roadrunner

Cryptocurrency markets and bitcoin price stability might be coming to an end soon, as a number of skeptics and speculators expect a big move after today’s options derivatives contracts expire. Bitcoin prices have been less volatile during the last three weeks, but over 114,000 bitcoin options with a notional value over $1 billion set to expire on Friday, June 26, could change that trend. Traders are eying bitcoin (BTC) derivatives contracts that are set to expire at the end of the trading day. At the time of writing, BTC is swapping for $9,249 per unit and has a $170 billion market valuation. The entire market capitalization of all 5,000+ crypto assets is around $263 billion on Friday morning. This week, traders and crypto market analysts have been focused on watching the options contracts set to end today. The researchers from Arcane Research recently published a report and discussed the bitcoin options issue. “Close to $1 billion bitcoin options contracts will expire on Jun 26, accounting for 60% of the total open interest in the BTC options market,” Arcane’s report noted. “In situations like this, there could be significant financial incentives to move the spot price towards a certain level before the expiry date.” The options expiry of over $1 billion in notional value is the largest expiration of its kind and a number of traders believe that it will trigger a big move. Data from Skew’s analytics show that between Deribit, Bakkt, Okex, CME, and Ledgerx there is well over $1.8 billion in open interest for options. Deribit is the largest provider of options, while the regulated institutional exchange CME has the second largest number of contracts. Traders also have noticed a $7-8k-strike price, while a number of other speculators also see a $10-11k-strike price. Most traders believe that the ‘big move’ will end up being in range of either one of these two price trends. Traders have been discussing the options expiry all week, and have been theorizing on whether or not it will shake crypto markets. “In case you missed it, $930,000,000 worth of bitcoin options are expiring on Friday – almost 70% of all total open interest. Seems normal,” explained one individual on Twitter. Another trader called Altcoin Psycho also discussed the big expiry expected today. “Everyone is expecting huge BTC volatility because of options expiry tomorrow, but let’s dig into that,” Altcoin Psycho tweeted to his 35,000 Twitter followers. “Heaviest volume is for calls at $10k and puts at $9k. The max pain scenario would be bitcoin simply ranging sideways. I think this is what will happen.” “I’ve become a max pain/game theory maximalist as of late,” the trader added. What do you think about the large bitcoin options expiry today? Let us know in the comments section below. The post Over $1B in Bitcoin Options Set to Expire – Crypto Speculators Expect Massive Shakeup appeared first on Bitcoin News. View the full article

A number of members in the cryptocurrency community, typically people who are paid in crypto assets, have tried a myriad of prepaid cards that can be credited with digital currencies like bitcoin. The following post is a review on the Crypto.com prepaid Visa card in order to give our readers some perspective on how the card operates. During the last four years, I’ve grown accustomed to leveraging prepaid cards that can be loaded with cryptocurrencies like bitcoin and ethereum. In the early days, there were only a few cards for U.S. residents. Americans now have few different cards available and the products are issued by reputable companies like Bitpay and Coinbase. Last week, news.Bitcoin.com reported on Bitpay offering its new Mastercard prepaid card that can be loaded with numerous crypto assets. Our newsdesk has also reviewed Bitpay’s flagship Visa card when it launched a few years ago. This week our newsdesk got our hands on a metal ruby-colored Crypto.com card and tested it out so our users can get a gist of how it works. Unlike Bitpay’s card, in order to get a prepaid Ruby Steel Visa from Crypto.com, an individual has to purchase the token called MCO and lock those coins for a period of six months. The Crypto.com card offers five tiers and seven colors. At the time, when I started testing the Crypto.com card, I decided to leverage the ruby prepaid card that only requires 50 MCO locked. If a user was to choose an obsidian black card, it requires 50,000 MCO, and the coin trades for $4.50 at today’s exchange rates. For the ruby card, the coins are locked for six months and you can get them back or keep staking them in the future. The lock-up of MCO is actually clearly mentioned in the user agreement and it’s an interesting way to get a card, to say the least. In order to get the card and do this entire process, I had to download the Crypto.com app on the App Store for iOS. The app has a built-in exchange as well, and in order to get MCO, I simply deposited some bitcoin cash (BCH) and sold it to get the coins. Once I had the 50 MCO I could then proceed to the card tab and select the ruby product. Every tier except for the blue plastic card requires a locked amount of MCO. Users should be aware that the coins are locked for six months. After selecting and agreeing to the terms, the application does involve a KYC process and identification needs to be submitted. All the base requirements include a photo ID, a social security number, and a residential address. A third-party identity system does all of the validating within roughly five minutes and lets the person know they’ve been verified. If the verification process goes smoothly, the card ships in seven days and the app lets you know when it’s been issued. The app also shows you the MCO balance you have locked into the program and any other funds you store on the platform. Crypto.com’s app offers an exchange with over 55 coins supported on the trading platform. When the card arrived it was well packaged and the card is also metal with a touchless security chip. The metal does give the card a solid feel, in comparison to normal cards, if that kind of thing tickles your fancy. It’s still not as cool as the gold plated prepaid card Peter Schiff showed me in 2018, but us crypto heads we are doing alright. The most interesting thing about Crypto.com’s card, however, in comparison to competitors like Bitpay, is the cashback incentives. Depending on the card you leverage, Crypto.com card users can get anywhere between 1-5% of the total, cashback paid in MCO. The ruby model used in this review gives 2% cashback in the native token. The Crypto.com app for iOS. Loading the card up is fairly intuitive, and the card supports BTC, ETH, XRP, LTC, EOS, PAX, XLM, and TUSD. Unlike paying an invoice, to top up you just need to have some of the aforementioned cryptocurrencies available in your wallet. Crypto.com also offers a noncustodial wallet that can connect to the exchange/prepaid card app. If the wallet has funds in it, you can simply top up the card by submitting the amount in USD. The transaction is based on real-time exchange rates and the card balance is settled in USD so there’s no volatility. Using the card is fairly simple, and the touchless system works nicely, alongside the traditional chip insert method as well. So far, there haven’t been any issues at any of the physical shops I used the card at, as I have experienced some issues with other crypto prepaid cards. That will have to be tested with time and see I will see how it works traveling state to state and internationally as well. Crypto.com also offers a private card that offers over-the-counter (OTC) block trades and other features. After every single purchase, the app gives you a mobile notification (if you permit notifications), and lets you know how much cashback savings you get. So far I’ve only saved a few bucks, but every little bit helps and after a while it adds up. The Crypto.com prepaid card is available in Europe, U.K., Singapore, and it accepts SEPA. The ruby card doesn’t have too many crazy perks, but some of the other colored metal cards with higher staking MCO locked-in, offer rebates for things like Netflix and Spotify. Some of the negatives I had with Crypto.com’s prepaid Visa was that I couldn’t top up directly with bitcoin cash (BCH) like the Bitpay card. In order to top up, I sold some BCH in order to get some bitcoin (BTC) that can be used to top off the card. So there is a fluctuating exchange rate involved with that procedure. Users who do own the supported crypto-assets, can pay directly and skip this step. I also knew about the card for a while, when it was called Monaco, before the company was able to purchase the crypto.com domain. I hesitated at the time because of the ‘other coin’ involved and the whole staking concept, as I felt it was too much of a hassle. Monaco was lucky enough to purchase the domain Crypto.com from the cryptographer Matt Blaze who acquired it in 1993. New crypto users should understand that there are risks involved with staking coins, and it’s a good idea for someone to study and research staking with due diligence. The number of confirmations it took for some of my coins took around six confirmations and in my opinion, that’s a long wait. The Crypto.com app is intuitive and it doesn’t take long to understand how it all works. But someone who is new to digital assets, should get some grasp on crypto-asset logistics before opting to lock in staking coins for six months. Nevertheless, Crypto.com’s app explains everything in writing, and the card’s user agreement covers all the terms and the staking MCO as mentioned above. What do you think about the Crypto.com prepaid card? Let us know what you think about this subject in the comments section below. The post Review: Crypto.com’s Ruby Steel Prepaid Visa Card appeared first on Bitcoin News. View the full article

The Kleiman v. Wright case is seemingly headed to trial on July 6, 2020, after Judge Beth Bloom ruled against the Kleiman’s attempt to levy sanctions against Craig Wright, the man who claims to be Satoshi Nakamoto. It seems Wright has claimed that a licensed clinical psychologist diagnosed him with “Autism Spectrum Disorder with high intellectual skills,” so the Judge dismissed the sanctions charges. Judge Bloom noted that it takes more than just inconsistencies, contradictory statements, and suspicions to levy sanctions against Wright’s testimony. Craig Wright and the representatives from the Kleiman estate will meet on July 6, 2020, in order to commence trial. The date was already scheduled for July, but just recently the plaintiffs filed a motion in an attempt to levy sanctions against Wright’s testimony. However, Wright responded to the motion and claimed that a “licensed clinical psychologist” said that he had a form of “Autism Spectrum Disorder.” The motion filed by Wright seemingly invoked Judge Beth Bloom’s decision to dismiss the sanctions. “In this setting and based on the record presented, [the] plaintiffs have not carried their burden to show that default sanctions are appropriate,” Bloom explained. “Instead, they have laid the foundation for an overarching theme that defendant, a ‘billionaire [mathematician], who stands to lose billions of dollars in this suit,’ — ‘has run a risk/benefit analysis to determine that forgery and perjury is an ‘affordable’ in fact ‘efficient,’ mechanism to fight this case,’” Bloom added. The Judge continued: The evidence and arguments plaintiffs raise, in this regard, can be used to effectively persuade a jury, but they do not establish bad faith by clear and convincing evidence here. The autism defense may have to be tested in court, and the psychologist may be required to testify in order to prove Wright’s mental condition. This is despite the fact that the Kleiman’s legal team claimed Wright’s testimony has been a “perjurious testimony and a submission of forged evidence that previously resulted in sanctions being imposed against him.” Moreover, the plaintiffs also said that Wright’s “alleged lies and forgeries have obstructed discovery ‘targeted at the core of the Satoshi Nakamoto partnership.’” However, because Wright provided bitcoin addresses, the sanctions (Rule 37(c)(1)(B) were only under the condition that the defendant would not be producing his list of bitcoin holdings. “Since then, he purportedly has done so, subsequent discovery has taken place on that issue among many others, and dispositive motions and other pre-trial motions have been extensively briefed. Indeed, the parties have submitted voluminous filings encompassing hundreds of pages of briefings,” Bloom wrote. The Judge further repeated a quote from Wright’s legal team which said: As defendant states, ‘Plaintiffs don’t get to sit on their hands for months, wait for discovery to conclude, and then ask the Court to [sanction] [D]efendant because they believe [D]efendant failed to produce all the evidence to which they were entitled.’ Both parties are preparing for the trial and have been filing deposition designations. Additionally, a witness list was submitted by Wright’s legal team as well, which mentions individuals like Gavin Andresen, Jimmy Nguyen, Andrew O’Hagan, and Brendan Sullivan. The latest motion that says Wright’s mental condition has been diagnosed with “Autism Spectrum Disorder,” has also sparked many conversations on social media and crypto-related forums. What do you think about Craig Wright being diagnosed with autism and getting the sanctions dismissed? Let us know what you think about this subject in the comments section below. The post Self-Proclaimed Satoshi Claims He’s Autistic, Judge Tosses Out Sanctions Against Craig Wright appeared first on Bitcoin News. View the full article

