Friday, May 29, 2020

[uncensored-r/CryptoCurrency] An In-Depth Guide to: How do I Fix my Ledger Nano’s Stuck Ethereum Transaction?!?!?! (It’s Been S...

The following post by CaddarkCrypto is being replicated because some comments within the post(but not the post itself) have been openly removed.

The original post can be found(in censored form) at this link:

np.reddit.com/r/ CryptoCurrency/comments/gt70d3

The original post's content was as follows:


So, if you were like me 1-2 months ago, you’ve probably already gone through 2,or 3, ...or 40 articles and guides that probably say something like:

“YeP, eVeRy EtHeReUm UsEr WiLl EvEnTuAlLy HaVe ThE LoW-gAs ExPeRiEnCe, YoU’rE nOt AlOnE! DoN’t FrEaK OuT tHoUgH; ThErE iS a WaY tO fIx It!”

Chances are, every time you read another useless article, you want to kill the nearest inanimate object, even though it was never alive in the first place. Nonetheless, you’re gonna kill it as much as it can be killed, holding nothing back; or, you’re just plotting to and slowly getting closer to executing the plan (and the object) every time you are insulted once again.

However, if you have the ability to download software (MyCryptoWallet) on a PC, it should be safe to relax now. I think you’ve finally found some good news, because I am 99.99...% sure this will work for the issue that so many people are having at this time, around the end of the month of May, year 2020.

More and more people are likely to be having this issue soon, since Ethereum's gas prices have been insanely high lately as well as having 300% price changes in a matter of minutes; Etherscan’s Gas tracker is nearly uselessly-inaccurate at this time. I've heard that there's a congestion attack; that was said a week ago, and it appears to be ongoing... (I can't think of any other suspect besides Justin Sun to blame it on... it must be incredibly expensive to overload the blockchain for this long... I may be wrong though...)

Let’s begin

For myself, I was trying to send an ERC20 token when this dreadful issue attacked. Specifically, the token was either BSOV or GRT; I sent them 1 after the other and the first succeeded, and the second one took over a week.

(They’re both great tokens in my opinion and deserve much more attention than they’ve been getting. BSOV is nearing its 1 year anniversary as I write this, and GRT is still in its 90 day community-development progress test, so of course I'm gonna take this opportunity to "shill" them; they are great tokens with great communities).

I was able to finally fix it, after a week of mental agony (also the txn finally processed 1-2 hours before I found the solution, robbing me of the gratitude of fixing it myself... (????)????? ...but now I guess I can hopefully save some of you the headaches that I endured... ) I’m providing the ability to do the same, in a step by step guide.

Why did I go through all of this trouble? I'd fault the fact that I have ADHD and autism, which in my case can multiply each other’s intensity and cause me to “hyper-focus” on things, much much more than most with the same qualities, intentionally or not. Adderall is supposed to give me a bit of control over it, but except for in a very-generalized way, it’s still 90% up to chance and my default-capabilities to allow me control over my attention with self-willpower. But also Karma and Moons pls... ???

  1. In MyCrypto, (I'm using the Windows 10 app, version 1.7.10) you will open to a screen that says "How would you like to access your wallet?". Choose Ledger, of course. (Unless your here for some non-ledger issue? Idk why you would be but ok.)
  2. On the next screen (having your nano already plugged in, unlocked, and opened into the Ethereum app) click "Connect to Ledger Wallet"
  3. A screen overlay should appear, titled: "Select an Address". Here is where it may get confusing for some users. Refer to "AAA" below to know how to find your account. (Geez, sorry lol that was a huge amount of info for a reddit reply; I might've over-elaborated a little bit too much. but hey it's valuable information nonetheless!)
  4. After escaping the "AAA" section, you'll have accessed your account with MyCrypto. Awesome! To find your ERC20 tokens, (slight evil-laughter is heard from an unidentifiable origin somewhere in the back of your mind) go to "AAB".
  5. (You may have decided to find the token(s) on your own, rather than daring to submit to my help again; if so, you may pity those who chose the other path... ~~(???)~~) Now, once you've added your token, you should revert your attention to the account's transfer fill-out form!
  6. I'll combine the steps you probably understood on your own, already. Put in the address that your stuck transaction is still trying to send currency to. If an ERC20 token is involved, use the drop-down menu to change "ETH" to the token in trouble. Input your amount into the box labeled... wait for it... "Amount". Click on "+Advanced".
  7. Refer to Etherscan.com for the data you will need. Find the page for your "transaction(txn) hash/address" from the transaction history on the wallet/Ethereum-manager you used to send from. If that is unavailable, put your public address that your txn was sent from into the search tool and go to its info page; you should be able to find the pending txn there. Look to open the "more details" option to find the transaction's "Nonce" number.
  8. Put the nonce in the "Nonce" box on MyCrypto; you will contest the pending txn with a new txn that offers larger gas fees, by using the same nonce. If (but most likely "When") the new transaction is processed first, for being more miner-beneficial, the nonce will then be completed, and the old transaction will be dropped because it requests an invalid, now-outdated nonce. Your account will soon be usable!
  9. Go to the Gas Tracker, and it may or may not provide an informative reading. Choose whatever amount you think is best, but choose wisely; if you're too stingy it may get stuck again, and you'd need to pay another txn's gas to attempt another txn-fix.
  10. At the time I write this, I'd recommend 50-100 gwei; to repeat myself, gas requirements are insane right now. To be safe, make the gas limit a little higher than MCW's automatic calculation, you may need to undo the check-mark for "Automatically Calculate Gas Limit".
  11. Press "Send Transaction"!!!
  12. You will need to validate the action through your nano. It will have you validate three different things if you are moving an ERC20 Token. It's a good idea to verify accuracy, as always.

