an undisclosed sum at the beginning of 2018. He said that the business was sold for eight figures, adding that that number made them feel very happy. He added that, most of last year, he gave speeches, traveled, took vacations, and spent time with his family. In other words, he enjoyed life as he had earned some money in his last company.

Ballet has raised around USD 5 million from initial funds of Lee’s friends and family, as well as the Silicon Valley Ribbit Capital venture capital fund. It is worth noting that Ribbit was one of the first sponsors of Coinbase and other FinTech companies such as Revolut.

Las Vegas-based Ballet will begin sending REAL wallets to “beta testers” in the upcoming weeks before a larger launch to occur in October. The products will be sold at USD 35 but, initially, will be sold at a promotional price of USD 29.

When Lee was selling BTCC, Bitcoin’s price had reached a maximum of USD 20,000. Since then it has crashed, taking the rest of the cryptocurrency market. Since late July, Bitcoin has traded around the USD 10,000 mark.

Lee considers that this is one of the many cycles still remain to come. He says that any cycle will lead to increasingly high peaks. He has trust that his investment in bitcoins will very soon exceed USD 20,000 and go to USD 50,000, USD 100,000 and even USD 200,000.

To conclude, Lee clarifies that, when he says “very soon,” he does not mean within a few minutes or hours but, probably, a few months or years.

By Willmen Blanco

Study Reveals that the UK Leads Registration of Cryptocurrency Exchanges

Willmen Blanco
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Study Reveals that the UK Leads Registration of Cryptocurrency Exchanges

Almost 10% of the cryptocurrency exchanges considered in the survey do not have a country of registration. The amount of funds transferred by G20 countries is reduced as stock exchanges are distributed worldwide.

The United Kingdom has the highest average number of registered cryptocurrency exchange houses, according to a study by Bitfury’s analytical blockchain department Crystal published on September 9th.

The publication of Crystal’s report was aimed at producing a formal record of the type of international Bitcoin transfers, adjusting it to the new recommendations of the International Financial Action Task Force (FATF), which could take effect from 2020.

The firm examined about 300 exchange houses in 63 countries, with a special emphasis on those that were registered in the G20 nations, as well as in Asia and the Pacific.

As a result, the study showed that the United Kingdom has 43 registered exchange houses, more than any other territory in the world. The report indicates that this country is followed by the United States with 27, Hong Kong with 22 and Singapore with 19.

It was determined that Australia, China, Estonia, Brazil, South Korea and Japan are among the countries that have fewer than 10 exchange houses, while Argentina, India, Mexico, Russia and Indonesia have the lowest average number of cryptocurrency exchanges.

According to the report, almost 10% of the cryptocurrency exchange houses assessed do not have a country of registration. Regarding this, reference is made to the FATF recommendations that must be applied by the member countries of this intergovernmental body.

The new obligations issued by FATF specify that the countries must evaluate and mitigate the risks associated with cryptocurrency trading. Besides, they must license or register service providers and subject them to supervision in anti-laundering matters.

In July 2019, the countries that belong to the G20, together with the European Union, made it official that it will adopt the cryptocurrency regulation measures recommended by the FATF.

G20 in Cryptocurrency Landscape

Regarding Bitcoin transactions, the study found that 96% of the exchanges between cryptocurrency exchange houses were made by operators registered in countries of the G20 in 2013. It should be noted that this figure was reduced 70 % in 2018.

However, the report indicates that the proportion of funds transferred in the G20 countries is decreasing as exchange houses are distributed more evenly worldwide.

Concerning the international flow of Bitcoin transactions, it is highlighted that, since 2014, the United States has been the country with the highest average of transfers received per year. However, the United Kingdom has the largest record of cryptocurrency exchange houses.

So far in 2019, the countries with the highest average of international Bitcoin transfers, represented by their exchange houses, are the USA, the United Kingdom, Hong Kong and Singapore.

The report predicts that the number of cryptocurrency transfers will plummet as the FATF begins to take strong formal measures against exchanges that are not officially registered or licensed to operate.

The G20 countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, the United States and the European Union. The countries that were not included in the report were Saudi Arabia and South Africa, due to the lack of registered exchange houses.

By Willmen Blanco

More than 80% of the Bitcoin/Dollar Volume Concentrated in Four US Exchange Houses

Willmen Blanco
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More than 80% of the Bitcoin/Dollar Volume Concentrated in Four US Exchange Houses

Coin Metric assessed the BTC/USD trading volume in nine US exchange houses. Coinbase handles an amount of between 300 BTC and 2,000 BTC per hour.

According to a recent report, the cryptocurrency market tracking firm Coin Metric said that most of the exchange volume of the Bitcoin/dollar pair in US exchange houses is mainly moved through four companies.

The study, which was published during the week of September 13th, assessed the way in which the volume of Bitcoin trading is distributed among exchange houses, based on data since April 1st, 2019, until its publication on September 10th. As stated by the analysts, the concentration of trade in a single exchange can represent risks to the market given that it fails, as occurred in the past with Mt Gox. Regarding that case, the exchange house concentrated 70% of the whole Bitcoin trading volume.

The assessment was made of the volumes of Bitcoin trading against the US dollar in nine exchange houses in the United States. The results reveal that most of the transactions are concentrated in Coinbase, Bitfinex, Bitstamp, and Kraken. It was observed that these four companies handle 85% of the total volume of the markets evaluated.

Coinbase, the exchange house with the highest total exchange volume in the North American country, showed figures of up to 32% of the total trade in bitcoins against dollars in the period under review. Additionally, the report indicates that the exchange house increased its operations in the aforementioned market by 8%, to the detriment of Bitfinex, whose share fell from 25% to 19%. This loss of the Bitfinex market volume has its explanation in the recent legal problems faced in the United States.

In the period studied, the average Bitcoin exchange volume per hour, through Coinbase, ranges between 300 BTC and 2,000 BTC. According to the report, the rest of the exchange houses evaluated for the study, including Gemini, itBit and Bittrex, have volumes lower than 10%, a magnitude that is much smaller than that shown by Coinbase.

As a consequence of current regulatory pressures, Coin Metric analysts believe that Coinbase might concentrate an even larger portion of the BTC-USD market as more exchange houses limit access to US-based traders. This situation would imply a risk of concentrating Bitcoin trading, as previously explained.

It should be remembered that the Asian Binance, the largest cryptocurrency-to-cryptocurrency exchange house by volume traded, announced in June this year that it would stop providing its service to the US market through its main platform Binance.com. The company was compelled to create a new platform that complied with the regulations in force in the United States so that the users of that country could receive their service.

In order to ensure the stability of the Bitcoin market, it is required to have a balanced distribution of the trading volume of the main cryptocurrency against that of the dollar. The idea is that more exchange houses are available for cryptocurrency holders in both the United States and the rest of the world.

By Willmen Blanco

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