The Daily: HTC Blockchain Phone Delayed, Exchange Security Ratings Updated

The Daily: HTC Blockchain Phone Delayed, Exchange Security Ratings Updated

The Daily

In Tuesday’s edition of The Daily, there’s a little of everything in the mix: a story about hardware, in the form of the delayed Exodus 1 smartphone, one about security, concerning the latest crypto exchange ratings, and finally a human interest story. This latter tale concerns a war of words between two passionate figures within the cryptocurrency space.

Also read: Cypherpunk Godfather Timothy May Was Lightyears Ahead of His Time

HTC’s Exodus 1 Phone Has Yet to Ship

The Daily: HTC Blockchain Phone Delayed, Exchange Security Ratings UpdatedCustomers who made an advanced purchase of the Exodus 1 blockchain phone are still waiting to receive their devices. The crypto-friendly cell phones, priced at 0.15 BTC or 4.78 ETH, were rapidly snapped up by cryptocurrency proponents, who were promised that the devices would ship in December. While there’s still time for that to happen, manufacturer HTC is cutting it fine with Christmas less than a week away.

Figures such as Charlie Lee helped to promote the project, and by early December advance orders for the phone, which features a built-in BTC and ETH wallet, had stopped being taken. In the project’s Telegram channel, buyers have become impatient as they await delivery of their eagerly anticipated phones. “Biggest scam in the history of smartphones,” vented one irate buyer. His assertion, while very wide of the mark, captures the frustration that Exodus 1 customers have felt as they’ve awaited news. Today, Dec. 18, European customers received an email from HTC Exodus that explained, vaguely:

We are contacting you to let you know the shipment of your order has been delayed, as we are currently finalizing the last certification for European devices. We are working hard to get your order to you as soon as possible, and will keep you updated when we have a confirmed shipping date. We apologize for any inconvenience and thank you for your patience.

Cryptocurrency Exchange Ratings Updated

There’s a ratings system for everything within the cryptocurrency space these days, from influencers to coins, and from exchanges to blockchains. In October, news.Bitcoin.com reported on ICOrating.com’s exchange security assessment that deemed 54 percent of trading venues to have security holes of some kind. ICOrating.com has now updated its report to reflect new information and additions that have served to alter its assessment of the top 10 exchanges. Coinbase Pro, which occupied the top spot, has slipped to ninth, while Kraken has leapt from second to first.

The Daily: HTC Blockchain Phone Delayed, Exchange Security Ratings Updated

Binance has dropped out of the top 20 altogether. “Overall, only 16 percent of exchanges fall into the A category. None of the exchanges have received an A+ rating,” noted ICOrating.com. While all ratings systems are subjective to a certain degree, their existence can only be a good thing if it spurs their subjects into improvement. Increased transparency and commitment to adopting better security standards will benefit not only exchanges, but also their customers, who can trade with confidence.

Crypto Figures Get Into a Tiff

The Daily: HTC Blockchain Phone Delayed, Exchange Security Ratings UpdatedRan NeuNer as he appears on Twitter

A war of words has broken out between Ran NeuNer, host of CNBC’s Cryptotrader, and Larry Cermak of The Block. Cermak, together with his colleague Mike Dudas, published an exposé of a fraudulent ICO called BCT and accused NeuNer of being embroiled in it. The CNBC host hit back with threats of legal action, ordering The Block pair to delete tweets and amend their story, after explaining that he’d done nothing to facilitate BCT’s misbehavior, and was in fact a victim himself. In a rambling blog post titled “An open letter to The Block”, NeuNer wrote:

According to Larry, the alleged fraud, scams on investors and employees and a man working in this industry under a fake identity, weren’t the interesting part, but rather my alleged “involvement”. [Larry] went on to make a series of accusations  —  most of which are incorrect, negligent, inaccurate, defamatory and damaging.

