Showing posts with label cryptocurrency. Show all posts
Showing posts with label cryptocurrency. Show all posts

Steve Forbes Sees Cryptocurrency As "High-Tech Cry For Help" - Response To Gov Mistrust, Unstable Printed Money...

Steve Forbes, Chairman and Editor-in-Chief of Forbes Media, discusses the future of cryptocurrency and blockchain technologies, and the implications of the technologies for global money, global security, and internet architecture. Forbes views cryptocurrency as a "high-tech cry for help" as a result of the the instability of government printed money. However, it's chief flaw is is also a lack of stability, but Forbes believes it will one day become stable and will give people an alternative to government money.

Courtesy of Center for Natural and Artificial Intelligence

$25 Million In Crypto HACKED, Stolen... And RETURNED!? Inside The Recovery Operation...

Crypto Loan Site Hacked

Decentralized cryptocurenncy loan platform 'Lendf.Me' suffered a security breach on April 18th, around $25 million worth of cryptocurrency was stolen.

Using an exploit in the DeFi smart contracts, the callback mechanism enabled the hacker to withdraw ERC777 tokens repeatedly, this exploit allows them to drain the account without the new balance being immediately updated and showing the theft, until it's too late.

Upon discovering this, things couldn't have looked any worse, as the CEO publicly made this depressing statement while sharing the news:

"This attack not only harmed our users, our partners, and my co-founders, but also me personally. My assets were stolen in this attack, too.

This attack was my failure. While I did not execute it, I should have anticipated it and taken actions to prevent it. My heart goes out to everyone harmed, and I will do everything in my power to make this right. I sincerely apologize to our users, to our new investors, and to my team for letting them down."

While it sounded like the company was down and out, possibly forever - this was just the beginning of the story.

The site's CEO Mindao Yang wanted to try negotiating, so he had his team leave a note for the hackers on the blockchain, saying "Contact us. For your better future" along with their direct contact information.

An Aggressive Counterattack...

Here's where they got it right - instantly their team sprang into action, bringing in security firm SlowMist, which specializes specifically in blockchain based cybersecurity, along with the Singapore Police.

They then announced on their social media that the process of tracking down the hackers had begun.

While we don't know what (if anything) was left behind as far as clues that could lead to the hackers, the company began a campaign to put them in a state of paranoia, stating on their site that there were 'traces left by the hackers before and after the attack' allowing them to 'cross-check with the resources of various parties at home and abroad to obtain breakthrough clues, getting closer to the hacker'.

At the same time, they began contacting other exchanges and making them aware of the hack, getting them to blacklist and freeze any wallets receiving the stolen coins.

The Hackers Couldn't Handle The Heat...

The stress was too much, and the hackers began to crack - the combo of a security firm in the process of tracking them down, and the coins becoming hard to spend as more exchanges blacklisted them, led the hackers to deciding it just wasn't worth it anymore.

They began returning some of the stolen crypto, then something must have really spooked them - the following day they sent back everything they had left.

Amazingly, Nearly All Of the $25 Million Was Recovered...

While the company stated 'all' the assets had been recovered, we were only able to verify $24 of the original $25 million as being returned. But we won't bother getting hung on a tiny $1 million lost, this was still a job well done!

Any users with funds stolen have been promised 100% will be returned.

The company is now bringing in 3rd party experts to both analyze what went wrong here, and what needs to be done to fortify their security in the future.

It's safe to assume this is was part of the deal with the hackers - the company has withdrawn their request to press charges with the Singapore Police. 

Author: Ross Davis
E-Mail: Twitter:@RossFM

San Francisco News Desk

Amfeix Crypto Fund - GONE MISSING? ...What Now!?

Amfeix Review Photographed

We're hearing reports of Amfeix going MIA on people, not responding to e-mails, or users in their telegram support channel.

Like thousands of others, their 3+ year track record with 0 people saying they had problems withdrawing their Bitcoin, made it sound like a safe deal.  Their returns actually weren't insanely large, a good trader can actually make much more and assumed they had some running the fund.

Of course, not knowing the founders/employees names was always a bit of a red flag - at the same time, there's a huge list of advantages to not giving away that information. Not motivated to hide from user, but governments.

At the same time, we've been doing a deep dive in to an alternative where none of this issues are at play.

