Bitcoin Price Could Hit $15,000 This Year: Fmr. Goldman Sachs Exec.
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CryptoCoins News, 1/1/0001 12:00 AM PST Christopher Matta, a former vice president of investment management division at Goldman Sachs, still maintains he would invest his mother’s money in bitcoin. A callout box on the TV screen noted Matta believes a return to $15,000 for bitcoin is attainable. Now the co-founder of Crescent Crypto Asset Management, told CNBC’s “Fast Money” in June that … Continued The post Bitcoin Price Could Hit $15,000 This Year: Fmr. Goldman Sachs Exec. appeared first on CCN |
Coinbase Additions, Enterprise Patents, and Massive Hacks: This Week in Crypto
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CryptoCoins News, 1/1/0001 12:00 AM PST Make sure you check out our previous edition here, now let’s go over what happened in crypto this week. Also, make sure you subscribe for this weeks edition of The Bitcoin Podcast by CCN on iTunes or wherever you get your podcasts. Price Watch: Bitcoin fell nearly 8% this week after jumping above $6,800 early this week. The market The post Coinbase Additions, Enterprise Patents, and Massive Hacks: This Week in Crypto appeared first on CCN |
Police busted the dark web's $1.5 billion cryptocurrency World Cup gambling ring
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Business Insider, 1/1/0001 12:00 AM PST
On Thursday, Chinese officials shut down an online gambling ring that had accumulated $1.5 billion in bets made on World Cup matches using cryptocurrencies like ethereum, bitcoin, and litecoin. In a statement first reported by the South China Morning Post, police from China's southern Guangdong province said that they had detained six people who they suspect to be behind the gambling ring. The gambling ring's website, which could only be accessed by using untraceable search engines, had attracted some 300,000 participants in just eight short months, the Post reports. In a statement, Chinese officials said that the gambling ring was a pyramid scheme where recruiters could profit off of other members. "[T]he bookmaker analyzes the gambler betting, manipulates the odds according to the bet ratio, and allows a small number of people to win," the statement reads, according to Google Translate. The gambling ring is thought to be one of the very first crypocurrency crimes involving a major sporting event to ever occur. Join the conversation about this story » NOW WATCH: What would happen if America's Internet went down |
Police busted the dark web's $1.5 billion cryptocurrency World Cup gambling ring
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Business Insider, 1/1/0001 12:00 AM PST
On Thursday, Chinese officials shut down an online gambling ring that had accumulated $1.5 billion in bets made on World Cup matches using cryptocurrencies like ethereum, bitcoin, and litecoin. In a statement first reported by the South China Morning Post, police from China's southern Guangdong province said that they had detained six people who they suspect to be behind the gambling ring. The gambling ring's website, which could only be accessed by using untraceable search engines, had attracted some 300,000 participants in just eight short months, the Post reports. In a statement, Chinese officials said that the gambling ring was a pyramid scheme where recruiters could profit off of other members. "[T]he bookmaker analyzes the gambler betting, manipulates the odds according to the bet ratio, and allows a small number of people to win," the statement reads, according to Google Translate. The gambling ring is thought to be one of the very first crypocurrency crimes involving a major sporting event to ever occur. Join the conversation about this story » NOW WATCH: What would happen if America's Internet went down |
Bitcoin Magazine’s Week in Review: Progress in Different Forms
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Bitcoin Magazine, 1/1/0001 12:00 AM PST Going back to the early days of Bitcoin, we look at the contributions of Nick Szabo to smart contracts and Bit Gold. Decentralizing gets another boost by Augur in the predictions marketplace with the launch of their platform. Then we see a very real world example of cryptocurrency solving a real need in Venezuela to avoid their collapsing currency and allow people to buy the goods they need to survive. Finally, we see a conventional exchange, the CBOE, talking to the SEC about getting a bitcoin ETF license, which would be a real milestone in terms of bringing cryptocurrency even closer to the masses as an investment vehicle. Featured stories by Jimmy Aki, Colin Harper and Aaron van Wirdum Stay on top of the best stories in the bitcoin, blockchain and cryptocurrency industry. Subscribe to our newsletter here. The Genesis Files: With Bit Gold, Szabo Was Inches Away From Inventing BitcoinEarly cypherpunk Nick Szabo had been researching decentralized financial solutions in the mid-1990s and came to propose what he is perhaps best known for today: smart