Scandal-hit crypto card issuer Wirecard AG, a firm that has filed for insolvency because of its missing $2.1 billion – but customer funds appear to be safe, for now. The news comes just two days after former chief executive officer Markus Braun was arrested by German police on allegations of falsifying accounts and market manipulation. Braun, who quit as CEO on June 19, has since been released on €5 million ($5.6 million) bail. In a brief statement Thursday, Wirecard said that its new management led by new CEO James Freis applied for insolvency at a court in Munich, Germany “due to impending insolvency and over-indebtedness”. The Munich-based payments processor also said it had yet to reach a decision on whether or not to file insolvency proceedings for its subsidiaries such as Wirecard Card Solutions (WCS). WCS issues Crypto.com’s popular Mco visa card and Tenx’s visa debit card, both crypto-enabled cards. Revolut and Curve also get their cards from the firm. Shares of Wirecard were suspended from the Frankfurt Stock Exchange ahead of the insolvency filing. The stock has tumbled more than 90% since news of the missing billions broke out on June 18. Wirecard owes its creditors, which include fifteen German banks, around $3.9 billion Filing for insolvency means a business is unable to pay its debts on time. It suggests that the company may require court protection to allow it more time to set up alternative payment arrangements. Meanwhile, Wirecard’s downfall does not appear to have a direct material impact on users’ funds, at least for now. That’s because the concerned crypto cards are pre-funded and funds are held by Wirecard Card Solutions, an entity with its headquarters in the UK, its own board of directors, and regulated by that country’s financial authorities. WCS is licensed to issue virtual cards. While WCS is a unit of Wirecard AG, its accounts are separate from the parent company’s. Observers say the biggest problem for crypto card companies “if Wirecard struggles is that not many issuers are willing to issue crypto-related cards.” Both Crypto.com and Tenx have said that customers’ funds have not been affected by the unaccounted for $2.1 billion. “Debit cards issued by Wirecard for Crypto.com are fully prefunded,” said Crypto.com chief executive officer Kris Marszalek. “These client fiat funds are held by an EMI institution regulated by UK FCA in segregated client accounts. The funds are held at another bank (not Wirecard) as required by the FCA,” he added. In another tweet on Thursday, Marszalek reiterated the safety of users’ money while promising that “in case any of the services provided by Wirecard are disrupted, you will receive a fast 100% credit back to your crypto wallet.” German police have since opened a criminal investigation into Wirecard’s alleged cosmetic accounting practices. What do you think about the unfolding drama at Wirecard? Let us know in the comments section below. The post Wirecard $2 Billion Scandal: Firm Files for Insolvency, Ex-CEO Arrested, User Funds Safe appeared first on Bitcoin News. View the full article

US lawmakers have introduced the Lawful Access to Encrypted Data Act to ensure law enforcement can access encrypted information. This bill is “a full-frontal nuclear assault on encryption in the United States,” one expert says. It requires manufacturers of encrypted devices and operating systems to have the ability to decrypt data upon request, creating a backdoor requirement. Lawful Access to Encrypted Data Act Senate Judiciary Committee Chairman Lindsey Graham and U.S. Senators Tom Cotton and Marsha Blackburn introduced the Lawful Access to Encrypted Data Act on Tuesday. The new bill “would bring an end to warrant-proof encryption in devices, platforms, and systems,” the committee’s announcement reads. “Terrorists and criminals routinely use technology, whether smartphones, apps, or other means, to coordinate and communicate their daily activities,” Senator Graham said. He claims that law enforcement could not access “vital information” in many recent “terrorism cases and serious criminal activity” even after a court order was issued. Senator Cotton elaborated, “Tech companies’ increasing reliance on encryption has turned their platforms into a new, lawless playground of criminal activity,” adding: This bill will ensure law enforcement can access encrypted material with a warrant based on probable cause and help put an end to the Wild West of crime on the internet. US lawmakers have introduced the Lawful Access to Encrypted Data Act to “ensure law enforcement can access encrypted material with a warrant based on probable cause and help put an end to the Wild West of crime on the Internet,” Senator Tom Cotton said. The bill also “allows the Attorney General to issue directives to service providers and device manufacturers to report on their ability to comply with court orders, including timelines for implementation,” the committee’s announcement reveals. “The Government would be responsible for compensating the recipient of a directive for reasonable costs incurred in complying with the directive.” Furthermore, the committee noted that the bill “Promotes technical and lawful access training and provides real-time assistance” and “Directs the Attorney General to create a prize competition to award participants who create a lawful access solution in an encrypted environment, while maximizing privacy and security.” Backdoor Requirements Hurting People Riana Pfefferkorn, associate director of surveillance and cybersecurity at the Center for Internet and Society at Stanford Law School, calls the bill “a full-frontal nuclear assault on encryption in the United States.” She exclaimed: This bill is the encryption backdoor mandate we’ve been dreading was coming, but that nobody, during the past six years of the renewed crypto wars, had previously dared to introduce. Well, these three senators finally went there. Andi Wilson Thompson, senior policy analyst at New America’s Open Technology Institute, shares the sentiment, explaining: “This bill is just another attack on encryption, and trying to portray it as a ‘balanced solution’ that could protect privacy is just an attempt to distract from its true intent.” Thompson focuses on issues including digital security, vulnerabilities equities, encryption, and internet freedom. The Lawful Access to Encrypted Data Act “is actually even more out of touch with reality than many other recent anti-encryption bills,” said Andrew Crocker, a senior staff attorney on the civil liberties team of the Electronic Frontier Foundation (EFF). He added that the new bill is “even worse than EARN IT,” which he described as “a dangerous anti-speech and anti-security bill that would hand a government commission, led by the Attorney General, the power to determine ‘best practices’ online.” According to the Senate Judiciary Committee: Once a warrant is obtained, the bill would require device manufacturers and service providers to assist law enforcement with accessing encrypted data if assistance would aid in the execution of the warrant. Crocker pointed out that the new bill “would give the Justice Department the ability to require that manufacturers of encrypted devices and operating systems, communications providers, and many others must have the ability to decrypt data upon request. In other words, a backdoor.” The EFF attorney added: “The bill is sweeping in scope. It gives the government the ability to demand these backdoors in connection with a wide range of surveillance orders in criminal and national security cases, including Section 215 of the Patriot Act.” He warned, “Not only does the bill disregard the security of users, it allows the government to support its need for a backdoor with one-sided secret evidence, any time it feels a public court proceeding would harm national security or ‘enforcement of criminal law.'” Emphasizing that “The requirements that the Lawful Access to Encrypted Data Act would impose upon companies would undermine the security and privacy of ordinary people while the real targets of criminal investigations could just migrate to new encrypted services,” Thompson cautioned: This bill would ensure that companies that provide products and services used by millions in the United States have to offer weaker encryption technology, putting all of their users at risk. The policy analyst noted: “The idea that an exceptional access backdoor can safely be developed solely for government use has been debunked over and over again by experts, including former senior members of the U.S. Justice Department.” The Lawful Access to Encrypted Data bill can be found here. What do you think about the Lawful Access to Encrypted Data Act? Let us know in the comments section below. The post US Senators Introduce ‘Lawful Access to Encrypted Data Act’ — With Backdoor Mandate appeared first on Bitcoin News. View the full article

A few months ago news.Bitcoin.com reported on the web portal read.cash, a blogging website fueled by bitcoin cash that rewards users in crypto for producing content. Just recently, read.cash initiated a fund that aims to provide the blog’s regular users with more paid upvotes by raising funds through a “collective initiative.” On June 25, read.cash revealed that the fund has raised over $100,000 so far. There’s a web portal called read.cash that allows people to fund content creators with bitcoin cash (BCH) payments. News.Bitcoin.com reported on the project months ago, as the project has gathered a great number of users. On January 29, 2020, close to $6k in bitcoin cash tips were paid to read.cash authors in 24 hours. Two months ago, the author who runs the web portal, Read.Cash, announced the launch of a fund that aims to bolster the blogging site’s incentives. “Let me tell you about one little experiment that we’re working on. A lot of new authors on read.cash complain that it’s pretty hard to get a paid upvote. And that’s true. We want to try to change that situation,” he wrote. The read.cash owner further stated: To support our users we created what we call “the read.cash fund” — It’s not a fund in the traditional sense, but rather a collective initiative where each participant agrees to pay read.cash authors some amount daily. The fund exists only in the browsers of donors (we are not holding donors money, their browsers do). Since they always control their money, they can cancel their pledge at any time. Which also means that the payments are done only when donors come online. The fund initially had raised $3,658 in BCH, and on June 25, 2020, the read.cash owner announced that the fund surpassed $100k thanks to one donor. “Our most generous donor Marc DeMesel has decided to increase his pledge to the read.cash fund to a total of $97,000 thereby getting our fund to $100,000,” the read.cash admin stated. The donation from DeMesel gives the read.cash fund a total of $100,658 to-date, according to the post’s author. Since the launch of read.cash, the blogging platform has changed it’s look and has added a number of new features as well. Signing up for read.cash is fairly intuitive and takes only a few minutes to get started. All a person has to do is register, accept the welcome message, and obtain the 12-word seed phrase for the read.cash native bitcoin cash wallet. One read.cash author was extremely pleased with DeMesel’s donation and the rest of the Bitcoin Cash community members who donated to the fund. “I consider these funds as a small bonus for my crypto blogging efforts. Which might grow as the quality and the readership of my content grows. As it becomes more readable and useful,” the author Cryptotexty wrote. “Read.cash [is] and interesting system when the fund distributes points every day, so not only you can get direct monetary upvotes to your articles, but also some funds for reading, commenting, etc., which are distributed on daily basis,” the author concluded. What do you think about the read.cash fund? Let us know what you think in the comments section below. The post Bitcoin Cash-Fueled Blogging Website Read.cash Raises Over $100K for Collective Initiative appeared first on Bitcoin News. View the full article

