Disclaimer: I am not and have never been affiliated with any of the mentioned parties in a private or professional matter. Presumably in an attempt to smear a local competitor, Hayden Otto inadvertently publishes irrefutable on-chain proof that he excluded non-BCH retail revenue to shape the "BCH #1 in Australia" narrative.
Scroll down to "Proof of exclusion" if you are tired of the drama recap.
Scroll down to "TLDR" if you want a summary.
In September 2019, BitcoinBCH.com started publishing so called monthly "reports" about crypto retail payments in Australia. They claimed that ~90% of Australia's crypto retail revenue is processed via their own HULA system and that ~92% of all crypto retail revenue happens in BCH. They are aggregating two data sources to come up with this claim. One is TravelByBit (TBB) who publishes their PoS transactions (BTC, LN, ETH, BNB, DASH, BCH) live on a ticker. The other source is HULA, a newly introduced POS system (BCH only) and direct competitor to TBB run by BitcoinBCH.com - the same company who created the report. Despite being on-chain their transactions are private, not published and not verifiable by third parties outside BitcoinBCH.com Two things stood out in the "reports", noted by multiple users (including vocal BCH proponents):
The non-BCH parts must have tx excluded and the report neglects to mention it (the total in their TBB analysis does not match what is reported on the TBB website.)
The BCH part has outliers included (e.g. BCH city conference in September with 35x the daily average)
Hayden Otto's reaction
In direct response to me publishing these findings on btc, Hayden Otto - an employee at BitcoinBCH.com and the author of the report who also happens to be a moderator of /BitcoinCash - banned me immediately from said sub (source). In subsequent discussion (which repeated for every monthly "report" which was flawed in the same ways as described above), Hayden responded using the same tactics: "No data was removed"
"The guy is straight out lying. There is guaranteed no missing tx as the data was collected directly from the source." (source)
"Only data I considered non-retail was removed"
"I also had these data points and went through them to remove non-retail transactions, on both TravelbyBit and HULA." (source)
He admits to have removed non-BCH tx by "Game Ranger" because he considers them non-retail (source). He also implies they might be involved in money laundering and that TBB might fail their AML obligations in processing Game Ranger's transactions (source). The report does not mention any data being excluded at all and he still fails to explain why several businesses that are clearly retail (e.g. restaurants, cafes, markets) had tx excluded (source). "You are too late to prove I altered the data"
"[...] I recorded [the data] manually from https://travelbybit.com/stats/ over the month of September. The website only shows transactions from the last 7 days and then they disappear. No way for anyone to access stats beyond that." (source)
Proof of exclusion
I published raw data as extracted from the TBB site after each report for comparison. Hayden responded that I made those numbers up and that I was pulling numbers out of my ass. Since he was under the impression that
"The website only shows transactions from the last 7 days and then they disappear. No way for anyone to access stats beyond that." (source)
he felt confident to claim that I would be
unable to provide a source for the [missing] data and/or prove that that data was not already included in the report. (source)
Luckily for us Hayden Otto seems to dislike his competitor TravelByBit so much that he attempted to reframe Bitcoin's RBF feature as a vulnerability specific to TBB PoS system (source). While doublespending a merchant using the TBB PoS he wanted to prove that the merchant successfully registered the purchase as complete and thus exposed that the PoS sales history of TBB's merchants are available to the public (source), in his own words:
"You can literally access it from a public URL in the Web browser. There is no login or anything required, just type in the name of the merchant." (source)
As of yet it is unclear if this is intentional by TBB or if Hayden Ottos followed the rules of responsible disclosure before publishing this kind of data leak. As it happens, those sale histories do not only include the merchant and time of purchases, they even include the address the funds were sent to (in case of on-chain payments). This gives us an easy method to prove that the purchases from the TBB website missing in the reports belong to a specific retail business and actually happened - something that is impossible to prove for the alleged HULA txs. In order to make it easier for you to verify it yourself, we'll focus on a single day in the dataset, September 17th, 2019 as an example:
Hayden Otto's report claims 20 tx and $713.00 in total for that day (source)
The TBB website listed 40 tx and a total of $1032.90 (daily summary)
Paste the associated crypto on-chain address 17MrHiRcKzCyuKPtvtn7iZhAZxydX8raU9 in a blockchain explorer of your choice, e.g like this. This proves that a transfer of funds has actually happened.
