Online Cash Bitcoin Could Challenge Governments, Banks

hawki · Jul 10, 2018

mood said: ↑

Hacker Steals $13.5 Million From Bancor Cryptocurrency Exchange
July 10, 2018
https://www.bleepingcomputer.com/ne...-million-from-bancor-cryptocurrency-exchange/
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"Cryptocurrency service Bancor robbed of billions; MyEtherWallet users targeted via malicious VPN Chrome extension

Cryptocurrency token conversion service Bancor disclosed yesterday that hackers stole millions in funds from one of its online wallets, while Etherium crypto wallet service MyEtherWallet warned that hackers may have compromised anyone who accessed its service while using the free VPN service Hola and its Chrome extension..."

https://www.scmagazine.com/cryptocu...alicious-vpn-chrome-extension/article/779695/

guest · Jul 11, 2018

mood said: ↑

HTC is making a blockchain smartphone
HTC Exodus will feature beefed-up security protection designed for blockchain transactions
May 16, 2018
https://www.techradar.com/news/htc-reveals-blockchain-smartphone
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HTC’s blockchain-powered Exodus smartphone is a risky bet that needs to pay off
Expected by the end of the year
July 10, 2018
https://www.theverge.com/2018/7/10/17548104/htc-exodus-blockchain-powered-smartphone

[...] Chen claims that the phone with a cryptocurrency wallet will be “the most secure hardware wallet out there.” He also hopes that trading virtual cats will encourage gamers and people who are less familiar with cryptocurrency to try out the Exodus phone.

“It seems to me that they’re almost grabbing things that aren’t really there. Blockchain doesn’t make a sense to a lot of people,” Will Stofega, program director at IDC for mobile and drones, told The Verge. “With the Exodus, [Chen] is hoping he’ll get people to be each node, as each Exodus device will form one node in the blockchain. But the problem is, does anyone want to be in that chain?”

Still, Stofega said that the fact that tech giants in the smartphone industry like Apple and Samsung haven’t yet thought to make a blockchain-powered phone bodes well for HTC.

That’s what makes HTC’s blockchain-powered phone a risky bet that could pay off. Stofega quips, “If this is the future and HTC has latched onto it first, then they’re ahead of everyone else. But the future comes when it comes and not when HTC needs it to come.”
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guest · Jul 11, 2018

The crypto-currencies that die before they have bloomed
July 10, 2018
https://www.bbc.com/news/technology-44778022

A Boston College research paper entitled Digital Tulips finds that fewer than half of these projects survive more than 120 days after the completion of their sales of tokens to the public.

The researchers arrived at this conclusion by examining the official Twitter accounts of the crypto-currencies. They found only 44.2% of them were still tweeting after that four-month period and concluded that the rest of the ICOs had died.
Mind you, the study also finds that the ICO gold rush is continuing, with $12bn raised from more than 4,000 ICOs since January 2017 - and those investors who got in and out quickly made big profits.

Judging by my inbox, the volume of marketing material about crypto-currencies and especially blockchain is expanding at an exponential rate. And I have a sneaking suspicion that finding the "ultimate truth" in this mountain of hype is not going to be easy.
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guest · Jul 11, 2018

Scalability is the biggest hurdle ahead of cryptocurrency mass adoption, research says
The researchers believe mass adoption is only a decade away
July 11, 2018
https://thenextweb.com/hardfork/2018/07/11/cryptocurrency-adoption-etoro/

While you’d find plenty of forward-thinking businesses accepting Bitcoin out there, cryptocurrency payments largely remain on the brink of mainstream adoption. But according to new research [PDF] from Imperial College London and social trading platform eToro, we might not be all that far away from that moment.

In a new report titled Cryptocurrencies: Overcoming Barriers to Trust and Adoption, Imperial College researchers William Knottenbelt and Zeynep Gurguc posit that digital currencies are slated to become a mainstream payment option within the next decade.

