Emerging Markets

South Africa Leads Crypto Revolution in Africa – Challenges Spur and Slow Adoption

22/05/2020 by Idelto Editor

Africans rank atop global cryptocurrency ownership rates, according to a new report by Arcade Research. South Africa ranks third globally with 13% of its internet users owning or using cryptocurrencies, while 11% of connected Nigerians own cryptocurrencies in the fifth-placed populous West African country.

Uganda, Nigeria, South Africa, Kenya, and Ghana are listed in the report among the top 10 countries where “cryptocurrency” is most searched on Google. Economic challenges work both ways, as the digital divide slows the adoption of cryptocurrency while high financial fees make virtual currencies an attractive alternative.

Africa also has some of the world’s most inflationary economies where fiscal indiscipline and controversial monetary policies sometimes erode citizens’ savings overnight. Apart from governments’ heavy hand, external factors such as sanctions and conflict also threaten savings, making cryptocurrency a less exposed investment.

Sub-Saharan Africa records $48 billion remittances annually but transaction fees go as high as 9%, while some mobile payment transfer services charge around 11%. Cryptocurrency use is also a way to undercut the disadvantages of centralization while eliminating high remittances cost.

Arcane Research notes lack of infrastructures such as crypto mining operations, supporting merchants, smartphone penetration, and internet connectivity as slowing the uptake of cryptocurrencies. With rural-majority populations in some countries, significant swaths of the continent are not electrified, limiting the reach of bitcoin and other digital assets. .

According to the report, lack of policy clarity, with close to 60% of African governments yet to announce their positions on cryptocurrencies, slows down adoption.

“Africa is one of, if not the most promising region for the adoption of cryptocurrencies,” said the report.

“This is due to its unique combination of economic and demographic trends. While the overall adoption is relatively low, the potential is enormous, the growth is rapid, and the development is likely to become defining for the cryptocurrency industry going forward,” it added.

What do you think about cryptocurrency adoption in Africa? Let us know in the comments section below.

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Darknet Vendors Work Overtime as Police Halt Drug Arrests

19/03/2020 by Idelto Editor

The coronavirus is having a strange effect on the war on drugs. Narcotics activities that were deemed serious crimes only a week ago have been dropped by U.S. law enforcement, who have greater concerns now that cities are under effective lockdown. Meanwhile, darknet vendors are doing their best to match increased demand for mail order drugs, with one seller raising their maximum order size to accommodate bulk buyers.

Also read: Darknet Markets Keep Shipping as Shoppers Shun the Streets

The War on Drugs Takes a Hiatus

Starting on March 17, Philadelphia police have stopped making arrests for all narcotics offenses. Coronavirus concerns have forced them to focus on more important matters, leaving the city’s recreational drug users and sellers to please themselves. Other crimes to have been deemed inconsequential in these straitened times are theft from persons, retail theft, theft from auto, burglary, vandalism, bench warrants, stolen autos, and economic crimes such as passing bad checks, fraud, and prostitution. That’s the view of Philadelphia cops, and it’s one that other U.S. cities seem to share; New York may start freeing jailed suspects.

While an unofficial truce on drugs was being called in Philly, on the darknet, it’s been business as usual. Vendors have been tirelessly shipping packages – mostly recreational drugs – to a housebound population, some of whom are living under state-imposed lockdown.

“We still ship once a day and we pack under strictest hygiene standards … All our employees are tested negative for Corona,” claims one vendor on the monero-friendly White House Market. “Due to the [coronavirus] situation we have lifted the limit of 20g per day per customer. Every customer can order as many [marijuana packages] as he needs.”

Health Guidelines Advise Drug Users to Stockpile

During a remarkable week for the recreational drug industry, Yale published a harm reduction guide for substance users who encounter COVID-19. After advising on which regulated drugs are likely to exacerbate coronavirus effects (crack and meth), the guide urges users of all recreational drugs:

If you have money and are able, stock up on your drug(s) of choice before things deteriorate. Avoid bingeing on drugs that you are stockpiling so you have access to a supply. Try to buy from people you trust and have as many ways to contact dealers in your area as possible.

