Showing posts with label bitcoin. Show all posts
Showing posts with label bitcoin. Show all posts

Russian Darknet Market HACKED, Bitcoin Taken... Transferred to Ukraine!

Computer Security specialist Alex Holden was born in Ukraine, and while he now lives in the United States, he's doing what he can to help his countries efforts against Russia. 

Holden is sharing his accomplishment of infiltrating Russia's largest online drug market, called Solaris, steal 1.6 bitcoin (BTC) from the website's main wallet, and donate it to Ukraine.

The funds were sent to a Ukrainian non-profit called 'Enjoying Life", and the organizations co-founder Tina Mikhailovskaya confirms it was received, saying it was "given directly to the elderly, families and internally displaced people who suffered from the Russian war."

Holden declined to tell how he did the robbery, only sharing that it involved help from his team of hackers from he employs at his company Hold Security, and that they took 'partial control of the Solaris infrastructure' which somehow included access to the wallet. 

While an amusing story, this is small compare to the true impact of crypto on this war...

Ukraine is the first nation in history to formally accept bitcoin and other cryptocurrencies to finance the costs of a war, and so far their wallet has received 645 BTC in donations from around the world. That is equivalent to $10 million USD at current rates, and $45 million at Bitcoin's high.

Author: Mark Pippen
London News Desk 
Breaking Crypto News

It's Election Day in the USA - Why No Election Has Ever MATTERED MORE for Crypto Traders and Industry...

US Election 2022 and Crypto

It's election day in America, for those unfamiliar with US politics, this one is a 'mid term' - no new President will be selected, but seats in virtually all other elected rolls are up for grabs.

All 435 members of the House of Representatives and 34 senators are running.  According to media reports, political action committees and bitcoin lobbyists have contributed millions of dollars to candidates races.

As of two weeks ago, crypto-related donors had given more money than the traditional big election spenders - surpassing both defense and big pharma.

The industry expected 2022 would be the year policymakers came up with a plan for regulating crypto - that didn't happen...

Unresolved policy disputes between lawmakers and lobbyists left this unfinished, as Congressmembers and Senators left Washington DC until the new year.

That means those elected today are virtually guaranteed to be the ones voting on crypto regulation in the near future.

Crypto becomes a mainstream topic for voters...

According to a poll by Grayscale early October, 38% of voters said candidates "crypto policy positions" mattered to them when deciding who to vote for. 

Another poll by the Crypto Council for Innovation, taken around the same time, had 45% of voters agreeing that lawmakers should "treat crypto as a serious and valid part of the economy."

The ideal outcome for crypto...

Most crypto traders want a Republican majority in either or both chambers, since Republicans have been some of their most loyal supporters in the past.

The Republicans have also indicated the willingness to move bills that many in the industry say create a reasonable regulated environment, where protections for investors can be implemented without slowing down the progress of a fast growing industry.

"We believe crypto is one of the few sectors we follow where the midterms will have a material impact on policy. Republicans tend to be more accepting of fewer limits on crypto products because they are decentralized and different - We believe a GOP sweep of the midterm elections would be the best outcome for crypto" said Jaret Seiberg, an analyst at financial services company Cowen.

Generally favoring less government involvement in free markets, Republicans would also likely put pressure on agencies like the SEC stop over-aggressive regulation of crypto firms and seek reasonable regulation aimed at protecting investors.

A history of bipartisan support...

While crypto does have a history of finding supporters from both major parties, many see the Democrats as 'dropping the ball'.  Some expressed the desire for what sounded like reasonable solutions to the regulation issues, some even co-authored bills with Republicans. 

But at the end of the day, they had 2 years where they held most of the power, and nothing was accomplished.

Then, with some opinions from members of the Biden administration that sounded like they don't understand the basics of what crypto is, many who consider crypto an important issue switched to a firm "Republicans only' stance this election.

The crypto industry may get their wish...

Polls are indicating that Republicans will take back the House and probably the Senate as well.  

A common prediction from crypto traders on multiple platforms right now is that a Republican win of both the House and Senate tonight could immediately trigger some market movement upward, we'll probably soon see if they're correct.

Author: Ross Davis
Silicon Valley Newsroom
GCP Breaking Crypto News

Michael Saylor Still Pushing Bitcoin after Stepping Down as CEO of MicroStrategy - Tells Elon Musk to "BUY MORE"...

Michael Saylor, a well-known Bitcoin advocate who had earlier announced his resignation as MicroStrategy CEO, responded to Elon Musk's ironic tweet about wanting to buy the Manchester United football team coin.


