Hardware wallets, like the cryptocurrency stored within them, can provoke strong emotions in their owners. Hodlers like what they like, and that’s the end of the matter. If the first hardware wallet you bought was a Ledger, you’re probably Ledger for life. Likewise if you’re in Team Trezor. Keepkey, which completes the holy trifecta of hardware wallets, is less famous than its siblings, but the sleek black plastic device still packs a punch.
Is Keepkey a Keeper?
At Consensus New York, my budget wouldn’t stretch to the €49,000 diamond-encrusted Nano on display, but there was space in my bag and my heart for a Keepkey. At $129, it’s a little pricier than the Ledger Nano or Trezor One, but cheaper than the swish new Trezor Model T. I should probably add a warning at this stage, incidentally: the review you’re about to read is painfully long, which is a reflection of how long it took to get this damn wallet working. But we’ll get to all that in due course. First, let’s start at the start…
Ever since last year, Keepkey has been the property of Shapeshift, who bought up the company, enabling Keepkey users to exchange between cryptos without exposing their private keys online. Keepkey promises “bank-grade security,” whatever that means, and a system so easy that “even your grandmother can protect her bitcoin wealth,” which seems a little patronizing. If gran was smart enough to buy bitcoin, she’s surely got the perspicacity to work a paper wallet.
Beauty Is in the Eye of the Behodler
It’s funny how much form, rather than function, influences our purchasing decisions – even when we’re purchasing a cryptocurrency wallet that’s destined to be consigned to the dark recesses of a safe. Beauty is in the eye of the behodler, but there’s a strong case for asserting that Keepkey’s hardware wallet (they only make one) is more fetching than a Trezor, and arguably smarter than the Nano too, even if it lacks the latter’s brushed metal exterior.
Visit the Keepkey store and you’ll find just two products to choose from: a single, regular Keepkey and a box of 50 which retails for $6,450. Perfect for the security conscious trader who likes to keep their shitcoins on separate sticks in separate vaults. The lightweight and plasticy feel of the device is somewhat tempered by the quality of the USB cable that comes bundled with it. It feels luxurious to the touch, but it’s here, after installing the Keepkey Chrome browser app, that I encounter my first problem: it has a standard USB connection but my Macbook Pro does not. That’s Apple’s fault, not Keepkey’s, but it’s a bummer when you’re on the road, as I found myself at the time of writing this review, and thus without access to a USB-thunderbolt adapter.
Third Time’s a Charm
At home, 24 hours later, I plug the hardware wallet into my laptop via the thunderbolt adapter, but there’s no sign of life. I’d expected a USB drive to show up on my Macbook Pro, or for the Chrome app to display a notification and the Keepkey to light up, but nope. Not a peep. Figuring it might just be the thunderbolt adapter, I try connecting the device to my old Macbook Pro, which has a USB port, but still nothing. Then I try my Chromebook, and once again, nothing. In a moment of inspiration I google “keepkey setup” and salvation arrives.
According to Keepkey’s Get Started page, you need to first open the app by “navigating Chrome to chrome://apps/”. This is less than intuitive, but is partly Chrome’s fault for having a crappy UI that conceals extensions and apps behind submenus. This does mean, however, that every time you go to use your Keepkey (if you’re as disorganized as I am) you’ll need to google “keepkey setup” to remind yourself of how you get into the damn thing.
Wait, Not So Fast…
Having successfully gotten my Chromebook to update the Keepkey, I decide to reconnect it to my Mac and see if the laptop can now detect it. It can, and am prompted to set up my PIN and then write down my 12-word recovery phrase. I’ve written it down once, and am just preparing to jot down a second copy when the device inexplicably disconnects and I’m forced to start the whole process all over again. After re-entering my PIN twice, I begin jotting down the new recovery phrase, when the same thing happens. Keepkey and my thunderbolt adapter can’t seem to get along, so I resignedly reconnect it to the Chromebook.
Eventually I succeed in finding the apps section of Chrome by pasting the URL into my browser, whereupon I’m prompted to hold down the button on the Keepkey and plug it in to update the firmware. When that’s done, I’m presented with a screen showing a BTC wallet set up by default and nothing else. I hit the plus sign to add a BCH address and then scan the QR code from my Bitcoin.com wallet. I select $5 of bitcoin cash and send it to my Keepkey address. The fee is 3 cents. While I’m waiting for the transaction to clear, the Keepkey logo lurches across the screen in instalments. It reminds me of the handheld monochrome soccer game I played as a kid. Anachronistic, but comfortingly nostalgic.
