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Crypto-Powered - The Most Promising Use-Cases of Decentralized Finance (DeFi)

Crypto-Powered - The Most Promising Use-Cases of Decentralized Finance (DeFi)
A whirlwind tour of Defi, paying close attention to protocols that we’re leveraging at Genesis Block.
https://reddit.com/link/hrrt21/video/cvjh5rrh12b51/player
This is the third post of Crypto-Powered — a new series that examines what it means for Genesis Block to be a digital bank that’s powered by crypto, blockchain, and decentralized protocols.
Last week we explored how building on legacy finance is a fool’s errand. The future of money belongs to those who build with crypto and blockchain at their core. We also started down the crypto rabbit hole, introducing Bitcoin, Ethereum, and DeFi (decentralized finance). That post is required reading if you hope to glean any value from the rest of this series.
97% of all activity on Ethereum in the last quarter has been DeFi-related. The total value sitting inside DeFi protocols is roughly $2B — double what it was a month ago. The explosive growth cannot be ignored. All signs suggest that Ethereum & DeFi are a Match Made in Heaven, and both on their way to finding strong product/market fit.
So in this post, we’re doing a whirlwind tour of DeFi. We look at specific examples and use-cases already in the wild and seeing strong growth. And we pay close attention to protocols that Genesis Block is integrating with. Alright, let’s dive in.

Stablecoins

Stablecoins are exactly what they sound like: cryptocurrencies that are stable. They are not meant to be volatile (like Bitcoin). These assets attempt to peg their price to some external reference (eg. USD or Gold). A non-volatile crypto asset can be incredibly useful for things like merchant payments, cross-border transfers, or storing wealth — becoming your own bank but without the stress of constant price volatility.
There are major governments and central banks that are experimenting with or soon launching their own stablecoins like China with their digital yuan and the US Federal Reserve with their digital dollar. There are also major corporations working in this area like JP Morgan with their JPM Coin, and of course Facebook with their Libra Project.
Stablecoin activity has grown 800% in the last year, with $290B of transaction volume (funds moving on-chain).
The most popular USD-pegged stablecoins include:
  1. Tether ($10B): It’s especially popular in Asia. It’s backed by USD in a bank account. But given their lack of transparency and past controversies, they generally aren’t trusted as much in the West.
  2. USDC ($1B): This is the most reputable USD-backed stablecoin, at least in the West. It was created by Coinbase & Circle, both well-regarded crypto companies. They’ve been very open and transparent with their audits and bank records.
  3. DAI ($189M): This is backed by other crypto assets — not USD in a bank account. This was arguably the first true DeFi protocol. The big benefit is that it’s more decentralized — it’s not controlled by any single organization. The downside is that the assets backing it can be volatile crypto assets (though it has mechanisms in place to mitigate that risk).
Other notable USD-backed stablecoins include PAX, TrueUSD, Binance USD, and Gemini Dollar.
tablecoins are playing an increasingly important role in the world of DeFi. In a way, they serve as common pipes & bridges between the various protocols.
https://preview.redd.it/v9ki2qro12b51.png?width=700&format=png&auto=webp&s=dbf591b122fc4b3d83b381389145b88e2505b51d

Lending & Borrowing

Three of the top five DeFi protocols relate to lending & borrowing. These popular lending protocols look very similar to traditional money markets. Users who want to earn interest/yield can deposit (lend) their funds into a pool of liquidity. Because it behaves similarly to traditional money markets, their funds are not locked, they can withdraw at any time. It’s highly liquid.
Borrowers can tap into this pool of liquidity and take out loans. Interest rates depend on the utilization rate of the pool — how much of the deposits in the pool have already been borrowed. Supply & demand. Thus, interest rates are variable and borrowers can pay their loans back at any time.
So, who decides how much a borrower can take? What’s the process like? Are there credit checks? How is credit-worthiness determined?
These protocols are decentralized, borderless, permissionless. The people participating in these markets are from all over the world. There is no simple way to verify identity or check credit history. So none of that happens.
Credit-worthiness is determined simply by how much crypto collateral the borrower puts into the protocol. For example, if a user wants to borrow $5k of USDC, then they’ll need to deposit $10k of BTC or ETH. The exact amount of collateral depends on the rules of the protocol — usually the more liquid the collateral asset, the more borrowing power the user can receive.
The most prominent lending protocols include Compound, Aave, Maker, and Atomic Loans. Recently, Compound has seen meteoric growth with the introduction of their COMP token — a token used to incentivize and reward participants of the protocol. There’s almost $1B in outstanding debt in the Compound protocol. Mainframe is also working on an exciting protocol in this area and the latest iteration of their white paper should be coming out soon.
There is very little economic risk to these protocols because all loans are overcollateralized.
I repeat, all loans are overcollateralized. If the value of the collateral depreciates significantly due to price volatility, there are sophisticated liquidation systems to ensure the loan always gets paid back.
https://preview.redd.it/rru5fykv12b51.png?width=700&format=png&auto=webp&s=620679dd84fca098a042051c7e7e1697be8dd259

Investments

Buying, selling, and trading crypto assets is certainly one form of investing (though not for the faint of heart). But there are now DeFi protocols to facilitate making and managing traditional-style investments.
Through DeFi, you can invest in Gold. You can invest in stocks like Amazon and Apple. You can short Tesla. You can access the S&P 500. This is done through crypto-based synthetics — which gives users exposure to assets without needing to hold or own the underlying asset. This is all possible with protocols like UMA, Synthetix, or Market protocol.
Maybe your style of investing is more passive. With PoolTogether , you can participate in a no-loss lottery.
Maybe you’re an advanced trader and want to trade options or futures. You can do that with DeFi protocols like Convexity, Futureswap, and dYdX. Maybe you live on the wild side and trade on margin or leverage, you can do that with protocols like Fulcrum, Nuo, and DDEX. Or maybe you’re a degenerate gambler and want to bet against Trump in the upcoming election, you can do that on Augur.
And there are plenty of DeFi protocols to help with crypto investing. You could use Set Protocol if you need automated trading strategies. You could use Melonport if you’re an asset manager. You could use Balancer to automatically rebalance your portfolio.
With as little as $1, people all over the world can have access to the same investment opportunities and tools that used to be reserved for only the wealthy, or those lucky enough to be born in the right country.
You can start to imagine how services like Etrade, TD Ameritrade, Schwab, and even Robinhood could be massively disrupted by a crypto-native company that builds with these types of protocols at their foundation.
https://preview.redd.it/agco8msx12b51.png?width=700&format=png&auto=webp&s=3bbb595f9ecc84758d276dbf82bc5ddd9e329ff8

Insurance

As mentioned in our previous post, there are near-infinite applications one can build on Ethereum. As a result, sometimes the code doesn’t work as expected. Bugs get through, it breaks. We’re still early in our industry. The tools, frameworks, and best practices are all still being established. Things can go wrong.
Sometimes the application just gets in a weird or bad state where funds can’t be recovered — like with what happened with Parity where $280M got frozen (yes, I lost some money in that). Sometimes, there are hackers who discover a vulnerability in the code and maliciously steal funds — like how dForce lost $25M a few months ago, or how The DAO lost $50M a few years ago. And sometimes the system works as designed, but the economic model behind it is flawed, so a clever user takes advantage of the system— like what recently happened with Balancer where they lost $500k.
There are a lot of risks when interacting with smart contracts and decentralized applications — especially for ones that haven’t stood the test of time. This is why insurance is such an important development in DeFi.
Insurance will be an essential component in helping this technology reach the masses.
Two protocols that are leading the way on DeFi insurance are Nexus Mutual and Opyn. Though they are both still just getting started, many people are already using them. And we’re excited to start working with them at Genesis Block.
https://preview.redd.it/wf1xvq3z12b51.png?width=700&format=png&auto=webp&s=70db1e9587f57d0c470a4f9f4523c216929e1876

Exchanges & Liquidity

Decentralized Exchanges (DEX) were one of the first and most developed categories in DeFi. A DEX allows a user to easily exchange one crypto asset for another crypto asset — but without needing to sign up for an account, verify identity, etc. It’s all via decentralized protocols.
Within the first 5 months of 2020, the top 7 DEX already achieved the 2019 trading volume. That was $2.5B. DeFi is fueling a lot of this growth.
https://preview.redd.it/1dwvq4e022b51.png?width=700&format=png&auto=webp&s=97a3d756f60239cd147031eb95fc2a981db55943
There are many different flavors of DEX. Some of the early ones included 0x, IDEX, and EtherDelta — all of which had a traditional order book model where buyers are matched with sellers.
Another flavor is the pooled liquidity approach where the price is determined algorithmically based on how much liquidity there is and how much the user wants to buy. This is known as an AMM (Automated Market Maker) — Uniswap and Bancor were early leaders here. Though lately, Balancer has seen incredible growth due mostly to their strong incentives for participation — similar to Compound.
There are some DEXs that are more specialized — for example, Curve and mStable focus mostly only stablecoins. Because of the proliferation of these decentralized exchanges, there are now aggregators that combine and connect the liquidity of many sources. Those include Kyber, Totle, 1Inch, and Dex.ag.
These decentralized exchanges are becoming more and more connected to DeFi because they provide an opportunity for yield and earning interest.
Users can earn passive income by supplying liquidity to these markets. It usually comes in the form of sharing transaction fee revenue (Uniswap) or token rewards (Balancer).
https://preview.redd.it/wrug6lg222b51.png?width=700&format=png&auto=webp&s=9c47a3f2e01426ca87d84b92c1e914db39ff773f

