TLDR: Withdrew bitcoin successfully twice. Tried again on May 26th and it has been frozen in "processing" for over 2 weeks and Coinberry has not responded. Support has disappeared and updates have stopped. 387 users affected on May 30th, 123 remain affected on June 5th, my issue is unresolved on June 10th. Funding confirmations requested by and sent to Coinberry on June 4th. Still no response. First of all, Coinberry claims that there has been substantial delays for various reasons. They claim that they are having issues on their side pertaining to account verifications and increased traffic. Status updates were being posted to Coinberry's official status page, but have stopped since June 5th, and customer support email, chat, and phone are all down. The fishiest part however is that, according to their website, only 123 users of the 327 initially affected remained on June 5th. It is hard to believe that they managed to get through ~50 users a day and still have not been able to resolve my issue or AT LEAST respond to my emails. Another fishy part is that Coinberry claims they cannot see my funding on "their ledger" but they keep a "Receipt No." for every transaction in the activity log, which (along with the e-transfer confirmation emails), I sent back to Coinberry on June 4th. As many others have posted, I've had this withdrawal stuck as "processing" for over 2 weeks. My issue is not with the initial delay. However, the issue is that their customer support seems to have disappeared. I have been trying to reach support through email for two weeks now. The only response I received was about a week ago, requesting for proof of the e-transfer confirmations relating to the transactions on my account. I replied, with the confirmations, within minutes and have not heard back since. I have sent several follow-up emails trying to reach support as well as message them on facebook, but still, there is still no response. The least Coinberry should do is provide each affected user with an expected timeline for resolution. The CEO posted a blog "addressing" the speculation around Coinberry's insolvency. Honestly, this blog seems worthless as it is essentially saying is that they are "having issues but not insolvent" so he is chalking it up to service issues and claiming that "the team is working to resolve it asap". If this really was the case, it would be nice to receive a response from support to confirm that the resolution is on way. On that blog it states that "you may need to re-verify" or there will be delays if you "used a different bank account (#1 reason)", but my account IS verified and I emailed support confirming the transactions. Still no response, so I am assuming it is not being resolved. I had chosen Coinberry because I found it to be very easy-to-use and trustworthy (considering they boast their "PIPEDA/FINTRAC" compliance) and the platform seemed to be one of the best I had used personally. Now, I am posting here in hopes that others take caution before depositing any funds into Coinberry, as well as in hopes that they may respond to me here as it seems to be the only place where people have been able to contact support. Again, they WILL NOT RESPOND to any queries that I have tried, so think twice before depositing any funds (during this time, at least). I do not think Coinberry is necessarily a "scam" or a "Quadriga 2.0" as many others are claiming, and I think that they may legitamitely be working to resolve the issue. However, the fact that customers need to resort to research and reddit to find answers about situations like these, combined with the sketchy stories of past crypto exchanges, has made me rather disappointed with Coinberry at this time. Right now is definitely a shaky time in terms of how trustworthy Coinberry really is/whether it is setting up for a Quadriga-type scenario. I will update the thread if I receive a response from Coinberry support. Feel free to post your own experiences. *Update (10/06/2020) - DM'd u/CoinberryOfficial, awaiting further response. *Update (11/06/2020) - Received initial DM response saying the same thing as the email I received a week ago, awaiting for further contact. *Update (12/06/2020) - No further response via reddit or email. Coinberry status page updated on 11/06/2020 "Mobile app versions prior to 111.8 (on iOS) and 1.11.8 (on Android) were decommissioned on June 11, 2020". Updates about upgrading a mobile app but nothing about numerous counts of delayed withdrawals and locked accounts? Still no email or DM response. *Update (12/06/2020) - Contacted back by u/CoinberryOfficial stating "Hi apologies for the delay, on our end the withdrawal is indicated as processed and completed, can you kindly verify on your end?" but I have not yetreceived my withdrawal. Working through the issue over DM. *Update (13/06/2020) - Working slowly with u/CoinberryOfficial but for now, I have been given the exact same answer as I was in the only email I have received from support in the 3 weeks since I tried to withdraw my mere 0.01989 BTC. The response I received was "No your withdrawal is currently still processed and will be sent out once we