Cryptocurrency Enthusiast Claims to Have Found Code Base of ‘Missing’ Bitcoin

Audy Castañeda
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Cryptocurrency Enthusiast Claims to Have Found Code Base of ‘Missing’ Bitcoin

Jim Blasko announced that he discovered a series of Bitcoin v0.1 data and files, including certain annotations by Satoshi Nakamoto.

This Friday, a Bitcoin enthusiast named Jim Blasko reported that he discovered the oldest codebase payload of version v0.1 of Bitcoin.

It should be noted that for many years it was thought that the original code had been lost forever. However, through a “small browser hack”, Jim Blasko was able to find the missing v0.1 version data and files stored on the SourceForge platform.

On Telegram, Keyalerts posted the following:

“CRYPTO – A user named Jim Blasko discovered raw files of Bitcoin v0.1.The cryptocurrency enthusiast claims that he has obtained ‘the oldest known official copy of Satoshi’s Bitcoin code.’ Through a post on Facebook earlier today, Blasko claims that using a bit of “browser hacking”, he found the code for Bitcoin on the Open Source Software platform SourceForge. This sheds light on code thought to be missing 10 years ago on the SourceForge platform.”

Blasko’s Revelations

In the Facebook post, Jim Blasko revealed that it took the creator of Bitcoin approximately six months to mine 1 million BTC.

“Satoshi would take at least 6 months to mine 1 million Bitcoins. The BTC network difficulty was only 1 at the time and basic CPU mining would continue for a couple of years.” Blasko expressed on the Facebook post. Furthermore, Blasko added that in late August 2009, developer Martti Malmi uploaded the raw code of Bitcoin v0.1 to sourceforge.net.

For nearly a decade the anonymous Satoshi Nakamoto’s v0.1 codebase was thought to be unrecoverable, despite the fact that some people had discovered certain code fragments.

“Since 2012 the raw code and files were thought to be gone, as they had been removed from the SourceForge search engine for some reason.” Blasko said. “I know many users were looking for the original v0.1 code for a long time and Hal Finney was planning to email it to some people in 2012. However, his health was poor and by his own words, he couldn’t connect to the internet,” added cryptocurrency enthusiast Jim Blasko.

“The Cleanest Original Version of Bitcoin”

It is important to note that Jim Blasko’s recent discovery is allegedly the first unaltered version of the Bitcoin code base, and contains all of Satoshi Nakamoto’s personal annotations. Likewise, Blasko indicated that he knew that there are older and existing versions of the code base of the version v0.1 of Bitcoin on Github. However, the cryptocurrency enthusiast considers that the recently discovered one is “the cleanest original version of Bitcoin.”

“I’m not sure if Hal ever sent it, as Hal was the first to receive the Bitcoin v0.1 code from Satoshi. Anyway, I did some research and was able to find the original code on SourceForge, using little browser hacks,” said Jim Blasko.

In the base code presented by Blasko, it is explained why “Base58” was chosen instead of the standard “Base64” encoding. In addition to other annotations such as certain modifications that Satoshi Nakamoto planned to make “later in the future”.

The first Bitcoin block, the “Genesis Block”, was mined on January 3, 2009, after Satoshi Nakamoto published the Bitcoin Whitepaper. To this day, the real identity of Satoshi Nakamoto remains a mystery, being this a source of speculation among many in the crypto space.

By Audy Castaneda

FLOKI Aims to Beat DOGE and SHIB as the Top Memecoin regarding Market Capitalization

Alexander Salazar
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FLOKI Aims to Beat DOGE and SHIB as the Top Memecoin regarding Market Capitalization

FLOKI is undergoing consolidation closely between 0.0000080972 and 0.0000075326 for the short term, but it might start a short-term bullish trend. The memecoin will need at least 100x market capitalization growth to beat DOGE and SHIB.

Dogecoin (DOGE) emerged in 2013, but Tesla CEO Elon Musk popularized it in 2021 through his frequent Tweets. In 2019, the billionaire entrepreneur claimed the memecoin might be his favorite crypto asset.

The price of DOGE would rise by 30 to 50% every time Musk tweeted in support of it. In May 2021, he announced the launch of a Doge-1 satellite to the moon by SpaceX.

Although DOGE is over 90% below its all-time high in August 2021, it is still more than 900% above 0.005 US cents. It occupies 10th place in the cryptocurrency ranking and is the second-largest PoW protocol after Bitcoin.

Shiba Inu (SHIB), the second most popular memecoin, is the 12th largest cryptocurrency by market capitalization. An anonymous person or group called Ryoshi created it as a Dogecoin killer.

Musk popularized SHIB and DOGE through his tweets in 2021, as the dog symbolizing them belongs to the Shiba Inu breed. In May 2021, Ryoshi sent 50% of his Shiba Inu holdings to Ethereum co-founder Vitalik Buterin. Then the latter burned 90% of the coins and donated the rest to the Indian COVID Relief Fund.