Well, I hope this worked for you! If not, you can let me know in a reply and I'll try to figure it out with you. I like making these in-depth educational posts, so if you appreciate it please let me know; I'll probably make more posts like this in the future!

( Surely this is at least far better than Ledger's "Support" article where they basically just tell you "Yeah, we haven't bothered to make a way to manually select nonces. I guess we might try to make that available for Bitcoin accounts at some point in the future; who knows? lol"... that's not infuriating at all, right?)

AAA:

Before I tell you how to find your address, I will first make it clear, within the italicized text, exactly which address you are looking for, if you are not already sure:

You may also skip the text written in italics if your issue does not include an ERC20 token, if you wish.

Ledger Live can confuse some users with its interface. On LL, to manage an ERC20 token, you first must go to your Ethereum account and add the token. When you then click on the added token under "Tokens" below the graph chart for your account's ETH amount over time, the screen will then open a new screen, that looks just the same, except focused on the specific ERC20 token. To confuse users further, there is then an option to "Star account", which then add the ETH icon with the ERC20 token's first letter or symbol overlapping, onto the easy access sidebar, as if it was another account of similar independency to the ETH account it was added to.

This improperly displays the two "accounts" relation to each other.

Your ERC20 holdings (at least for any and all ERC20 that I know of) are "held" in the exact-same address as the Ethereum address it was added to, which also "holds" any Ether you've added to it. You send both Ether (ETH) and any ERC20 Tokens to and from only Ethereum addresses of equivalent capabilities, in both qualities and quantities. In all basic terms and uses, they are the same.

So, to know what the problematic account's address is, find the address of the Ethereum account it was added to in Ledger Live.

Now, to find your address on MyCrypto, the most reliable way to find it, that I am aware of, is this:

Open Ledger Live. Go to the screen of your Ethereum address (again, this is the one that you added your ERC20 token, if applicable. If you're not dealing with an ERC20 token, you may ignore everything I've put in Italics). Click on "Edit account"; this is the icon next to the star that may look like a hex-wrench tool. On the new screen-overlay, you will see "> ADVANCED LOGS". Click on the ">" and it will point down while revealing a drop-down with some data that you may or may not recognize/understand. Likely to be found indented and in the middle-ish area, you will see this line, or something hopefully similar:

"freshAddressPath": "44'/60'/X'/0/0",

The "X" will probably be the only thing that changes, and the actual data will have a number in its place; it will not be a letter. Let's now put that line to use in MyCrypto:

Take the 44'/60'/X'/0/0 , and make sure...



[Daily Discussion] Saturday, May 30, 2020

Thread topics include, but are not limited to:

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  • Quick questions that do not warrant a separate post

Thread guidelines:

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[Altcoin Discussion] Saturday, May 30, 2020

Thread topics include, but are not limited to:

  • Discussion related to recent events
  • Technical analysis, trading ideas & strategies
  • General questions about altcoins

Thread guidelines:

  • Be excellent to each other.
  • All regular rules for this subreddit apply, except for number 2. This, and only this, thread is exempt from the requirement that all discussion must relate to bitcoin trading.
  • This is for high quality discussion of altcoins. All shilling or obvious pumping/dumping behavior will result in an immediate one day ban. This is your only warning.
  • No discussion about specific ICOs. Established coins only.

If you're not sure what kind of discussion belongs in this thread, here are some example posts. News, TA, and sentiment analysis are great, too.

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An In-Depth Guide to: How do I Fix my Ledger Nano’s Stuck Ethereum Transaction?!?!?! (It’s Been Stuck for Weeks and NOTHING Traditional has Worked!!!!) As Well as: How Do I Choose My Nonce??? I’ve Tried MetaMask, MEW/MyEtherWallet, and Others, but Nothing is Working Correctly!!! I’m Dying by Stress!

So, if you were like me 1-2 months ago, you’ve probably already gone through 2,or 3, ...or 40 articles and guides that probably say something like:

“YeP, eVeRy EtHeReUm UsEr WiLl EvEnTuAlLy HaVe ThE LoW-gAs ExPeRiEnCe, YoU’rE nOt AlOnE! DoN’t FrEaK OuT tHoUgH; ThErE iS a WaY tO fIx It!”

Chances are, every time you read another useless article, you want to kill the nearest inanimate object, even though it was never alive in the first place. Nonetheless, you’re gonna kill it as much as it can be killed, holding nothing back; or, you’re just plotting to and slowly getting closer to executing the plan (and the object) every time you are insulted once again.

However, if you have the ability to download software (MyCryptoWallet) on a PC, it should be safe to relax now. I think you’ve finally found some good news, because I am 99.99...% sure this will work for the issue that so many people are having at this time, around the end of the month of May, year 2020.

