Online Cash Bitcoin Could Challenge Governments, Banks

guest · Jun 11, 2018

Experts warn hackers have already stolen over $20 Million from Ethereum clients exposing interface on port 8545
June 11, 2018
https://securityaffairs.co/wordpress/73436/digital-id/ethereum-scanning-port-8545.html

Cybercriminal group has managed to steal a total of 38,642 Ether, worth more than $20,500,000, from clients exposing the unsecured interface on port 8545.

Cybercriminals have raked over 20 million dollars in the past few months by hijacking poorly configured Ethereum nodes exposed online are continuing their operations.
In March, security experts from Qihoo 360 Netlab reported a hacking campaign aimed at Ethereum nodes exposed online, crooks were scanning for port 8545 to find wallets that exposed their JSON-RPC.

Researchers claim the cybercriminal group has managed to steal a total of 38,642 Ether, worth more than $20,500,000.
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guest · Jun 11, 2018

Ethereum’s supply has crossed 100M, here’s what that means
It seems Ethereum's co-founder's predication was wrong
June 11, 2018
https://thenextweb.com/hardfork/2018/06/11/ethereums-total-supply/

Unlike Bitcoin which has its supply capped at 21 million, Ethereum has opted not to set an upper limit on its total coin supply. This has raised concerns about inflation in the Ethereum community for years on end.

Back in 2016, Ethereum co-founder Vitalik Buterin projected the supply won’t cross 100 million in the foreseable future – not until the next century at least. Clearly, something with his calculations went amiss.
Perhaps doubting his initial prediction, Buterin brought in an Ethereum Improvement Proposal (EIP) in April 2018 to cap the total Ether supply at 120 million.

The rise in Ether’s supply has been worrying the Ethereum community for the same economic reasons as with fiat currencies: demand and supply. For the price of a commodity (or currency) to rise, there must be a scarcity in its supply as compared to demand.
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Minimalist · Jun 12, 2018

UK Financial Regulator Advises Banks on How to Manage Risks of ‘Crypto Assets’

The UK’s Financial Conduct Authority (FCA) has issued guidance for banks on how to handle the risks associated with “crypto assets”, according to a letter posted on the FCA’s website June 11.

Per the statement issued by Executive Directors of Supervision Jonathan Davidson and Megan Butler, banks should apply a highly individual approach to clients dealing with crypto assets since “the risk associated with different business relationships in a single broad category can vary.”
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https://cointelegraph.com/news/uk-f...banks-on-how-to-manage-risks-of-crypto-assets

Minimalist · Jun 12, 2018

Blockchains Talking to Each Other Gives Hope to Crypto Diehards

Hopes are running high for the next wave of innovation in blockchains -- the decentralized computer-based distributed ledgers that are being touted as the solution for everything from routine financial transactions to alleviating world hunger.

Blockchains, probably best known for supporting sagging virtual currencies such as Bitcoin, are in many ways broken, with thousands of disparate digital ledgers unable to interact with each other. That may be about to change with scores of long-brewing projects with names like Cosmos and Metronome reaching developmental milestones, and promising to start bridging the divides.
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https://www.bloomberg.com/news/arti...g-to-each-other-gives-hope-to-crypto-diehards

ronjor · Jun 13, 2018

The way blockchain-based cryptocurrencies are governed could soon change

By Lucas Mearian Senior Reporter, Computerworld Jun 12, 2018
Proof of Work algorithms, which govern how bitcoin and other cryptocurrencies run, have proven slow and costly. So developers are eyeing a faster and more efficient algorithm: Proof of Stake.
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ronjor · Jun 13, 2018

Tether Used to Manipulate Price of Bitcoin During 2017 Peak: New Study

By Matt Robinson and Matthew Leising
June 13, 2018, 4:02 AM CDT Updated on June 13, 2018, 7:26 AM CDT

Study examines Bitcoin’s run to almost $20,000 last year
Data suggests a ‘conscious strategy to provide price support’
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guest · Jun 13, 2018

India’s central bank admits it banned cryptocurrencies without ever researching them
No.
June 13, 2018
https://thenextweb.com/hardfork/2018/06/13/rbi-india-bank-cryptocurrency/

India’s central bank, Reserve Bank of India (RBI), has been repeatedly warning citizens against the risk of investing in cryptocurrencies since at least 2013.
[...] in April to ban all Indian banks from dealing with any cryptocurrency business. You would assume that RBI must have studied cryptocurrencies deeply to come to this conclusion, but you would be wrong.