Australian residents can now pay for bitcoin at more than 3,500 national post offices. The new service launched by Bitcoin.com.au is aimed at promoting cryptocurrencies to mainstream audiences, alongside established businesses and organizations. On June 24, 2020, the firm Bitcoin.com.au announced a partnership with the local Australia Post. The collaboration makes it so Australian residents can purchase bitcoin (BTC) effortlessly at 3,500 national post offices. Essentially, each branch member will accept EFTPOS payments and Australian dollars for crypto-asset purchases stemming from Bitcoin.com.au and the Post Billpay service. Purchases will be facilitated by Bitcoin.com.au, a firm that is already working with 1,500 retail stores in the country. This collaboration is due to a partnership with Blueshyft and it also gives Australians the ability to acquire BTC. “This is a major milestone for digital currency in Australia and around the world. It proves that there are established businesses and organisations that want to learn about new technologies by doing, and not by blocking,” Holger Arians, CEO of Bitcoin.com.au said during the announcement. Arians added: Our mission is to make Bitcoin safe and easy for every Australian. For many people, paying for Bitcoin at an Australia Post office feels safer than transferring funds online — particularly for first-time buyers. We’re proud of this partnership and would like to thank Australia Post for its continued openness to new technologies. The Australia Post believes it has been at the forefront of innovation since its creation 200 years ago. Adding BTC support to over 3,500 Australia Post stores across the country will add more accessibility to those living in the country. “Australia Post has for a long time played an important role in the community to make services accessible to all,” Susan Nicholson, Australia Post’s Head of Business & Government Financial Services stressed. Nicholson further said: Post Billpay has been one of Australia’s most trusted bill payment methods for over 20 years, and we’re pleased to now provide the ability for Bitcoin bills to be paid at a post office, which will come with a product enhancement that offers ID verification and real-time bill payment confirmation back to the biller. The Australia Post and Bitcoin.com.au announcement was originally revealed to the public on May 4, 2020. The May announcement gives Australians step-by-step instructions on how to leverage the Australia Post for bitcoin purchases. Bitcoin and cryptocurrencies have been becoming quite popular in Australia, as the Australia Post stores’ latest service follows the recent partnership between Coca-Cola Amatil and Centrapay. Thanks to this collaboration over 2,000 Coca-Cola brand vending machines in Australia and New Zealand accept bitcoin (BTC) for purchases. What do you think about the 3,500 Australia Post stores providing bitcoin sales? Let us know what you think about this story in the comments section below. The post Australians Can Now Pay for Bitcoin at 3,500 Australia Post Offices appeared first on Bitcoin News. View the full article

Bitcoin miners on Tuesday transfered nearly 3,000 bitcoin, worth around $28 million, directly into exchange wallets. Several thousand others were likely moved via over-the-counter (OTC) deals. Direct exchange transfers represent the largest flow of bitcoin (BTC) from miners to such platforms in over a year, according to Glassnode data. The bulk of the volume of 2,650 BTC was sent to Bitfinex exchange, it said. Miners moving funds to crypto exchanges en masse usually indicates intent to sell. The large transfers coincided with a sharp drop in the price of bitcoin on Wednesday, falling 4% in 24 hours to about $9,300 from over $9,700. Previous largescale miner transfers to exchanges have been preceeded by a sharp drop in the value of bitcoin, opening a bear cycle. It is not yet clear whether the latest transactions will have a similar effect. Glassnode data excludes over-the-counter deals – trades that are common with Chinese mining pools. However, figures from elsewhere show that bitcoin miners may have started selling much larger amounts of the top cryptocurrency. According to Cryptoquant, an on-chain monitoring service, more than 9,000 BTC valued at around $86 million moved on Tuesday, much of it possibly through OTC trades because the bulk transfers did not correspond with similar increases in exchange balances. Miners last moved such a significant amount of bitcoin on December 26, 2019, an amount of 14,800 BTC, it said. Mining pools Poolin and Haobtc accounted for the biggest share of the latest transfers, sharing up to 7,100 of BTC transfers between them. “There has been a big spike in miner outflows overnight, I’m expecting a whole lot of selling, starting real soon,” crypto analyst Cole Garner tweeted. “This is probably an OTC deal, since the flows don’t appear to be going to an exchange,” he added. At the time of writing, bitcoin is trading at $9,273, betraying optimistic crypto community expectations of a rise above $10,000, the level thought as key to sparking a major price rally. What do you think about miners transferring bitcoin to exchanges? Let us know in the comments section below. The post Bitcoin Price Dump: Miners Start Selling 9,000 BTC, Possibly Opening Bear Cycle appeared first on Bitcoin News. View the full article

KPMG has launched a cryptocurrency management platform designed to accelerate institutional crypto adoption. KPMG’s patent-pending tool aims to bridge traditional data and crypto systems, integrating key use cases of cryptocurrency, including custody, wallets, and anti-money laundering (AML) transaction monitoring. KPMG’s Crypto Suite KPMG LLP announced on Monday that it has launched a “New platform [that] addresses global regulatory concerns for strong system controls and processes for crypto and digital assets.” Called KPMG Chain Fusion, the new cryptocurrency platform aims “to help manage crypto and traditional assets over public and private blockchain networks,” the announcement details. KPMG LLP is the U.S. member firm of KPMG International, one of the Big Four accounting firms, which has more than 219,000 professionals working in 147 countries and territories. The firm described this product as “a patent-pending suite of advanced analytics capabilities built on leading cryptoasset data and technology products to streamline the ability for financial services companies and fintechs to offer cryptoasset services on an institutional scale,” adding: KPMG Chain Fusion is designed to accelerate trusted adoption of core cryptoasset capabilities through a consistent data architecture. The new cryptocurrency platform “enables advanced analytics” for key use cases of cryptocurrency, including custody, wallets, “proof of reserves (asset position reconciliation), and AML transaction monitoring,” the firm outlined. The new KPMG cryptocurrency management tool, Chain Fusion, aims to accelerate the adoption of core crypto capabilities. While many financial service institutions and fintech firms are already offering crypto services, KPMG emphasized that an increased number of traditional businesses are now offering crypto services on “both public, permissionless and permissioned blockchains.” The firm’s website elaborates: The operation of a successful cryptoasset business at institutional scale hinges on the ability to efficiently and effectively integrate blockchain data alongside traditional data infrastructure. Sam Wyner, director of the KPMG Cryptoasset Services team, noted that while leading crypto technology solutions “can address process and control requirements within their own systems, the greater challenge is making sure systems can work together.” That’s where the firm’s new crypto management platform comes in. According to Wyner, “KPMG Chain Fusion addresses those challenges by bringing these systems together with the required processes and controls under one roof.” What do you think about KPMG’s cryptocurrency management platform? Let us know in the comments section below. The post KPMG Introduces Cryptocurrency Management Platform appeared first on Bitcoin News. View the full article

Four new tokens by Amun will be listed on the Bitcoin.com Exchange this Thursday. Amun is a leading crypto technology company that builds tokens to make purchasing crypto more accessible, safe, and efficient. You have the chance to trade these tokens for free on the Bitcoin.com Exchange from Thursday, June 25th, 10 am UTC until Sunday, June 28th, 2020 23:59 UTC. Amun is the world’s largest issuer of crypto exchange-traded products. Its suite of ETPs has simplified access to crypto for both institutional and retail investors in the traditional finance community. The Bitcoin.com Exchange is integrating four tokens: BTC3L, BTC3S, ETH3L, ETH3S. These are Ethereum-based ERC-20 tokens created by Amun to give token holders easy access to leveraged long and short daily returns of crypto assets like Bitcoin and Ether. BTC3L — Amun Long 3x Bitcoin Token BTC3S — Amun Short 3x Bitcoin Token ETH3L — Amun Long 3x Ether Token ETH3S — Amun Short 3x Ether Token What are leveraged tokens? A leveraged token is a financial derivative that enables you to gain exposure to a leveraged trading position in a digital asset without having to deal with margin trade, liquidation, collateral, funding rates. Due to its simplicity, they have got a lot of attention since their appearance. A leveraged token maintains notional exposure to -2x or -3x of the daily returns of a crypto asset like Bitcoin or Ethereum. It is done through the use of Amun’s Jasper platform which facilitates margin positions in the crypto assets in question both for long and short positions through the use of perpetual swaps, while also rebalancing on a daily basis in order to maintain daily notional leveraged exposure. How do leveraged tokens work? The BTC3XLONG tokens maintain notional exposure to 3x of the daily returns of Bitcoin and the ETH3XSHORT tokens maintain notional exposure to -3x of the daily returns of Ether. This means that if Bitcoin were to rise by 3% on a single day then BTC3XLONG would aim to rise by 9% on the same day. The use of these tokens greatly improves the user experience of maintaining leverage to crypto assets. To showcase how leveraged tokens work, here is a very simple example: what would happen to the prices of BTC3L and Bitcoin 3x Daily Short (BTC3S) tokens if Bitcoin’s price over 3 days is as follows: Day 0 — $100, Day 1 — $103, Day 2 — $106.09, in other words, two days of Bitcoin increasing by 3%. It is assumed that Bitcoin, BTC3L, and BTC3S all begin day 0 at a price of $100. As the table shows, both BTC3XLONG and BTC3XSHORT track 3x and -3x of Bitcoin’s returns over a single day. Please note that these tokens do not track 3x or -3x of Bitcoin’s returns over multiple days. Benefits of leveraged tokens Leveraged tokens can provide some peace of mind if a trader doesn’t want to worry about liquidation on positions. They are also much better during strong trending periods, due to the daily rebalancing and compounding effect, which would otherwise need to be done manually in order to achieve the same result. There are multiple aspects why traders should use leveraged tokens but the four main ones are highlighted below. Zero hassle: Traders don’t have to worry about managing funding rates, borrowing costs, and/or monitoring positions for risks of margin calls. Daily rebalancing: Each token rebalances daily to ensure constant leverage ratios of the underlying assets are always maintained. It prevents the token holder from getting liquidated as is the case when leverage is used for futures and perpetual swap contracts. Tradability: The tokens are listed on the leading crypto exchanges such as the Bitcoin.com Exchange, making it easier to enter and exit positions on the secondary market. Reduced Liquidation Risk: When losing money leveraged tokens reduce exposure, thus greatly reducing the chance of liquidation. It would require a 33% 24-hour change in price for liquidation to occur. Why choose Amun’s tokens? Amun’s leveraged tokens differ from similar types of tokens in the crypto space. The table below shows a comparison between Amun’s tokens and the other t leveraged token issuers: Binance and FTX. The table shows that there are several differences between Amun’s tokens and the tokens issued by Binance. While Amun’s tokens operate in a similar manner to FTX, the primary difference between the two is that the pricing for FTX tokens comes from its exchange while Amun uses a VWAP pricing mechanism from a number of top derivative exchanges. This is a promoted post. Learn more on how to reach our audience here. Read dislaimer below. The post Leveraged Tokens Soon Available on the Bitcoin.com Exchange appeared first on Bitcoin News. View the full article

