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Bitcoin Chaos Continues As Facebook’s Mark Zuckerberg Reveals Libra Woes

Bitcoin and cryptocurrency markets went into meltdown this week, with the bitcoin price suddenly falling off a cliff.

The bitcoin price lost some 15% in a shock sell-off on Tuesday, dragging down the wider bitcoin and crypto market and catching traders, who had hoped the hotly-anticipated Bakkt crypto platform launch would give bitcoin a boost, off-guard.

Now, Facebook chief executive Mark Zuckerberg has revealed his libra cryptocurrency, which is largely credited with sparking bitcoin’s bull run earlier this year, may not launch in 2020, as previously expected.

“Obviously we want to move forward at some point soon [and] not have this take many years to roll out,” Zuckerberg told Nikkei Asian Review, a Japanese business newspaper. “But right now I’m really focused on making sure that we do this well.”

Facebook’s libra has run into opposition around the world as countries, including India, France and the U.S., warn it will undermine their national currencies, with U.S. president Donald Trump launching a blistering attack on libra, bitcoin, and crypto earlier this year.

Bitcoin traders and investors have closely-watched the development of Facebook’s libra, which has been adopted as something of a cryptocurrency regulatory bellwether and a tacit endorsement of bitcoin’s underlying blockchain technology.

“A lot of people have had questions and concerns, and we’re committed to making sure that we work through all of those before moving forward,” Zuckerberg added.

The bitcoin price lost further ground yesterday, dropping some 5% and dipping below the psychological $8,000 per bitcoin mark.

Bitcoin cash, an offshoot of bitcoin itself, led the cryptocurrency market lower, recording losses for the day of over 5% and taking its weekly decline to almost 30%.

The bitcoin sell-off comes after a muted launch of the New York Stock Exchange owner Intercontinental Exchange’s Bakkt crypto platform, which was unveiled last year boasting software giant Microsoft and coffee chain Starbucks among its partners.

Bakkt’s platform allows traders and institutional investors to swap so-called “physically” settled bitcoin futures contracts, meaning traders and investors are not able to sell more bitcoin than they actually have, but the total number traded came to just 72 by the end of its first day, compared to over 5,000 traded on the first day of CME’s cash-settled futures, launched at the peak of bitcoin-mania in December 2017.

“Bitcoin staged a brief recovery yesterday but is again below [$8,000], currently trading at $7,990,” Marcus Swanepoel, chief executive of bitcoin and cryptocurrency exchange Luno, said in a note to traders.

“Similar losses have been recorded by all the main altcoins. The loss of value is certainly as a result of the overall global market negativity, but the change in the structure of the market with the launch of the bitcoin futures on Bakkt is thought, by a number of traders, to have been a contributing factor.”

Facebook’s libra, considered by some to be a competitor to bitcoin, is being pitched as a global currency, with the social media giant aiming to bring as many countries on board as possible.

However, the primary target is developing countries where banking and access to finance is low.

Facebook and Zuckerberg, who launched the platform in 2004, are both still reeling from a string of data-sharing and privacy scandals that have plagued the company in recent years and led to questions around the power of some of Silicon Valley’s biggest internet companies.

“Part of the approach and how we’ve changed is that now when we do things that are going to be very sensitive for society, we want to have a period where we can go out and talk about them and consult with people and get feedback and work through the issues before rolling them out,” Zuckerberg said.

“And that’s a very different approach than what we might have taken five years ago. But I think it’s the right way for us to do this at the scale that we operate in.”

