Category Archives: Bitcoin
Bitcoin Ransomware and Remote Working: What the Future Holds – Cointelegraph
The new work-from-home culture is gaining more traction than ever before as businesses, government departments and schools try to remain afloat while flattening the pandemic curve. This migration to remote working is a double-edged sword that creates a fertile land for cybercriminals to thrive on. There is no way that cyberattacks can be eliminated completely. The best that companies can do is minimize the frequency of the threats.
Cybercriminals use malicious software code to block people or organizations from accessing their computer systems until a ransom has been paid. Cryptocurrencies such as Bitcoin (BTC) have made it easy for these nefarious actors to receive payment without exposing their identities.
The United States cybercrime arm of the Department of Homeland Security, in conjunction with the United Kingdoms National Cybersecurity Centre has already issued alert warnings about an increase in phishing scams that can lead to installing malware on computer systems. The joint alert was issued as the number of cyberattacks against remote workers increased.
Hackers are targeting individuals and all kinds of establishments. In June, the University of California at San Francisco was forced to fork out $1.14 million in Bitcoin after suffering a ransomware attack. In May, hackers successfully attacked celebrity lawyers Grubman Shire Meiselas & Sacks. The criminals threatened to expose one terabyte of data of celebrities private data unless a ransom was paid in Bitcoin. Additionally, the City of Johannesburg, South Africas financial capital, was targeted in a Bitcoin ransomware attack in October 2019.
Cryptocurrencies, due to their anonymity, are becoming popular with cybercriminals. Hackers receive the ransom payment in privacy coins or major cryptocurrencies such as Bitcoin. The digital assets are then cleaned by being passed through mixing services.
As companies allow their employees to work from home, they have to realize that their data and secrets are at stake. While remote employees are the targets, it is the companies that suffer at the end of the day. It goes without saying that prevention is better than a cure. Companies need to invest in teaching their employees how to safeguard their computers or systems.
According to cybersecurity firm Sophos, about 73% of ransomware attacks result in data being encrypted. For a ransomware attack to be successful, it goes through three stages:
Data encryption.
Getting payment.
Data decryption.
There are several ways in which ransomware begins its process. It could be a simple phishing email or hackers could exploit vulnerabilities in network systems. Firewalls should be used to block ransomware. Some companies may think that implementing a firewall is expensive, but the clean-up bill is much higher.
Employees should use strong passwords that are a mix of all types of characters found on a standard computer keyboard. The passwords should also be constantly changed. There are free tools that can be used to generate strong passwords that are not easy to crack.
This is a difficult question, as it normally depends on what the company has to lose if the ransom is not paid. Hackers usually target a company if they know that there is valuable data. In most cases, it could be damaging for a companys operations and reputation if its data, or that of its clients, is leaked on the internet or sold to the highest bidder on the darknet. Nefarious actors were recently selling 160 million user records stolen from 11 companies on the dark web, asking for a combined price of just over $23,000.
The answer to this question is not clear, but logic points to paying the ransom. And cryptocurrencies will be used to facilitate these transactions.
The views, thoughts and opinions expressed here are the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Michael J. Garbade is the co-founder and CEO of Education Ecosystem. He is a serial tech entrepreneur who formerly worked at Amazon, General Electric, Rebate Networks, Photobucket and Unicredit Group. Garbade has experience working in the United States, Europe, Asia and South America.
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China’s Bitcoin Mining Industry Impacted the Most This Year, Says Report – Bitcoin News
The researchers and analysts from Tokeninsight published its 2020 Q2 Cryptocurrency Mining Industry Report which shows the industry has grown exponentially during the last six months. The findings indicate cryptocurrency mining has expanded a great deal but Chinas bitcoin mines suffered a great impact in H1.
Tokeninsight published its 2020 Q2 Cryptocurrency Mining Industry Report and the study shows a lot has happened in the bitcoin mining industry during the first half of 2020.
