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New Jersey Pastor Accepted Bribes of $150000 in Bitcoin Scheme – Newsweek

March 21, 2017 | Author: admin

A New Jersey pastor was found guilty of pocketing $150,000 from shady bitcoin traders in exchange for giving them control of a credit union he headed so they could run it as a front for their bitcoin exchange.

The pastor, Trevn Gross, was found guilty along with programmer Yuri Lebedev by a Manhattan federal court jury on Friday. Anthony Murgio, the founder of the exchange, Coin.mx, pleaded guilty in January.

Related: Bitcoin just became more valuable than gold. Why does the price keep rising?

In 2013, Murgio founded Coin.mx and Lebedev helped run it. The exchange operated through a phony front company called Collectables Club in order to fool banks into thinking illegal bitcoin transactions were legitimate sales of stamps and sports memorabilia. By posing as a site for philatelists and sports nerds and by miscoding credit and debit card transactions, the pair tricked banks into processing more than $10 million in bitcoin-related deals, according to prosecutors.

The pair also sold bitcoins to victims of ransomwarecyberattacks that involve hackers electronically blocking access to victims computers until bitcoin ransoms are paid. In doing so, Murgio, and his co-conspirators knowingly enabled the criminals responsible for those attacks to receive the proceeds of their crimes, an FBI press releasesays.

Gross joined the scheme in 2014, when Murgio and Lebedev bribed him so they could take control of the Helping Other People Excel Federal Credit Union in Jackson, New Jersey, of which he was chairman. That allowed them to transfer the illegal bitcoin transfers they were running through Coin.mx to the credit union, which enabled them to avoid scrutiny from banks about what they were really doing, prosecutors said in a press release. Trevn Gross, a pastor and former chairman of the Helping Other People Excel Federal Credit Union, arrives for a hearing at the Manhattan federal courthouse on March 4, 2016. REUTERS/Brendan McDermid

When the banks caught on to their scheme, acting Manhattan U.S. Attorney JoonKim said in a statement, Lebedev and others bribed Trevn Gross so they could have a captive credit union to process those transactions, undermining the credit unions safety and solvency. The credit union, which had 110 members and assets of about $626,000, was shut down by the National Credit Union Administration in 2015.

The website for Jacksons Hope Cathedral lists Gross as its lead pastorand says he was licensed to preach at the age of 14 and founded the ministry in 2002. With degrees from the University of Virginia, Duke University and further graduate work at Harvard University, Pastor Trevn has a passion for teaching the Word of God, the site states, adding that his wife is also a pastor at the church.

Prosecutors have also said Coin.mx was owned by Gery Shalon, an Israeli who has been charged with overseeing an enormous hacking scheme that stole the personal information of about 83 million JPMorgan Chase customers, Reuters reported. Shalon was extradited to the U.S. last year and has pleaded not guilty.

Defense attorneys for Lebedev did not respond to an email seeking comment. Grosss defense attorney, Henry Klingeman, said in an email, On behalf of Pastor Gross, we will now seek a judgment of acquittal from the court andif and when the time comesa fair and lenient sentence.

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What is The Future of Cryptocurrency? – Huffington Post

March 21, 2017 | Author: admin

Currently, Bitcoin is experiencing high volatility that it maybe caused by the recent SEC impediment to create the first bitcoin ETF, or exchange traded fund.

Some people in the crypto community were confident about the U.S. Securities and exchange commission positive decision that this hope drove the price, allowing bitcoin to reach its new all time highs.

Then, the SEC announcement about its decision to reject the Winklevoss proposal affected the bitcoin and other digital currencies market, but - after a first drop - the greatest part of the digital currencies are currently experiencing new highs.

Right now, Ether, or the cryptocurrency that fuels the Ethereum blockchain, reached its new all time high with a price of $40 at present time.

That said, leaving aside the price-related matters, the SEC decision opened another important question: can bitcoin and other digital currencies survive without any approval by institutions? Is it true - as said by Bank of Canada - that it cannot reach a massive diffusion without any formal regulation?

Of course, I dont have a crystal ball, but for me Bitcoin - with capital B, or the technology behind it: the blockchain - will have a prosperous future.

Its importance goes far beyond bitcoin and payment transactions as this is just one - and the most banal - of its application.

