Online Cash Bitcoin Could Challenge Governments, Banks

guest · Jun 18, 2019

Facebook announces Libra cryptocurrency: All you need to know
The use cases, technology, and motive behind the new digital money
June 18, 2019
https://techcrunch.com/2019/06/18/facebook-libra/

Facebook has finally revealed the details of its cryptocurrency Libra, which will let you buy things or send money to people with nearly zero fees. You’ll pseudonymously buy or cash out your Libra online or at local exchange points like grocery stores, and spend it using interoperable third-party wallet apps or Facebook’s own Calibra wallet that will be built into WhatsApp, Messenger, and its own app.

Today Facebook released its white paper explaining Libra and its testnet for working out the kinks of its blockchain system before a public launch in the first half of 2020.

Facebook won’t fully control Libra, but instead get just a single vote in its governance like other founding members of the Libra Association including Visa, Uber, and Andreessen Horowitz who’ve invested at least $10 million each into the project’s operations.
Facebook’s audacious bid to create a global digital currency that promotes financial inclusion for the unbanked actually has more privacy and decentralization built in than many expected.
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guest · Jun 18, 2019

Bitcoin fraudster who duped UAE investors admits to scam
June 18, 2019
https://www.arabianbusiness.com/ban...udster-who-duped-uae-investors-admits-to-scam

The fraudster behind a $50 million Bitcoin scam which duped hundreds of investors around the world - including 150 from the UAE who stand to lose $15 million in total - has confessed his role in the crime.

Renwick Haddow, who now faces up to 40 years in prison, was captured in Morocco in 2017 on an Interpol arrest warrant and extradited to the US over charges of selling non-existent office space under a scheme called Bar Works, and operating a fake Bitcoin trading platform
In a bid to reduce his sentence by co-operating with New York prosecutors, the 50-year-old admitted to two charges of wire fraud in both schemes, according to court documents.
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ronjor · Jun 18, 2019

Rep. Maxine Waters asks Facebook to pause work on cryptocurrency Libra

Salvador Rodriguez @sal19 June 18, 2019
“Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action,” Waters said in a statement on Tuesday.
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ronjor · Jun 19, 2019

What’s in your digital wallet: The 5 weirdest cryptocurrencies

Chuong Nguyen 06.19.19
Here are the top five weirdest cryptocurrencies you can buy today:
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guest · Jun 19, 2019

He Says He Invented Bitcoin and Is Suing Those Who Doubt Him
Lots of people dispute claims that Craig Wright is Satoshi Nakamoto, the mysterious inventor of Bitcoin
June 19, 2019
https://www.bloomberg.com/news/arti...coin-a-series-of-court-cases-could-shed-light

The supposed fraud is Craig Wright, an Australian-born technologist who gained notoriety three years ago when he declared himself the inventor of Bitcoin. The provocateur is Vitalik Buterin, a baby-faced Russian-Canadian programmer who helped create another popular digital currency called Ether.

Buterin’s rant was applauded by a handful of people at the conference, including one of the panelists and a man on the sidelines wearing a vest and metallic fiber shirt.
That appeared to be that, until a year later when Buterin received a letter from Wright’s attorney. The legal notice, dated April 12, said Wright intends to sue Buterin in the U.K. for defamation.
In a blog post, Buterin painted the legal dispute as being about censorship, free speech and truth.
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Palancar · Jun 19, 2019

mood said: ↑

He Says He Invented Bitcoin and Is Suing Those Who Doubt Him
Lots of people dispute claims that Craig Wright is Satoshi Nakamoto, the mysterious inventor of Bitcoin
June 19, 2019
https://www.bloomberg.com/news/arti...coin-a-series-of-court-cases-could-shed-light
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You know he could end all the controversy if he would just "sign" the known address, which contains about a million coins. Alternatively he could just move them but that would mean losing the precious genesis block address. I personally feel as if he is full of cr@@ because IF he really wanted to come forth and was genuine "signing his address" is a positive way to let us know he has the keys to it. He doesn't or he'ld sign. My take.