Saylor responded to Musk saying he'd 'prefer' if he bought more Bitcoin.

A better response would be something including reasons to buy Bitcoin, besides pleasing Michael Saylor... but okay.

Musk said in February 2021 that Tesla had purchased BTC for $1.5 billion and had begun taking it as payment for its electric vehicles. However, the payment method was removed in April due to contentious concerns about Bitcoin miners and the effects they were having on the environment.   

In spite of this, Tesla kept all of that Bitcoin until recently. In the second quarter of 2022, the corporation sold off 75% of its Bitcoin, leaving only $218 million in the cryptocurrency's balance. The corporation purchased Bitcoin for $31,620 and sold it for almost $29,000 per unit.

Musk says he hasn't sold any of his privately owned crypto...

Musk did clarify, though, that he was not selling his personal cryptocurrency holdings, only those that belonged to Tesla, the company. 

Musk has mentioned owning Bitcoin, Ethereum, and the coin he says he continues to buy more of, Dogecoin.

Author: Oliver Redding
Seattle Newsdesk  / Breaking Crypto News

[Update] - As Bitcoin Mining Companies Enter 'Unprofitable' Territory, a Potentially MASSIVE Profitable Play Opens Up...

Update: Looks like our theory was correct (and while it could reverse course any time) currently CORZ is up 64.20% over the last 30 days.!

Original Article 6/15/2022:

S9 miners, extremely popular mining rigs with almost 8 years in the market, are operating at a loss to anyone located somewhere paying more than 2cents USD per kilowatt-hour in electricity costs. This is most US states.

This was brought to our attention on via tweet from an employee at Core Scientific, a Texas based mining company with stock trading on the NASDAQ stock market under the symbol 'CORZ'  

Crypto companies daily income and net worth can change drastically, fast.  In the case of CORZ, which also holds 8000 BTC, Bitcoin returning to just $30,000 could happen over a single week - and would suddenly turn a company that was losing money into one that gained $80 million more in assets. 

These factors are prime examples why stocks for companies focused entirely on crypto are different than anything Wall Street has seen before. 

Figuring out the value of a mining company isn't as simple as a formula for their hashrate (mining power) = X BTC earned daily + BTC already owned = company value.  The price of Bitcoin isn't the only factor - even the weather can dramatically change profitability, as we covered last week how Texas based mining companies are having to power down during heatwaves. 

Wall Street Debates How To Trade Crypto-Company Stocks...

Because of the factors explained above, we saw Core Scientific with a stock price around $13 just 6 months ago, down to $2 today.

Browsing stock-focused online communities makes one thing clear - stock traders still aren't sure if this represents a company moving towards failure, or chance to buy something with a rare huge potential upsides. 

The Power Play, Where You Don't Buy Bitcoin... and Profits Are Potentially 200% Higher...

So here's what it all comes down to - if you believe Bitcoin will return to or pass $60k again, and believe a stock like Core Scientific will return to $13 when it does (the price it was last time Bitcoin was at $60k) - the stock represents a 5X return on investment when Bitcoin's price only does a 3X.

Which is huge, and seems realistic - but will it?

The same financial press publishing crypto doom and gloom stories currently, will of course, again, hype up 'Bitcoin's comeback' when things go the other way.

So it's safe to say the buzz outlets like Bloomberg, CNBC, and Wall Street Journal will create will bring a boost to crypto related stocks as well. The audience of these publications includes a segment of investors not comfortable enough with tech to ever own crypto, but is willing to buy stocks that allow them to capitalize on a trend.

Here's Why it Isn't as Simple as 'Bitcoin up = Crypto stock up'...

The benefits of Bitcoin's decentralization is highlighted here, these risks apply to stocks but are not a factor for Bitcoin. 

Actually, these risks apply to any company managed by humans. A company can be derailed a number of ways - an inexperienced CEO or Board of Directors, negligence or fraud in the accounting department, a company deciding to issue a large number of additional shares, or bringing in a new key investor and issuing them a large number of shares below market value - all of these can quickly bring a stock price down - but none of then can happen to Bitcoin. 

It's not even as simple as finding a company managed by trustworthy and experienced executives - note that not all of the factors mentioned above would be considered poor company management, some are just part of doing business.

I do not currently own shares of any crypto mining company stocks...

This caught my interest and I immediately wrote this article, haven't moved on anything and still unsure if I will.  The main reason for hesitating is this would mean canceling some of my current open positions to 'buy the dip' on Bitcoin and a couple other coins I'm confident will rise again. 