Unlike Amfeix - their company is completely in the open, we know their identities.

They're called 'Ember Fund' and they even filed with the SEC, and we verified it - see on the official .gov website here.

Calling themselves a 'cryptocurrency hedge fund' they have apps for both iPhone and Adroid you can use to track your account.

Most Importantly...

I think these 3 factors caught my attention most:

  • Their performance has been just as impressive as Amfeix, so even if everything turns out okay over there, i'd suggest switching for peace of mind.
  • They couldn't steal your funds if they wanted to - it's non-custodial.
  • Unlike the typical hedge fund limited to accredited investors (people earning over $1,000,000 per year) you can start with just $100.  (This is just 10% of what Amfeix cost to start) 

Click here and take a look at Ember Fund!

We're working on a more in-depth review, I wrote this up quickly for those starting to lose faith in Amfeix wondering where to go next.

Author: Matt Miller
London News Desk | Amfeix Review

US Gov Opens Cashflow Floodgates - How Will Crypto Market React When MILLIONS Of Millennial's Get Payouts?

crypto and the Coronavirus Aid Package
We're on the verge of the biggest relief fund ever being sent to the people it's supposed to help.

The $2 Trillion Coronavirus Aid Package includes $500 billion for large companies, $339 billion for local governments, $377 billion for small business, and a long list of smaller allocations for specific or specialized purposes (such as stocking up on supplies in the case of future pandemics).

But the portion that could impact the markets - $560 billion, dedicated to helping individuals...

Distributed as direct payments appearing automatically in people's bank accounts, checks arriving in the mail, and additional payments on top of these which people can apply for online, such as unemployment.

Worth mentioning - for the first time ever unemployment will cover freelancers and gig workers, such as Uber drivers.

The basic breakdown is, any American earning under $99k will receive a payment of approximately $1200, then if they're not working at the moment (and most people are not) they qualify for unemployment - another $600/week. The unemployment is supposed to last up to 4 months, and while the $1200 is currently a 1 time payment, politicians are already discussing a possible second payment.

Stuck at home, no work, but still bringing in $3600 throughout April - this has to impact the market somehow...

Who else feels like most crypto traders will make sure at least some of this ends up in their portfolio?

I can confirm within the circle of friends I've been keeping in contact with while under these 'shelter in place' orders - some already know the first several trades they'll be making as soon as the funds appear in their bank account balance.

But that's hardly surprising among Silicon Valley millennial's - so i'm wondering, how about this generation in general?  Keep in mind, the 'millennial' label covers everyone 22 to 38 years old, and while nobody can be sure, the crypto market is estimated to be made up mostly of people under 45.

With that in mind, I asked some experts from the tech and crypto world for their predictions on how these funds will be spent...

IBM Blockchain developer, Co-Founder of MarketOrders, and #1 best selling author Sukhi Jutla believes people will be putting a lot of thought into their spending, telling me "I think it’s becoming increasingly clear that the coronavirus pandemic is pulling us into uncharted territory and truly unprecedented times. I think they will be inclined to spend the money on essentials" that doesn't mean we won't be seeing the effects in the market, she added "I expect to see the crypto markets react in a volatile manner to the continued uncertainty in the markers and it is where ironically the most profits are made (in volatile markets) so we will see investors buying up a lot of cheap assets and also offloading them."

Steve Ehrlich, CEO and Co-founder of Voyager Digital believes many know how to play things smart, explaining "Initially, they’ll cover their basic needs and essentials first" but acknowledged, this is a generation that has learned to hustle "While many are concerned about their future, it’s this same worry that could lead them to investing for the future, by wanting to generate more from this money than received at face value. Keep in mind, millennial's are less risk-averse than older generations and more likely to see how they can put that money to work, whether through a side-hustle or investing".

On the other hand, Head of Product Strategy at TradeStation Crypto, James Putra, seems to share a similar view as my peer group. I asked him if crypto's current low prices are just too tempting to pass up, he said "Sure, those that are into trading and investing will likely seize the opportunity to go bargain hunting in the stock or crypto markets. I’m pretty sure that my check will go to cryptocurrency. It seems unlikely that those who are not currently investing will drop this found cash into stocks or crypto currency. This money gets them one step closer to that trip, house, retirement or other long-term financial goal." 

