Category Archives: Bitcoin
Cyberattack Hits Nearly 100 Countries and Thousands of Computers – NBCNews.com
Gillian Hamm, a general practitioner in England, received this message on her computer Friday. Gillian Hann via Twitter
The extent of the attack globally and the author of the malicious software known as the Wanna Decryptor, or WannaCry were unclear, but cyber security experts said they were surprised at its apparent reach.
"The scale of it that's pretty unprecedented," Ben Rapp, the CEO of IT support company Managed Networks,
In a statement to NBC News, FedEx said that "like many other companies, FedEx is experiencing interference with some of our Windows-based systems caused by malware. We are implementing remediation steps as quickly as possible."
The Memphis, Tennessee-based global delivery company did not immediately say whether a ransom was demanded for return of their computers' functions.
Some English hospitals tweeted that they were taking precautionary measures to protect patients, while doctors' offices tweeted problems obtaining patients' files because of the attack.
The NHS blamed the Wanna Decryptor for infecting computers an encryption-based ransomware that locks a system and its files from use unless money is paid to hackers for access. It's typically spread through email phishing programs and affects computers using Windows operating systems.
The program is especially nasty because it acts like a worm finding security holes in a computer to spread throughout a network.
It could take days before a company cleans up its system and is fully functioning again, security experts say.
But sometimes, hackers hit the jackpot: Last year, Hollywood Presbyterian Medical Center
The IT systems of NHS sites were reportedly bombarded by pop-up messages Friday demanding such a ransom, and purported screenshots showed the cyber attacker asking for "$300 worth of bitcoin" a form of digital currency to be sent to a certain online address.
"It's a small ransom," said Gene Spafford, founder and executive director emeritus of Purdue University's Center for Education and Research in Information Assurance and Security. "But if you set the price too high then many of their victims won't pay."
Spafford said ransomware typically targets those without strong security in place, such as home users and small companies.
Hospitals and larger companies might be susceptible, he added, if they're slow to fully upgrade their networks or use pirated programs.
This particular ransomware is "using this flaw in the file-sharing that is giving it apparently a real boost," Spafford said.
He added that companies are at the mercy of the hackers, who could decide if their ransomware becomes too big they might decide "not to cash out because they're worried about being traced" and tipping off authorities about their whereabouts.
Spanish telecom giant Telefonica confirmed in a statement that a "cybersecurity incident" occurred Friday that affected the computers at its Madrid headquarters.
A Telefonica spokesman told Reuters that a window appeared on its computers also demanding a bitcoin payment in order to regain control.
Spain's National Cryptology Center said that an attack had been launched "against various organizations" in the country through their Windows systems, and other companies were taking preventative measures.
It wasn't just companies affected by this particular ransomware.
The mayor of the small community of Timra, Sweden population 10,000 told Reuters it has "around 70 computers that have had a dangerous code installed."
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Cyberattack Hits Nearly 100 Countries and Thousands of Computers - NBCNews.com
And a Bitcoin Is Now Worth… – Bloomberg
With a 94 percent year-to-date gain, and a single "coin" now worth $1,843, bitcoin has been on a helluva run lately.
Theincrease in the cost of the massively-volatile electronic tokens has led to many comparisons with that other favorite outsider "currency'' gold recently.
True, a unit of Bitcoin passed the dollar value of one troy ounce of gold this year, and is now more than $600 higher.
But the daily swings in the digitally created asset have been vast. Evenduring the huge run up this year, it has movedmore than fivepercent on 21different days, with nine of those being moves lower. Gold on the other hand, has been much more stable.
Volatility aside, there is amajor problem with gold as a comparator for the software-based unit.
Nobody thinks comparing one shareof Apple Inc. current price around $155 with one shareof, for example, outdoor lighting company Acuity Brands Inc. current price around $178 is valid. It certainly does not show that Acuity (market cap $7.9 billion) is worth more than Apple (market cap $814 billion).
By the time the supply of new bitcoins ends, sometime after the year 2110, there will be 21 million bitcoins in (digital) existence, meaning the total value of all of the electronictokens that will ever exist, at today's market price, is just under $39 billion. According to the World Gold Council, total gold stocks amount to approximately six billion troy ounces, or $7.3 trillion at today's price.
To put it another way, in order for bitcoin to be worth more than gold, a one 'coin' would have to trade at $347,000 in order for 'bitcoin worth more than gold' to be a defensible statement.