I let software aggregate the TBB statistics with the public sale histories and you'll find at the bottom of this post a table with the on-chain addresses conveniently linked to blockchain explorers for our example date. The total of all 40 tx is $1032.90 instead of the $713.00 reported by Hayden. 17 tx of those have a corresponding on-chain address and thus have undeniable proof of $758.10. Of the remaining 23, 22 are on Lightning and one had no merchant history available. This is just for a single day, here is a comparison for the whole month.
TBB wo. Game Ranger
TBB according to Hayden
The usual shills will respond in a predictive manner: The data must be fake even though its proof is on-chain, I would need to provide more data but HULA can be trusted without any proof, if you include outliers BCH comes out ahead, yada, yada. But this is not important. I am not here to convince them and this post doesn't aim to. The tx numbers we are talking about are less than 0.005% of Bitcoin's global volume. If you can increase adoption in your area by 100% by just buying 2 coffees more per day you get a rough idea about how irrelevant the numbers are in comparison. What is relevant though and what this post aims to highlight is that BitcoinBCH.com and the media outlets around news.bitcoin.com flooding you with the BCH #1 narrative are playing dirty. They feel justified because they feel that Bitcoin/Core/Blockstream is playing dirty as well. I am not here to judge that but you as a reader of this sub should be aware that this is happening and that you are the target. When BitcoinBCH.com excludes $1,000 Bitcoin tx because of high value but includes $15,000 BCH tx because they are made by "professionals", you should be sceptical. When BitcoinBCH.com excludes game developers, travel businesses or craftsmen accepting Bitcoin because they don't have a physical store but include a lawyer practice accepting BCH, you should be sceptical. When BitcoinBCH.com excludes restaurants, bars and supermarkets accepting Bitcoin and when pressed reiterate that they excluded non-retail businesses without ever explaning why a restaurant shouldn't be considered reatil, you should be sceptical. When BitcoinBCH.com claims the reports have been audited but omit that the data acquisition was not part of the audit, you should be sceptical. I expect that BitcoinBCH.com will stop removing transactions from TBB for their reports now that it has been shown that their exclusion can be provably uncovered. I also expect that HULA's BCH numbers will rise accordingly to maintain a similar difference. Hayden Otto assumed that nobody could cross-check the TBB data. He was wrong. Nobody will be able to disprove his claims when HULA's BCH numbers rise as he continues to refuse their release. You should treat his claims accordingly. As usual, do your own research and draw your own conclusion. Sorry for the long read.
BitcoinBCH.com claimed no transactions were removed from the TBB dataset in their BCH #1 reports and that is impossible to prove the opposite.
Hayden Otto's reveals in a double spend attempt that a TBB merchant's sale history can be accessed publicly including the merchant's on-chain addresses.
(For example,) this table shows 40 tx listed on the TBB site on Sep 17th, including their on-chain addresses where applicable. The BitcoinBCH.com report lists only 20 tx for the same day.
(Most days and every months so far has had BTC transactions excluded.)
(For September, TBB lists $10,502 yet the report only claims $3,737.
11-18 22:43 - 'List of bitcoin person-to-person (P2P) Exchanges (e.g., Bisq, HodlHodl, LocalCoinSwap, etc.)' (self.Bitcoin) by /u/cointastical removed from /r/Bitcoin within 2807-2817min
''' Following is a list of P2P exchanges for trading Bitcoin. Common payment methods include bank transfer, cash deposited in the seller's bank account, in-person cash (face-to-face) trades as well as payment networks such as Zelle, Alipay, even Cash App and PayPal, for example. Any that I am missing?
