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Since 2017, Raphael Bostic is leading the Atlanta branch of the Fed. On Tuesday, a message was delivered by him at the Hope Global Forums annual meeting, promoting entrepreneurship and financial annexation. The president of the Federal Reserve Bank of Atlanta conveyed his opinion on Bitcoin investment and other cryptocurrencies by only using three words, “Don’t do it!”

Federal Reserve Bank of Atlanta

Bloomberg Report

According to a Bloomberg report, Bostic further said:

“They are speculative markets. They are not currency. If you have money you really need, do not put it in these markets.’’

Bostic is the first one from the Federal Reserve Bank of Atlanta, who has issued these bearish remarks on cryptocurrency. Back in December, cryptocurrencies were compared to “Beanie Babies” by Neel Kashkari, who is the president of Minneapolis Federal Reserve.

He said:

“I think of it a little bit like Beanie Babies. If they were jumping in price by 1,000 times, or $10,000 each, what would we make of Beanie Babies being priced where they are?”

Following the statement, he added that he believes the “underlying [blockchain] technology is…more interesting” than the top-cryptocurrency, Bitcoin. Kashkari, also claimed that people who are investing in cryptocurrency are on a great risk and said that they are “swimming with all the sharks in the world because of all the anonymity.”

The Federal Reserve Bank of New York – Report

Recently, a report was released by The Federal Reserve Bank of New York, which shed a little bit positive light on cryptocurrencies, as he kept arguing that they cryptos may be able to enable dubious payments, however, these payments are not really necessary in most advanced economies.

According to the report:

“Cryptocurrencies arguably solve the problem of making payments in a trustless environment, but it is not obvious that this is a problem that needs solving, at least in the United States and other advanced economies.”

Janet Yellen, who is the former Fed Chair, said in her final press conference that the top-cryptocurrency, Bitcoin is a very speculative asset and has a very little role in the payments system. Meanwhile, the present Fed Chair, Jerome Powell said that in the past, he had nothing against the Bitcoin and added, that the organization isn’t conflicted or supportive of substitute currencies.

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Coin hive crypto jacking campaign- Monero

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Ranked as the 13th best digital currency, Monero recently became part of the crypto jacking stir. In a recent uproar of these growing cases in the cyber world, Coin hive was being implemented for the unauthorized mining of the Monero cryptocurrency.

monero cryptocurrency

In a recent report by the cybersecurity researcher, Troy Mursch explains in detail how this malware hacked nearly 400 web pages in no more than 3 months. These web pages included a lot of government and educational sites as well.

Crypto Jacking

The term, crypto jacking has been in circulation for quite some time now. The hacker or the group of hackers uses the victims or the visitors’ processing and the computing power to mine the cryptocurrencies without their consent. The hackers scramble and steal the data and information from the users’ web-based applications. They would then manipulate victims to pay them any digital coins for the decryption of the data.

Crypto jacking is seriously affecting many websites and object them to mine cryptocurrencies according to the hackers need.

Coinhive- The Crypto Jacker?

According to the research report by Troy Mursch, an outdated version of Drupal has been the root cause of this interjection. Drupal is an open source and free content framework management software. The outdated version of this software in the CMS system, provided with the favorable environment for this malware, Coinhive to penetrate the system. As most of these sites were governmental institutions and educational sites, the integration of this malware into their JavaScript and usage of the computing power was not readily detected. But to the surprise, most of these sites domains were hosted on web pages like Amazon.

On its own, Coinhive is not malicious, but when encrypted and compromised with a ‘crypto jacking’ code, it forces the system to mine Monero without the knowledge of the target. UNICEF runs the same malware to raise funds for their work. But they use it with the consent and knowledge of their users. Which is definitely the right way to use the malware for which it was created.

There are a number of web pages using the same method and process to offer users to donate their system power to mine cryptocurrencies. The process is only performed with the consent and permission of the users. Projects like Bail Bloc and Salon are offering to mine these coins but just with the consent of the operators.

Affected by Coinhive

In an official statement, Troy Mursch has extensively mentioned a list of all the web pages that were affected by the malware so that all the users and visitors can be fully aware of the subject. Among these nearly 400 above websites included,

  • San Diego Zoo
  • The Government of Chihuahua, Mexico
  • The National Labor Relations Board
  • A U.S Federal Agency
  • Lenovo
  • The City of Marion, Ohio
  • The University of Aleppo
  • The Ringling College of Art and Design
  • UCLA’s webpage for Atmospheric and Oceanic Sciences Program, and many more in the list of this 400.

With this detection of extensive, without the consent mining of these Monero (XMR) cryptocurrencies, it is hoped in the future that these practices could be detained. Coinhive is just an application like many others. It is just misused and wrongfully being implemented and practiced by the hackers.

Subsiding this dilemma, there has been an extensive negative dropping of Monero in its already established and flourished market. The reasons and causes still remain undetectable.

The Market Affect

With the slight rise in the market, all the majority of the digital world is floating in the red zones. Still not being able to maintain the pace with the Dollar. Monero XRM has been no different than the trend. Keeping the flow awaken, XRM shows a trivial downfall recently.