Davide Menegaldo, COO at Helperbit, said:

The same thing happens with the Ethereum blockchain. Ether is only one of its possible applications, so people could not use ether as a method of direct payment, but the main important revolution brought by Ethereum are the so-called smart contracts and we will hear a lot about them in the next future.

Smart contracts, in fact, allow a huge possibility of applications. They are computer protocols that have the main purpose of executing the terms of a contract in order to satisfy common contractual conditions without the need of trusted intermediaries.

This way, smart contracts can be used as the deepest layer of any kind of application development and not just to set payment-related transactions.

According to Leonardo Pedretti (Ethereum Italia and Etherevolution), in five years from now, Ethereum will be the undiscussed leader as the main platform to be used for development and smart contract execution:

Everyday we experience the birth of a new digital currency, but only a few will survive in the next future, as said by our friends above.

Two of those crypto might be Dash and Zcash (ZEC) that recently experienced new higher prices.

At present time, Dash and Zcash have respectively a value of $100 and $70. Of course their monetary values mean nothing in terms of what will happen in future, but we can say that they are showing a high interest.

Also, Zcash provides a revolutionary cryptocurrency that is fully anonymous, so the data showed on the blockchain doesnt provide any info about the amount or the people involved in the transaction. This feature may could be vital for Zcash future because no other digital currency - together with Monero (XMR) - allows this kind of complete anonymity and privacy.

Today Monero ($123) reached the fourth place according to its market capitalization ($255.773.115), right after bitcoin, ether and dash. Created back in 2014, it soon doubled - and then quadrupled - its price. This renewed interested in the Monero currency might be caused by the low bitcoin scalability. In fact, it is faster and with lower fees than bitcoin.

This means that if the scalability-related issue of bitcoin wont be solved soon (Hard-fork scenario), altcoins will increase their value, popularity and market cap, so they will be more used as payment gateway, while bitcoin will be more and more exploited as a store of value. But this only if the block size debate wont be solved soon...

Of course, as I said, we can only do speculations and predictions as we dont really know what can happen next, but according to me Bitcoin and blockchains will be never forgotten and will be more and more used in the next five years.

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A Cryptocurrency Without a Blockchain Are You Kidding Me? – Live Bitcoin News

March 21, 2017 | Author: admin

Even though bitcoin has introduced a new concept of decentralized cryptocurrencies, the inevitable consolidation of mining into mining pools, that control enormous portions of the networks hashing power, is a problem that undermines the decentralized nature of the protocol. On the other hand, scalability and the inconveniently long transactions conformation delays represent another problem that hurdles popularization of bitcoin.

A recently published paper proposed to forgo the blockchain and the blocks entirely, and formulate a truly decentralized ledger system which relies on a lean graph which is comprised of cross-verifying transactions. A fully decentralized consensus mechanism, which relies on progressive proofs-of-work (PoW) with predictable rewards, guarantees rapid convergence even throughout a huge network with unequal participants, who all get incentivized for mining using their mining equipment which possessvariable hashing power. Graph based affirmation endorses concise response via a process of automatic scaling. On the other hand, application agnostic design is compliant with all of cryptocurrencies modern features including swaps, multiple denominations, scripting, securitisation, smart contracts.etc.

The authors of the paper proved experimentally that their proposal achieves a pivotal convergence property. In other words, any valid transaction enters the system will rapidly become included in a block and linked to the proceeding blocks.

Bitcoins scalability represents an artefact that stems from the consolidation principle of the blockchain itself, which renders it very hard to distribute incentives to the large group of participants contributing, or would have been contributing, their processing power to bitcoin mining. When a linear blockchain is considered, the mining rewards are somehow few and relatively far between, and the sole secure and fair way to distribute them is literally a lottery.

Risk averse miners coalesce into bitcoin mining pools to decrease the variance, at the cost of relinquishing their individual chances to find the solution to the puzzle. This renders the network more vulnerable to a myriad of attacks; the well known 51% attack and the selfish miner, or the 33% attack, which can occasionally become a 25% attack. The problem is that mining pools have transformed into monopolies within the bitcoin system. Recent data denote that 50% of bitcoins network hashing power originates from mining pools that are located in China.