NeuNer then complained of The Block only giving him six hours to provide his side of the story before Cermak’s publication went to press, which he believes was a deliberate move on their part. He finished: “I was a fan of The Block and a regular reader of its stories, but if I go by my experience of your unethical business practice, false reporting and lack of verification, then The Block is unfortunately not that publication.” Mike Dudas, for his part, has responded to NeuNer’s open letter by stating that The Block stands by its story, and extended him an interview invitation. NeuNer has yet to respond.

What are your thoughts on today’s news tidbits as featured in The Daily? Let us know in the comments section below.


Images courtesy of Shutterstock.


Need to calculate your bitcoin holdings? Check our tools section.

A Chinese Government-Controlled Bitcoin Alternative Is Reportedly in the Works

A Chinese Government-Controlled Bitcoin Alternative Is Reportedly in the Works

News

In the midst of a sino-U.S. trade war, the People’s Bank of China is working to develop its own cryptocurrency prototype. It apparently believes this centralized digital asset can ultimately trump BTC and perhaps even the U.S. Dollar.

Also read: Bibox Buys 100% Share of Decentralized Exchange Dex.top

A Love-Hate Relationship With Cryptocurrency

A Chinese Government-Controlled Bitcoin Alternative Is Reportedly in the WorksThe government of China has been infamously hostile towards cryptocurrency-related economic activities like crypto trading, mining, P2P loans, and ICOs. But this doesn’t mean that the Chinese government disapproves of the underlying idea of Bitcoin. Although Xi Jinping’s administration has done much to kill the domestic cryptocurrency market, it’s currently at work developing its own secure, blockchain-based digital currency.

Reports reveal that the People’s Bank of China (PBoC) has registered 78 digital currency patents, of which 44 are blockchain related, since at least 2016, ranking the PBoC as the fifth most prolific patenter in the space, as has been reported by China’s IPR Daily.

Further, the PBoC has been actively hiring developers and economic specialists for its Beijing-based Digital Currency Institute, whose stated goal is to issue and distribute a blockchain-based currency.

Unprecedented Control

A Chinese Government-Controlled Bitcoin Alternative Is Reportedly in the WorksThe project was originally conceived by the PBoC’s deputy governor Zhou Xiaochuan, with the intention of “protecting” China from Bitcoin, an asset it couldn’t control. In contrast with the decentralized digital currencies we know and love, the PBoC’s alternative could, in fact, allow the Chinese government to exert even greater control over the lives of the country’s citizens.

The current Deputy Governor of the Bank, Mr. Fan Yifei, announced earlier this year that once implemented, the Chinese-controlled cryptocurrency would replace the country’s fiat currency and would ultimately help the bank curtail risks associated with money laundering and other crimes.

Some of the patents filed by the PBoC reveal what the Chinese government has in mind for the future. According to a Bloomberg review of recent patent filings, the government not only wants to track its citizen’s everyday transactions, but aims to force banks to share all data related to potential borrowers before authorizing any type of transaction.

Also, the PBoC would be immediately able to prohibit any financial institution from dealing with “blacklisted” companies. Although there is no evidence that the bank intends to deny individuals from accessing financial services, the recent efforts by the Chinese government to establish a social credit system may point to this possibility.

Trump’s Administration May Hasten China’s Digital Currency Development

With the U.S. unrelenting in its current trade war against China, bankers and politicians alike are becoming increasingly interested in accessing an alternative payment method that would reduce the United States’ dominance of international financial markets, all while rumors of a Chinese-backed crypto are gaining momentum.

A Chinese Government-Controlled Bitcoin Alternative Is Reportedly in the Works

The recent arrest of Huawei’s CFO Sabrina Meng Wanzhou in Canada at the behest of the U.S. government has rekindled this discussion in China. Meng was arrested under charges of U.S.-imposed international sanctions on Iran, charges that may involve HSBC and the Standard Chartered Bank.