Jonathan Keim, Director of Communications at InvestorBrandNetwork & CryptoCurrencyWire, balanced out the above points, he thinks if they have some savings already, these funds are prime to put into the market.  Otherwise, they will likely guard any funds they need to survive on until they're able to work again "It’s very hard for someone who has never invested on their own to put money into anything with risk. I believe we’re more likely to see the parents of the millennial's put money into cryptocurrencies as a result of the lower prices and concerns over potentially unprecedented inflation."

But everyone, myself included is simply giving their best guess - it's going to be an interesting few weeks as these funds land in the hands of the people who will decide where they'll be spent.

We've never seen these conditions before, and no scenario in the past was similar enough to attempt to draw comparisons from history - there's nothing but uncharted waters ahead, as far as the eye can see.

Author: Ross Davis
E-Mail: Twitter:@RossFM

San Francisco News Desk

Coronavirus Has More People At Home, Online, And Targeted By Crypto Scammers...

Coronavirus Crypto
The coronavirus situation has more people at home, meaning more targets for scammers.

You know how it goes, if you're in crypto circles on Twitter there's no way you haven't seen it dozens of times before - "Send in $100 worth of <whatever coin> and recieve 10X that amount back!" coming from accounts that look like those of CoinBase, Vitalik, CZ, even Elon Musk famously had to speak up because so many scammers pretended to be him doing an ETH giveaway.

Sadly, when we covered the story of Elon Musk we discovered the scammers wallet address had a shocking  $179,284 worth of ETH sitting in it.

Just out of curiosity, within the last 3 months I checked the wallet addresses given out by scammers on Twitter a couple times - both were empty, it seems Twitter was drying up for scammers.  They needed something new, and it seems they found it.

Old scam finds new victims at YouTube...

YouTube gives live streams priority on search results, so there's a good chance you'll see these scams running right now by searching for bitcoin, cryptocurrency, etc. This also sends newbies searching for videos to learn more about crypto right into scammers hands.

Here they’re able to add one extra twist that makes things a bit more believable - when you click on the live stream you'll see a real (old, recorded) interview with a well known crypto personality, and text on the screen makes victims think they just missed the announcement of a giveway.

Here's some streams that were live at the time of writing this: 

Featuring Binance CEO, CZ
crypto scam on youtube with Vitalik Buterin
Vitalik Buterin streaming from a fake Ethereum Foundation account.

Crypto scam with Ripple's CEO Bradley Garlinghouse
Ripple's CEO Brad Garlinghouse
Fake Satoshi... fake giveaway.

There's a good chance they're using bots to inflate the numbers, but seeing 1000-10,000 people 'watching now' adds even another layer of believeability.

What can we do about it?

Typically, articles like this need to end with some rambling where I tell people to 'be smart' and to verify things before they do it, etc. 

But let's be honest here, the scam makes no sense from the start, no matter how flashy the packaging. It's not like they're saying it's a lotto and they need to send money to get their ticket for a chance to win - they say everyone who sends money will get more money back. If everyone gets free money there's no logical reason why that requires anyone sending anything.

The people falling for this are the kind who have to learn the hard way.  The only advice I can give is to warn any friends who fit this description.

Author: Ross Davis
E-Mail: Twitter:@RossFM

San Francisco News Desk

BEGGING For Permission To Search The City Trash Dump, PRAYING To Find His Hard Drive with 7,500 Bitcoins On It...

This story is painful to watch.  Follow the man who was one of (perhaps the first) person to ever mine Bitcoin.  Back then it was easy, and his old computer held a nearly worthless 7500 BTC on it when he became bored and moved onto other things.

Smart enough to save the hard drive in case Bitcoin became popular in the future, but not careful enough when he was cleaning up... days later realizing he threw away the wrong one.

Worth about 50 MILLION today, he knows where it is - the massive city trash dumps.

But so far local leaders haven't let him conduct a search.  He has investors willing to bring machines and man power, and even offered to give a cut to the city government.

Video courtesy of Strive Finance

Crypto Markets Surge and "Leave Stocks In The Dust" - Plus, Let's Clear Up Confusion Around Bitcoin Being a 'Safe Haven' Asset...