Darknet buyers have needed no encouragement to load up: most DNMs have reported increased demand, while overworked postal services have caused deliveries to be delayed. As a result, White House Market has asked vendors to consider extending the time before orders auto finalize and funds are released.

Vendors Address the Corona Question

The coronavirus is everywhere right now, in meatspace and on the web, where it permeates Telegram groups, seeps through Twitter, colors the markets, and prompts darknet vendors to revise their listings. As news.Bitcoin.com reported last week, some DNM sellers have been capitalizing on the coronavirus through hiking prices, with one blaming Chinese precursor supply shortages for rising costs. Numerous vendors have taken efforts to convince customers that their drugs are packaged in a sanitary environment.

“We [will] compensate for this crazy time worldwide,” writes one vendor. “Coronavirus and the bitcoin drop compensation,” they explain before offering a global deal on 300 grams of 72% pure speed. They also assure shoppers that they always wear gloves when packaging items, to assuage corona fears. Another DNM vendor on Empire Market has claimed that “ecstasy is for partying and Molly is for quarantining,” adding that “Molly is a great time when trying to chill at home because unlike the party feel you get from ecstasy, Molly gives a relaxing euphoria,” before proceeding to shill their wares.

As for order delays, one Dread user insists that “Coronavirus [is] causing short staffing across the country, legitimate packages are taking longer atm, this ain’t DNM related.” There is evidence, however, that U.S. authorities are applying extra scrutiny to international packages arriving on account of coronavirus. “Our sources are usually incredibly reliable, but this month we have had a few very large packs disappear,” confesses one vendor. “Our theory is coronavirus.”

Do you think darknet sales will replace street sales if the coronavirus pandemic gets worse? Do you think police are right to stop arresting drug offenders? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Images courtesy of Shutterstock.

Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry.

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Relm Launches Insurance Coverage for Cryptocurrency and Cannabis Groups in Tough Regulatory Climate

04/03/2020 by Idelto Editor

Bermuda-based insurance company Relm has announced an official launch of operations, issuing a press statement March 3, stating the group will “focus on digital asset (cryptocurrency) enterprises and cannabis and hemp related businesses.” The business, owned by Deltec International Group, a Nassau private financial services provider founded in 1959, currently offers five basic products for insuring digital asset and marijuana businesses. With the cannabis and crypto industries often struggling in the current climate to attain favorable treatment from banks and regulators, it seems Relm has its work cut out for it.

Also read: Cannabis Buzz Harshed by Regulations, Cash Shortage While Cryptocurrency Is Ready to Light Up

Underwriting Crypto and Cannabis Companies

In a March 3 press release from London, Relm states they “will service the insurance needs of business sectors which are new to the economy but are likely to become significant economic drivers over time. In the first instance, it will focus on digital asset (cryptocurrency) enterprises and cannabis and hemp related businesses.”

This includes underwriting for crypto custodians and service providers, as well as other products. The release details five main, initial services: Tailored Digital Asset Custody (DAC) insurance, directors and officers’ liability, miscellaneous professional liability, cybercrime coverage, and commercial crime coverage.

Notably, the directors and officers’ liability also purports to include a “private company product with coverage for token issuances.” Though Relm seeks to provide more services in the future, these five products are the current offering for businesses in the cannabis and crypto industries.

Relm CEO Joe Ziolkowski stated in the release:

Our focus is on providing insurance coverage to solid companies in emerging business sectors. We truly understand how challenging it can be to get affordable cover and great business support … We’re thrilled to be a disrupter in the insurance industry through our bespoke insurance solutions that support innovators in digital assets and the cannabis and hemp industries.