Must dash now, one bitcoin is about be worth more than one aluminum future...
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And a Bitcoin Is Now Worth... - Bloomberg
Looks Like We’re Going To Have To Talk About Bitcoin Again – Dealbreaker
No one wanted it to come to this, but circumstances require that we talk about bitcoin. I mean, just look at this:
The worlds favorite digital currency doubled between May of last year and January then doubled again into this month, with a particularly ferocious streak in the past five days. Blocks of code denoting the existence of a single bitcoin fetcheda high of $1,832 on Thursday before slumping Friday.
As always, the proximate causes for the run-up are murky. Last month Japanese authorities shrugged and admittedthat bitcoin might as well be considered a currency, a much-needed morale boost after the SEC decided that bitcoin ETFs were an abomination of nature not destined for this world. It doesnt seem to matter, however, that Germanys Bundesbank made the opposite judgment earlier this week:
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Bitcoin is a means of exchange which is not issued by a central bank, but by unidentified actors. I do not see it as a currency, Carl-Ludwig Thiele, a board member of the German central bank, told the newspaper Welt am Sonntag. If you think Bitcoin would be as safe as the euro or the dollar, you have to take responsibility for it. We can only warn people not to use the bitcoin to preserve purchasing power.
Bitcoin rose another 7 percent in the days following Germanys pronouncement.
You can find all sorts of other justifications for the recentexplosion. Heres a redditor saying its about a MASSIVE rise of the public interest in Bitcoin in Latin America (and some other regions). Heres a guy who thinks paying for stuff with a smartphone, asmillions of people currently do with fiat currency, is helping drive bitcoin up.Heres a guy launching a fund to attract institutional investors to bitcoin arguing that institutional investors have become attracted to bitcoin:
The biggest driver right now is youre starting to see institutional investors take a keen interest in the entire sector, said Brian Kelly, founder of Brian Kelly Capital, which recently launched a digital assets fund for outside investors.
I dont think this is hot money. This is real money thats going to sit around and build the new internet, Kelly said, citing his conversations with institutions and other investors.
Whatever the reasons, if there are any, its a good show. To wit:in the course this posts creation, bitcoin went from a day of feeling queasy to a day of spewing chunks. Over the last 24 hours the assetfellmore than 8 percent:
Once again the inexorablecurrency of the future, boundby no governmental authority and subject only to the immutable Code, is doing a fine impression oftulip mania. Were happy to watch.
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Looks Like We're Going To Have To Talk About Bitcoin Again - Dealbreaker
Yet Another Record High for Bitcoin | Investopedia – Investopedia
Investopedia | Yet Another Record High for Bitcoin | Investopedia Investopedia All aboard the Bitcoin train! Cryptocurrency makes another record high, surpassing $1800. Bitcoin Price Passes $1,800 to Hit New Record High - CoinDesk Bitcoin Price Hits New All-Time High Above $1800 - CryptoCoinsNews |
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Yet Another Record High for Bitcoin | Investopedia - Investopedia
Bitcoin’s Volatile Trading In Asia Tells Us A Lot About Local Banking Systems – Forbes
Forbes | Bitcoin's Volatile Trading In Asia Tells Us A Lot About Local Banking Systems Forbes As Bitcoin gains significant traction in Japan and Korea and its price once again rallies to new highs, the currency is revealing some friction in Asia's banking systems not easily visible to outsiders before. As the price of a Bitcoin has, on average ... |
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Bitcoin's Volatile Trading In Asia Tells Us A Lot About Local Banking Systems - Forbes
Bitcoin Prices Continue to Surge, Regularly Breaking Records – Futurism
In Brief
Early adopters of Bitcoin, the novel currency sweeping the globe, have plenty to celebrate this year. The cryptocurrency has grown in value by 85 percent in 2017. It has enjoyed steady growth, topping $1,700 for the first time ever today. This is the latest milestone for the digital currency, however back in March, Bitcoin surpassed the value of gold for the first time in its history. And, there are no indications of it slowing down.
The previous success of the currency has been tied to the uncertainty in markets after the results of the 2016 US elections. However, that explanation cant continue its potency for thatlong. Even more, the US Securities and Exchange Commission (SEC) still has to rule on whether or not they will reverse a previous decision to reject a high profile exchange-traded fund (ETF), so the reasons behind the currencys burgeoning strength remain unclear.
