Dark web vendors capitalize on COVID-19 / Pomp's view on the $1,200 stimulus check / Buterin points out the worst crypto predictions

Inside Cryptocurrency .

Inside.com Part of   Network April 07, 2020

Market Watch Market prices remain in the green today. Bitcoin is steadily climbing to previous highs as the industry starts to resettle from a volatile March. Could April be the month that sees a turnaround in the market? Bitcoin: $7,319 (⬆️ 2.85%) // $134 billion market cap. Ethereum: $170 (⬆️ 8.59%) // $18.7 billion market cap. XRP: $0.199 (⬆️ 5.48%) // $8.7 billion market cap. Tether: $1.00 (⬇️ 0.07%) // $6.3 billion market cap. Top 100 Winner: CyberVein: $0.033 (⬆️ 39.11%) // $36 million market cap. Top 100 Loser: Swipe: $0.756 (⬇️ 3.93%) // $46 million market cap. Prices are as of 2 p.m. ET.

A study has found that dark web market vendors are capitalizing on COVID-19 to sell face marks for Bitcoin. The study, which was put together by blockchain analytics company Elliptic, stated that vendors are opportunistic and are jumping on any opportunity to sell goods that are difficult to come by elsewhere. In light of the current climate with the coronavirus pandemic, hundreds of listings have appeared on darknet markets for the N95 respirator masks. The study states that "Usually priced at less than $1 each, these masks have been in very short supply and their sale for non-medical use has been restricted." It goes on to point out that several listings for the masks have been priced at $1.75 per mask, which according to Elliptic, is a low mark-up on retail prices. This is compared to the likes of Amazon or eBay, where N95 masks are selling for upwards of $10 each. However, while the masks on the darknet markets are reasonably priced, the study notes that buyers shouldn't rush to purchase them, adding that: "Of course with all darknet market listings posted by pseudonymous vendors, there is a chance that they are fraudulent, and that buyers don’t end up getting what they paid for." Read more: UK Counties Warn of Bitcoin Scams Using Coronavirus as a Hook ELLIPTIC

Anthony Pompliano, co-founder and partner at Morgan Creek Digital, and a Bitcoin bull, has given his view on the $1,200 U.S. stimulus check. Taking to Twitter, Pompliano - who goes by the nickname "Pomp" - said that the check handed out to U.S. residents in response to the coronavirus "won't actually be materially helpful to most people given that the financial crisis will last for months and months." He went on to say that "It is rather a bribe to avoid social unrest. No one is going to save you from this crisis but yourself." One user questioned how they were supposed to save themselves when they have no money and aren't allowed to work. In response, Pomp - who thinks Bitcoin will hit $100,000 by the end of 2021 - said that in 2020 people can make a living with an internet connection. He did concede that while not everyone did, in fact, have internet, "many people who are losing their jobs do." However, another user stated that the $1,200 check isn't going to be enough to stop the pitchforks, and argued that it should have been a $1,200 check each month for the next six to 18 months. See also: Anthony Pompliano: There Is A 5% Chance Of Failure Of The Fiat Experiment @APOMPLIANO/TWITTER

Coursera has seen a 200 percent increase for online Bitcoin courses. The online learning platform noted that there has been an increase over the past four weeks, at a time when people are staying at home due to COVID-19.  UPGRADE TO INSIDE CRYPTO PREMIUM

Vitalik Buterin points out the worst Bitcoin price predictions. Over the years, there have been a number of price predictions from individuals within the crypto space who've been on the bull and bear side of the market. UPGRADE TO INSIDE CRYPTO PREMIUM

Paxful is now letting its users trade Bitcoin for gold. According to Ray Youssef, CEO of the peer-to-peer marketplace, the move comes at the request of its users. In order for this to take place, those involved must first negotiate terms, which will include whether the gold trade will take place in person and where. The one holding the Bitcoin will then send this to a Paxful escrow account. Here it will stay until both parties have confirmed they have sent and received the transfers. It's at this point that Paxful will release the Bitcoin. Speaking about this Youssef said that their users were already doing this on a large scale. He added: "We weren't aware of it because it was difficult to track. We actually had to go in and talk to people." For transfers worth over $50, gold trades are required to submit to Paxful's know-your-customer (KYC) protocols. Despite the lockdown caused by COVID-19, Paxful saw a 27 percent jump in registrations in March. See also: Paxful Survey Suggests Forthcoming Bitcoin Boom in India COINDESK

Crypto miner Bitfarms has cut its staff numbers due to the effects of COVID-19. The publicly-traded company, which is listed on Canada's TSX Venture Exchange, made the announcement yesterday. In a statement, the company said that the move was a "temporary step" in line with government guidance to tackle the spread of the virus. It has also introduced permanent measures to reduce its overhead costs to "maintain long term visibility." John Rim, CFO at Bitfarms, said: "Once fully implemented over the next several weeks, we expect the cost saving measures to reduce our monthly general and administrative expenses by approximately 20 to 25%." Bitfarms said that despite the price of Bitcoin dropping March 12 until its recovery around the $6,000 mark on March 19, it has been able to maintain an average daily hashrate of approximately 630 petahash per second (PH). Since March 19, that figure has increased to 750 PH. See also: Users See ‘Buying Opportunity’ in Coronavirus Market Downturn, Says Crypto.com THE BLOCK

BitMEX operator offers $400,000 grant to Shadowserver Foundation. HDR Global Trading is offering $400,000 to Shadowserver over the next four years UPGRADE TO INSIDE CRYPTO PREMIUM

Nestlé has added its Zoégas coffee brand to the IBM Food Trust blockchain. Nestlé is teaming up with the Rainforest Alliance and IBM Food Trust blockchain to boost traceability of its coffee beans UPGRADE TO INSIDE CRYPTO PREMIUM

This newsletter was written and curated by Rebecca Campbell. She has been writing and reporting on various industries for the past 10 years, more specifically tech in the last three. Connect with her on Twitter. Editor Beth Duckett is a former news and investigative reporter for The Arizona Republic who has written for USA Today and other publications.