An Emerging Insurance Market for Emerging Sectors Struggling With Regulation

Relm is not alone in seeking to cover digital assets for clients. Insurance behemoth Lloyd’s of London recently announced the launch of a policy in conjunction with custodian Coincover, “with a dynamic limit that increases or decreases in line with the price changes of crypto assets.”

We’re delighted to announce that Lloyd’s has launched a new insurance policy to protect cryptocurrency held in online wallets against theft or other malicious hacks. This first of its kind policy was created by @AtriumUw with @Coincoverglobal Read more: https://t.co/6FHhl47NKx

— Lloyd’s (@LloydsofLondon) March 2, 2020

Still, the battle for fair insurance in the cannabis and crypto sectors is decidedly uphill. A convoluted mess of laws in the U.S., which find federal legislation tangled with state legalization, has cannabis businesses ever unsure if they will be able to keep their doors open. While the so-called war on drugs currently imprisons even non-violent marijuana users, an anti-drug, anti-cannabis narrative is being used to smear the image of crypto as well.

Anti-money laundering legislation being increasingly implemented and enforced worldwide, cryptocurrency’s connection to illegal drug markets has been a recurring narrative of regulators. It’s in this climate that groups like Relm seek to disrupt the status quo, but the challenge won’t be easy. Especially when even proponents of cryptocurrencies and cannabis are becoming skeptical of any relatively large company promising to be a friend.

Nonetheless, groups offering solutions for the red-tape-embattled cannabis and crypto industries continue to emerge. “More importantly, we’re in a position to support the growth of these industries and are working closely with brokers and businessowners to arrive at optimal solutions,” says Ziolkowski. Time will tell if these solutions can cut through some of the red tape choking development in two markets that stand to benefit humanity immensely, if they can be set free.

Do you think Relm will be able to disrupt the insurance industry for crypto and cannabis? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Images courtesy of Shutterstock, fair use.

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Eastern Europe Sees More Fiat Options for Trading Crypto

12/01/2020 by Idelto Editor

Eastern Europe Sees More Options to Trade Crypto in Local Fiat

The countries of Central and Eastern Europe, a diverse region sometimes referred to as the ‘Second World,’ are at different stages of their economic development and political integration with the EU or other supranational organizations. Having less established traditional sectors, looser regulations and weaker associations creates better conditions for new industries to develop there. Along with local crypto exchanges, global trading platforms have been turning their attention to Eastern Europe, catering to the needs of its population by introducing new options to buy and sell coins with local fiat currencies.

Also read: Utorg Exchange Grants Access to Traders With Limited Verification

Crypto Platforms Targeting Eastern European Traders

The crypto space in the region has been expanding in the last few years with more ICO projects originating from Moscow than Silicon Valley at one point during the token sale boom, with over 900 crypto companies licensed in Estonia, and fivefold as many Turks than Germans owning digital coins. Crypto trading has been flourishing as well with numerous local platforms and established players now offering Eastern Europeans easy access to crypto markets. Having the opportunity to buy and sell cryptocurrencies using local fiat money and popular payment methods is undoubtedly convenient.

A leading trading platform in the area is Exmo. The crypto exchange advertises itself as the largest in Eastern Europe. Its website is accessible in a number of languages spoken in the region, including Russian, Ukrainian, Romanian, and Turkish. Exmo offers residents of these and other countries trading pairs with many leading cryptocurrencies such as BTC, BCH, ETH, LTC, and local fiat currencies like the euro, Russian ruble, Ukrainian hryvnia, Polish zloty, and Turkish lira. It supports popular payment methods including major credit cards, SEPA transfers, and payment processors such as Advcash, Yandex Money, Qiwi, and Payeer.

