New ways to find Satoshi, crypto cheaters detection, and Bitcoin in the snow – find out the hottest topics of the last week commented by ChangeNOW Chief Marketing Officer Pauline Shangett. Dig in!
What’s the question that has been around in the crypto community for so long that has already become a joke? Here it is – “What is the reason why Bitcoin price goes up and down?”
No. Just kidding. We can trace how the major market events affect the price, and there are certain patterns in the tech analysis of the price charts that reflect relatively well-studied patterns of the price dynamics.
Well, no – sorry, in fact, I’m kidding again. No one the hell out there knows the exact reason why the price goes up and down – maybe except for the most obvious market happenings like the recent March selloff that caused the Bitcoin price plunge.
But I stepped away from the topic. “Who is Satoshi Nakamoto?” – this is the question that has become a meme in the crypto community. If anyone tells you they know who he is, – run. Run straight to Google to check how high you can trust those worlds – just little or very little.
However, the necessity for such mistrust may dissolve soon. Cardano founder Charles Hoskinson claims there is a methodologically correct way to identify Satoshi. And this is not an April Fool’s joke – he proposes to use the so-called Code Stylometry, the method that goes browsing and finds all the open-source projects allegedly written by the same person. This is made based on the specific manner of writing the code.
Given the Cardano team’s passion towards science, it is really possible that this method could be used to find Satoshi. But should it? Hoskinson says that the emergence of Bitcoin founder today would affect badly on the network’s decentralization, and this is the reason he’s not about to use this technology.
So, we don’t know who Satoshi is – but that doesn’t stop the community to celebrate his birthday! This year, this was done with a CoinJoin day for the first time – a day of blending transactions, a know-how geared toward rising consumer privateness.
Moreover, having no idea about Satoshi’s identity didn’t stop the ChangeNOW team from calling him for an AMA! It was so much fun to do on April Fool’s day. Damn! 5 days before the actual birthday! Don’t tell anyone?
Does the crypto have a nose to grow?
In case of Satoshi’s identity, it’s rather easy to identify cheating – there are a lot of reasons to claim you are the Bitcoin founder, but in most cases, very few grounds to prove that. In the field of cryptocurrency projects, identifying cheating and scam is not that easy.
This is why KuCoin crypto exchange lauched Project Pinocchio – “a neutral and credible alert platform for less trustworthy projects in the cryptocurrency industry”. In other words, an easy way to check if a project is worth attention in terms of security and reliability or not. Run together with 21 top blockchain institutions around the world, Pinocchio promises its Pinocchio Index is going to be an evaluation standard.
This initiative is a demonstration of the fact that the community strives to cleanse itself from all the unreliable and insecure projects, which is a good sign for the industry. As Mister Geppetto of the crypto world, KuCoin has made this wonderful tool that may help us save our money by avoiding dishonest players. The only thing I’m wondering now is what part of Crypto Pinocchio is going to grow while lying to its customers. Have to check the code for that.
Why did CZ buy CoinMarketCap?
Now official – Binance has acquired CoinMarketCap, one of the most popular and most-visited websites in the crypto society. Last week, CEO Binance Changpeng Zhao told what was behind this idea.
“It’s by far the largest we have done so far,” commented CZ on the deal. Indeed, CMC has been the 570th most visited website globally. As competitors point out the conflict of interests, CZ says CoinMarketCap will remain independent from Binance under a holding company. He says it’s a great resource with its own ways to make money, maybe though not as much as on Binance itself.
Whatever happens to CMC under Binance’s ownership, we hope its team will preserve their brilliant sense of humor:
We are always ready to support great initiatives!
— ChangeNOW (@ChangeNOW_io) March 31, 2020
Bitcoin in a frozen rock
This looks like another April Fool’s joke, but it is not. GitHub is burying Bitcoin Code inside an arctic mountain to preserve it for the future generations. The Arctic Code Vault is located right next to another warehouse – the Svalbard Global Seed Vault, a secure seed bank dedicated to preserve the grains most important for humanity.
Here, in the middle of Svalbard archipelago with its severe arctic climate, covered by 250 meters of glaciers underground in a forsaken coal mine, a “snapshot” of the code of the most important cryptocurrencies will be safeguarded. Bitcoin, Ethereum, and even Dogecoin are included.
Just look at this stunning scenery!
Svalbard must be a tough place to live in, but as the summer approaches, it looks like a nice place for self-isolation… Just me, mountains, polar bears, and the crypto open-source code – what else is needed?
Thanks for reading!
This was the second Another Week In Crypto with Pauline Shangett. I hope you enjoyed reading it, and see you in a week! Take care and don’t self-isolate from ChangeNOW news and updates?