The new research paper discusses a number of topics that affected the bitcoin mining industry this year and the countries that are welcoming these operations. For instance, Tokeninsight highlights that the Uzbekistan government established a national mining pool in January.
After that announcement, Quebecs Hydropower Agency of Canada allowed bitcoin miners to obtain 300MW of electricity.
In February the Ukraine government said bitcoin mining does not require government supervision and intervention. The following month, Missoula County, Montana, created new regulations for bitcoin miners.
In May, The Acting Minister of Energy of Ukraine told the public bitcoin miners might be able to draw nuclear energy. In April, the local government officials in Sichuan approved the Hydropower Consumption Demonstration Enterprises.
News.Bitcoin.com recently reported on the second-batch of consumption enterprises approved in Sichuan. In June, the Parliament of Kyrgyzstan said it plans to tax and supervise digital asset miners.
Tokeninsight said that China has been the hardest hit in 2020 as the country has seen a significant impact from a variety of reasons.
The Tokeninsight researchers mentioned that Covid-19 caused mining rig shipment delays, the bitcoin halving cut revenue in half for Chinese miners, internal disputes from mining machine manufacturers like Canaan and Bitmain, and the report also mentions mining policy changes in Sichuan.
Moreover, Tokeninsight has noticed a trend of new players entering the bitcoin mining rig manufacturing sector.
In terms of the mining machine manufacturing sector, new players are eager to enter the field, and the old overlords are also trying their best to update the technology to manufacture leading products in the market, the paper notes. In the first half of 2020, new generation mining machines including Bitmains S19 and S19 Pro, WhatsMiner M30 series, and Canaans A1146 Pro and A1166 Pro have been launched one after another.
The report further adds:
From the data published by several manufacturers, the new generation of mining machines has been greatly optimized and improved in terms of performance and power consumption.
The study says that the core competition between mining rig manufacturers is semiconductor research and development (R&D).
A number of mining rig manufacturers leverage 10-7nm chips and the Tokeninsight researchers highlight that chips will improve in the coming years.
At the current chip research and development level, Samsung and TSMC have deployed 3nm chips, and both plan to mass produce 3nm in 2022, the paper explains. Although 3nm is said to be a node approaching the physical limit, TSMC has already planned for 2nm and is conducting research and development with mass production in 2024.
Mining hardware is facing an accelerated iteration period, and the field of AI chips will become a battleground, the Tokeninsight researchers add.
In addition to the problems with Covid-19, supply chain delays, and government rules, Chinas bitcoin mining industry is feeling the pressure from the 2020 monsoon season in Asia. Excessive flooding in Sichuan during the last five days caused 20% hashrate losses for a number of Chinese bitcoin mining operations on Tuesday, August 18.
What do you think about Tokeninsights Q2 mining report? Let us know what you think in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Tokeninsight,
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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 this article.
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China's Bitcoin Mining Industry Impacted the Most This Year, Says Report - Bitcoin News
Bitcoin and Tesla: America’s Most Loved Assets on Tradingview | News – Bitcoin News
Tradingview said Friday that bitcoin and Tesla, the electric car maker and clean energy firm, are Americas most viewed assets on the charting platform.
Bitcoin (BTC) has climbed over 60% year-to-date, with the price reaching $11,900 at Press time. The rise has drawn in thousands of new investors both retail and institutional to the cryptocurrency.
Likewise, Teslas share price more than tripled this year, soaring from $402 on January 1 to $1,650, driven by a positive future outlook on the electric vehicles industry.
While publicly traded companies like Apple are nearing a $2 trillion market cap, it looks like traders and investors still arent paying that much attention, said Tradingview, in a statement.
For now, the data clearly shows that Tesla and bitcoin are the two assets everyone is looking at most often, it added.
Throughout July, Tesla was the most viewed stock in 31 U.S. states but bitcoin was not far behind.
Our findings also show the South East favors forex and the West Coast states of California, Washington, and Oregon lean toward bitcoin. The west coast loves crypto the most, noted Tradingview.
