Rememberful Bitcoin News.
Coinbase has hired former LinkedIn executive Emilie Choi to lead its global mergers and acquisitions.
Coinbase has hired former LinkedIn executive Emilie Choi to lead its global mergers and acquisitions.
BitConnect was one of the biggest scams in the cryptocurrency world over the past few months. Unfortunately, it is not the only project that people need to be very wary of right now. MasterCoin+ shares a lot of similarities with how BitConnect operated, even though it seems the projects are not directly related. The Worrisome Signs of MasterCoin+ It is important to note right off the bat that MasterCoin+ has nothing to do with MasterCoin, now known as OMNI. The former’s name choice is rather interesting, as it seems unlikely the team chose that name out of the blue. By tagging a plus sign
BitConnect was one of the biggest scams in the cryptocurrency world over the past few months. Unfortunately, it is not the only project that people need to be very wary of right now. MasterCoin+ shares a lot of similarities with how BitConnect operated, even though it seems the projects are not directly related.
It is important to note right off the bat that MasterCoin+ has nothing to do with MasterCoin, now known as OMNI. The former’s name choice is rather interesting, as it seems unlikely the team chose that name out of the blue. By tagging a plus sign onto an existing cryptocurrency, the MasterCoin+ team seemingly wanted to gain recognition quickly. It is doubtful the attempt will prove successful, though.
The worrisome signs of MasterCoin+ cannot be denied whatsoever. The entire business model raises a lot of questions, as users are asked to invest cryptocurrency for a period of 240 days. One’s daily returns will depend on how much money one wants to invest. However, these returns are seemingly fixed at all times, which automatically flags MasterCoin+ as a potential scam.
While this ERC20 token appears to be perfectly legitimate on the surface, there are some suspicious aspects to it as well. Using proof-of-stake is not uncommon as far as ERC20 tokens are concerned. The daily airdrops of free tokens based on the number of tokens one is staking in the “backoffice”, on the other hand, raises some questions. In particular, the term “backoffice” seems to indicate that users will buy currencies which remain in full control of the MasterCoin+ team at all times.
Moreover, the team advertises their ERC20 token as “simple, secure, and profitable”. There is never a guarantee that any token or currency will always be profitable, as these markets are subjected to insane volatility virtually every other day. With all of the currencies being controlled by the MasterCoin+ team, they purport to guarantee the value of this token at all times. That’s another big red flag to keep a close eye on.
Similar to BitConnect, MasterCoin+ wants users to refer as many people as possible to keep this potential Ponzi scheme going indefinitely. Although affiliate programs are quite common in the cryptocurrency world, these bonuses range anywhere from 5% to 9%. This means any person you refer who buys into the program will net you 5 to 9% of their investment amount accordingly. This money seemingly comes out of thin air, as the company does not explain how it makes money exactly or where these affiliate earnings are coming from.
Moreover, it seems users cannot become part of MasterCoin+ without a valid referral ID. That is another big problem, as there is no reason for any honest company to remain inaccessible behind a walled garden. It only further indicates that MasterCoin+ is most likely another cryptocurrency-related Ponzi scheme. So far, no one has complained about this venture, but it remains to be seen how things will play out for this particular project. All of the warning signs are certainly there, yet people will undoubtedly invest in potential scams like this one without thinking twice.
MarketWatchThe chance of hacking a bitcoin wallet is as likely as winning Powerball—9 times in a rowMarketWatch… owners of digital currency have worried that the day will come when their crypto-fortune disappears into thin air. Liotti is trying to di…
MarketWatch | The chance of hacking a bitcoin wallet is as likely as winning Powerball—9 times in a row MarketWatch ... owners of digital currency have worried that the day will come when their crypto-fortune disappears into thin air. Liotti is trying to dissuade them from thinking that their digital coins are ripe for the picking. “I guess I wanted to bring more ... |
The U.S. Marshals will auction off 2,170 bitcoins worth roughly $25 million in two weeks.