In a response to a right to information (RTI) application filed by a local lawyer, Varun Sethi, the central bank has admitted they did not conduct any research or consult finance experts before taking this decision.

RBI responded to Sethi’s query, but didn’t elaborate much on its answers. In fact, almost all the answers are either “No,” “We are not legally bound to answer that,” or “We don’t have that information.”

The Indian bank is not the first to react frantically to cryptocurrencies. In fact, it has been a pattern all over the world.
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hawki · Jun 13, 2018

"Bitcoin Miners Fried in Game of Chicken

As prices plunge, most are losing money.

Bitcoin miners who've decided to stay in the game amid plunging prices may soon find that the well has run dry.

A 70 percent price drop since the heady days of mid-December has cut profitability to the bone. With the cryptocurrency hitting $6,000 on Tuesday, only the biggest and most efficient can stay above water, but even these are balancing on a knife edge, according to a Gadfly analysis..."

https://www.bloomberg.com/gadfly/ar...ash-sees-miners-fried-in-this-game-of-chicken

guest · Jun 14, 2018

mood said: ↑

The EOS mainnet nightmare: How not to launch a blockchain network
Almost a week later, the EOS mainnet is still not live
June 8, 2018
https://thenextweb.com/hardfork/2018/06/08/eos-mainnet-nightmare/
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Researchers continue to find vulnerabilities in $9 billion cryptocurrency EOS
You could get really rich discovering blockchain bugs!
June 14, 2018
https://thenextweb.com/hardfork/2018/06/14/eos-cryptocurrency-bugs/

Guido Vranken, the security researcher who won $120,000 in EOS bug bounty program earlier, has discovered another vulnerability in EOS. But more worryingly, it appears he is not the only one to have found new kinks in the network.
Vranken says the new flaw he discovered has to do with “unbounded recursion in Binaryen WASM parsing.”

The HackerOne profile of Block.one shows that Vranken has already been paid $100,000 for 10 different vulnerabilities.

Vranken is not sure if there are still other bugs left with EOS. But, it definitely appears that other researchers are still receiving bounties for discovering bugs — the latest was just 17 hours ago from the time of writing.
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ronjor · Jun 14, 2018

Bitcoin and ether are not securities, but some initial coin offerings may be, SEC official says

Bob Pisani @BobPisani
The SEC's point man on cryptocurrencies and initial coin offerings (ICOs) says that bitcoin and ether are not securities but that many, but not all, ICOs are securities and will come under the regulatory control of the SEC and relevant securities laws.
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ronjor · Jun 14, 2018

Banks unlikely to process payments with distributed ledgers for now, says Ripple

Anna Irrera June 13, 2018
NEW YORK (Reuters) - Banks are unlikely to use distributed ledgers to process cross-border payments for now because of scalability and privacy issues, according to Ripple, one of the most prominent startups developing the technology.
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Minimalist · Jun 15, 2018

Kazakhstan’s Int’l Finance Center Supports Crypto Innovation, Calls Regulation ‘Crucial’

The governor of Kazakhstan’s main financial hub has stated that while cryptocurrencies must be regulated, crypto and blockchain innovation will be supported, local news outlet Kazinform reports today, June 14.

Speaking at the “Blockchain Conference Astana,” the Astana International Financial Center’s (AIFC) governor Kairat Kaliyev said specifically that the AIFC is paying special attention blockchain and cryptocurrencies.
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https://cointelegraph.com/news/kaza...ts-crypto-innovation-calls-regulation-crucial

Minimalist · Jun 15, 2018

Most aerospace and defense companies to integrate blockchain by 2021

Approximately six in seven aerospace/defense companies (86 percent) expect to integrate blockchain into their corporate systems within three years, according to a new research report from Accenture.
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https://www.helpnetsecurity.com/2018/06/15/aerospace-defense-blockchain/

Minimalist · Jun 16, 2018

Soccer Meet Blockchain: Olyseum Wants to Ride the Crypto Wave

What do you get when you cross a group of world soccer stars, legendary hacker Kevin Mitnick, and a blockchain-powered social network? Apparently, something called Olyseum.