It's been an intense week, especially here in Silicon Valley, the first area of the US given 'shelter in place' orders. Why we were first hasn't been explained, but it's likely because of the amount of economic power in an area where Google, Apple, and Facebook employees live on the same street.

Since the Coronavirus pandemic took full effect, Bitcoin crashed down to the low $5000 and spent over a week floating around this zone.

Stocks performed the same, causing many to point out once again how the two markets often mirror each other, even though there's major fundamental differences.

Those differences may allow for a much easier recovery, as stocks continue to suffer, Bitcoin broke out with a 20% surge, peaking around $6900.

Read more on this in the Forbes article "Bitcoin Rally Leaves Stocks In The Dust".

With the initial shock of everything wearing off,  I wanted to take a deep breath, followed by a rational look at where things stand, and where they could go next.

No Safe Haven In a Panic...

While some have used the last couple weeks as evidence against claims Bitcoin was a safe-haven asset, I have to say - I never thought we were talking about situations like this.

Rather, a safe haven for crashes like the one we saw in 2008, where bankers and Wall St abused the traditional finance system, and the public would then be asked to trust that the people who just destroyed the system would now turn around and fix it.

That situation (which describes most historical economic crashes) makes Bitcoin look pretty damn appealing, and I think we will see a lot of people turning to it the next time it happens.

But scare like a virus, with people panicking and seeking cash fast - they're going sell whatever gets them that cash.

I'm not sure why anyone ever thought that wouldn't include crypto.

I'll take it one step further and say - an asset immune to panic selling triggered by global pandemic does not exist.

Crypto May Be First To Recover...

When something major happens that causes investors to panic sell, it's no surprise both crypto and stocks take a hit.

But crashing together doesn't mean they need to recover together.

Recovery is a very different game for each. The stock market wants to hear about company profits, see earnings reports, and hear statements from CEO's about their path forward.

The decentralized nature of cryptocurrency means the traders and investors alone can drive recovery - we're not waiting to hear from any person or company. 

There's no "CEO Of Crypto Inc" putting out statements for the media to pick apart - for or better or worse, we're on our own.

Currently it seems to be for the better, but keep in mind this is a double edged sword - for example, we'll never see a bailout for the crypto industry, or a coin considered "too big to fail" and government stepping in to save it.

What To Watch For Next...

What happens in the US will determine what happens next in the market.

The panic has is gone, but people are still on edge - there's two very different possibilities.

The best case scenario - we continue as-is for the next few months.  Cases of the virus popping up at a pace they can be dealt with, eventually ending with a vaccine or some other viable treatment that officially puts an end to the whole thing.

The worst case scenario - as you know people can carry the virus for weeks without feeling ill, and during this time they can spread it to others. It was just a week ago where people were still gathering in large crowds - Las Vegas for example just went dark days ago.

There could be a massive number of people infected who currently don't know it. Not saying there is, just saying it's possible.

So we now enter a phase that could last for 1 to 2 weeks, of waiting to find out which scenario is real.

Author: Ross Davis
E-Mail: Twitter:@RossFM

San Francisco News Desk

Bitcoin Isn't The Only Coin That Will Be 'Halving' In 2020 - Here's What You Should Be Ready For...

We're going to assume you already know what halving is, and have seen at least some the hype surrounding the upcoming halving of BTC.

For the few who haven't, the shortest explanation we can give so you know the basics is:  As you know, mining a cryptocurrency will earn you some of that cryptocurrency.  Halving is when miners pay gets cut in half. Token creators plan this from day one to occur in the future as a way to keep the coin scarce when millions of their coins total supply has already been released. The idea is, the more coins that are already floating around the market, the harder it should be to earn free coins by mining.

There's a several reasons why people believe this will trigger an increase in a coin's price.

First, it has in the past.  In the case of Bitcoin, halving has happened before, and each time was followed by a price increase.  When Bitcoin launched, 50 BTC per block was given out to miners. Halving has occurred every 4 years since then, and the next halving will bring it down from 12.5 to 6.25 BTC.

Second, many miners sell immediately. Especially the large mining operations, these are big companies with investors who want to see quarterly profits like any other company. They tend to immediately sell the coins they mine. But halving has already caused some to sell less and HODL more as they became harder to get. More coins off the market increases the value of those on it.

