Bitcoin Private (BTCP) responds to accusations of pre-mine while Litecoin (LTC) and Genesis Vision (GVT) come out with big news

Fibo Quantum

  • Bitcoin Private responds to accusations of pre-mine

Data aggregating website CoinMetrics recently released a
damning report on Bitcoin
Private, popular privacy-focused hybrid fork of Bitcoin and ZClassic. The
report reveals that independent auditors found discrepancies in BTCP’s reported
and actual total supply; while BTCP team originally claimed that their coin’s
supply is fixed at Bitcoin-like 21 million with 0 pre-mining, auditors found
that more than 2 million BTCP were pre-mined during the project’s fork. Bitcoin
Private team were quick to respond to the allegations, releasing their statement
just a day after the controversy surfaced.

Claiming no prior knowledge of the pre-mine, Bitcoin Private
team reports they’ve immediately started their own internal research into the
situation. Confirming the mathematical accuracy of the auditor’s findings, they
remained adamant that the final holder of these pre-mined funds wasn’t someone
within the team. The team released a timeline of events pertaining to the
underlying issue set forth in the CoinMetrics report:

  • “A bounty
    for a specific issue was posted, which can be seen here:
  • A
    developer accepted the bounty, becoming a BTCP developer. He was promoted to a
    contributor on GitHub, allowing him to merge pull requests.
  • The
    developer completes the issue, merges his own code, and is sent his reward. One
    line of code is missing which allows the fork mine to be exploited due to the
    nodes not properly verifying the falsified fork blocks. The code can be found
    here and was merged on January 5:
    The missing line of code is as follows: || tx.vout.size() > 1. We determined
    this after the CoinMetrics report was released.
  • After
    collecting the bounty, the developer in question stopped working on the BTCP
    project. The contribution team has not heard from him since January. We have
    reached out to him for comment.
  • During the
    publicly announced fork mine, a bad actor exploited this bug, creating 2
    million coins. It went unnoticed by the contribution team until it was
    uncovered by CoinMetrics.”

Praising the benefits of their open-source development
philosophy, the team went on to lament the negative attributes of it. Bad outside
actors can exploit such environments and BTCP believe that this is exactly what
happened here. While the team admits that bugs and exploits are a common occurrence
in crypto development, they remain adamant that open source development is the
way to go into the future. They added that this particular exploit could only
be taken advantage of during the fork mine, which already occurred earlier this
year. As such, they conclude that this particular exploit will not happen again.

Finally, BTCP revealed how they intend to fix the current
over-supply situation:

“CoinMetrics has
stated they believe less than 20k legitimate BTCP coins exist in shielded
addresses along with 1.7–1.8 million illegitimate coins. Our team is favoring
an option to hard fork and remove all shielded coins from existence. While this
would cause the 20k legitimate coins to disappear, we believe this is
preferable to the alternative of leaving the 1.7–1.8 million illegitimate coins
in circulation.”

  • Genesis
    Vision Forex trading launched

Genesis Vision, a decentralized platform connecting managers,
brokers, traders, exchanges and letting them access a diverse range of assets
via one interface, today officially expanded its
asset offering by allowing its members to trade in “the beautiful world of
Forex”. This has been made possible thanks to their integration with a broker
company called Just2Trade Online Ltd.

Comparing the Forex introduction onto what was originally a
crypto-focused platform to “building a bridge from two opposite shores”, both
GV and Just2Trade Online made sure to address potential legal, financial and
technical issues that could come with this. Apparently both teams felt that every
issue was successfully dealt with and have decided to go forward with the full

Genesis Vision managers can now create ECN accounts, which
provide access to no less than 53 Forex instruments, three different types of
precious metals, three different CFDs on energy sources, 13 CFDs on indices,
with even a couple of cryptocurrencies added into the mix. Tight spreads, high execution
speeds, democratic fees, maximum leverage of 1:100. Scalping and automated
trading are among the features GV users are able to enjoy by selecting
Just2Trade as their broker of choice.

The service is limited to fully KYC-confirmed users, with
USA residents unable to access it as well. The service is supported by MetaTrader
4 trading bot software, a staple of Just2Trade’s market dealings. The service
will sporadically be limited during the winter holidays (31st of December,
1st and 2nd of January) after which GV users can expect
to use it without any problems.

  • Litecoin
    gets tough with a UFC partnership

Litecoin Foundation announced that they’ve
struck a partnership with none other than UFC, the world’s premier mixed
martial arts organization. According to the terms of this partnership, Litecoin
will support UFC 232: Jones vs Gustaffson 2 event.

“This epic event,
which features the highly anticipated main event rematch between former UFC
light heavyweight champion Jon Jones against UFC light heavyweight Alexander
Gustafsson, will take place this Saturday, December 29 at the Forum in Inglewood,
explains the foundation.

Litecoin will act as the event’s official cryptocurrency
partner, making this the first time the worlds of UFC and cryptocurrency
collided. The Foundation hopes that this highly anticipated martial arts event
will “spark interest and drive engagement with people from all walks of life
who may have never heard of Litecoin or cryptocurrency before.”

Adding that they see many parallels in the way UFC community
propped up the platform to what they did and want to keep doing themselves,
Litecoin Foundation confirmed they hope this partnership will continue to
develop further.

  • BBVA
    reveals 4 blockchain solutions to shine in 2019

Well-known Spanish financial giant BBVA analyzed the crypto
markets to explore the development of blockchain in recent years, determine its
current challenges and figure out what the year ahead might bring to investors.
The research was handled by BBVA Next Technologies, the software engineering wing
of the company specializing in emerging technologies.

Saying that the period behind was one focused on “exploration”, BBVA claims the time was used to determine blockchain’s potential, understand its limits and define the regulatory framework in which it can operate. Citing the current, third wave of blockchains as one that will carry the torch in the upcoming year, they also name a couple of challenges these projects will have to address to succeed:

  • Scalability:
    the ability to increase transactions per second, while maintaining security.
  • Privacy:
    the need to establish private channels between players.
  • Sustainability:
    the need to move away from the current financing model based on ICOs (through
    which ‘tokens‘ are generated to provide an initial cash flow), towards a model
    in which companies receive a steady flow of money over time to be able to be
    more sustainable
  • Governance:
    those actions to create and update the implicit or explicit rules of a
    blockchain system. These rules can be code, laws, processes or
  • Interoperability:
    the ability of the different blockchain platforms to communicate with each
    other and with the infrastructures of the traditional financial system.

According to their report, 4 projects are currently best
equipped to deal with the issues above: Tezos, Cardano, Enigma and IOTA. Check
out their complete analysis here
to learn why exactly they feel this way.


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The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of