Currency.com puts another fiat option on the table. Since the exchange is based in Belarus, one of Europe’s crypto-friendly nations, it allows users to trade major cryptocurrencies with Belarusian rubles, beside Russian rubles, U.S. dollars and euros. Currency Com Bel LLC, the entity that owns the platform, is authorized to provide exchange services under the presidential decree “On the development of the digital economy,” which entered into force in March 2018. Crypto platform operators are registered residents of the High Technologies Park in Minsk.

New platforms are also entering the region’s market, such as Utorg which is another U.K.-headquartered crypto exchange targeting Eastern Europe. It was founded last year and its users can currently trade several leading cryptos, stablecoins and tokens with three fiat currencies, the Russian ruble, Ukrainian hryvnia and U.S. dollar. The exchange supports payments via a wide range of service providers available in the region. Traders can use ordinary bank transfers, major bank cards such as Visa and Mastercard as well as Russian Mir cards, and also payment processors like Qiwi, Yandex Money, Webmoney, Advcash, Payeer, and Capitalist.

For those Eastern European countries that are not part of the European Union, like the Russian Federation, Ukraine and other neighboring former Soviet nations, multiple alternatives exist. A website called Bestchange.ru lists a number of options to buy and sell cryptocurrencies using payment methods based on local fiat currencies. All you need to do is choose a cryptocurrency you want to purchase or trade and a preferred payment processor. Bestchange will then link you to dozens of platforms, including small online exchangers, which support the desired transaction.

Global Exchanges Turn to Eastern European Markets

Eastern Europe has gradually attracted interest from global players in the digital asset trading business. Singapore-based Huobi, for example, accepts Russian rubles through regular bank transfers since December. The deposit transactions are processed via Infinbank, a financial institution based in Uzbekistan where HBRU CIS, the entity running Huobi Russia, has managed to secure approval from the country’s authorities. The Central Asian republic legalized crypto trading and introduced a licensing regime for exchanges in 2018.

Binance, the world’s leading crypto exchange, also supports purchases and sales of cryptocurrency using the Russian ruble (RUB). Rubles can be deposited and withdrawn through Advcash using the payment processor’s wallet or linked bank cards. The platform recently added several other fiat gateways for the region’s residents: Czech koruna (CZK), Bulgarian lev (BGN), Romanian leu (RON), and Polish zloty (PLN). Users of these currencies can now bind their Visa cards and purchase cryptos like BTC, ETH, XRP, and the platform’s own token, BNB.

The Binance move and the expansion of exchange services tailored to meet the needs of Eastern Europeans in general represent another indication of the region’s growing importance in the crypto space. Besides established trading venues that provide traditional intermediary and custodial services, peer-to-peer exchange remains a viable and globally accessible option as well, thanks to platforms such as local.Bitcoin.com. The P2P exchange allows users to buy and sell bitcoin cash (BCH) in a non-custodial manner and they are free to create trades with any payment method.

What other crypto exchanges targeting markets in Eastern Europe do you know of? Tell us in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any third party products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Images courtesy of Shutterstock, Exmo, Currency.com, Huobi.

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How Dropgangs and Dead Drops Are Transforming Darknet Practices

09/01/2020 by Idelto Editor

Since the creation of the Silk Road, authorities have waged a war against the online drug trade with a wave of surveillance and enforcement. However, crypto-anarchists are developing new ways to evade the state’s tentacles as the next technological phase started to emerge in late 2017. On Monday, the Cypherpunk Bitstream podcast discussed the evolution of darknet markets as new ideas like dropgangs and dead drops proliferate into the next decade.

Also read: Why the Counter Economy Is Necessary to Bitcoin’s Survival as a Disruptive Currency

The Importance of Evolving Darknet Practices

At the end of 2019, the publication Vice highlighted the fact that since 2014 the number of users buying illicit narcotics on darknet markets (DNM) has doubled. Vice columnist David Hillier’s report underlines the fact that DNMs have increased since the Silk Road, but the growth of ‘Snapchat dealers’ and other instant messenger service drug operations has multiplied. For instance, Hillier cites a report called “DM For Details” which explains that in 2019, 24% of young people said “they see illicit drugs advertised for sale on social media.” 56% of the drugs being sold are on Snapchat, 55% of ads are seen on Instagram, and 47% leverage Facebook Messenger. The report detailed that cannabis is the most popular drug advertised 63% of the time, while cocaine was the second most popular drug.

