Day: June 29, 2020

Soramitsu Starts Testing ‘White Tiger’ Digital Currency in Japan

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Japanese blockchain company Soramitsu announced it would start testing a new local digital currency for retailers at the University of Aizu. According to a June 29 report in the Nikkei newspaper, Soramitsu will begin testing “White Tiger,” a digital currency sitting on the company’s native Hyperledger Iroha blockchain. The digital asset will be tested at cafeterias and shops at the University of Aizu in Fukushima Prefecture, 300 km north of Tokyo, starting on July 1 before gradually being utilized at locations off campus.  The introduction of White Tiger is part…

Blockchain Prediction Platform Augur Launches V2 on July 28

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Blockchain-powered event betting company Augur says that users of its REP cryptocurrency need to migrate their tokens once a new version of the platform is available starting July 28. According to an announcement posted to the platform’s website on June 29, Augur v2 will launch on the Ethereum (ETH) mainnet at the end of next month. This means that REP token holders need to manually migrate their coins to the new version, REPv2. Augur stated that current tokens will be renamed “REPv1” to lessen any confusion. ‘Use it or lose…

A “Huge” Bitcoin Move Is Imminent as Price Stalls in the Low-$9,000s

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While Bitcoin has seen its fair share of short-term volatility, on a macro scale the cryptocurrency is still consolidating. The below chart from Blockroots founder Josh Rager, a crypto trader, displays this well. The chart shows that over the past ~seven weeks, BTC has been effectively trapped between $8,500 and $10,000. Each breakout has failed to lead to a follow-through. Chart of BTC’s price action over recent months by Josh Rager (@Josh_rager on Twitter). Chart from Tradingview.com Yet the consolidation is reaching a breaking point: volatility indicators show that any…

Researchers Say New Lightning Network Attack Could Create ‘Chaos’

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A study published on June 29 revealed a way to drain Bitcoin (BTC) wallets’ funds on the Lightning Network by exploiting a bottleneck in the system. According to the “Flood & Loot: A Systemic Attack On The Lightning Network” paper, Jona Harris and Aviv Zohar from the Hebrew University in Israel evaluated a systemic attack on the Lightning Network that allows for the theft of BTC funds that were locked in payment channels. Flooding the blockchain with simultaneous attacks The Lighting Network is used to send payments through intermediary nodes,…

Ethereum Volatility Drops Below Bitcoin’s but ETH Options Are Bearish

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Ether (ETH) options implied volatility, a measure of the expected price swings as per the options markets premium, has dropped below Bitcoin’s (BTC) for the first time ever.  This could signal that investors have given up expectations of a price decoupling, or they simply expect ETH price moves to mirror Bitcoin.  In the case of potential catalysts for significant price moves, implied volatility tends to move up whereas an absence of triggers causes volatility to recede, alongside a diminishing premium on options markets. Deribit options implied volatility. Source: Skew The…

Bitcoin as a tool to fight authoritarian regimes: Vladimir Putin critic explains

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Sergei Guriev, professor of Economics at Paris’ Sciences Po and a critic of Vladimir Putin, told Cointelegraph how Bitcoin can be used as a tool to combat authoritarian regimes despite having “no fundamental social value”. Unlike fiat currencies, the purchasing power of Bitcoin is not backed by any institution. That is why, according to Guriev, “Bitcoin is a merely speculative instrument without any fundamental value”.  He also pointed out that, unlike company stocks, Bitcoin does not produce or promise to produce cash flow. “Bitcoin is not producing anything of additional…

Qtum Preps for Mainnet Hard Fork With New Testnet Event

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Proof-of-Stake, or PoS, blockchain Qtum successfully completed a hard fork of its testnet in preparation for the launch of its mainnet hard fork. According to a statement sent to Cointelegraph, the upgrade went live on the testnet at block 625,000 on June 29. This event officially introduced offline staking in Qtum. Mainnet hard fork to happen in August or at block 680,000 The testnet event – scheduled to start on July 6 – is the last phase before Qtum launches its mainnet hard fork. This is expected to happen on…

Researchers Say Ransomware Attacks on the Rise as More People Work From Home

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A study published by cybersecurity firm, Proofpoint, shows an increase in email-based phishing attacks used to deliver ransomware over the last few months. According to the report, first-stage deployments of ransomware are reportedly on the rise and have mostly been targeting the United States, France, Germany, Greece, and Italy. The attacks appear to be capitalizing on the influx of people now working from home amid the COVID-19 pandemic. Research additionally indicates that the ransom demands are very low compared to the amounts usually seen in these attacks. Lower than average…

Class Action Alleges Visa-Acquired Co Was ‘Data Plumbing’ Venmo, Cash App & More

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June 25, a new class action was filed in California against fintech startup Plaid, which was acquired by Visa for $5.3 billion earlier this year. The plaintiffs allege that Plaid violated privacy and data protections by accumulating and monetizing financial transactions of millions of users. The complaint alleges that the company accumulated this data by “data plumbing” popular services like Venmo, Stripe, Square’s Cash App and Robinhood. It purports that Plaid knew: “Every dollar you deposit or withdraw, every dollar you charge or pay to your credit card, and every…

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