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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: Bitcoin Chaos Continues As Facebook’s Mark Zuckerberg Reveals Libra Woes

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Facebook CEO Mark Zuckerberg is speaking at the social media giant’s annual F8 Conference, where it will announce new services. » Subscribe to NowThis: http://go.nowth.is/News_Subscribe #Facebook #F8 #MarkZuckerberg Connect with NowThis » Like us on Facebook: http://go.nowth.is/News_Facebook » Tweet us on Twitter: http://go.nowth.is/News_Twitter » Follow us on Instagram: http://go.nowth.is/News_Instagram » Find us on Snapchat Discover: http://go.nowth.is/News_Snapchat NowThis is your premier news outlet providing you with all the videos you need to stay up to date on all the latest in trending news. From entertainment to politics, to viral videos and breaking news stories, we’re delivering all you need to know straight to your social feeds. We live where you live. http://www.youtube.com/nowthisnews @nowthisnews

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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!

Bitcoin Market Falls Sharply As Litecoin Suddenly Crashes

Bitcoin and cryptocurrency market watchers were on high alert today as the eagerly-anticipated Bakkt crypto platform went live.

The bitcoin price failed to perform, however, with bitcoin losing around 2% of its value since Bakkt began trading its “physically” settled bitcoin futures contracts, with some $8 billion wiped from the wider cryptocurrency market today.

Meanwhile, litecoin, the fifth largest cryptocurrency by market value, has suddenly gone into free fall, losing almost 10% of its value in a matter of minutes.

The reason for litecoin’s sudden sell-off was not immediately clear, however litecoin is down some 50% since June, thought to be a response to the gains litecoin made earlier in the year as traders cashed out of their positions.

Today In: Money

Litecoin, which has been called the silver to bitcoin’s gold, surged in the first half of 2019 as traders bet an August so-called halvening of the cryptocurrency, where miner rewards for finding blocks are cut, putting a squeeze on supply, would spark a crypto bull market.

Bitcoin is itself due to undergo a halvening event in May next year and many have suggested this will be the catalyst for the next major bitcoin leap higher.

However, many had also expected bitcoin and the broader cryptocurrency market to get a boost when the Bakkt platform began operating today.

Bakkt, an Intercontinental Exchange-backed bitcoin and crypto platform, was unveiled last year and boasted computing giant Microsoft and coffee chain Starbucks among its partners–promising to open up bitcoin to institutional investors and bring crypto spending to the high street.

Trading of Bakkt’s hyped “physical” bitcoin futures, meaning that traders and investors are not able to sell more bitcoin than they actually have, have been muted today, however.

There were just five bitcoin futures contracts traded via the platform after the first hour, rising to 28 ten hours after launch.

Traders and bitcoin industry executives were quick to play down Bakkt’s slow start.

“Bakkt will be likely first a trickle and then a flood,” Su Zhu, chief executive of Singapore-based hedge fund Three Arrows Capital, said via Twitter.

“The reality is that most regulated futures contracts get low adoption on day one simply because not all futures brokers are ready to clear it, many people want to wait and see, the tickers are not even populated on risk systems.”

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: Bitcoin Market Falls Sharply As Litecoin Suddenly Crashes

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The cryptocurrency market has fallen sharply over the past couple of days and is currently at $241 billion market capitalization at the time of recording. While the Bithumb hacking and Japanese regulators’ strict outlook towards cryptocurrency exchanges are being cited as reasons for the sharp decline, the likely cause is that we are still stuck in a long-term bearish cycle. We have still not discovered the bottom of the market, and chances are that the market will continue to be in a state of decline for some time. EOS has taken the biggest hit after a stop-start mainnet launch and controversies surround centralization and constitution. We strongly recommend cryptocurrency investors to take a mid-to-long term approach towards investing and hodl strongly. We believe that mainstream adoption and regulation will brining institutional investors and the next set of retail investors to the market driving prices up in the ling run. References: Correction Deepens as Coin Values Approach 2018 Lows: https://hacked.com/cryptocurrency-mar… Cryptocurrency Market Drops to $241 Billion, EOS Takes a Huge Beating: https://www.ccn.com/cryptocurrency-ma… Bitcoin Price Hits 2018-Low at $5,825, Where Will it Bottom Out?: https://www.ccn.com/bitcoin-price-hit… Follow Crypto Dost on Twitter: https://twitter.com/TheCryptoDost For enquiries, write to thecryptodost@gmail.com Disclaimer: Please keep in mind that I have made this channel to share my experiences in the cryptocurrency market. I am not a professional financial advisor and the information provided is solely for educational purposes. Consult your own financial advisors and do your own research before investing in cryptocurrencies. Investing in cryptocurrencies is inherently risky and you can also lose all the amount you invested. Only invest the amount you can afford to lose. The channel shall not be liable to the viewer for any damages, claims, expenses or losses of any kind (whether direct or indirect) suffered by the viewer from or in connection with the information obtained on this channel.

