Best TruStories of the Week - #1


#1

Claim: Twitter Crypto Scammers Steal $150K by Posing as Elon Musk

Source: https://www.newsbtc.com/2018/11/06/twitter-crypto-scammers-steal-150k-by-posing-as-elon-musk/

Evidence: https://www.bbc.com/news/technology-46097853

In the source, News BTC links to a BBC report. The direct source, BBC, has several screenshots of the hacked accounts and promotional tweets.


#2

Claim: South Korea to triple its budget for blockchain projects compared to 2018

Sources:

Valid? There is no clear evidence to prove or disprove that Lee Sang Min (South Korean Legislator) said what the articles claim, but I am leaning towards supporting this claim since South Korean writer/journalist Kim Hyun-Ah seems to have been physically present at the legislators’ meeting, and no solid evidence has yet arisen to refute this claim.


#3

Claim: Pundi X partners with Hara for blockchain driven farming in Indonesia

Source: https://www.cryptorecorder.com/2018/11/08/pundi-x-npxs-partners-with-hara-for-blockchain-driven-farming-in-indonesia/

Valid? YES. This claim is supported because both Pundi X and Hara have announced the partnership on each of their websites’ blogs. (I am omitting links to both blogs since new users are limited to 2 links per post. Both announcement can be found on Pundi X’s and Hara’s websites)


#4

Claim: French Finance Commission plans to lower bitcoin capital gains tax

Sources:

Valid? HALF TRUTH. What is true is that “The finance commission adopted an amendment to the 2019 budget bill that would subject sales of crypto-assets like bitcoin to the 30-percent flat rate as well. (reuters)" However, what the original claim does not make clear is that The amendment must be approved in the final version of the budget bill by the broader parliament in order to become law (reuters).


#5

Claim: Bitly Blocks 200 Links From Andreas Antonopoulos’ ‘Mastering Ethereum’

Source: https://bitcoinist.com/bitly-andreas-antonopoulos-mastering-ethereum/

Evidence: https://twitter.com/aantonop/status/1059494387279896576

Not True: As per the evidence above, Andreas himself claims that the story was wrongly published and his tweet was misread by the publisher


#6

Claim : Crypto Wallet Firm Blockchain to Airdrop $125 Million in Stellar

Source : https://www.coindesk.com/wallet-firm-blockchain-to-airdrop-125-million-in-stellar-to-users/

Evidence : https://www.blockchain.com/getcrypto

True : I personally registered using the above link and was waitlisted. Although, I cannot vouch for the certainty of receiving coins, at least the sources points out that the news is true


#7

Claim : MetaMask introduces Privacy Mode

Source : https://www.reddit.com/r/ethtrader/comments/9urokb/introducing_privacy_mode_metamask/

‘‘On any site you visit, MetaMask automatically adds in a small JavaScript object we call an “Ethereum provider.” This allows websites to do things they otherwise couldn’t: propose Ethereum transactions, ask for your signature, query the blockchain, and so on. It’s how dapps get your account balance, or what lets exchanges ask for your tokens’’

Evidence : https://github.com/ethereum/EIPs/blob/master/EIPS/eip-1102.md

True: Indeed there is a security flaw in the infrastructure and Dapps were gaining access to user data without explicit consent.


#8

Claim: Binance has surpassed giants like OKEx and Huobi and others in terms of trading volume, number of active users, web visitors and also API volume.

Source: https://www.coinspeaker.com/binance-first-exchange-rankings-okex-huobi/

Evidence: https://www.blockchaintransparency.org/november-2018-report/


#9

Claim: The Abu Dhabi Securities Exchange (ADX) issues a thought paper sets out its views on a regulatory framework for cryptocurrencies and digital assets.

Source: https://news.bitcoin.com/abu-dhabi-global-market-regulatory-framework-crypto-activities/

Evidence: https://twitter.com/ADX_AE/status/1060012537813614595
Also, in the source, it links to the PDF paper published by Abu Dhabi Global Market.


#10

Claim: Cryptocurrency Mining Malware attempted to steal computing power from St. Francis Xavier University to mine BTC, forcing school in Canada to shut down entire network

Source: https://www.ccn.com/cryptojacking-attack-forces-canadian-university-to-shut-down-entire-network/

Evidence: School System Update Announcement https://www.stfx.ca/about/news/stfx-systems-update-0


#11

Claim: Binance announces collaboration with Chainalysis to build foundational compliance program and eradicate money laundering

Source: https://www.prnewswire.com/news-releases/chainalysis-partners-with-binance-to-tackle-global-cryptocurrency-money-laundering-300732667.html

Evidence: ChainAnalysis press release https://blog.chainalysis.com/reports/chainalysis-binance


#12

Claim: “Cryptocurrencies is mainly used for illicit activities like terrorist funding and child pornography”

Source: https://www.forbes.com/sites/nikitamalik/2018/08/31/how-criminals-and-terrorists-use-cryptocurrency-and-how-to-stop-it/

Discussion: While cryptocurrencies are still used for illicit activities, their use has reduced by two thirds compared to 2015. Adding to this, cash settlements are still the most common way to perform illicit activities, while bank transfers into shell companies follow.