As reported by the South China Morning Post on Dec. 17, Richard Jerram, chief economist at Bank of Singapore, declared:

President Trump is promoting an ‘America first’ policy, so you cannot rely on America to keep its borders open for trade, or to rely on it to support the World Trade Organization or the International Monetary Fund. So you can understand why countries are looking for substitutes … In a world of fracturing of multilateral order, countries will be looking to reduce their dependence on the US.

Even though the Chinese yuan only accounts for 1 percent of the international payments market and 1.8 percent of all reserve assets held by central banks, China contributed 27.2 percent of total global GDP growth in 2018 alone. This performance makes it the single largest contributor to the current global economy despite the ongoing U.S. trade war and depreciation of the Chinese yuan.

Its position as an economic powerhouse and the current climate of political tension with the United States may compel the Chinese government to redouble its efforts to end U.S. hegemony by attacking the U.S. dollar.

Given that the world’s economy is slowly migrating towards digital systems, it wouldn’t be too farfetched to think that an alternative to the U.S. dollar might take the form of a digital asset much like the Chinese government’s proposed cryptocurrency.

Will China roll out its own cryptocurrency? Do you think such a digital asset could end up having consequences in the world stage? Let us know in the comment section below.


Images courtesy of Shutterstock.


Need to calculate your bitcoin holdings? Check our tools section.

PR: Buy Crypto with Credit or Debit Card Using EO.Finance

Buy Crypto with Credit or Debit Card Using EO.Finance

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

EO.Finance has launched a crypto-fiat gateway. Now it is possible to buy cryptocurrencies directly from the wallet using your debit or credit card, the maximum amount per single transaction is $25,000. Right now EO.Finance works with 40 different cryptos, and soon even more currencies will become available for purchase.

The introduction of crypto purchases made using traditional fiat payments is much in demand, and will allow EO.Finance to provide ease of access to the crypto market for new and experienced traders alike.

Until recently banks were anxious to ban any crypto companies they encountered. Making it almost impossible to purchase cryptos with a traditional bank card. Now those banks have agreed to work to with licensed companies, a sign of how quickly times are changing. EO.Finance which is operated by EOTRADEX, holds European licenses for crypto wallet #FVR000161 and crypto-fiat exchange #FRK000193

The forthcoming update of EO.Finance will introduce even more currencies available for purchase. Whilst the addition of a function allowing traders to convert cryptocurrencies into fiat, and then withdraw those same funds to card are well underway.

EO Coin is the heart of the EO ecosystem, which includes numerous products from EO.Finance to the upcoming EO.Trade crypto exchange. Paying commission on transactions with the EO Coin will also come with significant discounts on both EO.Finance and EO.Trade.

The Airdrop which has been scheduled to take place on December 20th will see 44 million EO Coins distributed equally amongst coin holders. Then in February the burn will take place with 459 million EO Coins being burnt to further benefit EO Coin Hodlers with a reduction in total circulation.

It is now possible to buy EO Coins with your bank card through the EO.Finance wallet.

Website: https://eo.finance/
iOS app: https://itunes.apple.com/app/eo-finance-crypto-fiat-wallet/id1415386724
Android app: https://play.google.com/store/apps/details?id=com.eofinance

Video on how to buy cryptos with EO.Finance: https://www.youtube.com/watch?v=25oKGgAawn8

Contact Email Address
press@eo.finance

Supporting Link
https://eo.finance/

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Encrybit

Ends in 41 day(s)

27 views 


Encrybit is a research based modern cryptocurrency exchange with an attractive UI and is fully equipped with a plethora of advanced features.