can locate the deposit that was credited to your account on may 15th. We are unable to locate the deposit made on may 15th , but can locate the second one made on may 26th. We do not require further verification but do require to verify on your end that it was not accidently blocked by your bank. For the security of your information we do kindly ask that you continue this correspondence with support via email." Now, I have to wait till monday because it is after office hours (like that means anything, been trying to reach them all week lol). This is frustrating because I have already sent proof and confirmations over a week ago of interac e-transfers, bank statements, and Coinberry activity, but the support team never replied. It makes no sense as to how it "cannot be located" because I had successfully withdrew all the BTC purchased from the funds on the 15th and simply hadn't funded it again until the 26th. Next update on 15/06/2020 -.- *UPDATE (15/06/2020) - Still NO RESPONSE from support or u/CoinberryOfficial. Don’t know when I’m going to get my funds at this point, as on Reddit I was told this would be “resolved first thing Monday morning”. So disappointed. *UPDATE (16/06/2020) - u/CoinberryOfficial responded this morning stating "Sorry for the delay, support will make contact with you shortly". 5 hours later, still no response. I am assuming "business hours" are also over for the day now too. Update posted by the CEO, full of bullshit from what I can tell, referring to these issues and stating "all hands on deck", "we doubled customer success staff" and worst of all "This meant getting customers’ funds to them promptly...our customer success team can monitor, in real time, what our customers may need and where an issue could arise, as well as being alerted to any potential customer service delays...has allowed our customer success team to ensure a seamless, consistent customer experience". Ridiculous. UPDATE: As of today (25/06/2020), I have received my funds and the issue has finally been RESOLVED. Thanks to Barry from Coinberry support. Reached out on the websites live chat and seem to have gotten extremely lucky that Barry was there and remained online, chatting to me, until the issue was completely resolved. Although the delays throughout this whole month were a major issue, it is a relief that Coinberry does in fact seem to be resolving these issues.
On March 15th, the Federal Reserve started the first round of its stimulus plan to stabilize the tumultuous economic conditions caused by the country-wide shut down due to COVID19. Significant was a $700 billion round of Quantitative Easing (QE) and the cutting of interest rates effectively to zero percent. The reaction of the stock market and most asset classes was to continue its downward trend that had started in late February. The Federal Reserve continued to make smaller policy changes during the next 8 days until March 23rd when it announced its “extensive new measures to support the economy”. In short, the Fed is expanding its QE program announced on March 15th and will be making additional expansions in the future as needed. This time Wall Street reacts positively, as March 23rd was the starting point of a historic bull run.
The Breaking of the 60/40 Model
The 60/40 model of portfolio allocation has been a traditional portfolio management strategy used for over 30 years. The strategy states to put 60% of your funds into stocks and the remaining 40% into high quality bonds. The philosophy behind this investment strategy is that by having your portfolio diversified this way, you won’t take a huge hit if your stocks go down because you’ll have returns from bonds to make up for it. This is a strategy generally used by people with low risk tolerances, or people who don’t want to constantly keep their eyes on the markets. Over the past few decades, the 60/40 model has demonstrated a good amount of success; however, there are many who believe the chances of this strategy continuing to function successfully into the future are very low. Both JP Morgan and Bank of America have released statements on the decline of the 60/40 portfolio. JP Morgan strategists have stated “In the zero-yield world, which we think will be with us for years, bonds offer neither much return nor protection against equity falls,” referencing the fact that the majority of government bonds are trading at yields below 1%. In a research note titled “The Death of 60/40” Bank of America strategists had this to say, “The challenge for investors today is that both of those benefits from bonds, diversification and risk reduction, seem to be weakening, and this is happening at a time when positioning in many fixed-income sectors is incredibly crowded, making bonds more vulnerable to sharp, sudden selloffs when active managers rebalance.” So, with diminishing trust and poor returns from bonds, many investors are looking for other assets to replace the 40% hole in their portfolios. Many are increasing their percentage allocated to stocks in addition to investing in Gold and other metals as a protection against inflation. Many investors are also looking to Bitcoin.
