Best TruStories of the Week - #7


#69

Claim : The First Cryptocurrency to Use Mimblewimble Privacy Tech Is Now Live

Category : Projects (Beam)

Source : https://www.coindesk.com/the-first-cryptocurrency-to-use-mimblewimble-privacy-tech-is-now-live

Argument/Evidence : Beam is live: https://explorer.beam.mw/blocks First block was created on Jan 3 and after three days live blockchain height is 4412 as of now. More info about the project on their website: https://www.beam.mw/

Status : Confirmed


#70

Claim: AS THE INTERNET has evolved over its 35-year lifespan, control over its most important services has gradually shifted from open source protocols maintained by non-profit communities to proprietary services operated by large tech companies. As a result, billions of people got access to amazing, free technologies. But that shift also created serious problems.

Category: Privacy & Security

Source: https://www.wired.com/story/how-blockchain-can-wrest-the-internet-from-corporations/

Argument/Evidence : Millions of users have had their private data misused or stolen. Creators and businesses that rely on internet platforms are subject to sudden rule changes that take away their audiences and profits.

Status : Confirmed


#71

This claim should now be rejected since the CEO basically tweeted that Fortnite’s foray into crypto was accidental and Monero as a payment option has now been removed. Please find details below:

Claim: Popular online video game Fortnite now accepting Monero (XMR) for payments in its merchandize store

Category: Use Cases

Source: https://www.ccn.com/fortnite-store-accepts-crypto-but-only-monero/

Argument/Evidence:

On January 1st 2019, screenshots posted of Fortnite’s merchandize store on Reddit showed that one of the payment options listed was Monero (via GloBee, a crypto payment provider)

However, on January 5th 2019, Fortnite CEO @TimSweeneyEpic tweeted that the company’s foray into crypto was accidental i.e. it was not the company’s intention to go-live with Monero as a payment option.

Status: Rejected


#72

Wow. I’m on the same page as you @HelloRena. If True, that’s not a good look for Coinbase.


#73

Hi Catherine, I think this is a really interest discussion item. However, based on how the claim is currently phrased, it would be difficult to validate this story in our discourse. In particular, the claim is:

  1. not immediately falsifiable as it predicts an outcome that may or may not take place in the future (e.g., blockchain and cryptocurrencies can do for cloud-based services what open source did for software
  2. ambiguous (e.g., can we explicitly define which characteristics of blockchain and cryptocurrency this claim is referring to, and measure (e.g., via some metric) what these characteristics can achieve for cloud bases software? can we measure what open source services achieved for “software”? Can we compare these two?)

I think it would be good if these specific details could be laid out to ensure the claim can be validated.


#74

Claim: South American countries where people use Localbitcoins saw increasing volume on it throughout 2018 despite the bear market

Category: Bitcoin

Source: https://cryptoiq.co/localbitcoins-volume-analysis-shows-countries-where-fiat-is-hyperinflationary-bitcoin-gaining-traction/

Argument/Evidence:
To analyze this, we can look at volumes data from https://coin.dance/ for Localbitcoins and find one south american country where this is not true. For countries namely Chile, Colombia, Peru and Venezula the graph indicates this is true. For example, Colombia as shown below


Note: Volume is in Bitcoins and not local currency, so that it indicates increase not merely due to currency inflation

However, one country stands out - Brazil which has seen flat or even lower trading volume in 2018.

Status: Rejected


#75

Nice to learn how Ledger could be hacked, thanks!


#76

Claim: Localbitcoins volume analysis shows that Bitcoin is gaining traction in countries undergoing hyperinflation or countries which have enacted severe regulations

Category: Bitcoin

Source:


Argument/Evidence:
Let’s get the definition out of the way. Economists usually follow Cagan’s description that hyperinflation occurs when the monthly inflation rate exceeds 50% according to Wikipedia.

And now take example of Peru which is mentioned in the article. It has seen increasing bitcoin trading volumes on LocalBitcoin

a. Hyperinflation - Inflation in Peru in 2018 has been less than 3% and doesn’t qualify as an hyper inflationary country. Moreover, the author has argued that the Peruvian Sol (PEN) has seen 10 percent inflation relative to the USD during 2018 - which is a measure of relative change in exchange rate. Even though inflation is a factor that affects a country’s exchange rate it is not the sole cause.


Source - https://www.statista.com/statistics/459336/inflation-rate-in-peru/

b. Regulation - According to Spanish language crypto outlet Criptonoticias, Peru does not have a specific regulation for the cryptoactives.

Thus, the increase in bitcoin trading volumes in Peru can neither be attributed to hyperinflation nor regulation.

Status: Rejected


#77

Claim: Kraken law enforcement inquiries increased three-fold in 2018, with a large portion from US agencies.

Category: Regulation

Source: https://cointelegraph.com/news/law-enforcement-inquiries-sent-to-kraken-nearly-tripled-in-2018

Evidence: Kraken tweeted an infographic on Jan. 5th indicating an increase in law enforcement inquiries from global government agencies in 2018 as compared to 2017. This tweet highlighted a large portion of inquiries from American government agencies. image

Status: Claim 1: Unconfirmed, probably true until confirmed by a 3rd party. Claim 2: Unconfirmed, probably true until confirmed by a 3rd party.