More and more people are likely to be having this issue soon, since Ethereum's gas prices have been insanely high lately as well as having 300% price changes in a matter of minutes; Etherscan’s Gas tracker is nearly uselessly-inaccurate at this time. I've heard that there's a congestion attack; that was said a week ago, and it appears to be ongoing... (I can't think of any other suspect besides Justin Sun to blame it on... it must be incredibly expensive to overload the blockchain for this long... I may be wrong though...)

Let’s begin

For myself, I was trying to send an ERC20 token when this dreadful issue attacked. Specifically, the token was either BSOV or GRT; I sent them 1 after the other and the first succeeded, and the second one took over a week.

(They’re both great tokens in my opinion and deserve much more attention than they’ve been getting. BSOV is nearing its 1 year anniversary as I write this, and GRT is still in its 90 day community-development progress test, so of course I'm gonna take this opportunity to "shill" them; they are great tokens with great communities).

I was able to finally fix it, after a week of mental agony (also the txn finally processed 1-2 hours before I found the solution, robbing me of the gratitude of fixing it myself... (╯‵□′)╯︵┻━┻ ...but now I guess I can hopefully save some of you the headaches that I endured... ) I’m providing the ability to do the same, in a step by step guide.

Why did I go through all of this trouble? I'd fault the fact that I have ADHD and autism, which in my case can multiply each other’s intensity and cause me to “hyper-focus” on things, much much more than most with the same qualities, intentionally or not. Adderall is supposed to give me a bit of control over it, but except for in a very-generalized way, it’s still 90% up to chance and my default-capabilities to allow me control over my attention with self-willpower. But also Karma and Moons pls... ʘ‿ʘ

  1. In MyCrypto, (I'm using the Windows 10 app, version 1.7.10) you will open to a screen that says "How would you like to access your wallet?". Choose Ledger, of course. (Unless your here for some non-ledger issue? Idk why you would be but ok.)
  2. On the next screen (having your nano already plugged in, unlocked, and opened into the Ethereum app) click "Connect to Ledger Wallet"
  3. A screen overlay should appear, titled: "Select an Address". Here is where it may get confusing for some users. Refer to "AAA" below to know how to find your account. (Geez, sorry lol that was a huge amount of info for a reddit reply; I might've over-elaborated a little bit too much. but hey it's valuable information nonetheless!)
  4. After escaping the "AAA" section, you'll have accessed your account with MyCrypto. Awesome! To find your ERC20 tokens, (slight evil-laughter is heard from an unidentifiable origin somewhere in the back of your mind) go to "AAB".
  5. (You may have decided to find the token(s) on your own, rather than daring to submit to my help again; if so, you may pity those who chose the other path... ~~( ̄▽ ̄)~~) Now, once you've added your token, you should revert your attention to the account's transfer fill-out form!
  6. I'll combine the steps you probably understood on your own, already. Put in the address that your stuck transaction is still trying to send currency to. If an ERC20 token is involved, use the drop-down menu to change "ETH" to the token in trouble. Input your amount into the box labeled... wait for it... "Amount". Click on "+Advanced".
  7. Refer to Etherscan.com for the data you will need. Find the page for your "transaction(txn) hash/address" from the transaction history on the wallet/Ethereum-manager you used to send from. If that is unavailable, put your public address that your txn was sent from into the search tool and go to its info page; you should be able to find the pending txn there. Look to open the "more details" option to find the transaction's "Nonce" number.
  8. Put the nonce in the "Nonce" box on MyCrypto; you will contest the pending txn with a new txn that offers larger gas fees, by using the same nonce. If (but most likely "When") the new transaction is processed first, for being more miner-beneficial, the nonce will then be completed, and the old transaction will be dropped because it requests an invalid, now-outdated nonce. Your account will soon be usable!
  9. Go to the Gas Tracker, and it may or may not provide an informative reading. Choose whatever amount you think is best, but choose wisely; if you're too stingy it may get stuck again, and you'd need to pay another txn's gas to attempt another txn-fix.
  10. At the time I write this, I'd recommend 50-100 gwei; to repeat myself, gas requirements are insane right now. To be safe, make the gas limit a little higher than MCW's automatic calculation, you may need to undo the check-mark for "Automatically Calculate Gas Limit".
  11. Press "Send Transaction"!!!
  12. You will need to validate the action through your nano. It will have you validate three different things if you are moving an ERC20 Token. It's a good idea to verify accuracy, as always.

Well, I hope this worked for you! If not, you can let me know in a reply and I'll try to figure it out with you. I like making these in-depth educational posts, so if you appreciate it please let me know; I'll probably make more posts like this in the future!

( Surely this is at least far better than Ledger's "Support" article where they basically just tell you "Yeah, we haven't bothered to make a way to manually select nonces. I guess we might try to make that available for Bitcoin accounts at some point in the future; who knows? lol"... that's not infuriating at all, right?)

AAA:

Before I tell you how to find your address, I will first make it clear, within the italicized text, exactly which address you are looking for, if you are not already sure:

You may also skip the text written in italics if your issue does not include an ERC20 token, if you wish.

