Bitcoin 24h trading volume exceeded $2B

According to the Forbes, daily volume of first cryptocurrency trading exceeded $2 000 000 000 point
22 November 2017   791

In 2017, bitcoin not only updated the historical maximum, exceeding the $ 8000 mark last week, but also set a new record in terms of the total volume of daily transactions. Since the beginning of the year, this indicator has grown more than tenfold, exceeding $ 2 billion, writes The Forbes.

At the same time, despite the fact that the number of transactions made since the beginning of the year remains almost unchanged, it was the increased price of bitcoin that allowed to reach these parameters.

Estimated USD transaction value per day on the Bitcoin network
Estimated USD transaction value per day on the Bitcoin network

For most of January 2017, the daily volume of transactions in financial terms was about $ 200 million, and the first major breakthrough happened only in May - by the end of the last month of spring, the figure of $ 700 million was not considered something unusual.

Then a small decline followed, and a new upsurge came in front of Bitcoin Cash hardfork, which took place on August 1. Also in August, the Segregated Witness protocol was activated, and earlier this month the average volume of daily transactions grew to $ 1 billion. And, despite the fact that by the end of September this parameter fell again, this time to $ 600 million, at the end of October the aggregate amount of daily transactions was already $ 1.5 billion.

Absolute record for the aggregate volume of daily transactions was put on November 16, when this parameter was $ 2,803,405,660.

At the same time, as noted, despite such growth, the number of actual transactions in the bitcoin network has remained stable all the time. Moreover, the peak index of the average number of transactions in the seven-day period was in May. In November, the number of transactions is almost the same as recorded in February.

Transactions confirmed on the Bitcoin network per day
Transactions confirmed on the Bitcoin network per day

As you know, earlier this year bitcoin actually reached the maximum limit on the block size and, accordingly, the number of transactions. With the activation of SegWit, this indicator has slightly increased, but to date, using this protocol, only about 10% of all transactions occur. When Peak SegWit will be used, network bandwidth is expected to double.

At the same time, we can talk about a significant increase in off-chain transactions. For example, not long ago the founder of Xapo service Wentses Casares said that in connection with the increased commissions in the network, the company handles more than 1 million off-transaction transactions daily.

The failure of SegWit2x can mean that the bitcoin network will increasingly act as a "digital gold" and a means of preserving values. At the same time, it is likely that additional payment layers will appear, as, for example, the expected sidekey from RSK in December.

Crypto Billionaire to Lost 5.5k BTC Due to Fraud

Thai scammers convinced 22 yo Finnish crypto billionaire to invest in their 'investment' scheme
13 August 2018   273

The 22-year-old cryptocurrency millionaire lost more than 5,500 bitcoins after taking part in the investment scheme in Thailand. The case attracted public attention because of the possible participation of a Thai actor. This is reported by Bangkok Post.

A group of scammers in June 2017 persuaded Finnish businessman Aarni Otawa Saarimaa to invest in several Thai securities, a casino in Macau and a crypto currency called Dragon Coin.

Scammers claimed that Dragon Coin could be used in Macau casinos. In addition, they brought Saarimaa to this casino to demonstrate the legitimacy of their project. Saarimaa transferred 5 564 BTC to fraudsters.

In January, without receiving any income for his investments, Saarimaa filed a complaint with the Crime Suppression Division's (CSD), along with his local business partner, who believed that this investment scheme was fraudulent.

CSD began to investigate the case and stated that the group made no investment for Saarimaa, instead transferring all the bitcoins to Thai baht and placing these funds on seven bank accounts.

Although it is not clear when exactly the scammers sold the bitcoins, CSD announced that they raised about 800 million baht or about 24 million dollars.

Then followed a months-long investigation, according to which CSD began to suspect that the Thai film actor Jiratkisit "Boom" Jaravijit also took part in the fraudulent scheme - he was arrested last Wednesday.

In addition, the CSD stated that it suspects the actor's brother, Princess Jaravijit, as the "instigator" of this entire scheme. He left Thailand, traveling to South Korea, and then to the United States. According to the Bangkok Post, CSD is currently working with the US to track him down.