Last month, Japanese policymakers made Bitcoin a legal method of payment. This was followed closely by an announcement that Russia would consider adopting Bitcoin (among other cryptocurrencies) in 2018. However, not all countries are readily willing to consider legitimizing Bitcoin. China, for example, has recently decided to restrict its trade.
Even with some minor hiccups, Bitcoin is set to revolutionize the way that we pay. Its footing keeps getting stronger as it continues to be the top-performing currency since the start of the decade, save for 2014.
The Japanese adoption of the currency could be a considerable boon toward it hitting the mainstream. Experts are expecting retailers in more than 260,000 stores across the country tobe accepting Bitcoin. The ease afforded by the currency being international could make it a favorite for travelers as well.
The future of Bitcoin may not be entirely clear. But, if this upward trend continues, it will be difficult for policymakers to deny its rightful place in the pantheon of finance.
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Bitcoin Prices Continue to Surge, Regularly Breaking Records - Futurism
Bitcoin Price Reaches New ATH of $1760, Then Pulls Back – The Merkle
After breaking out from a reverse head and shoulders pattern and setting a new all time high of $1760 on Bitstamp, Bitcoin has slightly calmed down as its price pulled back 2%. What does the future hold for Bitcoins price? Keep reading to find out.
Some traders see this as the market meeting the61.8% Fibonacci retracement level, which is right around the $1740 area. As discussed in our previous bitcoin analysis article, sinceBitcoin is currently trading in uncharted territory, the only somewhat reliable indicator is the Fibonacci retracement. Rest assured that Bitcoins price wont stay at this level for long. Currently the price is at a critical point in the Fibonacci indicator, and traders will either use it as resistance or support to decidethe next market action.
Another metric to keep an eye on is the RSI (Relative Strength Index). Currently it is booming at 89 out of 100, anything of 70 means the market if overbought. However, during this rally the RSI hasnt been of much use since it showed an overbought market since late April, when the price was only at $1400. As long as the volume stays high, there will be enough fuel to keep this rally going, otherwise if bitcoin trading volume starts dying down, the price might too.
Reasons for the Rally?
As a recap, the common speculation as to the current price hike is Japans adoption of the cryptocurrency and political tensions between the east and the west. Another reason Bitcoins price is so high, is the approach of the SECs appealed Bitcoin ETF decision date. In fact, the SEC is supposed to make a decisionon May 15h regarding the application.
Let me remind you what happened two months ago when the price also rose to incredible heights days before the ETF decision, only to dump back down after the SEC denied the application. The agencys reasoning behind their decision was that Bitcoin markets werent regulated enough.
While its nice to see traders remain hopeful about a positive outcome on the appealed application, the reality is that nothing has reallychanged in 2 months regarding Bitcoin regulation in the US. Moreover, any application for an ETF is allowed a second chance at reconsideration, so the fact that the SEC is reviewingthe Bitcoin fund once again is not anything special.
If you are holding a position in Bitcoin one thing is for certain, when the SEC makes a decision the price will move heavily in either direction. Make sure to mark May 15th on your calendar as you wouldnt want to miss that.
Dislaimer: This is not trading advice, this article is for educational purposes only. If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.
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Bitcoin Price Reaches New ATH of $1760, Then Pulls Back - The Merkle
Don’t Buy Bitcoin! Says German Central Bank – newsBTC
A German Central Bank board member has urged people to refrain from investing in Bitcoin amid its growing price. Read more...
The Bitcoin community is rejoicing due to the recent market activities, especially yesterdays surge in cryptocurrencys price which broke all the previous records. However, Germanys Central Bank or at least few of its board members dont seem to be enjoying the price rally.
Carl-Ludwig Thiele, a Bundesbank board member recently warned people against investing in Bitcoin. Thiele made the statement while speaking to a German newspaper. The news outlet quoted the board member saying,
Bitcoin is a means of exchange which is not issued by a central bank, but by unidentified actors. I do not see it as a currency. If you think Bitcoin would be as safe as the euro or the dollar, you have to take responsibility for it. We can only warn people not to use the bitcoin to preserve purchasing power.
The warning seems to be a bit out of place following the recent developments in the cryptocurrency sector. While many countries are considering options to legalize Bitcoin, Germany has stuck to its grounds. Also, the lack of economic stability in the European Union gives more reasons for people to opt for alternatives like Bitcoin and other cryptocurrencies instead of seeing strict withdrawal limits slapped on their bank accounts (e.g. Greece during the economic meltdown).