Bitcoin has risen sharply in 2020, fuelled by relentless fiat money printing by governments and central banks, keen to keep their economies afloat in the wake of the coronavirus pandemic.
Amidst the economic downturn, investors seeking to hedge against inflation have piled into the top cryptocurrency.
For example, Nasdaq-listed Microstrategy Inc. this week adopted bitcoin as its primary treasury reserve, spending $250 million on 21,444 BTC. The company described bitcoin as a dependable store of valuesuperior to cash.
Tradingview is a cloud-based social platform for traders as well as an independent charting and analysis tool. With millions of users, the platform provides access to educational trading expert ideas and content in the form of notes, charts, pictorials, and videos.
Users can also trade and make orders directly on the site. Almost all cryptocurrency exchanges incorporate Tradingview, which makes up the main interface that helps users monitor live crypto activity on an exchange. Additionally, Bitcoin.coms crypto market aggregator offers professional trading charts that stem from Tradingview.
What do you think about the popularity of bitcoin and Tesla on Tradingview? Let us know in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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 this article.
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Bitcoin (BTC) has a 30% Chance of Hitting $17k by EOY – Crypto Analyst – Ethereum World News
In summary:
In the month of August, Bitcoin (BTC) has attempted to break the $12,000 resistance zone on four occasions. Two of the four attempts have been in the last 48 hours with Bitcoin pushing as high as $11,984 and $11,977 respectively.
If Bitcoin manages to break the $12,000 price ceiling and turn it into support, BTC increases its odds of retesting its 2019 peak of $14,000 and its 2018 peak value of around $17,200.
With respect to the latter price level, Timothy Peterson of Cane Island Alternative Advisors has stated that the odds of Bitcoin reaching $17k during the remainder of 2020 currently stand at 30%. Mr. Peterson made the comments via Twitter and was responding to an article that suggested that a BTC break above $12k would guarantee a push towards $15k $17k. Below is his Tweet providing the odds for Bitcoin.
Also to note, is that the $17k price was also an area of interest in MagicPoopCannons analysis of Bitcoin back in mid-May.
In his analysis, Magic had explained that Bitcoin had to first break $10,600 for BTC to have a chance at testing $14,000 and $17,000. He explained:
..if BTC can print a solid breakout here, and get above 10600, I think there is a very good chance that it will take out the 14,000 level, and rally all the way up to the projected target of 17,200.
As earlier mentioned, Bitcoin has attempted to break the $12,000 price ceiling on four occasions in the month of August. As a result, Bitcoins price movements have been printing an ascending triangle as seen in the screenshot below.
Further analyzing the daily BTC/USDT chart above, the following can be observed.
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Bitcoin (BTC) has a 30% Chance of Hitting $17k by EOY - Crypto Analyst - Ethereum World News
Bitcoin Price Keeps Rejecting $12K Heres What Can Happen to BTC – Cointelegraph
The price of Bitcoin (BTC) rejected the $12,000 resistance level for the second time in the past 10 days. Traders are generally optimistic about the short-term trend of BTC, following its extended consolidation below a critical resistance level.
When an asset stays relatively stable near a major resistance area, it typically suggests a bullish continuation is likely. It shows that sellers do not have enough pressure to push BTC down to a pivotal price point. Many traders seemingly anticipate the price of Bitcoin to remain in the $10,500$12,000 range. If BTC does not drop below a key support level at $10,500, technical analysts say that the bullish market structure will remain intact.
The confluence of a positive global macro backdrop and a robust market structure are just some of the encouraging sentiments around Bitcoin, but investors have also expressed concerns about some short-term roadblocks facing it.
The primary factor behind predictions for a bullish continuation of Bitcoin in the near term is its long-term market structure. Analysts say that the high time frame charts of BTC, like the monthly chart, indicate a clear breakout, with BTC escaping a prolonged price range that often leads to an extended rally, especially if the breakout occurs on a high time frame chart. Raoul Pal, CEO of Global Macro Investor, stated:
Super early days for what is likely to be a very big move as institution finally follow what retail BTC investors have known all along that this is the future and its wildly under priced.