[HodlHodl]2 (💵, [⚡]3 ) [NO KYC] <-- Not available in the U.S.
[LocalCoinSwap]4 (💵) [OPTIONAL KYC (i.e., your listing, your terms)]
[Local Lightning]5 (💵, [⚡]3 ) [NO KYC]
[AgoraDesk]7 (💵) [NO KYC]
[Counter.Network]8 (💵) [OPTIONAL KYC]
[Wall Of Coins]9 (💵) [NO KYC]
[Payfair]10 (💵) [NO KYC]
[BuyCrypto.Today]11 [NO KYC]
[BitQuick]12 [NO KYC (when trx amount is under $400)]
[Remitano]13 [NO KYC for Seller (only Buyer must KYC)]
[Totalcoin]14 mobile app [NO KYC (other than phone number verification)]
Mycelium [Local Trader]15 mobile app [[Map]16 ] (💵) [NO KYC]
CryptoMap.me (💵) [NO KYC] <-- Reddit does not permit any link to CryptoMap
[LocalBitcoins]17 [KYC] <-- No more in-person, cash trading
Paxful.com (💵) [KYC] <-- Reddit does not permit any link to Paxful
[Cash4Cash]28 <-- Take seriously the risks and recommendations in the [General Information]29 PSA
[GiftCardExchange]30 <-- Take seriously the risks and recommendations in the [GSX Safe Trading Guide]31
[BitMarket]32 <-- Take seriously the risks and recommendations in the [GSX Safe Trading Guide]31
[BitHalo]34 software [NO KYC]
[OpenBazaar]35 (💵) [NO KYC]
Altcoin-only P2P Trading exchanges
[LocalEthereum]37 (💵) [NO KYC]
[Dether]38 (💵) [NO KYC]
[Local BCash]39 (💵) [NO KYC]
[Ethfinex Trustless OTC]40
AggregatoSearch and Helper Sites
[ExchangeRates.Pro]44 Real-time price comparison
Note: If you use one of the above P2P OTC trade "matchmaking" services, please [trade with caution]45 and do your own due diligence. This list does not include exchanges not in English (e.g., [58Coin]46 ), deserted or defunct marketplaces (e.g., Cancoin), not-yet launched (e.g., [OTCBoss]47 , [Zismo.io]48 ), ones that operate only through [dark markets]49 , or online-only [DEX/decentralized exchanges]50 ([another list of DEXes]51 ). Also, there are a number of variants that I didn't list:
Physical stores (e.g., BitKonan's [Bitcoin Store]52 Split and Zagreb, Croatia, [House of Nakamoto]53 Vienna, Austria, and [IBEX / BuyBitcoin.London]54 London, U.K., [Luxolo]55 (💵) Portland, Oregon, [Yap.cx]56 (💵) Montreal, Canada, & [Bitcoin Dealers]57 (💵) Melbourne, Adelaide, & Sydney, Australia), and Trading spaces (e.g., [Crypto Plug]58 Inglewood, CA)
Gift card exchanges (e.g., [CardCoins]73 for paying with a non-reloadable, prepaid GIFT card (VISA/Mastercard/AMEX/Discover), [CryptoVoucher.io]68 for paying with gift cards for numerous brands, and [BitOf]75 for paying with Amazon UK gift cards)
04-16 11:34 - '[link] / [quote][quote][quote][quote][quote][quote][quote][quote][quote][quote][quote][quote][quote][quote][quote][quote][quote][quote][quote][quote][quote][quote][quote][quote][quote][quote][quote][quote][quote][quote][q...' by /u/simplelifestyle removed from /r/Bitcoin within 0-5min
P2P exchanges for trading Bitcoin either in-person/face-to-face trading or online methods with fiat/bank/etc. Any that I am missing?