Despite its top 20 peers, XRM has been seen floating little weak during the month. For a period of a month, it just managed to collect a rise of 32%.

On a collective period of two months, there has been a collective drop down of -15% of the currency. Despite the reckoning, its top 20 peers still managed to rise gradually with the Dollar.

Keeping eyes on the occurring trends, Monero is facing the same dip for the current week too, continuing the same flow up to -7%.

With its fall of -3% against the dollar collectively, the currency has fallen seemingly for -1.37% against the Bitcoin.

After hitting its record price of $490 per unit against the dollar in January 2018, Monero is being traded at $222.68 currently.

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A Hard Drive Worth $75 Million That Won’t Recover

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James Howells, the IT laborer who unwittingly disposed of a hard drive containing what is currently valued at around $75 million worth of bitcoin, knows where the missing hard drive is, but he can’t try to recover it. That’s because the city in which the fortune is covered won’t enable him to delve into the landfill.

The missing hard drive is sitting somewhere under 200,000 tons of junk in a Newport, South Wales landfill.

Howells used an old PC to mine a sum of 7,500 bitcoins in 2009. Presently, he sold the parts to the Dell M1710 on eBay after his girlfriend complained about the mining’s clamor. He kept the hard drive in a cabinet, just in case the bitcoins increased in esteem. However, he overlooked the hard drive, and after four years, he disposed of it with the trash.

Howells has not been able to get consent from city chamber to dig into the landfill to recover the hard drive. Doing as such would require particular hardware that is typically used as a part of criminal examinations.

He was informed that a situation where even the police needed to go digging would require a group of 15, incorporating diggers with compulsory personal protection equipment. He couldn’t reserve such an operation, so he set up a wallet for donations:

https://twitter.com/howelzy/status/405690499593699328

City Council Denies Permission:

A Newport City Council representative said somebody has reached them in the past about recovering IT equipment containing bitcoins, but the chamber has shied away because of the expenses of uncovering the landfill and treating the trash, as per Wired. Such an exertion would cost millions and be environmentally destructive, with no assurance that a working drive would be recuperated. Around 50,000 tons of waste is added to the landfill every year.

A city chamber representative said the drive has likely experienced genuine galvanic corrosion from landfill leachates and gases. The landfill isn’t open to the public use.

Howells has the public address for his bitcoin, so he knows the bitcoins have not been moved. Since the information is encrypted, any individual who finds the hard drive would require Howells’ assistance to get to it.

 

Story credits: ccn.com

Image: Google images

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Best Auction Sites and Platforms for Bitcoins

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Members of the Bitcoin community are always looking for ways to buy and sell products in exchange for bitcoins. Fortunately, several sites make that possible by offering secure and safe platforms for sellers and automatic escrow protection for buyers who bid to purchase their desired items on sale.

The following auction solutions have gotten a lot of attention over the past couple of years:

OPENBAZAAR

Best Bitcoin Auction Sites

OpenBazaar is a top Bitcoin auction site for everyone looking to purchase or sell all sorts of items in one place. Although it is believed to be a normal shop on the internet, it does offer some auction functions as well. There is no limit as to what items can be sold on the platform. Also, OpenBazaar’s peer-to-peer nature means there is no company or middleman that can remove or block listings, charge fees, or hold money. By accepting bitcoin payments, sellers are opening up to their offering to the rest of the world.

BITIFY

Best Bitcoin Auction Sites

Another Bitcoin trading platform. Bitify was launched in September 2013 and was first known as CrptoThift. It uses an auction system to sell items. It also offers escrow services to the buyers. The buyers have an option to use the escrow service for 1% fee. This means that Bitify acts as a guardian over the customer funds until the transaction is fully settled. You can browse numerous posted items for sales such as E-gift cards, software installers, online gaming accounts and more. Although, it offers more of digital items rather than physical goods.

GLYDE

Best Bitcoin Auction Sites

This platform has been around the longest and sells items super-fast. Buyers can find reasonable deals on electronic items and much more, whereas sellers can benefit from selling their unwanted products. There have been thousands of feedbacks on this platform and have been nothing but positive. So, make sure to drop by this site if you’re ever looking to sell any items. Glyde provides insurance on every package, so in the rare event an item is lost in the mail you will still be compensated for the sale. It is the best bitcoin trading platform to buy and sell with bitcoins.

To help build and enhance your reputation, opt for websites having built-in feedback systems. Also, make deals with already established buyers where you send them the item first and then wait for them to send bitcoins after receiving the goods.

Best Bitcoin Auction Sites

REMEMBER! Your buyer should have an established reputation so you don’t suffer a loss. There could be cases where you send the item to the buyer and they never send the payment.

