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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).

Follow me on Twitter or LinkedIn. Check out my website.

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

US Lawmakers Are Realizing They Can’t Ban Bitcoin

Those who have been longtime critics of Bitcoin usually have one key theory in common, which is that governments will eventually ban Bitcoin and cryptocurrency will then cease to exist in any meaningful form. For examples of this point of view, just look at economist Nouriel Roubini and JPMorgan Chase CEO Jamie Dimon.

That said, implementing such a ban is no easy task. After all, Bitcoin was built by cypherpunks as a form of digital money that would be unaffected by the desires of politicians and regulators around the world.

Lately, it appears that lawmakers in the United States are starting to realize the difficulties associated with a potential Bitcoin ban.

Bitcoin Ban Deemed Unlikely During Congressional Hearings

On Tuesday, the U.S. Senate Committee on Banking, Housing and Urban Affairs held a hearing on cryptocurrency and blockchain technology regulation. During that hearing, Senate Banking Committee Chairman Mike Crapo (R-ID) shared his belief that the United States would not be able to succeed in banning Bitcoin.

“If the United States were to decide — and I’m not saying that it should — if the United States were to decide we don’t want cryptocurrency to happen in the United States and tried to ban it, I’m pretty confident we couldn’t succeed in doing that because this is a global innovation,” said Crapo.

This statement came in the form of a question to Jeremy Allaire, who is the co-founder and CEO of global financial services company Circle. In his response, Allaire explained the new reality created by the creation of Bitcoin.

“I think the challenge that we all face with this is some of these cryptocurrencies — they’re literally just a piece of open-source software,” said Allaire. “There’s nothing else. It exists on the internet, it’s open-source software, anyone can implement it, it runs wherever the internet runs, and these have a monetary policy where these assets are algorithmically generated . . . That is a challenge that every government in the world now faces — that money, digital money, will move frictionlessly everywhere in the world at the speed of the internet.”

These remarks made during Tuesday’s hearing follow comments made by U.S. Congressman Patrick McHenry (R-NC) from earlier in the month when he stated “there’s no capacity to kill Bitcoin” during an interview with CNBC.

Back in May, Congressman Brad Sherman (D-CA) claimed that Congress should implement a ban on Bitcoin, but Sherman did not share specific details as to how such a ban could be effectively achieved.

                                

The difficulties associated with implementing a ban on Bitcoin are behind one economist’s theory that the best way to kill the cryptocurrency would be for governments to become more competitive in terms of monetary policy and financial freedom.

Abra CEO Bill Barhydt has also pointed out that bringing forth a Bitcoin ban could be legally difficult for the U.S. Government. That said, there is growing support for bans on encryption-based technologies among various law enforcement agencies in the United States, in addition to the Trump White House.

On the other hand, more centralized cryptocurrency systems like Facebook’s Libra project, which is really a cryptocurrency in name only, would be much easier for governments to control.

It should be noted that extreme limitations on technology and financial freedom, such as the new cash-related bill making its way through the Parliament of Australia, may end up unintentionally educating more people as to why Bitcoin has value in the first place.

Follow me on Twitter. Check out my website.

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: US Lawmakers Are Realizing They Can’t Ban Bitcoin

Bitcoin Price Crashes $800 in Minutes as Bears Eye $9K Support Next

Bitcoin Price Crashes $800 in Minutes as Bears Eye $9K Support Next

Bitcoin traders eat their wallets

Traders were scratching their heads on social media Saturday in the wake of the sudden losses, with BTC/USD crashing from $10,180 to $9,410.

At press time, the pair had recovered marginally to circle $9,500, while a lack of obvious factors left commentators struggling to understand the market.

As Cointelegraph reported, a return to $10,000 earlier came as a surprise after a similar uptick occurred in a matter of minutes.

Previously, regular commentator Josh Rager had eyed a break below $9,600 as a gateway to lower levels, with the potential for $9,000 to also fall.

Some had anticipated volatility continuing in the short term. On Twitter, the trader known as CryptoCohen sounded the alarm hours before the $800 losses.

“Could be a larger correction in play – could take a lot longer too – longer than many would expect/hope. But good things come to those who wait,” he summarized.

Bitcoin’s move meanwhile had a more predictable effect on altcoin markets, with tokens in the top twenty cryptocurrencies by market cap shedding up to 4.5%.

Monthly, Bitcoin price has lost 20%, Cointelegraph noting that end-of-year and longer-term price forecasts remain bullish.