Payments

As it relates to making payments, much of the world is still stuck on plastic cards. We’re grateful to partner with Visa and launch the Genesis Block debit card… but we still don’t believe that's the future of payments. We see that as an important bridge between the past (legacy finance) and the future (crypto).
Our first post in this series shared more on why legacy finance is broken. We talked about the countless unnecessary middle-men on every card swipe (merchant, acquiring bank, processor, card network, issuing bank). We talked about the slow settlement times.
The future of payments will be much better. Yes, it’ll be from a mobile phone and the user experience will be similar to ApplePay (NFC) or WePay (QR Code).
But more importantly, the underlying assets being moved/exchanged will all be crypto — digital, permissionless, and open source.
Someone making a payment at the grocery store check-out line will be able to open up Genesis Block, use contactless tech or scan a QR code, and instantly pay for their goods. All using crypto. Likely a stablecoin. Settlement will be instant. All the middlemen getting their pound of flesh will be disintermediated. The merchant can make more and the user can spend less. Blockchain FTW!
Now let’s talk about a few projects working in this area. The xDai Burner Wallet experience was incredible at the ETHDenver event a few years ago, but that speed came at the expense of full decentralization (can it be censored or shut down?). Of course, Facebook’s Libra wants to become the new standard for global payments, but many are afraid to give Facebook that much control (newsflash: it isn’t very decentralized).
Bitcoin is decentralized… but it’s slow and volatile. There are strong projects like Lightning Network (Zap example) that are still trying to make it happen. Projects like Connext and OmiseGo are trying to help bring payments to Ethereum. The Flexa project is leveraging the gift card rails, which is a nice hack to leverage existing pipes. And if ETH 2.0 is as fast as they say it will be, then the future of payments could just be a stablecoin like DAI (a token on Ethereum).
In a way, being able to spend crypto on daily expenses is the holy grail of use-cases. It’s still early. It hasn’t yet been solved. But once we achieve this, then we can ultimately and finally say goodbye to the legacy banking & finance world. Employees can be paid in crypto. Employees can spend in crypto. It changes everything.
Legacy finance is hanging on by a thread, and it’s this use-case that they are still clinging to. Once solved, DeFi domination will be complete.
https://preview.redd.it/svft1ce422b51.png?width=700&format=png&auto=webp&s=9a6afc9e9339a3fec29ee2ae743c07c3042ea4ce

Impact on Genesis Block

At Genesis Block, we’re excited to leverage these protocols and take this incredible technology to the world. Many of these protocols are already deeply integrated with our product. In fact, many are essential. The masses won’t know (or care about) what Tether, USDC, or DAI is. They think in dollars, euros, pounds and pesos. So while the user sees their local currency in the app, the underlying technology is all leveraging stablecoins. It’s all on “crypto rails.”
https://preview.redd.it/jajzttr622b51.png?width=700&format=png&auto=webp&s=fcf55cea1216a1d2fcc3bf327858b009965f9bf8
When users deposit assets into their Genesis Block account, they expect to earn interest. They expect that money to grow. We leverage many of these low-risk lending/exchange DeFi protocols. We lend into decentralized money markets like Compound — where all loans are overcollateralized. Or we supply liquidity to AMM exchanges like Balancer. This allows us to earn interest and generate yield for our depositors. We’re the experts so our users don’t need to be.
We haven’t yet integrated with any of the insurance or investment protocols — but we certainly plan on it. Our infrastructure is built with blockchain technology at the heart and our system is extensible — we’re ready to add assets and protocols when we feel they are ready, safe, secure, and stable. Many of these protocols are still in the experimental phase. It’s still early.
At Genesis Block we’re excited to continue to be at the frontlines of this incredible, innovative, technological revolution called DeFi.
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None of these powerful DeFi protocols will be replacing Robinhood, SoFi, or Venmo anytime soon. They never will. They aren’t meant to! We’ve discussed this before, these are low-level protocols that need killer applications, like Genesis Block.
So now that we’ve gone a little deeper down the rabbit hole and we’ve done this whirlwind tour of DeFi, the natural next question is: why?
Why does any of it matter?
Most of these financial services that DeFi offers already exist in the real world. So why does it need to be on a blockchain? Why does it need to be decentralized? What new value is unlocked? Next post, we answer these important questions.
To look at more projects in DeFi, check out DeFi Prime, DeFi Pulse, or Consensys.
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Follow our social channels:https://genesisblock.com/follow/
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Questions and Answers from OKEx AMA with Tron Black - 2/18/2020

https://twitter.com/OKEx/status/1228212766126661633
The AMA was a huge success! THANK YOU TRON!
If you want to see all the questions that poured in when they opened the AMA up for questions from the audience, here they are: https://pastebin.com/KVpyXmgu The Telegram admins had to temporarily mute the group because there were so many questions flooding in from so many people. A *good problem* to have. :)
Below are all the ANSWERED questions.
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[email protected], [18.02.20 05:09]
Here’s question#1:What is your background and how did you come to the idea to create RVN [email protected]

Tron Black, [18.02.20 05:12]
Sorry, I was locked out for minute.

Tron Black, [18.02.20 05:12]
I'm just a tiny part of Ravencoin, and there are some amazing developers (Jeremy, Mark, Cade, and Corbin) that have been brought the new capabilities to mainnet. The core idea of bringing assets to a bitcoin-derived blockchain platform came from Bruce Fenton, a former Executive Director of the Bitcoin Foundation with life-long experience in the traditional finance and stockbroker world. Medici Ventures is allowing some of its developers to contribute to the project. I was fortunate enough to have the right background to help with this project. I have a CS degree, C++ coding skills, economics background, early entrepreneurial success, teaching experience, an MBA, and a burning passion for the crypto-space and how it can change the world for the better.

[email protected], [18.02.20 05:12]
Thanks. Here's question#2: Why did you name the project Raven? What was Raven created to solve? What is the business model of the project?

Tron Black, [18.02.20 05:12]
The name came from Bruce Fenton. Ravens are clever birds with a rich history. Ravencoin makes it easy to create and transfer your own asset. There isn’t a business model for the project. It is a gift to the world in the spirit of Bitcoin. Medici Ventures has allowed some of its top developers to contribute time and effort to the project. Medici Ventures does hold some mined RVN, so it may be a win-win.

[email protected], [18.02.20 05:14]
Thank you for answering. Let's move on to the next question# 3. What are the $RVN tokens used for? What gives it value?

Tron Black, [18.02.20 05:15]
Thank you for asking.

Tron Black, [18.02.20 05:15]
The RVN tokens are used to purchase your own token on the Ravencoin platform.

Tron Black, [18.02.20 05:16]
Those RVN are burned.

Tron Black, [18.02.20 05:16]
RVN is also used to incentivize the miners to secure the chain.

Tron Black, [18.02.20 05:16]
RVN is also used for transaction fees for tranferring RVN or user-created (your) assets.

[email protected], [18.02.20 05:17]
Cool. Here's question# 4:In your opinion what is the unique "selling" point, or best feature, of Ravencoin?

Tron Black, [18.02.20 05:17]
This is like being asked "who is your favorite child."

Tron Black, [18.02.20 05:18]
Except answering it doesn't cost children thousands in therapy so I'll give it a shot.

Tron Black, [18.02.20 05:18]
The best feature of Ravencoin, with the most unexpected results, has been its linkage to IPFS.

Tron Black, [18.02.20 05:19]
This was originally done to ensure that meta-dat about a token doesn't get lost like it has on other platforms like Counterparty.

Tron Black, [18.02.20 05:19]
The linkage to IPFS has RECENTLY been extended to include messaging, and memos.

Tron Black, [18.02.20 05:20]
You can now include information, even a PDF, or a video clip with every transaction.

Tron Black, [18.02.20 05:20]
This is powerful, and I can't wait to see how it gets used.

Tron Black, [18.02.20 05:20]
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[email protected], [18.02.20 05:20]
Quesiton#5 What are the advantages of using Ravencoin for assets tokenization compared to other blockchain protocols?

Tron Black, [18.02.20 05:21]
Wow. Where do I start?

Tron Black, [18.02.20 05:21]
First, the meta-data about the token can be recorded via IPFS, so everyone knows what the token represents.

Tron Black, [18.02.20 05:22]
Second, the token has a unique name which can help with preventing fake tokens, and allows humang readable "root-of-trust" for the token that isn't just 40 characters of hex (ERC-20).

Tron Black, [18.02.20 05:22]
There explorers for assets, like: https://ravencoin.asset-explorer.com

Tron Black, [18.02.20 05:23]
and https://www.mangofarmassets.com/assetviewer

Tron Black, [18.02.20 05:23]
Wallets like RVN Wallet, MangoFarms Wallet, and Zelcore wallet support Ravencoin assets.

Tron Black, [18.02.20 05:23]
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[email protected], [18.02.20 05:23]
Here's our next question from Twitter# 6: Does being fully community-driven blockchain have its own drawbacks for rvn? You know, voluntarism means no marketing or legal team.

Tron Black, [18.02.20 05:24]
Yes, oh yes.

Tron Black, [18.02.20 05:24]
But the benefits far outweigh the drawbacks.

[email protected], [18.02.20 05:24]
[ Photo ]
📣Group is Off Commenting for a while due to AMA. Will allow back when Q&A session later. Kindly be Patience with us. Thank You🥰

Tron Black, [18.02.20 05:24]
It is just technology that people choose to use.

Tron Black, [18.02.20 05:24]
Ravencoin has attracted the right kinds of people, including donated legal help when it was needed.

Tron Black, [18.02.20 05:25]
The lack of a marketing budget does slow the awareness.

Tron Black, [18.02.20 05:25]
In some ways this is good, and the demand for RVN isn't reliant on promotion.

Tron Black, [18.02.20 05:25]
As other projects stop promotion, or run out of marketing funds, they are at risk.

Tron Black, [18.02.20 05:26]
Ravencoin is just growing slowly and steadily as more people learn about it.

Tron Black, [18.02.20 05:26]
Consider yourself fortunate to have learned about Ravencoin early.😁

Tron Black, [18.02.20 05:26]
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[email protected], [18.02.20 05:27]
Great!!! Here's the next question from Twitter# 7:is it apple to apple if I say that ravencoin is going to disrupt wall street just like bitcoin is disrupting to central banking?

Tron Black, [18.02.20 05:28]
At the very least, Ravencoin will help show the way that tokenization can improve capital formation. It is up to others to take advantage of these new tools, technologies, and features.

Tron Black, [18.02.20 05:28]
It might happen first in countries other than the U.S.

