Archives 2020

Mit Cybersecurity Experts Do Not Trust Blockchain-based Voting Systems

In the current situation, with many demands of the internet-based voting system, various groups are going against this progressive set of using a blockchain-based voting system. The groups are no ordinary people. They are a “group of researchers” working on this process. So, what’s stopping them from accepting the new voting system? Let’s begin; the Massachusetts-Institute-of-Technology, department of computer science and artificial intelligence, has been working on the blockchain voting system’s pros and cons. After quite a long research, they found that the idea might be a progressive one but is not safe. There will be millions of chances when the data could be hacked, and there can be a compromised result. That is exactly why a section of people do not agree to get the voting system online.

The prominent researchers Neha Narula, Ronald N. Rivest, Michael Spector, Sunoo park, concluded that the online voting system is risky in comparison to the old voting system. According, to researchers, walk-in’s very safe because there is a lesser chance of tampering in the votes. There will also be a lack of audit, even if there will be a contested race. As this is a very new system and has not been implemented yet, no one is sure about the assumptions. Hence, the researchers admit that the system might be a faulty one, but no one has proof of the fact, and hence, these are all assumptions only.

Like in every internet-based transactions or authorized working of organizations and companies, they have a fault a damaged cotton option, but, for a vote, there will be no damage control. Once the system is hacked, there will be a national emergency and chaos. Hence, to avoid frauds and emergencies, the group of researchers does not agree to move their voting system online.

If the hackers hack the blockchain, the election authorities will not be able to declare the results properly, and that will bring chaos all over the country, and that is bound to affect the world economy, one way or another.

After research and Markus debates, the authorities have concluded that, yes, blockchain voting can cause serious hazards to the country’s ruling system, although they are ready to try out the “new process” for online voting but slowly. Small developments in the blockchain system will eventually provide a clear picture of what will happen if the entire system changes. Researcher Michael sector, who is from a different MIT team, released a new report which states there are various vulnerabilities in the blockchain system.

 

Most Americans Against Digital Dollar CBDC, Poll Finds

Who likes to be tracked? The digital currency has set a new level of expectations from people, and that is resulting in the opposition or dissatisfaction on the matter of getting a centralized digital currency bank. Most of the Americans are opposing this particular proposal as found by a study done by Genesis Mining. The study is valuable because it was done with 400 participants, where 50% of the respondents were against this particular step of centralizing the digital currency and confining it into a Bank. One can argue that the no of respondents is less in number and that this survey is not apt, but this survey does reveal that a higher percentage of citizens don’t want a digital dollar!

Already CBDC found opponents of the proposal, it miraculously doubled in 12 months. From 50 to a majority of the respondents now are opposing this particular proposal. Only 13% of the respondents gave their permission. To do the said. There is a tricky belief here; the opposing respondents agree on this particular decision just because they think cryptocurrency is associated with criminal activities. As stated by CBDC, this specific section of the people gave this concept because of their insufficient knowledge about cryptocurrency and how it works. There is a mixed response from American citizens that is generated due to an inadequate understanding of digital currency.

One instance of the particular statement is that Americans have inadequate knowledge about currency and the digital currency or monetary dealing of America. About 38% of the respondents believe that the American currency is being backed up by gold and liquid gold. The other percentage of people doesn’t even know anything about monetary transactions and digital currency. Inflation was spotted as a “critical issue” by 88% of the respondents despite their disinterest in the “monetary policy”.

The outcome of the study by genesis

The study provides concrete proof that most Americans are not aware of the monetary dealings or transaction benefits or system in the US. Hence, genesis thinks this is an excellent opportunity for the American authorities to make fair use of these citizens and make them literate in these processes. How the monetary system works, where the money comes from, where the money goes, how bitcoin works, the benefits of bitcoins, what is a cryptocurrency and why should it become a medium of transaction, how cryptocurrency can elevate the advance the usage of money in the economy to boost it, etc.

One of the most critical decisions in this process is to decide whether the private sector should be included or not included at all. This can have severe consequences and issues while working in the economy. The “Federal Reserve” came to the rescue and stated that private enterprises and banks should be kept out of it and that the state should have full control over it.

A small study in Canada found that citizens are highly in disapproval of the cryptocurrencies and are walking out its issues but are poorly educated about the benefits of cryptocurrencies. The officials and financials think this is due to poor education about finance in the common mass and that this can harm the economic growth in a country!

 

 

 

 

South African Regulator Warns Against Using Mirror Trading International

Mirror Trading International is known for using bots for trading on behalf of its clients. Texas State Securities Board took action against MTI by immediately stopping its illegal crypto trading. The action has been taken in response to the complicated and illegal trading platform of MTI.

According to some brokers, the MTI platform asks for Bitcoins from its customers in return for trading services and profits. This trading service is performed by automated trading through artificial intelligence.