Ledger Live can confuse some users with its interface. On LL, to manage an ERC20 token, you first must go to your Ethereum account and add the token. When you then click on the added token under "Tokens" below the graph chart for your account's ETH amount over time, the screen will then open a new screen, that looks just the same, except focused on the specific ERC20 token. To confuse users further, there is then an option to "Star account", which then add the ETH icon with the ERC20 token's first letter or symbol overlapping, onto the easy access sidebar, as if it was another account of similar independency to the ETH account it was added to.

This improperly displays the two "accounts" relation to each other.

Your ERC20 holdings (at least for any and all ERC20 that I know of) are "held" in the exact-same address as the Ethereum address it was added to, which also "holds" any Ether you've added to it. You send both Ether (ETH) and any ERC20 Tokens to and from only Ethereum addresses of equivalent capabilities, in both qualities and quantities. In all basic terms and uses, they are the same.

So, to know what the problematic account's address is, find the address of the Ethereum account it was added to in Ledger Live.

Now, to find your address on MyCrypto, the most reliable way to find it, that I am aware of, is this:

Open Ledger Live. Go to the screen of your Ethereum address (again, this is the one that you added your ERC20 token, if applicable. If you're not dealing with an ERC20 token, you may ignore everything I've put in Italics). Click on "Edit account"; this is the icon next to the star that may look like a hex-wrench tool. On the new screen-overlay, you will see "> ADVANCED LOGS". Click on the ">" and it will point down while revealing a drop-down with some data that you may or may not recognize/understand. Likely to be found indented and in the middle-ish area, you will see this line, or something hopefully similar:

"freshAddressPath": "44'/60'/X'/0/0",

The "X" will probably be the only thing that changes, and the actual data will have a number in its place; it will not be a letter. Let's now put that line to use in MyCrypto:

Take the 44'/60'/X'/0/0 , and make sure you DO NOT copy the quotation marks, or that comma at the end either.

You can do this before or after copying and/or pasting, but drop the second "/0" at the end; it was not necessary in my case, I expect that you won't need it either, and will probably just make MyCrypto see it as an invalid input.

Okay, now go back to the "Select an Address" screen-overlay in MyCrypto.

Next to "Addresses", click on the box on the right, and you should be shown a list of options to select from in a drop-down menu.

Scroll all the way down, and you should find the "Custom" option at the very bottom. Select it.

A new box will appear; probably directly to the right of the now-shortened box that now displays the "Custom" option that you just selected. This box will offer an interface for typed input. ...yep... once again, believe it or not, you should click it.

Type " m/ ", no spaces before or after.

Type in or paste the data we retrieved from ledger live.

The box should now hold this:

m/44'/60'/X'/0

Again, X should be a number. In fact, that number is probably equal to the number of Ethereum (not including any ERC20 wannabe) accounts that you've made on Ledger Live before making the one we're working on right now! (1st Eth. Acc. would have: X = 0, 2nd: X = 1, 3rd: X = 2, ...)

Make sure you've included every apostrophe ( ' ), and solidus ( / ); there is NO APOSTROPHE for the "m" at the start and the "/0" at the end!

If you press the enter key or click on the check-mark to the right of where you typed, the appropriate addresses will be generated, and the address you created through Ledger Live should be the first one on the list!

Select your address and press "Unlock", and you are now accessing your account through the MyCrypto app's interface!

AAB:

In order to access your ERC20 token, you will need to add them first.

You may have to scroll down, but on the right-side of your unlocked account screen, you'll see a box with "Token Balances" as its header.

Click "Scan for tokens". This may take a short bit of time, and when it's done it may or may not display your ERC20 token. If it worked, you can head on back to the main part.

If you got the result I did, it won't display your token, or, if our result was exactly the same, it won't display any at all. However, you should now have the "Add Custom Token" option available, so see where that takes you.

You should discover four boxes, specified in order (Address/ Decimals / Token_Symbol / Balance). You may only need to fill in the "Address" box, but if you need to fill others, you'll find those with the token's address; here's 2 ways to find it, if you don't already know.

Method I:

Since you've probably already been managing your token with Ledger Live, you can go to the LL screen of your "account" for that token; Right next to the account's icon, and directly above the name, you'll see:

Contract: 0x??????...????????

Yes, go on; click it. You'll find the token's page on Etherscan; this was just a shortcut to the same place that both of the two previously referenced methods lead to. Skip to method... III?

Method II:

Go to Etherscan.com, or a similar Ethereum-blockchain-monitoring website, if you have a different preference. Search for the name of your token, and you should be able to see it as a search result. Activate your search manually of by selecting search option. Continue on with Method III.

Method III (Iⅈ what makes you think there was a third method? I said 2!):

At this point, you should find the "contract address" somewhere on the screen. This is the identity of the creature that breathes life into the token, allowing it to exist within the world of Ethereum. Steal it, and tell MyCrypto that you've left some of "your" tokens in the address of your ledger's Ethereum account. MyCrypto will trust and believe you without any concern or doubt, just by putting "your" contract address in the box for "Address"; it's almost too easy!

Well whaddya know, this one isn't actually too long! Don't tell anyone who may have taken a little longer whilst finding out how to do it themselves, though. There's value in trying to do something on your own, at least at first, so I'll let them think they made the right choice (¬‿¬). But take this star for humbling yourself enough to seek further help when you need it, since that is a very important life skill as well!

