Tagged in: bitcoin

Steps to Take Prior to Upcoming EOS and TRX Token Swaps

Interesting times are ahead for specific altcoin holders. Anyone who has invested in either Tron or EOS will need to prepare a course of action. Both currencies are in the process of launching their main net, and tokens need to be swapped. It seems Binance will be the go-to exchange to perform these swaps, although other platforms may do so as well.

The TRX and EOS Token Swap Process

For anyone looking to take part in these swaps, a few important steps must be completed. First of all, users who store funds in MyEtherWallet will need to transfer it to any of the supporting exchanges. This will also require people to set up an account for such platforms to enable trading.  Dedicated instructions on how to do exactly that can be found here.

EOS holders will have to go through similar steps to make this happen. Once the users’ account is funded, they wait for the token swap to take place and convert their EOS or TRX balance accordingly. It is possible there may be some deposit delays as a lot of transactions will hit both networks in the coming days.

For Binance, this will be a trialing time as well. With so many transactions to come in over the coming days, the company will have to pay close attention to all deposits coming in. However, there is a particular aspect users will need to take into account if they have EOS in their portfolio. It is very likely users not registering their EOS address will lose access to funds.

The EOS Caveat to Keep Tabs on

According to Exodus Movement, users will need to register an EOS wallet address as soon as possible. This is part of the project’s main launch on June 1st. The need to register is fairly simple to explain. Current tokens are based on Ethereum’s ERC20 format. However, EOS will use its own blockchain soon and no longer need Ethereum for its token transfers.

This is also where the token swap comes into the picture. During this process, ERC20 tokens will be taken out of circulation. Instead, they will be introduced to EOS-native tokens in the process. However, that conversion will only occur if users hold their ERC20 tokens in a registered Ethereum address.  Registering the address through Exodus will take care of everything automatically.

Right now, it is unclear how other service providers will handle this process. It is possible exchange users will need to take some extra steps, depending on which platform they use. All tokens remaining in an unregistered address by the time of the main net launch will be deemed useless immediately. As such, users need to do some research as to how they should process to avoid that situation from affecting them.

 

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Bitcoin in Brief Thursday: Main Street Adopts Bitcoin Ahead of Wall Street

Bitcoin in Brief Thursday: Main Street Adopts Bitcoin Ahead of Wall Street

In today’s edition of Bitcoin in Brief we feature stories that show how fast and nimble banks that support cryptocurrency-based businesses are benefiting at the expense of the larger players that have yet to enter the market, how more financial institutions want to join and how crypto ventures are making it easier for them.

Also Read: Indian Government Considering 18% Retroactive Tax on Crypto Trading, Mining

Small Banks Love Bitcoin

With major US banks too afraid to serve all American bitcoin users and businesses, smaller banks are picking up the slack and making a fortune doing so. New York-based Metropolitan Bank for example was able to build up deposits from crypto business without building costly new branches, and more than triple yearly fee income in 2017, largely from crypto transactions.

And San Diego-based Silvergate Bank nearly doubled its assets to $1.9 billion in 2017, mainly because of 250 cryptocurrency-related businesses the privately-held company now serves. Silvergate Chief Executive Alan Lane told to the Wall Street Journal that “At what point as a banker do you pull your head out of the sand? Every banker should be learning about the technology.”

Deutsche Börse “Deep at Work” With Bitcoin

Bitcoin in Brief Thursday: Main Street Adopts Bitcoin Ahead of Wall StreetDeutsche Börse AG, which operates the Frankfurt Stock Exchange, is actively examining its options for launching cryptocurrency derivatives. This was revealed in London on Wednesday by Jeffrey Tessler, CEO of the post-trade services provider owned by Deutsche Börse Clearstream and member of the group’s executive board, responsible for Clients, Products & Core Markets, at an event organized by the Association for Financial Markets in Europe.

“Before we move forward with anything like Bitcoin we want to make sure we understand the underlying transaction which isn’t the easiest thing to do,” explained Tessler. “We are deep at work with it,” however, “not at the same stage” [as the CME]. “We want to understand the volatility and make sure clients are in line and make sure regulators are in line.”

Huobi Pro Launches Crypto Market Index

Bitcoin in Brief Thursday: Main Street Adopts Bitcoin Ahead of Wall StreetHuobi Pro has announced on Wednesday the launch of a new benchmark called the Huobi Main Force Index. The company explains that it will select 10 top traded digital assets with high market capitalization and strong liquidity that reflect the market performance of Huobi Pro, in terms of USDT. The assets will be divided into four categories: Coins, Platforms, Applications and Physical Assets tokens, depending on the transaction volume value of the previous quarter. Huobi further states that the main force index will be published by Bloomberg and other communication organizations later on, and users may view the index by logging in on their devices.