During a few of my transactions I find it necessary to sign as validation before I am taken as the owner. Its how crypto (BTC) works when you need "cred"!

guest · Jun 20, 2019

Bithumb Hit with Data Leak Charges, Denies Link to Hack
June 20, 2019
https://cryptonews.com/news/bithumb-hit-with-data-leak-charges-denies-link-to-hack-4075.htm

South Korea’s prosecution authorities have indicted Bithumb, one of the country’s largest cryptocurrency exchanges, accusing the platform of leaking sensitive financial data on around 31,000 of its customers.
However, the company claims that the leak – which prosecutors say occurred in 2017 – and a hack worth some USD 6 million that occurred later the same year, were unconnected.

The same media outlet quoted a Bithumb spokesperson as stating, “We respect the opinion of the prosecution, but [the 2017 hack] was not related to any personal information leak or theft of customers’ cryptocurrency holdings."
The prosecutor alleges that data on the 31,000 customers affected was stored on a single Bithumb employee’s PC – and that the employee in question was not running antivirus software on their device, nor had they installed basic security updates.
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guest · Jun 21, 2019

Money-laundering watchdog to clamp down on cryptocurrencies
June 21, 2019
https://www.reuters.com/article/us-...-clamp-down-on-cryptocurrencies-idUSKCN1TM1I8

Cryptocurrencies such as bitcoin are set to be subjected to rules to prevent their abuse for money laundering, a global watchdog will announce on Friday, the first worldwide regulatory attempt to constrain the rapidly growing sector.

The Paris-based Financial Action Task Force (FATF), a coalition of countries from the United States to China, will tell countries to tighten oversight of cryptocurrency exchanges to stop digital coins being used to launder cash.
The move reflects growing concern among international law enforcement agencies that cryptocurrencies are being used to launder the proceeds of crime.

“We also have some investigation on the dark web in which the payments are made in cryptocurrencies, sometimes in bitcoin, and they are switching it to more anonymized cryptocurrencies,” he said.
So-called privacy coins such as Monero allow users to conceal nearly all details of transactions.
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guest · Jun 21, 2019

Quadriga founder transferred clients’ cryptocurrency to his own personal accounts, Ernst & Young finds
June 20, 2019
https://business.financialpost.com/...o-his-own-personal-accounts-ernst-young-finds

It’s looking more and more like QuadrigaCX founder Gerald Cotten mismanaged the digital-asset exchange before he died, with cryptocurrencies from clients ending up at rival marketplaces in his personal accounts.
“Quadriga’s operating infrastructure appears to have been significantly flawed from a financial reporting and operational control perspective,” the June 19 report said. “Activities were largely directed by a single individual, Mr. Cotten, and as a result typical segregation of duties and basic internal controls did not appear to exist.”

Ernst & Young also updated the amount owed to QuadrigaCX users, to $74.1 million in cash and $140.5 million in cryptocurrency. Court filings from January initially estimated account holders had $70 million in cash balances and $190 million in cryptocurrency.
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guest · Jun 22, 2019

Bundesbank's Weidmann says 'virtual' coins could undermine banks if used widely
June 21, 2019
https://www.reuters.com/article/us-...-undermine-banks-if-used-widely-idUSKCN1TM0VU

Virtual tokens pegged to official currencies, known as stablecoins, could undermine banks if they became widely used, the head of Germany’s central bank said on Friday.

Under such circumstances “they would almost certainly become systemic by nature, not only because of their operational risks, but also in a more fundamental way: they could undermine the deposit-taking of banks and their business models,” Jens Weidmann told a conference at the Bundesbank.
“This might disrupt transaction banking and financial market intermediation,” Weidmann, who also sits on the European Central Bank’s Governing Council, said.
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Minimalist · Jun 22, 2019

From Clean Water Supply to Rebuilding Notre Dame: Crypto and Blockchain in Charity

The technology that underpins cryptocurrencies has been gradually entering the charity sector, purportedly providing more transparency and trust to the industry — especially given a decrease in people’s trust in charity organizations, where the public is increasingly concerned about how charities spend raised money.
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https://cointelegraph.com/news/from...g-notre-dame-crypto-and-blockchain-in-charity

Minimalist · Jun 23, 2019

Grand Theft Crypto: The State of Cryptocurrency-Stealing Malware and Other Nasty Techniques