Nice Device, Now How About Some Altcoin Support?
I like the design of Keepkey, and I like the cable, if it’s possible to have affection for a USB cable, while the software is passable. Is the device capable of challenging Trezor and Ledger? Sure…provided you’re happy to hodl namecoin, doge, and dash. 2016 just called and it wants its altcoins back. In fairness to Keepkey, there is at least BTC, BCH, ETH, and LTC support and native ERC20 token support is currently in beta so should eventually arrive. Given some of the ERC20s I’m embarrassed to own, it’s probably for the best I didn’t get a chance to screenshot them in this review.
Keepkey’s biggest weakness right now, as its team are undoubtedly aware, is the shortage of coins that can be stored on it. While the market leaders are pressing ahead with monero support, Keepkey is still way behind the curve. It would be great to have EOS, cardano, zencash and maybe some ripple for the ladies. It’s odd that there’s support for the 295th coin by market cap (namecoin), but room for just six out of the top 20 cryptocurrencies – or top 100 if you wanna make that statistic even more damning.
I’ll certainly keep using the hardware wallet, using it to store any spare BTC, BCH, and ETH I amass, but a device so easy that “even grandmother” could use it? Please. My grandmother could have mined the genesis block and she’d still struggle to connect this thing to her Chrome web app. I’ll keep my Keepkey, but in my heart I’ll be lusting after one of those diamond encrusted Nanos I saw at Consensus. Hell, I’d even settle for a regular one.
Have you tried the Keepkey wallet and if so how do you like it? Let us know in the comments section below.
Images courtesy of Shutterstock, and Keepkey.
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Islamic Countries Challenge USD ‘Sanctioning Tool’ With Planned Common Cryptocurrency
Muslim countries around the world are planning to push back against the U.S. dollar’s long global dominance by creating a common digital currency for use in Islamic states. The dollar has evolved into a “sanctioning tool,” charged Erol Yarar, chairman of the Muslim-focused business lobby group International Business Forum (IBF). It has lost its purpose as an international trading currency, he said.
Breaking the Dollar’s Hegemony
Speaking to Turkish news agency Anadolu on Nov. 16, Yarar said a single cryptocurrency for Muslim nations will be designed primarily to undermine and challenge America’s established hegemony in the global financial system.
“The U.S. dollar is beyond a common currency, it has become a sanctioning tool,” Yarar stated. “In IBF this year we will discuss the term ‘monetary pluralism’ to create a fairer and healthier trade environment. We will make a cryptocurrency system, that will be used for international trade among Islamic countries, a current issue,” he added.
The strength of the dollar, in use as an international trading currency since the end of World War II, gives America immense financial and political leverage among perceived weaker states. It has often been used as part of an arsenal of economic tools deployed to punish nations that refuse to toe Uncle Sam’s line.
It is, perhaps, President Trump’s renewal of economic sanctions against Iran this month – even at the risk of alienating allies in the European Union – that Muslim business leaders under the IBF have been prompted to look for ways of neutralizing the dollar’s dominance in global trade.
A number of E.U. member countries are desperate to protect the Iran nuclear deal to help keep trade alive. They are currently in the process of creating a special purpose vehicle that would undermine the sanctions by redirecting payments away from the dollar and therefore away from the prying U.S. financial system. Again, America has reacted by issuing threats of dire repercussions.
But Iran is moving to protect itself against the crippling economic measures. It has announced the completion of the development of a state-backed digital currency, created specifically to circumvent the sanctions, which target the country’s oil, gas and shipping industries as well as the financial system. The system has already been hit after Swift, at the U.S.’s behest, cut off the Central Bank of Iran from the global banking ecosystem.
Following the Example of Iran
Yarar, the IBF chairman, told Anadolu Agency that it is prudent for Islamic nations to emulate Iran’s example by developing a common cryptocurrency system for use within like-minded religious countries. He detailed:
The U.S. keeps down money transfers, imposes sanctions on the international market, and causes crises in countries by using the dollar.