“New payment systems do not emerge overnight, but it is worth noting that the concept of money has evolved – even in our lifetime – from cash to digital or contactless payments,” Gurguc said. “The wider use of cryptocurrencies and crypto-assets is the next natural step if they successfully overcome the six challenges we set out in our report.”
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Research: https://www.imperial.ac.uk/media/imperial-college/research-centres-and-groups/ic3re/CRYPTOCURRENCIES--OVERCOMING-BARRIERS-TO-TRUST-AND-ADOPTION.pdf

hawki · Jul 14, 2018

"Russian agents allegedly used Bitcoin to fund the DNC hack...

According to the US Department of Justice’s indictment, the defendants “conspired to launder” more than $95,000 “through a web of transactions structured to capitalize on the perceived anonymity of cryptocurrencies such as Bitcoin...

The takeaway: If you weren’t convinced that cryptocurrencies are a magnet for would-be money launderers, this should help. Beyond that, though: Bitcoin is not anonymous! Using clues from outside the internet, which the Mueller team clearly had, it’s quite possible to follow the money on the blockchain and root out individuals behind the transactions..."

https://www.technologyreview.com/th...-allegedly-used-bitcoin-to-fund-the-dnc-hack/

guest · Jul 15, 2018

Chinese Police Bust Crypto Betting Ring Allegedly Worth $1.5 Billion
July 14, 2018
https://gizmodo.com/chinese-police-bust-crypto-betting-ring-allegedly-worth-1827601270

Chinese authorities have busted what they said was one of the world’s largest online betting operations involving cryptocurrency, with over $1.5 billion in illicit bets allegedly on the line.

According to the South China Morning Post, police in southern Guangdong province said late this week that they had nabbed “six major suspects of the syndicate,” seizing about five million yuan ($748,000) and an additional 10 million yuan ($1,495,000) in crypto.

The Chinese government has long sought to clamp down on cryptocurrency, which it views as a possible way for citizens to evade the authority of the state (particularly tax collectors) and thus a potential threat to its power
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ronjor · Jul 16, 2018

Global regulators start monitoring crypto assets

Huw Jones July 16, 2018
LONDON (Reuters) - Global regulators have published a framework for "vigilantly" monitoring risks from crypto assets like bitcoin BTC=BTSP and ether, even though they don't pose a major risk to financial stability for now.
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guest · Jul 16, 2018

ronjor said: ↑

This Is Why Experts Are Calling Kodak's New Bitcoin Scheme A Scam
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Kodak Bitcoin mining 'scam' evaporates
The company behind a Kodak-branded crypto-currency mining scheme has confirmed the plan has collapsed.
July 16, 2018
https://www.bbc.co.uk/news/technology-44845291

Now the company behind the scheme says it will not go ahead. Kodak told the BBC it was never officially licensed.
What was the plan?
It showed off a Bitcoin-mining computer labelled Kodak KashMiner in January and told the BBC that it planned to let people rent the machines.

To mine crypto-currency, computers are tasked with solving complicated mathematical problems in order to verify crypto-currency transactions. Successful miners are rewarded with bitcoins for their efforts.
Spotlite planned to let people pay an up-front fee of around $3,400 (£2,500) to rent a KashMiner, and would let customers keep a cut of any bitcoins generated.

But Kodak told the BBC that the venture was never officially licensed and that no devices had ever been installed.
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ronjor · Jul 18, 2018

Why You Can't Trust More Cryptocurrency White Papers

Sophia Chen 07.18.18
In 2008, a mysterious figure named Satoshi Nakamoto uploaded a PDF to the internet outlining a digital framework for spending money without centralized banks. He sent the paper to a cryptography mailing list, and thus bitcoin—and the blockchain—were born. Ten years later, an entire cryptocurrency industry valued at $300 billion has bloomed from those nine pages.
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Minimalist · Jul 19, 2018

Russia: Crypto Miners and Holders Will Be Regulated Under Existing Laws

Cryptocurrency miners and holders in Russia will be regulated under the Internal Revenue Code, local news outlet Izvestiya reported July 18.

The Chairman of the Russian State Duma Committee on Financial Markets, Anatoly Aksakov, told Izvestiya that lawmakers are looking to pass the bill on digital financial assets, or cryptocurrencies, during the autumn session of the Duma.