Sometimes, people had to wait for more than 24 hours to get their bitcoin transactions confirmed. A long and/or unpredictable confirmation time renders people reluctant to use bitcoin for real time payments with considerable amounts of money. Ironically enough, retailers accepting bitcoin payments now overcome confirmation delays via utilization of payment processors, or third parties which bitcoin was designed to omit!

The new proposal represents a blockchain free cryptocurrency, as confirmation of transactions no more yields a blockchain of transactions, but a lean graph that is entirely composed of transactions; a graph of cross verifying transactions.

Whenever a transaction is posted, it will refer to the actual coins paid, as well as two proceeding confirmed transactions. This will lead to a growing group of hash-graph confirmations, where each transaction confirms two parent transactions. The below figure shows how transactions are connected, or refer to each other. The arrow originates from a parent transaction and points to a child transaction.

This proposal establishes the concept of a cryptocurrency without using the traditional blockchain system, which mitigates the scalability issues associated with blockchains and avoids centralization problems that are inseparable parts of blockchain implementations. I believe that this represents a crucial improvement in this research field and will be warmly welcomed by crypto-entusiasts.

Diagrams are Courtesy ofCryptology ePrint Archive: Report 2016/871

About Dr Tamer Sameeh

View all posts by Dr Tamer Sameeh

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Cryptocurrency exchange Kraken offers support for Melon tokens … – EconoTimes

March 21, 2017 | Author: admin

Monday, March 20, 2017 12:03 PM UTC

Kraken, a San Francisco-based digital asset exchange, announced that it will offer support for trading new currency Melon tokens (MLN).

According to the announcement, MLN/XBT (melon-bitcoin) and MLN/ETH (melon-ether) pairs will be available for trading in Kraken with the possible addition of MLN margin trading in the future.

Melon is built on Ethereum network and acts as a protocol for managing digital assets, which are decentralized, low cost, transparently auditable and modular.

MLN tokens cover the platform usage fee and are used to reward developers who build Melon modules, the release stated.

In order to deposit MLN in Kraken account, users have to go to funding, choose deposit and then click on generate new address. They can then send MLN to this deposit address with any Ethereum wallet or client that supports tokens, like Parity or Mist.

Melonport, the company behind Melon, Melon had a successful Initial Coin Offering (ICO) that saw target hitting 227,000 ETH, within 10 minutes.

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IBM aims to undercut AWS and Azure with new ‘Flex’ cloud storage service – GeekWire

March 21, 2017 | Author: admin

Photo by Patrick, via Flickr

LAS VEGAS IBM unveiled a raft of new products and services at its InterConnect conference heretoday, aimed at makingit easier for large enterprise customers to adopt IBMs cloud services, while also better managing existing on-premises and hybrid cloud enterprise networks.

Among them: a new cloud storage offering that IBM says will undercut the competition. Its called IBM Cloud Object Storage Flex, and IBM suggests that it will save customers money, and be more useful to them by making it easier for customers to dynamically move between hot cloud storage (which promises instant availability for urgent data), cool storage (for data that customers need less often) and cold storage (for archival data that is used the least).

According to IBM, Flex will provide tiered pay as you use storage options that will be both cheaper and higher performing than competitive offerings from Amazon Web Services and Microsoft Azure. The company says it is cutting the price to store and access data by more than 50 percent compared to AWS S3 IA and Azure GRS Cool Tier and that it is unique in doing so.

Flex is the only service available from a major cloud vendor with simplified pricing for clients whose data usage patterns are difficult to predict, the company said in a news release. Flex enables clients to benefit from the cost savings of cold storage for rarely accessed data, while maintaining high accessibility to all data.

Alongside the new flexible storage model, IBM also announced the IBM Cloud Object Storage Cold Vault (Cold Vault) service. IBMs promise on this service is that it will offer customers a way to get the data theyve marked for cold storage in the IBM Cloud in hundreds of milliseconds instead of minutes.

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Get to know your cloud storage bill: How to choose the best options – Cloud Tech

March 21, 2017 | Author: admin

When it comes to using a public cloud, there are incredible advantages for a price. But what are you really paying for?