On June 24, a Reddit post had a few Bitcoin Cash proponents discussing a number of privacy enhancements BCH supporters can leverage every time they transact. The Bitcoin Cash enthusiast, Mr. Zwet’s r/btc post explained how BCH supporters can use tools like Cashfusion, Cashshuffle, Schnorr Signatures, Local.Bitcoin.com, Neutrino Wallet, and a number of Electron Cash plugins that bolster confidential transactions. The following report is a comprehensive look at all of the tools and services that protect a BCH user’s transactional data. Crypto Privacy and Fungibility Not that many people are aware of the fact that the Bitcoin Cash ecosystem has a number of tools and services that cushion a person’s privacy. Cryptocurrency privacy is very important to BCH supporters, as there have been many dedicated efforts to making the digital asset even more privacy-centric. On Wednesday, a well known BCH fan called Mr. Zwets published a picture and description of a bunch of privacy-enhancing tools BCH proponents can leverage today. Cashshuffle The first is Cashshuffle, a platform that Mr. Zwets calls “a trustless version of coinjoin usable today in the Electron Cash wallet for increased privacy.” People who want to utilize Cashshuffle can do so today, in order to help obfuscate their BCH transactions. So far, since March 27, 2019, there have been 54,202 shuffles to-date, and that consists of 253,751 BCH or $59.2 million. https://stats.devzero.be/#/shuffle Cashshuffle is used a lot, as shuffle volume plus daily counts show that the weekends are the most popular shuffling times. Cashshuffle was officially launched in March 2019 and the code also was reviewed by Kudelski Security. Bitcoin Cash proponents who want to leverage the Cashshuffle application can do so by visiting the website cashshuffle.com. Cashfusion Cashfusion is an extension of Cashshuffle and is more advanced privacy-wise. The Cashusion protocol has been heralded as “far more practical than other coinjoin protocols” by even few BTC maximalists. Cashfusion will also undergo a security audit from the well known firm Kudelski Security and Mr. Zwet’s Reddit thread shows the audit began in May 2020. https://stats.devzero.be/#/fusion Since November 28, 2019, there have been 5333 Fusions and 49,106 BCH total fused ($11.4 million). The reason for the added privacy, in contrast to using Cashshuffle, is due to the fact that Cashfusion abandoned the idea of equal outputs. For instance, Electron Cash developer Jonald Fyookball published a paper about the combinatoric math in Cashfusion. “In Cashfusion, we have opted to abandon the equal-amount concept altogether. While this is at first glance no different than the old naive schemes, mathematical analysis shows it in fact becomes highly private by simply increasing the numbers of inputs and outputs,” a quote in Fyookball’s paper from software developer Mark Lundeberg stressed. “For example, with hundreds of inputs and outputs, it is not just computationally impractical to iterate through all partitions, but even with infinite computing power, one would find a large number of valid partitions,” the developer added. Schnorr Signatures Schnorr Signatures is another privacy-enhancing method that is not used as much for privacy right now as Cashshuffle and Cashfusion. However, there have been a few private transaction examples created by Mark Lundeberg and other developers, and in the future, Schnorr Signatures should bolster BCH privacy even more so. Mr. Zwets says “Schnorr Signatures were added to BCH over a year ago and allow for more private transactions as explained by Mark Lundeberg here.” After the last Schnorr related upgrade and other Schnorr-enhanced forks going forward, the scheme could provide for public signature aggregation and more complex sign-to-contract concepts. Neutrino Mr. Zwets also mentioned the platform Neutrino Wallet, “a privacy-focused mobile wallet for Bitcoin Cash that does not expose a list of your addresses to third parties and allows for connection using Tor.” Users can download the wallet at the website neutrino.cash, which links the Google Play Neutrino download package. Neutrino was built by the developers who work on the Bitcoin Cash full node project BCHD, and the wallet is named after the subatomic particle which is extremely hard to detect. Neutrino Wallet Local.Bitcoin.com Another privacy bolstering platform Mr. Zwets included was Local.Bitcoin.com, “a service to buy and sell BCH peer-to-peer without any middlemen.” “It is possible because of a new BCH opcode called Checksigverify that allows for more complex smart contracts,” explains Mr. Zwets Reddit post. Local.Bitcoin.com Bitcoin.com launched its over-the-counter BCH marketplace on June 4, 2019, and tens of thousands of traders have signed up since then. Some of the most popular Local.Bitcoin.com trading regions include the U.S., China, Venezuela, Russia, Australia, New Zealand, and various countries throughout Europe. Local.Bitcoin.com Further, Local.Bitcoin.com traders can chat in privacy by leveraging encrypted messaging. Payment methods for Local.Bitcoin.com include cash (in-person trades), other cryptos, bank transfers, bank deposits, Paypal, Moneygram, international wire, Western Union, gift cards, Payeer, Venmo, Skrill, and Transferwise. Crescent Cash, Cashaccounts, and Electron Cash Plugins In addition to the tools and platforms mentioned above, Mr. Zwets described a number of other examples that can help with privacy. “Crescent Cash is a BCH wallet with SLP token support for android,” Zwets said on Wednesday. “It is privacy-focused in that it is the first wallet to supports using a BIP47 reusable payment code as a cashaccount. It also generates new addresses each time both for BCH and SLP, while also allowing for a connection using Tor, UTXO management and the ability to connect your own full node,” he added. Mr. Zwets further states: The Electron Cash wallet apart from supporting Cashshuffle, Tor, UTXO management, and more it also allows the user to install extra plugins. Some of them are privacy-oriented like the Interwallet Transfer Plugin other plugins allow us to build special transactions using smart contracts. What do you think about all the Bitcoin Cash privacy-oriented tools and platforms available? Let us know in the comments section below. The post 6 Privacy-Enhancing Tools That Place Bitcoin Cash Transactions Ahead of the Pack appeared first on Bitcoin News. View the full article

Lumi Wallet announced that from June 2020, Tether USDT, Binance USD, Paxos Standard Token, Celsius and Dai are available to purchase in Lumi Wallet with a credit card. The highest grossing stablecoins on the crypto market are fully integrated for exchange and purchase in-wallet. Transactions under $150 can be made without ID verification. Lumi Wallet has been constantly expanding the list of cryptocurrencies since the introduction of this feature in August 2019. Previously it only consisted of the most popular digital currency such as BTC, ETH, and EOS. The developers have promised to keep this list updated with new coins soon. For more information on how to buy stablecoins, please follow this link. About Lumi Wallet Lumi Wallet was released in 2017 and has been constantly evolving ever since. It is a non-custodial, open-source private wallet that has Android, iOS and web versions. Lumi supports BTC, BCH, ETH, EOS, Tether USDT, Binance USD, Paxos Standard Token, Celsius, Dai and more than 1200 ERC20 tokens. It allows customers to buy, exchange, and withdraw cryptocurrencies to a credit card. The wallet’s team is active on Twitter and Telegram, also Lumi has a lively blog. If you have some suggestions for currencies the wallet needs to add or just want to say hi – don’t hesitate to send your emails to hello@lumiwallet.com. This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. The post Buy Stablecoins With Your Credit Card in Lumi Wallet appeared first on Bitcoin News. View the full article

On Friday, June 26, the China-based Zhejiang Ebang Communication, often referred to as Ebang, will be listed on Nasdaq, according to various reports. Ebang’s initial public offering (IPO) will be the second U.S.-based IPO for an ASIC mining manufacturer joining the company Canaan. The Ebang IPO prospectus was also updated on June 17, raising the fundraising goal to $106 million after the company previously filed for $100 million. A myriad of regional reports indicates that the Chinese company, Ebang will be listed on the American stock exchange Nasdaq located in New York City this Friday. Nasdaq is the second most popular stock exchange in the U.S., ranked only behind the New York Stock Exchange (NYSE). News.Bitcoin.com reported on rumors of Ebang filing an initial public offering prospectus on December 6, 2019. The initial $100 million filing with the U.S. Securities and Exchange Commission actually took place on April 24, 2020. The filing notes that when the shares are listed on the Nasdaq Global Market exchange the ticker symbol will be EBON. Following the original filing last April, weeks later on June 17, Ebang submitted it’s Q1 2020 earnings and updated the fundraising goal from $100 million to $106 million. After the update, the crypto pundit Samson Mow tweeted an invitation sent to him in regards to Ebang’s IPO afterparty. The afterparty is allegedly scheduled for Friday, June 26, and a report published by the regional publication Blockbeats confirms the listing launch as well. Ebang International Holdings decided to choose Nasdaq and offer 19.3 million shares. The company shares will be sold at a price range between $4.50 to $6.50 per share. Calculations show that the firm would have a market valuation of $721 million. Of course, Canaan Creative also filed for an IPO in the United States as well with the SEC, and its original goals were to raise $400 million on the Nasdaq Global Market. That never came to fruition, and on November 21, when the Chinese mining rig manufacturer Canaan launched its initial public offering (IPO) sale, it only sold $90 million worth of U.S. shares. Canaan shares initially sold for $8.99 and today shares are selling for $2.12 per CAN (NASDAQ: CAN), which is a 76.4% loss in value. Additionally, the two mining manufacturers who have not gone IPO just yet, Bitmain and Microbt, still control a dominant share of mining rig sales worldwide. With Ebang’s plans to launch on Nasdaq on June 26, under the symbol EBON, the company has enlisted Prime Number Capital, AMTD Global Markets, and Loop Capital Markets as book-runners. The company founded in 2002, will hold an IPO celebration ceremony at a hotel in Hangzhou, according to the local reports. The recent IPO sent to SEC indicates that while Ebang made $109 million last year, the company also had a $41 million deficit in 2019. The firm is run by CEO Don Hu, CFO Lei Chen, and the deputy general manager Chunjuan Peng. Ebang is also involved in an ongoing lawsuit initiated by Shenzhen-listed Wholeasy’s subsidiary “Beijing Cailiang.” The lawsuit involves an $80 million mining investment gone sour and Ebang claims that Cailiang played a victim and wholeheartedly disagrees with the lawsuit. Despite the litigation and revenue losses, Ebang’s IPO will likely happen unhinged this Friday. It’s not uncommon for mining manufacturers to be embroiled in lawsuits, as many of the top four firms are involved in litigation proceedings and also lost revenue in 2018 and 2019 as well. What do you think about Ebang being listed on Nasdaq on Friday, June 26, 2020? Let us know what you think in the comments section below. The post Bitcoin Mining Chip Manufacturer Ebang to List on Nasdaq This Week appeared first on Bitcoin News. View the full article

