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A Major Bitcoin Exchange Has A ‘Massive’ Problem

Bitcoin exchanges and platforms never seem far from scandal, with crypto investors always nervously awaiting the next bitcoin hack or data breach. The bitcoin price has been known to swing wildly following reports of major bitcoin thefts, though sometimes fails to react at all.

Now, Seychelles-based bitcoin futures exchange BitMEX has sparked panic among bitcoin traders and investors after accidentally exposing thousands of its users’ emails–with the exchange’s Twitter account then compromised shortly after.

BitMEX this week sent out thousands of its users’ email addresses along with a weekly newsletter after inadvertently CC’ing recipients instead of BCC’ing them.

Today In: Money

“We are aware that some of our users have received a general user update email earlier today, which contained the email addresses of other users,” BitMEX said in a statement posted to its blog, adding an apology for the leak.

“Our team have acted immediately to contain the issue and we are taking steps to understand the extent of the impact. Rest assured that we are doing everything we can to identify the root cause of the fault and we will be in touch with any users affected by the issue.”

The exchange has blamed a bug for the leak claiming the error has been “identified and fixed.”

BitMEX, known for offering 100-times leverage trading, is currently being investigated by the U.S. Commodity Futures Trading Commission (CFTC) for allowing U.S. traders to use its platform without a licence.

“This kind of thing is a massive privacy breach with potentially serious consequences,” Jake Chervinsky, general counsel at Compound Finance, said via Twitter, adding: “[It’s] the last thing a derivatives exchange needs to deal with during a CFTC investigation.”

BitMEX has requested its users add BitMEX’s support email to their contact lists to decrease phishing emails along with adding 2-factor authentication.

Shortly after BitMEX warned users about the email leak, the exchange’s Twitter account @BitMEXdotcom posted two tweets that were promptly deleted.

The first read “Hacked” and the second advised followers to: “Take Your [bitcoin] and run. Last day for withdrawals.”

The bitcoin price, which is still choppy after a roller-coaster October, barely reacted to news of the leak, remaining steady at a little over $9,000 per bitcoin.

Last month, the bitcoin price was suddenly heavily sold off before rebounding sharply just a couple of days later.

Meanwhile, Malta-based bitcoin exchange Binance, the world’s largest bitcoin and cryptocurrency exchange by volume, warned its users to change their Binance-registered email accounts following BitMEX’s blunder.

BitMEX, known for offering 100-times leverage trading, has been criticised previously for potentially exposing traders to too much risk, with economist and bitcoin skeptic Nouriel Roubini attacking the exchange and claiming it “may be openly involved in systematic illegality.”

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I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

Source: A Major Bitcoin Exchange Has A ‘Massive’ Problem

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Forget China—Is This The Real Reason Bitcoin, Ethereum, Litecoin, And Ripple’s XRP Bounced?

Bitcoin has swung wildly this week, as many had expected it to, with it losing $1,000 per bitcoin a few days ago before suddenly shooting back up earlier today.

The bitcoin price is now at over $9,000 per bitcoin after dropping to lows of almost $7,000 on Thursday–and heading fast towards the psychological $10,000 mark, according to the latest prices from Luxembourg-based exchange Bitstamp.

Elsewhere, other major cryptocurrencies ethereum, litecoin, Ripple’s XRP, and bitcoin cash rallied between 7% and 23%, adding billions to the value of the combined cryptocurrency market.

Many bitcoin and cryptocurrency market analysts pointed to comments made by China’s president President Xi Jinping that the country should “seize the opportunity” of bitcoin’s blockchain technology as the reason behind bitcoin’s rally.

China banned bitcoin and cryptocurrency exchanges in 2017 and some took Xi’s blockchain comments as a sign the country could ease bitcoin and crypto restrictions.

Today In: Money

“We must take the blockchain as an important breakthrough for independent innovation of core technologies,” Xi reportedly said, speaking at the 18th collective study of the Political Bureau of the Central Committee in Beijing.

“[We must] clarify the main direction, increase investment, focus on a number of key core technologies, and accelerate the development of blockchain technology and industrial innovation.”

However, Xi’s comments, which referred only to blockchain technology and not to bitcoin and cryptocurrencies, might not have been the driver behind bitcoin’s recovery.

Following bitcoin’s sudden drop earlier this week, bitcoin and crypto investors feared the worst wasn’t over the for the market.

Facebook’s chief executive Mark Zuckerberg was savaged by U.S. senators over his plans for a bitcoin rival dubbed libra and crypto investors are fretting there could be a global crackdown on bitcoin and other digital tokens.

Elsewhere, technical data pointed to a so-called “death cross” for bitcoin, while the Fear & Greed Index slumped and a Twitter reading of investor temperature was poor.

This sentiment slump meant investors bet against the bitcoin price, predicting it would move lower.

When the bitcoin price recovered a couple of hundred dollars per bitcoin in just a few minutes, some $150 million worth of short positions on the Seychelles-based BitMEX crypto exchange were liquidated, according to bitcoin and cryptocurrency analytics provider Skew.