While the flat rate you see advertised may be appealing, there are several details that can raise or lower your cloud storage bill. Could you be paying for something you dont need, and how can you lower your expenses by factoring in certain specifics before you choose a provider? Get a closer look at your cloud storage bill:

1.Price per GB: Most cloud providers price based on the amount of gigabytes used. Ones like Amazon reduce their rates per GB if you require a massive amount of storage, and others keep it steady despite your level of data. In either case, this rate is affected by how redundant or active your data is or, in other words, whether it just sits there or is often interacted with. The idea behind this is to reward businesses that use their cloud as the primary point of storage rather than branching out over several.

2.Storage actions: To put it simply, storage actions are all the changes, adjustments, and deletions of the data within your cloud storage. If you move something to a new file within, get rid of it entirely, or post it, these are all considered actions which your cloud provider will track, tally up, and then charge a price for hosting these actions. Some providers, such as Amazon S3, dont charge for storage actions. This can catch businesses off guard when they go to a provider that does.

3.Transfer costs: When you work within the cloud, whether public or hybrid cloud, its free. However, some providers charge a fee for removing data for their storage. While most will allow companies to transfer data in at no cost, when it comes to migrating to a separate cloud, removing data for edits and then replacing it, or sharing data across multiple clouds, this can incur a high level of expense.

Ultimately, its your employees that will be interacting with the cloud. How easy their process is made will affect the rates you have to pay them, the amount of tech support required to help them navigate the new platform, and how efficiently the data is being used which affects your profits.

If your employees arent as fluent with the cloud, they may trial and error with managing the data and boost the price of your storage actions. This makes an option with lower prices on action fees or one that is free the best option. On the flipside, while it may be more cost-effective to choose a specific option, shelling out the budget for a platform with particular features could help your employees complete work more efficiently, boosting profits in the end.

For businesses that dont work mainly online, data storage can be a way to safeguard data thats not used often. This makes it redundant data. However, for online companies or larger corporations, data sharing and online collaboration is a chief part of their work. This makes it active data. Having a cloud option that offers cost effective deals depending on how often the data is interacted with is a key to cutting out the extra expenses you may be subjected to without knowing. Consider how much interaction your data will get on a regular basis, and then be sure to check options that accommodate your active or redundant data.

If youre not sure youll stick with your current cloud option, need to transfer data in and out regularly, or like to spread your data across many clouds for better accessibility, choosing a cloud option with the lowest fee or no fee at all for transfers is crucial to shave off your expenses. However, if you intend on staying put for the future and working within the cloud, then you can save money over other options by taking advantage of their added features.

The cloud provider you choose and the actions you take with your storage all depend on those fine details not many businesses know about their real cloud bill. To save money and improve your data storage, keep this in mind.

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Dell EMC, Cisco and HPE in three way tie for cloud infrastructure equipment – Cloud Tech

March 21, 2017 | Author: admin

The Dell-EMC mega-merger is starting to bear significant fruit: according to the latest analysis from Synergy Research, which shows a three-way tie alongside Cisco and Hewlett Packard Enterprise (HPE) at the top of the cloud infrastructure equipment market.

With the overall revenues for cloud infrastructure equipment surpassing $70 billion in 2016 or in other words, about $3 billion more than Dell shelled out for EMC, VMware et al Dells stock has risen considerably since 2016s second quarter, with Cisco and HPE suffering slight dips in market share.

Servers, OS, storage, networking and virtualisation software made up fully 95% of the overall market, with the remainder comprising cloud security and management. As readers of this publication will be aware, Cisco rules the roost when it comes to networking, while HPE has a clear lead in cloud servers. Dell EMC has the lead on storage, with Microsoft featuring heavily due to server OS and virtualisation and IBM maintaining a strong position across a range of cloud technology markets, Synergy added.

The previous quarters analysis, issued in December, saw HPE just ahead of Cisco with Dell EMC catching up fast behind.

While spend on cloud services and infrastructure is already huge it is still relatively early days in the transition of enterprise workloads to the cloud, said John Dinsdale, research director and a chief analyst at Synergy. That means that success in the cloud infrastructure market is vitally important to IT vendors and they will be fighting long and hard to maximise their market shares.

The move from Dell to acquire EMC, first announced in October 2015, had mixed critical reaction at the time; one Wired article infamously described the two companies, alongside the likes of HP, Cisco, IBM, and Oracle, as the walking dead. With the deal officially finalised in September 2016, the company hopes its hardware and software will power customers traditional data centres and act as the backbone to various private or hybrid cloud computing scenarios, as Fortune puts it, with hyper-converged and software-defined at the forefront.