At least 83% of existing Bitcoin addresses are currently in a state of profit, according to Glassnode. That’s a 43% increase since bitcoin’s precipitous crash on March 12, now known as the ‘Black Thursday.’ At the time, only 45% of all the BTC addresses were profitable – a low for 2020. Per the new data, the highest proportion of addresses in profit this year reached 89% on June 1, when the price of bitcoin rose above $10,400, it’s highest level in nearly four months. Bitcoin investors are, however, not as profitable as they were a year ago. As the BTC price peaked at around $13,900 for 2019, addresses in gain spiked to 95% on June 26. The latest Glassnode figures may bode well for the long-awaited bullish breakout, as they indicate bitcoin is not overbought, just yet. A reading above 95% usually indicates the opposite. Chainalysis has also published new analysis showing that the majority of bitcoin investors hold their coins for the long-term, suggesting that appetite to sell is not as strong, even though profit-taking can still happen. The crypto analytics firm said over 60% of all the 18.6 million BTC mined is held for long-term investment while only 19% or 3.5 million bitcoin is actively traded on exchanges throughout the world. Bitcoin has repeatedly tried to breach $10,000 since the block reward halving on May 11, succeeding on few occasions, but the breakouts never lasted, as strong resistance set-in. Traders consider $10,000 a key level for a bullish upswing. At Press time, the benchmark cryptocurrency is trading at $9,677, up 0.93% over the last 24 hours, according to data from markets.bitcoin.com. What do you think about the percentage of profitable Bitcoin addresses? Let us know in the comments section below. The post 83% of Bitcoin Addresses Currently Profitable, Says Glassnode appeared first on Bitcoin News. View the full article

This week digital currency enthusiasts have been discussing network fees, specifically transaction fees associated with the Bitcoin and Ethereum blockchains. Last Sunday on June 21, one Ethereum proponent noted that during the last 16 days, Ethereum users have paid more to leverage the network than Bitcoin users. Digital currencies like bitcoin, ethereum, bitcoin cash, and litecoin all have a network or miner fee associated with sending each and every transaction. This means in order to send a fraction of bitcoin (BTC), there must be enough BTC in the wallet to also cover the sending fee. At the time of publication, the data site bitinfocharts.com shows the average BTC network fee was $1.14 per transaction on June 22. Ethereum (ETH) network fees show the average fee on that day was around $0.62 per send. Bitcoin cash (BCH) has an average fee of $0.006 per transaction or six-tenths of a U.S. penny. Now not all BTC fee recording websites are exactly the same as there are many different averages depending on the site used. The Bitcoin (BTC) average transaction (txn) fee on June 22, 2020, was $1.13 per txn. Ethereum’s (ETH) average was $0.62 per transaction and Bitcoin Cash (BCH) txn fees were around $0.0065. According to the fee calculation website offered by billfodl.com, the next block fee required to have your transaction mined on the next block (10 minutes) is $0.87 today. Similarly, for June 23, the average fee for getting into the next three blocks is the same price. If an individual paid $0.73 per BTC fee, the transaction would possibly confirm within six blocks (1 hour). Today, on Tuesday, June 23, 2020, Bitcoin (BTC) transactions are $0.87 per txn for the fastest transaction confirmation. The six-block fee would bring ETH transaction fees much closer to current BTC fees which bitinfocharts.com shows is $0.62. Coin Metrics charts show that ETH transaction fees have been consecutively higher than BTC’s fees in June. The well known ETH proponent on Twitter Eric.eth (Eric Conner – @econoar) told his 15,000 followers on Sunday: For 16 straight days, Ethereum users have paid more to use the network than Bitcoin users. The Coin Metrics chart Eric.eth (@econoar) shared on June 21, 2020. Since the tweet, Ethereum transaction fees have dropped according to Coin Metrics data. The web portal ethgasstation.info, a website that provides ether gas price recommendations, notes that ETH fees are much lower than BTC’s average as far as stats on billfodl.com is concerned. All the fees measured in gwei highlight that the gas amount it takes to send an ETH transaction and ERC20 token as well, is $0.26 for the fastest transaction confirmation time. Every tier lower is only a U.S. penny cheaper for standard and safe but low fee transactions. ETH fees measured in gwei according to ethgasstation.info. Now during the last few years and especially since 2017, we know that when the price of ETH or BTC rises and is used more often, fees grow much larger. At the height of 2017, BTC fees jumped higher than $50 per transaction on December 22, 2017. On that same day, ETH fees were around $1.40 per ETH transaction. Coin Metrics fee data for the Bitcoin (BTC) blockchain, Ethereum (ETH), and Bitcoin Cash (BCH) on Tuesday, June 23, 2020. Now, this occurrence doesn’t happen with bitcoin cash (BCH) since the block size has increased to 32MB. Before the block size upgrade, on that same day in mid-December 2017, the average BCH fee did rise to $0.31 per transaction. However, during the September 2018 stress tests, after confirming over 2.4 million transactions per day outshining BTC’s best day by 5x, the average BCH transaction (txn) fee was $0.003 per txn. Since then BCH fees have not risen past the $0.008 txn fee naturally and have been consistently under a U.S. penny per transaction for the last two years. According to Coin Dance stats it is currently 815.51x more expensive to transact on Bitcoin (BTC) on June 23, 2020. Transacting on the Bitcoin Cash chain is also much cheaper than transacting in ETH as it is 8,566.66% more expensive to transact in ETH than it is to leverage bitcoin cash. This data is all publicly available by leveraging sources like ethgasstation.info, bitinfocharts.com, Coin Metrics data, and billfodl.com. What do you think about the difference in transaction fees between ETH and BTC lately? Let us know what you think in the comments section below. The post Ethereum Network Fees Jump Above Bitcoin Transaction Fees for Two Weeks Straight appeared first on Bitcoin News. View the full article

Jim Rogers, who cofounded the Quantum Fund with billionaire investor George Soros, has shared his view on bitcoin, its use as money, and governments’ response to the growing use of cryptocurrency. He predicts that central banks will not let uncontrolled money be used. Jim Rogers Talks Bitcoin Famous investor Jim Rogers shared his prediction about the future bitcoin and cryptocurrency in an interview with Asahi Shimbun Singapore branch manager Koji Nishimura, published on Friday. Rogers cofounded the Quantum Fund in 1973 with billionaire investor George Soros, which was considered one of the most successful hedge funds in its heyday. They earned a 4,200% return over 10 years through 1980 compared to 47% for the S&P 500. Rogers believes that if cryptocurrency succeeds in being used as money, instead of primarily for speculation, governments will intervene, making it illegal in order to stop its use. For this reason, “I believe that the [value of] virtual currencies represented by bitcoin will decline and eventually become zero,” he told the publication. “It is hard for us to move money without the control of the government,” Rogers said, elaborating: The government wants to know everything. Controllable electronic money will survive, and virtual currencies beyond the influence of the government will be eliminated. Famous investor Jim Rogers, who cofounded a hedge fund with billionaire investor George Soros, has shared his view about the future of bitcoin and why he thinks governments will not let it be used as money. Rogers explained that cryptocurrency markets are volatile, particularly during the global economic crisis. “Even though cryptocurrencies did not even exist a few years ago, in the blink of an eye, they become 100 and 1,000 times more valuable … This is a clear bubble and I don’t know the right price,” he opined, emphasizing that cryptocurrency is not an investment but gambling. He proceeded to talk about electronic money. “Governments like electronic money because with electronic money, you can keep track of when, where, who spent and how much. Governments will have more control over people through electronic money,” the investing guru described. “Electronic money has a low issuing cost. Cash must be printed, carried and counted. It is expensive for the government.” However, cryptocurrencies beyond the control of governments will not be accepted as money, Rogers believes, adding that those who work on cryptocurrencies think they are “smarter than the government.” However, “the government has something that those who work with virtual currencies don’t have. It’s a gun.” For this reason, he said, “I believe that virtual currency will disappear eventually.” He believes that governments will never let bitcoin be used as money. “Only 100 years ago, we could use whatever we liked as money. You could use coins, gold, silver, or shells. Banks could also print the bills themselves. That was legal,” he was quoted as saying. However, in the mid-1930s, the Bank of England declared that using any type of money other than the money it issued was illegal, Rogers pointed out. As a result, “no one used money other than that issued by the Bank of England,” he described, predicting that the same will happen to cryptocurrency. While admitting that a society where governments “know too much about our actions” is “unfavorable,” he believes that cryptocurrency “beyond the control of the government will not be widely distributed as money.” While Rogers is not bullish on cryptocurrency, many institutional investors are increasingly interested in investing in this asset class. Fidelity Digital Assets recently conducted a survey of about 800 institutional investors in Europe and the U.S. and found that 80% of them find cryptocurrency appealing, while 60% feel cryptocurrencies have a place in their portfolios. Grayscale Investments also sees increasing demand for crypto investments. Well-known hedge fund managers such as Paul Tudor Jones have been growing their bitcoin holdings. Jones said he has about 2% of his assets in bitcoin. Other billionaire investors who are bullish on bitcoin include Virgin Galactic chairman Chamath Palihapitiya and Galaxy Digital CEO Mike Novogratz. What do you think about Jim Rogers’ view of bitcoin? Let us know in the comments section below. The post Jim Rogers Discusses Bitcoin as Money and Why Governments Will Stop Crypto appeared first on Bitcoin News. View the full article