Since its peak in 2017, when it almost achieved the $20,000 mark, BTC has ranged within a multiyear price range, bottoming out at $3,150 in 2018 while seeing a local high of $14,000 in July 2019 and establishing a three-year range. But when the price of Bitcoin recently surpassed $11,500, it confirmed on the weekly and monthly charts that the dreaded range has been broken. Various market data could also supplement the uptrend of Bitcoin over the longer term.
Kyle Davis, co-founder of Three Arrows Capital, hinted that there is a small gap between $14,000 and $20,000 in the options market. Citing data from options exchange Deribit, Davis said, $BTC air above $14k up to $20k, which suggests that a breakout above $14,000 could fuel the next BTC rally.
Some Bitcoin traders also emphasized that the current market structure of Bitcoin is highly optimistic. Scott Melker, a cryptocurrency trader, said that the absorption of Bitcoins dips shows that the trend of BTC is bullish: Its dip buying season and that any chance to grab a higher low is welcome. This is a bullish chart, period.
In the four-hour price chart of Bitcoin published by Melker, Bitcoin recorded four higher lows, or four local low points that are higher than previous lows. A higher low pattern in technical analysis is considered a positive formation because it demonstrates strength from buyers. Every dip in the past 10 days was bought by Bitcoin buyers.
The positive technical factors surrounding Bitcoin have been complemented by encouraging on-chain data points. According to on-chain market data provider IntoTheBlock, the number of Bitcoin HODLers has substantially increased:
The HODLING trend for #Bitcoin continues. As can be seen in the graph below the number of $BTC hodlers has increased by almost 4 million within the last twelve months. As of August 9, a total of 20.47 million addresses were holding 11.51m BTC for over a year.
In the short term, Bitcoin faces two obstacles: first, a historically relevant fractal, and second, a slight drop in liquidity. Both factors could impose selling pressure on Bitcoin in the near term, but compared to a few weeks ago, the overall sentiment around BTC remains positive.
Nik Yaremchuk, a cryptocurrency trader, said that historical fractals hint at a short-term pullback. He compared the current price action of Bitcoin to that seen in May. Three months ago, BTC also saw a similar trend where the price looked to break out and then recorded a correction: We now have a fractal since May 2020, where we have been in range for a while, I do not think that we are here for long, but it seems to me that we will get another dip.
The fractal coincides with a slight decline in the liquidity of Bitcoin. Market research firm Glassnode said that while the overall transaction rates of BTC are healthy, they declined slightly in the past week:
Liquidity also saw a slight decrease, losing 3 points due to a drop in the transaction liquidity subcategory. This, in turn, was caused by the above-mentioned decrease in the number of on-chain transactions over the past week. However, overall transaction rates remain high relative to pre-bull market levels.
Still, speaking to Cointelegraph, Denis Vinokourov, head of research at exchange and brokerage platform BeQuant, said that Bitcoin being rejected at $12,000 is not necessarily bad. The pattern of an upsurge followed by consolidation stabilizes the market and provides investors some breathing room:
Price discovery and consolidation following a strong run up is an indication of a healthy two way market flow. Price rejection is not necessarily a bad development, as it gives market participants an opportunity to take stock of the situation and look to align the interest of both leveraged/speculative flow and those of long-term holders.
In the upcoming weeks, there are several variables that could affect Bitcoin and other major cryptocurrencies. The most prominent factor that might impact Bitcoin is likely the upward run of altcoins.
In recent weeks, altcoins, especially in decentralized finance, have gained substantially against major cryptocurrencies. Band Protocols native BAND token and Chainlinks LINK, for example, rose by 348% and 88%, respectively,from Aug. 1 to their monthly highs.