Asset Reallocation Flowing from Bonds to Stocks
The historical runup in stock prices, specifically for the tech heavy Nasdaq, started on March 23rd. With the NAS100 index up close to 60% (from $6,584 to $10,616) in less than 3 months. It's not showing any signs of slowing down. In the opinion of QuantifyCrypto, the major reason for this is the flow of capital that would normally be going into bonds is now going into stocks. Yes the Fed stimulus is positive, but can you say the market conditions are actually better for stocks when there is still uncertainty in the future? While some stocks are fundamentally better due to COVID19, this is not true for most stocks. The next chart shows the price movement of the NASDAQ 100 Index for 2020. NAS100 Daily Chart from Trading View
Asset Reallocation to Cryptocurrency – When?
When asked about the current demise of the 60/40 portfolio model, veteran investor Dan Tapiero stated there could be “nothing more bullish for gold and bitcoin,” and that we are in the midst of the “beginning of the end for [government] bonds as a functioning productive asset class. Traditional 60/40 portfolios will need to find a new defensive asset to replace a portion of the 40%.” It seems that other players in the world of finance are saying similar things, hedge fund manager Paul Tudor Jones told CNBC in May that Bitcoin is a “great speculation” and that he has one to two percent of his assets in Bitcoin. Historically, Bitcoin and other cryptocurrencies tend to have higher volatility than stocks. Three days before the Federal Reserve started making its announcements, Bitcoin went down over 50% in a single day. High volatility and a full price recovery continued in April and May, with Bitcoin closing on May 30th at ~$10,440. Until this point, there had been a high correlation between the NASDAQ 100 and Bitcoin as shown in the chart below. NAS100 Daily Chart with Bitcoin (blue line) added Since June 1st, Bitcoin has clearly lagged while stocks have continued their upward climb. While Crypto has been stagnant and down since May, the fundamental picture has never been better:
The Central Bank stimulus response is inflationary to Fiat currencies, this is positive for non-inflationary assets like gold and cryptocurrency.
The lack of new funds moving into bonds is flowing into stocks. When the stock market advance slows or starts to decline, the flow into other assets classes will start to increase.
The full deflationary impact of the Bitcoin halving still has not kicked in.
Corporate adoption and use cases for cryptocurrency is accelerating (Future article).
Before COVID occurred, 2020 was looking like a very strong year for Bitcoin and Altcoins. This price strength is likely to return.
As government bonds continue to trade with yields below 1%, it is safe to say that more and more people will be abandoning the traditional 60/40 strategy. While it’s too early to determine what the new percent strategy will become, with Bitcoin presenting a clear solution to the problems with bonds and the diminishing value of cash, portfolio managers may very well be using cryptocurrency to solve their diversification requirement.
The platform Quantify Crypto provides live cryptocurrency prices, technical analysis, news, heatmaps and more. Our flagship product is the trend algorithm, designed to be on the correct side of significant cryptocurrency price moves. We are a new site, please check us out and let us know what you like and do not like about the site. None of this is meant to be financial advice and I do not have any financial expertise. John Barry worked at the New York Stock Exchange for over 23 years, it was as a developer supporting computer systems, not as a stock trader. Alex Wason is an intern working for Quantify Crypto Full discloser: John Barry owns Bitcoin and has stock positions.