Investing in bitcoin has been somewhat of a phenomenon, as millions of individuals have invested funds into the crypto-economy since at least 2010. One specific and lucrative method of investment is dollar-cost averaging. If an individual was to invest $10 a week into purchasing bitcoins since July 2010, the $5,130 USD (overall cost of investment) would have purchased 3,040 BTC, giving the individual over $29 million worth of gains in a decade. Purchasing Bitcoin Via the Dollar-Cost Average Method Between Halvings There is one method of investment that many crypto investors would call the smartest way to invest in anything. Essentially, the method called “dollar-cost averaging” is a strategy that investors use to invest funds into an asset across a periodic number of purchases, which essentially reduces exposure to overall price volatility. So a person invests $1 to $10 per day or per week into a cryptocurrency and they become sheltered by the overall cost average over time. Finding the earliest price of bitcoin (BTC) is not too hard to and we can highlight that it occurred a few weeks after Laszlo Hanyecz purchased two Papa John’s pizzas for 10,000 coins (BTC value would be $0.0025 cents per unit). Not too long after Hanyecz’s exchange, historical resources say that the exchange rate for BTC jumped 10X until mid-July when a single BTC was swapping for $0.08 to $0.10 per coin. Coincidently, the popular exchange Mt Gox was launched on July 17, 2010. Now bitcoin investors who jumped in on putting funds into the crypto-economy on July 17, 2010, and stuck with it until Bitcoin’s first halving on November 28, 2012, the average cost per BTC would be $3.81 per coin. That’s a 122,400% increase from $0.08 per coin. If that individual invested $10 per week into bitcoins they would have invested $1,240 over the course of over 150,000 BTC blocks mined or three and a half years. The person would have gathered 3,024 BTC at an average purchase price of $0.41 per coin. The value they would possess using today’s 2020 exchange rate in June would be $29 million. If that person instead started to invest in bitcoin at the start of the first halving at the end of November 2012, they too would have done very well. The average price between the first halving in 2012 to the July 9, 2016 halving is $376.75 per BTC. If the individual invested on November 28, 2012, you would have experienced an increase of 5,336% in value. Now say they invested $10 a week since the first halving and stopped investing on the day of the second Bitcoin halving. The individual would own 15.68 BTC worth $151,264 for investing a measly $1,890 U.S. dollars. The average purchase price at $10 per week between this period would be $120 per coin. Investing $10 per Week Between the 2016 Bitcoin Halving to the May 2020 Halving Would Gather a $5,900 Profit Again we can take another individual and note that they invested between the July 2016 halving up until May 11, 2020, the Bitcoin (BTC) network’s third reward halving. The price increased 1,206% from those two points in time and the average price per BTC would be $6121. If the individual invested $10 a week into BTC (Date Range- 07/09/2016-05/11/2020) they would have only invested $2,010 into the crypto economy. The person would only own 0.82908926 BTC, but would have profited by $5,987. The cost average profit for this individual would amount to 297.71% in value gained. The average purchase price would be $2,424. Now if an individual participated in dollar-cost averaging and started on July 17, 2010, investing all the way until the third halving, the average cost per BTC would be $2,167.17. It’s safe to say that dollar-cost averaging is a less risky and cost-effective way to invest in anything, but with bitcoin, it has proven lucrative. Of course, BTC’s average cost percentage will rise, if the price rises going forward. The higher the price, the higher the average over time and if it goes lower it will be the opposite effect. Someday spanning it over 50 years would be cool as it’s only been 11 and half years of collecting dollar-cost average metrics with bitcoin. What do you think about the dollar-cost average investment method? Let us know what you think about this topic in the comments section below. The post Average Price of Bitcoin More Than Quadrupled Between Halvings appeared first on Bitcoin News. View the full article

Libertyx has expanded its network to include 20,000 7-Eleven, CVS, and Rite Aid Pharmacy stores where customers can buy bitcoin with cash. They can also buy bitcoin using debit cards at one of Libertyx’s vast network of ATMs, bringing the total of locations to 25,000 across 45 U.S. states. Buy Bitcoin at 7-Eleven, CVS, Rite Aid via Libertyx Libertyx has announced a significant expansion of its network of U.S. locations where customers can buy bitcoin. The company said on Monday that it has added 20,000 cash-accepting retail locations to its large network of 5,000 debit card-accepting ATMs, cashiers, and kiosks. Announcing the nationwide launch of “Bitcoin on Every Block,” the company explained: Consumers can now use cash to purchase bitcoin with Libertyx at 20,000 retail locations around the U.S., including major convenience store and pharmacy chains, such as 7-Eleven, CVS Pharmacy, and Rite Aid. Libertyx announced on Monday a massive expansion of its network of places where customers can buy bitcoin to include major chain stores: 7-Eleven, CVS Pharmacy, and Rite Aid Pharmacy. Founded in 2013, Libertyx describes itself as “America’s first and largest network of bitcoin ATMs, cashiers, and kiosks.” The company launched its first bitcoin ATM in 2014. With Monday’s announcement, the company now claims to have 25,000 locations across 45 states where consumers can buy BTC in-person with cash and debit cards. Its website details that as of Monday, Libertyx offers two types of cashier locations: “Chain retailers, including 7-Eleven, CVS Pharmacy, and Rite Aid” and “Independent retailers, including convenience, mobile phone, computer repair, check casher stores, and more.” In the U.S., there are approximately 9,340 7-Eleven stores, more than 9,900 CVS Pharmacy stores, and 2,464 Rite Aid Pharmacy stores. All three brands only accept cash for bitcoin purchases, Libertyx clarifies, adding that “to use your debit card, use one of our ATMs instead.” Libertyx’s map of 20,000 retail stores and 5,000 ATMs where people can buy BTC with cash and debit cards. Source: Libertyx Noting that bitcoin “adoption has been limited by trust and accessibility,” Libertyx CEO Chris Yim said that his company wants “to expand our footprint so anyone can buy bitcoin at familiar locations they drive or walk by daily.” He opined, “Buying bitcoin is as easy as scanning a barcode while shopping for groceries.” To buy bitcoin using Libertyx at 7-Eleven, CVS Pharmacy, and Rite Aid Pharmacy stores, you need to download the Libertyx app and sign up for a free account. The app is available in both the Apple App Store and the Google Play Store. You can then enter your BTC address, tap “Start purchase,” select a participating retailer, and tap “Add cash now.” You can add between $20 and $500, and the participating store will scan the barcode on your phone. Your fund will be credited within 10 minutes, Libertyx estimates, adding that there is a retail service fee of $4.95. Once the fund is shown on your account, you can tap the “Convert to bitcoin” button in the app. To celebrate the nationwide launch of Bitcoin on Every Block, Libertyx is waiving conversion fees from select retailers through July 31. The only fees per transaction at 7-Eleven, CVS Pharmacy, and Rite Aid Pharmacy stores are the $4.95 retailer service fee and the customer-selected miner fee. Currently, the Libertyx app displays numerous stores but some are still unavailable as the company explained on its website that new chain stores are being rolled out in stages. “As of 6/22/20, we have instituted a waitlist due to unprecedented demand. You can join the waitlist once you are signed into your Libertyx account in the app,” its website notes. Bitcoin.com also has a crypto exchange, where you can buy BCH, BTC, and a number of other cryptocurrencies, as well as a marketplace for BCH. What do you think about buying bitcoin at 7-Eleven, CVS, or Rite Aid using Libertyx? Let us know in the comments section below. The post 7-Eleven, CVS, Rite Aid: Libertyx Adds 20,000 Stores to Buy Bitcoin With Cash appeared first on Bitcoin News. View the full article

CryptoAltum, a popular MT5 platform, executes trades using market execution with all trades filled at the best available price in the market. The company uses Fill or Kill orders meaning orders are filled entirely at the best available price, with no partial fills and a 100% execution rate. Fills All Trades Automatically The company fills all trades automatically with no dealing desk intervention. Traders can enter and liquidate positions at any time. The maximum amount of open orders users can have on their accounts include having up to 200 open trades and 30 pending orders, providing your overall exposure does not exceed our maximum of USD 1,000,000. Margin call is at 150% and stop out level is 100%. The company’s servers are located in London. The company also uniquely has a 24/7 support team available on Whatsapp, Messenger, Telegram, and Line. CryptoAltum also differentiates itself by providing full market depth available on MT5 for all instruments. To further demonstrate pricing transparency, tick data requests are available from the CryptoAltum risk team. The platform also not only provides exposure to cryptocurrencies but also to Forex, Gold, and Indices. Professional traders may also note that the minimum lot size and maximum lot size for each crypto trading pair varies as does the volume limit. There are some interesting crypto pairs that users can bet against for example XRPEUR and BNBJPY. For crypto pairs involving the prices of BTC, XRP, DASH, LTC, BCH, ETH, EOS, and XMR, there is a maximum limit of $1,000,000 per trading pair and as the volume in USD increases, the margin requirements increase as well. For example, for volume less than $10,000, margin is 0.2% but as volume surpasses $200,000, the required margin rises to 5%. The 1:500 leverage that CryptoAltum offers is the highest leverage offered globally on CFD products. For crypto pairs that involve ADA, BNB, BSV, and TRX, the max limit per crypto pair is lower at $300,000 and the volume limits for increased margin are also lower with any volume that surpasses $80,000 requiring users to put up 5% margin as opposed to 0.2% margin on the lower end. Fees that users will face will be on financing long or short positions and will be calculated by the lot size multiplied by the financing points which change from the liquidity providers on a daily basis. Cryptocurrency financing fees are applied every four hours, and daily for FX and indices. The longer that positions remain open, the higher the Financing rates. The historical buy and sell premiums per lot on cryptocurrencies range from -.0114% to -.0186%. Main Takeaways CryptoAltum, based in the Republic of the Marshall Island, does not require KYC or employ any onchain surveillance technologies, assuring traders of privacy and anonymity. This is useful for even novices who may want to utilize the platform to gain exposure to CFD’s without revealing personal information. The 1:500 leverage offering means a minimum 0.2% margin whereas other competing platforms such as TradeDirect365 may require 40% margin requirements for cryptocurrencies. This allows traders who have the right market intuition to make higher profits on trades that they have conviction on that end up panning out. Overall, CryptoAltum has interesting features in its wide variety of cryptocurrencies, Forex, gold, and Indices markets, its transparent fee structure, and its willingness to offer traders the highest leverage on their trades. This is a sponsored post. Learn more on how to reach our audience here. Read dislaimer below. The post CryptoAltum, The CFD Trading Platform With 1:500 Leverage appeared first on Bitcoin News. View the full article