The U.S. Marshals will auction off 2,170 bitcoins worth roughly $25 million in two weeks.
CoinDeskUS Marshals to Auction $25 Million in BitcoinCoinDeskThe U.S. Marshals are set to auction off nearly $25 million worth of bitcoin later this month. The government agency announced Monday that it will put approximately 2,170 bitcoins on the auct…
CoinDesk | US Marshals to Auction $25 Million in Bitcoin CoinDesk The U.S. Marshals are set to auction off nearly $25 million worth of bitcoin later this month. The government agency announced Monday that it will put approximately 2,170 bitcoins on the auction block, with the sale planned for March 19. Would-be ... |
Two Indian cryptocurrency exchanges have halted trading amongst fears of a crackdown. Although the Indian government has expressed keen interest in blockchain-based technologies, cryptocurrencies are not regulated in the country. And while it hasn’t yet introduced restrictions on the coins, the threat of doing so has been enough to spook some in the industry. In … Continue reading Spooked: Two Indian Cryptocurrency Exchanges Shut Down, Despite No Government-Wide Crackdown
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Two Indian cryptocurrency exchanges have halted trading amongst fears of a crackdown. Although the Indian government has expressed keen interest in blockchain-based technologies, cryptocurrencies are not regulated in the country. And while it hasn’t yet introduced restrictions on the coins, the threat of doing so has been enough to spook some in the industry.
In an email to its customers, BTCXIndia, which bought and sold Ripple, stated that it would not be accepting new deposits. BTCXIndia, which bought and sold Ethereum, advised its customers to withdraw their funds on or before March 4th. So far, they are the only Indian trading platforms to have closed down. Others, like Zebpay, Unocoin, and Coinsecure, are still doing business.
Kamesh Mupparaju, the founder and CEO of the exchanges, said they ceased operations because of threatening language. “If there is a sudden [order] to withdraw the funds, that would mean trouble for the customers,” Muppajaru told CNN.
“As we heard in the budget speech, the Indian government is discouraging crypto currency trading. This has been clear also by government actions in the last year, and has put our business under a lot of stress and putting us in a position where we don’t feel that we can continue our business in a professional manner any longer.”
Officials in the country have repeatedly warned citizens not to trade in digital currencies. The finance ministry compared them to “Ponzi schemes” in late December, and Finance Minister Arun Jaitley said in February that the government would eliminate their use “in financing illegitimate activities or as part of the payment system.” India’s central bank has also warned that those who invest in cryptocurrencies do so “at their own risk.”
The exchanges are not dropping off completely. In the email from BTCXIndia, the company informed users that it’s simply shifting gears, moving away from cryptocurrencies and more towards advising corporate clients adopting blockchain-based technologies:
“We are launching full-fledged blockchain labs http://schainlabs.com/ on March 09, 2018 for Blockchain based application development and consultancy. We hope that this work will help the government seeing the huge benefits that India can derive from blockchain technologies, and eventually promote progressive and clear regulation also for the public blockchain space.”
Mupparaju founded BTCXIndia as a Bitcoin exchange in 2014, but switched to Ripple in March of last year after bitcoin’s epic price surge made it too expensive for most of his customers. He launched ETHEXIndia a year before, in March 2016.
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Even though the technology has been discussed in tech circles and amongst insiders for years, it is only recently that cryptocurrencies have started making their way into the mainstream. As values of currencies begin to rise, it is hard for investors to keep their eyes off these new digital assets. With Bitcoin’s meteoric jump in … Continue reading How TrueUSD Is Creating the Optimal Stablecoin for Crypto Markets
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Even though the technology has been discussed in tech circles and amongst insiders for years, it is only recently that cryptocurrencies have started making their way into the mainstream. As values of currencies begin to rise, it is hard for investors to keep their eyes off these new digital assets.
With Bitcoin’s meteoric jump in value over the past couple of years resulting in a price of over $14,000 a token at the end of 2017, a variety of new cryptocurrencies have begun to appear in the market to challenge and compete with the success of the original Blockchain based transaction system. The problem many investors find with Bitcoin and other altcoins is that they struggle to maintain a consistent value and are almost completely unpredictable as their value relies solely on the supply and demand of tokens.