Tron Black, [18.02.20 05:29]
Look at the story of Blockbuster Video (former leader in video rental), and Netflix (current video streaming leader) to see what might happen in the future. Is Wall Street the new Blockbuster Video?

Tron Black, [18.02.20 05:30]
I see similar patterns of arrogance, but only time will tell.

Tron Black, [18.02.20 05:30]
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[email protected], [18.02.20 05:30]
Here's the next question# 8: How will Ravencoin defend hashrate distribution (algo question) if there are important securities issued on this platform (double spend attack)?

Tron Black, [18.02.20 05:31]
Ravencoin doesn't re-org after 60 blocks which helps prevent double-spend attacks -- a feature called NLR.

Tron Black, [18.02.20 05:31]
Also, something to be aware of is that in most cases tokens are redeemed by an issuer which removes the incentive to double-spend.

Tron Black, [18.02.20 05:32]
Example: Let's say the token is a share of real-estate. The laws of the jurisdiction for the real-estate would apply when redeeming for dividends, etc.

Tron Black, [18.02.20 05:33]
Also If the issuer is using the Restricted Assets feature of Ravencoin which have tokens that start with $, then the stolen tokens can be frozen.

Tron Black, [18.02.20 05:33]
Note: Regular assets (not starting with $) can't be frozen.

Tron Black, [18.02.20 05:33]
The issuer of the token should specify how redemption is handled.

Tron Black, [18.02.20 05:33]
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[email protected], [18.02.20 05:34]
Thank you for your detailed answer. and Quesiton#9 How does RVN works? What problem did RVN solve? How do the Tokenomics work?

Tron Black, [18.02.20 05:34]
RVN works like BTC, because it is a code fork of BTC.

Tron Black, [18.02.20 05:34]
RVN lets you create your own tokens in under a minute. It is easy!!!

Tron Black, [18.02.20 05:34]
RVN is required to create your own token.

Tron Black, [18.02.20 05:35]
Heres' the breakdown:

Tron Black, [18.02.20 05:35]
500 RVN burned to create a root asset with a unique name. 100 RVN is burned to create a sub-asset (under a root asset). 5 RVN is burned to create a unique asset (NFT). 1000 RVN burned to be a qualifier. 1500 RVN burned to create a Restricted Asset with special superpowers. 0.1 RVN burned to attach a tag to a Ravencoin address. A small amount of RVN is used, but not burned to transfer assets.

Tron Black, [18.02.20 05:35]
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[email protected], [18.02.20 05:35]
Let's move on to the next question#10 Safety and security are always the most important things. So what is the security mechanism of RavenCoin to ensure user assets do not become the target of hackers?

Tron Black, [18.02.20 05:36]
Ravencoin has a strong network of miners.

Tron Black, [18.02.20 05:36]
Most of the original code is from Bitcoin which is probably the most vetted code in the world.

Tron Black, [18.02.20 05:36]
We have run a bug bounty to hopefully find any flaws before release to mainnet.

Tron Black, [18.02.20 05:36]
With all that said, there are no guarantees as this is just source code provided for free that folks choose to run.

Tron Black, [18.02.20 05:37]
If you need absolute assurance, then you should commission an audit of the code. There is no Ravencoin company, just a GitHub repository and a lot of passionate supporters.

Tron Black, [18.02.20 05:37]
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[email protected], [18.02.20 05:37]
Quesiton#11 Nowaday most investors $RVN simply focus on the price of the token in the short term, and not on the real value of the project. Can you tell us about the motivation and advantages of an investor $RVN in the long term?

Tron Black, [18.02.20 05:38]
I can't speak to the motivations of individual investors.

Tron Black, [18.02.20 05:38]
RVN is a great token with good liquidity (world-wide).

Tron Black, [18.02.20 05:38]
RVN is used to incentivize the miners and help protect the Ravencoin asset platform, so it has a use case.

Tron Black, [18.02.20 05:39]
RVN can be a store-of-value, and a medium-of-exchange.

Tron Black, [18.02.20 05:39]
One of my favorite things about Ravencoin is that it is tricky to classify, as it has so many uses.

Tron Black, [18.02.20 05:39]
I love seeing how people build using this technology platform.

Tron Black, [18.02.20 05:39]
Ravencoin makes new things possible.

Tron Black, [18.02.20 05:39]
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[email protected], [18.02.20 05:40]
Here's the next question #12 Who are your competitors and how do you intend to thrive amongst them?

Tron Black, [18.02.20 05:40]
This may sound strange, but I don't see crypto technologies as competitors.

Tron Black, [18.02.20 05:41]
The crypto space is tiny compared to the legacy systems we've had for fifty years, so I look at every project as a way to bring new people into crypto-ecosystem.

Tron Black, [18.02.20 05:41]
If we add value, features, and capabilities, then more people will learn about the Ravencoin platform and what it can do for them.

Tron Black, [18.02.20 05:41]
The ERC-20 smart contract is an alternative asset issuance option, but Ravencoin is much better for most uses, so more education is needed.

Tron Black, [18.02.20 05:41]
https://medium.com/@tronblack/ravencoin-better-than-erc-20-88a276d3e434

Tron Black, [18.02.20 05:41]
--------------

[email protected], [18.02.20 05:42]
Quesiton#13 What is the uniqueness of the Raven token? Why should investors (including me) invest in Raven?

Tron Black, [18.02.20 05:42]
Ravencoin is a platform.

Tron Black, [18.02.20 05:42]
You should evaluate the capabilities of the Ravencoin platform and ask yourself whether it will be used, and whether it adds value over other platforms like ETH, EOS, or TEZOS.

Tron Black, [18.02.20 05:42]
Hint: It does. I try not to provide investment advice, so do your own research.

Tron Black, [18.02.20 05:43]
https://ravencoin.org

Tron Black, [18.02.20 05:43]
https://medium.com/@tronblack

Tron Black, [18.02.20 05:43]
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[email protected], [18.02.20 05:43]
Quesiton#14 What your plans in place for global expansion, are you focusing on only market at this time? Or focus on building and developing or getting customers and users, or partnerships? Can you explain this?

Tron Black, [18.02.20 05:43]
Ravencoin is already a global phenomenon.

Tron Black, [18.02.20 05:44]
South Korea has been onto Ravencoin for some time now, and I had the opportunity to speak at a South Korean Ravencoin meetup that filled an Art Hall with a waiting list.

Tron Black, [18.02.20 05:44]
Because of OKEx, that awareness will expand to China.

Tron Black, [18.02.20 05:44]
Our focus is building and education about Ravencoin.

Tron Black, [18.02.20 05:44]
There is no marketing budget, and we raised no funds.

Tron Black, [18.02.20 05:45]
The success so far has been completely organic, and Ravencoin has the best community of any coin, anywhere.

Tron Black, [18.02.20 05:45]
------------

[email protected], [18.02.20 05:45]
Here is THE LAST question#10 from Twitter before we accept questions from the Telegram chat. what are your hopes with the $RVN listing on u/OKEx Okex going forward?

Tron Black, [18.02.20 05:45]
I hope the OKEx $RVN listing brings awareness of Ravencoin to new parts of the world.

Tron Black, [18.02.20 05:46]
The project is more capable than most people know, and because it was launched without raising any funds, there isn't a marketing budget.

Tron Black, [18.02.20 05:46]
It is up to smart individuals, like yourselves, to figure out what Ravencoin can do, and use the technology to make new companies and new projects.

Tron Black, [18.02.20 05:46]
------------------


+++++++++++++++++++++

Tron Black, [18.02.20 05:57]
>>> When is mainnet launch?
January 3, 2018

Tron Black, [18.02.20 06:01]
>>> A project's Technical development may not always be reflected on the price of it's token. What is raven doing specifically to increase price of its token?
I agree. And I think it is especially true in the case of Ravencoin. The true value may not be reflected in the short-term. The Ravencoin project isn't a company. It will take time. There isn't a marketing dept or budget, but through events like these, and podcasts, and blogs, and new projects building on top of Ravencoin, I think the value will eventually be reflected.

Tron Black, [18.02.20 06:06]
>>>> Give me some important reasons why we need to buy RVN token where in fact hundreds of project failed and it went to bankruptcy or even developers run when they collect millions/billions of funds…? Can you explain it to us

Many got burned during the crazy ICO phase of 2017. Ravencoin did not participate. Ravencoin is technology and a passionate community. If I get hit by a bus tomorrow (heaven forbid), the project will continue because it is free, open-source and anyone can carry it on, or contribute, or use it, or copy it. Ravencoin can't go to bankruptcy. It is code, and it doesn't borrow, or or have debt. Some of the core develoepers, myself included, are allowed to work on the project while working for Medici Ventures. This is a great arrangement.

Tron Black, [18.02.20 06:06]
-----------------

Tron Black, [18.02.20 06:10]
>>>> How does RAVENCOIN evaluate the importance of the user community? In the near future, does RAVEN have any special plans to attract and expand the community ?

The Ravencoin community is the most important and valuable part of the project. There are already clones of the code, but not of the passionate, helpful, and dedicated community. We invite you to become a part of it, and help expand it in Asia.

Tron Black, [18.02.20 06:10]
--------------------

Tron Black, [18.02.20 06:13]
>>>>. RVN is regulatory compliant project for assets tokenization in U.S. Meaning that the assets issued in RVN protocol is fine with the U.S authorities.

Ravencoin provides features that help U.S. issuers stay legal under the existing U.S. rules. I've written about how this can be done, but I would always recommend having your plans reviewed by a competent attorney. The U.S. rules are complex, and from a different era.

Tron Black, [18.02.20 06:13]
---------------
Tron Black, [18.02.20 06:18]
>>>> Ravencoin is constantly finding new big partners.Audience is constantly growing.What’s the secret to this growth rate?

A vibrant, and welcoming community. Technology that solves real tokenization problems. Easy-to-use, so anyone can participate. Not launching as an ICO, so it is fair for everyone.