According to Aksakov, the document will not include separate taxation schemes for cryptocurrency owners, meaning that mining and circulation of cryptocurrencies will be regulated under existing provisions of the Russian Tax Code.
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https://cointelegraph.com/news/russ...holders-will-be-regulated-under-existing-laws

guest · Jul 20, 2018

The State Bank of Vietnam Suspends Import of Crypto Mining Hardware
July 19, 2018
https://cointelegraph.com/news/the-state-bank-of-vietnam-suspends-import-of-crypto-mining-hardware

The Vietnamese central bank, the State Bank of Vietnam (SBV) announced it will suspend the import of cryptocurrency mining hardware, according to local news agency Viet Nam News July 19.

The move followed an official request from the Ministry of Industry and Trade (MoIT), which suggested a temporary ban of imports of crypto mining machines, the volume of which reportedly amounted to 15,600 units from 2017 to April 2018. Most of the units were imported through Hanoi, Ho Chi Minh City, and Da Nang.

The temporary ban also intends to prevent the use of cryptocurrency as an alternative means of payment outside of the official currency, which was declared illegal in late 2017.
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Minimalist · Jul 21, 2018

10 ways you can screw up with crypto currencies – by Focus on Blockchain speaker Piotr Gryko

Piotr Gryko, a speaker on Business Review’s first event dedicated to emerging technologies, Focus on Blockchain, shared his tips on how to avoid making the most common ten mistakes when dealing with cryptocurrencies.
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http://business-review.eu/tech/10-ways-you-can-screw-up-with-cryptocurrencies-by-piotr-gryko-177569

Minimalist · Jul 21, 2018

Celebs and Crypto: A Mixed Bag of Crypto Collaboration

Nevertheless, over the past few years, crypto has received a star-studded boost from a number of notable celebrities from around the world. From actors to singers, rappers to sports people, a number of the world’s most recognizable faces have lent their voices to numerous cryptocurrency projects.

Some are deeply involved, while others seem to have taken the usual celebrity-endorsement route. Nevertheless, with millions of loyal fans around the world and an equal number of followers across multiple social media platforms, these celebrities can have a big influence over the perception of millions of people.
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https://cointelegraph.com/news/celebs-and-crypto-a-mixed-bag-of-crypto-collaboration

Minimalist · Jul 21, 2018

From Positive Regulation to Ponzi Comparisons: What Went On at US Congress Crypto Hearings

July 18 proved to be an important day for the crypto industry, as two separate U.S. Congress hearings centring the matter were held: one by the House Agriculture Committee, and the other one by the House Financial Services Committee.

The two stroke completely different tones: while the latter echoed the most conservative sentiments regarding the realm of crypto (with the somewhat obligatory call for a blanket ban), the former seemed more positive, as the board of experts provided the regulators with collected considerations bothering the industry. Nevertheless it’s the House Agriculture Committee hearing we should focus our attention.
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https://cointelegraph.com/news/from...s-what-went-on-at-us-congress-crypto-hearings

guest · Jul 22, 2018

Facebook Restores Coinbase Cryptocurrency Ads
July 22, 2018
https://ethereumworldnews.com/facebook-restores-coinbase-cryptocurrency-ads/

After a careful review of its policies, Facebook has decided to allow the exhibition of specific crypto related ads from now on. Coinbase, the biggest cryptocurrency exchange in the United States got the first green light to promote itself on this social network.