contracts. These (then-hypothetical) computer protocols could digitally facilitate, verify and enforce the negotiation or performance of a contract, ideally without the need of any third party. The latest installment in Aaron van Wirdum’s Genesis Files series looks at the contributions of Szabo and recounts how he proposed solutions to some of the problems that Bitcoin would eventually solve. Augur Launches Decentralized Prediction MarketplaceBlockchain-based predictions platform Augur has opened to the general public, becoming the “world’s first” decentralized prediction-market platform. It was created by the Forecast Foundation, a not-for-profit corporation whose goal is to build “open-source, public forecasting tools.” Prediction markets have long been dominated by the likes of Paddy Power and DraftKings, which are centrally owned, operated and regulated. This centralization causes all kinds of problems, such as restrictions for users in certain regions, higher associated costs to use and limitations on the types of markets that users could create. A key differentiator for Augur is its global and decentralized nature. Fighting for Freedom in Venezuela: How Crypto Helped Héctor’s Family Buy FoodOn July 1, 2018, Venezuelan citizen Héctor received 0.5 nano, roughly worth $1.80 USD. The amount seems trivial, but it is almost a month’s salary in the impoverished nation and more than he had made the previous month. This inspired him to write a post celebrating his newfound wealth on the r/nanocurrency subreddit. In an interview with Bitcoin Magazine, Héctor describes the day-to-day economic circumstances in Venezuela and tells how cryptocurrencies are giving people like him hope. CBOE Files with SEC for Bitcoin ETFThe United States Securities and Exchange Commission (SEC) is examining an application from the Chicago Board Options Exchange (CBOE) Global Markets which, if approved, could grant the company a coveted bitcoin ETF license and bring new waves of institutional investors to the bitcoin arena. The cryptocurrency space remains largely unmonitored, and the SEC has sought to take a firm stance to ensure consumer protection and safety. After much debate and speculation, however, officials recently decided that both bitcoin and Ethereum — despite its early pre-sale (now ICO) status — were too decentralized to be considered securities and could not be regulated by the organization. This article originally appeared on Bitcoin Magazine. |
Bitcoin Price Struggles but 0x and BAT Surge Upon Coinbase Announcement
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CryptoCoins News, 1/1/0001 12:00 AM PST Coinbase, the world’s largest crypto exchange, brokerage, and wallet platform has announced its intention to list Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC), and 0x (ZRX), causing the price of tokens to surge, while bitcoin has struggled to demonstrate any major price action. The release of the statement of Coinbase was taken The post Bitcoin Price Struggles but 0x and BAT Surge Upon Coinbase Announcement appeared first on CCN |
Bitcoin Cash Network Highly Centralized, 49% of all Nodes Run on Alibaba’s Facilities: Bitpico
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CryptoCoins News, 1/1/0001 12:00 AM PST Weeks after announcing they would be launching an attack on the network of Bitcoin Cash, hacker group Bitpico has disclosed that the altcoin suffers from massive node centralization. A screenshot of the hacker group’s discoveries was published with one selected instance showing 98% of the IP addresses were physically located close to each other. In The post Bitcoin Cash Network Highly Centralized, 49% of all Nodes Run on Alibaba’s Facilities: Bitpico appeared first on CCN |
Bitcoin Cash Network Highly Centralized, 49% of all Nodes Run on Alibaba’s Facilities: Bitpico
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CryptoCoins News, 1/1/0001 12:00 AM PST Weeks after announcing they would be launching an attack on the network of Bitcoin Cash, hacker group Bitpico has disclosed that the altcoin suffers from massive node centralization. A screenshot of the hacker group’s discoveries was published with one selected instance showing 98% of the IP addresses were physically located close to each other. In The post Bitcoin Cash Network Highly Centralized, 49% of all Nodes Run on Alibaba’s Facilities: Bitpico appeared first on CCN |
‘Blockchain Island’ Malta Gets its First Two-Way Bitcoin ATM
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CryptoCoins News, 1/1/0001 12:00 AM PST The Maltese islands continue to be a hotbed for crypto activity. After the enactment of three new crypto and blockchain laws that set the standard for regulation of these spaces, we have now had the launch of the first two-way Bitcoin ATM by the innovative company MoonZebra. It’s situated at the flagship Quicklets offices on The post ‘Blockchain Island’ Malta Gets its First Two-Way Bitcoin ATM appeared first on CCN |
Cloudbet Raises Betting Limits to 100BTC for World Cup Final