IOTA funds were stolen (3.49Ti ~500k$) on 12th March 2020 after network relaunch [longread]
Hey CC comunity! First of all, sorry for posting it a bit late I have some serious changes in my lifestyle and business due to Coronavirus situation in the world. For those who are infected I wish to get well soon and all the rest to stay safe and to stay home. Here is my short story:On March 12th I made similar but short post regarding my stolen IOTA in the sub IOTA. First of all I met around 50% downvotes, I don’t know why but it seems that IOTA’s community don’t want to see posts regarding stolen IOTA, I got a lot of critics for using Trinity wallet instead of hardware and so on. But I see nothing strange using desktop wallet and it doesn’t matter whether it is IOTA Trinity or Bitcoin QT or Ethereum wallet unless in has strong manually typed password, VPN connection and some other security things. Or maybe IOTA’s community was afraid of unwanted bad attention during that market crash that day. So because of that experience I decided to make a post here at CC. Some short reminder of what happened before my funds got stolen (https://status.iota.org) Some news:https://www.coindesk.com/iota-foundation-suspends-network-probes-fund-theft-in-trinity-wallethttps://cointelegraph.com/news/iota-foundation-investigates-funds-allegedly-stolen-from-trinity-walletshttps://www.theblockcrypto.com/post/55955/iota-foundation-funds-stolen-users-of-trinity-wallet If you don’t want to read that news here are some facts with timestamp: February 12th 2020 - 18:55 As a precaution we ask you to keep your Trinity wallet closed for now. February 12th 2020 - 19:20 After initial investigation we decided to turn off the Coordinator to make sure no further theft can occur until we find out the root cause of these thefts. (Lets say: “blockchain stopped”) February 14th 2020 - 17:50 We have found the exploit. February 15th 2020 - 00:50 After successfully identifying the attack on Trinity through a third-party integration February 17th 2020 - 02:23 We have just released a safe version of Trinity Desktop to allow users to check their balance and transactions. This version (1.4.1) removes the vulnerability announced on 12th February 2020. (I’ve installed this particular version) February 21st 2020 - 18:43 ACTION MAY BE REQUIRED TO PROTECT YOUR TOKENS IN TRINITY. February 24th I left my country for some working trip February 26th 2020 - 13:10 We are currently in the testing phase of the migration tools, once testing completes the tools will be audited by a external party. If this all goes well we are aiming to release these tools later this week. February 29th 2020 - 19:15 The Seed Migration Tool is now available. March 6th 2020 - 15:17 REMINDER: You have until 5PM (UTC), Saturday, 7th March to migrate your seed. I’m still out of the country but I’m pretty sure I’m safe coz I’ve installed 1.4.1 wallet which removes the vulnerability. March 8th 2020 - 18:15 The migration period has ended. I got back to my country March 10th 2020 - 16:45 We are aiming to resume value transactions around 5PM CET today. March 10th 2020 - 18:15 The network coordinator has resumed operation. (Let’s say “blockchain restarted”) Now my turn: My balance by that time (https://imgur.com/EJiB6it) March 10th I’ve decided to send my IOTA to exchange until I buy Hardware wallet and sort it out how it worksTest transaction to exchange 5Gi:JQ9DZPGUFLBJTLDLIKQBWLUBOXJULKIQFSWKNYVFIHETSZJOTGRYEZZELE9BZFVUEBGATEITPDTXXHZVD It took exchange 24 hours to credit it to my balance… March 11thFirst large transaction to the exchange (~23% of my net holdings of IOTA) 1Ti9YGGTHDKARCBVEPWUYURYEAKSKUNITGCGKSCJRXBVKHLBHEXXTNAWOFNPOBGHG9IKCZRABFNBJHVWNZIZ All over again… 24h to credit it to my balance. March 12th I’ve opened my Trinity wallet and found out that money were stolen 3.4TiPOUBLIDSDZSNLKYBHVDAAEGVKGZ9PGKCBKRGUKEKIUQGSEWZNBQCHLLKIAZKEYHJVGJD9GYHT9JJNY9VW screenshot of transaction with stolen IOTA (https://imgur.com/DtXbjOs) All performed transactions (https://imgur.com/M8Qj2jC) Same day I’ve made first post on reddit to get some attention to the happened situation. At the same time I’ve start to search for some technical support through over official telegram groups: iotatangle (https://imgur.com/McmrF3L)I’ve send a message where I’ve stated that my funds were stolen after network relaunch. Got some response from user Basti he invited me to another group with general discussion.screen shot 1 (https://imgur.com/hvDuoQA)screen shot 2 (https://imgur.com/MewdNm5) Our short dialogue continued at the general discussion group iotacafe (https://imgur.com/e9ErcPW) Where Basti introduced me to the IOTA Foundation member Antonio Nardella (https://imgur.com/WxZRk8N) Before I started my conversation with Antonio I decide to get some information about him. I’ve found