Share your thoughts on this with us on twitter @TheCryptoPress!

Author: Ross Davis
Silicon Valley Newsroom
GCP | Breaking Crypto News

Michael Saylor steps down as CEO of MicroStrategy...

There's a shakeup at MicroStrategy as major Bitcoin bull Michael Saylor steps down.

His investments into Bitcoin are still likely to pay off big down the road, but he's being blamed for the losses on paper now.  Is this a sign those who will take his place don't understand this?

Will the person who takes his spot make the huge mistake of selling off their crypto?

Video courtesy of Yahoo News

From Chaos Comes 'One Of the LARGEST BULL MARKETS in HISTORY'...?

While the return of the bull market may not be 'close' - there's some signs that it is indeed coming. 

We're not alone, many analysts see a positive future ahead, such as senior analyst of Bloomberg's Commodities Division, Mike McGlone, who says "bitcoin could initiate one of the largest bull markets in history."  

McGlone says that between betting on Bitcoin's collapse, or Bitcoin continuing to gain wider adoption, their “bias is that bitcoin adoption is more likely to continue to rise” .

Other Positive Indicators:

Bitcoin being transferred from exchanges to privately owned wallets is considered a bullish sign, it indicates the owner of that Bitcoin is not looking to sell anytime soon. These investors are considered to be HODLing, and waiting for the bull market to return. 

Bitcoin on exchanges
via CryptoQuant: Amount of Bitcoin available on exchanges.

In fact, the supply of BTC being traded on exchanges hasn't been this low in 3 years.

Traders too fearful to notice - the crypto market already stabilized!

Traders are still on-edge from recent market chaos, the 'Fear & Greed Index' currently rates the Bitcoin market as one with 'Extreme fear' meaning indicators taken into account such as volume, momentum, and social media sentiment show traders hesitant to buy. 

Bitcoin has been trading between $19k and $22k for nearly an entire month!

'Hesitant to buy' and 'selling off' are two very different things - and it's gone somewhat unnoticed that the selloff ended weeks ago.

For Bitcoin especially - this is an extremely stable price range to be holding for weeks now.

Lingering fears...

Until last week, the big question mark hanging over the crypto market was lending platform Celsius and concerns it would be next to collapse.  They leveraged their funds through multiple DeFi platforms, concerns that they could be liquidated still owing millions were valid as it would have caused a ripple effect and likely another round of coin prices crashing down.   

However - they've spent the last week paying off large portions of those debts and now is no longer at high risk of liquidation 

So for now, it appears we won't be seeing any additional over-leveraged crypto platforms collapse. 

Unfortunately, the remaining cloud of fear hanging over the crypto market is a massive one that reaches far beyond crypto.  These fears are shared with the world and come from an economy struggling to grow, out of control inflation, rising gas costs, and global conflict. 

Author: Adam Lee 
Asia News Desk Breaking Crypto News

Canadian Government's Recent Actions Show Why 'We NEED Bitcoin'...

Saagar makes the case for bitcoin and all crypto currency given the Canadian government's financial crackdown of the Trucker convoy and those who helped fund it .

Saagar Enjetia and co-host Krystal Ball formerly anchored The Hill's daily news broadcast, and now own and host the independent platform 'Breaking Points'.

Video courtesy of Breaking Points

Bitcoin - A Compelling Case for Store of Value....

Bitcoin store of value

Shortly after my first steps into the world of Crypto at the start of 2021, I found myself in a debate over what Bitcoin’s future use and utility may be. At the time, even though I liked to imagine the result of being an early investor in a Bitcoin world, though I wasn’t fully convinced of either ‘digital cash’ or ‘digital store of value’ use case arguments. I was mostly invested in the blockchain technology for the huge volatile returns associated with a developing tech market. 

The person I was debating with (much older and wiser than myself, with plenty experience in investing), continued to ask the question “why Bitcoin? What is the unique utility that will allow it to become a store of value over others?” 

I found this tough to answer definitively as I listed the extensive benefits and qualities of blockchain tech, realizing that many of these qualities are not directly owned by bitcoin. Everyday new coins/tokens, although many being so-called “sh*t coins” and not being layer 1, are listed with the aim of having the same divisibility, transaction speed, low fees, security, anonymity and transparency as the bitcoin network. Though I do not see any of these as better alternative Bitcoin, it did put a dent in my bullish mindset of Bitcoin’s future when thinking of what next best thing can be created in a cryptoverse while it is developing at such fast pace. 

