MimbleWimble: History, Technology, and the Mining Industry | Bitcoin bulls are storming Wall Street’s crypto trading desks

Bitcoin $4,045                     Ethereum $151.01 
Crypto Mkt Cap $137B              BTC Dominance 51.80%  

“Crypto, like the moon we strive toward, is a harsh mistress. We ride high and fast during the ascents, growing at rates unseen almost anywhere else in the business world. And when the markets turn, the crypto recession is similarly dramatic and severe.” — Erik Voorhees, Founder & CEO ShapeShift

The Big Block

MimbleWimble, a blockchain protocol focused on fungibility, privacy, and scalability, was released in the wild in July 2016 on IRC channel #bitcoin-wizards by pseudonymous Tom Elvis Jedusor. The paper proposed a novel way of combining transactions to improve the privacy features in a public blockchain.

Jedusor’s paper was built on the work of another anonymously posted paper from 2013 using one-way aggregate signatures (OWAS), which required a novel cryptographic primitive, pairing crypto, which wasn’t well trusted in academia. It also drew inspiration from Confidential Transactions and CoinJoin, two privacy proposals by Bitcoin Core developer Gregory Maxwell.

The original MimbleWimble paper used the same elliptic curve cryptography Bitcoin uses, catching the attention of many Bitcoin researchers including Andrew Poelstra, a mathematician and applied cryptographer at Blockstream, who further improved on the MimbleWimble white paper, releasing a “precise” version in October 2016. Poelstra’s work has long been focused on privacy, having worked on Confidential Transactions and scriptless scripts in Bitcoin.

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Around The Block

Bitcoin bulls are storming Wall Street’s crypto trading desks

Wall Street’s trading desks offer a glimmer of hope for the floundering cryptocurrency market. 

Buying pressure has increased at many of the so-called over-the-counter trading desks across the crypto world. The bullish sentiment mimics recent price action across the spot exchange market for crypto and is a sharp reversal from the environment at the end of 2018, numerous trading firms said. 

One of the largest over-the-counter trading firms in crypto, Cumberland, tweeted Tuesday that the imbalance between buyers and sellers spiked by 60% over the last week. “Historically, our OTC trading is relatively balanced between buyers and sellers,” the firm said. “Over the last week, our OTC buy/sell ratio (by notional value) has increased approximately 60% towards counterparties buying.” Again, Cumberland isn’t alone.   — More

Wall Street data giant Factset is suing an affiliate company of Blockchain Terminal

Multi-billion dollar financial-data firm Factset is suing CG Blockchain, an affiliated company of Blockchain Terminal (BCT Inc), for breach of contract, according to New York court filings from January 3.

The lawsuit follows The Block’s recent investigation of BCT Inc., which shares its management with CG Blockchain. The report revealed how the firm was secretly run by Boaz Manor, who in 2012 was sentenced to prison for his role in an $800 million hedge fund that came under investigation by Canadian authorities. The report also shared accounts of former employees who questioned whether the company’s Bloomberg-esque trading terminal for crypto was legitimate. Manor has since said it is a functional product. The FBI is also investigating the company, sources have told The Block. — More

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Stock and crypto trading app Robinhood sets its eyes on the UK — More

ECB’s Hansson: History will remember crypto as a ‘load of nonsense’ — More

Steemit.com bans a hacking group for violating its terms of service — More

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