a Medium post with some welcoming words to Antonio Nardella. (https://imgur.com/KK4zoOv) telegram(https://imgur.com/VquNCpi) medium Seems legit. Of course I couldn't be 100% sure it was him but the information he asked for wasn’t really sensitive so decided to share all I knew and all I did. (https://imgur.com/X3Ha02Q) He also mentioned a wallet integrated service MoonPay, whether I used the wallet with this service or not and it didn’t matter if I used the service it self. I’ve informed him that I used 1.4.1 wallet which was recommended to install on February 17th 2020(https://imgur.com/iZdNcm7) When he gathered all the necessary information regarding loss of funds he took the time for sending this information for investigation team. After a long awaited answer I got the same day this: “Hello, I was informed that the loss of tokens is associated to the person/team responsible for the Trinity wallet attack via a third-party dependency from Moonpay. As suggested on https://status.iota.org/, please file a report with the local police and to cite the following case number when doing so: LKA Berlin, Center for Cybercrime, case number: 200213-1717-i00290.”(https://imgur.com/Gov1v0i) So, reinstalling the wallet didn't help me to avoid the loss of funds. Well if my funds are proved to be stolen then it means - yes, I’ve used the Trinity wallet between the December 17th 2019 and the February 17th 2020. And yes, I wasn’t able to make seed transition during the given period. I was out of the country starting form Feb 24th till March 8th. I can even proove it with my border passing stamps… You know I didn’t use to take 4.5Ti with me just in case I would need an urgent seed transition. Could you imagine thousands of people with their multimillion Bitcoin holdings carrying private keys everyday with them just in case they would need seed transition… The funds were stolen not by my mistake but IOTA developers/foundation/etc (lets say IOTA team) mistake. At the end of my story I want to take your attention to the fact that I didn’t compromise my PC neither wallet nor password nor seed. All my fault was for using the desktop wallet… How can you imagine your user without using your software/services/etc… I want to publicly call IOTA team (especially mr David Sonstebo) to cover not only those which were to happen back in the Feb 2020 but all the loses which were caused by that wallet vulnerability. (https://www.coindesk.com/iota-founder-personally-refunding-hack-losses-to-safeguard-projects-remaining-reserve) Thanks for reading and thanks for your time!
It’s quite clear bitcoincash.org is pushing the ABC narrative and is not representing a fair and unbiased view of the BCH community as a whole. Bitcoincash.org STILL states in a bright yellow banner that ABC 0.21.0 is the ‘only compatible implementation’ for the May 15th upgrade, this is blatantly not true and is intentionally deceptive. Further: the act of removing Freetrader from the bitcoincash.org github repo can only be viewed as nothing but a hostile takeover attempt to control the narrative (Déjà vu anyone?) and I do not see ABC changing their ways any time soon. Who owns bitcoincash.com and are they willing to do the right thing? Edit: Since i made this post bitcoincash.org has now updated its yellow banner to now show ABC 0.21.1 as the 'only compatible implementation' for the May 15th upgrade - this is STILL biased and deceptive because as we all know BitcoinCashNode is also a legitimate compatible implementation and this is being deliberately ignored in order to control the narrative and attempt to maintain ABC's role as 'lead implementation'.
Peer-to-peer cryptocurrency trading data shows digital assets like bitcoin are growing extremely popular in Russia, despite the State Duma’s opinions and regulations aimed at crypto assets. Bitcoin climbed to $8,574 in New York on Friday. The largest cryptocurrency dropped to $7,305 on Wednesday, the lowest in five months. Alt coins also rallied, with Ether jumping 12%, Litcoin Another California prison inmate has died from COVID-19, marking the state's 15th death among prisoners. Elon Musk, Kanye West, others in bitcoin scam. Juvenile killed in shooting, San Jose's “Upgrade your Bitcoin Cash node before May 15th,” the development team wrote. Users can download the latest Bitcoin Unlimited implementation here and the team is offering advice on how to 20/07/2020 Emirati-Backed DeFi Platform Crypto Price Index to Introduce Dow Jones Crypto Equivalent; 16/07/2020 Trending Bitcoin News and Market Sentiment, Weekly Edition July 17th, 2020: Twitter Hack Sends Shockwaves Throughout Crypto Community; 15/07/2020 Catch Emirati-supported Crypto Price Index’s Hotbit Exchange Listing on 15th July 2020; 14/07/2020 HodlHard Announces Bitcoin Satoshis
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