Tron Black, [18.02.20 06:18]
--------------

Tron Black, [18.02.20 06:20]
Thank you everyone for the fantastic questions. I would like to answer every one of them, but it is after 4am and I should get some sleep. I really appreciate all the participation, and I hope your trading on OKEx goes very well for all of you!!!
submitted by __pathfinder__ to Ravencoin [link] [comments]

Decred Journal — June 2018

Note: You can read this on GitHub, Medium or old Reddit to see the 207 links.

Development

The biggest announcement of the month was the new kind of decentralized exchange proposed by @jy-p of Company 0. The Community Discussions section considers the stakeholders' response.
dcrd: Peer management and connectivity improvements. Some work for improved sighash algo. A new optimization that gives 3-4x faster serving of headers, which is great for SPV. This was another step towards multipeer parallel downloads – check this issue for a clear overview of progress and planned work for next months (and some engineering delight). As usual, codebase cleanup, improvements to error handling, test infrastructure and test coverage.
Decrediton: work towards watching only wallets, lots of bugfixes and visual design improvements. Preliminary work to integrate SPV has begun.
Politeia is live on testnet! Useful links: announcement, introduction, command line voting example, example proposal with some votes, mini-guide how to compose a proposal.
Trezor: Decred appeared in the firmware update and on Trezor website, currently for testnet only. Next steps are mainnet support and integration in wallets. For the progress of Decrediton support you can track this meta issue.
dcrdata: Continued work on Insight API support, see this meta issue for progress overview. It is important for integrations due to its popularity. Ongoing work to add charts. A big database change to improve sorting on the Address page was merged and bumped version to 3.0. Work to visualize agenda voting continues.
Ticket splitting: 11-way ticket split from last month has voted (transaction).
Ethereum support in atomicswap is progressing and welcomes more eyeballs.
decred.org: revamped Press page with dozens of added articles, and a shiny new Roadmap page.
decredinfo.com: a new Decred dashboard by lte13. Reddit announcement here.
Dev activity stats for June: 245 active PRs, 184 master commits, 25,973 added and 13,575 deleted lines spread across 8 repositories. Contributions came from 2 to 10 developers per repository. (chart)

Network

Hashrate: growth continues, the month started at 15 and ended at 44 PH/s with some wild 30% swings on the way. The peak was 53.9 PH/s.
F2Pool was the leader varying between 36% and 59% hashrate, followed by coinmine.pl holding between 18% and 29%. In response to concerns about its hashrate share, F2Pool made a statement that they will consider measures like rising the fees to prevent growing to 51%.
Staking: 30-day average ticket price is 94.7 DCR (+3.4). The price was steadily rising from 90.7 to 95.8 peaking at 98.1. Locked DCR grew from 3.68 to 3.81 million DCR, the highest value was 3.83 million corresponding to 47.87% of supply (+0.7% from previous peak).
Nodes: there are 240 public listening and 115 normal nodes per dcred.eu. Version distribution: 57% on v1.2.0 (+12%), 25% on v1.1.2 (-13%), 14% on v1.1.0 (-1%). Note: the reported count of non-listening nodes has dropped significantly due to data reset at decred.eu. It will take some time before the crawler collects more data. On top of that, there is no way to exactly count non-listening nodes. To illustrate, an alternative data source, charts.dcr.farm showed 690 reachable nodes on Jul 1.
Extraordinary event: 247361 and 247362 were two nearly full blocks. Normally blocks are 10-20 KiB, but these blocks were 374 KiB (max is 384 KiB).

ASICs

Update from Obelisk: shipping is expected in first half of July and there is non-zero chance to meet hashrate target.
Another Chinese ASIC spotted on the web: Flying Fish D18 with 340 GH/s at 180 W costing 2,200 CNY (~340 USD). (asicok.comtranslated, also on asicminervalue)
dcrASIC team posted a farewell letter. Despite having an awesome 16 nm chip design, they decided to stop the project citing the saturated mining ecosystem and low profitability for their potential customers.

Integrations

bepool.org is a new mining pool spotted on dcred.eu.
Exchange integrations:
Two OTC trading desks are now shown on decred.org exchanges page.
BitPro payment gateway added Decred and posted on Reddit. Notably, it is fully functional without javascript or cookies and does not ask for name or email, among other features.
Guarda Wallet integrated Decred. Currently only in their web wallet, but more may come in future. Notable feature is "DCR purchase with a bank card". See more details in their post or ask their representative on Reddit. Important: do your best to understand the security model before using any wallet software.

Adoption

Merchants:
BlueYard Capital announced investment in Decred and the intent to be long term supporters and to actively participate in the network's governance. In an overview post they stressed core values of the project:
There are a few other remarkable characteristics that are a testament to the DNA of the team behind Decred: there was no sale of DCR to investors, no venture funding, and no payment to exchanges to be listed – underscoring that the Decred team and contributors are all about doing the right thing for long term (as manifested in their constitution for the project).
The most encouraging thing we can see is both the quality and quantity of high calibre developers flocking to the project, in addition to a vibrant community attaching their identity to the project.
The company will be hosting an event in Berlin, see Events below.
Arbitrade is now mining Decred.

Events

Attended:
Upcoming:

Media

stakey.club: a new website by @mm:
Hey guys! I'd like to share with you my latest adventure: Stakey Club, hosted at stakey.club, is a website dedicated to Decred. I posted a few articles in Brazilian Portuguese and in English. I also translated to Portuguese some posts from the Decred Blog. I hope you like it! (slack)
@morphymore translated Placeholder's Decred Investment Thesis and Richard Red's write-up on Politeia to Chinese, while @DZ translated Decred Roadmap 2018 to Italian and Russian, and A New Kind of DEX to Italian and Russian.
Second iteration of Chinese ratings released. Compared to the first issue, Decred dropped from 26 to 29 while Bitcoin fell from 13 to 17. We (the authors) restrain ourselves commenting on this one.
Videos:
Audio:
Featured articles:
Articles:

Community Discussions

Community stats: Twitter followers 40,209 (+1,091), Reddit subscribers 8,410 (+243), Slack users 5,830 (+172), GitHub 392 stars and 918 forks of dcrd repository.
An update on our communication systems:
Jake Yocom-Piatt did an AMA on CryptoTechnology, a forum for serious crypto tech discussion. Some topics covered were Decred attack cost and resistance, voting policies, smart contracts, SPV security, DAO and DPoS.
A new kind of DEX was the subject of an extensive discussion in #general, #random, #trading channels as well as Reddit. New channel #thedex was created and attracted more than 100 people.
A frequent and fair question is how the DEX would benefit Decred. @lukebp has put it well:
Projects like these help Decred attract talent. Typically, the people that are the best at what they do aren’t driven solely by money. They want to work on interesting projects that they believe in with other talented individuals. Launching a DEX that has no trading fees, no requirement to buy a 3rd party token (including Decred), and that cuts out all middlemen is a clear demonstration of the ethos that Decred was founded on. It helps us get our name out there and attract the type of people that believe in the same mission that we do. (slack)
Another concern that it will slow down other projects was addressed by @davecgh:
The intent is for an external team to take up the mantle and build it, so it won't have any bearing on the current c0 roadmap. The important thing to keep in mind is that the goal of Decred is to have a bunch of independent teams on working on different things. (slack)
A chat about Decred fork resistance started on Twitter and continued in #trading. Community members continue to discuss the finer points of Decred's hybrid system, bringing new users up to speed and answering their questions. The key takeaway from this chat is that the Decred chain is impossible to advance without votes, and to get around that the forker needs to change the protocol in a way that would make it clearly not Decred.
"Against community governance" article was discussed on Reddit and #governance.
"The Downside of Democracy (and What it Means for Blockchain Governance)" was another article arguing against on-chain governance, discussed here.
Reddit recap: mining rig shops discussion; how centralized is Politeia; controversial debate on photos of models that yielded useful discussion on our marketing approach; analysis of a drop in number of transactions; concerns regarding project bus factor, removing central authorities, advertising and full node count – received detailed responses; an argument by insette for maximizing aggregate tx fees; coordinating network upgrades; a new "Why Decred?" thread; a question about quantum resistance with a detailed answer and a recap of current status of quantum resistant algorithms.
Chats recap: Programmatic Proof-of-Work (ProgPoW) discussion; possible hashrate of Blake-256 miners is at least ~30% higher than SHA-256d; how Decred is not vulnerable to SPV leaf/node attack.

Markets

DCR opened the month at ~$93, reached monthly high of $110, gradually dropped to the low of $58 and closed at $67. In BTC terms it was 0.0125 -> 0.0150 -> 0.0098 -> 0.0105. The downturn coincided with a global decline across the whole crypto market.
In the middle of the month Decred was noticed to be #1 in onchainfx "% down from ATH" chart and on this chart by @CoinzTrader. Towards the end of the month it dropped to #3.