 

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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Will China Take Bitcoin To $20,000?

The best way to lose money in the markets is to sell when you are scared and buy/hold when you are happy with your profits.

So it was for me a couple of days ago when bitcoin (BTC) was $9,500. I so wanted to close out 25% of my BTC and leave myself to run the rest, having taken out the cost of my position in cash and thereby run the rest as free carry. You can spin all sorts of narrative why that’s a smart idea or why that’s a dumb one, but the fall was the impetus and the desire to flee a normal human emotion. It is an instinct that traders and especially investors need to control.

Luckily, I’ve been playing the high risk game long enough to wait. When I want to sell an investment solely because it has dumped I wait at least two or three days before making such a move. If and when bitcoin hits $13,500, I will want to load up on more but I will likewise stop myself from buying into bullishness.

So I did nothing with my bitcoin and this happens:

Bitcoin jumped again on Monday

Credit: ADVFN

Once again doing nothing is the best move you can make with a good position.

So in my model, this is China and this is down to the trade war.

Today In: Money

When bitcoin jumps, something bad has just happened in the U.S./China trade talks. We don’t know what it is, but soon enough we will find out.

Well today we get a Trump tweet and up BTC goes again. Yesterday, what happened? I guess whatever it was that made bitcoin pop, also left the U.S. president even more incandescent than normal.

This is still a theory, but it keeps on playing out. So what to do? In the short term the question is, is the China situation going to continue for long?

Continuation of the trade war means BTC up. The longer the war runs, the higher bitcoin will go.

For me it’s likely that the trade war is going to run and run. Both sides can’t buckle and like most wars, sides are prepared to take big losses, not to lose. This means holding through a rollercoaster ride of developments.

If we are in for a trade war of attrition, bitcoin will be above £20,000 by Christmas or sooner.

What we also have here if this theory is right is a gift to the extra greedy. When bitcoin flies, short the Dow, because when BTC flies, for no apparent reason, it is a high probability that something Dow slapping will come out of the trade war in a day or two’s time. While information may flow more slowly in the U.S., whatever goes wrong will nonetheless hit the U.S. equities market soon enough, but meanwhile the bad news will hit the Asia bitcoin market much sooner, about as long as it takes for the participants to get out of their meetings and past the revolving doors.

BTC down on Monday, should also give Dow up on a Tuesday and vice versa. Bitcoin is the gift that keeps on giving to traders.

Gold and the whole platinum group metals (PGM) will follow but at a much more refined and subdued pace; bitcoin delivering another leading signal to the stacker community or any trader that wants to play the dangerous game of levered commodities.

Signals like this don’t come by very often and can’t last for long, but while the stakes are in trillion dollar scale, quite a few million dollar crumbs are going to be left lying around the table.

Be among the first to get important crypto and blockchain news with Forbes Crypto Confidential, a free weekly e-letter delivered to your inbox. Sign up today.

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.

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.

Intelligent Investing is a contributor page dedicated to the insights and ideas of Forbes Investor Team. Forbes Investor Team is comprised of thought leaders in the areas of money, investing and markets.

Source: Will China Take Bitcoin To $20,000?