This triggered what’s known as a “short squeeze,” where an asset rapidly increases in value due to short sellers trying to cover their positions, resulting in buying volume that drives the price up.

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I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

Source: Forget China—Is This The Real Reason Bitcoin, Ethereum, Litecoin, And Ripple’s XRP Bounced?

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The Bitcoin Halvening Is Coming

One of the controversial things about bitcoin (BTC) is that it pays the people that keep the bitcoin blockchain running and secure. These folks are called miners, purely because the process seems slightly similar to mining. The process of mining is to run software that executes the search for the solution to a puzzle that acts as the password to creating the next record on the bitcoin blockchain. Success in cracking this puzzle and then creating the next block of records is rewarded in bitcoin. At the moment the reward is 12.5 BTC, which at the rate of $8,000 a BTC is exactly $100,000.

That sounds like a lot of money to solve a lil’ ole puzzle. The trouble is the puzzle is to mash numbers to create a result with say 23 zeros, which, because of the math involved, means you have to do literally zillions of trillions of calculations to find one password code. Miners run these bazillions of calculations, sifting through the wrong answers to get to a single right one. This takes perhaps three years for a specialist machine running flat out at 50 trillion calculations a second, burning a few thousand dollars of electricity as it goes.

That doesn’t sound like a bad business model but as new mining machines enter the game, so the game gets harder, which means that the amount of time taken by any given machine to get a result goes up and so does the cost. Bitcoins difficulty has over the years gone truly exponential, so that the money a machine can make when put into a team of machines halves every six months or so as time passes. That makes making money mining tricky because while you may make great money to start with, after about 18 months it may have fallen to nothing.

Apart from increasing difficulty, mining also gets harder because every so often the blockchain will halve the reward. This last happened in July 2016. The reward is currently 12.5 bitcoin but soon enough the reward will be only 6.175 BTC. The price should rise to pay the miners more for their smaller haul of new bitcoin. If it doesn’t, unprofitable miners must stop work so the difficulty can fall and the job can get easier for those that remain or certain miners must get way more efficient and push the less efficient miners off the pitch.

Today In: Money

The general consensus is that the bitcoin price will rise.

The reason for this is that the inflation of the BTC money supply by 12.5 BTC every ten minutes, means that there is a new supply of 1,800 coins a day, let’s call it $14 million a day. This $14 million of new supply, which is currently absorbed by buyers, will suddenly be cut in half to $7 million. The demand, however, will remain roughly constant. Unchanged demand coupled with lower supply, equals price up.

This is how it has worked in the past and this is what I’m putting my money on. There are skeptics who suggest that if the price doesn’t move up then miners will wither away, block times will slow dramatically, bitcoin will be less useful, people will panic and dump and so on. However, there are a lot of people like me who would love that and would buy a lot into such a panic. Less supply, same demand, high price, wins the simple proven logical outcome of the next halvening.

But of course people are going to preempt.

To add to the price pressure, bitcoin gets lost. That happens to gold too and was also a problem for gold when it was money. That enables bitcoin to get ever more expensive overtime.

If a Satoshi was 1 cent, bitcoin’s market cap would be 21 trillion dollars, but when you think about it, if a Satoshi was $1 or $100, then it would become a currency much like gold, which in the past was used foremostly as a store of wealth, expressed in the usage for silver coins which acted as a store of wealth for the general usage of copper coins. This is the dream of all crypto fans, bitcoin as the reserve currency of crypto, an incredibly valuable blockchain fungibly linked on top of a hierarchy of other ‘lesser’ currencies.

It could happen.

The upcoming halvening speaks to this dream and it’s coming to the BTC blockchain in May. As a hodl’er I can wait.

Be among the first to get important crypto and blockchain news and information with Forbes Crypto Confidential. It’s free, sign up now.

Clem Chambers is the CEO of private investors website ADVFN.com and author of Be Rich, The Game in Wall Street and Trading Cryptocurrencies: A Beginner’s Guide. In 2018, Chambers won Journalist of the Year in the Business Market Commentary category in the State Street U.K. Institutional Press Awards.

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I am the CEO of stocks and investment website ADVFN . As well as running Europe and South America’s leading financial market website I am a prolific financial writer. I wrote a stock column for WIRED – which described me as a ‘Market Maven’ – and am a regular columnist for numerous financial publications around the world. I have written for titles including: Working Money, Active Trader, SFO and Technical Analysis of Stocks & Commodities in the US and have written for pretty much every UK national newspaper. In the last few years I have become a financial thriller writer and have just had my first non-fiction title published: 101 ways to pick stock market winners. Find me here on US Amazon. You’ll also see me regularly on CNBC, CNN, SKY, Business News Network and the BBC giving my take on the markets.