“The goal here is to provide a complete and organized tool which will help enhance the overall knowledge of the blockchain industry. We are committed to bringing more insights and data so key stakeholders can make the most knowledgeable decisions when it comes to their investments,” said Leon Li, founder and CEO of Huobi Group.

US Megabanks Less Safe Than Crypto?

Bitcoin in Brief Thursday: Main Street Adopts Bitcoin Ahead of Wall StreetAmericans now have a new reason to consider moving their money away from big banks to cryptocurrencies – the expected decision by banking regulators to water down the Volcker Rule, which restricts the ability of banks to engage in proprietary trading with depositor funds. This according to the latest analysis by Weiss Cryptocurrency Ratings. They explain that due to the rule changes, banks will now be able to gamble more freely in a scheme that gives them the quick profits but gives depositors the ultimate risks. In contrast, holders of cryptocurrencies are not exposed to those kinds of risks as they can control their money directly with no custody by third parties and no need to trust a central authority.

“With this rule change, the authorities will make it easier for megabanks to take big risks with other people’s money. But they are making the change precisely when global debt levels imply record risks,” the authors argue. “In the future, cryptocurrencies will do such a fundamentally better job as a safe depository of funds it’s difficult to envision a world in which this technology does not become a game-changer for money and banking.”

What do you think about today’s news updates? Share your thoughts in the comments section below. 


Images courtesy of Shutterstock.


Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics.

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Bitcoin Gold unter Angriff: Börsen verlieren 18 Millionen Dollar wegen Double Spend

Bitcoin Gold, die Fork von Bitcoin, die gegen Asics resistent ist, wurde vor einer Woche angegriffen: Ein Miner hat mehr als 51 Prozent der Hashrate aufgebracht. Dies ermöglichte es ihm, bestätigte Transaktionen zweifach auszugeben und Börsen um etwa 18 Millionen Dollar zu betrügen. Eigentlich sollte dies der GAU für jede Kryptowährung sein – doch der Kurs von Bitcoin Gold hat kaum reagiert. Eine andere Kryptowährung, Verge, wurde kurz zuvor übrigens auf ähnliche Weise angegriffen.

Im Forum von Bitcoin Gold schrieb jemand vor einer Woche ein Post, das jeden alarmieren sollte, der weiß, was die Worte bedeuten:

Eine unbekannte Partei mit Zugriff auf eine große Menge an Hashpower versucht, einen ‘51%-Angriff’ auszuführen, um durch ‘Double Spends’ Geld von Börsen zu stehlen.

Abgesehen davon, dass es ziemlich schlimm ist – was bedeutet es genau? Ein 51-Prozent-Angriff meint, dass es einem Miner (oder einem Mining-Pool) gelingt, sich 51 Prozent der Hashrate anzueignen. Nun werden diverse Attacken auf Bitcoin (oder andere Blockchain-basierte Währungen) möglich, die es nicht geben sollte. Das Grundmodell meint, dass der Miner seine Hashpower einsetzt, um im Geheimen eine eigene Blockchain zu minen, die dann zur offiziellen Chain wird, sobald er sie veröffentlicht, da hinter ihr die größte Hashpower steht.

Die längere Chain löscht die kürzere aus

Ich versuche, einen 51-%-Angriff grob zu visualisieren. Die eigentliche, sichtbare Chain sieht so aus, wenn die Miner innerhalb von einer Stunde sechs Blöcke produzieren:
B1 — B2 — B3 — B4 — B5 — B6
Gleichzeitig aber kann der 51-Prozent-Miner im selben Zeitraum eine alternative Chain erzeugen:
A1 — A2 — A3 — A4 — A5 — A6 — A7
Diese Chain ist länger, da der Angreifer mehr Hashrate hat. Wenn er nun in Block B1 eine Transaktion einfügt, etwa an eine Börse, und etwas später, wenn er etwa seine Coins auf der Börse verkauft hat, die alternative Chain A1 bis A7 veröffentlicht, in der die Transaktion an die Börse nicht enthalten ist, ist es so, als sei sie nie geschehen. Dies nennt man dann einen erfolgreichen Double-Spend, wie er bei bestätigten Transaktionen eigentlich nicht möglich sein dürfte.

