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Wednesday, November 8, 2017

Cryptocurrency News for 8 Nov 2017

 

$7,500 and Rising: Bitcoin Price Looks Ready to Challenge Records

$7,500 and Rising: Bitcoin Price Looks Ready to Challenge Records

 

Having refused to succumb to bearish technical pressures, the world's largest cryptocurrency is better bid today.

At press time, the bitcoin-U.S. dollar (BTC/USD) exchange rate is at $7,511 levels on CoinDesk's Bitcoin Price Index. As per CoinMarketCap, BTC has gained 4.22 percent in the last 24 hours.

Over that period, prices have climbed by over $270 amid growing opposition to the upcoming Segwit2x hard fork, which looks increasingly unlikely to succeed in updating the bitcoin blockchain to a new rule set without creating another asset.

Increasing opposition to the alternative bitcoin code could mean heightened odds of a blockchain split into two rival assets. Thus, the bid tone around bitcoin may be strengthening on speculation that the event might end up creating free "Segwit2x coins" for holders of bitcoin.


Full story at http://bit.ly/2j9eKjf


Source: CoinDesk


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Tim Draper On Bitcoin: 'In 5 Years If You Use Fiat Currency, They Will Laugh At You'

Tim Draper On Bitcoin: In 5 Years If You Use Fiat Currency, They Will Laugh At You

 

In 2014 Tim Draper bought 30,000 Bitcoin for under $20 million. Today, it's worth almost $215 million.

Tech startup founders tend to live in the future, seeing future developments that most can't yet perceive as achieved facts. The same is true, apparently, of venture capitalists. Tim Draper has led investments in companies like Skype, Tesla, and Twitter.

"In five years, if you try to use fiat currency they will laugh at you," Draper told me at WebSummit while wearing a tie with cryptocurrency logos on it. "Bitcoin and other cryptocurriences will be so relevant ... there will be no reason to have the fiat currencies."

Bitcoin, of course, is the grandfather of cryptocurrencies and currently has a market capitalization of about $120 billion U.S. That compares poorly to a global fiat currency value in the $2 trillion range. (Fiat currencies, of course, are how cryptocurrency fans tend to refer to national currencies.) But Bitcoin has appreciated over 700% in 2017 alone.


Full story at http://bit.ly/2jcMU5V


Source: Forbes


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Ethereum Wallet Parity Hit by Second Critical Vulnerability – $150+ Million Frozen

Ethereum Wallet Parity Hit by Second Critical Vulnerability – $150+ Million Frozen

 

Users of the popular Parity Ethereum wallet have been left reeling after its developers Ethereum Wallet Parity Hit by Second Critical Vulnerability – $152 Million Frozenrevealed the discovery of a security flaw. The threat, which has been described as “critical”, renders all multi-sig contracts unusable and has locked up hundreds of millions of dollars of ether. The news couldn’t have come at a worse time for Parity, which has been battling to restore its reputation following July’s embarrassing hack which led to at least 150,000 ethers being stolen. The original theft would have been worse were it not for the actions of white hat hackers who helped to recover an additional 377,000 ethers.

Following the hack, Parity issued a fix for the exploit, deploying a new library contract that was meant to resolve the issue. It’s now transpired that the new code contained another flaw which enabled the library contract in the Parity Wallet to be converted into a regular multi-sig wallet. As a consequence, an individual was able to use the initWallet function to take ownership of the wallet.

In a blog post explaining the latest flaw, the Parity team stated:

"It would seem that issue was triggered accidentally 6th Nov 2017 02:33:47 PM +UTC and subsequently a user suicided the library-turned-into-wallet, wiping out the library code which in turn rendered all multi-sig contracts unusable since their logic (any state-modifying function) was inside the library."


Full story at http://bit.ly/2jey52Q


Source: Bitcoin News


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2x Called Off: Bitcoin Hard Fork Suspended for Lack of Consensus

2x Called Off: Bitcoin Hard Fork Suspended for Lack of Consensus

 

The organizers of a controversial bitcoin scaling proposal are suspending an attempt to increase the block size by way of a software upgrade.

Known for its strong early support from bitcoin startups and mining pools, the plan, called Segwit2x, or simply 2x, was to trigger a block size increase at block 494784, expected to occur on or around November 16th.

The suspension was announced today in an email, written by Mike Belshe, CEO and co-founder of bitcoin wallet software provider BitGo. One of the leaders of the Segwit2x project, he argued that the scaling proposal is too controversial to move forward.

"Unfortunately, it is clear that we have not built sufficient consensus for a clean block size upgrade at this time. Continuing on the current path could divide the community and be a setback to Bitcoin’s growth. This was never the goal of Segwit2x."