Source: The Bitcoin Halvening Is Coming

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With the next Bitcoin ‘halvening’ event taking place on May 22nd 2020, we are now officially less than a year away from this event occurring. In this video, I’m going to explain why I believe that this is a HUGE deal for cryptocurrency investors. DISCLAIMER: This is NOT financial advice. I am just offering my opinions. I am not responsible for any investment decisions that you choose to make. ►►►Looking to get started with cryptocurrencies? Check out my crash course here (HUGE 80% OFF LINK): https://louis-thomas.teachable.com/p/… DONATIONS ♥ ETH: 0xc12f59c4e23dccd369437bbdb09470879d8c0825 ♥ BTC: 1L2LswVmTobmEK8dy6Yw9nWx93Z1zZ1jb3 ESSENTIAL CRYPTO RESOURCES ♦ Recommended place to buy Bitcoin/Ethereum: COINBASE – Sign up here: https://www.coinbase.com/join/5897724… ♦ Recommended Wallet: LEDGER NANO S – Available here: https://www.ledgerwallet.com/r/3c47 ♦ Recommended VPN provider: Nord VPN Available here: https://go.nordvpn.net/SH27y ♦ Learn to code with Ivan on Tech’s Academy. EXCLUSIVE offer – just $9 for first month: https://academy.ivanontech.com/louis SOCIAL MEDIA LINKS ● Website: louisthomas.co.uk ● Facebook: https://www.facebook.com/LouisThomasC… ● Twitter: https://twitter.com/LouisThomasYT ● Instagram: https://www.instagram.com/louisthomas… ● Steemit: https://steemit.com/@louisthomas ● Snapchat: louisxthomas

Billionaire Investor Peter Thiel Is Doubling Down On Bitcoin – Here’s Why

Bitcoin and cryptocurrency investors have been struggling this year to both justify past crypto investments and make new ones.

The bitcoin price, under pressure from the likes of Facebook’s libra project and the ever-present threat of a regulatory crackdown, soared in the first six months of the year only to fall back again.

Some investors have not been put off by bitcoin’s roller-coaster year, however, with billionaire PayPal cofounder Peter Thiel among new backers of Layer1, a renewable energy-focused bitcoin mining operation based in San Francisco.

This week, Layer1 revealed it has raised $50 million at a $200 million valuation from Thiel, Shasta Ventures and other undisclosed bitcoin and cryptocurrency investors, adding to a previous $2.1 million seed round that included Thiel, as well as venture capital company Digital Currency Group.

Layer1 is aiming to challenge the perceived wisdom that bitcoin mining the in the U.S. will not be able to compete with regions such as China, where some 60% of bitcoin mining operations are currently located, with some research suggesting that number could be even higher.

Layer1, which has pivoted to renewable energy bitcoin mining from a previous focus on the development of programmable money and store-of-value applications, wants to bring wind-powered bitcoin mining rigs to West Texas by early next year.

“According to industry research, over 60% of bitcoin’s hash rate and 100% of bitcoin hardware production are located in China,” Layer1’s cofounder and chief executive Alexander Liegl wrote in a blog post announcing the fresh funding.

“Less than 5% of bitcoin’s hashrate and 0% of hardware production are located in the United States.”

China dominates not only bitcoin mining but also the manufacture of computer chips and other equipment needed for the process.

Bitcoin mining uses huge amounts of electricity to both fuel the powerful computers required and keep them cool, making hotter climates in developed nations less appealing.

“The future of bitcoin mining lies in the heart of the United States: Texas,” Liegl wrote.

“This is where world-class electricity prices, friendly regulation, and an abundance of renewable energy sources meet. It is here that we are rapidly scaling our mining operations to bring as much hash rate as possible back to the United States.”

Layer1 has been buying up land in Texas to build its own electricity substations and is creating its own processing chips with a Beijing-based semiconductor company as it puts together its mining machine infrastructure.

Renewable energy bitcoin mining is being used by others around the world, with Germany-listed Northern Bitcoin mining bitcoin and other cryptocurrencies deep within a Norwegian former metal mine using hydroelectric power and natural cooling.

However, there have been previous failed attempts to bring large-scale bitcoin mining to North America.

Earlier this month, Virginia-based bitcoin mining firm BCause Mining filed for bankruptcy after pledging to invest $65 million in to its U.S. business in 2018.

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I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

 

Source: Billionaire Investor Peter Thiel Is Doubling Down On Bitcoin—Here’s Why

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Recorded on September 5, 2019. Peter Robinson opens the show by asking Thiel’s views on his own essay “The Straussian Moment.” (Essay link: https://www.evernote.com/shard/s542/c… responds by saying that people today believe in the power of the will but no longer trust the power of the intellect, the mind, and rationality. The question of human nature has been abandoned. We no longer trust people’s ability to think through issues. Thiel notes that this shift began to take place in 1969, when the United States put a man on the moon; three weeks later Woodstock took place, moving the culture in the direction of yoga and psychological retreat. Thiel further adds that there was still hope that things would open up for the world in 1989, when the Berlin Wall fell and the Soviet Union collapsed, but that the leaders of China and other East Asian countries did not accept that openness would solve their problems. Instead they learned the opposite lessons from those events: that if you open things up too much, then things fall apart. Thiel ends the interview by noting that there is nothing automatic or deterministic about how history happens, and he expresses his views that economic growth plays a vital role in a country’s future. For further information: https://www.hoover.org/publications/u… Interested in exclusive Uncommon Knowledge content? Check out Uncommon Knowledge on social media! Facebook: https://www.facebook.com/UncKnowledge/ Twitter: https://www.twitter.com/UncKnowledge/ Instagram: https://instagram.com/uncommon_knowle…

The U.S. Government Tried To Shut Down Bitcoin

Bitcoin conspiracy theorists have long suspected the U.S. government, among others, would like to shut down bitcoin.