However, as a bit of relief, Thiele didnt call for a ban on cryptocurrencies. A German online publication stated his standpoint. According to the publication, he stated that there is no need to ban such a method of payment as long as it doesnt violate any existing money laundering laws. Bitcoin still remains a niche market, showing signs of mass adoption. Once the domestic cryptocurrency community grows in sufficient numbers, the country will be forced to recognize Bitcoin as a legal tender.
The rising Bitcoin price trend is speculated to continue, with the cryptocurrency reaching the $4000 mark within a year. The cryptocurrencys growth is expected to be fed by increased usage of blockchain infrastructure across industries and the introduction of new cryptocurrencies.
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Don't Buy Bitcoin! Says German Central Bank - newsBTC
Bitcoin Price Breaks $1700 – PYMNTS.com
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Bitcoin pricecontinues to surge, breaking records along the way. On Tuesday (May 9) of this week, bitcoin saw values surge above $1,700 for the first time in history.
At the time of writing on Tuesday afternoon, CoinDesk pegged bitcoin was worth $1,734.01, up 5.78 percent for the day, though down from a high of a whopping $1,747.06 earlier in the morning. The digital currencys market cap stood at just about $28 billion with some 16.3 million in circulation.
Bitcoins value has grown 73.9 percent from $997 at the beginning of 2017 and a full 285 percent year on year.
The most recent rise, which really began to take off at the tail end of April, still has no readily apparent catalyst on the market. One hypothesis is that investor optimism is rising in response to the Securities and Exchange Commissions (SEC) decision to review its rejection of the Winklevoss bitcoin-based ETF.
It seems unlikely that the SEC will renege on its earlier decision.
Still, with growth like this, the outrageous prediction that bitcoin could hit $2,000 in 2017 doesnt seem quite so out there. (To be fair, the exact circumstances around the price rise from Saxos report were far different.)
With the latest rise, exchanges have seen a dampening of the widened exchange spread trends over the past few weeks. Bitfinex saw trading about $50 higher than average, a significant decrease from recent $100 disparities.
But its not just bitcoin. Practically every cryptocurrency has seen an uptick in value in the last month with the total cryptocurrency market cap growing from $27.8 billion to over $52 billion in just over 30 days.
Whether or not this growth represents a bubble looking to burst is an open question.
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Dying man claims he just borrowed $325K to go all-in on bitcoin amid record highs – MarketWatch
Either way, this one wont end well.
Bitcoin exploded past $1,700 Tuesday, taking out new highs as 2017s remarkable run for all virtual currencies spilled into another day.
A man going by the cyber handle gingerbreadfutters, if his post on Reddit is to be believed, isnt taking profits. No, in fact, just the opposite. He says hes taking out an equity loan of $325,239 on his house to buy 191 bitcoin BTCUSD, +2.34% Yikes.
The catch, he claims, is that he has an undisclosed terminal disease, which frees him up to take such a ridiculous risk.
I decided to make my newest lunge, using what equity I have accrued on my estate over the past 10 years since the 2008 financial crisis, he wrote. If bitcoin reaches the 10k mark which I see as a distinct possibility, or I would not have taken such a risk I plan on moving to the West Coast and getting away from all the angry people here where I currently reside.
Angry people were quick to criticize, as hundreds of comments poured in.
A fellow Reddit user by the name of Dispairsquid16 said the story rings familiar: Almost like a high school chemistry teacher deciding to begin making and selling crystal meth due to a change in life circumstances.
Some well-wishes from CryptoInvestor: Firstly, let me wish you good luck. Second, let me tell you how much of an idiot you are.
Is this the top? Indeed, says HukusPukus. This is it. This is the signal Ive been waiting for. Time to sell all my bitcoins and buy a house, he wrote
Even the uber bitcoin bulls, like loserkids, had a hard time with this one.
Though Im 100% bullish on bitcoin long-term this is an incredibly stupid idea, he wrote. But youve already heard it from others. Either way, good luck.
If Spencer Bogart, head of research at Blockchain Capital, has it right, gingerbreadfutters is definitely setting himself up for financial disaster.
The virtual-currency market has all the trappings of a bubble, Bogart said, adding that he thinks it could have more room to rise before a correction occurs. Its definitely unsustainable, he explains, though I dont know if its in its final moments right now.
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Dying man claims he just borrowed $325K to go all-in on bitcoin amid record highs - MarketWatch