#78

Shouldn’t it be the other way around? Wr should confirm only when there is supporting evidence. That is, this story should be “unconfirmed” until a 3rd party confirms it. As, if allowed, companies will create random infographics to support their actions.
How does TruStory want to handle this - @preethi?


#79

Shouldn’t this story be countered by providing an example of a country in hyperinflation where LocalBitcoins volume has not increased? The example of Peru might be an exception, however it does not prove that countries of hyperinflation or regulations aren’t supporting Bitcoin?

Or, through this post you are trying to prove that hyperinflation and regulations are the only 2 reasons that Bitcoin is bought? Isn’t that very specific?


#80

Claim: There is a vulnerability in SegWit causing wallet collisions and stolen funds.

Category: Bitcoin

Source: https://twitter.com/BryceWeiner/status/1081434134264725504

Argument/Evidence:

The original image posted in the original linked tweet (now deleted), was:

The entire premise of this claim is invalid, because the private keys (in #2) are derived from the content of the genesis block, which is known. A public address can easily be derived from a private key. All one has to do is to monitor activity for this public key, and transfer funds to a different address (#4), since the private key is known. Furthermore, #3 is incorrect. The address 164q... has transaction history as shown in https://www.blockchain.com/btc/address/164qRoL9B3oxAZCn2RS6kAFejJQyAEcjaw.

A more in-depth breakdown of this claim can be found at: https://blog.zerononcense.com/2019/01/06/bitcoin-wallets-funds-are-not-at-risk-debunking-the-bryce-weiner-and-andrew-desantis-segwit-theory/.

Status: Rejected


#81

Should I leave out the commentary? I labeled it “unconfirmed” because as you say, there is no supporting evidence other than the infographic. I added the commentary because, based on the article + tweets linked to in the article + the whole conversation coming from that, it’s not unreasonable to assume that the infographic is more or less true, we’ll just need a follow-up to verify. Essentially my educated guess tied along to the “unconfirmed”.


#82

Claim : Every 1 cent increase (or) decrease in the price of cryptocurrency Stellar would add (or) lessen 20 million $ respectively for tech company Stripe on paper between 2014 and 2019.

Category : Projects (Stellar)

Source :

Argument/Evidence :

  • From Stripe’s blogpost : July31, 2014 “A couple of months ago, Stripe contributed $3M to help get the project going. In return, we received 2% of the stellars.”

  • From Stellar’s blogpost : In 2014, SDF received a loan of $3,000,000 from Stripe which was subsequently repaid with 2B lumens

  • 2 Billion lumens * (0.01 $/lumen) = 20 million $

  • There is more info about the agreement from Stellar’s blogpost.

  • I could not find info yet regarding whether Stripe has auctioned any of the Stellars they own.

Status : Confirmed


#83

@ankit @DuncoLE… In the TruStory app, when a story is first created, it’s in an Unconfirmed state. The uses would have the ability to Back the story (with Cred) if they believe it’s true, or Challenge the story (with Cred) it they find falsifying evidence. If the Challenge threshold is met, then the story enters a voting period where the community can collectively decide whether to Confirm or Reject it.


#84

Hi Zareef, Thanks for the feedback. I just updated the claim and evidence from the same article so that the claim is not a prediction.


#85

Here is another article if you would like more evidence: https://hackernoon.com/will-the-cloud-move-to-the-blockchain-6ceabd0ce664


#86

Claim: Total amount of cryptocurrency stolen in 2018 will likely reach $1 billion,

Category: Scams

Source: https://hacked.com/2018-crypto-crash-heres-what-actually-caused-it/

Evidence/Argument:

The argument comes from a CNN article that references a CipherTrace report that mentions that the total amount stolen had passed $927 milion.

When looking at the sources of this theft - it was mainly driven by two major events:

  1. $530 million worth of tokens stolen in Japan from Coincheck
  2. $195 million worth of tokens stolen from BitGrail.

Aside from this - the other sources of theft are the following:

  1. Bithumb - $30 million
  2. Bancor – Exchange/ICO Hack = $23.5 million
  3. Geth - $20 million
  4. Coinrail – $40 million
  5. Bitcoin Gold - $18 million
  6. Zaif - $60 million

Status: Confirmed


#87

Hi @ankit, thanks for the feedback. Just want to elaborate my thinking behind this

  1. I was trying to refute the claim that increase in trading volumes on LocalBitcoins can be either due to hyperinflation or unfavorable regulation. Would you suggest a better way to frame the claim?
  2. Peru is used as an example by the author to prove his claim which is why I used it for my analysis to reject it
  3. After your suggestion, I looked at other hyper-inflationary countries, specifically Argentina. At first look it looks like volume has increased when you look at Argentine Peso

    But that is not accurate since the rise is merely due to the currency being inflated. When you look at volumes in BTC, you can clearly see that volumes have fallen instead

Maybe I can edit the analysis to add this example as well. Thoughts?


#88

Perfect! Sounds good. So, every story will be unconfirmed initially. The ease of finding backing by proofs will define how skewed the story is towards being true or false, I guess.