Full story at http://bit.ly/2jb4RSc


Source: CoinDesk


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This Russian Has The Power To Turn 100,000 Android Phones Into Cryptocurrency Miners

This Russian Has The Power To Turn 100,000 Android Phones Into Cryptocurrency Miners

 

A "legal botnet" might seem like an oxymoronic statement. At best, it's risky phrasing. Most associate "botnets" with hordes of hacked computers controlled by a hidden botmaster with monstrous machinations, more often than not illicit profiteering.

But "legal botnet" was the term used by Russian developer Alexey Khripkov (who also goes by oxothuk, amongst other names) when describing his access to hundreds of thousands, possibly millions, of Android devices thanks to his wildly popular games on Google's platform. His plan to monetise those games was via a crytocurrency miner, which would use up the phone's computing power in the background to carry out the mathematical puzzles required to unlock coins of various alternative currencies, mainly Magicoin. In recent months, he added the capability to Puzzle, a game with 10 million downloads, hoping all those users would help him turn a tidy sum.

Khripkov's plans have been scuppered, however. In recent days, anti-virus companies started blocking Puzzle, deciding the mining was malicious, as noted by cybersecurity researchers at Ixia, which published a blog on the developer's work Tuesday. Subsequently, he chose to remove the feature entirely, giving users the option to download another app, Reward Digger, that would give them in-game bonuses for helping him mine coins. But he says Google banned that app soon after Forbes' contact with him on Tuesday, leading him to suspect security researchers' warnings to the Android maker were causing him strife. (Google had not provided comment at the time of publication, neither on whether it had removed the app or, if so, why. Whatever the case, Reward Digger is no longer available on the Play market).


Full story at http://bit.ly/2jc6kI2


Source: Forbes


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Cryptocurrency Pioneer Sees a ‘Total Bubble.’ Just in a Good Way

Cryptocurrency Pioneer Sees a ‘Total Bubble.’ Just in a Good Way

 

Cryptocurrency pioneer Joseph Lubin said the market is “totally a bubble” -- insisting that’s a healthy signal.

“This is the good kind of bubble that occurs when a profound technology emerges and can’t build out its infrastructure fast enough for all the people that see the value and the vision,” according to Lubin, who co-founded the ethereum digital-transactions platform.

Bitcoin’s seven-fold increase this year has ramped up speculation among investors from Ray Dalio to Peter Thiel over price sustainability and whether supply-demand analysis applies to technologies that are opaque and mostly unregulated. Bitcoin’s meteoric ascent contrasts with its less-than-4 percent growth this year in new supply.

As investors and banks take increasing interest in blockchain technology that’s the backbone of bitcoin and ethereum transactions, industry pioneers including Lubin often address doomsayers head on. Any price correction should help strengthen the industry going forward, said Lubin, who later founded ConsenSys, a developer of applications for bitcoin competitor ethereum.


Full story at https://bloom.bg/2jaCKTm


Source: Bloomberg


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Goldman Sachs: Bitcoin Will Consolidate at $8,000 Before Rising Even More

Goldman Sachs: Bitcoin Will Consolidate at $8,000 Before Rising Even More

 

Earlier this month, Bitcoin continued its upward trend by reaching a new record high, breaking the $7,000 barrier. Unprecedented it may be; but now Goldman Sachs has issued a prediction that the cryptocurrency will consolidate somewhere around a value of $8,000.

Sheba Jafari, the vice president of the Goldman Sachs FICC market strategies team, made the forecast over the weekend. “The market has shown evidence of an impulsive rally since breaking above 6,044,” she wrote, according to a report from Coin Telegraph. “Next in focus $7,941. Might consolidate there before continuing higher.”

However, we should note that Jafari made very different predictions for the future of Bitcoin only a few months ago. In August she suggested that the currency could hit a high of $4,800 – but that it would subsequently dip down to somewhere in the region of $2,200.

Jafari no longer believes that a major downturn is on the cards for Bitcoin. After a brief period consolidating around $8,000, she projects that it will increase in value even further – and given the increases we’ve seen over the course of this year, it’s perhaps unsurprising that he’s reticent to set an upper bound.


Full story at http://bit.ly/2jdj94F


Source: Futurism


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7 Stats That Highlight A Millennial Propensity For Bitcoin

7 Stats That Highlight A Millennial Propensity For Bitcoin

 

As Bitcoin surged from $250 just two years ago to over $7,000 today and the industry around it has boomed, the digital asset has been increasingly featured in public discussion. In light of this increased exposure, we decided to take the pulse of the country to gauge awareness and sentiment toward Bitcoin and get a better sense of where Bitcoin is in the adoption curve.

The results are based on responses from a recent survey of more than 2,000 U.S. adults ages 18+ conducted online by Harris Poll on behalf of Blockchain Capital—many of the results are quite remarkable.

In particular, the results highlight a millennial (we define as 18-34 years old) proclivity for Bitcoin that may be indicative of a bright future for the digital asset.


Full story at http://bit.ly/2jc6kYy


Source: Forbes


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