Relevant External

Obelisk announced Launchpad service. The idea is to work with coin developers to design a custom, ASIC-friendly PoW algorithm together with a first batch of ASICs and distribute them among the community.
Equihash-based ZenCash was hit by a double spend attack that led to a loss of $450,000 by the exchange which was targeted.
Almost one year after collecting funds, Tezos announced a surprise identification procedure to claim tokens (non-javascript version).
A hacker broke into Syscoin's GitHub account and implanted malware stealing passwords and private keys into Windows binaries. This is a painful reminder for everybody to verify binaries after download.
Circle announced new asset listing framework for Poloniex. Relevant to recent discussions of exchange listing bribery:
Please note: we will not accept any kind of payment to list an asset.
Bithumb got hacked with a $30 m loss.
Zcash organized Zcon0, an event in Canada that focused on privacy tech and governance. An interesting insight from Keynote Panel on governance: "There is no such thing as on-chain governance".
Microsoft acquired GitHub. There was some debate about whether it is a reason to look into alternative solutions like GitLab right now. It is always a good idea to have a local copy of Decred source code, just in case.
Status update from @sumiflow on correcting DCR supply on various sites:
To begin with, none of the below sites were showing the correct supply or market cap for Decred but we've made some progress. coingecko.com, coinlib.io, cryptocompare.com, livecoinwatch.com, worldcoinindex.com - corrected! cryptoindex.co, onchainfx.com - awaiting fix coinmarketcap.com - refused to fix because devs have coins too? (slack)

About This Issue

This is the third issue of Decred Journal after April and May.
Most information from third parties is relayed directly from source after a minimal sanity check. The authors of Decred Journal have no ability to verify all claims. Please beware of scams and do your own research.
The new public Matrix logs look promising and we hope to transition from Slack links to Matrix links. In the meantime, the way to read Slack links is explained in the previous issue.
As usual, any feedback is appreciated: please comment on Reddit, GitHub or #writers_room. Contributions are welcome too, anything from initial collection to final review to translations.
Credits (Slack names, alphabetical order): bee and Richard-Red. Special thanks to @Haon for bringing May 2018 issue to medium.
submitted by jet_user to decred [link] [comments]

Petition to Intervene by electronic copy (email), official document to get SEC to get involved with WHG.

https://github.com/seedOnTheForestFlooReport-WHG-To-Authorities
SEC email addresses:
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
FINRA email addresses:
[email protected]
[email protected]
[email protected]

Format for Petition to Intervene by Electronic Copy (Email)

````
To: [email protected]
Cc:
Subject: Petition to Intervene & Investigate
Re: Ethereum Foundation, Slock.it GBMH, and Bity SA Petition to Intervene
To Whom May Concern:
[I/We] respectfully request to investigate and preferably intervene in the illegal seizure of 7,000,000 original Ether by Ethereum Foundation, Slock.it GBMH, and Bity SA. Who tried to coordinate a sell of the illegally obtained original Ether to coordinate crashing the price of the original Ethereum to convince users to adopt their new version of Ethereum that has features to enable the Ethereum Foundation to change any past transaction, stop smart contracts, allow third parties to replace the code of a smart contract.
Due to gross negligence of Ethereum Foundation, a non-profit promoting and trading a security created on their cryptocurrency Ethereum called DAO, collaborating with the swiss SA Bity and the German company Slock.it created a security contract and sold according to wikipedia 160,000,000 USD worth of the newly created security for the cryptocurrency Ether.
Source: https://en.wikipedia.org/wiki/List_of_highest_funded_crowdfunding_projects
After being informed by security researchers a bug in the contract had been found both Bity SA and Slock.it continued to promote the security, ignoring the risk.
If you look at the forum.daohub.org community you can clearly see, they see it as a security threads like "Is profit from DAO investment unlikely?"
The contract they created can be found here: https://daohub.org
Source: https://forum.daohub.org/t/is-profit-from-dao-investment-unlikely/1466 Source: https://blog.slock.it/no-dao-funds-at-risk-following-the-ethereum-smart-contract-recursive-call-bug-discovery-29f482d348b#.4geeq3dny
Statistical analysis was done on purchasers of the DAO security, using blockchain data.
It was determined "The wealthy few (top 1% of addresses) control over 55% of the voting power of proposals, while everyone who contributed 100 Ether or less (more than 66%) control barely over 2% of the total tokens."
Source: https://medium.com/the-bitcoin-podcast-blog/looking-at-the-dao-address-distribution-part-1-f324e71381bf#.ivoddhx3y
After the exploit was reported and disregarded by the operators an anonymous entity used the exploit to steal 1/3rd of the cryptocurrency that was used to buy the security. Worth est. 50,000,000 USD worth of Ether at the time.
After the exploit was used, Vitalik Buterin, the leader of the Ethereum Foundation, trying to encourage buying said "@junseth I will provide my opinion in the way that @Truthcoin would approve of: I have been buying DAO tokens since the security news" Source: https://twitter.com/VitalikButerin/status/741832934814949377
Anyone with knowledge in finance would immediately ask, why is the leader of a project that just had 50 million dollars worth of securities stolen, continue to buy those securities? The answer is because Vitalik Buterin had not yet announced it, but had already unilaterally decided that they would be creating a hard fork, essentially creating a new version of the Ether cryptocurrency and modifying the contract to stop it, and replace it with different code. The original Ether would still exist, but they would start a new one alongside it.
Invalidating the claim on their website that Ethereum:
"Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference."
Source: https://ethereum.org/
Despite pretending this decision was made by the community, the entire decision process was centralized to the Ethereum Foundation internal private chats.
Later it would come out with chat logs between the exchange operators after the event and even more later in pull requests from the Foundation that internal chats had decided the entire thing long before it was announced. So when Vitalik Buterin was buying DAO tokens, he had already known he would soft or hard, regardless of the stakeholders. Chat log between Ethereum Foundation and Exchange Operators
You can validate the authenticity of this chat log easily by talking to the exchange operators, they operate: http://kraken.com , http://poloniex.com, http://bitfinex.com http://yubi.com
Source: http://pastebin.com/raw/aMKwQcHR
Comments on code published clearly state that decision to implement the hard fork in the client used by roughly 95%+ would be defaulting to the option that benefited them the most financially. The deciding factor it would be implemented because the majority of users do not even know how to change the setting.
"default behavior of Geth to be pro-fork as per internal discussions" Source: https://github.com/ethereum/go-ethereum/pull/2814
While they implemented this they started a back up plan where the Ethereum Foundation, Slock.it GBMH and Bity SA worked anonymously as a hacking group named "The White Hat Group" or "Robin Hood Group" (WHG or RHG). They captured 2/3rd of the Ether that was in the DAO security using the same exploit the original exploiter did.
This plays a very important part later but because there was a fork, advertising efforts were made to brand the new copy of Ethereum with changes to one contract as the real Ether while many people continued to use the same Ether The Ethereum Foundation had sold them in the crowdsale.
The speculated reason for breaking their system, creating an entire new one is due the massive loss taken by the 1% of DAO owners.
The Ethereum Foundation actively promoted the DAO security on their blog, the inventors of Ethereum both Gavin Wood and Vitalik Buterin became "curators", claiming they would check every contract for errors making sure the DAO was secure.The Ethereum Foundation having pitched sales of the DAO to wealthy investors from the financial sector had to answer to them when the contract they were supposed to check, failed. Knowing they would lose all their instituational investment from the Financial industry they created a new Ethereum that was fundamentally different than Ethereum.
Some people in the Ethereum community began to call this new version Ethereum hard fork, or ETF. This new ETF Ethereum had features that allowed the developers to change old transactions, stop applications, and allowed third parties (them) to arbitrary change out the code in a contract.
This made ETF distinctly different than the Ethereum that much of the community continued using that they originally received directly from the Ethereum Foundation during the crowdsale. It did not match any of the advertising about unstoppable applications, but the original Ethereum didn't have all these new features that changed it into essentially the opposite of the description of Ethereum. So people wanting unstoppable applications, with no third party interference and censorship resistence just kept using Ethereum, trading it and building with it.
Then the Ethereum Foundation, Slock.it GMBH and Bity SA used the exploit used by the hacker that led to the hard fork to get control of the 7,000,000 Ether they wrestled from the hacker before the fork. Without telling anyone they begin to launder the money. They did this by splitting the amount into smaller amounts and sending it to random addresses they created before sending it to the markets.
But because it was done poorly it was quickly determined where it was going, to currency exchanges to be sold.
Source: https://imgur.com/a/9X1Ce#MFyQd1e
Before some exchanges managed to freeze their accounts, they had successfully sold off large amounts of the stolen ETH to buy a new asset/security that was recently created, which they hold significant portion of total security/token.
Source: http://i.imgur.com/CBRclaF.jpg
The "White Hat Group" moved large amounts of the original Ether to exchanges and coordinated a mass sell trying to crash the price. The goal was to crash the price and convince people still using the original Ethereum that they had no choice.
Leaked Skype chat logs from the private Ethereum Foundation internal chat were leaked showing they were in fact colluding to control the price and force the community to follow the decision they unilaterly made. If all the chat logs could be obtained from Skype it would be very clear to what extent the collusion and illegal usage of the Ethereum Foundation.
In the private chat of the supposedly non-profit Ethereum Foudnation Skype channel, they are seen colluding control the price of the competing original Ethereum.
Chat logs from leaked Ethereum Foundation chat log indicating they were colluding to control the price of competing the original Ethereum.
Source: https://imgur.com/a/DHexx#4I1WrPY
In the chat logs, Jeffrey Wilcke and Fabian Vogelsteller can both be seen discussing ways to use the resources of the non-profit Ethereum Foundation to control the price of the original Ethereum and the new Ethereum. Owning significant amounts of the new Ethereum.
This is not an isolated incident of Ethereum Foundation using their insider knowledge from operating the non-profit to make purchasing decisions. Vitalik Buterin of the Ethereum Foundation, shortly after the hack but before he announced there would be a hard fork announced he was buying DAO security/tokens on Twitter.
This is the exact opposite of decentralized governance, depsite operating as a Swiss non-profit with money raised by the community crowd sale for the "mission to promote and support research, development and education to bring decentralized protocols".
Source: http://ethereum.org
There are likely more crimes actively happening but we only know of this because the currency exchange operators froze some of the "White Hat Group" accounts due to suspicious activity. This forced the "White Hat Group" to reveal themselves. It would be best to talk to Kraken.com and Poloneix.com, both exchanges who froze assets of the "White Hat Group" members after their attempts to launder and sell the cryptocurrency.
Ursium on reddit is Slock.it COO Stephan Tual creator of "The DAO" security, who originally designed with the intention to fund his businesses including Slock.it. Clearly named Ethereum Foundation devs as the first people on the list of the "White Hat Group" and included his own company Slock.it. Notice the ordering, the Ethereum Foundation is the first one listed when talking about the "White Hat Group".
"Bit more info: this isn't spur of the moment. A lot of people have worked around the clock for several days now to prepare for this. The community (individuals from the eth foundation, devs, security experts, ethcore, slock, etc) all came together to organize a response, which is currently ongoing."
Source: https://www.reddit.com/TheDao/comments/4p60ie/we_are_doing_a_white_hat_attack_more_news_to/
Alex Van De Sande, or avsa on reddit and twitter, of the Swiss non-profit The Ethereum foundation is now denying any responsibility, or association, likely because of the legal fallout of recent events. But Alex was clearly involved with organizing the white hat group clearly was involved with organizing.
He was seen organizing on reddit.com/ethereum as seen in the screen shot below.
Source: https://d262ilb51hltx0.cloudfront.net/max/800/1*bY93URPw8UvehJXPcP2Qtg.jpeg
And more reddit posts with the titles "We are doing a white hat attack on the DAO." by avsa.
Source: https://www.reddit.com/ethereum/comments/4p5zk9/we_are_doing_a_white_hat_attack_on_the_dao/
Alex of the Swiss non-profit the Ethereum foundation even goes further on reddit, tell people specifically to not to sell the DAO security they had previously promoted heavily on the Ethereum Foundation blog. Stating is actively being hacked by them. We here could mean presumably the "White Hat Group" or the Ethereum Foundation.
"We are doing a white hat attack. More news to follow. Do not panic. Do not sell."
https://np.reddit.com/TheDao/comments/4p60ie/we_are_doing_a_white_hat_attack_more_news_to/
He was seen organizing on twitter.com, claiming it was "our white hat counter attack", presumably he means the "White Hat Group" but the Ethereum Foundation. And from twitter he stated during the first use of the exploit by the "White Hat Group", clearly having insider knowledge by being in the internal private Ethereum Foundation chat.
"alex van de sande ‏@avsa Jun 21 DAO IS BEING SECURELY DRAINED. DO NOT PANIC."
"alex van de sande ‏@avsa Jun 21 I repeat. There was an attack on the DAO so we launched our white hat counter attack. More updates will follow" (Emphasis is mine on 'our')
What is clear by all this that the recent claims that Alex Van De Sande has nothing to do with the "White Hat Group" is an obviously lie.
While there is no evidence he was active participant in the laundering or selling of the original Ether cryptocurrency for the new version in collaboration Bity SA is not clear.
What is claer, is there is evidence from a leaked Ethereum Foundation skype chat that they were actively t rying to manipulate the price of the original Ethereum cryptocurrency to force investors to buy the new Ethereum they promoted. This original Ethereum cryptocurrency never stopped being used by its community, even if the Ethereum Foundation actively tried to manipulate pulbic opinion. The exact same cryptocurrency they told exchanges was worthless, was being traded for almost 2 USD per coin. This was also the exact same cryptocurrency they worked with Bity SA and Slock.it GMBH to steal millions of USD worth and dump on the market.
The primary purpose of the blockchain which cryptocurrencies are built on is to prevent modificaiton of past transactions to prevent double spending. The Ethereum Foundation added the ability to modify past transactions, to stop applications and allow third party interference so they could replace the DAO code. In doing that they no longer were working on Ethereum, and Ethereum never stopped being used or valued even if they did not want it to. They got upset and then commited theft, fraud to manipulate the markets and force their centralized unilateral decision on the whole community.
The Ethereum Foundation lied to exchanges, telling them no one is still using the original Ethereum network, despite massive arguments in the Ethereum forum ongoing for a month, where many people said they wanted to 'stay on the original Ethereum. One person even wrote a manifesto, convincing others that staying is the only way for Ethereum, the one they were advertised and bought in the crowd sale, could continue existing.
Please start an investigation, please stop these three organizations from operating a corrupt system where they take no risks, because they can rewrite history, where they get to decide for everyone which one is "real" even if others are actively using, trading and programming the original Ethereum all along.
Using an exploit to illegally seize the securities they created on the cryptocurrency Ethereum is theft.
We are sending this request to you, with copies to the SEC’s distribution list for this proceeding as noted in the “cc” below.
[My/Our] particular rights, duties, privileges, immunities or other substantial interests that may be affected if the SEC does not act immediately, start an investigation and work with Swiss Federal Police.
Swiss Federal office of police actively encourages people to report corruption. They have built a special hotline, corruption they want reported includes:
"non-profit organisations (such as associations or foundations) in order to gain an unjustifiable material or immaterial advantage."
Report to Swiss Federal Police https://fedpol.integrityplatform.org/index.php?action=reportIncident&type=report
Evidence that Ethereum has been abusing their non-profit for unjustifiable advantage is more than clear, as they commit massive crimes hoping the system is too complex for them to ever be investigated.
Information on organization and related members:
Bity SA, fomerly SBEX SA Rue des Usines 44 2000 Neuchâtel Switzerland
Alexis Roussel - Co-founder SBEX SA, Co-Founder Bity SA Gian Bochsler -Co-founder SBEX SA, Co-Founder Bity SA 
Slock.it GMBH [email protected] https://slock.it/ Schillerstr. Mittweida, Germany Company Registration: HRB 30026
Stephan Tual Founder & COO Christoph Jentzsch Founder & CTO Simon Jentzsch Founder & CEO 
Ethereum Foundation (Stiftung Ethereum) Zug, Switzerland https://ethereum.org
Vitalik Buterin Jeffrey Wilcke Fabian Vogelsteller Alex Van De Sande 
[Text of your petition.] Thank you for your consideration, of this petition. Sincerely, [Your name/s]
[Attachments, if any, e.g., map, photo, etc.]
````
submitted by eth_is_corrupt to EthereumClassic [link] [comments]

