Gold bug Peter Schiff, who has often spoken out against Bitcoin, may be admitting that there’s at least some flaw in his predictions after acknowledging the coin did not “collapse” as gold rose to a new all-time high last month. In a Twitter exchange with Tyler Winklevoss, which began Sept. 6, Schiff traded words with the Gemini co-founder regarding Bitcoin’s rise to a yearly high of more than $12,000 on Aug. 17 and its dip under $10,000 just last week. While Winklevoss predicted the digital asset’s baseline for all future…
Day: September 6, 2020
Could Russia lead Eastern Europe’s crypto boom?
Not unlike many other jurisdictions around the world, Russia has come to recognize the potential benefits and risks flowing from cryptocurrencies by taking its first step to define and codify digital assets. The new Russian legislation dubbed “On Digital Financial Assets” sets a clear direction for the treatment of cryptocurrencies by authorities and how both individuals and businesses can handle them in everyday practice. Nevertheless, the new legislation may give pause to payments companies and fintech companies keen on expanding into the Russian market. While the approach of the Russian…
DeFi ain’t just about tokens, quality use-cases to overcome challenges
Blockchain technology is disrupting every sector of the global economy with its limitless opportunities and innovative products. Decentralized finance is one of the sectors that has been trying to shake the traditional financial ecosystem. The multitude of DeFi applications emerging all over the fintech space has provided solutions, such as lending, staking, exchange of derivatives, among others. The current craze is justified, as DeFi attempts to build an alternative to the rigid banking systems. Also, government regulation (or lack thereof) and a flawed financial infrastructure have allowed DeFi projects to…
Electrum Bitcoin wallet still plagued by known crypto phishing attack
Two Electrum software wallet users have recently reported the loss of large sums of Bitcoin (BTC). One victim described the disappearance of 1,400 BTC, totaling $14,595,000 at press time, while another claimed 36.5 BTC, worth $380,512, as stolen. The events appear connected to a long-standing phishing scam affecting Electrum users since 2018. “Users need to be careful when dealing with their own keys, particularly when they are holding the keys to a wallet with a large amount of cryptocurrency as it makes them attractive to hackers,” Jason Lau, the chief…