BitMEX Research FUD

BitMEX’s Research team recently discovered and brought to attention a double-spending attempt on the Bitcoin blockchain, and the result was widespread FUD across the cryptocurrency market.

[1/2] There was a stale Bitcoin block today, at height 666,833. SlushPool has beaten F2Pool in a race.

It appears as if a small double spend of around 0.00062063 BTC ($21) was detectedhttps://t.co/o8lz9xagYG pic.twitter.com/IEdPu8JEjt

— BitMEX Research (@BitMEXResearch) January 20, 2021

Whilst alarming indeed if it had succeeded, the blocks’ confirmation can be easily verified using the associated URL. It is quickly apparent that only one transaction request was confirmed.

This has been a thinly-veiled attempt at spreading Fear, Uncertainty, and Doubt amongst the particularly newly invested crypto participants.

Situations like this happen often as multiple stale, or orphaned blocks are abandoned when conflicting blocks are discovered. It is a fairly common occurrence.

User sent 1st transaction (T1), then sent new transaction (T2) that would replace T1.
2 blocks were found around the same time: B1 and B2. B1 included T1 and B2 included T2. In the end B1 ended up on the winning chain.
So is it really a double-spend? @BitMEXResearch

— hhuey (@hhuey8) January 20, 2021

It is not a double spend, that scenario when 2 blocks are accepted on chain at the same time happens some times, but the solution is when the blocks are getting confirmed several times, in the end the winning chain is accepted and the loosing is dropped

— Gigadig (@Gigadig1) January 21, 2021

Bitcoin utilizes multiple confirmations for each transaction to ensure that the block is properly verified across the vast majority of exchanges and wallets. BitMex uses a one-block confirmation method which assumes that transactions based on the first block confirmation are final, which is not entirely 100% accurate as blocks can be re-organized as further confirmations happen.

Using >=2 block confirmation to validate the transaction would save the recipient from this.

While this was likely a coincidence, this is sort of the reason why 6 block confirmations is commonly required before validating the transaction.

— Veeti Pitkoilija (@veetipitko@bitcoinhackers.org) (@VeetinP) January 20, 2021

This intentional misdirection is absolutely being used for nefarious means as it only takes minimal efforts to verify that the alleged double-spend did not happen, and was not confirmed within the block using https://mempool.space/.

It would be wise to take everything BitMEX Research presents with a healthy dose of salt, and cross-reference the evidence. BitMEX executives have been charged with operating in the United States illegally.

Decentralized Finance (DeFi)

Introduction:

Since 2017, the cryptocurrency market has been evolving and building upon itself. From ICOs, to DAOs, and now DeFi.

DeFi, short for Decentralized Finance, utilizes open-source software and decentralized networks to apply trustless and transparent protocols to traditional financial products, automating them without unnecessary intermediaries. This would allow for anyone with internet access global, open alternatives to every financial service available today, from savings, loans, trading, insurance, and etc.

As of now, DeFi is one of the fastest-growing sectors in crypto; the growth of which is measured with a new metric, “ETH locked in DeFi”.

Source: (https://defipulse.com/)

Announcement:

Starting next week, SynQ will be posting daily blogs, highlighting one particular DeFi project per day, summarizing it’s fundamentals and past 7d performance.

Weekly highlights will now go live on Fridays, and will also include the DeFi projects of the week.

Welcome to SynQ UP in 2020!

During the down-market the team at SynQ has been working to bring the crypto-community a feature-rich, dedicated experience, created explicitly for learning about everything crypto, sharing everything about crypto, and earning actually valuable crypto.

SynQ UP Profiles

Crypto-Twitter is great, however… wouldn’t it be nice if tweets showed up in chronological order and you saw every tweet from everyone you followed? We thought so. SynQ UP Profiles is a chronological, feature-expanded, Twitter-like, timeline experience that adds the ability for you to lock high-value posts behind your own subscription paywall to earn Bitcoin, Ethereum, Litecoin.

• Write posts for your timeline and share them directly to a SynQ UP Group
• Reply in a dedicated, threaded conversation interface
• Add custom-emoji reactions
• Receive user-tips (KlinQ) in Bitcoin, Litecoin, and Ethereum
• Enable “Premium Posts” to show high-value content to your subscribers
• Edit posts after they’ve been published
• Large format TradingView chart integration

SynQ WALLET

Yes, we added a native cryptocurrency wallet, directly integrated with Coinbase, and every user has a SynQ WALLET automatically. Deposit funds from anywhere and withdrawal funds at any time with the dead-simple interface on your desktop, your phone, your tablet… anywhere.

Currently Bitcoin, Ethereum, and Litecoin are supported, and we’ll be expanding this as things progress. Rather than creating an ERC20 cryptocurrency of our own, we chose to give our community the power of actually valuable, high-liquidity, proven, long-standing assets, free from all the elevated risk and speculation of 1UP, STEEM, or any of those other off-brand random coins that no one really needs or values.

• Deposit funds via address or QR code
• Withdrawal funds to any compatible wallet, any time
• Powered by Coinbase
• You control the WALLET completely
• View all your transactions, anytime

Share with reSynQ

Creating posts on SynQ UP is wonderful, trust us, we know. But sometimes, a share is so good it should be spread. reSynQ allows users to link directly to a publicly accessible conversation page complete with comments (for logged in users). Spread your cryptocurrency knowledge from SynQ UP to drive more eyeballs to your subscription-based Timeline, gather more tips, get more engagement, and grow your SynQ UP presence effectively.