Musk Inspires the Creation of the Memecoin Floki Inu

An unknown team of enthusiastic developers in the Shiba Inu community created Floki Inu (FLOKI). The Ethereum blockchain and the Binance Smart Chain serve as the base of that new memecoin.

The activities of Musk on Twitter also inspired the creation of FLOKI, as he said he would call his Shiba Inu dog Floki.

The original developer abandoned the project as he saw the initial token contract had an inflation bug. The current team led the Floki community to relaunch the project.

The Price Action of the Memecoin Floki Inu

In June, the price of FLOKI rallied sharply by almost 270% after bottoming out at almost 0.0000048433. It broke below the neckline at 0.0000135356 and started a bearish trend toward nearly 55% from its highs in August.

The memecoin is undergoing consolidation between 0.0000080972 and 0.0000075326 for the short term. It might start a short-term bullish trend if it breaks above the previous resistance. However, the breakout of the underlying support will continue the bearish trend.

FLOKI Might Beat DOGE and SHIB regarding Their Market Capitalization

Regarding the sheer utility the Floki ecosystem provides, FLOKI might beat DOGE and SHIB. However, nobody knows whether it can outperform the two memecoins regarding their market capitalization.

The market capitalization of FLOKI is almost USD 71.7 million, while those of SHIB and DOGE are nearly USD 6 billion and USD 8 billion, respectively.

FLOKI will need at least 100x market capitalization growth to beat the above memecoins. At the beginning of the year, the director of marketing of Floki Inu said they believed they would have more Shiba utilities and holders.

Meanwhile, FLOKI is trading at around USD 0.00000759 and has accumulated a 4.1% loss over the last 24 hours. While its daily trading volume is above USD 1.09 million, its market capitalization is USD 70.73 million, according to CoinGecko.

By Alexander Salazar

Binance Coin Suffers Hack and BNB Price Drops Nearly 4%

Audy Castañeda
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Binance Coin Suffers Hack and BNB Price Drops Nearly 4%

The event has forced the BNB Blockchain to tweet a warning about “irregular activity”.

BNB has apparently been stolen in an alleged hack. The exploit, rumored to be worth around $600 million, has forced the BNB (BSC) Blockchain to tweet a warning about “irregular activity”.

The tweet on the microblogging site reported the following: “Due to irregular activity, we are temporarily pausing BSC. We apologize for the inconvenience and will provide further updates here. Thanks for your patience and understanding.”

Binance Coin Hack

The price of BNB has fallen by 3.7% when news of the exploit broke today.

The exact type of theft is currently uncertain. However, the rumor mill is working overtime on Twitter. Many enthusiasts attribute the hack to an “inside job” and say that the BNB was stolen from a smart contract.

Twitter amateur sleuths have also said that stablecoin Tether has blacklisted the suspicious address. This could suggest that Binance suspects a hack for something more harmless.

Binance has tried to calm fears saying: “To confirm, we have suspended BSC after having determined a possible exploit. All systems are now contained and we are immediately investigating the potential vulnerability. We know that the Community will assist and help to freeze any transfer. All funds are safe.”

On-chain data highlights two withdrawals of 1 million BSC tokens. It appears that the hacker took the crypto assets through swaps, bridges, and cross-chain loans.

According to Blockchain security firm SlowMist, the exploit allowed cybercriminals to steal more than $570 million in digital assets, including Ethereum, Polygon, BNB Chain, Avalanche, Fantom, Arbitrum, and Optimism.

A tweet by SlowMist adds that, “The hacker is now trying to spread the funds to every network to launder the funds.”

It is worth noting that this is not the first time there is a major hack affecting Binance. Back in 2019, Binance was hacked for roughly $40 million, with the hacker stealing roughly 7,000 Bitcoins from the exchange. These funds were never recovered, but the company covered customer losses.

The Alleged Hack and the Issue of Decentralization

The alleged exploit of BNB has once again raised the issue of centralized finance versus decentralized finance.

Regarding this issue, Blockchain developer @0xfoobar tweted that, “The attacker is pouring funds through pools of liquidity and using all the bridges they can to reach more secure chains,” adding that there was “complete chaos on the chain.”

The developer later posted a screenshot of a dashboard showing the distribution of funds, with the question, “Is this decentralization?”

The hack impacting Binance Coin has raised a debate on social media regarding decentralization, given that Binance could contact its validator network and get a response.

Related to this, Dr. Craig S. Wright, Bitcoin creator, has expressed his criticism against BNB Chain as being “not decentralized in any way” and “distributed, not centralized.” This means that BNC behaves more like a shareholder database, with approved validators who are also stakers who vote in large amounts and operate independently.