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A Greater Russian Bond- Sberbank & MIT

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One of the biggest arms in Russian investment disc and the largest bank in the corporate and investment banking business of Russia, Sberbank CIB implemented the first of its kind blockchain based commercial bond transaction in the country. Joining hands with Russia’s telecoms expert MTS and the National Settlement Depository (NSD) smart contracts have been placed using commercial Rouble-denominated bonds.

blockchain bond

The Bond Deal

Sberbank CIB was the main organizer of the event. Sberbank was the main buyer of the issue of MTS bonds. Bonds have the maturity term of 6-months and the total sum of RUB 750 million. The annual rate of the bond in the OTC market stays at 6.8%.

The blockchain bonds technology was completely provided and supported by NSD. A full Delivery versus Payment (DVP) settlement model was based on blockchain bonds. This enabled a laidback transfer of securities and funds simultaneously. It is based on Hyperledger Fabric 1.1 to carry out the transactions.

Commercial bonds are placed on an over-the-counter (OTC) market through the private subscription. These commercial bonds are unsecured fixed-income securities.

The system implemented is highly transparent, including bond placement, circulation and record keeping. The system only operates using digitalized assets making it extremely secure and sheltered.

All the three entities had access to the transaction into the blockchain platform. Including the issuer, the central depository, and the investor. Considering all the obligations and necessities of the Russian legislation in dealing with all the accounts was made necessary. Confidentiality was kept foremost priority in dealings throughout.

All the participants could transfer and exchange the documents online and check the subsequent transaction’s status in the actual time it occurred. The full execution of the deal was able to be seen, from the placement of the bonds to the receiving of the cash.

This collaboration between the MTS and the Sberbank CIB is the first of its nature which enabled blockchains and blockchain bonds to gain the status of an industrial technology which accelerated securities settlement and certified confidentiality.

The initiators claim that the main aim is to an exemplary digital asset accounting infrastructure joining hands with market leaders. Infrastructure plays a crucial role for institutional investors to enter the market and for the increase in market’s capitalism and market’s successful development. The infrastructure plays an essential role in the flourished market growth.

Future Plans

Sberbank has already shown interests in blockchain projects previously. Last year the executive member of the company announced that the bank is in process cooperating with the Russian Federal Antimonopoly Service (FAS) on a project which is on a distributed ledger technology (DLT).

The delay in the project is mainly because of some unsolved and pending matters including some slow interaction of blockchain applicants. The Sberbank CIB has though forecasted great hopes and high expectations from the initiative. He also declared involvement of the bank in further other blockchain based projects.

Sberbank has also announced its blockchain laboratory which will develop blockchain based solutions. It will carry out pilot projects, product prototypes and implement applied business solutions for Sberbank CIB.

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How One Simple Trick By Ripple Almost Dislodged Bitcoin

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In 2017, the cryptocurrency conjecture went mainstream. By going mainstream, it means that the market isn’t dominated by cryptocurrency enthusiasts anymore. We’ll have to accept that the mainstream investors with even a little bit of knowledge of cryptocurrencies are in charge of the market.

A Wall Between Investor And Stupid:

The unit price of a coin is a pointless basis for making investment choices. Even a bitcoin could’ve been a sub-cent item if Satoshi had chosen the final cap to be 21 quadrillions instead of 21 million and the unit price of a bitcoin would’ve been $0.00001697 right now instead of $16,790. But the total market cap still would be $284 billion. Nothing would change except that everyone would have million times more bitcoin and the unit price would be also quite cheaper.

 

Since many cryptocurrencies, as well as bitcoin, are divisible down to Satoshis (10^8), no matter what the supply is, as long as the currency has enough particles to go around for the economic use cases imagined so it could function properly. The number isn’t much important itself, although it doesn’t affect the unit prices, which automatically means that it has a massive impact on the investment choices of mainstream investors.

 

You must’ve been wondering the reason why we look for the market caps when we compare coins. Well, this is because it is how we compare cryptocurrency’s values as a whole, instead of just looking at the unit prices. To envisage this in a fine way, we can normalize the supply for various altcoins to see what the prices would be if they all had the same supply.

 

Zcash is the best example to explain what this actually means. Zcash supply when all the coins are mined the same as bitcoin (21 million), but right now, there are only 31 million mined ones. Also, when you’re looking at sites like Coinmarketcap, it’ll tell you that Zcash has a market cap of just $2.1 billion. It places Zcash far down on the list because it has just 0.6% of bitcoin’s market cap.

 

The price of Zcash is $727 which is almost 3.2% of bitcoin’s $16,098. You’ll have to pay 0.035 bitcoin to buy Zcash if you’re buying with a bitcoin. Zcash must accumulate a market cap of $12bn, to climb to the 12th spot on Coinmarketcap. The reason why the site is listing the coins the way they are is that it tells us what the implied valuation is for coins when they’re bought at current prices.

 

You can get far in your determinations to become a more informed trader than most of the people in the market by just using your common sense and a calculator. Being able of properly comparing the coin valuation doesn’t matter if no one else is doing it.

 

It’ll take a lot of time for the markets to eventually force these prices to sort out themselves. Until they do it, it’s your diligence to ensure that you’re on the right side of that alteration.

 

Story credits: news.bitcoin.com

Image: Google images

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