June 1, 2020

Blockchain and Smart Contracts Have a ‘Dark Side’, Says Researcher

June 1, 2020 boss

Blockchain technology crystallizes the rise of “algorithmic power” that today presents a major challenge to traditional forms of sovereignty, legal authority and state-led governance. So goes the argument in a new post for the Oxford University Faculty of Law blog on June 1 by Kevin Warbach, a professor of legal studies and business ethics at the Wharton School, University of Pennsylvania. Professor Warbach’s forthcoming book, “After the Digital Tornado: Networks, Algorithms, Humanity,” will argue that blockchain technology could wreak unintentional havoc if its characteristics are not understood and tackled directly. …

The Consumer Spending Decline Has Only Just Begun

June 1, 2020 boss

The stock market is expecting the economy to improve in 2021, but unemployment estimates suggest it won’t. A sharp drop in consumer spending will likely continue well into next year as high unemployment persists. The stock market is in for a rude awakening in August when consumers pull back once again. The U.S. stock market has been mostly indifferent about dire unemployment figures and plummeting consumer spending. Investors are willing to look past the terrible data because they’re expected to improve considerably as the economy continues to reopen. But new…

We Need to Talk About the Vilification of Lana Del Rey

June 1, 2020 boss

Lana Del Rey is being dragged through the mud lately after comparing herself to black artists. She spent Saturday protesting, trying to raise awareness for Black Lives Matter. Some artists are calling her out for “endangering” others. When it comes to a bad run, Lana Del Rey is having a real turd sandwich of a fortnight. The “Summertime Sadness” hitmaker first ruffled feathers by sharing a lengthy post on Instagram detailing her experiences as an artist. While Lana expressed her frustration at not being able to sing about the same…

Restored Falling Wedge Pattern Sees Bitcoin Rising above $11,500

June 1, 2020 boss

It appears Bitcoin missed a medium-term upside target above $11,500 after undergoing a significant sell-off in March 2020. The major northward move had appeared out of a Falling Wedge breakout. Bitcoin reentered the Wedge after the crash and followed it with a breakout towards a new bull target near $9,500. The cryptocurrency is still eyeing $11,500. Bitcoin is sending a buy signal. So shows a textbook technical indicator called Falling Wedge. The chart pattern started forming after Bitcoin surged to near $14,000 in June 2019. As the cryptocurrency started correcting…

Maker of Coldcard Bitcoin Wallet Rolls Out Extra-Strength ‘USB Condom’

June 1, 2020 boss

The comedian Dennis Miller once joked about computer viruses, “When you link up to another computer, you’re linking up to every computer that that computer has ever linked up to.” If so, CoinKite, maker of the Coldcard hardware wallet, has invented an extra-strength prophylactic for bitcoin investors. The startup just released Coldpower, which allows users to charge their hardware wallets by connecting the USB plug to a 9-volt battery, rather than, say, plugging it into a laptop. Comparing it to a popular gizmo that prevents accidental data exchange when one device…

EA Finally Does the Right Thing, but Gamers Aren’t Buying It

June 1, 2020 boss

EA is postponing the Madden NFL 21 reveal initially scheduled for today. EA notes the ongoing protests across the US as the reason behind the decision, noting that current events are ‘bigger than a game.’ Fans have reacted with a mixture of understanding, disappointment, and disdain as many call out the hypocrisy of EA’s stance. EA (Electronic Arts) has announced the cancellation of a first-look reveal at the upcoming Madden NFL 21 scheduled to take place today. Fans widely expected EA event to showcase gameplay as well as reveal the…

Ether Leads Bitcoin on Price as Investors Prepare for Staking Arrival

June 1, 2020 boss

Bitcoin has entered the seasonally bullish month of June on a positive note, but its recent gains look pale compared to that of ether (ETH), as the Ethereum blockchain approaches a key new iteration. Bitcoin, the top cryptocurrency by market value, rose by over 8% last week and ended May with a 9.5% gain. That came after bitcoin jumped by nearly 35% in April, according to CoinDesk’s Bitcoin Price Index. Meanwhile, ether’s price rose by 16% last week and 12% for the month of May. Growth in ether’s non-price metrics,…

Operator of Alleged Crypto Scam Flees South Africa for Mozambique

June 1, 2020 boss

Willie Breedt, a South African accused of stealing seven-figures from local investors through his VaultAge Solutions scheme, is believed to have fled the country for Mozambique. The story was reported by News24 on May 29, citing a representative of the South African Department of Home Affairs who indicated that he has not returned to the country since leaving for Mozambique on December 21. Despite allegedly attracting over 2,000 investors, VaultAge Solutions was not registered with South Africa’s Financial Services Conduct Authority. Local police investigate Breedt for fraud VaultAge Solutions was…

Bitcoin’s Privacy Problem Has an “Old” Solution, Says Veteran Bitcoin Developer

June 1, 2020 boss

A years-old privacy solution for addressing Bitcoin’s anonymity has got a facelift last week, with one developer believing the protocol can be deployed without requiring any change to Bitcoin’s source code. Addressing Privacy Issue Chris Belcher, a computer programmer boasting hundreds of committing across Bitcoin-centric projects, says the 2013-founded CoinSwap protocol can help address the Bitcoin privacy issue. Belcher has released an implementation proposal for CoinSwap, stating it shall “massively improve Bitcoin privacy and fungibility.” The latter was developed by Blockstream co-founder Greg Maxwell, but the highly-technical approach created a…