Cryptocurrency Security Advertised On Nasdaq Involved in Massive Corruption: Swiss SA Bity, and evidence suggests along with with Slock.it and the Ethereum Foundation, used an exploit on the original Ethereum cryptocurrency to steal est. 50 million USD+

Ways to improve this document
  1. Improve reporting agency information
  2. Remove reporting agencies that are wrong, and do not have jurisdiction.
  3. Add email addresses of staff of reporting/tip agencies that are right juristiction.
  4. Make script to generate comma seperated list of email addresses in README.md

Exercise our legal rights, call for a full investigation

BOTH affected members of the community and others who are watching this massive financial crime happen, watching it actively hurting innocent people and tarnishing the reputation of all cryptocurrencies request an official investigation from our legal systems.

Who to report them to?

  1. Switzerland Fedpol who handles corruption with non-profits
  2. Switzerland Financial authorities that Bity SA is are registered with
  3. Local authorities who will contact and work with Swiss authorities
Switzerland will investigate
Switzerland is in the middle of a policy shift regarding financial crimes, while it was once considered a safe haven for financial crime, they are now actively taking action to crack down and they actively cooperate with legal international investigations so it is worth reporting to local investigations too. https://www.finma.ch/en/enforcement/national-and-international-cooperation/
Swiss public encouraged to report corruption
http://www.swissinfo.ch/eng/anonymous-tip-off_swiss-public-encouraged-to-report-corruption/41662770

What do I send?

I will be sending the letter at the bottom of this page, to the authorities, you can use this letter, but it is recommended that you read it, correct any errors you see, make changes, add details that were missed.

Swiss Financial & Cybercrime Authorities

Report to the three Swiss agencies.
Financial Market Supervisory Authority (FINMA)
FINMA issued a liscense to Bity SA. Laupenstrasse 27, 3003 Bern Phone +41 31 327 91 00, Fax +41 31 327 91 01
EMAIL: [email protected]
Email addresses of FINMA staff:
[email protected]
Email addresses of Federal Police staff:
[email protected]
[email protected]
[email protected]
[email protected]
--AND--
Report to Swiss Cybercrime Unit
https://www.cybercrime.admin.ch/kobik/en/home/meldeformulameldeformular.html
--AND--

Swiss Federal Office of Police

Swiss Federal office of police actively encourages people to report corruption. They have built a special hotline, corruption they want reported includes:
"non-profit organisations (such as associations or foundations) in order to gain an unjustifiable material or immaterial advantage."
Report to Swiss Federal Police https://fedpol.integrityplatform.org/index.php?action=reportIncident&type=report
Evidence that Ethereum has been abusing their non-profit to protect DAO assets, using Ethereum resources to promote the DAO, ignoring their mission of decentralization when unilaterally deciding to hard-fork, using the knowledge they will hard fork to trade on insider knowledge and colluding to lower the market value of other cryptocurrencies.
I will be sending the letter at the bottom of this page, to the authorities, you can use this letter, but it is recommended that you read it, correct any errors you see, make changes, add details that were missed.
Sources:
Price manipulation using Ethereum Foundation resources for material gain
Chat logs from leaked Ethereum Foundation chat log indicating they were colluding to control the price of competing cryptocurrency
Source: https://imgur.com/a/DHexx#4I1WrPY
Failing stated mission, then using insider knowledge from internal chats to trade
Despite operating a Swiss non-profit with money raised by the community for the "mission to promote and support research, development and education to bring decentralized protocols"
They instead made all the decisions centrally, in internal chats, promoted security/assets that Ethereum Foundation members owned, built on Ethereum using their non-profit.
Chat log between Ethereum Foundation and Exchange Operators
Source: http://pastebin.com/raw/aMKwQcHR
Pull request stating that decision to implement the hard fork in the client used by roughly 95%+ would be defaulting to the option that benefited them the most financially.
"default behavior of Geth to be pro-fork as per internal discussions"
Source: https://github.com/ethereum/go-ethereum/pull/2814
They used insider knowledge about the fork to trade
"@junseth I will provide my opinion in the way that @Truthcoin would approve of: I have been buying DAO tokens since the security news"
Source: https://twitter.com/VitalikButerin/status/741832934814949377
Foundation member telling people when and when not to buy securities they had invested in
"We are doing a white hat attack. More news to follow. Do not panic. Do not sell." https://np.reddit.com/TheDao/comments/4p60ie/we_are_doing_a_white_hat_attack_more_news_to/
Involvement in the "White Hat Group"/"Robin Hood Group" hack that were then sold to support a cryptocurrency they created and started supporting, which they had a history of doing as seen in the Skype chat
"Bit more info: this isn't spur of the moment. A lot of people have worked around the clock for several days now to prepare for this. The community (individuals from the eth foundation, devs, security experts, ethcore, slock, etc) all came together to organize a response, which is currently ongoing." Source: https://www.reddit.com/TheDao/comments/4p60ie/we_are_doing_a_white_hat_attack_more_news_to/
Alex Van De Sande, or avsa on reddit and twitter, of the Swiss non-profit The Ethereum foundation is now denying any responsibility, or association, likely because of the legal fallout of recent events. But Alex was clearly involved with organizing the white hat group clearly was involved with organizing. He was seen organizing on reddit.com/ethereum as seen in the screen shot below. Source: https://d262ilb51hltx0.cloudfront.net/max/800/1*bY93URPw8UvehJXPcP2Qtg.jpeg
And more reddit posts with the titles
"We are doing a white hat attack on the DAO." by avsa. Source: https://www.reddit.com/ethereum/comments/4p5zk9/we_are_doing_a_white_hat_attack_on_the_dao/

Local Financial & Cybercrime Authorities

I will be sending the letter at the bottom of this page, to the authorities, you can use this letter, but it is recommended that you read it, correct any errors you see, make changes, add details that were missed.