The solution to this volatility, in the minds of many crypto enthusiasts, lies in Stablecoins. These alternatives to traditional crypto assets attempt to offer their users a guarantee that the currency will remain stable by either implementing complex economic models to help guide the markets or backing their newly launched crypto assets with real-world assets like precious metals or fiat currency. While the idea is a noble one, recent examples of Stablecoin launches have not been very convincing for investors.
Tether, a recently launched, USD backed Stablecoin, reached a market capitalization of over $2.21 billion. However, investors and markets still remain skeptical of the currency as the Tether platform lacks transparency that would offer investors important information on the status of their assets.
This is where Stanford-StartX and Founders Fund-backed startup TrustToken is looking to step in. The company has an ambitious plan to replace clunky Stablecoins with a streamlined experience that offers unmatched transparency and security.
One aspect of TrueCoin’s TrueUSD token that is unique is that it is 100% collateralized by real US dollars at all times, offering users of the currency unprecedented stability. Through a network of fiduciary and banking partners, the funds are stored by multiple third parties that are already trusted to hold funds. The startup never touches the funds. This way, TrueUSD presents a unique model that overcomes the problems of centralized fund management faced by Tether and other potential attempts to create a collateralized USD-backed cryptocurrency.
In order to offer its users confidence in the value of the funds, TrueUSD has implemented a system of monthly, transparent audits of the multiple bank accounts used to store TrueUSD funds. These audits allow investors to scrutinize the TrueUSD tokens in the same way they would evaluate any other asset, a level of analysis that users of other Stablecoins are not able to access.
In addition to its deep financial backing and commitment to transparency, TrueCoin has also teamed up with Cooley and WilmerHale to develop a proprietary, trust-based legal structure for the assets.
Within this suite of tools, TrueUSD has given its token holders enforceable legal rights over their assets, a claim that no other Stablecoin can currently match. The company has also teamed up with a network of compliance partners to ensure that the market functions in a proper manner and ‘gaming’ the TrueUSD tokens isn’t possible.
The company has also looked towards crypto-focused funds and investors, marketing the coin as a stable alternative to current cryptocurrencies that allows investors to hedge their bets in more volatile currencies without having to leave the crypto market. By lowering the exposure of these investors and funds, TrueCoin is aiming to build confidence in the crypto marketplace, proving that it can function in a stable manner like any other industry.
The TrueUSD coin also has benefits for the mainstream consumer. Every day, people can now enjoy the transactions speeds, security and privacy guarantees of cryptocurrency without having to sacrifice the stability of fiat currency.
As more and more cryptocurrencies enter the market, it will be important to focus on which companies are offering tokens that are both stable and trustworthy. TrueCoin, a brand-new startup with engineers from Stanford, Google, and Palantir, has developed the world’s first trustworthy, USD backed Stablecoin that offers immense amounts of support for investors and everyday people alike.
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We’ve seen a growing number of blockchain projects focus on providing digital identity services. THEKEY is one such project, as it wants to create a decentralized ecosystem of identity verification tools. It appears this venture has caught the attention of the Chinese government as well. The Concept of THEKEY On paper, THEKEY offers a more than valuable solution to the online identity management problem. As of right now, there is no convenient global solution addressing this issue, although progress is being made in the blockchain industry as we speak. THEKEY focuses on an identification verification tool with blockchain-based dynamic and multi-dimension identification. It relies
We’ve seen a growing number of blockchain projects focus on providing digital identity services. THEKEY is one such project, as it wants to create a decentralized ecosystem of identity verification tools. It appears this venture has caught the attention of the Chinese government as well.
On paper, THEKEY offers a more than valuable solution to the online identity management problem. As of right now, there is no convenient global solution addressing this issue, although progress is being made in the blockchain industry as we speak. THEKEY focuses on an identification verification tool with blockchain-based dynamic and multi-dimension identification. It relies on Personally identifiable information which is solely authorized by government authorities.