Source: https://cointelegraph.com/news/bitcoin-price-crashes-800-in-minutes-as-bears-eye-9k-support-next

Bank of China’s New Infographic Shows Why Bitcoin Price Is Going Up

Bank of China’s New Infographic Shows Why Bitcoin Price Is Going Up

A brief story: from Bitcoin to Libra

The infographic illustrates the story of Bitcoin, starting with the publication of its whitepaper in 2008, the mining of the first 50 BTC in 2009, 10,000 BTC having been spent for pizza in 2010, and other major milestones for the system, ending with the announcement of Facebook’s Libra.

“Yesterday the Bank of China posted up an article about Bitcoin,” commented Blockstream CSO, Samson Mow. “They explained how BTC works, why the price is going up, and why it’s valuable. Never thought I’d see that happen. #Bullish”

The factors behind Bitcoin’s rise

Another part of the infographic is dedicated to explaining why Bitcoin’s value is increasing, and it cites limited supply, increased mining difficulty, that it is used as a medium of exchange and anti-inflation safe haven.

This is in line with the remarks recently made by Morgan Creek Digital Assets co-founder Anthony Pompliano, who said that the European Central Bank’s expected dovish turn will provide “rocket fuel” for Bitcoin.

Furthermore, the infographic does also mention the infamous Mt. Gox hack, the risk of speculation, and stories of lost funds. According to the image, Bitcoin’s main use case is international settlements since its fees are low compared to legacy system while transactions are faster.

As Cointelegraph reported yesterday, the CEO of Chinese tech giant Huawei thinks that China can compete with Facebook for market share by issuing its own digital currency.

Earlier this month, Chinese media reported that China’s central bank is developing its own digital currency in response to Facebook’s Libra as the latter could purportedly pose a risk to the country’s financial system.

Source: https://cointelegraph.com/news/bank-of-chinas-new-infographic-shows-why-bitcoin-price-is-going-up

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It became the first decentralized peer-to-peer payment network for using without any central authority or middlemen. In a nutshell, bitcoin is the money for Internet. Its original purpose is providing all people with universal currency for different operations. Bitcoin can also be described as the most prominent triple entry bookkeeping system in existence. Bitcoin has already changed people’s understanding of currency, payment and monetary system in whole. Its crucial feature is that there is no need in third party actions as people make peer-to-peer (P2P) payments just in 10 minutes, unlike credit cards which can take up to weeks to process payment.

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Example $10,000 annual return on investment

1.Firt small plan 0.88% HOURLY For 120 Hours–ROI(Return On Investment)–0.88%x120hours=105.6% per 5 days =133.6% per(30days) month =503.2% per 12 months
So $10000 invest in First small plan will total return $50,320

2.Second Plan 1.83% HOURLY For 60 hours–ROI (Return On Investment)–1.83%x60hours=109.8% per 2.5 days =217.6% per(30days) month =1511.2% per 12 months
So $10000 invest in Second plan will total return $151,120

3.Daily Plan 66% DAILY For 2 Days–ROI (Return On Investment)–66%x2 days=132% per 2 days =580% per(30days) month =5760% per 12 months
So $10000 invest in 66% daily plan will total return $576,000

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Brazilian President Jair Bolsonaro Reveals He Doesn’t Know What Bitcoin Is

Jair M. Bolsonaro, the president of Brazil, has recently revealed in an interview with a well-known TV show host that he doesn’t know what bitcoin is, while speaking about his administration’s decision to shut down an ‘indigenous cryptocurrency’ project.

According to local news outlet Portal do Bitcoin, the TV show host has been participating in various cryptocurrency-related events recently, and was speaking to the country’s president about a cryptocurrency-related project barred by Brazil’s Minister of Human Rights, Family, and women, Damares Alves.

Bolsonaro, with a disapproving tone, stated:

She [Damares] discovered at the end of the transition last year that they were earmarking Funai for RS $40 million, and do you know why Ratinho? To teach indigenous people how to mess with bitcoin.

The “indigenous cryptocurrency” project Bolsonaro refers to was signed three days before the mandate of Michel Temer, Brazil’s former president, ended. It would see the country spend roughly $12 million to bring in an “alternative currency” for its indigenous communities, in a move that purportedly could “transform the reality of these people.”

As CryptoGlobe covered, however, the project saw the government sign a contract directly with the National Indian Foundation (Funai) and with the Universidade Federal Fluminense (UFF), instead of seeing organizations compete for it through a traditional bidding process.

At the time, officials claimed the UFF was chosen because of its “expertise” in similar projects. It’s worth noting, however, that Funai employees claimed the work that was set to be done was of “questionable technical relevance.”