Brian Armstrong, CEO of Coinbase, announced the decision in a tweet a few hours ago in which he expressed his pride and enthusiasm for being able to contribute to the massification of what he described as an “Open Financial system”
A Great Oportunity for Coinbase
With this move, Coinbase gains a significant advantage over its competitors. The possibility of reaching the userbase of over 2 billion users per month that Facebook manages, represents an incredible potential to expand the potential of this exchange.
A Good Move
Facebook’s decision is particularly important because it is a recognition of the legitimacy of cryptocurrencies as a genuine means of financial intermediation, and although there may be scams, the benefit to society is far greater than the risks associated with unlawful practices.
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guest · Jul 22, 2018

Hashflare, One of the Largest Cloud Bitcoin Mining Companies, Abruptly Disables SHA-256 Mining Contracts, Leaving Customers Furious
July 20, 2018
https://slashdot.org/story/18/07/20...56-mining-contracts-leaving-customers-furious

Hashflare, one of the largest bitcoin mining companies, said on Friday it is disabling its SHA-256 hardware and also discontinuing support for mining services on the active SHA-256 contracts. The move comes as Hashflare continues to struggle with generating revenues, the company said, putting the blame on market fluctuations. In an email to active customers, the company added:

[...] As of 18.07.2018, the payouts were lower than maintenance for 28 consecutive days. BTC mining continues being unprofitable [...] stop the mining service of active SHA-256 contracts in accordance with clause 5.5 of our Terms of Service, which are required to be accepted when creating a purchase and are the basis of concluding the contract. We expect that the cryptocurrency market situation will stabilize in the nearest future [...]
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guest · Jul 22, 2018

Workers In Costa Rica Can Be Legally Paid In Cryptos
July 23, 2018
https://ethereumworldnews.com/workers-costa-rica-paid-cryptos/

Cryptos are consolidating as an alternative to traditional payment systems. One example is Costa Rica, a small Latin American country located in Central America in which it is perfectly legal for workers to receive part of their wages in cryptocurrencies.

According to legal interpretations, the country is governed by a fundamental principle of law that states that what is not expressly prohibited is tacitly permitted.
Workers Can Be Paid in Cryptos, Just Not 100%
In this sense, at least the minimum wage must be paid in fiat currency. If a worker earns more than the minimum wage, the difference in income may be paid in crypto. This is known as wage-in-kind.

However, a regulatory framework designed explicitly for this technological innovation is still needed:
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guest · Jul 23, 2018

Crypto’s most popular wallet service is getting a mobile app for secure login
The benefits of a hardware wallet come to your phone
July 23, 2018
https://techcrunch.com/2018/07/23/mew-connect-app-secure-login/

Today the company introduced MEW Connect, an iOS app that allows users to access their wallet through MyEtherWallet but without the need to type their private key. There are already solutions that allow them — such as hardware keys from Trezor and Ledger — but MEW Connect is offering the benefits for free.
How does it work?
The app uses a QR code scanner which replaces the need to enter a private key. Entering information like a private key on a website is something that people have always been warned against doing.
Now, using the MEW Connect app you simply scan a barcode on MyEtherWallet.com which opens your wallet account using a peer-to-peer connection.

The app itself requires a master password to be set first — the app scores passwords and encourages stronger ones — and it provides a set of backup words, much like a device from Trezor or Ledger. The master password is designed to prevent unauthorized access, for example, if you lose your phone.
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guest · Jul 24, 2018

Surrey Police Seize £1m+ in Digital Currency for Government Coffers
July 24, 2018
https://www.infosecurity-magazine.com/news/surrey-police-seize-1m-in-digital/

Surrey Police has become the first force in the UK to convert Bitcoin to cash after seizing over £1.2m worth of the cryptocurrency from the member of an organized crime gang.

This was found to contain 295 Bitcoin, worth nearly £1.8m in today’s prices but around £1.2m back then. Surrey Police then sold the currency on a Bitcoin exchange

“The CPS secured an order permitting the restrained Bitcoin to be converted into pounds, before a confiscation order was made — the first time the Proceeds of Crime Act has been used in this way,” said Nick Price, head of the proceeds of crime team at the Crown Prosecution Service (CPS).

“We were not going to accept that bitcoin was out of the reach of law enforcement, it’s not and nor are other types of cryptocurrency.”
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guest · Jul 24, 2018

City of London Police get cryptocurrency training to help tackle money laundering
July 22, 2018
http://www.cityam.com/289541/city-london-police-get-cryptocurrency-training-help-tackle

Describing it as a "first of its kind", a spokesperson for City of London Police confirmed the addition of a cryptocurrency course at their Economic Crime Academy in response to officer’s concerns that they are ill prepared to cope with the new technology.

