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

The FAST Growing Trend Of Celebrities, Athletes, and Politicians Asking For Their Paycheck In Bitcoin...

While we haven't reached 'Mass Adoption' levels yet, the process is absolutely happening right before our eyes. 

Bitcoin's increasing popularity now has celebrities, athletes, and politicians choosing to take paychecks in Bitcoin...

Video Courtesy Of Fox Business

Bitcoin Network Holds Over $1 TRILLION In Value... and it has NEVER Been Hacked! How It's Creator Knew Attacks Would Come, and How He Prepared...

Bitcoin hacked?

Many people have speculated if there could be some way to create bitcoin's out of thin air by hacking Bitcoin transactions. But these dreams remain nothing more to this day.

In the Bitcoin white paper, Satoshi Nakamoto anticipates attackers who will want to defraud the system, knowing there is always someone greedy who wants the biggest piece of the pie.

However, the Bitcoin white paper explains why it's so unlikely we will ever see a successful hack of bitcoin (or any other type of attack)...

Thirteen years after the white paper's publication, the lessons about how difficult it would be to defraud the network remain relevant.

Amazingly - Satoshi is by all accounts, gone - yet the network has become even more secure on it's own. As the number of Bitcoin miners grows larger by the day, the idea of hacking the system becomes increasingly absurd.

"By convention, the first transaction in a block is a special transaction that starts a new coin owned by the creator of the block. This adds an incentive for nodes to support the network, and provides a way to initially distribute coins into circulation, since there is no central authority to issue them. The steady addition of a constant of amount of new coins is analogous to gold miners expending resources to add gold to circulation. In our case, it is CPU time and electricity that is expended." - Satoshi, Bitcoin Whitepaper

This means that a hacker would need many Bitcoin miners to create the conditions that allow to deceive most of the miners that currently work on the network.

It's impossible to give an exact number, but experts estimate a hacker wanting to manipulate Bitcoin's network would need around 1 MILLION miners running modified code to even attempt it - and we're not talking about repurposed old laptops, this would require the most modern, powerful ASIC mining rigs.

How Bitcoin's Security Improves By Itself Every Day....

The network is designed to keep as many copies of the transaction history as possible so that no one can change them, the security of Bitcoin is built on cooperation, or all the computers on the network agreeing on the time and size of a transaction.

In order for a fraudulent miner to even be allowed on the network, they would need to have a valid copy of past transactions as well.  Then they could only attempt to manipulate new transactions they initiated - because the rest of the nodes would never accept a history of new transactions that did not match their own record on the blockchain.

So, the longer Bitcoin exists, the longer the list of previous blocks gets.

What About Standard 'Cracking' Methods?

One classic method of getting past digital security is as old as computers are - cracking, simply trying one password after another.

Bitcoin has this covered as well - it uses an an encryption algorithm called as 'Sha-256' which was designed by the NSA and the National Institute of Standards and Technology.

Take a look at this randomly generated private key, keep this in mind: 1E99423A4ED27608A15A2616A2B0E9E52CED330AC530EDCC32C8FFC6A526AEDD

After a Quadrillion Attempts, You Would Have Only a 0.68% Chance to Have Cracked it...

It's that long and random for a reason. 

Another way to look at this - you could have 1 million computers, each trying a different password every second, and it still could take up to 30,000 YEARS.

So, What Can We Conclude From All This?

First, I think it's safe to say if Bitcoin was to be the target of a hacker, only those with the highest skill levels stand a (small) chance. 

But those people know they would need to dedicate their life to the task - they also know that if they did, they'd still have less than a 1% chance of success.

So if you were in their shoes - would you risk most likely wasting your life by targeting Bitcoin?  Or would you simply continue to go for the countless other places large amounts of funds are stored, on systems you can actually get into?

The combination of time, costs, and odds would lead any reasonably intelligent person to conclude: it just isn't worth it. 

Satoshi once described hacking Bitcoin as new take on the 'gamblers ruin' scenario - where essentially, someone attempting to 'win' at hacking bitcoin is more likely to go broke first.

Author: Ross Davis

Silicon Valley Newsroom

Investors Turning to Bitcoin as Hedge Against Inflation - Billionaire investor Paul Tudor Jones Explains Why...

Billionaire investor Paul Tudor Jones says cryptocurrency right now is a better hedge against inflation than gold.

"It would be my preferred one over gold at the moment" Jones said "Clearly, there’s a place for crypto. Clearly, it’s winning the race against gold at the moment."

Jones, a bitcoin and crypto bull, also told CNBC he’s very worried about rising inflation, saying it’s posing a major threat to the U.S. financial markets and the recovering Covid-hit economy."I’ve got crypto single digits in my portfolio" Jones said, referring to the percentage of his holdings in cryptocurrencies.

Back in June, Jones told CNBC that bitcoin is a great way to protect his wealth over the long run, calling the world’s biggest crypto a store of wealth like gold.

Gold as an investment that hedges against inflation would generally rise along with the rapid growth in consumer prices. Gold lost 8% over the past 12 months compared with bitcoin’s 437% one-year gain.

Often referred to as digital gold, bitcoin was also designed as a payment system, though its adoption as money to pay for things has been slow due to the volatile nature of the digital coin.