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CryptoCoins News, 1/1/0001 12:00 AM PST This is a submitted sponsored story. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the content below. Very few bettors would have predicted a World Cup Final between France and Croatia. Even fewer would expected that the highest betting limits for the showcase in Moscow The post Cloudbet Raises Betting Limits to 100BTC for World Cup Final appeared first on CCN |
Greek Court Agrees to Extradite Alleged Bitcoin Fraudster BTC-e Admin to France
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CryptoCoins News, 1/1/0001 12:00 AM PST Alexander Vinnik, a one-time admin of bitcoin platform BTC-e who was arrested in Greece last year on an international warrant for cybercrime, has been ordered by a Greek court to be extradited to France. The United States and Russia have also sought extraditions of Vinnik. Vinnik’s lawyer, Ilias Spyrliadis, said Vinnik is appealing the court’s The post Greek Court Agrees to Extradite Alleged Bitcoin Fraudster BTC-e Admin to France appeared first on CCN |
A US Election Probe Implicated Bitcoin – And the Reaction Was Swift
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CoinDesk, 1/1/0001 12:00 AM PST The revelation bitcoin may have played a role in one of the biggest U.S. elections scandals has crypto supporters and mainstream pundits talking. |
Get ready for a boom in crypto sports sponsorship: 'We're in discussions with over 70% of the Premier League'
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Business Insider, 1/1/0001 12:00 AM PST
Polish cryptocurrency exchange CoinDeal last week struck a deal to become a shirt sponsor of Wolverhampton Wanderers, an English soccer team that has just been promoted to the Premier League. Arsenal struck a similar crypto sponsorship deal in January of this year.
Singh spent 10 years in the foreign exchange industry and left FX company LMAX earlier this year to set up Van Hawke, a specialist sports marketing company catering to FX and crypto. "Where crypto is now, in terms of the advertising restrictions, is where FX effectively was 10 years ago straight after the financial crisis, where regulation was heavily imposed as to what could be done," he said. While there is no regulation on cryptocurrency advertising in most parts of the world, many major online platforms have either banned or tightly rules around advertising on their platforms after a series of high-profile scams. Google and Facebook have both tightened regulations, while Reddit has been screening crypto ads since 2016. "They're now looking at sports [as a way] in which they can reach that mass appeal," Singh said of crypto companies. Crypto companies have raised billions of dollars over the last few years for early-stage projects that are often little more than PowerPoint presentations. The success of many of these projects depends on future mass adoption of the digital tokens that these companies intend to build and so reaching a large audience is key. Soccer is popular because of the global appeal of the sport, Singh said. The English Premier League is broadcast in 212 territories and claims to reach a potential audience of 4.7 billion people.
"We're effectively in discussions with over 70% of the Premier League," said Singh. "Same as Formula 1 and Formula E. Those are our three biggest sports in terms of firms who are actively seeking category sponsorship. We're also speaking directly with agents in terms of their clients being brand ambassadors." Argentinian soccer player Lionel Messi has signed on to promote a "blockchain phone". Colombia's James Rodriguez has issued his own cryptocurrency to promote a company and Belgium's Eden Hazard is promoting another venture. However, Singh said sports executives remain wary of the sector given high-profile scams and blow-ups last year. He highlighted the example of boxer Floyd Mayweather, who helped promote an "initial coin offering" that netted founders $33 million. The SEC charged two of the people at the heart of the project with fraud earlier this year. "Obviously with the flurry of scams in the latter part of 2017, you have to be more stringent than ever," Singh said. "A lot of the questions that we get from the rights holders is, they're now coming to us and asking us to vet the inquiries they've received directly from brands. "There are discussions taking place behind the scenes and I think it's something we'll see a lot more of in the near future," he said. "Just like any new market, it will take time." SEE ALSO: Facebook has reversed its ban on cryptocurrency ads after less than 6 months DON'T MISS: Google is banning all bitcoin, ICO, and cryptocurrency ads starting in June Join the conversation about this story » NOW WATCH: Expanding Warren Buffett’s value investing approach to the socially responsible sector |
"It's coming, it's definitely coming," Sunny Singh, the CEO and founder of Van Hawke Sports, told Business Insider. "It's already happening and I think we will see more of these deals going forward."
