May 27, 2020

Pandemic Highlights Inefficient Systems: Blockchain Can Help

May 27, 2020 boss

The Swiss-based non-profit blockchain industry association, the Global Blockchain Business Council (GBBC), believes that the crises resulting from the coronavirus pandemic have highlighted the benefits of distributed ledger technology (DLT). In email correspondence with Cointelegraph, a representative of the GBBC asserted that DLT can modernize and address the inefficiencies of the systems that underpin the organization of contemporary societies. Coronavirus highlights DLT use-cases “The current pandemic is highlighting many of the inefficiencies and shortcomings of existing systems,” the spokesperson said, emphasizing the failures of many governments in both “preparing and…

1000 Corporate Systems Infected With Monero Mining Malware

May 27, 2020 boss

The Blue Mockingbird malware gang has infected more than 1000 business systems with Monero mining malware since December 2019. The global scale of the hacker group’s operations was revealed by cloud security firm Red Canary on May 26. The report outlined the group’s methodology. The malware attacks servers running ASP.NET applications and exploits a vulnerability to install a web shell on the attacked computer and obtain administrator-level access to modify the server settings. Next, the cybercriminals install the XMRRig application to take advantage of the resources of the infected machines.…

Bitcoin Price Caught Between Key Support Levels as Bearish Sentiment Grows

May 27, 2020 boss

Bitcoin (BTC) price had a relatively muted day as the digital asset traded between $8,700-$8,885. Currently, the price remains below the ascending channel trendline and the daily candle closed as a neutral doji, showing bulls and bears are in contention on the direction Bitcoin will take over the short-term. Crypto market weekly price chart. Source: Coin360 As the price searches for direction and its dominance rate drops from 67% to 65.5%, a handful of altcoins continued a multi-day streak of impressive double digit rallies. Despite Bitcoin price finding difficulty in…

Bitcoin Risks Turning Bearish Due to Declining Market Health, Says Glassnode

May 27, 2020 boss

Bitcoin (BTC) risks sliding back into bearish territory should onchain activity and overall market health continue to decline, warns analytics firm Glassnode. The latest market update from Glassnode shows that the GNI index, which measures the overall state of the Bitcoin network, dropped 18% or 13 points week-on-week, to a value of 60 points. Simultaneously, the price of BTC was falling below the psychological $9,000 level, to around $8,700. The index considers metrics such as network health, sentiment, and liquidity to determine the strength of bitcoin’s fundamentals. According to the…

WeChat Invests $70 Billion in Fintech, Including Blockchain and AI

May 27, 2020 boss

Chinese tech giant Tencent Holdings will allocate nearly $70 billion (500B yuan) over the next five years in fintech development, including blockchain, cloud computing, and artificial intelligence (AI). Reuters reported on May 26 that the company, which is behind the WeChat messaging app, hopes to strengthen the development of fintech across the country, following the recent embrace of blockchain by the Chinese government. Tencent wants to expand to business services and will invest in 5G networks, Internet of Things (IoT) operating systems and large data centers, among others, Pandemic boosts…

The Walking Fed Creates Zombie Horde

May 27, 2020 boss

Stocks of zombie corporations are outperforming the S&P 500. A horde of companies too dead to feed their debts continues walking due solely to Federal Reserve bailout programs. This subverts the natural selection of capitalism and does not let the brave new world start clean. In the television series The Walking Dead, a virus creates a zombie apocalypse on earth. In reality, the Federal Reserve is working with a global virus to create a plague of zombie companies. Zombie corporations do not produce revenue capable of sustaining themselves. By definition,…