Much of digital assets’ appeal stems from the fact that many of them are not affiliated with or controlled by governments, central banks or transnational corporations (at least, not yet). The price paid for the independence from institutions of global capitalism, though, might sometimes be extremely high, as, in the event of cryptocurrency theft, there is no one to appeal to for recourse. Further still, the irreversible nature of blockchain transactions renders it extremely difficult to get the money back once its gone.
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https://cointelegraph.com/news/gran...y-stealing-malware-and-other-nasty-techniques

Minimalist · Jun 23, 2019

Facebook’s Libra Crypto Coin: 5 things we know, and 5 we don’t

Facebook Inc unveiled plans for a new cryptocurrency called Libra this week. When it launches in 2020 or later, it will be a stable coin–a digital currency that doesn’t fluctuate much because it’s supported by established government-backed currencies and securities.

The world’s largest social media company published a 12-page white paper on Libra and has more than 20 partners for the project. But there are still many questions. After a week of analysis, here’s what Bloomberg reporters and editors know about Libra, along with key unknowns that remain:
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https://indianexpress.com/article/t...-coin-5-things-we-know-and-5-we-dont-5795612/

Minimalist · Jun 23, 2019

Beware of Fake John McAfee and Tesla Cryptocurrency Giveaways

A resurgence of scam campaigns that pretend to be Bitcoin and Ethereum giveaways from Tesla, Elon Musk, and John McAfee are underway. These scams rise in popularity as cryptocurrency prices increase.
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https://www.bleepingcomputer.com/ne...hn-mcafee-and-tesla-cryptocurrency-giveaways/

Minimalist · Jun 23, 2019

Major Crypto Exchange Bitfinex to Briefly Go Offline for Upgrade Next Week

Cryptocurrency exchange Bitfinex announced that it will be offline for up to seven hours next week in a Medium post published on June 20.

Per the announcement, the exchange will go offline for up to seven hours to carry out system upgrades on June 26. The post further specifies that Bitfinex’s hybrid counterpart Ethfinex will also close for maintenance at the same time.
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https://cointelegraph.com/news/majo...x-to-briefly-go-offline-for-upgrade-next-week

guest · Jun 23, 2019

Who’s going to use the big bad Libra?
June 23, 2019
https://techcrunch.com/2019/06/23/whos-going-to-use-the-big-bad-libra/

I’ve seen apocalyptic reactions warning of Libra ushering in a new dystopia: the alleged logic appears to be 1) Libra will immediately conquer the world 2) Libra comes from Facebook 3) Facebook is evil 4) it’s the end of the world! I am most baffled by that first postulate.
I’ve seen dozens of technical and regulatory and political and high-level analyses of Libra, many of which are worthwhile, but so far, little which has dwelt on its actual intended users, according to the white paper: the unbanked. That isn’t quite the category for whom Libra is something new, interestng, and important. But no one else seems to be talking about this.

The whole point of Libra, after all, is that it’s not a local currency, but a global currency, which is both its competitive advantage and its Achilles heel. And its true market isn’t the unbanked per se; it’s people who might have a mobile money account, but no straightforward access to any global currency.
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guest · Jun 23, 2019

Uncharted territory: why consumers are still wary about adopting cryptocurrency
Kaspersky’s Cryptocurrency Report 2019
https://www.kaspersky.com/blog/cryptocurrency-report-2019/

The concept of cryptocurrency has come a long way from its early days, when it was perceived as a mysterious and complex technological innovation. This misconception is now redundant, as businesses, their customers, and investors have accepted cryptocurrency as part of modern life.

Yet, despite a surge in popularity amongst the rich and famous, global businesses and the media, there are still hurdles to overcome. Cryptocurrency has still not gained credibility in the financial world, has no physical representation and it is infinitely divisible.