(o゜▽゜)o☆

Now, back to the useful stuff at the top...



Goldman Takes Bitcoin To Task (current BTC/USD price is $9,375.03)

Latest Bitcoin News:

Goldman Takes Bitcoin To Task

Other Related Bitcoin Topics:

Bitcoin Price | Bitcoin Mining | Blockchain


The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools.


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Guide how to buy Bitcoin on a few exchanges for newbies - 100% Free (x-post from /r/Bitcoin)

https://www.reddit.com/r/Bitcoin/comments/gt5p9s/guide_how_to_buy_bitcoin_on_a_few_exchanges_for/

My alcoholic mother cost me a fortune.

I learned about Bitcoin in 2012 when they were worth about $3. I saw the potential in the technology and invested even though I was young. The market has always been volatile so I invested conservatively and I educated myself on security. I had about 21 bitcoins at one point, some held online at sites like Mt.Gox, but most I kept in my own encrypted wallet on my laptop. This was and still is the most secure way to hold bitcoin.

I was a teenager and lived with my mother, who had been an alcoholic for years. I never told her about bitcoin because, frankly, her drinking has made her too simple to understand even relatively complex topics. I worked from home at the time (still do, for a different company), and my laptop was my work computer as well. She had her own computer and I had asked her many times not to use mine, but she always did anyways.

I was out with friends on a day off, when I get a call from her. She sounds drunk and angry. She tells me I need to come home right now, but won't tell me why. When I get home I find that my laptop had been utterly drenched in wine, destroyed beyond repair. Bitcoin had recently hit $1,000 and I had about 12.5 BTC stored on the wallet. Should I have had it backed up to an external hard drive? Yes, that is my biggest regret. But I was young and not as careful as I should have been. My mother paid for a new computer so I could work, but I never told her about the bitcoin. She had attempted suicide in the past and I thought if she knew the magnitude of what she did she wouldn't be able to live with herself.

But I stopped speaking to her entirely. I sold what was left of my online cache and moved out as soon as I could. I moved into an apartment with next to nothing. I worked hard and now I have an okay job and decent career prospects... But if I still had that 12.5 BTC it would be worth more than two years salary. Every time I've thought about bitcoin since then, my heart drops. The feeling of despair is indescribable. I haven't been able to bring myself to reinvest even though I knew the value was going up.

I've thought about suing her but the statute of limitations have passed, and I couldn't prove in court that I had them stored on the computer. I could prove that I started investing in 2012, I could show my online posts and guides that showed I was passionate about Bitcoin, but I couldn't prove that the data stored on the laptop had value. And I don't think a jury where I live would side with a young adult suing his mother.

She still doesn't know and I haven't spoken to her in years. Honestly the way she neglected me as a child is worse than the money being gone. I'm thinking about writing her a letter and telling her. I think she deserves to know.



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Bitcoin Seasaws Early in Week, Finishes Higher (current BTC/USD price is $9,387.47)

Latest Bitcoin News:

Bitcoin Seasaws Early in Week, Finishes Higher

Other Related Bitcoin Topics:

Bitcoin Price | Bitcoin Mining | Blockchain


The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools.


Analyze and rebalance crypto portfolio with Holderlab.io

One of the features of the cryptocurrency market is its high volatility, which affects the value of your portfolio.

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🎛All modules of analysis and trade automation are also available separately. You can optimize the portfolio to save it and load it into the testing module. We have connected 10 crypto exchanges for the convenience of choice.

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Goldman Sachs Slams Bitcoin And Gold On Investor Call, Crypto Community Reacts

Goldman Sachs hosted an investment advisory call for its clients yesterday, which re-ignited a long running dispute between the cryptocurrency and the banking community.

The investor call, dryly entitled “US Economic Outlook & Implications of Current Policies for Inflation, Gold and Bitcoin”, was announced to Goldman Sachs’ clients last week.

While the invitation gave little away around the nature of the insights the bank was going to share, some in the cryptocurrency community read between the lines, concluding that the financial services giant was about to signal to the market that the recent unprecedented economic events may have finally persuaded the bank to endorse Bitcoin given its association with being a hedge against inflation. Nothing, it transpired, could have been further than the truth, as the select few who attended the invitation-only call were to quickly learn. Rather than endorsing Bitcoin, the analysts instead presented a scathing analysis of the cryptocurrency. 

In a slide entitled “Cryptocurrencies Including Bitcoin Are Not an Asset Class," the bank alliterated a number of reasons to support its view that Bitcoin lacked legitimacy, stating that it provides no cash flow or earnings through the exposure to global growth, nor does it provide diversification, nor dampen volatility and has shown no evidence of being an effective hedge against inflation.

Invoking the greater fool theory, the analysts concluded; "We believe that a security whose appreciation is primarily dependent on whether someone else is willing to pay a higher price for it is not a suitable investment for our clients."

Drugs, Guns, Tulips And Gold

The bank continued to twist the knife by then highlighting historical cases where Bitcoin has been used for illicit purposes.