By Audy Castaneda

The Bitcoin Price Might Undergo these Changes before the First Quarter of 2023

Alexander Salazar
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The Bitcoin Price Might Undergo these Changes before the First Quarter of 2023

The Bitcoin market may be bottoming out and hoarding, indicating an increase in coin outflows. According to @StockmoneyL, BTC is in a 6-month buy phase, the period of least risk and best opportunity for future rises.

A peculiar asymmetry characterizes the cycles in financial markets, particularly those in the crypto market. A short-lived parabolic rise in the price is usually due to a bullish market ending with extreme euphoria. If the rallies occur fast, there are more chances of bursting the speculative bubble.

Contrarily, it takes a bearish market longer to end, as the formation of a bottom is slow, and psychological fear and despair may persist. The bears constantly attempt to buy the absolute bottom and enter at the best time possible, usually ending in further losses and pain.

One element is common to both components of the complete market cycle: it is only possible to determine absolute peaks and troughs in hindsight. They are never obvious when they form, as most investors at the extremes only see further rises or drops.

Investors Predict that the Price of Bitcoin Will Drop Further

Cryptocurrency analyst @intocryptoverse recently surveyed many people about what would happen to Bitcoin (BTC) in Q4. According to their answers, most of the 11,299 respondents stated that they expected further drops in its price.

However, many more technical and on-chain indicators show that the price has bottomed out or is about to do it. Besides, some robust arguments and indicators still suggest this bearish market has not reached the absolute bottom yet.

Meanwhile, another cryptocurrency analyst, @rektcapital, wrote about the length of historical bearish markets. He estimated that the period during which Bitcoin has steadily depreciated in this cycle is similar to previous cycles.

The 3-month logarithmic chart confirms the observations of the above analyst, as the bearish market has persisted after the all-time of BTC. In addition, it reached an absolute minimum about a year after the peak, at the end of the fourth and first quarters.

The Outflow of Bitcoin from Exchanges like Coinbase to Increase

Many signs related to activities on cryptocurrency exchanges indicate that the Bitcoin market is bottoming out and hoarding. According to recent data, an increase in BTC outflows is taking place while the price of Bitcoin has reached a crucial support level.

According to a chart released by @IIICapital, the trading volume of Bitcoin on Coinbase has dropped steadily since the bullish market started in Q4 2020. The reversal of the trend of BTC and its drops in 2022 did not stop the outflow of coins.

Meanwhile, a chart posted by @ki_young_ju supports an end to the bearish market. According to the so-called Outflow OWAP (On-chain Weighted Average Price), the price of BTC is in a long-term support area.

Current Bitcoin Cycle Dynamics Are Similar to the 2019 Bullish market

Fractal similarities between the price action and the 2018-2019 bullish market also allow determining the phase of the current bearish market. @StockmoneyL provided an interesting analysis of this, finding parallels in the dynamics of the last three cycles.

According to the analyst, Bitcoin is in a buy phase of about six months. That has proven to be the period of least risk and best opportunity for future increases in the price. The bullish prediction from this analysis indicates that USD 19,000 will hold as a support level while the bottom has already come.

By Alexander Salazar

People Can Pay their Taxes with Cryptocurrencies in Colorado but Face Additional Charges on Earnings

Alexander Salazar
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People Can Pay their Taxes with Cryptocurrencies in Colorado but Face Additional Charges on Earnings

The states embracing blockchain technology and cryptocurrencies may make significant economic gains by becoming hubs of the crypto economy. Those creating their wealth in Bitcoin may refuse to use it as their primary method to pay taxes to avoid additional charges.

Since September 1st, Colorado has accepted payments with cryptocurrencies for the taxes of its citizens. Governor Jared Polis promised earlier this year to establish it as a pro-cryptocurrency state.

Other US states besides Colorado have sought to encourage cryptocurrency investments within their borders. Lawmakers in Arizona, Wyoming, and Utah have introduced various bills to accept tax payments with cryptocurrencies.

The states embracing blockchain technology and cryptocurrencies may eventually make significant economic gains. Experienced governments position themselves as the next hub of the crypto economy, hoping to attract intelligent young wealthy voters and new businesses.

However, taxpayers should know the tax consequences of making payments with cryptocurrencies in their states. That payment is a taxable event with the potential to increase the amount of tax payable.

The Payment with Cryptocurrencies May Cause Problems in Some States

The most serious problem with tax payments with cryptocurrencies is that they are a taxable provision for individuals.

According to the Internal Revenue Service (IRS), cryptocurrencies are property, which means their value may increase over time. Therefore, citizens have taxable income equal to how much the price has risen since they acquired them.

People must know that paying taxes with cryptocurrencies will trigger another taxable event for the next tax year. For example, they can pay their 2022 taxes with the equivalent in Bitcoin (BTC) before the expiration date. However, they will have to pay taxes on their earnings for the tax year 2023 only for having opted for a valued cryptocurrency.