Chinese government efforts to crush Bitcoin continue with a proposed mining ban, adding to the raft of anti crypto legislations in force in the country, but much like Bitcoin, Chinese buyers just don’t care. Sources https://cointelegraph.com/news/chines… https://www.reuters.com/article/us-ch… https://www.newsbtc.com/2019/04/04/bi… https://news.bitcoin.com/russian-bank… Free Cryptocurrency Course – https://www.thecryptolark.org/ RECOMMENDED EXCHANGES & WALLETS GET FREE CRYPTO ABRA – GET $25 IN BTC – (US bank deposits or AMEX)- https://invite.abra.com/p9lwV0WqCR COINBASE – GET $10 Free Bitcoin on sign up! https://bit.ly/2zqeVfV LIQUID – GET $10 FREE QASH (verify & make $100 trade) – https://www.liquid.com?affiliate=Gtrf… TOP EXCHANGES BINANCE – #1 Crypto Exchange https://www.binance.com/?ref=10192350 BINANCE JE – BUY CRYPTO IN POUNDS & EURO https://www.binance.je/?ref=35019746 KUCOIN – Awesome For Low Cap Gems – https://www.kucoin.com/#/?r=18a8f CERTIFIED CRYPTOCURRENCY BROKERAGE CALEB & BROWN – Brokerage – Trade OTC like the big guys https://bit.ly/2Feq8F6 TAKE YOUR SECURITY SERIOUSLY – GET A HARDWARE WALLET LEDGER NANO https://www.ledgerwallet.com/r/6877 TREZOR – https://shop.trezor.io?a=Aw902Rsted LEARN TO TRADE LIKE THE PROS TRADER COBB 10% OFF CODE THELARK10 – https://tradercobb.com/?ref=169 SOCIAL MEDIA – These are my only accounts, beware of scammers! TWITTER twitter.com/TheCryptoLark FACEBOOK facebook.com/TheCryptoLark TELEGRAM GROUP t.me/thecryptolark TELEGRAM HANDLE @cryptolark STEEMIT steemit.com/@larksongbird D-TUBE d.tube/#!/c/larksongbird BACKGROUND ART BY Josie Bellini – https://josie.io/ PODCAST – find me on I-tunes “Crypto Waves” https://player.fm/series/crypto-waves… CONTACT E-mail thecryptolark@gmail.com with business or event enquiries. DISCLAIMER Everything expressed here is my opinion and not official investment advice – please do your own research before risking your own money. This video may contain copyrighted material the use of which is not always specifically authorized by the copyright owner. Such material is made available for research or academic purposes. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, this video is distributed without profit, for research and educational purposes. Thanks for watching; please like, subscribe, and share if you found this useful! #bitcoin #crypto #ethereum #cryptocurrency #neo #elastos #litecoin #eos #ripple #ontology #monero #stellarlumens #cardano #nem #dash #ethereumclassic #vechain #tezos #zcash #dogecoin

Bitcoin Warning As Serious Security Vulnerabilities Uncovered

Bitcoin developers have been trying to make the world’s most popular cryptocurrency more useful for payments, with the somewhat controversial Lightning Network one of the most popular projects.

However, serious security vulnerabilities have this week been discovered on the bitcoin Lightning Network, which could result in users losing their funds if nodes are not upgraded.

“Security issues have been found in various Lightning projects which could cause loss of funds,” wrote software developer, Rusty Russell, who authored the majority part of bitcoin’s Lightning Network protocol specification, in a post shared via a Lightning Network mailing list. “Full details will be released in four weeks, please upgrade well before then.”

The specifics of the vulnerability will be disclosed on 27 September, a common software security practise to both prevent bug exploitation and give developers time to patch problems.

The vulnerability appears to be related to the lightning-ready bitcoin wallet Eclair, which Russell also advised users to update.

The Lightning Network, first proposed by Thaddeus Dryja and Joseph Poon in a 2015 white paper, creates a layer on top of the bitcoin blockchain, where transactions can be passed back and forth before being added to the underlying blockchain.

Today In: Money

This should mean bitcoin transaction speeds are increased while costs are significantly reduced.