Dies geschah nun offenbar bei Bitcoin Gold (BTG). Anders als Bitcoin (BTC) und Bitcoin Cash (BCH) wird BTG nicht durch Asics, sondern durch die Prozessoren von Grafikkarten (GPUs) gemined. Die Grafikkartenminer und ihre Pools schürfen oft nicht einen spezifischen Coin, sondern hüpfen von Coin zu Coin, je nachdem, welcher profitabler ist. Dass dies für kleine Coins wie BTG problematisch werden kann, hat die Auroracoin-Szene schon 2014 erfahren müssen.

Börsen unter Beschuss

Nach dem Hinweis im Forum gab es mehrere Tage lang Double-Spend-Angriffe gegen namentlich nicht genannte Börsen. Es kam immer wieder vor, dass Blöcke, in denen Transaktionen an Börsen gesendet wurde, durch alternative Ketten ersetzt wurden, in denen die Transaktion nicht enthalten war. Zunächst hat die Community den Börsen empfohlen, 20 Bestätigungen abzuwarten. Etwas später zeigte sich aber, dass dies nicht reicht, und dass man besser 45 oder 50 Bestätigungen sammelt.

Jemand erklärte, ab wann ein Angriff profitabel ist: “Es hängt von den Beträgen ab. Die Beträge, bei denen wir Double-Spends beobachtet haben, lagen zwischen 8 000 und 12 000 BTG. Immer wenn ein Angreifer gewinnt, verliert die Börse diesen Betrag. Der Angreifer muss ein wenig Geld ausgeben, um genügend Blöcke zu minen, um die 51-%-Attacke auszuführen. Um n Blöcke zurückzunehmen, muss er etwa (n+1) * 12,5 BTG bezahlen. N ist dabei die Anzahl an Bestätigungen, die eine Börse verlangt. Ein 21-Block-Angriff kostet etwa 262,5 BTG.”

Schätzungen zufolge gelang es den Angreifern, etwa 18 Millionen Dollar von verschiedenen Börsen zu erbeuten. Einer der Accounts, die angeblich in den Angriff involviert sind, hat am 16. Mai den Betrag von 388.200 BTG erhalten. Nach dem 18. Mai haben die Angriffe gestoppt, aber das Risiko besteht weiterhin, dass der Angreifer eine weitere Attacke fährt, wenn er erneut die Mehrheit der Hashpower erreicht.

Bitcoin Gold ist nicht allein

Bitcoin Gold ist nicht der erste Coin, der von einem solchen Angriff betroffen ist. Erst vor kurzem fiel offenbar die Kryptowährung Verge (XVG) einer 51-%-Attacke zum Opfer. Laut Cryptocoinsnews geschah dies zum zweiten Mal seit Anfang April. Der Angreifer hatte dabei wohl auch noch einen Bug im Timestamping der Blocks ausgenutzt, wodurch es ihm gelang, die gesamte Blockproduktion zu kontrollieren und die Schwierigkeit effektiv auf Null zu senken. Der Angreifer konnte sich angeblich 35 Millionen XVG sichern, was etwa 1,7 Millionen Dollar entsprach.

Ein solcher Angriff sollte für eine Kryptowährung eigentlich ein KO-Treffer sein. Die Märkte jedoch reagieren gelassen. Der Kurs von Bitcoin Gold blieb im Lauf der vergangenen Wochen nahezu unverändert. Die Fork ist seit Januar in einem relativ unaufregenden Abwärtstrend, der durch die Double Spends weder verschärft noch gemildert wurde. Verge hingegen war vor den Angriffen im April auf einem starken Aufwärtskurs, der dann jäh unterbrochen wurde und sich in einen Abwärtstrend transformierte. Allerdings bleibt auch hier bislang ein bemerkenswerter Absturz aus.

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Bitcoin Pressured as Federal Prosecutors Investigate Price Manipulation

The U.S. Justice Department has opened a criminal investigation into cryptocurrency price manipulation purported by market participants. In the meantime, Bitcoin continues to move lower towards the $7,000 line in an overall gloomy week for digital currencies.

U.S. Justice Department Launches Criminal Investigation Into Cryptocurrency Price Manipulation

U.S. federal prosecutors are working with the Commodity Futures Trading Commission (CFTC) in a criminal probe that focuses on price manipulation schemes, including spoofing – a widely practiced form of price influence in which traders flood the market with fake orders in order to bait other players into taking the opposite side – and wash trading, in which the cheater trades with themself to create a false impression of market demand and trading volume.