Instructions


Required tools:

  Telegram   Twitter   E-Mail   Facebook   Reddit   YouTube   LinkedIn

  1. Sign up for the airdrop with your email and ETH address (‘JOIN THE AIRDROP’  button)
  2. Sign up on Encrybit platform (Mandatory, +7 Point)
  3. Join Telegram  (Mandatory, +3 Point)
  4. Follow Twitter (Mandatory, +2 Point)
  5. Share your Investment Referral code (Mandatory, +2 Point)
  6. Similarly, complete other tasks and earn more points (Optional)

IPUX

Ends in 31 day(s)

29 views 


IPUX is a global community and eco-system, comprising seven core business units

Instructions


Required tools:

  Twitter   E-Mail   Facebook   Reddit

  1. Start the Telegram Bot (‘JOIN THE AIRDROP’  button)
  2. Pass the human verification test
  3. Sign up on the website
  4. Join Telegram group and Telegram Channel
  5. Follow Twitter
  6. Like Facebook page
  7. Subscribe Reddit
  8. Submit your ETH address and other details to the bot

Tether Bank Statements ‘Suggest’ Company Has Full Fiat Reserves: Bloomberg

Cryptocurrency stablecoin Tether (USDT) really does have fiat reserves equal to the value of tokens in circulation, Bloomberg claimed in a report today, Dec. 18.

Citing “bank statements” it had “reviewed,” the publication became the latest source to add fuel to the controversy surrounding Tether, which has raged online since a series of legal tussles and banking reshuffles began last year.

According to the statements, Tether, which issues and notionally backs up each unit of USDT with $1, had a combined fiat bank balance equal to or even higher than circulating USDT from September 2017 to July 2018, the latest month for which information was available.

Tether also made $6.6 million in interest in the first half of 2018, Bloomberg claimed.

Designed to be pegged at 1:1 with USD, USDT has seen considerable fluctuations in recent months.

The company, along with cryptocurrency exchange Bitfinex which shares its CEO Jan Ludovicus van der Velde, both received subpoenas from United States authorities at the end of 2017, to which they added a price manipulation probe last month.

The intervening period saw Tether switch banking partners from Noble Bank to Bahamas-based Deltec, while accusations of illiquidity saw Bitfinex publicly deny any ties with Tether’s banking partners.

Critics also queried the financial buoyancy of Noble itself.

According to “people familiar with the matter,” Tether moving funds to Deltec corresponded to equivalent changes in its Noble bank balance, as per the statements seen by Bloomberg.

Both Tether and the range of USD-based stablecoins have increased in popularity recently as traders hedge their losses, while Bitcoin (BTC) and major altcoins fell precipitously. Markets are seeing a notable rebound at press time, with Bitcoin rallying almost 5 percent on the 1-year anniversary of its all time price high.

Blockstream Launches 5th Satellite Streaming Bitcoin Blockchain From Space

Blockchain development firm Blockstream has expanded its satellite service and is now broadcasting the Bitcoin (BTC) blockchain to all of Earth’s major land masses, Forbes reported Dec. 17.

The wider coverage — which comes via the addition of a fifth leased satellite — brings potential internet-free Bitcoin transactions and information sharing to crypto users in the Asia Pacific region. The satellite service, still in beta, had hitherto already been available across Africa, Europe, South and North America.

Blockstream has also reportedly launched a new application programming interface (API), which lets the satellites be used to exchange encrypted messages, with users paying for them using micropayments on the Lightning Network. Blockstream CSO Samson Mow contextualized the move, saying, “Bitcoin has always been about uncensorable money, and now we have uncensorable communications as well.”

As Forbes outlines, the ambitious Bitcoin space initiative aims to free crypto usage from dependency on access to the internet and make the security of the Bitcoin network maximally robust. Blockstream CEO Adam Back told the magazine:

“We see the increased robustness of the bitcoin network and the lower cost of participation contributing to helping businesses rely on the service for backup, and for emerging markets to use as their primary access to the bitcoin network at a lower cost.”

With its latest expansion, the Blockstream Satellite covers the entire globe, except for the remote regions of Greenland and Antarctica. Moreover, the data now streamed by the satellites covers all historical Bitcoin transaction data, rather than only the immediately preceding blocks, as in the project’s earlier iterations.