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China's commitment

WEF looks to blockchain, North Korea evades sanctions, and a look at bitcoin's core

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April 7, 2020 By Daniel Kuhn If you were forwarded this newsletter and would like to receive it, sign up here.  TOP SHELF Experts are aligned in thinking the Democratic People's Republic of Korea is using a billion dollar cryptocurrency war chest to bust sanctions, the People's Bank of China will "undoubtedly" pursue its digital yen, and European banks are wishy-washy about banking crypto clients. Here's the story: Sanctions evasion The Democratic People's Republic of Korea's $1.5 billion cryptocurrency war chest  is likely used to evade import and export sanctions, experts agree. Evidence documenting this cross-border movement is still mounting, though one reliable way for the DPRK to circumvent sanctions involves ship-to-ship transfers, the process of moving cargo from one ship to another in the open sea rather than at a port. The nation’s increased crypto-jacking activity, or using malicious bots to surreptitiously mine cryptocurrencies mean that these also points in this direction, as “newly mined cryptocurrency can be used to facilitate sanctions-evasion activity,” a U.N. report reads.  China's commitments “The People’s Bank of China (PBoC) will undoubtedly further its research and development of the national digital currency with enhanced top-down design,” the bank said in at a high-level conference. The unequivocal language used indicates a firmer stance on the project than before.  Teddy Fusaro, chief operating officer at Bitwise Asset Management, argues that China is winning the misinformation war. After reeling from a novel coronavirus outbreak, the regional superpower is now exercising soft power, and authoritarian means, to rewrite the outbreak narrative.  Core code The privacy and scaling upgrade Schnorr/Taproot bitcoin code update is moving closer to its implementation. The update will allow for a number heretofore impossible projects, by bundling together several different proposed technologies. Alyssa Hertig, CoinDesk contributor, breaks down what these changes are and what they mean for bitcoin’s future. Regulatory hurdles Risk-averse German banks are unwilling to take on crypto firms as clients, despite regulation and guidance from the nation’s Federal Financial Supervisory Authority. “There is no legal reason why banks wouldn’t offer bank accounts but they are hesitant because they don’t understand the business,” said Matthias Winter, partner at Eversheds Sutherland Germany, a firm working directly with German regulators on how the law should be enforced.  Alternatives are presenting themselves. Coinhouse, an exchange, has become the first crypto company to be registered with the Financial Markets Authority (AMF). The registration means Coinhouse now has a shot at getting banking services in France, which could give the firm cheaper services than the German bank it currently works with. Helping hand Helperbit, a blockchain-based disaster management platform, has raised approximately $31,800 in bitcoin donations to help defray the cost of building emergency medical centers in Italy. “We are happy to have turned the received donations into a tangible aid. We are excited to have received so much help from the bitcoin community," said the president of the Colli Albani Committee, Bruno Pietrosanti. Blockchain can help for more than just donations, the World Economic Forum says. According to a recently published paper, distributed ledgers and digitization can help supply chains survive crises like COVID-19. Movers & shakers Marco Santori, controversial co-author of the "Simple Agreement for Future Tokens" (SAFT) regulatory framework, is going to Kraken’s growing legal team as chief legal officer.  Dial-up daydreams Why does it suddenly feel like 1999 on the internet? Ask Tanya Basu and Karen Hao of MIT Technology Review. “The coronavirus pandemic has turned back the clock to a kinder time on the web, before the novelty of virtual connection wore off,” they write. PRIVATE MESSAGING A to Zoom alternatives Video conferencing app Zoom has become popular by necessity, growing 200 fold since December, despite existing security practices that were found wanting. Reports of Zoombooming and a wanton disregard for personal data have many in the crypto space looking for alternatives to host video chats with colleagues and family members. CoinDesk’s security reporter Ben Powers identifies Jitsi and Whereby as strongly encrypted alternatives. Careless Whisper The blockchain-based messaging app Whisper pushed out a code update sacrificing privacy for scalability, reports Decrypt.  MARKET INTEL Notch in the ether Ether, the native cryptocurrency of the Ethereum network, has recorded its biggest daily gain in over 20 days. Industry experts said the rise can likely be attributed to growing confidence in a planned system-wide upgrade known as Eth 2.0, slated for July 2020, which promises higher transaction throughput and a new security model under proof-of-stake (PoS).  Decoupling? Up 3 percent, bitcoin left the S&P 500 behind in a year-to-date recovery. Bitcoin clocked a 3.5-week high of $7,459 early on Tuesday, meaning the cryptocurrency was up 4.2 percent from the yearly opening price of $7,160. Since then prices have fallen back slightly, though the cryptocurrency is still ahead of Wall Street’s equity index, which is still down 17.5 percent for the year, despite a notable rally.  Halving report In May of 2020, bitcoin is expected to undergo its third “halving,” a programmed supply reduction that has in the past coincided with a strong run-up in the bitcoin price. In this paper, we explain what the bitcoin halving is, why it matters and why the market is so focused on this event. THE BREAKDOWN Emerson Spartz, coder, serial entrepreneur, and creator of a crowdsourced document tracking COVID-19’s second order effects, joins NLW on the latest episode of The Breakdown  podcast to discuss how to hold onto your creative spark during the crisis and leverage the internet for the public good.  WHO WON #CRYPTOTWITTER Copyright © 2020 CoinDesk, All rights reserved.  Our mailing address is:  250 Park Avenue South New York, NY, 10003, US  Want to change how you receive these emails? 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