Leveraging governments’ identification information and blockchain technology will allow for immutable records, which is beneficial to all parties involved. Additionally, the group aims to provide more reliable results in this way, as data is gathered in real time. Moreover, the information is prevalidated by government agencies or other public institutions, depending on the exact source of the information.
Using the blockchain makes it possible to reduce the overall cost of this venture. With the full use of existing data sources and the evidence of duplicate work, THEKEY hopes to reduce costs by a large amount in the future. This blockchain-based approach will also benefit the consumer in the end. With no requirement to install any additional software or upload any information, everything will look and feel a lot more streamlined.
So far, THEKEY has been of great interest to a lot of companies and service providers. They have obtained over 20 copyrights, and 15 patents have been accepted by China’s SIPO. Moreover, the first-generation identity verification solution is currently in use for mobile insurance in two pilot cities. Personal identity data from over 210 million people is connected to THEKEY on a real-time basis as of right now. All of this shows that the project is quite appealing and will only be more frequently used in the future.
Blockchain platforms usually have their own native tokens worth keeping an eye on. In the case of THEKEY, that token’s abbreviation is TKY, and it is used to settle smart contracts on the native blockchain. It is expected that there will be significant utility to the TKY token, as it is needed for security checks, access permissions, medical treatment, et cetera. Only time will tell if things will play out in a positive manner for TKY, but it seems to be a viable token for this ecosystem.
Looking over the project’s website, it is evident the team is working on a few things as of right now. Their current objective is finalizing the blockchain-based dynamic multi-dimensional identification feature and ensuring that it can enter the testing phase in the next few months. The proof of concept for blockchain-based dynamic multi-dimension identification should be accomplished by the end of 2018, which is also something to look forward to.
The Merriam-Webster dictionary has added “cryptocurrency,” “initial coin offering” and “blockchain” to its listings.
The Merriam-Webster dictionary has added “cryptocurrency,” “initial coin offering” and “blockchain” to its listings.
Two Coinbase users allege the platform ‘kept’ unclaimed coins sent by email in second class action lawsuit filed this week. #NEWS
Two Coinbase users allege the platform ‘kept’ unclaimed coins sent by email in second class action lawsuit filed this week. #NEWS
Several things have come together in a perfect storm to create the most recent crypto-crime trend: the ability to surreptitiously install illicit Monero miners on unsuspecting computers around the world. Windows servers, laptops, Android devices, and IoT connected devices are all at risk. The worst part? Targets often are unaware that they’ve been hacked — unless they’re able … Continue reading Miners, Botnets, and Monero Create Perfect Storm for Cryptomining
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Several things have come together in a perfect storm to create the most recent crypto-crime trend: the ability to surreptitiously install illicit Monero miners on unsuspecting computers around the world. Windows servers, laptops, Android devices, and IoT connected devices are all at risk.
The worst part? Targets often are unaware that they’ve been hacked — unless they’re able to recognize an occasional performance slowdown or can closely monitor their electric use. No ransoms, no stolen passwords or personal information; victims may even find it difficult to convince anyone there’s a problem.
Cryptomining is both profitable and easy (enough) to mount. As a result, it is rapidly replacing ransomware as the crypto-related cybercrime of choice, especially as cybersecurity vendors are bringing ransomware protection to market. The combination of the above technologies has created what is essentially a perfect storm, threatening to wreak havoc on computer systems.
“What we’re looking at from a near and potentially long-term perspective is the value of a computer that has just a regular old CPU might be more just leaving it quietly running some cryptocurrency miner rather than infecting it with ransomware or some other software that might steal data,” explains Ryan Olson, Intelligence Director at Palo Alto Networks.
“In this new business model, attackers are no longer penalizing victims for opening an attachment or running a malicious script by taking systems hostage and demanding a ransom,” explain the Talos team. “Now attackers are actively leveraging the resources of infected systems for cryptocurrency mining.”