Because of Bitcoin’s volatility and expected adoption rates, the use case of Bitcoin as digital cash is becoming increasing more difficult to picture in the short to mid term. Unless your are “all in” Bitcoin with all of your financial assets, why would you use Bitcoin as everyday cash when you expect it to 10x value in the future? You wouldn’t use 1BTC to buy a car at $40,000 when most investors are confident that 1BTC will be worth $100k in the coming years, possibly sooner. Anyone with a fraction of a Bitcoin is much more likely to ‘hodl’ their asset as a store of value that provides much greater benefit than buying depreciating assets. This example, accepted as unfeasible, allow us to move on from the use case of ‘digital cash’ and approach the ‘store of value’ concept.

For Bitcoin to become a strong ‘store of value’ asset, it must have a form of unique utility superior others...

As I continue, I will list these benefits in bold and draw a conclusion geared towards achieving a store of value.

The ‘store of value’ concept does not allow people to use Bitcoin for everyday transactions, at least until the market has gained mass adoption world wide and the market cap has settled out, reducing volatility on Bitcoin’s expected growth curve. In the meantime, it shows Bitcoin to serve as the best store of value while the world transitions from traditional monitory policies to a digital, decentralized monitory system. 

Means of Exchange: can be related to Carl Menger’s widely accepted theory on the origin of money. Menger, the founder of the Austrian School of Economics,  who’s theory on the origin of money is that each person had different goods required to suit a need, in order to acquire those goods, they had to trade with others. This became difficult as there was not always someone looking to trade for that exact good, leaving their good with no value without demand, a medium of exchange would be required to allow a trade to occur between multiple parties. The is where money became a valuable good according to Menger’s quote: 

“not because they value the goods themselves for direct consumption, but because they believe the goods can be easily exchanged for other goods they wish to consume.”

Within the cryptovesre, Bitcoin is becoming more useful as a means of exchange as it is listed on almost all major crypto exchanges/digital apps and can be very quickly and cheaply converted to most cryptocurrencies/tokens whether it be finance projects, gaming tokens, nft tokens, or centralized stable coins for everyday use. In return, this also allows each of these assets to be returned to a Bitcoin for a store of value very quickly and cheaply when not in use and you do not want your capital to be at risk from other potentially depreciating factors associated with any given token/coin. 

The potential risk associated with any crypto coin or token could be:

  • Inflation - Stable coins that track a centralized currency care susceptible to inflation and decrease in purchasing power over time

  • Market conditions - Any coin that is dependent on the demand of a market/project will always face risk of the supply-demand effect.

  • Competition - Like all aspects of engineering, each project that is build in the crypto space will have competitors trying to improve and better it. Bitcoin has no direct Layer 1 competitors due to its originality of the blockchain network.

This makes Bitcoin an ideal means of exchange between daily use currency/tokens in the future. In the long term, as more and more people move to digital assets, why would I hold my saving in a bank account receiving 0.01% interest while being subjected to 7% inflation when I can uphold my saving’s purchasing power in BTC? 

As is already the case on most exchanges and wallets at present, the total value of asset on the account are summed u and total in BTC, not fiat currency like USD. 

This ability BTC has to be unaffected by the bullet point list above, gives it an inert property above others, that questions the ironic term ‘stable coin’ given to fiat trackers such as US tether. I believe most people will look for ‘store of value’ assets moving to the future.

Rarity: As there are only 21 million Bitcoin available...

The value will always remain high as an increasing number of people discover, learn and use digital currencies. The having reward in the year 2120 is set to be 0.00000018BTC, or 18SATS (satoshis) as it may be called then. For bitcoin to maintain this having method, the value of 1 Bitcoin will truly be astronomical as we will have to see high value in Satoshi’s to continue mining. 

For example: in the year 2040, the reward for minors to mine a block will be cut to 0.19BTC with halving cycles from the current block reward of 6.25BTC. If the value to minors in 2040 is to be just as fruitful in purchase power as It is today, BTC value would have to multiply with a factor of 32 by then. That excludes inflation and the migration of potential cryptocurrency users which I will mention below.

I believe that the combination of the above (cheap and fast means of exchange, originality and rarity) does give bitcoin its own unique utility in the long term timeframe, thus a store of value. This utility will grow in use as the current momentum in the financial world grows towards digital asset control. Other previous stores of value like Gold and precious materials, do have many core uses that made it a desirable store of value but this cannot be moved or exchanged as quickly, cheaply, or freely across borders. Giving such less utility in a world where people want this at a touch of a smartphone.

