Day: May 10, 2018

Argentine entrepreneur Wences Casares, CEO of startup Xapo, has built a network of underground vaults on five continents for the purpose of storing Bitcoin, according to Moneyweb.

Xapo’s security method is to bury encrypted computer servers in a mountainside and layer on electronic and physical safeguards. It is said the process to retrieve owners’ Bitcoins can take about two days. Xapo first verifies the client’s identity before manually signing the transaction with private keys from multiple vault locations. Verification from three vaults is required before funds can be issued.

Two Xapo clients maintain the bunkers house USD 10 billion of Bitcoin, and another person close to the venture says that this approximation is accurate. If this is the case, then this is a massive cache as it amounts to about 7% of the global bitcoin supply. This would mean that Xapo held more deposits than 98% of all US banks.

In the US, the company is overseen by the Financial Services Standards Association which assures members comply with current anti-money laundering regulations.  Xapo is also registered with the US Treasury Department’s Financial Crimes Enforcement Network and is licensed in several US states.

“Everyone who isn’t keeping keys themselves is keeping them with Xapo,” said Ryan Radloff of CoinShares, which has more than USD 500 million of Bitcoin stored at Xapo. “You couldn’t pay me to keep it with a bank.”

Such seemingly over excessive storage of digital currency is not quite so unusual given the rise of crypto hacking in past years. Hackers are able to set traps on computers in order to access cold storage devices as soon as they’re online. Home invasions have been recorded, forcing major Bitcoin holders to hide their identities and fortify their private residences.

Caseres, the man behind the vaults, who has declined to comment on the story, rarely makes public statements or attends media interview. His advisers are clearly chosen from the higher echelons of the financial world, including former US Treasury Secretary Larry Summers, ex-Citigroup Chief Executive Officer John Reed, and Visa International founder Dee Hock.

Once First Block Capital, Canada’s first fully registered crypto firm, had toured one of the Swiss-based vaults, they were convinced that Xapo would fulfill their needs. Such is the level of the security that the vaults’ fingerprint scanners are equipped with a pulse reader to prevent amputated hands from being used. Sean Clark, First Blocks founder commented:

“Every part of their DNA is geared to security… Whenever we make big transfers they FaceTime us, we have duress words, if it’s big enough they’ll fly out to see us.”

The company only safeguards Bitcoin because of Casares’s belief that it alone will succeed, turning away those wanting to store other digital currencies. Xapo has some major backers, including LinkedIn Corp co-founder Reid Hoffman and former Wall Street trader Mike Novogratz.

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Researchers at popular Bitcoin wallet app Electrum have exposed a malicious copycat that has been designed to steal seed keys. The dubious doppelganger called Electrum Pro appeared online in March and has been flagged as malware since.

Fake Bitcoin Wallet Swipes Seed Keys

According to reports the team behind the original wallet posted a document on Github explaining how to get rid of the impostor. It was obvious for a while that the duplicate wallet was malicious as it used the branding of the company without permission. In a further attempt to deceive users into downloading the malware cybercriminals registered the electrum.com domain to copy the original electrum.org.

Developers have exposed a line of code from the fake wallet that appears to take the user’s seed key and upload it to the spurious domain. The seed keys are cryptographic keys that owners use to access different wallets via the app.  Once compromised, the hackers can use these keys to empty crypto wallets of unsuspecting users that downloaded the wrong app.

Electrum devs had previous issued warnings about the copycat;

“We previously warned users against ‘Electrum Pro’, but we did not have formal evidence at that time,”

They have already analyzed MacOS and Windows binaries and found a high likelihood of other binaries being malicious also.

Crypto Malware Mounting

Earlier this month is was revealed that a previously discovered Chrome extension that uses Facebook’s messenger service to inject malicious mining scripts had resurfaced in April. The FacexWorm hijacks CPU computing power to pilfer Monero in addition to spreading affiliate links for various crypto exchanges.