Instant messenger services are now facilitating a new wave of online dealers. Vendors use these applications and utilize dead drop locations rather than using a DNM and the postal service.

Meanwhile, the podcast “Cypherpunk Bitstream” hosts Jonathan ‘Smuggler’ Logan and ‘Frank Braun’ published an episode which discussed the advancement of the online drug trade and Smuggler’s nine-page article “Dropgangs, or the Future of Darknet Markets.” Smuggler’s research studied how DNMs have evolved since they were first advertised on the clearnet and migrated to the deep web via the Silk Road (SR). When SR was seized by global law enforcement, dozens of new DNMs popped out of the woodwork with mega-markets like Dream and Alphabay.

D E F I A N C E
Unschoolers defy the ED.
Biohackers defy the FDA.
Gun printers defy the ATF.
Drone pilots defy the FAA.
Carnivores defy the USDA.
Cypherpunks defy the NSA.
Token issuers defy the SEC.
Darknet markets defy the DEA.
Bitcoiners defy the Federal Reserve.

— Jameson Lopp (@lopp) January 9, 2020

However, in 2017, police forces shut down Alphabay and operated Hansa undercover for more than 30 days before closing it. Smuggler’s editorial notes that the “loss of darknet markets led to severe disruption of client-merchant relationships.”

“Identities and reputation being lost, previous marketing efforts being negated – often leading to temporary or even permanent collapse of merchant business,” he added. Despite the cat-and-mouse game of surveillance and evasion, Smuggler’s research notes:

The problems of darknet markets have triggered an evolution in online black markets.

Cypherpunk Bitstream Episode 0x04 Talks About Dropgangs, Dead Drops, Drone Mix networks, and Sneakernet

On January 6, 2020, Smuggler conversed about the topic of dropgangs on episode 0x04 of the podcast Cypherpunk Bitstream. Smuggler talked about the premise of his article with Frank Braun and defined what a dropgang is for listeners. “Dropgangs are organizations that distribute contraband by using mostly messenger services, often cryptocurrencies, and dead drops.”

Dropgangs solve the last mile problem of the drug trade.

— Frank Braun (@thefrankbraun) January 8, 2020

Smuggler also gives an example of a dropgang that leverages messenger services like Telegram. Basically you text on Telegram, agree on a price, and the dealer sends coordinates to a secret location where you can pick up the goods. “[Darknet markets are] not the end of development when it comes to the distribution of contraband,” Smuggler emphasized on the podcast. “One of the tendencies of [DNMs] is that they appear, they’re used and then they go away. And in between, you have a lot of people that are arrested.”

Cypherpunk Bitstream episode 0x04 discusses the use of Sneakernets (or trainnets – pigeonets) as well.

Smuggler notes that in Eastern Europe and throughout the Balkan States, there’s another end of the spectrum of the online drug trade where DNMs have evolved. In a lot of Eastern European countries, the dominant model is different to a centralized DNM website that simply sells product. This is because vendors from these regions started using dead drops early, Smuggler told Braun during the podcast. Braun agreed and said that this was because the postal system in that area of the world was never really trustworthy. The dead drop method allows the vendor to drop the product at a secret and random geographical location that only the two parties are aware of. This idea skips the global mail systems and customers can remain anonymous and don’t have to reveal an address.