Bitcoin’s first decade has seen its price explode, making early adopters overnight millionaires, and prompting some of the world’s biggest technology companies to create their own versions of bitcoin.

Now, it’s been revealed federal prosecutor-turned bitcoin and cryptocurrency expert Katie Haun was asked to look into “shutting down” bitcoin by her boss at the U.S. attorney’s office in 2012.

“They said ‘we have this perfect assignment for you’–there’s this thing called bitcoin and we need to investigate it,” Haun told CNBC in a wide-ranging interview, adding a colleague asked her to take down bitcoin.

“That was the first time I’d ever heard of bitcoin.”

Over the next few years Haun would go on to sit on the board of U.S. bitcoin and cryptocurrency exchange Coinbase and teach a class on cryptocurrency at Stanford Law School.

Today In: Money

Any serious attempt made by the U.S. Department of Justice to shut down bitcoin inevitably came to naught, with Haun saying, “it would have been akin to saying ‘let’s go prosecute cash.'”

Haun, who is now the first female general partner at U.S. venture capital firm Andreessen Horowitz and co-heads its $350 million cryptocurrency fund, has worked closely with social media giant Facebook in development of its troubled libra cryptocurrency project.

U.S. government opposition to bitcoin and cryptocurrencies has become far more transparent since Donald Trump entered the White House.

Earlier this year, U.S. president Trump sent shockwaves throughout the bitcoin and cryptocurrency industry when he tweeted a vicious attack on Facebook’s bitcoin rival plans, branding it and bitcoin “unregulated crypto assets.”

Others in the U.S. government were quick to tow the line, with U.S. Treasury secretary Steven Mnuchin adding his voice to the assault on bitcoin, Facebook’s planned Libra crypto project, and other cryptocurrencies, warning they pose a “national security” risk to the country.

Elsewhere, Apple chief executive Tim Cook has warned companies against creating their own cryptocurrencies.

“What we heard with libra were the same criticisms [I’d first heard about bitcoin]” Haun said.

“They were just heightened and they got more attention because of the high-profile nature of the project and the fact that Facebook was involved. I think it would be a really dangerous thing, and frankly a dangerous precedent to start shutting down technology before it’s built.”

Facebook’s libra has been under fire over the last week, with internet payments company PayPal, one of the Libra Association’s founding members, suddenly pulling out of the group on Friday.

Mark Zuckerberg, Facebook founder and chief executive, had hoped to work with global regulators to clear libra’s path to launch in June 2020 but appears to have underestimated the level of opposition to the scheme.

Follow me on Twitter.

I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

Source: The U.S. Government Tried To Shut Down Bitcoin

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Bitcoin miners shutting down world wide! Bitmain in trouble. And it looks like the problem is getting worse for all the big miners across the world. Makes me wonder is this is the real sign bottom is close. Thanks for watching Tip jar below. BTC 13qF5ovjByDtFyGX1hYLA7uvhXj1BDH2KX LTC LcdKQ9JSAZRuypVtevhbna7hVo8hHf5UoD Check out my Patreon if you want some gold nuggets. https://www.patreon.com/mrkristof Equipment used to make this video Samsung Galaxy Tab S4- https://amzn.to/2RpbT1E Smooth 4 cell phone gimbal- https://amzn.to/2SEokrE SanDisk 64GB memory card – https://amzn.to/2Da6B63 GoPro Hero 7 Black- https://amzn.to/2PPyerO Canon EOS M50- https://amzn.to/2qUAm3y Flexible tripod- https://amzn.to/2DYQdqf Lighting for studio- https://amzn.to/2TPveLl Gun gear that I use Serpa CQC OWB hoslter- https://amzn.to/2PLhORv Carbon Fiber OWB holster- https://amzn.to/2D6Rj2a Glock 17 sure plug- https://amzn.to/2JNmvoz Need stickers? I HIGHLY RECOMMEND THESE GUYS: http://stickeryeti.ositracker.com/111… Need something done for cheap? Check out Fiverr. http://www.fiverr.com/s2/1c08095a0e BUY A NANO LEDGER S HARDWARE WALLET www.ledgerwallet.com/r/49c8 RECOMMENDED CRYPTO EXCHANGES: If your looking to start buying alt coins Binance IS THE BEST altcoin exchange out there. Please join Binance using this link: www.binance.com/?ref=10263251 Kucoin exchange is the fastest up and comer and has coins exclusive to it you cant find anywhere else! www.kucoin.com/#/?r=28ucr CONNECT WITH ME: Add me on Telegram: @mr_kristof Add me on Snapchat: mr_kristof Find me on Instagram: mr_kristof Add me on Twitter: mr_kristof007 Add me on Xbox Live: VoxiKnight Find me on DTube: d.tube/#!/c/cryptokristof Read my blog on Steemit: steemit.com/@cryptokristof DISCLAIMER: THIS IS NOT FINANCIAL ADVICE AND I AM NOT A FINANCIAL ADVISER. AND THESE ARE SIMPLY MY OPINIONS #cryptocurrency #BTC #Bitcoin