In the near term, whether profits from altcoins will flow into Bitcoin remains in question. Vinokourov noted that the willingness of the market to take on additional risk with altcoins demonstrates a positive market sentiment:
Interestingly, year-to-date (YTD) the MVIS 100 small caps index is up 74.51% and large caps index is up 74.23%. Markets willingness to take on more risk, as evidenced in capital flow into small cap assets is a net positive overall.
The combination of a favorable high time market structure and positive on-chain data has lifted the sentiment around Bitcoin in the longer term. But in the short term, some predict a minor pullback, which would make the market less overheated.
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Bitcoin Price Keeps Rejecting $12K Heres What Can Happen to BTC - Cointelegraph
U.S. Seizes Bitcoin Said to Be Used to Finance Terrorist Groups – The New York Times
WASHINGTON The United States government said on Thursday that it seized about $2 million in Bitcoin and other types of cryptocurrency from accounts that had sent or received funds in alleged financing schemes for three foreign terrorist organizations: Al Qaeda, ISIS and Hamass paramilitary arm, the Al Qassam Brigades.
Law enforcement officials said they had obtained court orders to seize about 300 cryptocurrency wallets held by banklike institutions. They also blacklisted privately held accounts containing several million additional dollars of virtual currency, which will make it more difficult for the people holding those funds to use financial institutions to cash them out.
The multiagency effort several investigations were bundled together for a joint announcement were the first significant civil forfeiture actions to seize cryptocurrency as part of counterterrorism financing investigations, said John Demers, the assistant attorney general for the Justice Departments National Security Division.
Todays actions deprive Hamas, Al Qaeda and ISIS of millions of dollars they solicited to buy weapons and train terrorists, Mr. Demers said in a call with reporters. By raising cryptocurrency on social media, these terrorists tried to bring terrorist financing into the current age. But these actions show that law enforcement remains a step ahead of them.
Other law enforcement officials said that the investigations began with open solicitations by the terrorist groups on social media because they believed that the use of blockchain technology to transfer virtual currency would be anonymous, and so there was no need to take typical steps to conceal their identity and intent, such as by pretending to be raising funds for charitable relief. Several of the campaigns that came under scrutiny by federal authorities were detailed last year by The New York Times.
Seeking to send a deterrent message, Mr. Demers and other officials stressed that the government, including criminal investigators at the Internal Revenue Service, have developed tools and techniques that can identify people involved in so-called blockchain transactions that should give pause to would-be financiers of terrorism or other crimes.
As part of one of the investigations, officials said, the government took control of a website used for soliciting terrorist funds and operated it for 30 days, compiling information about the accounts making the donations and collecting the funds the donors believed they were sending to a militant group.
Investigations into the identities of the donors continue, they said.
The government also announced that it had taken control of four website addresses like Facemaskcenter.com and four Facebook pages that officials described as part of a scheme by a Turkish man they accused of being an ISIS facilitator, Murat Cakar. Officials said he tried to raise money for ISIS by fraudulently claiming he had large amounts of personal protective equipment, like N95 masks, to sell amid the shortage caused by the Covid-19 pandemic.
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U.S. Seizes Bitcoin Said to Be Used to Finance Terrorist Groups - The New York Times
With All Eyes On Bitcoin, Another Crypto Is Up 500% In The Last YearAnd Its Still Soaring – Forbes
Bitcoin has been pushed back into the spotlight thanks to its recent rally and renewed interest from Wall Street and big-name day traders.
The bitcoin price, jumping over $12,000 per bitcoin late Sunday evening, has added 30% in the last monththough some smaller cryptocurrencies have made far bigger gains.
Chainlink's link token has now added 120% to its price in the last month, climbing to over $13 per token, and building on gains of around 500% during the last yearwith some investors saying link is still "wildly undervalued."
Traders have sent the price of Chainlink's link token sharply higher over recent months, dwarfing ... [+] bitcoin's latest rally.
"Chainlink is on track to function as [the decentralized web3's] de facto security layer for any and all transactions of meaningful value," Michael Anderson, co-founder of Framework Ventures, the largest private holder of link tokens outside of the core team and bitcoin and crypto exchanges, said via email.