Postal Service Vulnerabilities

During the mid-section of the episode, Smuggler and Braun go into great detail on how the postal service flags and tracks suspected contraband dealers. Smuggler highlights the global mail systems’ flagging infrastructure and sorting equipment is digitally augmented. Some things are augmented so far that the letters get a tracing code printed on it and people don’t notice it, Smuggler says. If a package or letter is found suspicious, the hidden tracing code is added which flags all letters posted in the same container and allows investigators to track origins and create heat map-like data points. Smuggler insists that over time, the heat map tracking system is perfected and “you get a map with a statistical overlay.” The podcast host says this kind of mail inspection gives investigators a really good indication about where the sender is from and the frequency of mail the vendor ships.

Smuggler and Frank Braun discuss the intricacies tied to the postal services’ tracking systems. Dropgangs avoid the post altogether by leveraging dead drops.

The issues tethered to centralized DNMs and the postal service mail inspection process make Braun and Smuggler stress the importance of evolving black market practices. In addition to the discussion about dropgangs, dead drops, existing DNMs, and the postal service, the two hosts talk about the idea of drone mix networks that could leverage drones and hard-to-trace communication mixes.

Cypherpunk Bitstream’s episode 0x04 also touches upon concepts like sneakernet. Rather than transmitting information via connected computer networks, individuals leveraging the transfer of data via physical devices can greatly improve privacy. For instance, a person could create a BCH bearer bond instrument by using an optical disc, USB flash drive or external hard drive loaded with BCH and pass it along a network of individuals without the transactions ever being seen on a public block explorer. Sneakernet crypto trading might be essential after the Fifth Anti-Money Laundering Directive (5AMLD) and the updated FATF “Travel Rule” take effect this year. Four years ago, before bitcoiners became infatuated with institutional interest, a few decentralized marketplace ideas emerged.

First Ever Decentralized Market Transaction Just Happened in Drop Zone: https://t.co/18A086u3Mj #bitcoin #btc

— Bitcoin España (@Bitcoin_Spain) December 21, 2015

On August 30, 2015, Reddit user miracle-max_ described a decentralized marketplace layer written on top of the BTC chain called the Drop Zone Protocol. The system was originally tested on BTC’s testnet and the author of the concept released a paper on the cryptography mailing list. The paper called “Drop Zone: An Anonymous Peer-To-Peer Local Contraband Marketplace” describes the system’s properties. It featured concepts like anonymous and encrypted communications with built-in reputation controls. Additionally, “contraband markets can be open and anonymous,” Miracle Max wrote at the time.

A photo that was taken on November 8, 2017, after Openbazaar integrated Tor and DNM vendors leveraged VPNs as well.

Another concept similar to Max’s Drop Zone is Voluntary Labs project Bitmarkets, an idea that leveraged Bitmessage for listings and buyer/seller communications and runs on Tor by default. Both Bitmarkets and Drop Zone never really materialized and people remained mostly dependent on centralized DNMs up until 2017. Since the fall of the major DNMs in 2017, the peer-to-peer application Openbazaar has been used lightly to facilitate contraband deals, mainly with narcotics like cannabis. Centralized DNMs have been a mess over the last two years and several of the most popular marketplaces went under in 2019.

Years ago, concepts like Bitmarkets and Drop Zone were all the rage with bitcoiners.

The recently published Cypherpunk Bitstream podcast is over three hours long, but gives a comprehensive overlook of where things are headed within the modernized online drug trade. Law enforcement seems to be leading the cat-and-mouse game but the podcast shows that evasion schemes are growing stronger in certain regions. Readers who are interested in this subject can read Smuggler’s article published last year, and listen to Smuggler’s podcast in its entirety via the link below.

What do you think about the evolution of DNMs and ideas like dropgangs and dead drops? Let us know what you think about these topics in the comments section below.

Disclaimer: This article is for informational purposes only. Readers should do their own due diligence before taking any actions related to the subject matter written above. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any ideas, software, concepts, content, goods or services mentioned in this article.

Image credits: Shutterstock, Bitmarkets, Openbazaar, Twitter, Wiki Commons, Fair Use, and Pixabay.

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