A large number of compromised devices working together is known as a botnet. Botnets are a common component of a hacker’s toolbox, as they can mount distributed denial of service attacks and various other attacks that require massive amounts of coordinated transaction processing.
In the case of illicit cryptomining, however, each node works independently of the others. Cyber-criminals simply need to install many separate (but connected) miners because each miner only generates a relatively small amount of cryptocurrency.
Case in point: Smominru. Smominru leverages the EternalBlue exploit from the NSA, targeting Windows. The attacker typically mounts a phishing attack with a Microsoft Word file attachment. Once the target downloads the file, it runs a Word macro that executes a Visual Basic script that in turn runs a Microsoft PowerShell script that downloads and installs the miner executable.
One of the main cryptocurrencies that makes this whole process work is the newly-developed anonymous cryptocurrency Monero. “Bitcoin alternatives like Monero and Ethereum continue their overall upward trend in value,” explains Sandiford Oliver, Cybersecurity Researcher for Proofpoint, “Putting them squarely in the crosshairs of threat actors looking for quick profits and anonymous transactions.”
While other cryptocurrencies do have their own roles, Monero is shaping up to be the favorite. “This Monero mining botnet is extremely large, made up mostly of Microsoft Windows servers spread around the globe,” says Kevin Epstein, Vice President of Proofpoint’s Threat Operations Center.
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Quite a few different cryptocurrencies exist in the market today, although not all of them will have use cases. Whether or not Skycoin will gain traction as a cryptocurrency remains to be seen. Its blockchain application platform, known as Skywire, will certainly attract a lot of interest on a global scale. What is Skycoin Exactly? There are many aspects of Skycoin which make it appealing, even though it is the Skywire ecosystem which will get most people excited. Skywire is designed to be the new internet by offering an incentivized mesh network with a strong focus on privacy features. Making corporate ISPs a thing of the past
Quite a few different cryptocurrencies exist in the market today, although not all of them will have use cases. Whether or not Skycoin will gain traction as a cryptocurrency remains to be seen. Its blockchain application platform, known as Skywire, will certainly attract a lot of interest on a global scale.
There are many aspects of Skycoin which make it appealing, even though it is the Skywire ecosystem which will get most people excited. Skywire is designed to be the new internet by offering an incentivized mesh network with a strong focus on privacy features. Making corporate ISPs a thing of the past will not be easy, but the Skycoin team is confident they can make this happen in the near future.
The Skywire protocol focuses on privacy, anonymity, and peer-to-peer decentralized mesh-internet. There is also the Skycoin blockchain for free instant and infinite transactions between Skywire users. The Skyminer is essentially an internet access point which pays users for their bandwidth.
It seems Skywire was designed by some of the original Bitcoin and Ethereum developers, which lends a bit more credibility to this particular project. It is also interesting to note that this ecosystem uses the Obelisk consensus algorithm. It was built from the ground up to achieve a truly decentralized cryptocurrency, and it is worth one’s while to look at the whitepaper for a more technical explanation as to how all of this will work exactly.
The Skywire Miner will undoubtedly get a lot of attention, as it is a custom-built hardware unit for the new internet. These are actual mining devices, although they are far more energy-efficient than ASIC devices. The information these machines transmit is sent to the mesh network as a way to earn Skycoin. Since there is no actual mining involved, the “mining” name is pretty interesting, but it seems these units will be a valuable addition to the overall ecosystem.
Even though it’s clear how people can earn Skycoin, spending it is a different matter altogether. This cryptocurrency is more than just a traditional digital currency, as it will serve as the default cryptocurrency for digital bandwidth. Anything sent over the Skywire network will earn Skycoin for users in the process. Spending this currency is usually done for the purpose of accessing bandwidth provided by the network. It seems the network can handle thousands of transactions per second without too many problems.