"We believe the value of link will track the value of the smart contract platform it is securing, meaning the long term market cap of link will eventually be larger than ethereums current market cap today."
Chainlink, an ethereum-based token that powers a decentralized network designed to connect smart contracts to external data sources, currently has market capitalization of just under $5 billion compared to ethereum's $45 billion.
Chainlink, up 65% in the last week alone, has has been boosted in recent months by a surge of interest in decentralized finance (DeFi)the idea that blockchain entrepreneurs can use bitcoin and crypto technology to recreate traditional financial instruments such as loans and insurance.
"As it stands, blockchains are unable to speak in a trustless way with real world data, meaning they require some sort of blockchain abstraction layer that lies between the blockchain and the outside world," said Anderson, adding Chainlink's importance has "become more apparent as billions of dollars have been locked up in DeFi products reliant on smart contracts."
Since early June, the total value locked in DeFi protocols has risen from around $1 billion to almost $5 billion, according to data from DiFi Pulse.
Meanwhile, the cryptocurrency token of a Chainlink competitor, band, the native token of Band Protocol, has also soared in recent weeks. Band, ranked 43rd on CoinMarketCap's list of most valuable cryptocurrencies compared to link's 6th, has added almost 5,000% since its rally began in early April.
Over the weekend, trading of Chainlinks link token surged, knocking bitcoin off the top spot on the largest U.S. bitcoin and cryptocurrency exchange, Coinbase, to become the most traded cryptocurrency on the popular platform over a 24-hour period.
Links 24-hour trading volume on Coinbase Pro climbed to $163 million, some 70% higher than bitcoins trading volume of $96 million, according to data from bitcoin and crypto analysis firm Messari.
However, around the world, link's 24-hour trading volume of just over $3 billion is still just a fraction of bitcoin's $17 billion.
The price of Chainlink's link token has more than doubled in value over the last month, far ... [+] outpacing bitcoin's 30% rally.
Despite link's massive rally and suggestions link's price could be a swelling bubble about to pop, Anderson is confident the link price will continue to climb, pointing to Chainlink's ambitions to work with smart contracts "for any transaction that requires real world data, events and payment" and plans to for so-called staking, meaning "users will be able to stake their link as collateral with Chainlink nodes, allowing them to earn a passive income stream when said nodes complete jobs by providing useful data to smart contracts."
"A correction is possible in the short term, but even if the link price were to double tomorrow, wed still think it's wildly undervalued in light of the long term vision," Anderson added.
"If they achieve even a fraction of what theyve set out to do, the implications for enterprise, banking, derivatives, insurance and more will be enormous."
Link's surge over the last week has been put down to a massive short squeeze in the futures market, according to reports, leading some to warn its rally may not hold.
"Chainlink can be a very bubbly asset and it looks very bubbly now," cautioned chartered alternative investment analyst and manager at Cane Island Alternative Advisors, Timothy Peterson, via Twitter.
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With All Eyes On Bitcoin, Another Crypto Is Up 500% In The Last YearAnd Its Still Soaring - Forbes
What Venezuelans Think About Bitcoin and American Media – CoinDesk – CoinDesk
In this audio interview, CoinDesks Leigh Cuen and Venezuelan journalist Javier Bastardo talk about cryptocurrency and the media industry.
Formore episodesand free early access before our regular 3 p.m. Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,iHeartRadioorRSS.
This episode is sponsored byCrypto.com,BitstampandNexo.io.
Caracas-based bitcoiner and journalistJavier Bastardohas covered the crypto scene in Latin America since 2017. In that time hes been living partially off bitcoin, thanks to BTCPay server and a variety of employers that pay in crypto, likeCoinTelegraph Espanol.
Even when Im trying to report in an unbiased way, Im really bullish on crypto, Bastardo said. Bitcoin could be useful to other Venezuelans.