[Bisq]1 client [NO KYC]
[HodlHodl]2 [NO KYC]
[LocalCoinSwap]3 [OPT-IN KYC (i.e., your listing, your terms)]
[Local Lightning]4 [NO KYC]5 )
[Moontrade]6 [NO KYC]
[Wall Of Coins]7 [NO KYC]
[Payfair]8 [NO KYC]
[BitQuick]9 [NO KYC (when trx amount is under $400)]
[Remitano]10 [NO KYC for Seller (only Buyer must KYC)]
[Koinex Loop]16 [KYC]
[Totalcoin]23 mobile app [NO KYC (other than phone number verification)]
Mycelium [Local Trader]24 mobile app [[Map]25 ] [NO KYC]
Note: If you use one of the above P2P OTC trade "matchmaking" services, please [trade with caution]27 and do your own due diligence. This list does not include non-Bitcoin P2P exchanges (e.g., [LocalEthereum]28 [NO KYC], [LocalMonero]29 , [Local BCash]30 [NO KYC], or [Hubi]31 ), exchanges not in English (e.g., [58Coin]32 ), deserted or defunct marketplaces (e.g., Cancoin), not-yet launched (e.g., [OTCBoss]33 ), ones that operate only through [dark markets]34 , or online-only [DEX/decentralized exchanges]35 . Also, there are a number of variants that I didn't list:
Cryptocurrencies in the green as group made up of major global banks, trading firms, and an energy company announce blockchain commodity trading joint venture
According to a crypto jacking report by Cyber Threat Alliance, cryptocurrency mining malware detection is up 459% in 2018. An article by Bloomberg attributes the rise in malware detection to infamous global cyberattacks like WannaCry and NotPetya, which utilized stolen code from the US National Security Agency.
According to the, “Virtual Markets Integrity Initiative Report” published by the Office of the New York State Attorney General (OAG) on Tuesday, roughly 20% of crypto trades made on Coinbase are made by the exchange itself. The OAG’s report was the result of a detailed questionnaire sent to 13 major US crypto exchanges. This practice, known as proprietary trading, is used to increase liquidity on a platform but alters trading volumes.
Binance founder and CEO, Zhao Changpeng, ended the first day of CoinDesk’s Consensus Singapore event with a fireside chat where he laid out intentions for the crypto exchange to launch fiat-to-crypto platforms on almost every continent. While this is a long-term plan, Changpeng added that by this time next year, he hopes to launch between five and ten fiat-to-crypto exchanges, ideally with two per continent.
A group made up of major global banks, trading firms, and a leading energy company announced today that they have launched a joint venture to build out a new blockchain platform for the financing and trading of commodities. Some of the members of this Swiss-based venture include BNP Paribas, Citi, Credit Agricole, Koch Supply and Trading, Macquarie, and Societe Generale. The venture, dubbed komgo SA, is being developed in partnership with Ethereum-focused solutions group ConsenSys.
Ethereum-based internet browser, Brave, is already beginning to be considered as an alternative to web browsing giants like Chrome and Safari, according to a report by CCN. Brave maintains user counts of over 3 million with over 18,000 content creators on the browser – 13,500 of which are content creators on YouTube and Twitch.
Notable crypto exchange, Huobi, announced in a press release Wednesday that it has joined Russia’s VEB Innovation Fund. The main goal of this new partnership is for Huobi to relay its experiences with crypto regulation so Russian regulators can apply it while building regulatory framework for digital assets. Huobi spokesperson, Andrey Grachev, added that Hubi has intended to enter the Russian market since April.
R3’s Chief Technology Officer, Richard Gendal Brown, and Lead Platform Engineer, Mike Hearn, believe that a blockchain day of reckoning is near. In an interview with CoinDesk, the two described that the blockchain industry is due for consolidation as there is only room for a small number of platforms.
Top ten US bank, PNC, will begin using RippleNet to process international payments to its customers. Reported by Reuters, PNC’s Treasury Management unit will utilize Ripple’s xCurrent blockchain platform to speed up overseas transactions by US clients. Senior Vice President of Product Management at Ripple, Asheesh Birla, believes banks using xCurrent is the first step in large scale adoption of Ripple products.
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