Goldman analysts were also dismissive of the argument commonly made by bitcoin bulls that while Bitcoin itself does not offer dividends and coupon payments, it has value based on scarcity, in much the same way that gold does. In other words, if gold and silver can have value, then so can Bitcoin.

Tulips were scarce too and still people lost a lot of money, argued the analysts, adding that Bitcoin’s metric rise and subsequent fall were much worse, comparatively, than in Gouda tulip bubble of 1636-37.

The investment analysts also poured scorn on the notion that Bitcoin is actually scarce in the first place, explaining that while there is a fixed supply of 21 million coins, there have been various forks of Bitcoin which, in essence, demonstrates that an abundance of the the cryptocurrency can be increased with the mere click of a button (or few).

It wasn’t purely Bitcoin that received a thumbs-down from the banking giant. The bank also gave gold a short thrift, challenging conventional wisdom that it is a natural hedge against inflation.


Binance Support +𝟣𝟪𝟪𝟪-𝟥𝟣𝟢-𝟩𝟣𝟫𝟦 become the part and parcel of every business unit

Binance Support +𝟣𝟪𝟪𝟪-𝟥𝟣𝟢-𝟩𝟣𝟫𝟦

Binance support number 1888-310-7194 CEO Changpeng "CZ" Zhao really doesn't want to tell you where his firm's headquarters is located.

To kick off ConsenSys' Ethereal Summit on Thursday, Unchained Podcast host Laura Shin held a cozy fireside chat with Zhao who, to mark the occasion, was wearing a personalized football shirt emblazoned with the Binance support number 1888-310-7194 brand.

Scheduled for 45 minutes, Zhao spent most of it explaining how libra and China's digital yuan were unlikely to be competitors to existing stablecoin providers; how Binance support number 1888-310-7194's smart chain wouldn't tread on Ethereum's toes – "that depends on the definition of competing," he said – and how Binance support number 1888-310-7194 had an incentive to keep its newly acquired CoinMarketCap independent from the exchange.

There were only five minutes left on the clock. Zhao was looking confident; he had just batted away a thorny question about an ongoing lawsuit. It was looking like the home stretch.

Then it hit. Shin asked the one question Zhao really didn't want to have to answer, but many want to know: Where is Binance support number 1888-310-7194's headquarters?

This seemingly simple question is actually more complex. Until February, Binance support number 1888-310-7194 was considered to be based in Malta. That changed when the island European nation announced that, no, Binance support number 1888-310-7194 is not under its jurisdiction. Since then Binance support number 1888-310-7194 has not said just where, exactly, it is now headquartered.

Little wonder that when asked Zhao reddened; he stammered. He looked off-camera, possibly to an aide. "Well, I think what this is is the beauty of the blockchain, right, so you don't have to ... like where's the Bitcoin office, because Bitcoin doesn't have an office," he said.

The line trailed off, then inspiration hit. "What kind of horse is a car?" Zhao asked. Binance support number 1888-310-7194 has loads of offices, he continued, with staff in 50 countries. It was a new type of organization that doesn't need registered bank accounts and postal addresses.

"Wherever I sit, is going to be the Binance support number 1888-310-7194 office. Wherever I need somebody, is going to be the Binance support number 1888-310-7194 office," he said.

Zhao may have been hoping the host would move onto something easier. But Shin wasn't finished: "But even to do things like to handle, you know, taxes for your employees, like, I think you need a registered business entity, so like why are you obfuscating it, why not just be open about it like, you know, the headquarters is registered in this place, why not just say that?"

Zhao glanced away again, possibly at the person behind the camera. Their program had less than two minutes remaining. "It's not that we don't want to admit it, it's not that we want to obfuscate it or we want to kind of hide it. We're not hiding, we're in the open," he said.

Shin interjected: "What are you saying that you're already some kind of DAO [decentralized autonomous organization]? I mean what are you saying? Because it's not the old way [having a headquarters], it's actually the current way ... I actually don't know what you are or what you're claiming to be."

Zhao said Binance support number 1888-310-7194 isn't a traditional company, more a large team of people "that works together for a common goal." He added: "To be honest, if we classified as a DAO, then there's going to be a lot of debate about why we're not a DAO. So I don't want to go there, either."

"I mean nobody would call you guys a DAO," Shin said, likely disappointed that this wasn't the interview where Zhao made his big reveal.

Time was up. For an easy question to close, Shin asked where Zhao was working from during the coronavirus pandemic.

"I'm in Asia," Zhao said. The blank white wall behind him didn't provide any clues about where in Asia he might be. Shin asked if he could say which country – after all, it's the Earth's largest continent.

"I prefer not to disclose that. I think that's my own privacy," he cut in, ending the interview.

It was a provocative way to start the biggest cryptocurrency and blockchain event of the year.

In the opening session of Consensus: Distributed this week, Lawrence Summers was asked by my co-host Naomi Brockwell about protecting people’s privacy once currencies go digital. His answer: “I think the problems we have now with money involve too much privacy.”

President Clinton’s former Treasury secretary, now President Emeritus at Harvard, referenced the 500-euro note, which bore the nickname “The Bin Laden,” to argue the un-traceability of cash empowers wealthy criminals to finance themselves. “Of all the important freedoms,” he continued, “the ability to possess, transfer and do business with multi-million dollar sums of money anonymously seems to me to be one of the least important.” Summers ended the segment by saying that “if I have provoked others, I will have served my purpose.”