Following the path of the Texas State Securities Board, now South Africa’s Financial Services Conduct Authority (FSCA) is also alert to investigate MTI’s illegal activities. FSCA has claimed that MTI should have a mandatory license of the financial service provider to run its business and it doesn’t have one.

Another loophole in the business model of MTI is its 10% return claim. The FSCA is concerned that this claim seems to be unrealistic. MTI has appointed unregistered salespeople to dupe wealthy investors and business persons to invest in its platform. The bogus trading platform then lures them to give high gains.

MTI claims that it holds 2.9 billion South African Rand in trading accounts. Since there are many other speculations, this claim also seems to be made up. FSCA has now warned MTI’s users to not use the platform for any trading activities. It is also advised that the trading funds should also be withdrawn as soon as possible.

Amidst the other doubts about MTI, its platform broker FX Choice also denied the claim of trading in millions. The broker also denies the legitimacy of the platform. To which, the regulator is yet to do its investigation.

The South African regulator will also involve the police once all the blames is confirmed by the authorities. MTI is accused of not working according to the regulatory standards and doesn’t have a financial service license. The regulatory has also imposed charges of providing misleading information on MTI.

Bots are dealing with the hard-earned money of the investors and everyone is lured by multi-level marketing methods into the platform. The MTI platform is being promoted as a get-rich-quick scheme. This is not supposed to happen at all.

If anyone is having trading funds with MTI, he or she should immediately withdraw the money into their respective accounts. Until any legal action is taken against MTI, its users are free to withdraw their funds safely without any further delay.

Bitcoin Investors Swap for Ethereum Wrapped BTC to Yield Farm and Chill

It is estimated that $274 million or 23,100 wrapped bitcoin is in circulation in the market recently. Wrapped Bitcoin or WBTC has seen very high growth from last few weeks. According to a registered digital-asset data provider, almost half of the wrapped bitcoin was mounted a few weeks in the past itself which resulted in the growth of the decentralized finance sector.

Wrapped bitcoin allows the users to seamlessly bitcoin to the ethereum network which helps to interact with smart networks. WBTC is actually a token that stabilizes the price of bitcoin which was launched in 2019. The growth in decentralized finance is basically pointing at the fact that people are always searching for high yield options to hold bitcoin. The growth in WBTC has also been inflated by the yield farming phenomena because above the half of the WBTC is kicked in the Defi landing protocol compound.

High Privacy Values of yield farmers

The most valued and popular ethereum for bitcoins in recent times is the WBTC. As it is one of the easiest, although it comes with a very vulnerable policy that includes “know your customer” procedure and a third party custodian service. This raises concerns among many users about privacy and censorship. As the interest in Defi is growing around varied institutions by central banks, many individuals are preferring to stay anonymous when using wrapped bitcoin.

19% of the new addresses brought using the WBTC on August are through renBTC. So, what is renBTC? It is something similar to WBTC but it actually features trustless storage for bitcoin. This is because renBTC allows all users to stay anonymous while they can own their assets, completely. The percentage points out that privacy is a genuine drive factor in the growth of the Defi sector.

Will ethereum be able to support the growth? Although Defi looks promising

Many of the Defi protocols have already been subjected to the issues of security and malfunction. The yield farming might have different consequences with the tokens involved in each platform. Let us explain it with an example, 50% or more of the DAI is already locked in the compound which might end up disrupting the peg with the dollar. The compound of WBTC is also locked in the compound as well. This will eventually bring liquidity issues in the market for tokens in hand. One of the disturbing facts is that the ethereum network is bogged down due to tremendous network congestion and high fees surrounding it. The future is bright for DeFi, but the question is, will ethereum be able to face the coming challenges?

Learn to Profit from Bitcoin’s Growing Correlation with Traditional Assets

The global pandemic has plunged the world into uncertain times, especially in all regimes’ economic avenues. The economy has suffered, but cryptocurrencies have come out better than before with investor confidence high and a surge in valuations expected. There has even been a forecast of a bull run in the likes of the one in 2017, which had made the whole world mad about Bitcoin. The most noteworthy thing though is the slowly growing tie-up between cryptocurrencies and conventional financial resources. This means that those who previously were unwilling to deal with bitcoins due to its exclusivity now may find it appealing with greater accessibility about fiat and other asset forms.

Advice from Industry Experts:

Two pro-traders revered in the crypto community for their wisdom regarding digital assets will be conducting a lively new session on their weekly video channel on the relationship of Bitcoin with other forms of assets and how to handle them the transition. The video will be interactive, where watchers can ask any queries they deem necessary and find the answers they are looking for life as the video ensues.