Olyseum was conceived in 2016 as a kind of digital “Coliseum” where sports idols could connect with their fans. Its founders include current and retired Spanish soccer players like Andrés Iniesta, Carles Puyol, and Iván de la Peña. Also listed as a founder is Kevin Mitnick, a computer security expert notorious for being one of the first high-profile hackers arrested back in the 1990s. Mitnick is also serving as a security advisor for Olyesum.
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http://fortune.com/2018/06/15/soccer-meet-blockchain-olyseum-wants-to-ride-the-crypto-wave/

Minimalist · Jun 16, 2018

Germany: Financial Experts Don’t See Crypto as an Everyday Payment Method by 2020

Cryptocurrencies such as Bitcoin or Ethereum will not be accepted as a payment method in Germany in by 2020, according to a survey by the Center for European Economic Research (ZEW), Cointelegraph auf Deutsch reported June 14.

As part of ZEW’s monthly financial market report, the research institute polled up to 300 experts from banks, insurance companies, and finance departments of selected large companies. ZEW polled experts on their assessment of whether cryptocurrencies would soon be adopted for everyday payment purposes.
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https://cointelegraph.com/news/germ...-crypto-as-an-everyday-payment-method-by-2020

Minimalist · Jun 16, 2018

5 Predictions for Our Security Token Futur

Security Tokens stand to usher in the next wave of blockchain capital. As blockchains mature into more scalable, enterprise-level solutions, it seems that almost all parts of the financial industry could shift along with it. With this in mind, what will our security token future look like? Here are five predictions.
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https://hackernoon.com/5-predictions-for-our-security-token-futur-57ce9cf01256

Minimalist · Jun 16, 2018

Ethereum Price Analysis - Not a security

Yesterday, William Hinman, the Director of Corporation Finance at the U.S. SEC, gave a speech at the Yahoo Finance All Markets Summit in San Francisco. The discussion was specifically focused on determining whether or not crypto assets are securities. Hinman specifically commented on Bitcoin and ETH as not representing securities, citing the decentralized nature of both networks.
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https://bravenewcoin.com/news/ethereum-price-analysis-not-a-security/

hawki · Jun 17, 2018

"[Captain Kirk] William Shatner's new enterprise: A solar-powered bitcoin mining farm in southern Illinois...

Shatner is the spokesman for Solar Alliance, a Vancouver-based developer of alternative energy projects that announced plans to build a solar-powered Bitcoin mining operation in an abandoned southern Illinois factory...

...the project will involve the creation of a huge solar array on the factory’s 14-acre parcel. The space inside the building will be leased to bitcoin mining companies,.."

http://www.chicagotribune.com/news/ct-met-shatner-bitcoin-solar-panels-illinois-20180613-story.html

Minimalist · Jun 17, 2018

The Dark Side of the Crypto Revolution

The bitcoin Hodlers, ICO hustlers, and Lambo-owning crypto millionaires would like you to know that the cryptocurrency revolution is upon us. Before long you’ll be making breakfast on the blockchain! But as the trustless, decentralized world of digital tokens expands—and Fortune 500 companies, banks, restaurant chains, and even countries (ahem, Venezuela) cautiously wade in—a credibility problem persists. Silk Road and AlphaBay may be gone, but that hasn’t stopped fraudsters, gamblers, sex workers, and drug dealers from cashing in.
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https://www.wired.com/story/the-dark-side-of-the-crypto-revolution/

Minimalist · Jun 17, 2018

Why regulatory complexity is suddenly a big deal for enterprise blockchain adoption

If you work in blockchain and focus on enterprises, it’s hard at times not to be a little disappointed in the last year. Initial coin offerings (ICOs) are out there raising billions of dollars from investors over public networks. However, those of us responsible for enterprise blockchain strategy are still having to prove how tracking mangos and melons or calculating software license royalties on a blockchain is all that useful.
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https://venturebeat.com/2018/06/17/...-big-deal-for-enterprise-blockchain-adoption/

hawki · Jun 18, 2018

Here’s your chance to invest in the next Hollywood blockbuster—using crypto

"MovieCoin Launches Revolutionary Blockchain-Based Entertainment Financing Fund and Platform

LOS ANGELES, May 7, 2018 /PRNewswire/ -- MovieCoin (the "Company") has launched a transformational entertainment industry financing fund that will offer qualified investors an unprecedented opportunity to invest in Hollywood films, television programs and other strategic assets using a blockchain-based financing platform and cryptographic tokens that will dramatically increase stakeholder transparency and significantly improve industry accounting and payment practices..."

https://www.prnewswire.com/news-rel...nt-financing-fund-and-platform-300643095.html

"Christopher Woodrow, who produced Oscar-winning films Hacksaw Ridge and Birdman plans to fund major motion pictures with digital currencies—and you can be part of it.