There are now a few different Lightning-ready wallets available, as well as companies that are able to process them on behalf of merchants.

However, low user numbers mean bitcoin lightning nodes currently lose money when they process transactions, according to recent reports.

When sending a Lightning payment, two parties deposit the funds at one bitcoin address, a so-called channel, in which they can exchange funds a limitless number of times.

This maintains bitcoin’s security but means small, regular payments don’t need to be added to the underlying blockchain until the channel is closed.

Questions have been raised about what Lightning Network adoption will mean for the bitcoin price, with much of the price dependent on transaction fees picked up by miners.

Most are though confident that with increased bitcoin adoption the price will continue to rise.

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: Bitcoin Warning As Serious Security Vulnerabilities Uncovered

By Daniel Chechik, Ben Hayak, and Orit Kravitz Chechik A mysterious vulnerability from 2011 almost made the Bitcoin network collapse. Silk Road, MTGox, and potentially many more trading websites claim to be prone to “Transaction Malleability.” We will shed some light and show in practice how to exploit this vulnerability.

Bitcoin Plunged Below $8,000–Did This Cause The Sudden Price Drop?

bitcoin, bitcoin price, image

Bitcoin, which has been swinging wildly over recent weeks, has crashed under $8,000—suddenly losing almost $1,000 per bitcoin in a matter of minutes last night.

The bitcoin price, down around 8% over the last 24 hour trading period, is still up around double where it began this year after a terrible 2018 that saw many of the world’s biggest cryptocurrencies including bitcoin lose around 80% of their value.

It’s been suggested the latest sudden bitcoin sell-off, which sent the wider cryptocurrency market sharply lower, was caused by a so-called bitcoin whale selling a large amount of bitcoin then buying it back after the market has dropped due to the influx of supply—potentially earning millions of dollars in the process.

Last night a large bitcoin holder moved some 25,000 bitcoin, worth more than $200 million, from an off-exchange wallet to the San Francisco-based Coinbase bitcoin and cryptocurrency exchange, as reported by a bitcoin and cryptocurrency whale tracking Twitter bot.

Shortly after that, 14,000 bitcoin, worth $112 million, was moved from Coinbase to another wallet, then a further 11,000 bitcoin, worth $88 million.

“If you do a little math and follow the timeline, it’s not hard to see that someone dumped 25,000 bitcoin for $215 million and bought it back shortly after for $200 million,” wrote Reddit user u/makoveli in a post to popular cryptocurrency forum r/cryptocurrency. “In doing so, they pocketed $15 million and walked away with the same amount of bitcoin as they started with.”

Bitcoin, despite being the most widely traded cryptocurrency with trading volume into the billions of dollars every day, still struggles with wild price swings due to large holders moving significant volumes of bitcoin.

bitcoin, bitcoin price, chart

The bitcoin price has risen and fallen sharply multiple times over recent weeks.

Following the sharp bitcoin price plunge, other major cryptocurrencies including ethereum, Ripple’s XRP, litecoin, EOS, and bitcoin cash all fell with EOS leading the field lower, down over 10% on yesterday’s price, according to CoinMarketCap data.

Bitcoin SV, a variant of bitcoin cash, itself a fork of bitcoin, was the only top 10 cryptocurrency largely unaffected by the sudden sell-off—something that will likely further speculation the controversial token suffers from low liquidity and high price manipulation.

You can follow me on Twitter @billybambrough and read my other Forbes posts here

Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies

I am a journalist with significant experience covering technology, finance, economics, and business around the world.

Source: Bitcoin Plunged Below $8,000–Did This Cause The Sudden Price Drop?

The Large Bitcoin Collider Is Generating Trillions of Keys and Breaking Into Wallets – VICE

Since we first published this article, major security flaws in the Large Bitcoin Collider client have come to light. Check out our follow-up reporting on these issues here.

