Cyber-criminals are not as anonymous as they think — Weekly digest, June 25-29 ’18

All in this week’s news digest: Bitpico threatens BCH, Jack Ma calls Bitcoin a bubble, Bithumb recovers half of the stolen funds, ERC-721 will be officially confirmed, Coinbase CEO creates a crypto charity fund, Node Capital opens a US branch, Azul app will help Venezuela, Facebook reverses ban on crypto ads, new EOS constitution & other news.

  • A new market research shows that 69% of all crypto trading volume belongs to 6 currencies. These currencies are BTC, ETH, XRP, BCH, LTC and USDT. Most coins, traded at the market, are very illiquid, half of them barely hitting 10,000 in trading volume.
  • An unknown person threatens he will bring down and fork Bitcoin Cash. A person from Twitter, who calls himself Bitpico, claims he will continue to attack BCH network with spamming attacks and will overtake it. Nobody takes him seriously, as he has already made similar claims regarding SegWit2x, and it seems that he can’t back up his words.
  • Alibaba Group founder Jack Ma calls Bitcoin a bubble again. At the same time, he believes that technology itself is useful and even may help revolutionize many industries. His company, Alipay, is currently working on their own blockchain direct payments system.
  • The number of transactions in DOGE is three times higher than those of BCH. Despite BCH claiming to be a transactional currency, actually it's being used far less than Bitcoin or even DOGE, being more like a store of value, than an actual cryptocurrency for merchants use.
  • Bithumb claimed it was able to recover almost half of the funds stolen during the hack. It was possible thanks to cooperation from other exchanges that returned the stolen funds to their appropriate owners. The funds stored in hot wallets were moved to a cold storage pretty fast, thus the overall damage was reduced by $13 million.
  • A secret Bitcoin key, a remnant of Satoshi’s architecture, is going to be revealed to the community. It was being used long ago for broadcasting messages to the network. It was gotten rid of in 2016, with a new patch, so nobody could use it with malicious intentions. Now it will be disclosed soon to evade reputation attacks against its holders.
  • ERC-721 standard is going through a finalization process to be recognized as an officially confirmed Ethereum standard. ERC-721 is widely known as a collectible token, but its use isn’t limited to simple games. This type of tokens can represent any physical or digital assets, thus making it useful in nearly all kinds of fields, according to its creators.
  • Coinbase CEO Brian Armstrong announced the creation of a crypto charity platform. This platform allows donating crypto, namely, BTC, BCH, ETH, LTC, XRP and Zcash to those who are in need. All money will go directly to people in poor countries, eliminating the need for a middle man.
  • Swiss Bankers Association held a meeting to ensure the facilitation of opening bank accounts for blockchain companies in Switzerland. The lack of regulations and the uncertainty of laws are the cause why Swiss banks evade dealing with blockchain companies. Now thanks to efforts of Heinz Tannler of Zug, it will become easier, attracting more companies to Switzerland.
  • A big venture company, Node Capital, is opening a US branch. It's ready to invest 200,000 Ethers in blockchain startups from the Silicon Valley. Node Capital is pretty big in China, its founder Du Jun co-founded the Huobi exchange in 2013.
  • A group of enthusiasts, led by Jonathan Wheeler, is developing an application, called Azul, that could make the lives of the people of Venezuela a little bit easier. They want to airdrop millions of dollars in Bitcoins to Venezuelan citizens via that app. That app will be using Lightning Network to reduce transactional fees. The team has plans to partner with the Human Rights Foundation and the United Nations. They refused to conduct an ICO and are looking for venture investors now.
  • Facebook partially lifts its ban on cryptocurrencies. Now it will be possible to run ads for services related to crypto, for example, crypto exchanges. Now advertisers will have to complete a sophisticated verification process to be approved to run adsHowever, ICOs and binary options are still banned.
  • Yoshitaka Kitao, CEO of SBI Holdings, the leading Japanese financial group, declared that XRP will be the global standard. SBI holdings has a partnership with Ripple, soon they will list Ripple and some other cryptocurrencies on their platform and will launch their own crypto exchange.
  • In a recent interview, Neil Walsh, head of UN cybercrime department, explained that in his opinion, blockchain technology isn't bad, and it’s counterproductive to fight it. He called the technology beneficial and necessary and said it's better to fight criminals who violate the law. He made a remark that those criminals, who consider themselves anonymous, will be tracked down eventually and brought to justice.
  • A few weeks after EOS mainnet launch Dan Larimer proposes to completely change its constitution, changing the governance model and switching to the common 'code-is-law' paradigm. This change will also remove Article XV, a controversial rule about losing an address in EOS and everything associated with it after 3 years of inactivity in network. However, this new variant of constitution contradicts all previous statements by EOS developers about blockchain governance.