Most of those creating their wealth in cryptocurrencies may choose to pay taxes with this method. However, they may refuse to use crypto assets to pay taxes to avoid additional charges.

States Can Make Tax Payments with Cryptocurrencies Possible

Concerning tax payment, cryptocurrency tokens pegged to the price of the US dollar eliminate conversion fees. Despite the lack of reports on the disposition of those stablecoins on their tax return, their value does not fluctuate substantially.

Converting Bitcoin and other cryptocurrencies into a stablecoin is a taxable transaction. However, crypto natives may hold a more significant percentage of stablecoins in their portfolio as the crypto ecosystem matures.

The use of stablecoins unrelated to taxes would not prevent governments from accepting cryptocurrencies, a program that may gain traction. Many people may see crypto assets as the best way to comply with that obligatory charge.

Those states may implement the acceptance of cryptocurrencies, especially stablecoins, for tax payment. If they succeeded in doing it correctly, they would have the opportunity to become hubs for cryptocurrency trading. At the same time, they would earn additional income from that growing economic sector.

Bitcoin is trading at around USD 19,993 and has accumulated a 2.2% gain over the last week. While its daily trading volume is above USD 26.51 billion, its market capitalization is about USD 383.30 billion, according to CoinGecko.

By Alexander Salazar

UK Investment Firm Abrdn Joins Hedera Governance Council (HBAR)

Audy Castañeda
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UK Investment Firm Abrdn Joins Hedera Governance Council (HBAR)

Abrn joins companies such as aircraft manufacturer Boeing, gaming company Ubisoft, Google, and Standard Bank of South Africa on the Council that governs the operation of the Hedera ecosystem.

UK investment firm Abrdn has joined the Hedera Governing Council to improve fund management using Hedera Hashgraph technology.

On Twitter, Hedera posted that, “We are excited to announce that @abrdn_plc – the UK-based asset manager currently holding £508bn AUM – has joined the @Hedera Governing Council in a move to transform existing structural inefficiencies in the fund management industry using #DLT.”

Another tweet by Hedera expressed that, “We look forward to the new insights abrdn will bring to the Council, as well as the exploration of collaborative opportunities with existing Council Members that provide services for the fund management industry including banks, law firms, and tech companies.”

Initially, Abrdn aims to list tokenized investment funds on an exchange through Hedera Hasgraph’s strong governance model, innovative technology, and environmentally friendly operations, according to a Hedera blog post.

Why Abrdn Chose Hedera

Abrdn, with more than $570 million in assets under management, is also seizing an opportunity to use Hedera’s technology for other distributed ledger-based services, in collaboration with third-party Council members.

Duncan Moir, investment manager at Abrdn, explained:

“We chose to join a number of leading global organizations on the Hedera Governing Council because Hedera’s emphasis on strong governance, innovation, and sustainability aligns closely with our values. With fast speed and asynchronous Byzantine Fault Tolerance (ABFT) security, Hedera offers a very promising DLT solution for the fund management industry, and we look forward to joining them on their journey.”

By joining Hedera’s board, Abrdn makes his second foray into the cryptocurrency business after becoming a major shareholder in Archax, a UK-based digital stock exchange. Archax makes digital assets available to institutional investors. Thus, it was the first institution to offer clients tokenized versions of tangible assets.

The New York Digital Currency Group recently raised $720 million from 59 investors for an institutional Bitcoin fund, which could point to future Bitcoin purchases given the company’s history of hodling.

NYDIG keeps crypto in cold storage for institutional investors. BlackRock, the world’s largest asset manager, has also opened its doors to institutional investors interested in cryptocurrencies by launching a private Bitcoin trust where investors can buy shares to gain access to Bitcoin.

It also recently struck a deal with cryptocurrency exchange Coinbase to offer institutional investors access to crypto through Coinbase’s Prime product and BlackRock’s investment management software Aladdin.

What is the Hedera Network?

Hedera Hashraph is an enterprise-grade network that champions fairness, scalability, and speed and has been used in IBM’s Hyperledger Fabric, a type of distributed ledger. It uses a Proof-Of-Stake consensus mechanism and is secured by institutional validators from 19 major corporations.

Hedera can process 10,000 transactions per second, each taking three to five seconds to settle. Transaction validation speed increases as more transactions are added to the network. Consensus is reached through the so-called gossip protocol.

Hedera’s rule by 19 major corporations has raised questions about its decentralization merits. Also, unlike Bitcoin and many other cryptocurrencies, the Hedera network is proprietary and not open source.

Hedera supports smart contracts written in Solidity, opening the network to various applications in GameFi and DeFi. Its native cryptocurrency is HBAR. At press time, HBAR is up 2.6% compared to the previous 24 hours, trading at roughly $0.06.

By Audy Castaneda

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