For nearly a year, a group of cryptography enthusiasts has been pooling their resources on a quixotic quest to brute-force crack one of bitcoin’s cryptographic algorithms for creating wallet addresses. This is thought to be impossible today, but if they succeed, at least one element of bitcoin’s cryptography will be instantly obsolete.

It’s probably due to the scope of the challenge that the project is called the Large Bitcoin Collider, after the Large Hadron Collider, the world’s largest particle accelerator. But instead of new physics, the Large Bitcoin Collider is hunting cryptographic collisions—essentially proving that a supposedly unique and random string of numbers can be duplicated. More on collisions and their ramifications for bitcoin later, but along the way the LBC is using its computing power to try and bust open bitcoin wallets owned by other people, and potentially taking the coins inside.

Read More: The Great Physical Bitcoin Robbery

The basics are this: bitcoin addresses containing funds can be accessed by private keys, which are generated at the same time as the address. Technically, a number of private keys could work with any given address, but you’d need a huge amount of computing power to brute force your way through enough possibilities to find any of them. The LBC attempts to accomplish this by recruiting the computing power of anyone who’s willing to download and run their software.

Finding a private key that works with an existing wallet is a fast-and-loose version of “cracking,” and gives the attacker access to all the funds inside. But when someone in the LBC pool finds a working private key, do they get to keep the coins?

“In principle yes, although there is a process defined where—if someone appears with an alternate key—the pool members consider him the owner of the address,” “Rico,” the pseudonymous lead of LBC, told me in an email. He would only tell me that he’s a computer programmer “past his 40s,” who lives in Europe.

As for the legality of all this, LBC advises participants with a rather laissez-faire attitude.

“Depending on your jurisdiction, this may be considered theft and is therefore illegal,” the site’s FAQ states. “However, there are many jusrisdictions [sic] where you could perfectly legally claim 5-10% of the value found. So you should consider if you want 100% and become a criminal or if you get 10% and still be a law abiding citizen.”

The LBC has been working for just under a year. So far, Rico claims, the project has generated over 3,000 trillion private keys and checked them against existing bitcoin addresses to see if they work, and has found three that do and contain bitcoin. They’ve found over 30 private keys in total, some of which are for so-called “puzzle” addresses that are suspected to have been generated as easy bait for crackers.

“This project has been called many things: Impossible, illegal, pointless, cool, etc.”

Cracking wallets may seem malicious on the surface—and if an LBC participant knowingly steals funds, it might just be—but it also has research value. Bitcoin security researcher Ryan Castellucci has done work cracking wallets as a proof-of-concept in order to model attacker behaviour and defend against it.

“The thing that disappoints me about this is that they’re only checking addresses that have a balance instead of all addresses that have ever been used,” he said in an interview over the phone. “For research, it’s much more interesting to check all addresses that have ever been used, because that will show you if there’ve been weak addresses created in the past and if they’ve been cleaned out by attackers.”

But cracking wallets is just one part of the LBC’s mission. The other is to find a genuine cryptographic collision, which would mean it’s possible to generate inputs that, when put through the bitcoin address hashing algorithm, generate an identical pair. If it were ever to happen, bitcoin would have to use a new cryptographic algorithm for addresses. This would be similar to Google creating a collision with the once-popular SHA-1 cryptographic algorithm, which ended its usefulness for good.

Read More: I Broke Bitcoin

“Finding a P2PKH-collision [one cryptographic method of creating bitcoin addresses] would probably mean the end of P2PKH but not bitcoin,” Rico explained, regarding the ramifications of finding a collision. “Bitcoin would evolve with new address types. Most certainly it wouldn’t ‘die’ because of this.”

Castellucci also urged caution when it comes to getting all riled up about the LBC’s search for a cryptographic collision in bitcoin.

“To effectively find [a collision], you would have to find some way to generate [keys] much, much faster than is currently known to be possible,” he said. “Unless they find some sort of breakthrough in cracking techniques, the brute force strategy they’re using poses no threat to anybody’s bitcoin.”

