January 2019

BIS Report Questions Longevity, Efficacy of Proof-of-Work Based Cryptocurrencies

January 27, 2019 boss

A recent report from the Bank of International Settlements (BIS) has cast a spotlight on the efficacy and longevity of the proof-of-work (PoW) consensus and the future of Bitcoin. The paper takes an in-depth look at how the Bitcoin protocol verifies payments using blockchain technology and various consensus algorithms. PoW algorithms are a major point of discussion, with the author suggesting two major drawbacks. Firstly, the high cost of ensuring payment finality in a reasonable time frame, and the belief that PoW systems won’t produce adequate transaction fees to guarantee…

Bitcoin Falls Under $3,600 Again as Most Top Cryptos See Mild Losses

January 27, 2019 boss

Sunday, Jan. 27 — most of the top 20 cryptocurrencies are reporting slight losses on the day at press time. Bitcoin (BTC) is trading under $3,600 again, according to Coin360 data. Market visualization from Coin360 At press time, Bitcoin is down nearly 2 percent on the day, trading at around $3,562, according to CoinMarketCap. Looking at its weekly chart, the current price is about $100 lower than $3,655, the price at which Bitcoin started the week. Bitcoin 7-day price chart. Source: CoinMarketCap Ripple (XRP) has lost over 2.5 percent of its value…

Fifteen Alleged Operators of $8 Million Crypto Scam Arrested in Taiwan

January 27, 2019 boss

Police in New Taipei, Taiwan, have arrested fifteen suspects for allegedly running a cryptocurrency scam that earned them millions of dollars, English-language local media Focus Taiwan reports on Jan. 26. According to the article, the chief of the Criminal Investigation Bureau (CIB) Li Chi-hsun said at a press conference that the fifteen suspects — including the alleged leader surnamed Lin — have been arrested in two separate raids carried out on Jan. 9 and Jan. 17. The arrested suspects have been reportedly charged with fraud, and the case has been…

This Crypto Ransomware is Targeting Bitcoin (BTC) Mining Rigs in China

January 27, 2019 boss

Bitcoin (BTC) miners in China are in a bind after a ransomware by the name of ‘hAnt’ has been targeting specific mining rigs such as the Bitmain’s Antminer S9, T9 and L3. The ransomware has also found its way into Avalon rigs. The malicious code was first detected in August 2018. Up until now there is no clear source of origin. Some Chinese security experts suspect that hAnt comes hidden inside tainted versions of mining rig firmware that has been present online since last Summer. hAnt functions like any other…

LocalBitcoins Resumes Outgoing Transactions After Warnings of Phishing Link on Forum

January 27, 2019 boss

A link to a phishing LocalBitcoins clone website had been placed on the official LocalBitcoins forum, but the attack has since been stopped. A LocalBitcoins community manager warned of the attack on Reddit on Jan. 26. According to the post, an unidentified hacker or hacker group detected a security vulnerability in the LocalBitcoins forum and linked it to a phishing forum. Even before the official communication, a Reddit user warned in a post on the Bitcoin (BTC) subreddit: “When visiting the localbitcoins forum […] users are prompted to log into…

Why Fighting Against Censorship Is in Everyone’s Interest

January 27, 2019 boss

Why Fighting Against Censorship Is in Everyone’s Interest January 27, 2019 by Bitsonline Guest Contributor Censorship is an age-old phenomenon. Governments have been trying to control information for as long as they have existed, and the advent of the internet saw those efforts make the jump to the digital world. Although powerful in the past, these old state-created and state-maintained social constructs are crumbling. State decisions on what’s legal (or illegal), who can produce valid knowledge, and what information is ‘safe’ for users to consume are no longer the prevailing…

Why Fighting Against Censorship Is in Everyone’s Interest

January 27, 2019 boss

Bitcoin Price Weekly Analysis: BTC Trading Near Make-or-Break Levels

January 27, 2019 boss

Bitcoin price is trading nicely above the $3,500 support area against the US Dollar. There is a major ascending channel formed with resistance at $3,650 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair needs to surpass the $3,650 and $3,720 resistance levels to gain bullish momentum in the near term. Bitcoin price made a few bullish breakout attempts, but it failed against the US Dollar. BTC/USD must stay above $3,500 and $3,480 to avoid a downside break in the coming days. Bitcoin Price Analysis…

Ethereum Price Weekly Analysis: ETH’s Next Crucial Break Is Near

January 27, 2019 boss

ETH price remained below the $120 and $125 resistance levels against the US Dollar. There is a crucial bearish trend line formed with resistance at $116 on the 4-hours chart of ETH/USD (data feed via Kraken). The pair needs to surpass the $116, $117 and $120 resistance level for a decent upside move. Ethereum price is trading in a tight range versus the US Dollar and Bitcoin. ETH/USD could struggle to move past $120, which might result in a bearish break below $112. Ethereum Price Analysis This past week, ETH…

Bitcoin Climbs up China’s First Crypto Ranking of 2019

January 27, 2019 boss

News China’s Center for Information and Industry Development has released its latest ranking of 34 crypto projects. This is the first update for 2019, but it is the ninth update overall. Bitcoin has been upgraded from the previous ranking while the top two positions remain unchanged. Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations First 2019 Ranking The Center for Information and Industry Development (CCID), under China’s Ministry of Industry and Information Technology, released its ninth crypto project ranking update on Thursday. The center noted that…