Other reports indicate that as many as 400 US government and business websites running the Drupal content management system could be infected with mining malware. Those infected were running an outdated version of the platform and included websites of the US National Labor Relations Board (NLRB), Chinese tech giant Lenovo, Taiwanese network hardware manufacturer D-Link, and the University of California (UCLA).

According to the report government administered websites in the Mexico, Turkey, Peru, South Africa, and Italy have also been affected with the mining malware. As with the majority of these types of infections, Coinhive is once again the culprit. As crypto becomes a part of more people’s lives malware designed to steal it by mining or otherwise will be on the rise.

Image from Shutterstock

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May 9 saw various Ethereum parties commit to a governance improvement statement – without involvement of co-founder Vitalik Buterin

Bitcoin Press Release:  Cryptics Co-Founders Oleg Tereshenko and Stan Maer have released a recent interview in which they both answered questions pertaining to the key factors constituting the decentralized platform

May 04, 2018, Tallinn, Estonia – AI-based trading solution Cryptics is a blockchain-based cryptocurrency exchange rate forecasting platform. The tech startup is aiming to offer the necessary instruments for combating market volatility and uncertainty. Cryptic hopes to do this by providing liquidity on exchanges and safety for retail investors by creating a platform that connects market players and develops algorithms to predict changes in the value of cryptocurrencies.

Cryptics Co-Founders Oleg Tereshenko and Stan Maer offered a recent interview in which they both answered questions pertaining to the key factors constituting the platform. The Interview is as follows:

What is the essence of the Cryptics project and what drives it?

S.M. – The essence of the project is developing a cryptocurrency exchange rate aggregator platform on the basis of blockchain, neural networks, AI and NLP technologies for building predictions based on real time data on cryptocurrency rates from all available sources.

O.T. – The combination of these technologies will allow our platform participants to build comprehensive trading strategies and ensure constant flows of liquidity on the market. Granting accurate exchange rate predictions for traders has always been the core concept of Cryptics.

Why do you think the project will be demanded on the market?

O.T. – There have always been traders on the market who have relied on instruments when dealing on conventional markets. The crypto market is extremely volatile and does not always lend itself to traditional instruments.

S.M. – Our advanced technologies allow aggregating information from various sources and building predictions on their basis. These information sources are invaluable insight into future rates for traders and are unique on the crypto market. Our platform will allow crypto traders to trade with profit based on real time data and future insight, and that will make it a highly demanded product.

What is the economic model behind the project?

S.M. – The economic model is based on the use of our QRP platform token, which will allow platform participants to purchase forecasts, build fund infrastructures and receive more advanced features available on the platform.

Why do you need tokens, blockchain, AI and neural networks?

O.T. – The token is needed to ensure full transparency of transactions among platform participants and to reduce commission fees. The blockchain grants our platform full decentralization, transparency and scalability opportunities.

S.M. – While the AI and neural networks are indispensable for aggregating data and analyzing the immense amounts of information from various open sources to turn it into reliable forecasts and analytical data for platform participants.

How do you think your project can benefit the market as a whole?

S.M. – The volatility factor is the greatest adversary of all market participants. Our forecasts are of a very high probability rating, and therefore we will be able to give market traders a powerful tool that would reduce their losses.

O.T. – Our greatest offering for the market is our product that is aimed at giving market participants insight. The benefit is more decisions based on sound and reliable information.

What are the main advantages of your project?

O.T. – The main advantages we offer reside in the complexity of our technology and the advanced nature of the algorithms we employ. Our advisors are leaders in technological sectors and perform real functions, rather than just being faces on the project website.

S.M. – Another important advantage that we are proud of is the availability of a functional product and direct communication with everyone in our community. Our transparency and honesty are our greatest advantages.

What is, in your opinion, the future of the crypto industry?

S.M. – The crypto industry has a very bright future, which must be built on the basis of real regulation that would attract classical investments into the industry, rather than chaotic inflows of whales and sharks. The gradual release of national cryptocurrencies will be solidify the market and release it of the dubious branding of a financial bubble. Over time, we will witness the decline of the most popular cryptocurrencies we have today as they will be replaced with more efficient and backed models.