Discussion Points:

The video will cover Bitcoin’s basics, such as its glorious history and the mysterious origins of the anonymous Satoshi Nakamoto. The recently predicted Bull Run and the necessary precaution it will require will also be discussed with emphasis on trading with caution and paying heed to advise from conservative experts instead of the running head-long as everyone did back in 2017. But as promised, the main topic would be about the burgeoning popularity of Bitcoin among the common masses and what its recently developing association with traditional forms of assets will mean for the finance world.

The world has been catapulted into chaos, and Bitcoin seems to be the only thing that has come out of it thriving. This is in the character of its volatile nature, and investors seem greedy to jump into its fertile waters. While the market does seem to be burgeoning with brighter horizons up ahead, one must remain cautious and refrain from investing all of their life’s earnings into its tumultuous tides. This is a fun new trading opportunity where one should only focus on learning the patterns and trading with the money that they have to spare. Please do not go into it as a last-ditch effort to solve your financial problems but rather as a side hobby with a potential benefit of maybe making you rich.

Hackers Robbed More Than $1.3M From European Crypto Trading Company

This piece elucidates facts about the report that says that the servers of 2gether were under attack by some anonymous hackers who also robbed more than 1.39 million USD from accounts of cryptocurrency investments.

The Theft

2gether is a European crypto trading organization. It was very unfortunate for them to face a massive problem as it became the target for a bunch of hackers. They stole over more than 1.183 million Euros which is equivalent to 1.36 million USD. The CEO of 2gether named Ramon Ferraz Estrada revealed this terrible news through a Twitter post series.

He also mentioned in his posts that the Euro wallets and accounts are still completely safe. To cope up with the major loss, the company came up with the offer to its clients to sell its classic 2GT token with the cost of 5 cents (each) only. The team of 2gether also made a decision to grant an extra fund for covering any further losses they might have faced through this event.

More Details on this Occurring

This particular crypto trading institution made some other statements to the public. The team stated that the application software of 2gether will get rebuilt once again as quickly as possible along with the availability of all security facilities. The customers will get a new benefit of asking about any sort of problem they might face with this application through an Ask Me Anything or AMA session that will be organized on Reddit.

Similar Incident with Cashaa

Cashaa, a United Kingdom-based cryptocurrency trading company, made a report that a little more than 336 bitcoins were stolen by a bunch of hackers just like the event happened with 2gether. Both the happenings were very much similar to each other and causing a heavy suspicion that they might be connected together.

Right after this awful incident happened with Cashaa, it stopped all the transactions linked with cryptocurrencies. With this sudden cease, the clients did not go through any issues to be specific as per the reports say.

The Whale Alert Twitter Update

On the 27th and 28th of July, Whale Alert posted a Twitter series that signified that wallet addresses linked with the current hack of Bitfinex exchange moved 3503 Bitcoins that have approximately held a value of 38.7 million USD, more than 12 transactions.

 

How to Buy Bitcoin: Best Practices, Where to Buy, Tips

Obtaining Bitcoin is not as simple as purchasing fiat currency. There are several things you need to know to secure such a purchase. The first thing you need to know becomes where to store the Bitcoin you buy. Since it is a digital currency, you need a digital storage area, known as a wallet in the cryptocurrency world. The wallet essentially stores private keys you use to access your funds when you need to spend them. The keys are like your ATM card pin, without which you cannot access your money.

You can then go ahead to buy your digital currency once you have your wallet in place. There are currently six secure places where you can purchase Bitcoin.

ATM

Automated teller machines designated for Bitcoin dispensing are a completely new concept. They offer the most private purchasing experience and will quickly gain ground across the world. You get charged a 3-8 percent commission on your purchase above standard exchange price. And all you have to do is feed the machine funds then scan your wallet’s QR code to get the digital currency deposited. You can optionally get the systems in paper form with directions on how to collect the BTC. These ATMs can never get found in countries that have outlawed Bitcoin or digital currencies.

Gift Cards

Gift cards often get purchased by Bitcoin, and the reverse is also true. You can buy Bitcoin using gift cards as several Bitcoin exchanges have sellers who deal in this particular exchange type. You purchase a gift card from a retail store and log into a Bitcoin exchange service. You may need to send an image of the gift card’s code plus the receipt of purchase or send an e-code. The difference depends on the seller with whom you connect. Gift cards tend to save you money as you can purchase them at even 60 percent of their actual value, making them one of the most affordable ways to buy Bitcoin.

Exchanges

Exchanges offer the most open platform for traders to purchase cryptocurrency. They get regulated by the country’s government and require that their clients give their details before engaging in trade. They also need clients to connect active bank accounts to their exchange accounts before they can begin transactions.

 Giving details can be a deterring factor to some individuals as it takes away anonymity from Bitcoin trading. The advantage exchanges bring to provide a variety of options to traders and allow fair competition among sellers.