The planned Muslim-compliant digital currency will be used for pricing of goods by businesspeople, exchange markets and countries, he said, adding that Islamic nations should also consider setting up a fund emulating the International Monetary Fund business model.
“The fund, based on non-interest finance principles, will help countries facing an economic crisis. The fund’s name can be ‘International Islamic Cooperation Fund’,” Yara proposed.
His plans have triggered debate on whether countries currently under full, partial or covert U.S. sanctions such as Cuba, Venezuela, North Korea, Iran, Zimbabwe, Syria, Russia and Yemen could adopt virtual currency to bypass the stringent economic measures.
Venezuela recently launched its national cryptocurrency, the petro, while Russia and China are investing in blockchain technologies that will act as alternatives to the dollar in terms of global commerce.
U.S. sanctions work by placing bans on dealings and transactions with individuals, nations and companies. These restrictions are often enforced with the help of mainstream financial institutions. As such, the use of cryptocurrencies, which operate outside the established financial system, are regarded as key to helping economies under sanctions to continue transacting with other countries.
That means if a dependable cryptocurrency system to support financial transactions can be established, the power of sanctions will be diminished as the U.S. is incapable of blocking such transactions.
Binance Tells Iranians to Withdraw Their Money
In Iran, meanwhile, global cryptocurrency exchange Binance has reportedly told its remaining users in the Islamic Republic to pull out their funds from the platform in measures aimed at aligning with the American trade and economic embargo. “Iranians are not really able to trust cryptocurrency exchanges. That isn’t really something new,” Nima Dehqan, a researcher at the Tehran-based blockchain project Areatak, complained. Several exchanges, including Bittrex and Bitmex, have stopped providing services to Iranian investors on account of the sanctions.
Do you think the IBF will succeed in its plan for a common cryptocurrency for Muslim countries? Let us know in the comments section below.
Images courtesy of Shutterstock.
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SEC Settles Charges With Two ICO Issuers
The U.S. Securities and Exchange Commission (SEC) has settled charges with two initial coin offering issuers. These cases are the commission’s first to impose civil penalties “solely for ICO securities offering registration violations.” Both companies have agreed to refund investors, pay penalties, and register their tokens as securities.
On Friday, Nov. 16, the SEC announced “settled charges against two companies that sold digital tokens in initial coin offerings (ICOs).” The agency explained that Carriereq Inc. (aka Airfox) and Paragon Coin Inc. both “consented to the orders without admitting or denying the findings,” elaborating:
These are the commission’s first cases imposing civil penalties solely for ICO securities offering registration violations. Both companies have agreed to return funds to harmed investors, register the tokens as securities, file periodic reports with the commission, and pay penalties.
The two companies’ tokens are neither registered with the SEC nor qualified for an exemption to the registration requirements.
Stephanie Avakian, co-director of the SEC’s Enforcement Division, emphasized that “companies that issue securities through ICOs are required to comply with existing statutes and rules governing the registration of securities.”
The SEC further detailed:
The orders impose $250,000 penalties against each company and include undertakings to compensate harmed investors who purchased tokens in the illegal offerings.
These two cases follow the agency’s first non-fraudulent ICO registration case of Munchee Inc. The SEC did not impose a penalty in that case because the company stopped its offerings before delivering any tokens and promptly refunded investors.
The Two Companies
Both Airfox and Paragon conducted token sales last year after the SEC warned that ICOs can be considered security offerings in its DAO report, a landmark paper that serves as the defining document for ICOs to avoid being categorized as securities in the U.S.
Boston-based Airfox raised approximately $15 million by selling 1.06 billion of its tokens to more than 2,500 investors globally through various websites that it controls. The company claims that the funds would be used “to finance its development of a token-denominated ‘ecosystem’,” the SEC described.
Established in July last year, Paragon sold its tokens to approximately 8,323 investors, including those in the U.S. The company “raised approximately $12 million worth of digital assets to develop and implement its business plan to add blockchain technology to the cannabis industry and work toward legalization of cannabis,” the commission noted.
Paragon issued a statement on Friday confirming that it has reached a settlement agreement with the SEC after working on it with a team at the commission for over a year. CEO Jessica Versteeg calls it “a very positive agreement … that will effectively put an end to the uncertainties of the legal status ” of her company’s token.