• Embed as HTML anywhere
• Share directly to Twitter
• Share directly to LinkedIn
• Share to any public SynQ UP Group
• Copy the post link to send via Email
• Add your own commentary

KlinQ! – Send Tips to Others

Ever see a post on Twitter and make a ton of money trading the charts posted by others? Ever wish you could shoot some gratuity over to a post author for giving you valuable insights into a coin you were interested in? We did too! Yes, you can add your BTC address to your Twitter profile and hope people click from your post, to your profile, copy the address, and send you crypto-coins for your published research content, however – wouldn’t it be easier to just click a button, set a tip amount in USD, select the coin and send a tip? Yes, yes it would:

• Send Bitcoin
• Send Ethereum
• Send Litecoin
• Instant transfer
• SynQ WALLET to SynQ WALLET
• Earn KlinQ!*
• Instant web/app notifications

*KlinQ! will be later used to unlock SynQ UP customization features that we will be releasing at a later time. Earn KlinQ! now to start stock piling for when the KlinQ! Shop opens Q4 2020.

More to come in 2020!

All of these features are currently live and ready for showtime, and as the year progresses, we will be rolling out additional servers globally to enhance the SynQ UP experience for our friends in Europe, Asia, Africa, and Australia. Currently, SynQ UP is available to anyone (except China – due to the SynQ WALLET integration) on iTunes, Android, and here on the web. Go to https://synq.chat now to check it out!

For many of you who have been following the SynQ IO team for a while, you know we are not afraid of change. We understand change is good for not only ourselves, but also for the crypto industry that we make our living in. After almost 18 full months of the “Haruspex Live”, we have decided that it is now time to change how we approach AMAs and podcasts.

Starting today, Wednesday October 9, 2019, we are officially rebranding the “Haruspex Live” to Know Your Crypto. The Know Your Crypto podcast will still be similar to what you’ve seen over the past year and half, but we are keeping what works and getting rid of what doesn’t. This means we will be focusing on guests for almost every single episode. We already have an all star cast lined up, from founders to fund managers to builders to traders and everything in between. In addition to guests, you can expect similar market research topics and market updates, but we want to make it more content driven instead of trading driven. We hope our audience will appreciate the mix of content, ideas, and guests.

For those who love our trading analysis, you need not fret. We will still lightly touch on these topics during the Know Your Crypto podcast, but to make sure we still please all of our audience we will be releasing trading videos and market updates at least twice a week from here on out. You can expect Dave and/or Nick to give you an update on trends we see for the top cryptocurrencies, what SynQ is saying about the markets, and other helpful informational tidbits like where market makers have buys/sells set and volume information.

Finally, we want to extend a huge THANK YOU to everyone who has followed us from the CryptoSyndicate days to the current SynQ IO days. You are the reason we love to share content, ideas, and thoughts in the market. We hope you enjoy the new podcast, and if you ever have feedback or suggestion for a topic or guest please email us at info@synq.tech!

You can catch the live Know Your Crypto show on our Facebook, Youtube, and Twitter!

SynQ’s accuracy is over 75% accurate, on average, for all of the projections we’ve published. To back this claim up, we figured we needed to be more transparent in supplying data for our projections. After extensive feedback from our users, we have decided to be even more transparent with how we report our accuracies and historical data.

We’d like to present to you our newest creations: Projection History and Accuracy Status. These data feeds will be featured on each coin’s “Coin Detail Page” right after the Social Influence data feed.

(BTC Projection History and Accuracy Status)

Projection History

(BTC Projection History – Sept 17, 2019)

This chart displays all of a coin’s published projections going back for a full 7 days, and will be updated each day at 12am UTC-0. The goal of this is to increase transparency into published projections so that users can feel more comfortable using SynQ and back track a coin’s accuracy over a 7 day period

Accuracy Status

(BTC Accuracy Status – Sept 17, 2019)

This gauge shows the average 7 day accuracy of a specific coin. This gauge is a summary of all of the projections featured in Projection History and updates every day at 12am UTC-O.

Goals and Next Steps

As always, our goal is to provide better transparency for our consumers and the market. We want users to feel comfortable with and trust SynQ. This the first step in that process.

Soon, we will be featuring weekly data dumps and overall accuracy across SynQ on our homepage at synq.tech. Featuring this much data will allow everyone to see just how powerful SynQ is week over week.

Keep a lookout on our blog and our website for more updates!

The team at SynQ has been dedicated to market analysis from not only the fundamental and technical side, but also the business intelligence side of the cryptocurrency universe.

Welcome to SynQ I/O, the official rebirth of the now defunct CryptoSyndicate group. While CryptoSyndicate was a well-regarded report publication business, SynQ has allowed us to focus on knowledge sharing at scale, focusing on quality projects, and cryptocurrency forecasting created from consumer trend analysis and the attention economy.  To be honest, this is something we never planned on being our “full time jobs”, rather it was fun, new, interesting and what we enjoyed.

As David Bowie once said, “Turn and face the strange”. With SynQ I/O, we are turning a way from a part-time busness to a full fledged company with more focus on content creation and sharing of our knowledge the entire crypto/blockchain markets.  SynQ I/O will be publishing more video content, including HARUSPEX episodes weekly to Facebook, YouTube, and Periscope. Daily market overviews to Instagram, Facebook and Twitter, as well as a revitalized SynQ UP community are all here, available for free, to all interested to come learn and discuss the happenings of Bitcoin, Ethereum, Ripple, and all other projects.

Our first series, Corruption Crypto and Cartels will be published soon, in series, to the official SynQ I/O blog, and will be syndicated accordingly to Facebook. Be on the look out for opinion pieces, fundamental analysis breakdowns, consumer interest reports, consumer adoption metrics, infographics and more from all of us at the SynQ I/O team.

Thank you all for being part of our journey thus far, and we look forward to bringing even more success to everyone.

“We are just getting started”