This information can be seen in the Internet Organised Crime Threat Assessment(IOACTA 2018).


#13

Claim: “The BTC market is being manipulated by Wall-street and banks”

Source: https://coincrunch.in/2018/01/23/wallstreet-banks-manipulating-bitcoin-prices-help-mainstream-media-duping-poor-investors-conspiracy-theorist/

Discussion: This is a common assumption you heard across forums and twitters. The counterpart establishes that the BTC market is in a correction and there is no manipulation. However, there is evidence of manipulations. The paper “Is Bitcoin Really Un-Tethered?” [1]. Showed that purchases with Tether are timed following market downturns and result in sizable increases in Bitcoin prices. Adding to this claim, mainstream media have also influenced the price of bitcoin. An example of this is CNBC [2], where a usual bullish tweet was followed by a drop in price, and vice versa.

Evidence:
[1] https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3195066

[2] https://www.tradingview.com/chart/BTCUSD/bwSjuQIC-CNBC-Bitcoin-Indicator-Gives-An-Insane-95-Accuracy-For-Bitcoin/


#14

Claim: “Bitcoin is not secure, you heard all the time in the news that BTC got hacked”

Source: https://twitter.com/cryptocobain/status/760592004829110273

Discussion: This is a big misconception. BTC blockchain has never been hacked before. The hacks you heard on the media are from centralized exchanges. For example, Mt. Gox. As long as you keep your private keys secure your BTC is secure. Taking this example from a Stack Exchange question [1]. It would take 0.65 billion years to break a BTC address. That’s a very conservative estimate for the time taken to break one single Bitcoin address.

Evidence:
[1] https://bitcoin.stackexchange.com/questions/2847/how-long-would-it-take-a-large-computer-to-crack-a-private-key


#15

Claim: “China lifts bitcoin ban; individuals and businesses can now own cryptocurrencies legally”

Source: https://www.btcnn.com/china-lifts-bitcoin-ban-individuals-and-businesses-can-now-own-cryptocurrencies-legally/

Evidence: Case ruling shared by cnLedger on twitter. The claim is likely far too broad as suggested by this reddit comment: “The court system in China is not like Western countries either, so a ruling from one city or province does not make precedent even if a case in Shenzhen says so.”


#16

Claim: “Programmer bought 2 large pizzas for 10,000 bitcoin”

Source: https://www.coindesk.com/he-paid-how-much-coindesk-releases-bitcoin-pizza-day-price-tracker/

Evidence: Said programmer requesting & confirming pizza arrival in original forum thread.


#17

Claim: “Bitcoin price is so high because criminals are using it for illegal trades”

Source: https://www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-price-fall-criminals-blockchain-anonymous-cryptocurrency-zcash-monero-dash-a8174716.html

Evidence: The headline is a bit sensationalized but the author’s evidence is the Sex, Drugs, and Bitcoin paper. This line in particular (assuming it was derived from data cited the paper) supports the claim: “For example, changes in the demand to use bitcoin in illegal trade (e.g., due to law enforcement crackdowns or increased adoption of more opaque cryptocurrencies in illegal trade) are likely to impact its fundamental value”


#18

Claim: “Ripple can achieve a spot price of $1,000.”

Source: https://cryptodaily.co.uk/2018/06/how-far-can-ripple-go-in-2019/

Evidence: For Ripple to achieve a price of $1,000 per XRP, its market capitalization would have to outpace all of global GDP. This is, to put it lightly, highly unlikely in the medium- to long-term.

Citation


#20

Claim: "Bitmain has a vested interest in siding with Bitcoin ABC in the upcoming November 15th hard fork of the Bitcoin Cash network.

Source: https://bcfocus.com/news/bitmain-ceo-slams-craig-wright-over-proposed-bitcoin-cash-hard-fork-tells-him-to-f-off/23342/

Evidence: Bitmain’s billion-dollar position in Bitcoin Cash was revealed by its IPO disclosure - as Bitcoin ABC represents the interests of the largest BCH mining pool, one can assume Wu Jihan of Bitmain will look to preserve the status quo.

Citation


#22

Claim: Monero reduced its transactions fees upon implementing Bulletproofs.

Source: https://www.coindesk.com/monero-fees-fall-to-almost-zero-after-bulletproofs-upgrade/

Evidence: Monero Bulletproofs are able to bundle multiple transactions into singular ranged-based computations, thus allowing for logarithmic, rather than linear, scaling for network transactions.

Citation