What do you think of the SEC settling charges with the two ICO companies? Let us know in the comments section below.
Images courtesy of Shutterstock and the SEC.
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Hash Wars: Day Two and the Anticipation for BCH Trading Platforms to Reopen
It has been close to 24 hours since the Bitcoin Cash (BCH) blockchain split on Nov. 15, and the community is assessing the first day of battle. At the time of writing, both chains are still operational and the ABC chain has a 32-block lead on the SV chain. Now many BCH supporters are patiently waiting to find out when infrastructure providers will resume deposits, withdrawals, and trading across the entire ecosystem.
Some Believe the Hash War Will Continue
The BCH hash war has continued into the second day of network warfare, protocol activity, and an abundance of discussions across social media. A clear victor has not yet been decided, according to SV supporters who believe the hash war is “not a sprint, but a marathon.” Currently, the ABC chain is 32 blocks ahead of SV and it has more hashrate and accumulated proof-of-work behind it, according to Coin Dance cash, and Forkmonitor.info data. Still, the SV chain has continued to chug along and has about 5,266 PH/s worth of hashrate compared to the ABC chain’s 7,237 PH/s. Moreover, SV supporters, specifically Nchain’s Craig Wright and Coingeek’s Calvin Ayre, have stated the next day, Nov. 16, that the hash war is not over.
“In our hash competition, we have seen the ABC team bring on their strongest sprinters,” explained Wright on Twitter on Nov. 16. “We are just at the trials and not yet on the finals to Marathon and they have made a remarkable burst to do a 9.9 second 100m (unfortunately in the wrong direction).” the Nchain executive adds.
Many SV supporters still believe Wright will continue to wage war and this can be seen across social media and cryptocurrency-centric forums. Coingeek’s Calvin Ayre agreed with Wright’s words and issued a similar statement during the early morning hours on Friday.
“The BCH hash war will not be decided in 1 or 2 days, but over many days and possibly weeks by on-going miner votes with sustained Proof of Work — Until a dominant chain emerges, cryptocurrency exchanges, wallet and service providers are advised to remain neutral, and to run a Bitcoin SV node to be prepared for the best interests of users,” Ayre detailed.
The Wait for Service Providers to Assess the Situation
On the other hand, the further the ABC chain gets and the more proof-of-work is accumulated, ABC supporters seem confident that victory is very close. Many BCH proponents are now waiting for infrastructure providers to explain how they will list the newly forked chains. ABC backers believe that a large portion of wallet services, exchanges, and payment services will side with ABC. This belief is due to the overwhelming amount of company support garnered when infrastructure providers published contingency plans with most supporting the ABC roadmap. However, it seems BCH service providers are still assessing the situation and may not publicly announce plans until more time has passed.
Further, the research team from Bitmex has been monitoring the situation with the organization’s recently published tool. Bitmex Research detailed to its Twitter followers on Nov. 16 that SV miners are losing a ton of money and estimated that they will lose $280,000 a day if they continue. Further, this estimate is calculated with the ability to sell SV coins at a spot price of $100, but the ability to sell these coins is pretty much non-existent.
ABC proponents were quite pleased with the outcome so far and the forum r/btc is filled with supporters showing enthusiasm. The Bitcoin Cash developer Shammah Chancellor (Micropresident) was very thankful and expressed his gratitude on Twitter.
“Big thanks to Roger Ver, Bitcoin.com, all the p2pool miners, Btc.com, Antpool, and everyone else who is supporting the BCH chain with their hash — Continuing to work towards bringing peer-to-peer cash to the world,” the developer explained.
However, even though many were celebrating yesterday’s battle, many BCH supporters had shown distaste for the entire situation. Bitcoin Cash and XT lead developer Tom Harding explained that the split has caused some damage. “Bitcoin Cash has splintered its network effect, pushed the overall price below $400, and wasted a lot of energy,” Harding stated. BCH developer Jonathan Toomin responded to Harding’s tweet and agreed with the XT developer. “Unfortunately, you are totally right,” said Toomin.
What did you think about the first day of the hash war? Do you think it is over and there is a victor? Or do you think the hash war will continue? Let us know in the comments section below.
Images via Shutterstock, Pixabay, Coin Dance cash, Twitter, and Bitcoin.com.
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