Beyond holding it as savings,many Venezuelansuse cryptocurrencyas the fastest way to obtain dollars. Bastardo said there is more in common between crypto readers across the Americas, both Latin America and North America, than similarities within local geographies.
Were talking to a very specific audience, even if Im writing in Spanish and youre writing in English, Bastardo said, referring to CoinDesk writers in New York and California. We are more connected than I would be with a person who writes about politics in VenezuelaThe way they [crypto audiences] look for information is very particular to the types of viewers that we have.
When it comes to the media, in Venezuela it is more clear to readers thatjournalists can be activistsand thatcorporatemedia is oftengovernmentpropaganda. According to theCommittee to Protect Journalists, at least five journalists were murdered for doing their jobs in Venezuela over the past few decades. In this context, censorship isnt merely about ad policies or social pressure. It comes from the government and isapplied directlyto the communications infrastructure.
Despite the struggle to identify reliable narratives, many readers make financial decisions based on media reports and social media trends. Media production and financial markets have always been intertwined, for better or worse. This is especially true of cryptocurrency markets.
They [crypto readers] are already against journalism, against the information industry. They have more anger about the information, Bastardo said, describing the challenge of making media for this niche audience. They need the narrative to keep going about adoption, about mainstream, yea, bitcoin will save us. Its weird, because we have an active scene but its little.
While the outrage associated with crypto coverage may be unique, the dynamic of media-driven markets is hardly new. After all, the financial outlet Bloombergreportedlygave bonuses to reporters for market-moving stories and many American outlets offerbonuses for web traffic, which may incentivize sensationalism. These policy decisions come from the top, as with most business models, and rarely originates from the newsroom itself.
From his perspective, Bastardo said its unclear whether North American media, including but not limited to crypto journalism, is deliberately biased.
I really dont know if the things we see on CNN or CNBC are identified with some party, he said. We have those narratives that show Trump is a really good narratives and others that show him as a really bad President. This is a problem in the whole media industry.
In particular, he said some crypto content creators might be aligned and trying to push some agendas, but that its unclear what is really going on with the overlap between journalism and cryptocurrency marketing. For example, he said people overhype and sensationalize stories of bitcoin usage in Venezuela, which can be both dehumanizing and misleading. It becomes even harder for readers to decipher because some of the most trusted sources in the crypto industry are individuals without journalistic training or oversight. This creates even more opportunities for freelancers with bold personalities, but a more challenging environment for readers seeking relatively objective information.
We have a similar way to get information in Venezuela, but its worse, because we dont really have open media, he said. But the crypto-related media, I dont know if the writers are biasedI dont know if this is true. This is only an opinion.
Formore episodesand free early access before our regular 3 p.m. Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,iHeartRadioorRSS.
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Surging Chainlink Pushes Bitcoin Cash Out Of The Crypto Top Five As Wild Value Tops $6 Billion – Forbes
Chainlink, an ethereum-based cryptocurrency token that powers a decentralized network designed to connect smart contracts to external data sources, appears unstoppable.
The price of Chainlink's link token has soared by almost 80% over the last seven days, adding to gains of 120% this month and a staggering near-600% rise over the last year.
Chainlink has now knocked bitcoin cash, an offshoot of the original bitcoin, from the top five cryptocurrencies by value, according to CoinMarketCapwith its total value now an eye-watering $6 billion.
Cryptocurrency traders have sent the price of Chainlink tokens to over $17 per link, with the ... [+] cryptocurrency knocking bitcoin cash out of the top five cryptocurrencies by value.
"Its been pretty wild," Thomas Kuhn, head of research and training at Mine Digital, said via Telegram, pointing to Chainlink's role in the "trinity"along with bitcoin and ethereumof tokens required for the "effective execution of smart contracts" as compelling.
Kuhn also thinks current sky-high equity valuations are forcing investors to look elsewhere.
"With tech stocks at all-time-highs and without yield to be found, I think that we are seeing renewed institutional interest in digital assets, especially in those trading higher when bitcoin is weak or down on the daythese have been DeFi assets."