Momentum will be key to holding up this ‘store of value’ case for Bitcoin...

As I said at the beginning of this note, I firmly believe that blockchain technology will be the next big life changing tech to be used worldwide, similar to the development of the internet. And just like the internet, no one could have predicted how it will be used and what form it will take 40 years down the line. However, aside form all the advantages up for debate, there is a natural momentum shift that will take place. As more people over the years grow up tech savvy and are will be open to understanding and using cryptocurrency, there will be an equal amount of the older generation, who never would get on board with the idea of cryptocurrency, that will be leaving inheritance to the younger generation, likely to be held as savings or investments in some digital form 30-40 years from now.

For example, my parents are still unsure and lack trust in everyday online banking apps, something I use everyday and probably would be in financial distress without. To them, idea of paying with smartphone wallets are very risky and the concept of holding money in a digital wallet on a blockchain is completely mind-blowing, it is condemned at the first mention of it. 

The progression of this is that I’m sure my kids, in 10-15 years from now, will be substantially more tech savvy than my parents and most likely myself as well. They will have a natural exposure and understand to use the crypto world just as is did growing up with the internet. This will inevitably increase the number of blockchain users, bitcoin wallets and contribute heavily to mass adoption world wide, just as the internet did with the more people that use and understand it.

In 1998, according to '', internet had approximately 147million users, 3.6% of world population. According to '', cryptocurrency users are currently sitting just above this at 3.9% of world population. Plenty of headroom for crypto user to grow in the coming years as the above mentioned momentum shift takes place. As of March 2021, the estimated internet worldwide was 5.1Billion (65% world population). 

It is also gradually becoming more common to see previous critics of Bitcoin begin to publicly hedge their bets by allocating a couple percent of their portfolio into the cryptocurrency. 

This natural momentum shift creates a snowball effect in adoption of a bitcoin, with countries, banks, institutions all making headway into the cryptoworld trying to get ahead of the curve. This will result in Bitcoin application and interface becoming more user friendly, greasing the hinges for the incoming herd, just as internet banking has and continues to do.

In conclusion...

Because of all the above factors - I believe this momentum shift will continue to snowball from today, to allow us to reach mass adoption of Bitcoin faster than first thought. Though it may not be anytime soon that it is used for everyday transactions like money, it will be used as store of value to easily facilitate everyday use through other monies. 

Written By: Guest Author 
Contact: 614Crypto @ Twitter
Disclaimer: Not Financial Advice

Bitcoin Enters the Russia vs Ukraine Conflict - Will Crypto Become a Standard Tool in Future Wars?

Bitcoin in Ukraine and Russia Conflict

Bitcoin has become embroiled in the ongoing crisis between Ukraine and Russia. A recent research revealed how Ukrainian rebel and defense groups have collected bitcoin (BTC) and other cryptocurrencies as donations to fund their activities.

Elliptic, a cryptocurrency research organization, conducted the study. It examines how non-governmental organizations (NGOs) and other advocacy groups in Ukraine might use bitcoin.

According to the report, the total amounts received by the groups and NGOs that were tracked for donations via cryptocurrency was just over a half-million in USD - which the study notes represents a 'small percentage' of the overall incoming funds.

This was likely a test on how beneficial it is to have Bitcoin on hand during a conflict. 

But when you consider the question: is the ability to send unstoppable transactions into a war zone a powerful capability?  Clearly - yes. 

Unfortunately I can already see politicians praising it when used their own military or allies, then calling it 'a tool finance enemy regimes' when it's the other way around.

Crypto Never Has Played a Large Role in Facilitating Otherwise Secret or Illegal Transactions... 

Regular government issued fiat currencies are used 160X more often in crimes compare to cryptocurrencies - a massive difference.

While the media painted Bitcoin as new choice of the criminal underground - many of those criminals learned the hard way that the only reason Bitcoin was being called 'untraceable' is the reporters writing about it didn't know how to to use it.

According to a recent report from blockchain analysis firm Chainalysis, bitcoin was used to launder less than 0.5 percent of the USD 8,600 million that was laundered in 2021 - down 4% from the previous year.

Everything above highlights what we believe will be an emerging trend - continued declining use by bad actors, and increased usage in cases where a transaction that cannot be stopped or intercepted are needed, but anonymity is not. 

Author: Mark Pippen
London News Desk 
Breaking Crypto News