Teams are also keen to get a slice of the new crypto wealth. Club executives see the sector as a new vertical they can monetise, Singh said. Just as clubs like Manchester United have official partners in everything from credit cards to Russian Agents Who Hacked DNC Emails Thought Bitcoin Would Keep Them Anonymous
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CryptoCoins News, 1/1/0001 12:00 AM PST Twelve officers of the Russian military received a charge of money laundering for attempting to use bitcoin to hide their role in influencing the 2016 U.S. presidential election. It all goes back to July 2016 when the Democratic National Committee (DNC) announced it had been hacked by two Russian hacking groups, going by the names The post Russian Agents Who Hacked DNC Emails Thought Bitcoin Would Keep Them Anonymous appeared first on CCN |
PoWx Seeks to Change Bitcoin Mining with “Optical PoW”
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Bitcoin Magazine, 1/1/0001 12:00 AM PST Nonprofit organization PoWx has launched this week with the goal of boosting the idea behind proof of work (PoW) through more innovative algorithms. The company is seeking to decentralize Bitcoin mining and make it more accessible to consumers through a new technology that executives have dubbed “optical PoW” — a new type of hardware that utilizes a more advanced and energy-efficient form of laser technology as the cornerstone of mining. Bitcoin and cryptocurrency mining is usually off limits to those who cannot afford the expensive mining computers and equipment. In addition, miners are usually stuck dealing with high energy bills and excessive consumption of electricity. It is estimated that approximately 0.15 percent of the world’s energy is used to mine cryptocurrency. This is where optical PoW comes into play. PoWx founder Michael Dubrovsky says the technology can alter Bitcoin’s current algorithm to make mining more decentralized and that the software’s advancements could make the mining arena “healthy enough and scalable enough.” The idea for optical PoW arose last year. Dubrovsky says concern was growing that the mining space would eventually become more centralized. Dubrovsky and the PoWx team specifically point their fingers at Bitmain, the Chinese mining giant largely responsible for building and supplying most of the necessary equipment to power Bitcoin mining. Speaking with Bitcoin Magazine, Bitcoin Core and Bitcoin Knots developer Luke Dashjr said he’s all for optical PoW and believes the mining scene as it stands could damage the future of cryptocurrency. “Bitmain has compromised Bitcoin’s security, so changing to a new proof-of-work algorithm is necessary to secure the network again,” he commented. “One problem that enables mining centralization is that electricity costs are lower for large corporations than they are for ordinary users. Optical PoW claims it can eliminate this problem, and since it is an entirely new kind of technology, it also eliminates almost all of Bitmain’s advantages in trying to monopolize a new algorithm.” If the new algorithm passes, mining chips could become less expensive, thereby potentially increasing the level of decentralization. In addition, optical PoW would make mining more efficient, which would allow miners to extract more coins in less time, giving them the opportunity to compensate for respective energy usage. Unfortunately, PoWx still has several obstacles to overcome, the biggest one being a lack of funding. At press time, the company is garnering very little monetary assistance. Furthermore, switching Bitcoin’s current proof-of-work algorithm won’t be easy. Every user will be required to update their own software, and in the end, it will be up to the public to either accept or reject the idea. Granted several users dismiss it or decide it’s not in their best interest, Bitcoin may “split” again as it did several times before, which has resulted in the creation of Bitcoin Cash, Bitcoin Gold and other so-called “forkcoins.” Dashjr believes this could cause several hurdles. “Any PoW change requires consensus from the entire community, and thus far, it doesn’t seem probable that we will achieve that, in large part due to FUD [Fear, Uncertainty and Doubt] spread by miners who make it sound more dramatic than the simple change it really is,” he claims. “The community will need to overcome these unwarranted fears before Bitcoin can successfully migrate to a new algorithm.” However, the company’s long-term goals remain ambitious. Dubrovsky estimates the release date of optical PoW to be early 2019. PoWx is also seeking to build a second company — Arrakis Photonics — that will put the hardware into practice. This article originally appeared on Bitcoin Magazine. |