When it first announced its satellite project in August 2017, Blockstream pitched its aim as being to “connect everyone on the planet” in the face of limited global internet access, and even more limited online freedom.

As reported, the idea of launching Bitcoin relay satellites is not new, with Bitcoin pioneer Jeff Garzik’s BitSat scheme seeking to do just that in 2014, although the initiative has since seemingly come to a standstill.

A Year After $20K All-Time Highs, Bitcoin Price Sees a Small Rally Above $3.5K

Bitcoin (BTC) saw a sudden surge Dec. 18 to regain support at $3,500, sparking a fresh round of gains across major cryptocurrencies.

Market visualization

Market visualization from Coin360

Data from Cointelegraph’s price tracker and Coin360 confirmed the unexpected reversal in Bitcoin’s fortunes, the largest cryptocurrency having previously traded around 15-month lows.

At press time, BTC/USD hovered around $3,516, up 2.5 percent and capping gains of $260 in the past 24 hours. The same date in 2017 marked the second day of all-time highs for the pair, with prices topping $20,000 on some exchanges.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Cointelegraph

The cause of the spike remains something of a mystery, while some commentators were left red-faced, Bitcoin Cash (BCH) proponent Calvin Ayre telling United Kingdom mainstream media just before that he thought BTC/USD would drop to zero in 2019.

“It does not do anything, and they intentionally are anti-scaling,” he said.

Both strands of BCH — Bitcoin Cash ABC (currently known as BCH) and Ayre’s favored Bitcoin Cash Satoshi’s Vision (BSV) — had performed the worst out of all the assets in the top twenty by market cap in recent days.

As Cointelegraph reported, both have markedly reduced in price, while BCH’s price was overtaken by Ethereum (ETH) for the first time on Monday.

Bitcoin Cash 7-day price chart

Bitcoin Cash 7-day price chart. Source: Cointelegraph

Elsewhere in altcoin markets, it was EOS (EOS) which led the charge, managing impressive 18 percent daily growth to press time, followed by another surprise move from Dogecoin (DOGE) on 16 percent and Ripple (XRP) at 10 percent.

Eyes will continue to focus on the Bitcoin price, as its sway over altcoins will mean the current gains may be short-lived.

In his latest crypto market analysis over the weekend, veteran trader Tone Vays voiced concern that a close below the 50-month moving average would spell a downward spiral to $1,300 or lower.

'Legendary' PoS Creator Announces Plans to Remove Entry Barriers for Developers in 2019

A blockchain project with the ambition of being at the forefront of a “brand-new digital economy era” has unveiled its vision for 2019-2020, with five important milestones that will enable its technology to evolve in line with the needs of its user base.

VEE, the latest blockchain database project by Sunny King — the creator of PoS — is based on supernode proof-of-stake (SPoS) — a consensus algorithm that the company says is “currently up, running and extremely stable.” With a success rate of up to 99.99 percent for blocks and with a new block produced every four seconds, the platform says it has managed to minimize average network delays to a matter of sub-milliseconds — and is confident block periods will shorten further as it expands.

Its name is an acronym and stands for Virtual Economy Era. The blockchain database cloud wants to have the capacity and capability for carrying “complexed decentralized applications” in a plethora of fields — including banking and asset management — enabling developers to instantly create blockchains on demand. Its team firmly believes that this will help “significantly lower the barrier of entry for blockchain development.”

Goals for the future

Sunny King, the chief architect of VEE, says the first milestone in his sights is the development of the world’s first full-featured blockchain database for storing object-oriented data. In addition to being built for financial organizations, there is hope that this infrastructure will lend itself to other applications like social and gaming — delivering scope for customization, efficient indexing and data security.

He also wants to help enterprise developers focus on building their blockchain-driven business instead of worrying about difficult coding issues — and this would be achieved through new efforts that ensure the platform is easier to use. Modular development functions and cloud platform tools are the second milestone that VEE has in the works, “greatly improving overall development efficiency and guaranteeing stability from the outset.” This aligns with his vision that everyone should have access to blockchain, and people shouldn’t have to be an expert to do so.