Our latest research into consumer attitudes towards cryptocurrency has revealed that many people are still not too willing to jump on the bandwagon. In fact, four-in-five people (81%) have never purchased cryptocurrency. This report will examine the reasons why consumers are still wary about using cryptocurrency and the problems that need to be addressed before the technology will be adopted by the masses.
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ronjor · Jun 25, 2019

There’s another reason behind bitcoin’s 200% rise this year — it’s got nothing to do with Facebook

Ryan Browne @Ryan_Browne_ 25 June 2019
Bitcoin traders are anticipating an event known as “the halvening,” where the rewards to so-called bitcoin miners are cut in half.
Currently, the number of bitcoins rewarded to miners stands at 12.5. By May 2020, the reward will be cut in half to 6.25 bitcoins.
Traders see the potential for upside with such an event, as it causes supply to dampen, bumping up the price of the digital asset.
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hawki · Jun 25, 2019

"There Are Now More Than 5,000 Bitcoin ATMs Around the World...

According to the latest statistics, there are now 5,006 standalone BTMs in around 90 countries, where cryptocurrency users can buy or sell bitcoin (BTC). Some machines offer both services simultaneously..."

https://cointelegraph.com/news/there-are-now-more-than-5000-bitcoin-atms-around-the-world

guest · Jun 25, 2019

Cryptocurrencies need close scrutiny, monitor warns
June 25, 2019
https://wtop.com/asia/2019/06/financial-monitor-says-digital-money-needs-close-scrutiny/

An international financial monitor warned world leaders Tuesday that wider use by retail shoppers of cryptocurrencies like Libra, unveiled last week by Facebook, would need “close scrutiny” by regulators.
The chief of the Financial Stability Board made the statement in a letter to the heads of state and government who will gather at the Group of 20 summit on June 28-29 in Osaka, Japan.

He warned, however, that “a wider use of new types of crypto-assets for retail payment purposes would warrant close scrutiny by authorities to ensure that that they are subject to high standards of regulation.”
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ronjor · Jun 26, 2019

Bitcoin soars close to $13,000, hitting a 17-month high

Ryan Browne @Ryan_Browne_ 26 June 2019
Bitcoin surges as high as $12,919 in early morning trade, to its highest level since January 2018.
It’s enjoyed a spectacular rally this year as companies like Facebook get involved in the crypto space.
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guest · Jun 27, 2019

Hackers breach cryptocurrency exchange Bitrue for $4.2M in Ripple and Cardano
Bitrue expects to be back online soon
June 27, 2019
https://thenextweb.com/hardfork/2019/06/27/bitrue-hack-ripple-cardano-4-million/

Another day, and another cryptocurrency exchange hack. Attackers have thieved $4.2 million worth of cryptocurrency from exchange Bitrue.

Earlier today, the exchange announced on Twitter (spotted by ZDNet) that it was subject to a hack in which bad actors made off with 9.3 million Ripple XRP ($4 million) and 2.5 million Cardano ($233,000) coins. At the time of writing, the amounted totals to a little over $4.2 million.

The hacker used what they learned from this breach to then access the Bitrue hot wallet and move 9.3 million XRP and 2.5 million ADA to different exchanges.
— Bitrue (@BitrueOfficial) June 27, 2019
Half of the stolen funds have been transfered to private wallets, while the other half was moved to five exchanges – Huobi, Bittrex, ChangeNOW, Exmo.me, and Coinswitch.co.
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According to Bitrue’s statement, the hacker exploited a part of one of the company’s internal review processes to gain access to a hot wallet. The funds of around 90 users have been affected, but Bitrue remains adamant that the situation is under control and that it will return 100 percent of lost coins to those affected.
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ronjor · Jun 27, 2019

How to buy bitcoin, which has rocketed in value in recent months

Todd Haselton @robotodd 27 June 2019
Bitcoin's value has been on a rise before it crashed earlier this week.
It's easy to buy bitcoin using a popular app called Coinbase.
You can also use Coinbase to buy and sell other cryptocurrencies.
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ronjor · Jun 28, 2019

CNBC-shilled cryptocurrency exchange Bitsane pulls exit scam on 246K users

by David Canellis 29 June 3029
Irish cryptocurrency exchange Bitsane has reportedly pulled an exit scam and disappeared with hundreds of thousands of dollars in cryptocurrency belonging to its users, reports Forbes.
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ronjor · Jun 28, 2019

Goldman Sachs might launch its own ‘cryptocurrency’ – just like JP Morgan

Story by Neer Varshney 28 June 2019
The company is doing "extensive research" on cryptocurrencies
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