As of right now, the Skycoin team is focused on implementing DEX support and launching the Skywire test network. We will also see the listing of Skycoin on a few additional exchanges, and the Skywire Miner is expected to be released in the next few weeks as well. It will be interesting to see whether or not the team can adhere to this roadmap, even though they have been rather successful in doing so over the past few months.
GE’s transportation arm has become the latest member of the Blockchain in Transport Alliance.
GE’s transportation arm has become the latest member of the Blockchain in Transport Alliance.
MarketWatchBitcoin meets resistance at $12000, as Ripple scores a bounceMarketWatchAfter an unsteady stretch of trade for equity investors, those in the cryptocurrency market fared better as digital-currency prices extended recent gains over the weeken…
MarketWatch | Bitcoin meets resistance at $12000, as Ripple scores a bounce MarketWatch After an unsteady stretch of trade for equity investors, those in the cryptocurrency market fared better as digital-currency prices extended recent gains over the weekend. The biggest benefactor, thus far, has been Ripple, which is rumored (once again ... Bitcoin price in India today: Will Ethereum, Ripple other cryptocurrencies outperform in 2018? |
All cryptocurrency markets are going through an interesting phase right now. There is a clear desire for bullish action, yet it’s failed to materialize in any significant manner. Even though things may not look as bullish as some people may want them to, it is only a matter of time until the Bitcoin price returns to higher levels. The Bullish Case for Bitcoin As we have seen over the past few years, the Bitcoin price tends to drop in value quite spectacularly during the first half of the year. Last year, the Bitcoin price was pretty boring to watch, as very little happened until
All cryptocurrency markets are going through an interesting phase right now. There is a clear desire for bullish action, yet it’s failed to materialize in any significant manner. Even though things may not look as bullish as some people may want them to, it is only a matter of time until the Bitcoin price returns to higher levels.
As we have seen over the past few years, the Bitcoin price tends to drop in value quite spectacularly during the first half of the year. Last year, the Bitcoin price was pretty boring to watch, as very little happened until Q2 and Q3. In the final three months of 2017, all expectations were surpassed, which eventually caused the massive correction we saw cripple all cryptocurrency markets in early 2018. So far, all of the individual markets are still recovering from that onslaught.
Even so, there is no reason to think the Bitcoin price will remain this low for an extended period of time. If the previous years are any indication of what will happen, the next uptrend will begin to materialize pretty soon. The past week has seen the Bitcoin price rise from US$9,500 to over US$11,000, although it is still too early to call the latter value a new stable floor. It is possible things will only get better from here on out, but crypto markets hardly ever evolve in the direction most people expect them to.
There are bullish signals on Bitcoin’s radar, depending on how you interpret them. First of all, we’re seeing more and more people flock to Bitcoin and other cryptocurrencies as fears of Wall Street’s instability echo louder than ever before. Combined with the struggles which banks and other service providers are facing right now, it is only a matter of time until Bitcoin starts becoming a lot more popular – and valuable – in this regard.
According to some people, Bitcoin is actually underway to become the digital gold of 2018. While that makes it sound like Bitcoin is losing its position as a currency first and foremost, it also means the world’s leading cryptocurrency may become the default hedge against financial instability. That may seem like wishful thinking at this stage, but the overall performance of Bitcoin compared to that of gold cannot be downplayed.
Furthermore, current aggressive actions on the part of the SEC will work out in Bitcoin’s favor as well. The active crackdown on potentially fake ICOs and fraudulent schemes involving Bitcoin and other cryptocurrencies will bring more legitimacy to this industry overall. It is not unlikely that some big changes will occur as a result, but it is evident this change is direly needed. Weeding out the illegitimate and illicit element from cryptocurrency can only be considered a good thing in the long run.
Whether or not we will see more people invest in cryptocurrencies moving forward remains to be determined. There are a lot of positive signs for Bitcoin as of right now, but it may take a while for an uptrend to materialize. That is not necessarily a bad thing, mind you, as the time for quick profits is pretty much over for the time being. It is just a matter of time until the Bitcoin price returns to US$15,000 and potentially a lot higher. Whether that will happen this year remains to be determined.