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Inspur Showcases Cloud Computing and Big Data Total Solutions at CeBIT 2017 – Yahoo Finance

March 21, 2017 | Author: admin

HANNOVER, Germany, March 20, 2017 /PRNewswire/ -- CeBIT 2017 was grandly held at Hannover, Germany from March 20 to 24. The highlight was on topics including big data, cloud computing, IoT and security. As a leading enterprise in China's cloud computing and big data area, Inspur showcased its world-renowned key products and applications at C59, Hall 2, Hannover Exhibition Center. And Inspur will launch a new rack scale server.

At this exhibition, Inspur showcased its cloud core equipment including the Mission Critical Server Inspur Tiansuo K1, the Rack Scale Server SR Series, 8-socket server TS860 and I900 blade system and its solutions of cloud data center, big data platform, smart city smart home and HPC. These products and solutions had outstanding performance in Chinese market. For instance, K1 was successfully applied to key sectors such as finance, public security, tax and transportation. And its market share grew to 25% in the middle and high-end Non-X86 market of100,000 to 500,000 dollars. The accumulated shipment of Inspur Rack Scale Server SR Series has exceeded 150,000 with its market share over 70%. SR Series was widely applied by enterprises and industries like Baidu, Alibaba and 12306.After TS860 made the best score in performance test based on Intel E7-8850 V2 processor of SPEC CPU2006 test, Inspur again broke the world record in 2016 SPEC CPU CINT2006 test and won the "best computing performance".

Inspur's cloud computing and big data has been making great achievements in Chinese market in recent years. Inspur is among the top 2 of China Top 100 Electronic Information Enterprises, the No.1 software manufacturer of Chinese independent brands, the No.1 server manufacturer in China and one of the top 5 server manufactures in the world. Meanwhile, Inspur has been speeding up its global strategic layout with its business in 104 countries and regions. Inspur has built R&D centers and factories in US, Japan, Latin America, Taiwan and Hong Kong, several branches and exhibition centers in 26 countries outside China and a global call center in India. And Inspur cooperated and established joint ventures with famous enterprises including Cisco, Microsoft, Diebold Nixdorf, SAP, Ericsson, LG, VMWARE and Intel.Inspur has joined OCP and OPEN19 open computing standard organization, and become the gold member of OpenStack Foundation. Inspur has increasing market influence and fruitful key client development such as cloud computing service operators in US and Europe.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/inspur-showcases-cloud-computing-and-big-data-total-solutions-at-cebit-2017-300425988.html

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Chinese giant Huawei to build cloud computing data centre in NZ – Stuff.co.nz

March 21, 2017 | Author: admin

TOM PULLAR-STRECKER

Last updated15:45, March 21 2017

RUBEN SPRICH/REUTERS

Huawei CEO and founder Ren Zhengfei met with Prime Minister Bill English in Wellington to discuss its New Zealand investment plans on Tuesday. Wellington is also where Ren gave his first ever press conference in 2013.

Chinese technology juggernaut Huawei plans to splash out hundreds of millions of dollars in New Zealand after praising the country's approach to global business.

Founder and chief executive Ren Zhengfei met with Prime Minister Bill English in Wellington on Tuesdayto discuss its plans, which the company said would see itspend $400 million in New Zealand over the next five years.

Worldwide, Huaweiemploys more than 170,000 staff almost as manyas Apple and Google combined.

Spokesman Andrew Bowater said its spendingplans werein part "aspirational". $250m of the spendingwould be accounted for by itsintentionto source more products and services locally.

But he said the company also intended to build a cloud-computing data centre possibly in connection with a localpartner in New Zealand in about two years, and would expand its research centre in Wellington while opening another in Christchurch.

READ MORE: *Huawei founder's NZ interview carefully chosen *Huawei controversy flares up again

Huaweiemploys about 150 staff in New Zealand.

Ren said in a statement that "New Zealand's open and fair trade environment" and its emphasis on developing new technology had facilitatedHuawei'songoing commitment.

Economic Development Minister Simon Bridges said the investment would"touch many areas of the economy and open up global opportunities for New Zealand".