DuckDuckGo Research Makes Bullish Case For Bitcoin And Cryptocurrency

DuckDuckGo, which is a privacy-focused online search engine, recently surveyed the general public’s view on the importance of privacy on the internet. The results indicated that people care about the amount of information being collected about them online, and many respondents even claimed they have taken action to better protect their personal data.

“The results are clear: not only are privacy concerns widespread, but people are, indeed, taking action,” said a DuckDuckGo blog post regarding the study.

This greater interest in online privacy should have a positive impact on Bitcoin adoption over the long term, as the cryptocurrency is basically the financial equivalent of deleting one’s Facebook account.

DuckDuckGo Research Shows People Care About Their Privacy

According to the DuckDuckGo survey, which involved a random sample of 1,114 Americans aged 18 and older, nearly 80% of respondents adjusted their privacy settings or reduced their use of social media in the past year. Additionally, almost a quarter of those surveyed claimed they had deleted or deactivated social media accounts due to privacy concerns.

Today In: Money

The changes social media users have made to their accounts include the removal of location tags on posts and taking their profiles private.

Outside of the social media realm, 38.6% of respondents in the survey said they have used a password manager in the past year and 24.1% said they had used a virtual private network (VPN).

On top of the numbers shared related to the survey, the blog post from DuckDuckGo also claimed the privacy-focused search engine company has seen 68% growth over the past year. Notably, a Pew Research survey from 2018 found results similar to those found in this new evaluation from DuckDuckGo.

The Bitcoin Connection

Now, those who do not quite understand why Bitcoin was created in the first place may be wondering what this DuckDuckGo research has to do with the world’s most popular cryptocurrency. In short, the increased desire for online privacy and true ownership over one’s data should also lead to greater interest in and adoption of Bitcoin because the cryptocurrency is the only option when it comes to digital financial self-sovereignty.

The only way for financial privacy and a form of digital money that doesn’t rely on trust in a third party to exist online is through a decentralized system like Bitcoin. In the past, centralized digital currency systems that allowed for a greater degree of privacy, such as E-gold and Liberty Reserve, were shut down by government agencies. When it comes to Bitcoin, lawmakers are aware that they are unable to regulate, control, or ban the cryptocurrency network.

The importance of the existence of something like Bitcoin becomes increasingly obvious as the world moves towards a cashless society.

According to Castle Island Ventures Partner Nic Carter, this focus on digital financial self-sovereignty is something that is often overlooked by the altcoins.

Although the Bitcoin price has struggled recently, this utility of Bitcoin to provide increased financial privacy and seizure-resistant properties in the digital realm is why some investors are predicting the crypto asset could go as high as $100,000 in a couple of years.

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I’m a writer who has been following Bitcoin since 2011. I’ve worked all over the Bitcoin media space — from being editor-in-chief at Inside Bitcoins to contributing to Bitcoin Magazine on a regular basis. My work has also been featured in Business Insider, VICE Motherboard, and many other financial and tech media outlets. I’m mostly interested in the use of Bitcoin for transactions that would be censored by the traditional financial system (think darknet markets and ransomware) in addition to the use of bitcoin as an unseizable, digital store of value. Altcoins, appcoins, and ICOs don’t make much sense to me. Find all of my work at kyletorpey.com. Disclosure: I hold some bitcoin.

Source: DuckDuckGo Research Makes Bullish Case For Bitcoin And Cryptocurrency

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Why DuckDuckGo is the best website…? Quora page: https://www.quora.com/Why-should-I-us… DuckDuckGo: https://duckduckgo.com/ Thanks for watching… duckduckgo duckduckgo.com vs google twitter im just adding random keywords in for seo Music: Bakin by Kid Ocean https://www.youtube.com/watch?v=nvoMU… Gonk

Could Google Be About To Break Bitcoin?

Google sent shockwaves around the internet last month when it was claimed the search giant had built a quantum computer able to solve formerly impossible mathematical calculations–with some fearing bitcoin could be at risk.

Details of Google’s so-called “quantum supremacy,” meaning it can solve calculations impossible with traditional computers, were posted to a Nasa website before being deleted, it was claimed by the Financial Times, a business newspaper.