“Someone could play the lottery three weeks in a row and win every time,” he explained. “That theoretically could happen, but it’s safe to assume it won’t.” Castellucci isn’t alone in this belief. Others, on the /r/bitcoin subreddit for example, have been much less kind and called the LBC “pointless.” But that hasn’t deterred Rico.

“Since it’s inception [around] 8 months ago, this project has been called many things: Impossible, illegal, pointless, cool, etc.,” Rico wrote.

“I think there is more waiting to be uncovered by the LBC—including a collision,” he continued. “So with that in mind we really do not care much about what ‘someone on Reddit’ said.”

Motherboard is nominated for three Webby Awards for Best Science YouTube Channel , Best Drama , Best Tech/Science Podcast . Please vote for us!

Source: The Large Bitcoin Collider Is Generating Trillions of Keys and Breaking Into Wallets – VICE

Warren Buffett: ‘Gambling Device Bitcoin Hasn’t Produced Anything’

Turns out 88-year-old Warren Buffett isn’t warming up to crypto after all. Speaking at what’s been dubbed the “Woodstock of Capitalism”, the billionaire investor told shareholders in Berkshire Hathaway how he really feels about bitcoin. His company’s annual shareholder event is being held in Omaha today, and he just couldn’t resist lamenting the digital currency that he just doesn’t understand. Buffett reportedly stated:

“It’s a gambling device… there’s been a lot of frauds connected with it. There’s been disappearances, so there’s a lot lost on it. Bitcoin hasn’t produced anything.”

At least Buffett didn’t call it “rat poison squared” like he did last year. His partner in crime, Charlie Munger, reportedly once compared crypto trading to “dementia.” Buffett’s shareholders probably come to Omaha just to hear what he’ll say next about the crypto revolution taking the economy by storm.

bitcoin

The bitcoin price is barreling for $5,700. | Source: CoinMarketCap

BITCOIN ‘ISN’T AN INVESTMENT’

Buffett didn’t stop there. He went on to insult investors who not only have benefitted from the peer-to-peer nature of bitcoin but he also suggested that it’s not an investment at all. Tell that to the 100-million strong crypto community, many of whom have seen their portfolios balloon since the bitcoin price hit a new 2019 high this week. Buffett is digging his own grave, so to speak, saying:

“It doesn’t do anything. It just sits there. It’s like a seashell or something, and that is not an investment to me.”

Bitcoin’s market cap is now $101 billion; it’s increased from $89 billion in the past two weeks or so. If that’s a seashell, then take us to the beach so we can start collecting them.

berkshire hathaway

Berkshire Hathaway shares are underperforming the S&P 500 year-to-date. | Source: Yahoo Finance

WARREN BUFFETT’S BUTTON ICO

He went on to seemingly poke fun at ICOs next because he couldn’t possibly mean bitcoin when he says:

“I’ll tear off a button here. What I’ll have here is a little token…I’ll offer it to you for $1000, and I’ll see if I can get the price up to $2000 by the end of the day… But the button has one use and it’s a very limited use.”

Hmm, let’s see. Bitcoin is a store of value that rivals gold. It is a peer-to-peer digital currency that gives migrants a way to send money to their families faster and cheaper than any money-transfer service without the blockchain can do. And it’s decentralized, so it’s not subject to the whims of any central bank or government that turns on the printing press and causes inflation.

IMF to crypto: “please be gentle with our house of cards” https://www.cnbc.com/2019/04/11/cryptocurrencies-fintech-clearly-shaking-the-system-imfs-lagarde.html 

Cryptocurrencies are ‘clearly shaking the system,’ IMF’s Lagarde says

IMF Managing Director Christine Lagarde said Wednesday that new technologies like digital assets and cryptocurrencies are having a clear impact on the banking sector.

cnbc.com

Whether he realizes it or not, Buffett is spreading FUD about bitcoin and the blockchain, saying:

“Blockchain…is very big, but it didn’t need bitcoin. J.P. Morgan, of course, came out with their own cryptocurrency.”