7,892 USD


91.30 USD


0.3956 USD


405.02 USD


74.92 USD


1.00 USD


0.002999 USD

Related news

Ripple XRP Stablecoin, Price Manipulation, Hard Fork Bill, FDIC Bitcoin & Crypto Not A Priority

Support Me On Patreon! ---------------------------------------------------------------------------- Protect And Store Your Crypto With A Ledger Nano: ----------------------------------------------------------------------------- Buy Bitcoin And Ethereum With Fiat On Binance! ----------------------------------------------------------------------------- Open An Account With Binance! ------------------------------------------------------------------------------ Bitcoin Donations Address: 1BYhrLpntMYW97sd8K6fquTcr5MYwPAe2y Ripple (XRP) Donation Address: rsoKR5VHJx84oMTYbS7tWg7g5aFebYirVi Ethereum / KIN / OmiseGo Donation Address: 0x0e5f5CEFaA9A0713AB6D8F79E6679E22d86C21f6 -------------------------------------------------------------------------------- Follow Me On Facebook ! Follow Me On Twitter: ---------------------------------------------------------------------------------- Very Special Thanks To My Patreon Supporters: Chris Charles Roman Geber David Chosrova Stuart Niven Larry Gooch Tyler Winklevoss NBKrypto Steven Harper Ulf Fatman Josefsson Mohammad Tabbaa Brian Vaci Jeffrey Pete Mozar Cryptocurrency Logic Jonathan Robert Kraus Josh Gorcyca K9 Ytrup Crypto Jedi Truls Lee 3000 O. Tom Chhuong Kaneko Tomonori Sir Thomas11_11 Mike McCarty Crypto And Beer Shipmate ZEN Lunacy ---------------------------------------------------------------------------------- Photo Credit To:
The Modern Investor

JP Morgan: Big banks stand corrected as Bitcoin rally past intrinsic value; admits current surge mirrors 2017 rise

Big banks are riding a FOMO wave as the Bitcoin bull-run is just beginning. Spearheaded by the changing colors of JP Morgan, which recently forayed into the digital assets world, the banking elite is now suggesting that their initial stance on Bitcoin and the larger cryptocurrency world might have been off. A recent chart by JP Morgan shows the current BTC price veer upwards chiding the “intrinsic value” the big bank placed on the virtual currency. Based on the article by Bloomberg, the price of the coin would reverse towards the end of December 2018 and then make marginal gains until May 2019, all under the $5,000 mark. In reality, the BTC price, after dropping to “rock bottom” at just above $3,100 in early December 2018, edged upwards. Several spurts of growth were seen in early January and February, prior to a massive April ascendance. On April 2, Bitcoin did away with the bank’s value mode and amassed a daily gain of over 15 percent, fuelling its current rise. Breaking the $5,000 ceiling in the process, which was pegged to remain intact well into May 2019, the king coin is now almost $3,000 ahead of the mark and is not looking to stop. Source: Bloomberg It should be noted that JP Morgan’s “intrinsic value” is calculated on the basis of the marginal cost of production, electricity prices, and hash rates. This model does not take into account, at least on absolute terms, the anticipatory effect of the 2020 halving, which, according to a slew of analysts is the behind the price rise. Nikolaos Panigirtzoglou, the MD in the Global Market Strategy team at JP Morgan stated that Bitcoin breaking through its “intrinsic value” showed signs of mirroring its 2017 bull run. He evidenced this move by comparing the pre-December 2017 slump to the one seen prior to the current bullish swing. The analyst added: “Over the past few days, the actual price has moved sharply over marginal cost. This divergence between actual and intrinsic values carries some echoes of the spike higher in late 2017, and at the time this divergence was resolved mostly by a reduction in actual prices.” With the analyst admitting that the imparting of an “intrinsic or fair value” to a cryptocurrency, much less a volatile one like Bitcoin, is a “challenging” ordeal, a mere JP Morgan acknowledgement of a Bitcoin bull-run is a remarkable sign for the digital assets industry, especially given the bank’s and its CEO Jamie Dimon’s Bitcoin-bashing in the past. Mati Greenspan, senior market analyst at eToro attested to the same, adding a key point that JP Morgan failed to take into account in their calculation. He stated: “Great to see JPM finally admitting that Bitcoin has intrinsic value. Now wait till they understand that miners who run a surplus tend to begin hording.” Despite Bitcoin slumping at press time, recording a 1.23 percent decline against the dollar, the prospects look positive. After recording a massive gain on 19 May, briefly surging past $8,000 for the second time in a week, Bitcoin created a High-Low [HL] at $7,100, which many analysts look at with glee. This HL immediately following last week’s pull-back caused due to post-Consensus bears, a Bitstamp sell-order and market correction showed the king coin’s bullish persistence and can even be a foundation for a $9,000 ascendance, defying any “intrinsic value” expectations. The post JP Morgan: Big banks stand corrected as Bitcoin rally past intrinsic value; admits current surge mirrors 2017 rise appeared first on AMBCrypto.

Hot news

By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.