The price of Chainlink's link token has soared amid a flurry of interest in decentralized finance (DeFi)using crypto technology to recreate traditional financial instruments such as loans and insurance.
Chainlink's blockchain network can be used by DeFi and broader projects to connect external data sources, APIs, and payment systems.
Chainlink is "one of the more accessible ideas," related to DeFi, according to Kuhn.
"On the micro level, the asset has an incredible community, born in 4chan meme culture," Kuhn said, referencing a group of highly vocal Chainlink supporters on Twitter and other social networks, as well as messaging apps such as Telegram, that have become known as Link Marines.
"A major aspect of pricing in link is the question of whether it will be used as an escrow asset for smart contracts," Kahn added.
"If it is, large values would be needed to be held in escrow for contract execution which would reduce velocity as well as act as an upward price pressure."
Elsewhere, Chainlink is rumored to be close to offering "staking"something that will allow link holders to earn passive income from the tokens.
The chainlink price has more than doubled over the last month, adding to massive gains over the last ... [+] year.
Last week, Michael Anderson, the co-founder of one of the largest private holders of link tokens, Framework Ventures, said Chainlink was still "wildly undervalued" and predicted the cryptocurrency's total value could eventually eclipse ethereum's near $50 billion price tag.
Meanwhile, other DeFi related projects have also soared in recent months. The price of Tezos' XTZ tokens has almost doubled since early July and the two-day-old DeFi project Yam soared to around $60 million over the last two days only to crash to zero after a last-minute attempt to fix a bug in its code failed.
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Surging Chainlink Pushes Bitcoin Cash Out Of The Crypto Top Five As Wild Value Tops $6 Billion - Forbes
Coinbase to Offer Bitcoin-Backed Loans to US Customers – CoinDesk – CoinDesk
Coinbase will allow U.S. retail customers to borrow fiat loans against as much as 30% of their bitcoin holdings in the fall, the San Francisco-based exchange announced Wednesday.
Coinbase is one of the largest and most regulated crypto exchanges to get into the lending business, and the exchange is setting conservative parameters on the product, capping credit lines at $20,000 per customer and offering an interest rate of 8% for bitcoin-backed loans with terms that are a year or less.
Customers will need to fill out a brief application but wont have to go through a credit check, however, and borrowers will be able to receive their loans in two to three days.
Customers may use bitcoin-backed loans in different ways depending on their financial needs, including for large expenditures like home or car repairs, financing major occasions like a wedding, or helping to manage higher-interest personal loans or credit card debt, Max Branzburg, head of product at Coinbase, said in an emailed statement.
The product is available in only 17 states but Coinbase is pursuing licenses in other states and countries to be able to expand its lending service, he said. A waitlist opened Wednesday afternoon, including the tagline:
Have you ever needed cash for something urgent, like a car or home repair? In the past, you might have sold Bitcoin to cover it and incurred a taxable gain or loss. Now you dont have to.
Adding a lending product can be a way for exchanges to keep customer funds at the exchange instead of moving them elsewhere, said Joseph Kelly, CEO and co-founder of crypto lender Unchained Capital. Squares bitcoin-friendly Cash App also announced this week that it is testing a lending product that will offer customers short-term loans of between $2 and $20.
Coinbases low interest rate will also allow it to operate in many states that would otherwise require additional licensing to avoid usurious lending practices.
Its a good bull-market product when customers have excess capital theyd like to do something with, Kelly said. Weve almost never seen a monopoly lending market Id expect other exchanges to follow suit.
The new Coinbase product is only available in the following states: Alaska, Arkansas, Connecticut, Florida, Georgia, Illinois, Massachusetts, New Hampshire, New Jersey, North Carolina, Oregon, Texas, Virginia, Nebraska, Utah, Wisconsin and Wyoming.
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Coinbase to Offer Bitcoin-Backed Loans to US Customers - CoinDesk - CoinDesk