Extreme market volatility and lack of regulatory oversight over trading platforms have led the justice system and financial watchdogs in the U.S. to worry over the cryptocurrency market and potential criminal market plays. China has cracked down on its cryptocurrency ecosystem, particularly Bitcoin miners, trading platforms, and digital currency payments solutions providers, over similar concerns, but also in order to keep its centralized financial system unchallenged.

New regulatory actions promoted in Japan, South Korea, India, Thailand, the Philippines, and other countries, may have helped drown the price of Bitcoin in 2018. Bitcoin came from its all-time highs in the $20,000 area only to be pulled down as the new year promised more government coordination regarding cryptocurrencies.

Gemini Trust, the New York-based digital asset exchange led by the Winklevoss twins, has recently hired Nasdaq Inc. to conduct surveillance of cryptocurrency trading on their platform. Cameron and Tyler Winklevoss have called for the creation of a self-regulatory body made up by trading platforms within the industry.

Cryptocurrency trading is fragmented on dozens of platforms across the globe, many of which not even registered with the relevant financial watchdog. In the U.S., the CFTC is capable of imposing fines on spot market fraud even though the agency does not regulate it.

John Griffin, a University of Texas finance professor who has studied cryptocurrency market manipulation told Bloomberg that limited oversight of digital currency trading makes it a target for crooks.

“There’s very little monitoring of manipulative trading, spoofing and wash trading. It would be easy to spoof this market.”

Price manipulation within the cryptocurrency market, whether it is spoofing or wash trading, could break investor confidence in such a young niche trading asset. Market capitalization has been in decline since early May, having lost nearly $150 billion from those highs. Criminals engaging in such practices profit from market volatility and they may have a direct role in the current market sentiment.

 

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How Blockchain Can Transform Currency

Not many IT industry leaders have yet to start using blockchain. for most this is a new idea that is taking time to get used to. Only about 13% of leaders say they use blockchain for their businesses according to a survey that was done. Blockchain can help save banks billions of dollars. American Express is one of the businesses that has already started implementing blockchain in their processed transactions. Just like currency blockchain can transform many different things in our lives, like more stability, security  It also revolutionized medical record keeping. The global blockchain technology marking is fast growing. The market in 2015 was worth about $317 million and has significantly grown since.

Double-Spending

The primary function was to solve prior problems when it comes to the way we use money, which was the idea when blockchain was first brought to the market. Of course, it isn’t, and it will always be hard to shift from paper currency to digital currency. A lot of issues has presented itself. Double spending is one of the issues that is faced. Digital currency is not physical Cash, and can’t be physically seen. it’s seen as a potential problem in which the same digital currency can be used more than one time, so an accurate record needs to be kept. Blockchain solves this problem. It Keeps an “open public ledger” The transactions will get stored, and timed stamped to assure that it’s not being copied, and reused

 

Limited Supply        

Not everyone is excited about the idea that we should only use cryptocurrencies. Many currencies currently have a clear supply that is set permanently. Examples like, silver or gold and many other metals, which counters hyperinflation and devaluation of currencies. Based on the way currency is handled it can be shifted by taking advantage of blockchain technology and combine it with a more valued centered currency.

A lot of companies are already using this technology. It provides us with cybersecurity, but there a number of ways society handles the current method of currency and will handle future method of currency. A perfect example is the UPMA. They combine limited supply, intrinsic value and value-based economy over a debt based one with the advantages that blockchain technology provides, and it changes the way currency is being handled completely.

The hardest thing to continuing with value backed currency can be seen as an organizational nightmare. Having to keep a record of who owns what, how much gold is needed to back the paper money, and how much different currencies is being circulated would be a very hard task. Blockchain technology gives economies, and relieve those pain points. Also, there is no way for reprehensible parties to create a fake currency running on the same blockchain to dilute the circulation of currency.

No one knows what the future will be like but it appears as if blockchain will be a big part of it. Whether it’s for security stability, recording, it also fair to say that it will include transforming currency, it will become a big part of this world.

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Alt coins fall again during Wednesday session as major crypto currencies soften – FX Empire

Alt coins fall again during Wednesday session as major crypto currencies softenFX EmpireThe alt coins struggle rather significantly during the session on Wednesday, as both Bitcoin and Ethereum both struggled rather drastically. Because of this, all coins will continue to be soft as well. Christopher Lewis. 8 minutes ago. Alt Coins daily ...

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