Lastly, simply the concept of scarcity. The market knowing less coins are being created every day, means any dilution that may have caused now happens at a rate half of what it was before.

But Bitcoin isn't the only one coming up this year, so we thought it would be worth taking a look at the other potential chances to profit from coins that will be going though the halving process.

The Big One - Bitcoin...

Bitcoin's halving is expected May 12, 2020.  Expect to see prices rise before this, as many people plan to load up their bags weeks/months ahead of this date. What will happen on this date is a mystery, the market is so different than it was the last time, I don't like looking back at anything from 2016 as a way to predict what will happen in 2020.

There's a lot more people in it, but among them is a lot more looking for a quick profit.  Will the halving date simply be when they plan to dump? Or, will they want to horde/HODL their coins believing the value will continue to climb, especially now that it's become more scarce?

Your guess is as good as mine.

Both of the other Bitcoins too...

Everyone has an opinion when it comes to Bitcoin Cash (BCH) and Bitcoin Satoshi Vision (BSV) and the miners are no exception.

Currently, most miners for these coins already work for a loss, that's how you know they're die-hard believers, they're betting it all on the token's value increasing in the future.

Regardless, all you need to know is - both have halvings coming sometime in April 2020.|

Zcash Follows in Bitcoin's footsteps...

Just like BTC, there will only be 21 million coins ever created.

The current reward for miners is also the same - 12.5, and will be reducing to 6.25 ZEC.

The block that will trigger the halving will come sometime in October 2020.

Ethereum Classic...

Not to be confused with ETH, Ethereum Classic (ETC) does basically the same thing, but calls it a tithing. In ETC's case, the mining reward is reduced by 20% every 5 million blocks.

At the time of publishing, they're on block 9,949,107 - block 10,000,000 will bring about the tithing and will hit sometime in 2020.

Dash, but don't get too excited.

Just including this to be complete, but I wouldn't expect a huge price increase here... a slight one perhaps.

Dash decreases mining rewards by 7.14% every 210240 blocks.

It's on block 1,234,495‬ as of publishing this article, with the halving coming on block 1,261,440 - so, very soon.

In Closing...

My strategy (insert standard 'don't blame me, do your own research' disclaimer here) is to watch how BCH and BSV perform in their halvings, since they come first. Then assume Bitcoin will do whatever they do but on an even larger scale, then assume Zcash will react similar to BTC.

In other words, be positioned for the best case scenario, but have those stop-losses ready just in case of the worst.

What's your predictions for the 2020 halvings? Tweet us @TheCryptoPress

Author: Ross Davis
E-Mail: Twitter:@RossFM

San Francisco News Desk

March Crypto Outlook: Will Bitcoin's Role as a Haven Continue?

Contentworks Outlook
Welcome to the March 2020 Crypto Outlook with Contentworks, an agency specialising in content marketing for financial services, crypto and blockchain.

Cryptocurrencies saw mixed outcomes in February. In total, Bitcoin rose by 3% while Ethereum and Ripple gained by 3.15% and 34% respectively. Gains made in the first two weeks of the month were erased. As of writing, Bitcoin, Ethereum, and Ripple are 16%, 24%, and 32% below their monthly highs.

Will the current bear market remain in the coming month?

Crypto price chart
Many traders focused on coronavirus in February. The disease, which originated in China has infected more than 80k people and killed more than 3,000 around the world. The disease has caused global stocks to tank and safe-haven assets like gold and government bonds rise. Many market participants continue to view Bitcoin as a safe haven. In fact, while Bitcoin has risen by more than 3%, the S&P500 has dropped by more than 5%. The MSCI world index also declined by more than 5%. To some, this is a validation of Bitcoin’s role as a safe haven. We will continue watching these turns of events in March.

Political temperatures in the United States are rising. The Democrats have already carried out three primaries. In the first week of March, we will see the so-called Super Tuesday, where most democrats vote for their preferred candidate. Early results show that Bernie Sanders, the Democratic Socialist from Vermont, will be the flagbearer. Many crypto enthusiasts believe that a Sanders’ win would be positive for crypto. First, his socialist policies are disliked by most stock investors. These investors prefer Joe Biden or Mike Bloomberg, who are relatively moderate. Therefore, investors are likely to rush to safe havens if he wins. Second, Sanders has pledged to provide high speed internet across the country. Such action will likely provide a boom for Bitcoin and other cryptocurrencies.