Google’s quantum supremacy could mean it is able to perform in 200 seconds what would take a powerful computer 10,000 years and potentially mean bitcoin, and the encryption that underpins it, could be broken.

Bitcoin, cryptography, and encryption rely on complex mathematical problems and the fundamentals provide the basis of the internet and digital communication trust.

Today In: Money

A powerful enough computer, similar to Google’s quantum computer, could solve these classical equations quickly enough to crack not only bitcoin but also the encryption that the internet is built on.

An explosion in bitcoin investors and the bitcoin price over recent years have made many worried that their newfound crypto-based wealth could be under threat from these powerful quantum computers.

However, steps can be taken to prevent the likes of Google or any other quantum computer breaking into bitcoin and digital communication.

“Cryptocurrencies can be updated with quantum resistant tech,” said Charles Hayter, chief executive of bitcoin and cryptocurrency data website, CryptoCompare. “This is just a continuation of the age old arms race between crackers and enciphers.”

It would appear Google is still some way away from building a quantum computer that could be a threat to bitcoin or other encryption.

“Google’s supercomputer currently has 53 qubits,” said Dragos Ilie, a quantum computing and encryption researcher at Imperial College London.

Qubits, or quantum bits, are the basic unit of quantum information which use the properties of a quantum system, such as the polarization of a photon or the spin of an electron, where as traditional computers store and process data as a series of ‘1’s and ‘0’s.

“In order to have any effect on bitcoin or most or most other financial systems it would take at least about 1500 qubits and the system must allow for the entanglement of all of them,” Ilie said.

Google may not even be as far along as thought, with subsequent reports suggesting the original post was removed from Nasa’s website because it had not been confirmed.

Meanwhile, scaling quantum computers is “a huge challenge,” according to Ilie.

“As you add more qubits the system becomes more and more unstable … [though] researchers can try different approaches for solving these issues so maybe there are ways to mitigate these problems but right now we are quite far from breaking bitcoin.”

In short, “don’t dump your bitcoins yet,” Ilie added.

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I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

Source: Could Google Be About To Break Bitcoin?

Everyone should see it! Click here! http://youtube.com+watch=@3162039724/… Best cryptocurrency exchanger: https://700.by/101 Best cryptocurrency trading platform: https://700.by/102 The crypto community is reacting to a new report claiming Google has achieved a massive breakthrough in quantum computing. According to the Financial Times, a leaked document written by Google’s researchers says the company has achieved “quantum supremacy.”
In other words, Google has created a quantum computer that can perform a calculation that no other computer on earth has the power to process.“A paper by Google’s researchers seen by the FT, that was briefly posted earlier this week on a NASA website before being removed, claimed that their processor was able to perform a calculation in three minutes and 20 seconds that would take today’s most advanced classical computer, known as Summit, approximately 10,000 years.”
Quantum computers use the properties of atoms and molecules to create systems that can simultaneously explore multiple possible solutions to a problem. Many experts believe quantum tech could be used to crack the modern methods of cryptography that keep the internet secure. The threat to the world of cryptography is real enough that the National Security Agency (NSA) is now working to create new techniques that are resistant to quantum computing. News of Google’s apparent breakthrough made it to the front page of the cryptocurrency subreddit, where crypto proponents pondered the potential impact the advancement could have on blockchain technology.
The question is if and when quantum computing can crack the long strings of letters and numbers known as private keys, which Bitcoin users need to access their funds. So far, Google’s researchers say their quantum computer can “only perform a single, highly technical calculation,” indicating it will still take years until the technology can solve real-world problems.
But according to the document cited by the Financial Times, Google expects the tech to evolve at twice the speed of traditional computer processors. Steve Brierley, an adviser on quantum technologies to the UK government, says Google has taken a major leap forward.“It’s a significant milestone, and the first time that somebody has shown that quantum computers could outperform classical computers at all. It’s an amazing achievement.”So far, Google itself has refused to comment. #quantum #cryptocalculator #bitcoinblockexplorer #cryptocurrencynews #cryptocurrencyexchange #cryptonews #cryptoexchange Will Google’s ‘Quantum Supremacy’ Achievement Break Bitcoin: https://www.youtube.com/watch?v=haRLj…

Bitcoin Has Crashed–What Now?

Bitcoin (BTC) has crashed. No one really knows why but in my model we should be in for “good” news on the China trade war or some such China-related information that is strong for the Chinese currency. This is only a theory but if it is correct, bitcoin will either rally vertically if no news breaks or the news will appear very soon. This is being written at 12 p.m. GMT September 25 and the news ought to be out there by no later than the end of the week.

If I’m wrong and there is no such news and the price stays down or falls more still with no positive trade war news then my bitcoin theory, which has served so well, will be severely challenged. In any event, bitcoin has crashed. The dreaded flag has broken to the downside and the bottom is anyone’s guess. The decision what to do next comes back to the schism between believing BTC will be worth $100,000-plus a coin or $0 a coin. You have to pick your side.

