With the year coming to an end, many scams surrounding the cryptocurrency world are now coming into the limelight, with many trials underway. Bitcoin Private [BTCP] has been surrounded by a controversy involving the creation of 2 million additional coins without disclosure in the project’s white paper. This had lead to many enthusiasts and investors questioning whether they were intended to exist at all.
BTCP is a part of one of many hard forks that happened in the past two years. It is a merged fork of Bitcoin and Zclassic, which is also a fork of Zcash. The fork took place earlier this year in February after developers wanted to create a privacy-focused version of Bitcoin that borrowed elements from Zcash or Zclassic, reported Cryptopotato.
Even though hard forks happen due to real disagreements between developer communities, many have alleged that the many Bitcoin forks were just a mere trick get money and opportunities to make money while capitalizing on the brand name Bitcoin.
This was first discovered by digital assets analytics website, Coinmetrics. The site had published a report that read:
“2.04 million units of altcoin BTCP — about $3.9 million at the time of the discovery, were secretly minted”.
BTCP swiftly responded to the claims made by launching an internal investigation to verify the validity of the claim. They found that the allegation was “mathematically accurate”.
One of the developers, after solving an issue, merged their code with a missing line, “allowing the fork mine to be exploited due to the nodes not properly verifying the falsified fork blocks”.
BTCP informed that the developer left at the end of the project. The bug that was introduced after merging the codes was exploited to create more than 2 million new coins when BTCP was announced.
BTCP developers team wrote:
“As the code was open source, and the fork-mine was announced on Twitter, anyone with sufficient blockchain development knowledge could have exploited it.”
“This particular exploit could only be taken advantage of during the fork mine, which already occurred earlier this year. Therefore, it is impossible for this particular bug to exploit to occur again, nor can it be further exploited.”
The BTCP team is still unaware of the person behind this act and according to their official statement, there are less than 20k legitimate BTCP coins that currently exist. They exist in a shielded addressed along with 1.7-1.8 million illegitimate coins.
BTCP is thinking along the line of introducing a hard fork to remove all shielded coins from existence. This will result in not only the eradication of 1.7-1.8 million illegitimate coins in circulation, but also the legitimate 20k coin. They also stated that this move will help them fix the over supply issue.
Subscribe to AMBCrypto’s Newsletter
Bitcoin [BTC]: 60 Minutes segment airs on CBS; market relieved over no FUD content
Bitcoin [BTC], the largest cryptocurrency in the world has gained a lot of mainstream media attention over the years. However, most media houses have often failed to deliver the message to the masses, with the main reason being lack of research and knowledge of the subject. The cryptocurrency was thrown back into the spotlight after CBS released a teaser to their latest “60 Minutes” episode, unveiling a few influencers of the industry, speaking about their experience.
The episode, which released on 19 May 2019, immediately grabbed the attention of the cryptocurrency space, with a majority wondering whether the media channel would nail it or fail it. Interestingly, there was a poll conducted on Bitcoin Talk, where the question was ‘CBS 60 Minutes 5/19/19 on Bitcoin. Will it cause FOMO or FUD?’
60 Minutes, broadcast on the CBS Network is one of the oldest and most-watched American television programs, with the focus being “the real story on America’s most prevalent issues”. According to CBS, 60 Minutes has an average of 11.4 million viewers and about a million people who listen to its radio broadcast and podcast.
The show titled ‘Bitcoin’s Wild Ride’ aired hours ago, and covered the story of Charlie Shrem, the founder of BitInstant, Laszlo Hanyecz, the famous pizza guy who is recognized as the first person to make a real-world transaction with Bitcoin, and Marco Streng, the CEO of Genesis Mining. The segment also had Neha Narula, the Director of Digital Currency Initiative at MIT Media Lab, answering questions pertaining to the coin, and Lael Brainard, a member of the US Federal Reserve, speaking about why not Bitcoin.
The show was briefly explained by a Redditor, EternitySphere,
Unlike other mainstream Bitcoin segments, this segment was well-received by the Bitcoin community after a majority agreed that it did not spread FUD and that it was an unbiased episode, contrary to expectations. However, there were few concerns pertaining to a lack of content, with some believing that it failed to explain key information; which includes how it derives it value, albeit there was no FUD.
Franky1 commented on Bitcoin Talk,
“[…] next was the whole describing mining segment involving genesis mining.(facepalm) ASIC’s do not store records(asics have no hard drive).. so saying the mining done by genesis is the location where records are kept can be misguiding people to think genesis mining are ‘the bank’ and user software just ‘watches the numbers and letters'[…]”
Rdbase also remarked on the Bitcoin forum,
“The whole segment was about charlie shrem known as bitcoin moses and his fall into bad luck with taking a payment which was used to buy illegal things on the dark web. It did have some good points but overall it was just directed towards the public view about it. As a skeptical thing to use and banks were safer with its fiat financial system”
Subscribe to AMBCrypto’s Newsletter
mBitcasino announces support for FIAT currencies
Tether [USDT] treasury transfers almost 10 million USDT to unknown wallet
Project Genesis Pushing an Open-Source and Community Initiative to Supplement Cryptocurrency Growth
FLiK case: Utility tokens take another hit in case allegedly involving Rapper TI, claims prominent lawyer
Ripple’s XRP reaches its highest market volatility since September 2018
Tron [TRX]: Justin Sun short-changes new winner; awards USD equivalent instead of a Tesla
Cardano [ADA]’s Charles Hoskinson says ADA will become top coin in the market if the current momentum continues
SEC shows green light to new Silicon Valley stock exchange LTSE; boosts cryptocurrency inclusion
Litecoin [LTC] bought at $100k on Binance when coin was trading at $90
Crypto is replacing the US Dollar and no one seems to be noticing, claims prominent investor Robert Kiyosaki
Tron [TRX] announces future trading on OKEx platform from May 20
HitBTC is insolvent, claim customers facing trouble withdrawing funds for several weeks
Bitcoin [BTC]: Coin’s present-day price rise is different from 2017 rise, says Barry Silbert
Bitcoin [BTC]: Andreas Antonopoulos says blockchain technology should not be ‘mashed’ with technologies such as IoT