“It is designed to provide delegates with the skills and knowledge required to recognise and manage cryptocurrencies in an investigation.

The announcement of specialist police training in tackling cryptocurrency comes shortly after City of London Corporation stated its intention to develop a new "cyber court" specifically designed to tackle cybercrime, fraud, and economic crime.
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guest · Jul 24, 2018

ronjor said: ↑

U.S. arrests operator of shuttered bitcoin investment platform
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Bitcoin Trader Pleads Guilty To Securities Fraud, Faces 20 Years In Prison
July 24, 2018
https://ethereumworldnews.com/bitco...to-securities-fraud-faces-20-years-in-prison/

Joe E. Montroll of Saginaw Texas is facing up to 20 years in prison after admitting to lying to investigators about his role in the theft of Bitcoins deposited by customers of his platform. 2018 has seen a raft of arrests and convictions in the cryptocurrency space as law enforcement, and financial regulators work hard to sanitize the industry.

On Monday, Montroll pleaded guilty before U.S. Magistrate Judge James L. Cott on charges of securities fraud and obstruction of justice. He faces up to 20 years in prison.
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ronjor · Jul 24, 2018

Software is Achilles Heel of Hardware Cryptocurrency Wallets

Ericka Chickowski 7/23/2018
Upcoming Black Hat talk will detail software vulnerabilities that can put private cryptocurrency wallets and currency exchange services at risk.
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guest · Jul 24, 2018

Nicholas Weaver on Cryptocurrencies
July 24, 2018
https://www.schneier.com/blog/archives/2018/07/nicholas_weaver_2.html

This is well-worth reading (non-paywalled version). Here's the opening:

Cryptocurrencies, although a seemingly interesting idea, are simply not fit for purpose. They do not work as currencies, they are grossly inefficient, and they are not meaningfully distributed in terms of trust. Risks involving cryptocurrencies occur in four major areas: technical risks to participants, economic risks to participants, systemic risks to the cryptocurrency ecosystem, and societal risks.

I haven't written much about cryptocurrencies, but I share Weaver's skepticism.
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Risks of Cryptocurrencies (PDF): https://www1.icsi.berkeley.edu/~nweaver/papers/cryptorisks.pdf

guest · Jul 24, 2018

Chinese internet users employ the blockchain to share a censored news article
July 24, 2018
https://www.theverge.com/2018/7/24/...ockchain-share-censored-news-article-vaccines

Chinese netizens have turned to blockchain to share a censored news story about faulty vaccines given to small babies. Their efforts to repost an investigative piece about a large vaccine maker were largely thwarted by internet monitors, but by sticking the story within the metadata of a cryptocurrency transaction, netizens have been able to outsmart the censors, as first spotted by TechNode.

[...] pasting the text of the post into the transaction’s metadata, which remains on the public ledger for everyone to see. Since Ethereum is decentralized and hard to tamper with, Beijing monitors are unable to step in and pressure the owners of the network to take down the transaction.
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guest · Jul 24, 2018

An Incredibly Simple Hack Had the Potential to Manipulate Cryptocurrency Markets
July 24, 2018
https://motherboard.vice.com/en_us/article/ywkw9j/etherscan-l337-hack

An online panic ensued Monday morning when visitors to a popular blockchain explorer site for Ethereum were confronted with the cryptic pop-up displaying “l337,” or “elite” in old-school hacker speak, indicating that the site was compromised.

Blockchain explorers are web portals that anyone can use to view public cryptocurrency transactions—essentially, financial reporting sites for cryptocurrencies. Etherscan.io is an extremely popular explorer for Ethereum’s blockchain

According to security researcher Scott Helme, an attacker having the ability to execute code gives them powers effectively only limited by their imagination; all kinds of malware, including keyloggers, can be delivered through XSS attacks like the one on Etherscan.

“They could alter the prices shown on graphs, maybe cause a buy/sell,” Helme told me. “I'm sure that tampering with the values could impact people.”
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