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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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Happy Halloween! Bitcoin just hit a major milestone. Right now this is news. At some point it will turn into history. Like. Comment. Subscribe. Follow us on Twitter: https://twitter.com/AltcoinDailyio Canadian Markets Regulator Gives 3iQ Green Light to Offer Bitcoin Fund https://cointelegraph.com/news/canadi… Bitfinex adds native SegWit support for bitcoin withdrawals https://www.theblockcrypto.com/linked… The milestones just keep coming this week! https://twitter.com/APompliano/status… For our next speaker announcement, we wanted a Bitcoiner who has taken a counterculture mainstream… Super stoked to announce Tony Hawk as that featured speaker! https://twitter.com/tonyhawk/status/1… Chinese Communist Party Launches Very Own “Xitcoin,” Thanks Zuckerberg for the Idea https://coinjazeera.news/chinese-comm… Local government in China offers $150 million to fund blockchain projects https://decrypt.co/10882/local-govern… Ripple CEO Confirms Rumor on MoneyGram’s Use of XRP, Says Bitcoin and Crypto Activity Remains Largely Speculative https://dailyhodl.com/2019/10/30/ripp… Excited to integrate our Ledger Hardware Wallets with @Samsung https://twitter.com/Ledger/status/118… *********************************************************************** 🏺Support The Channel!!🏺 Protect and store your crypto with a Ledger Nano: https://www.ledger.com?r=4b0f6c5711dc Sign up for Coinbase & get $10 in free Bitcoin: https://www.coinbase.com/join/59ebcf3… Earn Bitcoin For everyday online purchases: https://lolli.com/ref/3fFthESfAq 🏺Buy Me A Beer 🏺 ►BTC: 3DYCrB2RCrREM6y3Ahxxuv9JjSVd6yrbz4 ►BTC: 3DYCrB2RCrREM6y3Ahxxuv9JjSVd6yrbz4 *********************************************************************** #bitcoin #like #cryptocurrency #news #btc #ethereum #eth #cryptocurrency #litecoin #altcoin #altcoins #eos #forex #money #best #trading #bitcoinmining #invest #trader #cryptocurrencies #top #investing #entrepreneur #business #success #investment #finance #bitcoins #motivation #coinbase #stocks #wallstreet #investor #ico #wealth #bullish #bearish #cryptolive #altcoindaily #cardano #xrp #ripple ***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! I AM NOT AN EXPERT! I DO NOT GUARANTEE A PARTICULAR OUTCOME I HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST EDUCATION & ENTERTAINMENT! USE ALTCOIN DAILY AS A STARTING OFF POINT! This information is what was found publicly on the internet. This information could’ve been doctored or misrepresented by the internet. All information is meant for public awareness and is public domain. This information is not intended to slander harm or defame any of the actors involved but to show what was said through their social media accounts. Please take this information and do your own research. bitcoin, cryptocurrency, crypto, altcoin, altcoin daily, blockchain, decentralized, news, best investment, top altcoins, ripple, ethereum, tron, stellar, binance, cardano, xrp, litecoin, 2019, 2020, crash, bull run, bottom, crash, tether, bitfinex, rally, tone vays, ivan on tech, chico, video, youtube, macro, price, prediction, podcast, interview, halloween, china, depth, buy, trade, bitfinex, canada, ontario, approved, 31Q, milesone, tony hawk, brad garlinghouse,

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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.”

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 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

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).

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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On Paxful you buy bitcoin from other people in real-time. Trading happens online via live chat. Paxful Vendors can earn six figures from the comfort of their home and many do. Once payment is made and verified by the seller, the bitcoin will be released to your wallet. We’ve built a feedback and reputation system on the advice of the very best traders in the space. Use the simplest bitcoin wallet on earth. You can’t make a mistake and know exactly where to go next.

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Debit/credit cards

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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

New Data Reveals Serious Bitcoin Warning

Bitcoin has been rallying hard so far this year but the latest bull run, which has seen the bitcoin price soar by around 200% in just six months, could be coming to an end.

The bitcoin price, which is now hovering just under $10,000 per bitcoin, has climbed so far this year mostly due to expectations the world’s biggest technology companies, led by social media giant Facebook, could be about to dive headfirst into bitcoin and cryptocurrencies.

Now, it seems bitcoin could be headed for a sudden fall, with technical data suggesting the bitcoin price could be about to move sharply lower.

Bitcoin earlier this week broke below its 50-day moving average, which it’s thought could mean the bull run that saw the bitcoin price rise from under $4,000 per bitcoin at the beginning of the year to almost $14,000 could be over.

Bitcoin price data also shows it’s trading under the lower limit of the closely watched GTI Vera Band indicator, it was first reported by Bloomberg, a financial newswire.

The bitcoin price began climbing earlier this year as the likes of iPhone maker Apple, micro-blogging platform Twitter, and Facebook looked to bitcoin and cryptocurrencies as a potential new revenue stream.

However, the rally was halted in its tracks after regulators around the world poured cold water on Facebook’s ambitious plans to issue its own cryptocurrency, libra, some time next year.

It’s now thought that regulatory issues could completely derail Facebook’s libra project, though it says it’s committed to working with lawmakers around the world to make libra a reality.

“There can be no assurance that libra or our associated products and services will be made available in a timely manner, or at all,” Facebook said.

“[Bitcoin] stands at a key technical juncture,” Miller Tabak + Co.’s equity strategist Matt Maley was quoted by Bloomberg. “[Greater regulatory scrutiny] will become an even more prominent issue (much more prominent) once we move past the summer recess for Congress and into the meat of the 2020 election cycle.”

Bitcoin was pushed into the limelight earlier this month by U.S. president Donald Trump when he unleashed a scathing attack on bitcoin and cryptocurrencies, branding them “unregulated assets” in a series of tweets.

Following Trump’s attack and warnings from other global regulators, forensic accountancy firm BTVK warned the bitcoin and crypto “wild west” could be coming to an end, with global regulators closing in on bitcoin and cryptocurrency exchanges as a result of the spotlight brought by Facebook’s libra project.

Some U.S. presidential hopefuls have though said they’d support bitcoin and the creation of other cryptocurrencies to rival the U.S. dollar, potentially turning bitcoin and crypto into a 2020 election issue.

Earlier today, U.S. lawmakers grilled bitcoin, cryptocurrency, and blockchain experts on how Facebook’s libra could upset the U.S. economy.

“It’s clear that digital assets don’t really fit in our current financial system, as the current regulatory framework is awkwardly divided between banking regulators and market regulators,” said Christine Trent Parker, partner at law firm Reed Smith, following the hearing.

“It is unfortunate that today’s hearing made clear that Congress is not going to move forward any time soon in rectifying this issue and that in fact, the lack of clarity and uniformity may be intentional to hamper the ability of U.S. consumers to access (and benefit from) these technologies.”

Some bitcoin and cryptocurrency analysts remain upbeat, however, despite regulatory fears.

“Volumes continue to decline in the crypto market as the cool-down seems to be coming to completion,” Mati Greenspan, senior market analyst at brokerage eToro, wrote in a note to clients.

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

Source: New Data Reveals Serious Bitcoin Warning

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