Blockchain pioneer Wences Casares once said that people who fail to recognize the value of bitcoin but believe in blockchain tech demonstrate an “ignorance for how the system works.” We’ll leave Warren with Wences’ words of wisdom:

“Blockchain doesn’t exist without bitcoin…If you were to remove the bitcoin, miners would disappear and so would the blockchain.”

Source: Warren Buffett: ‘Gambling Device Bitcoin Hasn’t Produced Anything’

Crazy Crowdfund Scammer Pitched a Backpack, Stole $800,000 to Buy Bitcoin

iBackPack, Bitcoin

A prolific crowdfunder is being sued by the FTC after duping investors to use their money for himself. | Source: Kickstarter

Douglas Monahan promised consumers a ‘high-tech’ backpack known as the iBackPack, but failed to deliver the product after raising over $800,000. After allegedly scamming Indiegogo users of $720,000, Monahan staged three more crowdfund campaigns to take his total bounty to $0.8 million.

IBACKPACK ‘CREATOR’ SHUT DOWN BY FEDERAL TRADE COMMISSION

The investigation against Monahan was inadvertently revealed last year when an FTC agent’s private email exchange was made public. On May 6th, the FTC took action and levelled a Complaint for Permanent Injunction and Other Equitable Relief against the Texas man.

According to the FTC, rather than use $800,000 to create the iBackPack, Monahan used the funds for ‘personal purposes’ – among them, buying Bitcoin. From the complaint filed in the Southern District of Texas, May 6th:

“Defendants have used a large share of contributions for Defendant Monahan’ s own personal purposes, such as making bitcoin purchases and ATM withdrawals and paying off personal credit cards; for marketing efforts to raise additional funds from consumers; and for other business ventures.”

Monahan’s victims also claim that their personal data was sold, owing to the unexpected marketing communications they all received soon afterwards. This is only the second time in history that the FTC has gone after a crowdfunder. In 2015, Erik Chevalier raised $120,000 for a board game, and then sold off contributors’ personal data after failing to deliver the product.

CROWDFUND HOPPING: INDIEGOGO TO KICKSTARTER AND BACK AGAIN

After failing to produce anything from the $720,000 he raised on Indiegogo, Monahan jumped over to Kickstarter and started marketing the iBackPack 2.0. From this campaign, he raised a further $76,000, all while his original backers were still awaiting their products.

He then launched another two campaigns back on Indiegogo and siphoned a further $11,000 from gullible investors.

The Indiegogo page for the iBackPack still exists, and has been inundated with nearly 4,000 comments from disgruntled patrons. One recent comment notes:

“I love that the FTC is suing you, and I hope they make Indiegogo just as guilty for letting this continue without protecting their customers.”

GULLIBLE VICTIMS? A PARALLEL BETWEEN BITCOIN AND CROWDFUND INVESTING?

Not a week goes by where the Bitcoin isn’t lambasted by critics in one way or another. This week it was Warren Buffet who dismissed Bitcoin as nothing more than a gambling device.

Cryptocurrency adherents are often characterized as gullible victims of an obvious bubble, but if $800,000 is being thrown away on the ‘iBackPack’ then we clearly have other problems to worry about. The ‘high-tech’ iBackPack appears to be nothing more than a bag with a charger and some USB ports inside it.

The parallels between Kickstarter promises and ICO pitches are obvious here. Just like with ICOs, crowdfunders do not have to guarantee that their project will even materialize. As Andrew Smith, Director of the FTC’s Bureau of Consumer Protection, said:

“If you raise money by crowdfunding, you don’t have to guarantee that your idea will work. But you do have to use the money to work on your idea—or expect to hear from the FTC.”

 

Source: Crazy Crowdfund Scammer Pitched a Backpack, Stole $800,000 to Buy Bitcoin

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