Way back before this year’s rally, I stated there is another way of looking at this price action. In commodities a big bubble is followed by a series of smaller and smaller echoes of the initial price shock which erupt over time as the years pass.

Each new price eruption is smaller than the last until the original bubble is all forgotten about. If this is your model, this BTC bubble echo is now dead and BTC will fall back to the $2,000-$3,000 range or even lower. Then after a year or two there will be another small vertical and on this pattern will go, until bitcoin is all  but forgotten.

Today In: Money

The alternate model is the tech boom, where the original bubble was replaced by another bigger rally, one we have still not seen the end of. Is bitcoin a commodity or a value added instrument? Bitcoin isn’t like gold or copper, where a price rise creates a glut.

Or is it? For me this is a very tempting model because I experienced it as a youngster and saw it play out all the while everyone continued to wish for the return of the moment when copper or gold went to the moon. However, bitcoin is not going to flood the market as miners pour resources into a race to over produce.
Bitcoin protects itself from exactly the economic reason why high prices are the solution to high prices.The choice is clear for players in this game of speculation, steer clear or buy the dip. I’ll be buying the dip but not in a hurry. This is the chart of what has happened:

Bitcoin has crashed

Credit: ADVFN

The flag got broken to the downside and it’s clear as day that a lot of people took this as a cue to get out, causing a panic. I’ve put some levels equivalent to some zones where the price might settle. I will be buying a little in the coming days and more if we hit $6,000 and a lot if we see $4,000.

Meanwhile, there was been a strange crash in hash rate before this price fall, so everyone is free to link that up with this fall. There may have been a BTC miner who needed to sell a big chunk of BTC and in this fragile market with everyone staring at the same delicate chart pattern, it doesn’t take much to create an avalanche. I must admit to staring at this chart before it crashed thinking I should sell.
This would have been a good move but experience has taught me that you can win on the exit but lose on the reentry. It’s great missing a fall but you can also miss the rally which can end up even more painful. This is the basic lesson of the randomness of markets. Back the direction you believe is the long-term outcome and buy the dips or don’t play at all. Bitcoin is like backing Apple when it was on the edge of going bust: do you believe in the future or not?

If you do, you hold forever and buy the dips. The only thing you mustn’t do with the position is let that put your finances at risk or hurt your sanity. As a believer I will buy this dip, in the same way as I bought the last, little and often. For those who don’t believe in the long term you should stay well clear.Be among the first to get important crypto and blockchain news and information with Forbes Crypto Confidential. It’s free, sign up now.

—-Clem Chambers is the CEO of private investors website
  ADVFN.com

and author of
Be RichThe Game in Wall Street

and
Trading Cryptocurrencies: A Beginner’s Guide

Chambers won Journalist of the Year in the Business Market Commentary category in the State Street U.K. Institutional Press Awards in 2018.

I am the CEO of stocks and investment website ADVFN . As well as running Europe and South America’s leading financial market website I am a prolific financial writer. I wrote a stock column for WIRED – which described me as a ‘Market Maven’ – and am a regular columnist for numerous financial publications around the world. I have written for titles including: Working Money, Active Trader, SFO and Technical Analysis of Stocks & Commodities in the US and have written for pretty much every UK national newspaper. In the last few years I have become a financial thriller writer and have just had my first non-fiction title published: 101 ways to pick stock market winners. Find me here on US Amazon. You’ll also see me regularly on CNBC, CNN, SKY, Business News Network and the BBC giving my take on the markets.

Source: Bitcoin Has Crashed–What Now?

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Check out the Cryptocurrency Technical Analysis Academy here: https://bit.ly/2EMS6nY In this video we discuss the recent Bitcoin crash, and the affects that Bitcoin crash may have on the Bitcoin market over the coming days. Bitcoin crashed nearly $2,000 yesterday while we were livestreaming, and found support around the Bitcoin support level of $11,700 as expected. Whether Bitcoin will continue it’s march ever higher from here, or if Bitcoin has now started a longer Bitcoin correction is yet to be seen, but we do know that Bitcoin has finally had opportunity to consolidate the gains Bitcoin has made over the past few weeks. – – – If you enjoyed the video, please leave a like, and subscribe! – – – Follow me on Instagram & Twitter: @cryptojebb Join the Discord! https://discord.gg/59jGjJy #Bitcoin #BitcoinToday #BitcoinNews I am not a financial adviser, this is not financial advice. I strongly encourage all to do their own research before doing anything with their money. All investments/trades/buys/sells etc. should be made at your own risk with your own capital. Spare Change? BTC 127eLjKTBKU9HTFhYowCDC4D3JBxonVk15 ETH 0x5115ACa82edf204760fE3B351c08a48d6004D89B LTC LSKXx3fQRK5LMowGznVvo6A9NtmtaQaoqP Please do not feel obligated to donate, though donations are appreciated!