23 June 2020, Singapore – Sparrow, the leading options trading platform has secured USD 3.5 million in Series A funding to accelerate platform development. The round was led by the HDR Group, owner and operator of BitMEX, and supported by Signum Capital, Du Capital and FinLab EOS VC. Kenneth Yeo, CEO of Sparrow said, “We are really pleased that the round received strong support despite the harsh economic climate caused by COVID-19. The strong interest from investors validates our view that digital asset options will be the next high-growth market.” “We would like to thank our partners and users for their overwhelming support. Volumes have tripled since the start of the year. With this round of funding, we are in a good position to bring even more exciting trading products to the market.” Arthur Hayes, CEO of the HDR Group, said, “We are seeing significant growth in the digital asset options space with a lot of untapped opportunities. We are excited by Sparrow’s growth potential, the team behind it and are therefore proud to be leading this Series A round.” Stefan Schuetze, Managing Director of FinLab EOS VC Fund, said, “We are excited to invest in Sparrow, which is developing the next generation of financial products by leveraging EOSIO for their on-chain settlement layer.” Kenneth added, “Since launching in June 2019, we have seen unprecedented growth with over USD 150 million in options trading volume. We are proud of how far we’ve come and look forward to introducing more innovative products to the crypto derivatives market.” About Sparrow Sparrow | www.sparrowexchange.com is the leading options trading platform, providing the simplest way to control risk and monetize your digital assets. Headquartered in Singapore, Sparrow offers BTC and ETH options that are settled by smart contracts. Sparrow’s proprietary platform is accessible through a simplified interface, advanced order book, or trading APIs. About HDR Group HDR Group is controlled by Republic of Seychelles-incorporated HDR Global Trading Limited, a financial services business that operates the BitMEX crypto-products trading platform. Through BitMEX, HDR Global offers a best-in-class trading interface and suite of financial products, including bitcoin futures contracts and perpetual swaps. About Signum Capital Signum Capital is an investment firm based out of Singapore. Signum’s portfolio comprises of both equity and digital assets in the blockchain space, with a diverse investment approach ranging from exchanges, infrastructure projects to mining farms. About Du Capital Du Capital is a Singapore-based multi-stage investment firm backing companies and entrepreneurs that venture in innovative technologies such as the distributed ledger technologies (DLT). About Block.one and EOS VC Block.one’s EOS VC program offers developers and entrepreneurs the funding they need to create community-driven businesses leveraging EOSIO. It makes direct investments and provides support to companies building on EOSIO software through its venture capital partnership funds. For further information, please visit Block.one and vc.eos.io. About FinLab AG The listed FinLab AG (WKN 121806 / ISIN DE0001218063 / ticker symbol: A7A) is one of the first and largest investors in financial services technologies (“fintech”) and blockchain in Europe. FinLab focuses on providing venture capital to start-ups. It strives to actively and in the long-term support its investments. In doing so, FinLab supports its investments in their respective development phases with their network and know-how. In addition, FinLab acts as an asset manager and manages assets in the three-digit million range. Contact Email Address yunhan@sparrowexchange.com Supporting Link https://sparrowexchange.com/ This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. The post Sparrow Raises USD 3.5 Mil in Series A Funding appeared first on Bitcoin News. View the full article

Police in New Zealand confiscated NZ$140 million ($91 million) from Russian bitcoin exchange operator Alexander Vinnik. Vinnik is the alleged owner of the collapsed BTC-e exchange. The funds were seized from bank accounts held by Canton Business Corporation, a New Zealand-registered company managing the exchange. Police said on Monday it is the biggest seizure in the history of the force. Vinnik is accused by U.S. prosecutors of laundering billions of dollars for criminal syndicates through the platform. He denies the charges. He was arrested in Greece in 2017 while holidaying with his family on U.S extradition orders. Vinnik was later extradited to France, where he remains in jail. New Zealand police commissioner Andrew Carter said the seized funds are “likely to reflect the profit gained from the victimisation of thousands, if not hundreds of thousands, of people globally as a result of cyber-crime and organised crime.” Carter alleged that BTC-e exchange operated without anti-money laundering controls and policies, allowing criminals to launder illicit funds through the bourse. He added that the New Zealand Police worked closely with the U.S. Internal Revenue Service (IRS) “to address this very serious offending.” Police are planning an application to the High Court to forfeit the impounded funds. In France, Vinnik is charged with counts of aggravated money laundering, extortion, conspiracy, and data manipulation. When his case ends in France, he is expected to be sent back to Greece, then the U.S., and later to Russia. What do you think about the New Zealand police’s BTC-e bank raid? Let us know in the comments section below. The post New Zealand Police Seize $91 Million From Russian Bitcoin Exchange Operator appeared first on Bitcoin News. View the full article

On June 16, 2020, Bitmex researchers published a report that noted bitcoin mining rig manufacturers have consolidated a great deal and in the future, Bitmex researchers predict that “only 2 to 3 players will survive into the longer term.” There’s still a number of SHA256 mining rig manufacturers today, and regional reports claim that the manufacturer Ebang expects to be listed on Nasdaq this week. At the time of writing, there are at least 8-10 reputable mining rig manufacturers including Innosilicon, Strongu, Bitfury, and Pantech. However, the top dog mining rig manufacturers worldwide include the Chinese companies Bitmain, Microbt, Ebang, and Canaan. These four firms dominate the globe’s market share of SHA256 miners, as most mining operations leverage machines made by these companies. Last year, the mining rig creators Canaan had an initial public offering and the company’s shares are now listed on Nasdaq. Ebang seems to be next in line to go IPO, and rumors stemming from regional reporters claim that Ebang will allegedly be listed on Nasdaq on June 26. Despite the fact that Canaan and Ebang are U.S. IPO participants, Bitmain and Microbt dominate most of the mining rig market shares. The Bitmex researchers report called the “Battle For ASIC Supremacy,” shows that in 2017, 2018, and 2019 Bitmain controlled a majority of ASIC mining rig sales. Canaan in 2017 and 2018 came in a distant second, followed by Microbt and Ebang respectively. The report notes that after assessing Microbt and Bitmain, Bitmex researchers have noticed Microbt is “gaining significant traction in the market, obtaining [a] share from Bitmain.” 2019 numbers show Microbt took the second place position, as far as market share is concerned, followed by Canaan and Ebang. Unfortunately for Canaan, the IPO shares have lost over 70% since the IPO went public. Both Canaan and Ebang suffered serious net revenue losses as well in 2019, and both firms are under fire from class-action lawsuits. “At the height of Bitmain’s power during the 2017 bull market, its market share was around 75%,” explains the recent report. Bitmex researchers stress that Bitmain appears to be “facing an almost comically abysmal corporate governance situation,” referring to the quarrel between Micree Zhan and Jihan Wu. Microbt shares in 2017, 2018, and 2019. Whatsminer sales volume (by the number of pieces sold). According to mining rig statistics at today’s exchange rates, the top three mining rigs are Bitmain manufactured. The third most profitable mining rig on June 22, is Microbt’s Whatminer M30S. Two more Bitmain-made Antiminers lead the pack and another Microbt rig, before Innosilicon and Ebang machines show profits. The top mining rig as far as profitability is concerned on the market today is the Bitmain Antminer S19 Pro (110TH/s). Any machine that produces 50 terahash per second (TH/s) to 100TH/s is in the top ten profitability wise. Many of the machines that are not made by the top four mining manufacturers in China, are not profitable at today’s bitcoin (BTC) price per unit at a rate of $0.07 per kilowatt-hour (kWh). At $0.04 per kWh, a number of the older generation machines and rigs not made by the four top dogs, can rake in some profits using today’s BTC exchange rate. Bitcoin mining manufactures and pool operations have failed in great numbers over the last five years with companies like Butterfly Labs, Mining ASIC Technologies, BTC Guild, and Cointerra. At that time, machines manufactured by those companies only processed 10-15TH/s. The top six mining rigs at today’s bitcoin (BTC) exchange rate on June 22, 2020, at $0.04 per kilowatt-hour (kWh). The current next-gen machines created by Bitmain, Microbt, Canaan, and Ebang are in the 50TH/s to 100TH/s range. Bitmex researchers think that these machines will likely have a longer shelf life than the bitcoin mining rig predecessors of the past. “The lifespan of ASIC mining machines is likely to extend considerably and the current generation of products may remain in operation for several years,” the report concludes. What do you think about the four top mining rig manufactures current dominance? Let us know in the comments section below. The post Bitcoin ASIC Miner Manufacturing Domination: Bitmain and Microbt Battle for Top Positions appeared first on Bitcoin News. View the full article

Wirecard chief executive officer quit as the crypto card payments firm revealed that the €1.9 billion ($2.1 billion) missing from its accounts may not exist. CEO Markus Braun resigned on June 19, after nearly 20 years at the helm. James Freis has been appointed interim chief executive, the German company said on Friday. Wirecard said a search for the missing billions at two large Philippine banks during the weekend hit a cul de sac. The central bank of the Philippines noted that there was no record of the money entering the country’s financial system. And both Bdo Unibank Inc and the Bank of the Philippine Islands denied any association with the firm, suggesting any supposed links between the entities and Wirecard may be part of attempted fraud, Bloomberg reported. “The Management Board of Wirecard assesses on the basis of further examination that there is a prevailing likelihood that the bank trust account balances in the amount of 1.9 billion EUR do not exist,” Wirecard said in a statement on Monday. Former Wirecard chief executive officer Markus Braun. The CEO resigned on June 19, and James Freis has been appointed interim chief executive at the firm. On Thursday, the company revealed it could not locate $2.1 billion cash from one of its trust accounts. It accused a third party of providing “spurious cash balances” to auditor Ernst & Young, which refused to sign off the accounts after discovering the scandal during a routine audit. The missing funds were supposed to be held in accounts at two Asian banks. In the latest statement, Wirecard also stated that it is withdrawing its unaudited financial results for 2019 and the first quarter of 2020. The payment processor said it was continuing “constructive discussions” for a financial lifeline with lenders, including an existing $2.2 billion loan that is due to expire at the end of this month. Wirecard is also considering several potential plans to prevent the company from going under, including cost cuts, the restructuring of its operations, and selling or shutting parts of the business. Analysts say there’s a risk that Visa and Mastercard might cancel their licenses with the German firm because of the missing cash. Wirecard has licenses with Visa, Mastercard, and JCB International, through which Wirecard’s banking unit issues its cryptocurrency debit card. “The big question is whether they retain the Visa and Mastercard licensees. Without those they have no business,” Neil Campling, an analyst at Mirabaud, told Bloomberg. Both Visa and Mastercard have not commented on the matter. Wirecard’s stock market valuation has plummeted to $3.3 billion from $26.6 billion when it listed on the Frankfurt Stock Exchange two years ago. The company’s shares have plunged more than 75% since news of the missing billions broke out on Thursday. What do you think about the unfolding scandal at Wirecard? Let us know in the comments section below. The post Wirecard CEO Quits as Crypto Card Firm Reveals Missing $2.1 Billion Does Not Exist appeared first on Bitcoin News. View the full article