You’re reading Money Reimagined, a weekly look at the technological, economic and social events and trends that are redefining our relationship with money and transforming the global financial system. You can subscribe to this and all of CoinDesk’s newsletters here.

That he did. Among the more than 20,000 registered for the weeklong virtual experience was a large contingent of libertarian-minded folks who see state-backed monitoring of their money as an affront to their property rights.

But with due respect to a man who has had prodigious influence on international economic policymaking, it’s not wealthy bitcoiners for whom privacy matters. It matters for all humanity and, most importantly, for the poor.

Now, as the world grapples with how to collect and disseminate public health information in a way that both saves lives and preserves civil liberties, the principle of privacy deserves to be elevated in importance.

Just this week, the U.S. Senate voted to extend the 9/11-era Patriot Act and failed to pass a proposed amendment to prevent the Federal Bureau of Investigation from monitoring our online browsing without a warrant. Meanwhile, our heightened dependence on online social connections during COVID-19 isolation has further empowered a handful of internet platforms that are incorporating troves of our personal data into sophisticated predictive behavior models. This process of hidden control is happening right now, not in some future "Westworld"-like existence.

Digital currencies will only worsen this situation. If they are added to this comprehensive surveillance infrastructure, it could well spell the end of the civil liberties that underpin Western civilization.

Yes, freedom matters

Please don’t read this, Secretary Summers, as some privileged anti-taxation take or a self-interested what’s-mine-is-mine demand that “the government stay away from my money.”

Money is just the instrument here. What matters is whether our transactions, our exchanges of goods and services and the source of our economic and social value, should be monitored and manipulated by government and corporate owners of centralized databases. It’s why critics of China’s digital currency plans rightly worry about a “panopticon” and why, in the wake of the Cambridge Analytica scandal, there was an initial backlash against Facebook launching its libra currency.

Writers such as Shoshana Zuboff and Jared Lanier have passionately argued that our subservience to the hidden algorithms of what I like to call “GoogAzonBook” is diminishing our free will. Resisting that is important, not just to preserve the ideal of “the self” but also to protect the very functioning of society.

Markets, for one, are pointless without free will. In optimizing resource allocation, they presume autonomy among those who make up the market. Free will, which I’ll define as the ability to lawfully transact on my own terms without knowingly or unknowingly acting in someone else’s interests to my detriment, is a bedrock of market democracies. Without a sufficient right to privacy, it disintegrates – and in the digital age, that can happen very rapidly.

Also, as I’ve argued elsewhere, losing privacy undermines the fungibility of money. Each digital dollar should be substitutable for another. If our transactions carry a history and authorities can target specific notes or tokens for seizure because of their past involvement in illicit activity, then some dollars become less valuable than other dollars.

The excluded

But to fully comprehend the harm done by encroachments into financial privacy, look to the world’s poor.

An estimated 1.7 billion adults are denied a bank account because they can’t furnish the information that banks’ anti-money laundering (AML) officers need, either because their government’s identity infrastructure is untrusted or because of the danger to them of furnishing such information to kleptocratic regimes. Unable to let banks monitor them, they’re excluded from the global economy’s dominant payment and savings system – victims of a system that prioritizes surveillance over privacy.

Misplaced priorities also contribute to the “derisking” problem faced by Caribbean and Latin American countries, where investment inflows have slowed and financial costs have risen in the past decade. America’s gatekeeping correspondent banks, fearful of heavy fines like the one imposed on HSBC for its involvement in a money laundering scandal, have raised the bar on the kind of personal information that regional banks must obtain from their local clients.

And where’s the payoff? Despite this surveillance system, the U.N. Office on Drugs and Crime estimates that between $800 billion and $2 trillion, or 2%-5% of global gross domestic product, is laundered annually worldwide. The Panama Papers case shows how the rich and powerful easily use lawyers, shell companies, tax havens and transaction obfuscation to get around surveillance. The poor are just excluded from the system.

Caring about privacy

Solutions are coming that wouldn’t require abandoning law enforcement efforts. Self-sovereign identity models and zero-knowledge proofs, for example, grant control over data to the individuals who generate it, allowing them to provide sufficient proof of a clean record without revealing sensitive personal information. But such innovations aren’t getting nearly enough attention.

Few officials inside developed country regulatory agencies seem to acknowledge the cost of cutting off 1.7 billion poor from the financial system. Yet, their actions foster poverty and create fertile conditions for terrorism and drug-running, the very crimes they seek to contain. The reaction to evidence of persistent money laundering is nearly always to make bank secrecy laws even more demanding. Exhibit A: Europe’s new AML 5 directive.

To be sure, in the Consensus discussion that followed the Summers interview, it was pleasing to hear another former U.S. official take a more accommodative view of privacy. Former Commodities and Futures Trading Commission Chairman Christopher Giancarlo said that “getting the privacy balance right” is a “design imperative” for the digital dollar concept he is actively promoting.

But to hold both governments and corporations to account on that design, we need an aware, informed public that recognizes the risks of ceding their civil liberties to governments or to GoogAzonBook.