O.T. – The crypto market will evolve as the viable projects that we have today truly offer helpful products for society and can benefit the world as a whole by improving the lives of many people.

What is the philosophy behind your project?

O.T. – The philosophy is quite simple, really – give people insight into the future based on what is taking place on the market right now.

S.M. – Mathematics is the ultimate language in this aspect and the forecast probabilities our platform offers speak louder than any philosophical statements.

When are the sale stages?

S.M. – Our public presale is about to start and will last from May 7 to May 21.

How is development progressing? Any stories to tell about the project’s progress?

O.T. – Any project is an adventure and every adventurer worth his salt leads a diary. Our project’s development was a very arduous journey and you can read all about it in our official blog.

Learn more about Cryptics – https://cryptics.tech/
Join the Cryptics Telegram – https://t.me/CrypticsAI
Download the Cryptics Whitepaper – https://cryptics.tech/Whitepaper-Cryptics-EN.pdf
Find Cryptics on Facebook – https://www.facebook.com/cryptics.tech/
Follow Cryptics on Twitter – https://twitter.com/Crypticsup
Official Cryptics Medium blog – ttps://medium.com/cryptics
Cryptics on Github – https://github.com/CrypticsAI

Media Contact

Contact Name: Alexander Namgaladze
Email: [email protected]
Company: Cryptics

Youtube: https://youtu.be/3T3_ClfSi2c

Cryptics is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all. Token sales are only suitable for individuals with a high-risk tolerance. Only participate in a token event with what you can afford to lose.This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest. The Cryptics token sale is closed to US participants and participants of all countries in which ICOs are illegal.

About Bitcoin PR Buzz

Bitcoin PR Buzz has been proudly serving the PR and marketing needs of Bitcoin and blockchain tech start-ups for over 5 years. Get your own professional Bitcoin Press Release. Click here for more information about Bitcoin PR.

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Despite a brief rally yesterday, bitcoin risks falling back below $9,000 amid bearish short-term moving averages.

Key Points

• Bitcoin price formed a support base around $9,000 and jumped higher against the US Dollar.
• There was a break above a crucial declining channel with resistance at $9,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair is currently struggling to settle above $9,400 and the 100 hourly simple moving average.

Bitcoin price is showing positive signs above $9,200 against the US Dollar. BTC/USD has to settle above the 100 hourly SMA to climb above $9,500 in the near term.

Bitcoin Price Trend

After a downside correction, bitcoin price found a strong buying interest near the $9,000 level against the US Dollar. The price formed a low at $8,969 and started an upside move. It climbed higher and cleared the 23.6% Fib retracement level of the last drop from the $9,959 high to $8,969 low. It opened the doors for more upsides and the price broke a couple of key hurdles near $9,180 and $9,200.

More importantly, there was a break above a crucial declining channel with resistance at $9,200 on the hourly chart of the BTC/USD pair. The pair tested the next major resistance at $9,450 and the 100 hourly simple moving average. It seems like buyers struggled to break the $9,450 resistance since it is the 50% Fib retracement level of the last drop from the $9,959 high to $8,969 low. It is currently consolidating gains near the $9,350 level and the 100 hourly SMA. Once there is a successful close above 100 SMA and $9,450, the price may resume its uptrend.

Looking at the chart, there are many positive signs above the $9,200 support. As long as the price is stable and holds the bullish bias above $9,200, it is likely to break $9,450. The next stop for buyers could be $9,600 and $9,750.

Looking at the technical indicators:              

Hourly MACD – The MACD for BTC/USD is slowly moving in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is now well above the 50 level.

Major Support Level – $9,200

Major Resistance Level – $9,450

The post Bitcoin Price Watch: BTC/USD Broke Key Barrier appeared first on NewsBTC.

Venture capitalist Chamath Palihapitiya says billionaire Warren Buffett is wrong about bitcoin, though he calls himself Buffett’s “disciple.”