The expanded Wellingtonresearch lab, based at Victoria University, will investigatetechnologies such as 5G cellphonenetworks, "big data" and the potential of internet-connected devices, or the so-called "internet of things".

Huawei said it would offer 100 undergraduatesthe opportunity to travel to China fortechnologyand cultural exchanges over the next five years, and would also open a regional office in Wellington.

Huaweihas become aposter boyfor China's modernising economy, despite efforts by the United States and Australia to constrain the company's growth in their markets, citingnational securityconcerns.

Those concerns came to a head in 2012 when theUSHouse of Representatives' Intelligence Committee urged American firms to stop doing business with Huawei and fellow Chinese firm ZTE, sayingChinacould use their equipment to spy and for cyber attacks.

The same year, the Australian government barred Huawei from involvement in itsA$37billion National Broadband Network initiative.

Theobstacleshave not been mirrored in New Zealand, where Huawei has been a supplier to Spark, Vodafone and2degrees. It has also suppliedEnable and UltrafastFibre, the companies that are building the ultrafast broadbandnetwork in Christchurch and the lower North Island.

Huawei supplied and partly-financed 2degrees' mobile network.

In 2015,it also provided the technology for Vodafone's$22 million cable broadbandupgrades in Wellington and Christchurch.

Last year, Spark began trials in Christchurch of4.5Gcellsitetechnology using equipment supplied by Huawei. Chorus buys a small amount of Huaweiequipment for its rural networks.

Nor have the overseas blocks stopped Huawei's stellar growth.

Huawei is expected to report its 2016 revenues jumped by almost a third to just underUS$75 billion when it reports its annual results at the end of the month.

The company has set its sights on overtaking Apple to become the world's second-largest smartphone company behind Samsung in 2018.

But it has not all been plain sailing in recent months.

Huawei's smartphone unitis understood to have missed its internalprofit targetfor 2016 despite achieving higher-than-expected sales.

ThatpromptedRento send a memo to staff last month saying the company wouldn't pay for thosewho didn't work hard and who wanted to "just count money in bed".

Huawei is moving into cloud computing, challenging players such as Amazon and Microsoft.

Bowater said the initialfocus of its New Zealand data centre would be toserve the local market, but it could also "be a bit of a regional hub".

"There is an opportunityfor 'NZ Inc' to position itself as a safe haven for data."

The obvious location for the data centre was Auckland but it "could be anywhere", he said.

-Stuff

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Cloud Management Platform CloudCheckr Raises $50 Million – Talkin’ Cloud

March 21, 2017 | Author: admin

Cloud management platform CloudCheckr announced on Monday that it has raised $50 million in Series A financing from Level Equity to support its platform growth.

CloudCheckrs platform provides support for AWS and Azure cloud cost management, security and compliance, inventory and utilization and continuous monitoring.

Founded in 2011, CloudCheckr says the funding builds on an exceptional year for the company, where it has seen key executive appointments, and a growing customer base. CloudCheckr currently provides support to over 40 percent of all AWS Premier Consulting Partners and over 150 AWS and Azure authorized resellers and MSPs.

"Cloud management is a highly complex but increasingly mainstream issue especially for the forward-looking enterprises who are leading the public cloud revolution," Aaron Newman, CloudCheckr CEO and co-founder said. We have had an astonishing amount of interest in our business as it has continued to scale quickly and profitably and were very deliberate in our timing and choice to bring on an institutional investment partner that would help accelerate our lead in this exciting marketplace. Levels investment is validation of the pressing need to get visibility and control of exploding cloud environments and were excited to keep building, innovating and giving organizations the tools they need to go fast at scale.

According to Crunchbase, the latest funding round brings its total funding since April 2013 to $52.4 million.

"We're thrilled to be partnered with Aaron and the whole CloudCheckr team," Benjamin Levin, founder and partner at Level Equity said in a statement. "It is rare to see a profitable, bootstrapped business with this scale and growth trajectory in a market of this size where most of the competitors have raised gobs of venture capital. We were attracted to CloudCheckrs track record of rapid, profitable, and bootstrapped growth as well as deep technology leadership and the immense opportunity that exists to deliver sophisticated, unified cloud management for complex enterprises across the globe."

Last year cloud cost monitoring platform Cloudability closed a $24 million Series B financing round.

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