Here’s Where $800 Of Bitcoin Buys You $10,000 Cash

Researchers from cloud security-as-a-service provider Armor’s Threat Resistance Unit (TRU) have been taking a deep dive into a dozen dark markets and forums. Analysis of the data compiled from trawling these English and Russian-speaking criminal marketplaces has been published in the annual Armor Black Market Report. As well as the usual tracking of the prices for stolen credit cards, bank account credentials and Distributed Denial of Service (DDoS) for-hire operators, there was one surprising new trend: a Bitcoin to cash conversion scheme that offers criminal buyers the opportunity to buy cash for pennies on the dollar. Paying $800 (£647) in Bitcoin gets you $10,000 (£8,095) in cash.

The Black Market Report

The Armor Black Market Report is the result of researchers from the Armor TRU trawling through underground internet markets and criminal forums. These “dark markets” are notorious for selling just about anything that can be stolen online, from personal and financial data to illicit services such as articles of incorporation for creating shell companies, the distribution malicious spam and even hackers for hire who will scrub your credit history.

The TRU research team analyzed and compiled data from twelve dark markets and criminal forums visited between February and June 2019. It came as no surprise to me that they found cybercriminal after cybercriminal selling credentials for as yet “unhacked” Windows remote desktop (RDP) servers. These are often used by ransomware actors looking for an entry point into corporate networks. That these credentials were being sold for as little as $20 (£16) was unexpected though. The cost of entry, quite literally, to the ransomware threat sector has never been cheaper.

Today In: Innovation

Neither, for that matter, has the cost of cold, hard cash. The TRU researchers found that, partly to get noticed in a crowded market and partly to offset the risk of monetizing stolen banking and credit card accounts, entrepreneurial threat actors are selling cash for between 10 and 12 cents on the dollar. This isn’t, as you might have guessed, a case of criminal philanthropy.

Instead, it’s a method for criminals to offload the risk of monetizing stolen account credentials by transferring the funds available rather than taking possession of them. It’s still money laundering, and it’s illegal, but it puts the most significant weight of risk onto the buyer.

Here’s how the buy cash for Bitcoin scheme works

The seller offers bundles of cash in various amounts, from $2,500 (£2,020) to $10,000 (£8,095) in exchange for a pre-paid fee in Bitcoin. That fee varies between 10% and 12%. Which means that $10,000 of cold cash can be bought for $800 in Bitcoin.

The buyer makes the payment and then chooses how they would like to collect the cash. This can be a straightforward transfer of funds to a bank or PayPal account or wired via Western Union. As well as getting a significant return on their illicit investment, the purchaser no longer has to worry about monetizing online bank account or credit card credentials. It’s a turn-key service; there’s no risky logging into compromised accounts, no money mules to worry about, just the (totally illegal) collection of cash.

“For those scammers who don’t possess the technical skills and a robust money mule network to monetize online bank account or credit card credentials, this is an offer that can be very attractive,” Chris Hinkley, head of Armor’s TRU team said, “the threat actors are still selling financial account and credit card credentials outright, but this clever service gives them an additional channel for monetizing the large amounts of financial data available on the underground.”

Money mules served well by dark market documentation

One of the other interesting things to come out of this analysis was the fact that cybercriminals are selling articles of incorporation and sole proprietorship papers on the dark market. Not shocking, but interesting. While the cash for Bitcoin transactions gets rid of the money mule requirement, there are still plenty of people who adopt that role, and these papers are aimed at them. A money mule is someone who transfers stolen money between accounts in exchange for a fee of between 10% and 20% of the value. For a money mule to be successful, they need to open business bank accounts that don’t trigger fraud alerts on larger transfer volumes. To open these accounts, they need an Employer Identification Number (EIN) assigned by the U.S. Internal Revenue Service, and that’s where the documentation to create shell companies enters the equation. The documentation does not come cheap, however. Sole proprietorship papers complete with EIN were found on sale for $1,611 (£1,298), and Articles of Incorporation with EIN were $811 (£653).

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I’m a three-decade veteran technology journalist and have been a contributing editor at PC Pro magazine since the first issue in 1994. A three-time winner of the BT Security Journalist of the Year award (2006, 2008, 2010) I was also fortunate enough to be named BT Technology Journalist of the Year in 1996 for a forward-looking feature in PC Pro called ‘Threats to the Internet.’ In 2011 I was honored with the Enigma Award for a lifetime contribution to IT security journalism. Contact me in confidence at davey@happygeek.com if you have a story to reveal or research to share

Source: Here’s Where $800 Of Bitcoin Buys You $10,000 Cash

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Something Very Strange Is Going On With Bitcoin And BTC Google Searches

Bitcoin and cryptocurrency prices are well known to be closely tied to media and general public interest–-though that could be changing.

The bitcoin price has been climbing so far this year, rising some 200% since January, though has recently plateaued at around $10,000 per bitcoin after peaking at more than $12,000 in June.

Now, it appears Google searches for bitcoin and BTC, the name used by traders for the bitcoin digital token, could be being manipulated–-possibly in order to move the bitcoin price.

Source: Something Very Strange Is Going On With Bitcoin And BTC Google Searches

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