Essentially flat earlier in the morning, bitcoin moved higher after Jones’ crypto remarks. It hit a new all-time high above $66,000 on Wednesday, rising above April’s record.

Bitcoin struggled over the summer, trading briefly below $30,000 before turning higher again in advance of the launch of the first U.S. bitcoin-linked exchange-traded fund.

The ProShares Bitcoin Strategy ETF jumped 4.8% in Tuesday’s debut session and another 3% on Wednesday. The ETF tracks bitcoin futures, or contracts speculating on the future price, rather than the cash price.

Jones said he’d rather own bitcoin itself than the futures-tied ETF. However, he said the ETF will do fine and investors should "take great comfort" that it’s been approved by the U.S. Securities and Exchange Commission.

Video courtsey of CNBC.

Bitcoin Hit The Moon As It Broke $60k Today - Will We Keep Flying Towards Mars? Or Burn Up On Re-Entry?

For the first time in 6 months - Bitcoin broke $ 60,000, approaching its all-time high of $64,863.10.

Confidence is growing among investors as rumors hit the market that the US SEC will approve an exchange-traded fund (ETF) based on bitcoin futures as soon as next week.

The previous day teased traders when Bitcoin peaked at $ 57,125 near midnight on Thursday, and left many feeling we were on the cusp of finally crossing $60k again. 

At the time of publishing, Bitcoin sits just 8% away from it's all time high... 

Now the question is: Will crossing the $60k threshold be the warning sign for people sitting on the sidelines to finally take the leap and buy Bitcoin?  Will current traders HODL what they have and buy more?

Or will traders be tempted to take profits now, while the price is close to BTC's all-time high?

We expect to officially know the SEC's decisions on bitcoin futures ETFs on Monday, but so far there's been nothing coming out of the SEC to dispute the rumor - a sign it's likely true.

Author: Ryan Stewart
Silicon Valley News Desk | Breaking Crypto News

Edward Snowden Warns Of Bitcoin's EVIL TWIN, a Tool Of 'Crypto-Facists'...

Bitcoin's evil twin

Former CIA turned whistleblower Edward Snowden calls central bank digital currencies the 'evil twin' of decentralized cryptocurrencies like bitcoin. For him, CBDCs - as they are known as Central Bank Digital Currencies - are "crypto-fascist" tools.

"A Perversion Of Cryptocurrency..."

The computer specialist, who resides in Russia as a fugitive from US justice for leaking thousands of 'top secret' documents wrote on his personal blog.

"I will tell you what a CBDC is NOT—it is NOT, as Wikipedia might tell you, a digital dollar. After all, most dollars are already digital, existing not as something folded in your wallet, but as an entry in a bank’s database, faithfully requested and rendered beneath the glass of your phone.

Instead, a CBDC is something closer to being a perversion of cryptocurrency, or at least of the founding principles and protocols of cryptocurrency—a cryptofascist currency, an evil twin entered into the ledgers on Opposite Day, expressly designed to deny its users the basic ownership of their money and to install the State at the mediating center of every transaction. "

Snowden, values ​​privacy across the board, including financially, which is why the idea of an 'official state ledger' that can be continuously scrutinized and eternally reviewed alarms him.

Where Things Stand Now...

The 'Digital Yuan' which is the CBDC to be issued by the Central Bank of China in the 'advanced stage' of testing - total anonymity is not possible and the Government decides who can have permission to access the centralized database in which transactions are recorded.

Both the United States and European Union say they're in the process of evaluating the benefits of issuing their own CBDC's, the 'digital dollar' and 'digital euro'.

Author: Mark Pippen
London News Desk / Breaking Crypto News

Bitcoin Is Being Transferred Off Of Exchanges At The FASTEST Rate Ever - Will HODLers DOMINATE The Market?


Bitcoin 2021

Despite Bitcoin's slow recovery from the $52k to $45k plunge earlier in the month, analytic firm Glassnode recorded the transfer of $1.2 billion of bitcoin off major exchanges.

Bitcoin being taken off exchanges is a clear sign that the owner is storing it instead of keeping it on an exchange where they can easily sell it.

This confirms that bitcoin accumulation continued as the price fell.

How Many Are Truly HODLing? Here's the numbers...

Long-term holders (LTH) are those who have owned their BTC for more than 155 days, they purchased it before mid-April, while short-term holders ( STH ) bought after the historical high on April 14.

In total, short term holders have amassed 16.8% of bitcoin's supply in the last five months, or about 3.16 million bitcoins.

While long term holders now own 79.5% of bitcoin's supply.

Signs Of What's To Come...

In the graph below, you can see two things: long term holders are at a historical high, and the accumulation of Bitcoin off-exchanges creates a supply shortage that typically triggers a price increase.

"Accumulation highs precede a price high" the report states.

Bitcoin stats 2021

The amount of Bitcoin that moves from short to long term holders per month averages 421,000. This rate is expected to continue into the final quarter of the year, when true scarcity could drive bitcoin to record-breaking prices.

If FOMO kicks in, it all may happen at a record-breaking speed as well.

So - be ready.

Author: Mark Pippen
London News Desk / Breaking Crypto News