Reacting to Bolsonaro’s disapproving tone, Ratinho asked the Brazilian president if he knew what bitcoin was. Bolsonaro replied he didn’t know but with help from the host managed to get a little more out:

It’s that virtual coin. I do not know how to operate that ‘train’ yet.

As Portal do Bitcoin reports, Bolsonaro’s son Carlos Bolsonaro appears to not yet properly understand cryptocurrencies. On the microblogging platform Twitter, he claimed the halted cryptocurrency project blocked “millions in bitcoin,” when in reality it blocked millions in fiat currency.

Featured image via Jair Bolsonaro’s YouTube channel.

Source: CryptoGlobe

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

Bitcoin Is The New Gold

I always write about this basic idea when it comes to any investing: which way is the market going, up or down?

If you know, you are in great shape; if you don’t, you should not be playing at all.

This is the question on bitcoin.

All last year I was saying, “It’s going down, hopefully to about $2,500.” It hit the low $3,000s.

Now bitcoin is going up and I will be saying “It’s going up.” I think it will hit $6,000 soon and go on to $10,000.

At $10,000 I will look to recalibrate.

For now the crypto winter is over.

Here is the chart:

The Bitcoin chart: the crypto winter is over

This is a simple chart with some guidelines and there is a clear pathway upwards.

There is apparently a lot of China interest in crypto right now, with tether selling at a premium. This makes sense if the market considers a yuan dollar depreciation on the cards. Tether has been shown to be resilient, even if it is still a controversial coin. It remains a good place to stash capital from short-term moves, be that from bitcoin volatility or ‘fiat’ privations.

Money flowing into stablecoins is going to lift bitcoin because fundamentally  money flowing into crypto is what sustains and raises prices.

Bitcoin and altcoins have to have positive money flow because they are “mined” and have their monetary bases expanded with every block. For bitcoin $9 million of new money must enter every day to match new supply. It’s not that straight forward because if miners hodl on to some or all of their bitcoin, less money needs to enter on a daily basis to prop up the price. In the end, however, supply and demand creates the price and for new supply to be matched at current levels, more than $3.3 billion dollars has to flow into bitcoin to make it go up.

That might seem a lot but it is not when you see the scale of modern markets. Gold production is $140 billion, so that’s the amount of fiat that most come into the system to keep its price around $1,300 an ounce.

Both assets have about the same emission as a percentage; the difference being the market cap of gold is about $5 trillion and bitcoin is $0.09 trillion.

Gold is the global asset to hedge against risk and investors are incredibly interested in it. It is a mainstream asset dwarfing equities and other assets in the mind of the man in the street as an “investment.”

Google searches for gold and Bitcoin in the US

Google searches for gold and bitcoin in the U.S.

Credit: Google

When you drill down into mindshare, when you look at interest in the financial news,  you can see what looks like bitcoin eating into the interest in gold, at least in the U.S.

If you look at the global picture this trend can’t be seen as clearly and when you appreciate global interest in gold is driven by countries with low tech penetration it suggests that as time passes, bitcoin and crypto will increasingly share the flight capital/risk asset crown with gold.

Google searches for gold and Bitcoin worldwide

Google searches for gold and bitcoin worldwide

Credit: Google

Even if bitcoin takes 20% of that market, bitcoin will be through its previous $20,000 high. That is without bitcoin continuing to be used for transactions or any other emergent use case or situation.

Bitcoin winter is over, the price is going up, the only question is how high. For now $6,000 is an easy target and $10,000 a coin this year is not such a hard target. I’m still accumulating.

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Clem Chambers is the CEO of private investors Web site ADVFN.com and author of Be Rich, The Game in Wall Street and Trading Cryptocurrencies: A Beginner’s Guide.

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

 

Clem Chambers Clem Chambers Contributor

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….

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 area…

Source: Bitcoin Is The New Gold

Bitcoin (BTC) Darknet Transactions Doubled In 2018: Why This Is Bullish

 

Since Bitcoin (BTC) burst onto the global stage in 2009, the cryptocurrency, known for its decentralized, immutable, censorship-resistant, pseudonymous, and borderless nature, has become a medium for transactions of all shapes and size. And just like U.S. dollars and other government-issued currencies, BTC has found use cases in illicit transactions. Whether it be purchasing questionable goods or otherwise, the flagship cryptocurrency has found a place……..

Source: Bitcoin (BTC) Darknet Transactions Doubled In 2018: Why This Is Bullish

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