Canadian Citizens

(1) Report fraud and financial crime directly to the Candian government http://www.cic.gc.ca/english/information/protection/fraud/report.asp
http://www.cic.gc.ca/english/information/representative/index.asp
CIC staff email addresses:
[email protected]
(2) Report to the anti fraud centre of Canada http://www.antifraudcentre-centreantifraude.ca/reportincident-signalerincident/index-eng.htm
(3) Report online crime to Vancouver police http://vancouver.ca/police/online-crime-reporting/fraud.html

US Citizens

(1) Important Report the crime to SEC who will contact and work with Swiss authorities https://denebleo.sec.gov/TCRExternal/disclaimer.xhtml
It is often better to get a list of direct email addresses to staff to get more immediate action because this crime is in progress.
SEC email addresses:
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
FINRA email addresses:
[email protected]
[email protected]
[email protected]
(2) Report directly to the FBI, it will get routed to IC3, cybercrime unit. https://tips.fbi.gov/
http://www.fbi.gov/contact-us/field/field-offices
http://www.fbi.gov/news/pressrel/press-releases/fbi-director-robert-s.-mueller-today-announced-the-inception-of-its-corporate-fraud-hotline
https://www.justice.gov/criminal-ccips/reporting-computer-internet-related-or-intellectual-property-crime#C4
FBI Corporate fraud hotline 888-622-0117
DOJ https://www.justice.gov/usao/eousa/contact
FBI email addresses:
DOJ email addresses:
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
(3) Individuals who suspect possible corporate fraud may report suspicious activity to the FBI in Washington, DC, via a toll-free Corporate Fraud Hotline. The number is (888) 622- 0117. The Hotline is manned Monday through Friday 9 a.m. to 5 p.m. by FBI analysts.
(4) Report online and computer crime to Federal Trade Commission. https://www.ftccomplaintassistant.gov/Information?OrgCode=#crnt&panel1-1
NASDAQ carried advertisements that appeared to be articles
[email protected]
[email protected]
News Organizations
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
j[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
Anti-corruption activist & NGOs
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
Misc
[email protected]
[email protected]

UK Citizens

(1) Report cybercrime and fraud to UK police http://www.actionfraud.police.uk/report-a-fraud/how-to-report-a-fraud
(2) Report crime to crimestoppers https://crimestoppers-uk.org/give-information/give-information-online/
(3) Specialist Crime OCU Fraud Squad Wellington House, 67-73 Buckingham Gate, London, SW1E 6BE +44 (0) 20 7230 1220 [email protected]
(4) Serious fraud office for complex fraud https://www.sfo.gov.uk/
News Organization
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
Serious Fraud Office email addresses:
[email protected]
(4) https://www.gov.uk/contact/govuk https://www.gov.uk/government/organisations/uk-trade-investment Department of Trade and Industry. 1 Victoria Street, London SW1H 0ET Tel: 0207 215 5000

Norway Citizens

Ministry of Foreign Affairs
https://www.regjeringen.no/en/dep/ud/id833/
MFA staff email addresses:
[email protected]
[email protected]

Australian Citizens

(1) Report crime to Australian Federal Police www.afp.gov.au/policing/cybercrime/crime-prevention.aspx
(2) Report to Australian crimestoppers https://www.crimestoppers.com.au/

New Zealand Citizens

(1) Report to your government http://www.dia.govt.nz/Censorship-Make-a-Complaint?OpenDocument

EU Citizens

(1) Europol connects law enforcement agencies in Europe https://www.europol.europa.eu/content/report-cybercrime

Swiss Citizens

(1) Report corruption, with corporations and non-profits https://fedpol.integrityplatform.org/index.php?action=reportIncident&type=report
(2) Report the incident to the cybercrime unit https://www.cybercrime.admin.ch/kobik/en/home/meldeformulameldeformular.html

International & United Nations

General information http://www.unicri.it/special_topics/securing_cyberspace/cyber_threats/internet_users/
(1) Report crime to interpol, special instructions for financial crime http://www.interpol.int/Contact-INTERPOL
(2) Report crime with international organizations to protect consumers https://www.econsumer.gov/#crnt

Who to report, the "White Hat Group":

Bity SA, fomerly SBEX SA Rue des Usines 44 2000 Neuchâtel Switzerland
  1. Alexis Roussel - Co-founder
  2. Gian Bochsler - Co-founder
  3. The Swiss non-profit Ethereum Foundation
  4. Alex De San
Slock.it GMBH [email protected] https://slock.it/ Schillerstr. Mittweida, Germany Company Registration: HRB 30026
  1. Stephan Tual - Founder & COO
  2. Christoph Jentzsch - Founder & CTO
  3. Simon Jentzsch - Founder & CEO
Swiss non-profit Ethereum Foundation (Stiftung Ethereum) Zug, Switzerland https://ethereum.org
  1. Vitalik Buterin
  2. Jeffrey Wilcke
  3. Fabian Vogelsteller
  4. Alex Van De Sande