Key Highlights

• Ethereum classic price traded lower recently and tested the $20.00 support zone against the US dollar.
• There is a key bearish trend line forming with resistance at $22.00 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
• The pair has to move above the $21.88 and $22.00 resistance levels to gain upside momentum.

Ethereum classic price is recovering higher against the US Dollar and Bitcoin. ETC/USD is likely to trade above the $22.00 hurdle to accelerate gains in the near term.

Ethereum Classic Price Resistance

Recently, there was a start of a downside move in ETC price from the $24.00 swing high against the US dollar. The ETC/USD pair traded lower and broke the $24.00 and $22.00 support levels. It traded close to the $20.00 handle where buyers appeared and protected further losses. A low was formed at $20.13 from where the price started an upside move.

It climbed above the 23.6% Fib retracement level of the last drop from the $25.63 high to $20.13 low. However, the price is facing a major hurdle near the $21.85-90 zone, which was a support earlier. Moreover, there is a key bearish trend line forming with resistance at $22.00 on the hourly chart of the ETC/USD pair. A break above the trend line resistance at $22.00 could open the doors for more gains in the near term. The next stop could the 100 hourly simple moving average at $22.88. It is also the 50% Fib retracement level of the last drop from the $25.63 high to $20.13 low.

The chart suggests that the price formed a decent support base above $20.00. There are high chances of an upside break above $22.00 as long as the price stays above $21.00.

Hourly MACD – The MACD for ETC/USD is showing positive signs in the bullish zone.

Hourly RSI – The RSI for ETC/USD is moving higher above the 50 level.

Major Support Level – $21.00

Major Resistance Level – $22.00

The post Ethereum Classic Price Technical Analysis – Can ETC/USD Climb above $22? appeared first on NewsBTC.

BitFlyer founder is poaching Wall Street executives to fill the roles he sees necessary to build a crypto empire in the developing institutional market.

BitFlyer Hires Talent Away from Banking Giants

Yuzo Kano, a former Goldman Sachs trader himself, has been hiring talent away from Wall Street and other high finance addresses to create depth of experience in his own ranks as he looks to expand bitFlyer into the emerging institutional crypto market.

Regulation reform throughout early 2018 has made Japan the prime location for expanding crypto exchange services globally as the government has given the go-ahead missing in most other countries including the US and Britain. This regulatory OK makes the transaction from traditional banking to the crypto world a less daunting move for mid-career experts.

Bloomberg reports,

“Kano’s team, which includes a former fixed-income desk head at Barclays Plc and an ex-senior private banker at Credit Suisse Group AG, has doubled to more than 150 people in the past six months and is on pace to top 300 before year-end.”

BitFlyer has tripled its users since 2017 to 2 million and thanks in part to Bitcoin margin contracts that have proven popular with Japanese day traders the exchange has averaged about 2 billion a day through April into early May. The exchange already has offices in Tokyo, San Francisco, and Luxembourg and is considering expansion that would include locations in Africa, Australia and other countries in Asia. Kano’s expansion plans reach further than new offices and beyond crypto trading to banking services like digital payment and advisory services for investors and startups interested in launching ICOs.

Kano Expanding bitFlyer into Institional Market

Speaking to Bloomberg from his offices in Tokyo’s Midtown Tower about his hiring spree among the worlds largest banks Kano said “I need to grow headcount. And those with the best skills come from global banks.” before adding “My target is to be number one in the world,”

BitFlyer’s high end editions are only a small part of its expanding team though as the company seeks coders who regardless of educational background, as long as they have proven skills, can make $100,000 a year due in part to the countries underpopulated tech sector. Kano broke down his new hires into two groups bankers in their forties looking for a change from the bureaucracy of finance and associates in their twenties eager for the pace of a startup.

As Kano takes bitFler into the growing crypto market developing around institutional money the very banks he, and other exchanges, have been poaching talent from a slowly moving towards the same space. Kano’s former employer, Goldman Sachs, started the first Wall Street based digital asset trading desk last week to enormous industry interest signalling it wont be long before other giants of finance following the crypto lure as well.

Image from Shutterstock

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