We will continue to watch Ripple in March. We have been watching the currency after its parent company raised $200 million to accelerate its development. In March, we will be following a recent lawsuit that alleged that the company violated securities laws. On Wednesday, Judge Phyllis Hamilton said that the suit will be allowed to move forward. It is still early to predict how the case will go. It is also early to predict its impact on XRP’s price.

In the coming month, we will also focus on Sweden. In February, Riksbank, the country’s central bank announced that it was conducting a pilot project for e-krona. It has partnered with Accenture to achieve this. E-krona will be a digital version of the country’s currency. It will simplify access to cash and help banks save money transporting physical cash. The Chinese central bank is also created a digital version of the yuan. These projects are in reaction to Facebook’s Libra.

In March, we will focus on a few crypto events. Some of these events could be cancelled or postponed because of the virus. Some of the key events we will be watching are: Crypto Assets Conference in Munich, Germany, London Asset Management Summit, and Syncronize Conference in New York.

At Contentworks Agency, our team of financial professionals closely follows market movements for FX, Crypto and other tradable instruments. We are proud to serve some of the biggest crypto and fintech companies in the world by delivering high-impact articles, videos, PR and white papers.

Information Provided via Press Release
Distributed by Global Crypto Press Association Press Release Distribution for industry.

Canada's New Cheap Hydroelectric Power, And The Crypto Mining Start-Up That's Making It Accessible To The World...

Mintmine IEO
It's the difference between cryptocurrency mining being a hobby or a business - your power supply.  More importantly, what you pay for it.

In the vast majority of the world, mining crypto will end with a net loss because of the cost of electricity. While some argue they do it in hopes the coins earned will go up in value, it's still usually smarter to have spent the money they put towards power on simply buying the coins instead.

But there are a couple groups of people able to turn the tables and make mining crypto a profitable business - those tapped in to geothermal, or hydroelectric power supplies.

In fact, that's the entire reason behind both of today’s mining hot spots - China because of the availability of hydroelectric, and Iceland because of natural geothermal, which captures heat from underground volcanic activity.

Unfortunately, you likely missed out on your chance to get a piece of the mining operations we're referring to.

But a new door is opening in an unexpected location - Canada!

What if you could plug in to North America's largest, and cheapest hydroelectric power supply? 

Soon you can - and that's why people are excited about MintMine!

This crypto startup is building a mining facility which will be fully owned by them, powered by North America's largest hydroelectric power supply in Quebec Canada - which is actually now the fourth largest hydro-power producer in the entire world.

Since its launch in 2018, Candian citizens lucky enough to have their homes powered by the hydroelectric plant enjoy the lowest power rates in North America, yet somehow this new power source managed to stay under the radar for the last 2 years  - not deliberately though, Canada is actually trying to bring attention to it.
The government has officially decided to use their abundance of hydroelectric resources as an overall economic simulator, introducing a plan where industrial customers will actually pay a rate even lower than residential!

In other words - timing and circumstances couldn't be more perfect to setup shop in Canada and start mining!

Mintmine's game-plan at a glance: 

They haven't just chosen a smart location and called it a day, they've made several strategic moves to maximize potential.

This is slated to be a long term operation so they've made sure not to put themselves in a position where they'll be paying rent, or even worse, have to move everything a couple years down the line - they fully own their facility.

They will purchase a year worth of power upfront, along with a 3 year reserve. This means if Canada succeeds in attracting a lot of business to the area, Mintmine won't need to be concerned - their rate and supply are safe.

They're running Antminer S17 (53-56/THs) 2200W mining rigs, considered the industry's standard top performer.

How you can participate:

Investors can claim their piece of the operation by participating in the Mintmine IEO.  Profits from mining will then be distributed among token holders, allocated based on how many tokens you hold.

A total of 70% of the mined coins will be distributed monthly. Maintenance/upkeep and administration comes out of the 30% Mintmine keeps, your job will be to relax and collect.

Need I say more?

The Mintmine IEO begins on Feb 24th - and the first group of investors will receive a 40% bonus!

Read the whitepaper and sign up for their mailing list for all the latest news at

Distributed By The Crypto Press Association
Cryptocurrency & Blockchain News 2020