Letter for authorities

I will be sending the letter at the bottom of this page, to the authorities, you can use this letter, but it is recommended that you read it, correct any errors you see, make changes, add details that were missed.
````

Format for Petition to Intervene by Electronic Copy (Email)

To: [email protected]
Cc:
Subject: Petition to Intervene & Investigate
Re: Ethereum Foundation, Slock.it GBMH, and Bity SA Petition to Intervene
To Whom May Concern:
[I/We] respectfully request to investigate and preferably intervene in the illegal seizure of 7,000,000 original Ether by Ethereum Foundation, Slock.it GBMH, and Bity SA. Who tried to coordinate a sell of the illegally obtained original Ether to coordinate crashing the price of the original Ethereum to convince users to adopt their new version of Ethereum that has features to enable the Ethereum Foundation to change any past transaction, stop smart contracts, allow third parties to replace the code of a smart contract.
Due to gross negligence of Ethereum Foundation, a non-profit promoting and trading a security created on their cryptocurrency Ethereum called DAO, collaborating with the swiss SA Bity and the German company Slock.it created a security contract and sold according to wikipedia 160,000,000 USD worth of the newly created security for the cryptocurrency Ether.
Source: https://en.wikipedia.org/wiki/List_of_highest_funded_crowdfunding_projects
After being informed by security researchers a bug in the contract had been found both Bity SA and Slock.it continued to promote the security, ignoring the risk.
If you look at the forum.daohub.org community you can clearly see, they see it as a security threads like "Is profit from DAO investment unlikely?"
The contract they created can be found here: https://daohub.org
Source: https://forum.daohub.org/t/is-profit-from-dao-investment-unlikely/1466 Source: https://blog.slock.it/no-dao-funds-at-risk-following-the-ethereum-smart-contract-recursive-call-bug-discovery-29f482d348b#.4geeq3dny
Statistical analysis was done on purchasers of the DAO security, using blockchain data.
It was determined "The wealthy few (top 1% of addresses) control over 55% of the voting power of proposals, while everyone who contributed 100 Ether or less (more than 66%) control barely over 2% of the total tokens."
Source: https://medium.com/the-bitcoin-podcast-blog/looking-at-the-dao-address-distribution-part-1-f324e71381bf#.ivoddhx3y
After the exploit was reported and disregarded by the operators an anonymous entity used the exploit to steal 1/3rd of the cryptocurrency that was used to buy the security. Worth est. 50,000,000 USD worth of Ether at the time.
After the exploit was used, Vitalik Buterin, the leader of the Ethereum Foundation, trying to encourage buying said "@junseth I will provide my opinion in the way that @Truthcoin would approve of: I have been buying DAO tokens since the security news" Source: https://twitter.com/VitalikButerin/status/741832934814949377
Anyone with knowledge in finance would immediately ask, why is the leader of a project that just had 50 million dollars worth of securities stolen, continue to buy those securities? The answer is because Vitalik Buterin had not yet announced it, but had already unilaterally decided that they would be creating a hard fork, essentially creating a new version of the Ether cryptocurrency and modifying the contract to stop it, and replace it with different code. The original Ether would still exist, but they would start a new one alongside it.
Invalidating the claim on their website that Ethereum:
"Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference."
Source: https://ethereum.org/
Despite pretending this decision was made by the community, the entire decision process was centralized to the Ethereum Foundation internal private chats.
Later it would come out with chat logs between the exchange operators after the event and even more later in pull requests from the Foundation that internal chats had decided the entire thing long before it was announced. So when Vitalik Buterin was buying DAO tokens, he had already known he would soft or hard, regardless of the stakeholders. Chat log between Ethereum Foundation and Exchange Operators
You can validate the authenticity of this chat log easily by talking to the exchange operators, they operate: http://kraken.com , http://poloniex.com, http://bitfinex.com http://yubi.com
Source: http://pastebin.com/raw/aMKwQcHR
Comments on code published clearly state that decision to implement the hard fork in the client used by roughly 95%+ would be defaulting to the option that benefited them the most financially. The deciding factor it would be implemented because the majority of users do not even know how to change the setting.
"default behavior of Geth to be pro-fork as per internal discussions" Source: https://github.com/ethereum/go-ethereum/pull/2814
While they implemented this they started a back up plan where the Ethereum Foundation, Slock.it GBMH and Bity SA worked anonymously as a hacking group named "The White Hat Group" or "Robin Hood Group" (WHG or RHG). They captured 2/3rd of the Ether that was in the DAO security using the same exploit the original exploiter did.
This plays a very important part later but because there was a fork, advertising efforts were made to brand the new copy of Ethereum with changes to one contract as the real Ether while many people continued to use the same Ether The Ethereum Foundation had sold them in the crowdsale.
The speculated reason for breaking their system, creating an entire new one is due the massive loss taken by the 1% of DAO owners.
The Ethereum Foundation actively promoted the DAO security on their blog, the inventors of Ethereum both Gavin Wood and Vitalik Buterin became "curators", claiming they would check every contract for errors making sure the DAO was secure.The Ethereum Foundation having pitched sales of the DAO to wealthy investors from the financial sector had to answer to them when the contract they were supposed to check, failed. Knowing they would lose all their instituational investment from the Financial industry they created a new Ethereum that was fundamentally different than Ethereum.
Some people in the Ethereum community began to call this new version Ethereum hard fork, or ETF. This new ETF Ethereum had features that allowed the developers to change old transactions, stop applications, and allowed third parties (them) to arbitrary change out the code in a contract.
This made ETF distinctly different than the Ethereum that much of the community continued using that they originally received directly from the Ethereum Foundation during the crowdsale. It did not match any of the advertising about unstoppable applications, but the original Ethereum didn't have all these new features that changed it into essentially the opposite of the description of Ethereum. So people wanting unstoppable applications, with no third party interference and censorship resistence just kept using Ethereum, trading it and building with it.
Then the Ethereum Foundation, Slock.it GMBH and Bity SA used the exploit used by the hacker that led to the hard fork to get control of the 7,000,000 Ether they wrestled from the hacker before the fork. Without telling anyone they begin to launder the money. They did this by splitting the amount into smaller amounts and sending it to random addresses they created before sending it to the markets.
But because it was done poorly it was quickly determined where it was going, to currency exchanges to be sold.
Source: https://imgur.com/a/9X1Ce#MFyQd1e
Before some exchanges managed to freeze their accounts, they had successfully sold off large amounts of the stolen ETH to buy a new asset/security that was recently created, which they hold significant portion of total security/token.
Source: http://i.imgur.com/CBRclaF.jpg
The "White Hat Group" moved large amounts of the original Ether to exchanges and coordinated a mass sell trying to crash the price. The goal was to crash the price and convince people still using the original Ethereum that they had no choice.
Leaked Skype chat logs from the private Ethereum Foundation internal chat were leaked showing they were in fact colluding to control the price and force the community to follow the decision they unilaterly made. If all the chat logs could be obtained from Skype it would be very clear to what extent the collusion and illegal usage of the Ethereum Foundation.
In the private chat of the supposedly non-profit Ethereum Foudnation Skype channel, they are seen colluding control the price of the competing original Ethereum.
Chat logs from leaked Ethereum Foundation chat log indicating they were colluding to control the price of competing the original Ethereum.
Source: https://imgur.com/a/DHexx#4I1WrPY
In the chat logs, Jeffrey Wilcke and Fabian Vogelsteller can both be seen discussing ways to use the resources of the non-profit Ethereum Foundation to control the price of the original Ethereum and the new Ethereum. Owning significant amounts of the new Ethereum.
This is not an isolated incident of Ethereum Foundation using their insider knowledge from operating the non-profit to make purchasing decisions. Vitalik Buterin of the Ethereum Foundation, shortly after the hack but before he announced there would be a hard fork announced he was buying DAO security/tokens on Twitter.
This is the exact opposite of decentralized governance, depsite operating as a Swiss non-profit with money raised by the community crowd sale for the "mission to promote and support research, development and education to bring decentralized protocols".
Source: http://ethereum.org
There are likely more crimes actively happening but we only know of this because the currency exchange operators froze some of the "White Hat Group" accounts due to suspicious activity. This forced the "White Hat Group" to reveal themselves. It would be best to talk to Kraken.com and Poloneix.com, both exchanges who froze assets of the "White Hat Group" members after their attempts to launder and sell the cryptocurrency.
Ursium on reddit is Slock.it COO Stephan Tual creator of "The DAO" security, who originally designed with the intention to fund his businesses including Slock.it. Clearly named Ethereum Foundation devs as the first people on the list of the "White Hat Group" and included his own company Slock.it. Notice the ordering, the Ethereum Foundation is the first one listed when talking about the "White Hat Group".
"Bit more info: this isn't spur of the moment. A lot of people have worked around the clock for several days now to prepare for this. The community (individuals from the eth foundation, devs, security experts, ethcore, slock, etc) all came together to organize a response, which is currently ongoing."
Source: https://www.reddit.com/TheDao/comments/4p60ie/we_are_doing_a_white_hat_attack_more_news_to/
Alex Van De Sande, or avsa on reddit and twitter, of the Swiss non-profit The Ethereum foundation is now denying any responsibility, or association, likely because of the legal fallout of recent events. But Alex was clearly involved with organizing the white hat group clearly was involved with organizing.
He was seen organizing on reddit.com/ethereum as seen in the screen shot below.
Source: https://d262ilb51hltx0.cloudfront.net/max/800/1*bY93URPw8UvehJXPcP2Qtg.jpeg
And more reddit posts with the titles "We are doing a white hat attack on the DAO." by avsa.
Source: https://www.reddit.com/ethereum/comments/4p5zk9/we_are_doing_a_white_hat_attack_on_the_dao/
Alex of the Swiss non-profit the Ethereum foundation even goes further on reddit, tell people specifically to not to sell the DAO security they had previously promoted heavily on the Ethereum Foundation blog. Stating is actively being hacked by them. We here could mean presumably the "White Hat Group" or the Ethereum Foundation.
"We are doing a white hat attack. More news to follow. Do not panic. Do not sell."
https://np.reddit.com/TheDao/comments/4p60ie/we_are_doing_a_white_hat_attack_more_news_to/
He was seen organizing on twitter.com, claiming it was "our white hat counter attack", presumably he means the "White Hat Group" but the Ethereum Foundation. And from twitter he stated during the first use of the exploit by the "White Hat Group", clearly having insider knowledge by being in the internal private Ethereum Foundation chat.
"alex van de sande ‏@avsa Jun 21 DAO IS BEING SECURELY DRAINED. DO NOT PANIC."
"alex van de sande ‏@avsa Jun 21 I repeat. There was an attack on the DAO so we launched our white hat counter attack. More updates will follow" (Emphasis is mine on 'our')
What is clear by all this that the recent claims that Alex Van De Sande has nothing to do with the "White Hat Group" is an obviously lie.
While there is no evidence he was active participant in the laundering or selling of the original Ether cryptocurrency for the new version in collaboration Bity SA is not clear.
What is claer, is there is evidence from a leaked Ethereum Foundation skype chat that they were actively t rying to manipulate the price of the original Ethereum cryptocurrency to force investors to buy the new Ethereum they promoted. This original Ethereum cryptocurrency never stopped being used by its community, even if the Ethereum Foundation actively tried to manipulate pulbic opinion. The exact same cryptocurrency they told exchanges was worthless, was being traded for almost 2 USD per coin. This was also the exact same cryptocurrency they worked with Bity SA and Slock.it GMBH to steal millions of USD worth and dump on the market.
The primary purpose of the blockchain which cryptocurrencies are built on is to prevent modificaiton of past transactions to prevent double spending. The Ethereum Foundation added the ability to modify past transactions, to stop applications and allow third party interference so they could replace the DAO code. In doing that they no longer were working on Ethereum, and Ethereum never stopped being used or valued even if they did not want it to. They got upset and then commited theft, fraud to manipulate the markets and force their centralized unilateral decision on the whole community.
The Ethereum Foundation lied to exchanges, telling them no one is still using the original Ethereum network, despite massive arguments in the Ethereum forum ongoing for a month, where many people said they wanted to 'stay on the original Ethereum. One person even wrote a manifesto, convincing others that staying is the only way for Ethereum, the one they were advertised and bought in the crowd sale, could continue existing.
Please start an investigation, please stop these three organizations from operating a corrupt system where they take no risks, because they can rewrite history, where they get to decide for everyone which one is "real" even if others are actively using, trading and programming the original Ethereum all along.
Using an exploit to illegally seize the securities they created on the cryptocurrency Ethereum is theft.
We are sending this request to you, with copies to the SEC’s distribution list for this proceeding as noted in the “cc” below.
[My/Our] particular rights, duties, privileges, immunities or other substantial interests that may be affected if the SEC does not act immediately, start an investigation and work with Swiss Federal Police.
Swiss Federal office of police actively encourages people to report corruption. They have built a special hotline, corruption they want reported includes:
"non-profit organisations (such as associations or foundations) in order to gain an unjustifiable material or immaterial advantage."
Report to Swiss Federal Police https://fedpol.integrityplatform.org/index.php?action=reportIncident&type=report
Evidence that Ethereum has been abusing their non-profit for unjustifiable advantage is more than clear, as they commit massive crimes hoping the system is too complex for them to ever be investigated.
Information on organization and related members:
Bity SA, fomerly SBEX SA Rue des Usines 44 2000 Neuchâtel Switzerland
Alexis Roussel - Co-founder SBEX SA, Co-Founder Bity SA Gian Bochsler -Co-founder SBEX SA, Co-Founder Bity SA 
Slock.it GMBH [email protected] https://slock.it/ Schillerstr. Mittweida, Germany Company Registration: HRB 30026
Stephan Tual Founder & COO Christoph Jentzsch Founder & CTO Simon Jentzsch Founder & CEO 
Ethereum Foundation (Stiftung Ethereum) Zug, Switzerland https://ethereum.org
Vitalik Buterin Jeffrey Wilcke Fabian Vogelsteller Alex Van De Sande 
[Text of your petition.] Thank you for your consideration, of this petition. Sincerely, [Your name/s]
[Attachments, if any, e.g., map, photo, etc.]
````
If you agree and feel this warrants at the very least a possible criminal investigation, you should report it.

Citations

  1. https://medium.com/the-bitcoin-podcast-blog/looking-at-the-dao-address-distribution-part-1-f324e71381bf#.ivoddhx3y
submitted by thisisagoodtest to CryptoCurrency [link] [comments]

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