On June 19, 2020, the massive industrial firm Honeywell told the public the company is now running a quantum computer that effectively leverages six effective quantum bits, or qubits. Honeywell’s machine is two times more powerful than the quantum computers designed by IBM and Google. With Honeywell revealing the new quantum computer, skeptics have already started discussing the future effects on Bitcoin and 256-bit encryption. Honeywell Reveals a Powerful Six Qubit Quantum Computer Invoking Theoretical Discussions About Bitcoin’s 256-bit Cryptography In January 2019, bitcoiners started talking about theoretical attacks against the Bitcoin network, after IBM unveiled its Q System One at the Consumer Electronics Show (CES) 2019. The following September, the Bitcoin network threat conversation and debates picked up again, when the press reported on Google’s quantum computer performing a calculation that deemed it the “world’s most powerful supercomputer.” Another big reveal has invoked discussions of a quantum computer breaking 256-bit encryption and the foundations of Bitcoin’s cryptography once again, and debates have started to heat up. The reason for these new conversations is due to an announcement made on Thursday from the firm Honeywell. Honeywell’s 6 Qubit Quantum Computer. According to the reports, Honeywell’s new quantum computer is two times more efficient than the IBM Q System One and Google’s supercomputer. Reports say that Honeywell’s quantum computer is a “game-changer” and it is heralded for the resulting “volume” of quantum processing power. Now even though Honeywell’s quantum computer is quite powerful, in order to break Bitcoin’s 256-bit cryptography, it would take anywhere between 2,000 to 3,000 qubits of computing power. Estimates say that it would take computer scientists roughly a decade to even attempt to crack today’s 256-bit encryption, or projects like Bitcoin that leverage the cryptography. Honeywell’s supercomputer is reportedly 2X faster than Google’s quantum computer and the IBM Q System One. Honeywell’s latest machine is live and it has the processing power of around six qubits, which is quite powerful, but still a few thousand qubits less than what is needed to even threaten Bitcoin. The industry giant Honeywell and its new quantum computer is fast and has received praise for its “quantum volume of 64.” The publicly-traded company worth over $80 billion is also involved with blockchain research and development. Honeywell International Inc., has revealed a number of projects that leverage blockchain ledgers. However, with Honeywell’s new quantum computer, skeptics think that it could threaten Bitcoin’s underlying infrastructure, specifically SHA256. A number of Bitcoin-based hash values could theoretically make generated private keys vulnerable to a brute force attacks. 2^128 is a Really Big Number In a Twitter discussion between long time Bitcoin proponent Gabor Gurbacs, Ethereum’s Vitalik Buterin, and Blockstream’s Adam Back, the group also discussed the theoretical threat. “Even if one could simulate a quantum computer classically, there are a number of quantum-secure signature schemes that can be used to secure Bitcoin/blockchains,” Gurbacs tweeted on June 19. “I expect those signature schemes to be implemented as practical/deployable quantum computing power increases,” he added. Estimates say that it would take computer scientists 2,000 to 3,000 qubits to even come close to ‘breaking Bitcoin.’ Honeywell’s 6 Qubit Quantum Computer did receive praise for its “quantum volume of 64,” but it’s not even close to threatening SHA256. Moreover, bitcoiners also discussed the well known bitcoin pundit Alistair Milne’s recent experience, when he had a single BTC giveaway where he gave out 8/12 seed words on Twitter. His mnemonic phrase or seed was brute force attacked, and the person wrote an interesting Medium blog post on how the assault was successful. Still, many veteran bitcoiners are simply not concerned about Honeywell’s new supercomputer or brute force attacks. After, Milne’s giveaway was spoiled, he jokingly tweeted about the subject last Thursday. “Lost all my bitcoin in a 1-trillion calculation brute force attack,” Milne said. Of course, Milne made it far easier for hackers, by giving away a number of seed words too early and the developer who brute-forced the seed, John Cantrell, noted that it is much harder to do this to an unknown seed. In a tweet thread on June 19, Cantrell said that 12-word Bitcoin mnemonics themselves are secure, as long as people don’t “give out any of [the] words on Twitter.” “Your bitcoin is safe. 2^128 is a REALLY big number – Just don’t let anyone near your seed words,” Cantrell added. Extra Protection: Don’t Reuse Bitcoin Addresses Other people on Twitter also stressed that they did not fear Honeywell’s new supercomputer or theoretical brute force attacks on Bitcoin because the cryptography is double protected. Many bitcoin proponents have explained that if bitcoiners don’t reuse addresses they are giving their coins more security. Andreas Antonopoulos has also said that Satoshi’s two cryptography design choices are “absolutely genius.” “What you use as a Bitcoin address is a double-hashed version of your public key — Which means that the public key is never seen by anyone until you claim it by spending the transaction. — Therefore if you use the fundamental best practice of Bitcoin, which is only using an address once, use a different address for every transaction, spend it completely every time you use it to redirect the change to a new address,” Antonopoulos said in a keynote speech years ago. The software engineer at Cashapp, Danny Diekroeger, tweeted about the quantum discussion and said: “Even a 51% isn’t the end of the world — It would take continued cash flow to keep the attack running so it ends eventually.” “As for quantum – it is a risk for every form of cryptography/encryption, etc — The entire internet is as risk,” Diekroeger further stated. “I expect best practice quantum algorithms to emerge, and worst case Bitcoin could fork (hard or soft not sure) to include state of the art algorithms — There are two main primitives used in bitcoin: hash functions and ECDSA (elliptic curve digital signature algorithm). Quantum would crack ECDSA first, far before it would crack hash functions. Mining uses hash functions, so quantum won’t affect that at first. ECDSA is what gives us private/public keys and signing.” Diekroeger added: So if you share your public key, an advanced quantum computer could figure out your private key. Good news is most bitcoin addresses don’t share a public key — They share a hash of the public key so there’s extra protection. We don’t reveal our public key until we *spend* from an address. So by simply not reusing addresses, you’ll be protected from quantum computing even if ECDSA is compromised. “This little genius design element is not an accident,” Antonopoulos further said in his keynote speech. “What it does is, it creates a second abstraction layer of the underlying cryptographic algorithm used in elliptic curve digital signatures allowing you to do future upgrades. Which means that the past is secure because it is hidden behind the second veil of a different algorithm and the future can be changed because you can present an address that is not the hash of an elliptic curve, or its the hash of a different elliptic curve, or its the hash of a bigger elliptic curve, or its the hash of a signing algorithm that is quantum-resistant that has nothing to do with elliptic curve. So, you can do a forward modification to secure the future, and you’ve got backward protection because you have hid the past,” the Bitcoin evangelist added. Whatever the case may be, Honeywell’s new six quantum bits have given bitcoiners another moment to argue about whether or not quantum computers are a threat to the Bitcoin network. For now, most veterans are not at all concerned that the 10-year timeline estimates are probably much shorter, with Honeywell’s latest six qubit innovation. Despite this, many Bitcoin optimists believe they can safely fork the code toward a quantum-resistant algorithm if they needed to in the future. What do you think about Honeywell’s new six quantum bit computer and the possible threat to Bitcoin? Let us know what you think about this subject in the comments below. The post Breaking Bitcoin: Crypto Proponents Discuss Honeywell’s 6 Qubit Quantum Computer appeared first on Bitcoin News. View the full article

BigONE Exchange, one of the world’s safest crypto exchanges, has taken on a new sheen as it just launched a brand new VIP system that converts a user’s every engagement with the platform into his or her own benefits, be they discount on spot trading fees, reduction on leverage interests rates, or an increased referral bonus. “We are letting users know their own engagements on the platform. We will provide users with better services according to these behavioral characteristics.” said Kevin Cheng, Chief Operations Officer at BigONE Exchange. “ For example, some users do not like trading, instead he or she likes to hoard coins. For this user, we may cater a decent wealth management product to him. But if a user likes trading a lot, we will make his or her trading experience better off with a decent trading fee discount.” The VIP hierarchy follows five rankings, each corresponding to a specific BigONE Point range. For example, in order to achieve the third highest ranking Platinum, a user needs to have at least 550 BigONE Points. If the user has more than 550 points, the user will get upgraded to Diamond. The highest ranking in the hierarchy is Challenger, which requires 750 points. The higher the ranking, the more benefits a user can enjoy. Full ranking goes like this: Bronze (0-450), Silver (450-550), Platinum (550-650), Diamond (650-750), Challenge (above 750). From here you might be wondering how to get those golden BigONE Points? It’s actually very simple. The system calculates every user’ BigONE points by evaluating the user’s overall state on five areas: Total Trading Volume, Average Daily Asset, Referrals, User Behavior, and Identification Verification. Now let’s break them down. Total Trading Volume is simply the total trading volume in the last 30 days, including both Spot trading and Perpetual Contract Trading, with the former having a coefficient of 1, and latter of 0.5, which will be weighed by the system accordingly. The larger the trading volume, the more points a user can get. The System automatically updates the points every 7 days. Average Daily Asset in the last 30 days is also calculated and weighed on coefficient of mainstream coins and altcoins, with former being 1 and latter being 0.3. Mainstream coins are ONE/BTC/USDT/ETH/EOS/BCH/LTC/XRP. The more assets you have, the more points a user can get. Referrals. The more users you invite and the larger their trading volume, the more points you can get. User Behavior refers to how frequently a user logs in, trade spot and perpetual contract, and fiat, each of which has its different coefficient. The more frequent a user trade, the more points a user can get. Identification Verification consists of KYC 1, KYC 2, and whether or not the account is linked with a phone number and email address. If a user sets up complete Identification Verification measures, the user gets the full points in this category. So what are some of the perks that users can get from BigONE Points / Rankings? For starters, users can get a discount on the daily interest rate on loans used in Margin Trading. The rate begins with 0.1% for Bronze, and can go all the way down to 0.03% for Challengers, which means that the daily interest for a decent $10,000 loan is only $3, which pales in comparison with the profits made if BTC market price sees an increase in as few as $30. What’s more fascinating about the VIP system is that at each stage it offers a different level of discount on Spot Trading fees, which starts off at 0.2% for Bronze and can go as low as 0.06% for Challenger, a rate that is way more generous than the industry average, all things considered. Moreover, users can get a decent referral commission from the invitee’s trading fee. which ranges from 20% to 40%. Other VIP perks include mysterious new product benefits, exclusive souvenirs, occasional airdrops, exclusive project quota, and more. However, there is another way to obtain the perks. Spending and locking ONE are two of the surefire ways of getting the decent discount on fees. For example, it only takes you $150 worth of ONE to get a trading fee of 0.08% effective for one month, the same as that of Bronze. The other way around is locking, in which you buy and hold $214 worth of ONE to get the same benefits of Bronze. The time period is one month as well. If you buy in bulk, say 3 months, you get further discounts. Objectively speaking, BigONE’s locking trading fee discount structure is 42 times more generous than that of other exchanges such as Huobi, where its users need to hold $8800 worth of HT in order to get a 0.08% trading fee, compared with only $214 at BigONE. Although BigONE has a security breach-free record since its inception, it is BigONE’s user-friendly products and the integrity to operate fair and square that has led to the crypto community applauding BigONE for being wholesome and inclusive. That’s also how BigONE thinks the world should be. Learn more about VIP system: https://big.one/vip BigONE’s website: Big.one Twitter: https://twitter.com/BigONEexchange Telegram: https://t.me/B1_EN Linkedin: https://www.linkedin.com/company/bigone-exchange/ New User Registration: https://bigone.com/users/new?code=7D7ESPIJ **Please note – If you register through the link above, you will get a 30% discount on Perpetual Contract trading fees, and the discount will remain effective until July 20. This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. The post Here Is Why BigONE’s New VIP System Can Make the Most Out of Your Everyday Trading appeared first on Bitcoin News. View the full article