Let’s talk about this, people.

A missing asterisk

Control for all variables. At the end of the day, the dollar’s standing as the world’s reserve currency ultimately comes down to how much the rest of the world trusts the United States to continue its de facto leadership of the world economy. In the past, that assessment was based on how well the U.S. militarily or otherwise dealt with human- and state-led threats to international commerce such as Soviet expansionism or terrorism. But in the COVID-19 era only one thing matters: how well it is leading the fight against the pandemic.

So if you’ve already seen the charts below and you’re wondering what they’re doing in a newsletter about the battle for the future of money, that’s why. They were inspired by a staged White House lawn photo-op Tuesday, where President Trump was flanked by a huge banner that dealt quite literally with a question of American leadership. It read, “America Leads the World in Testing.” That’s a claim that’s technically correct, but one that surely demands a big red asterisk. When you’re the third-largest country by population – not to mention the richest – having the highest number of tests is not itself much of an achievement. The claim demands a per capita adjustment. Here’s how things look, first in absolute terms, then adjusted for tests per million inhabitants.

Binance support number 1888-310-7194 has frozen funds linked to Upbit’s prior $50 million data breach after the hackers tried to liquidate a part of the gains. In a recent tweet, Whale Alert warned Binance support number 1888-310-7194 that a transaction of 137 ETH (about $28,000) had moved from an address linked to the Upbit hacker group to its wallets.

Less than an hour after the transaction was flagged, Changpeng Zhao, the CEO of Binance support number 1888-310-7194, announced that the exchange had frozen the funds. He also added that Binance support number 1888-310-7194 is getting in touch with Upbit to investigate the transaction. In November 2019, Upbit suffered an attack in which hackers stole 342,000 ETH, accounting for approximately $50 million. The hackers managed to take the funds by transferring the ETH from Upbit’s hot wallet to an anonymous crypto address.


Bitcoin price after the halving event, what it will be?

https://bitsgap.com/blog/what-will-be-the-bitcoin-price-after-halving-event/

How one Bitcoin whale mangled the network (current BTC/USD price is $9,515.27)

Latest Bitcoin News:

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The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools.


Watch our live session on Saturday at 4:00 PM “ What is Bitcoin? Beginners Guide for Bitcoin with Mr. Pushkar Anand”. Watch and learn about

https://tax4wealth.com/watch/live-session-at-4-00-pm-on-saturday-what-is-bitcion-beginners-guide-for-bitcoin-with-pushkar-anand_zMr4H7TaMNxxMNT.html

2020.5.18 - 2020.5.29 Bi-Weekly Report Updated

https://preview.redd.it/hnsjgxkz1o151.png?width=1250&format=png&auto=webp&s=ac891e2fe3ba853cbd4f3714fdefb641c8236463

Keywords in this issue:

Technology: privacy function, mainnet 4.0, blockchain explorer

Business: No update in these two weeks

Operations: 520 Day activity, Mainnet 4.0 technical document, Bitcoin Pizza Day, BSN

R&D Progress

Current progress

Continuous technical perfection of INT main chain

  • Regarding test of WASM standard, finding and fixing bugs is ongoing(72%)
  • Optimize the RPC interface of two consensus data queries (100%)
  • Development work of privacy function (mainnet 4.0) is ongoing (70%)
  • Optimize the mainnet block data synchronization, greatly improving the stability and efficiency of data synchronization (100%)

Perfection of INT wallet and Explorer

  • Continue to improve the mainnet Web wallet and revise the part of interface
  • Continue to improve the blockchain explorer and revise the part of interface
  • Continue to optimize the Mobile wallet and optimize the function of Red Packet
  • Continue to optimize testnet explorer of the mainnet 4.0
  • Continue to optimize web wallet of the mainnet 4.0 testnet.

Activity operation

Current progress

  • INT Chain Mainnet 4.0 Technical Documents Released

INT Chain mainnet 4.0 technical documents released on May 15. The technical documentation makes it easy for users to access the new mainnet and participate in testing. You can check here: https://titansdocs.intchain.io/

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  • An article Details INT Chain Became a Qualified BSN Developer

INT Chain became a qualified BSN developer On May 9. To let more people know it, INT Chain gives the details about what BSN is, what services BSN provides, and what is the meaning of INT Chain as a qualified BSN developer. More details are shown here https://link.medium.com/3GKRv2O7I6

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  • 520 Day Activity Launched

Since the pronunciation of number 520 sounds similar to “I love you” in Chinese, May 20 has become another occasion for local people to convey their love to their significant others. So INT Chain released an activity, which encourages community members to convey love to their loved ones in Weibo.4 lucky people will get an INT custom T-shirt and token reward.

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  • Bitcoin Pizza Day 10th Anniversary Activity Launched

On May 22, 2010, when bitcoin was a little over a year old, a developer named Laszlo Hanyecz bought two pizzas for 10,000 BTC. He is known as the first person to use bitcoin in a commercial transaction. The day is now known as "Bitcoin Pizza Day." To memory this event, INT Chain launched the "Bitcoin Pizza Day 10th Anniversary Activity", all users who share the poster in their WeChat moments have the chance to win a pizza.

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