Smart contracts are the third emphasis. VEE argues that existing models are neither smart nor safe and could be difficult to scale up in future. Through its public chain, the company is vowing to deliver “the next generation of smart contracts” — supporting non-fungible assets and offering implementation verification requirements for an array of situations. Further details on this milestone are set to emerge over the course of 2019.

Fourthly, King says that his platform is going to implement full support for Enterprise DApps similar to zero-knowledge-proof cryptography, adding a privacy layer to protect data stored on the blockchain. This, on one hand, guarantees the transparency of the blockchain, but at the same time, keeps the data private and unexposed.

Last but not least, VEE plans to create a new decentralized mobile internet network complete with a browser, with the goal of simplifying blockchain operations in apps. It argues that the concept is necessary given how the modern economy has become increasingly reliant on mobile-centered apps for social media, commerce, gaming and communication as a whole.

VEE’s ision

Sunny King and his team firmly believe that people around the world have the opportunity to live a better life through blockchain technology — and its solutions offer something that is “even more secure, flexible, compatible and open” than current platforms.

VEE’s mainnet launched on Sept. 17. King created the proof-of-stake (PoS) consensus, and it is hoped that SPoS will offer considerable security improvements. He is also the man behind Peercoin and Primecoin.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

Tim May: Original Crypto Anarchist Who Was Displeased With Crypto Hype

Timothy C. May, co-founder of the cypherpunk activist movement and author of “The Crypto Anarchist Manifesto” has passed away at the age of 67.

That information was first shared on Dec. 15 by alleged cypherpunk member Lucky Green via Facebook. According to Green, May had most likely died of natural causes earlier last week at his home in Corralitos, California, although autopsy results are still pending.

May is known as the author of “The Crypto Anarchist Manifesto” — published in 1988 — in which he predicted some elements of currently existing decentralized cryptocurrencies. However, the cypherpunk ideologist was not happy with where virtual currencies and blockchain were headed, as per his latest interviews.

Libertarianism, work at Intel and the “BlackNet” concept

May was born in 1951 in San Diego. He exhibited libertarian tendencies from the early age: May reportedly joined a gun club at age 12 and was inspired by Ayn Rand’s “Atlas Shrugged” in his junior year in high school.

“It just spoke to me,” he allegedly said in an unpublished interview with Reason, filmed in 2017. “I read it nonstop for three days, and to the disdain of my teachers in school, I would write articles about the Anti-Trust Act and the evils of the Sherman Act.”

After graduating from the University of California Santa Barbara with a physics degree, May got a job as an electronics engineer at Intel in 1974. While working there, he studied the functions of memory chips — some of his crucial findings in that area were documented in a 1979 paper. In 1986, he retired at the age of 34 due to a significant rise in his stock options.

In 1987, May was introduced to economist and entrepreneur Phil Salin, who was establishing the American Information Exchange (AMiX), an online marketplace at the time for trading information. While May saw “a strong libertarian of the Hayek sort,” in Salin and essentially “shared the same views,” he disliked his idea of an e-commerce platform that would reduce transaction costs and facilitate cross-border trade for people “selling meaningless stuff like surfboard recommendations.” Instead, May envisioned a whistleblowing-like platform where someone can “exfiltrate bomber plans for that B-1 Bomber.” He later finalized that concept as “BlackNet,” where “nation-states, export laws, patent laws, national security considerations and the like [are considered] relics of the pre-cyberspace era.”

The BlackNet required a non-governmental digital currency to run. “I admitted to Phil the big problem was untraceable payments,” May told Reason. “They can be tracked when they send their Visa information.” Soon, he discovered an 1985 article written by cryptographer David Chaum titled “Security Without Identification: Transaction Systems to Make Big Brother Obsolete.” In it, Chaum described a digital currency system that used cryptography to conceal the buyer’s identity. It lead May to study public-key cryptography, a system that allowed strangers to exchange secret messages first described by Whitfield Diffie and Martin Hellman in 1976. Soon, May became convinced that public-key cryptography, combined with networked computing, could “break apart social power structures.”