MovieCoin plans to sell $250 million worth of MovieCoin Smart Fund Tokens in its initial coin offering, and over the next three years plans to raise $1 billion, which will help finance 10 to 12 movies a year..."

https://www.marketwatch.com/story/h...-hollywood-blockbusterusing-crypto-2018-06-15

hawki · Jun 18, 2018

The Bank of International Settlements Blasts Crypto

"The bigger cryptocurrencies get, the worse they perform: BIS

LONDON (Reuters) - Cryptocurrencies are not scalable and are more likely to suffer a breakdown in trust and efficiency the greater the number of people using them, the Bank of International Settlements (BIS)said on Sunday in its latest warning about the rise of virtual currencies..."

https://www.reuters.com/article/us-...-get-the-worse-they-perform-bis-idUSKBN1JD0QF

Some more detail here:

BIS Blasts Cryptos in Special Report: "Beyond the Hype"

https://www.themaven.net/mishtalk/e...eport-beyond-the-hype-eE7kGAQSwUKrmeD1OSDSTQ/

BTW:

The Bank for International Settlements (BIS) is an international financial institution[2] owned by central banks

No surprise here.

guest · Jun 18, 2018

BrandShield launches MyShield to protect users from cryptocurrency scams
June 18, 2018
https://venturebeat.com/2018/06/18/...d-to-protect-users-from-cryptocurrency-scams/

Today, BrandShield — an AI-powered cyber intelligence company focused on online brand abuse — has announced a collaboration with Cool Cousin and Zeex to launch an anti-scam platform called MyShield.

MyShield is designed to protect its partners and its partners’ users and combines AI with community feedback to give cryptocurrency users confidence. Interestingly, the platform offers incentives for marking suspicious activities, in addition to a money-back-guarantee for premium users, thus providing insurance for online purchases.

“A certain website, social media page or post, marketplace listing, etc. will be determined as a scam only after there is a consensus between a significant number of users and the presence of an AI cyber intelligence result,” Keren said. “So an aggregation of human reports equals the AI-driven result in the analysis process.”
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guest · Jun 18, 2018

Bancor Launches Community Token Network to Combat Poverty in Kenya
June 18, 2018
https://cointelegraph.com/news/bancor-launches-community-token-network-to-combat-poverty-in-kenya

Bancor is launching a network of blockchain-based community currencies in Kenya aimed at combating poverty, according to a press release shared with Cointelegraph June 18.

The company’s new project seeks to stimulate local and regional commerce and peer-to-peer activity by enabling Kenyan communities to create and manage their own digital tokens.

User-generated cryptocurrencies will be interchangeable for one another with no counterparty involvement. A balance in a stabilized “parent” token is under development and will be initially pegged to the Kenyan Shilling to enable convertibility between the network of local currencies.
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hawki · Jun 18, 2018

"Bitcoin could 'bring internet to a halt': BIS

The Bank for International Settlements in a report warned digital currencies like bitcoin could overwhelm and break the internet if they continue to grow..."

https://phys.org/news/2018-06-bitcoin-internet-halt-bis.html

"...[Quoting from BIS Report]:

'To process the number of digital retail transactions currently handled by selected national retail payment systems, even under optimistic assumptions, the size of the ledger would swell well beyond the storage capacity of a typical smartphone in a matter of days,” said the BIS, the Swiss-based institution often described as the central bank to the world’s central banks.

'But the issue goes well beyond storage capacity, and extends to processing capacity. The associated communication volumes could bring the internet to a halt, as millions of users exchanged files on the order of magnitude of a terabyte.'..."

https://www.marketwatch.com/story/could-bitcoin-break-the-internet-2018-06-18

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