“The Crypto Anarchist Manifesto” and the rise of the Cypherpunks movement

In September 1988, May wrote “The Crypto Anarchist Manifesto” essay, which was loosely based on Karl Marx’s “The Communist Manifesto.” He reportedly wrote the 497-word piece in “an hour and a half.”

“The State will of course try to slow or halt the spread of this [cryptography-based] technology, citing national security concerns, use of the technology by drug dealers and tax evaders, and fears of societal disintegration,” the paper read.

However, May also noticed in the Manifesto that “many of these concerns will be valid,” since “crypto anarchy will allow national secrets to be trade freely and will allow illicit and stolen materials to be traded.”

In September 1992, May co-founded an online mailing list called “Cypherpunks” with his friends Eric Hughes and Hugh Daniel. In a cover story published in 1993, Wired magazine described it as “a gathering of those who share a predilection for codes, a passion for privacy, and the gumption to do something about it.” In his Facebook eulogy post, Lucky Green called Cypherpunks “perhaps the single most effective pro-cryptography grassroots organization in history.”

By 1997, the mailing list reportedly averaged “30 messages daily with about 2,000 subscribers.” Their contributors included WikiLeaks founder Julian Assange, who penned his first posts in 1995 under the nickname “Proff.” Later, in 2016, Assange published a book on the grassroots movement titled “Cypherpunks: Freedom and the Future of the Internet.”

The Cypherpunks list disbanded soon after the 9/11 attack as “a lot of people got cold feet about talking about this stuff.”

May and the contemporary crypto industry: “Satoshi would barf”

May’s ideas were remembered in 2008, when Satoshi Nakamoto began making waves on the internet with Bitcoin’s original white paper. Interestingly, the anonymous creator of the cryptocurrency was reportedly in communication with the cypherpunk community prior to publishing the white paper and even communicated his ideas to them in an email thread.

The concept of Bitcoin soon attracted a new generation of techno-libertarians who self-identify as crypto-anarchists. Indeed, as Cointelegraph reported earlier this year, many consider that the cypherpunk movement deserves as much credit as Satoshi Nakamoto for laying down the foundational development of cryptography.

However, May was not particularly keen on cryptocurrencies in their latest stage — and, especially, the hype around them. In November 2018, when a Reason editor contacted May and requested an interview, the Cypherpunks co-founder told him that he was done with the press and was “feeling burned out on the space.”

Prior to that, in October 2018, May penned a lengthy piece, which was then edited into an interview — apparently, his last one.

In it, he largely criticized the concept of compliance, saying that  “attempts to be ‘regulatory-friendly’ will likely kill the main uses for cryptocurrencies, which are NOT just ‘another form of PayPal or Visa.’”

Moreover, May mentioned that many blockchain use cases and distributed ledgers “are not even new inventions, just variants of databases with backups”, while also arguing that “the idea that corporations want public visibility into contracts, materials purchases, shipping dates […] is naive”.

He also argued that cryptocurrency in its current form “is too complicated”:

“[…] coins, forks, sharding, off-chain networks, DAGs, proof-of-work vs. proof-of-stake, the average person cannot plausibly follow all of this. What use cases, really? […] The most compelling cases I hear about are when someone transfers money to a party that has been blocked by PayPal, Visa (etc), or banks and wire transfers. The rest is hype, evangelizing, HODL, get-rich lambo garbage.”

Finally, May criticized the industry for having “a sheer number” of conferences and crypto exchanges “that have draconian rules about KYC [Know Your Customer], AML [Anti-Money Laundering], passports, freezes on accounts and laws about reporting ‘suspicious activity’ to the local secret police.”

“I think Satoshi would barf,” he eventually argued.