Exchanges also offer Bitcoin storage facilities. The downside to that is they are prone to hackers or even shutting down suddenly, making them unfavorable for cryptocurrency storage. Such incidents have happened before with traders undergoing irreversible losses.

P2P

Peer to peer involves buying Bitcoin from an individual seller. The advantage of this kind of purchase is you can keep the transaction anonymous. You have the option of meeting face to face, meeting in a group setting, or transacting online. The most secure of this becomes the group setting, with several buyers and sellers coming together for mutual benefit. You get to learn a lot from those who have gone before you and gain exposure from different approaches to Bitcoin trading.

Take utmost precaution while transacting online or face to face with a seller as many have been duped this way by fraudsters. Always have a witness with you if meeting physically with a seller. Meet in an open and public space where you can raise the alarm if something goes wrong. For online deals, try to get trusted sellers who have a proven track record in the trade. Referrals work better in such transactions where you are referred to a seller by a friend.

Bitcoin Investment Trust

This investment body is one-of-a-kind. You get to invest in Bitcoin without purchasing any cryptocurrency. You save your money in the trust, which pools the funds sent by investors and funds on your behalf. It currently has an investment pool of $1.8 billion with an appreciation of 1,600 percent from its inception.

The ingenuity of this approach ensures you never have to buy Bitcoin yourself. You also learn about cryptocurrency without the fear of undergoing losses or being duped in a deal.

Final Take

While Bitcoin has been around since 2009, it is still evolving. Because of this, some governments are still wary of it. Sellers prefer hard cash or direct deposit from the bank to sell you the digital currency, so they don’t get the transaction reversed after transferring Bitcoin. Bitcoin currently has no reverse option in its system.

Remember also to be cautious when buying the cryptocurrency as there are many fraudsters out there. Use trusted sellers as much as possible. The digital currency world is a continually evolving space, and there will be other avenues created for accessing Bitcoin in the future. Security measures will get better and digital currency will continue to get embraced globally.

 

New Data Debunks Reports of Turkey as Leader in Crypto Adoption

The traditional perception of Turkey as a crystal-learning nation seems to be discarded in a recent survey. Paribu had the clear goal of locating 1,000 Turkic people who knew something about crypto. Paribu was a major Turkish financial analyst. In order to accomplish this aim, it took more than 6,000-panel discussions in 12 cities in Turkey, mostly during COVID-19 surge. An important myth regarding the Turkish crypto ecosystem has been refuted by the tests. In a previous survey one-fifth of the Turkish people used or used cryptocurrencies, other foreign bitcoin-players have attracted a lot of attention. The Statista worldwide survey, performed in 18 countries by online polling of 1,000 survey participants in the first half of 2019, named Turkey as the world’s leading cryptography firm .. This remarkable approval rate is the highlight of the many specifications provided since the first article was written about Turkey and the part of the country.

The latest Paribu poll, released on the 23rd of July, contrasts dramatically with previous foreign reports that cryptography is less than 1 per cent between Turkish citizens.

Akademetre market research firm performed the investigation on behalf of Paribu itself, and the findings were published in the study on crypto-monetary consciousness and understanding.

The study reveals that of 6,253 respondents, only 44 have been traded in some form of controlling ownership. This means that only 0.7% of Turks have ever purchased tokens or trade in them. However, 97 per cent of respondents had little awareness that cryptocurrency is managed using blockchain technology. Roughly 85 % of the respondents never learned about Bitcoin ( BTC) or crypto-currency.

This led to a second section of the survey. As 44 is too small to carry out accurate testing, Akademetre and Paribu used another sample afterwards. This time, 300 frequent users of cryptographic products were developed. This latest research extensively explored Turkish crypto users’ experiences for the current sample selection. 34% have shared their faith in crypto among this latest group among 300 participants. It was also observed that the Internet (33.3 per cent) and social media (17.7 per cent) are the top two ways to check for knowledge about crypt on social media platforms.

Crypto is primarily used as an exchange or capital expenditure tool with less than one out of three interviewees utilizing cryptocurrencies to move capital. No matter the way it is used, 72.7 per cent of Turkish public are strongly pleased with crypto. Bitcoin with a 68% supremacy is the top alternative for Turkish crypt clients. Ether (ETH) and Bitcoin Cash ( BCH) respectively pursue BTC from a gap of 14.7 and 9.7%. Paribu CEO Yasin Oral elaborated on the survey findings and highlighted the weak crypto acceptance rate in Turkey by adding.

“The viewership in Turkey is immense.

New Kyber Upgrade Deployed to the Ethereum Mainnet

Kyber Network has come up with KyberDAO, an upgrade of the protocol in operation on Mainnet and works along with the decentralized autonomous organization, DAO. Kyber has developed a new Katalyst Protocol upgrade and a decentralized finance solution known as DeFi.

An upgrade is related to Defi move

By keeping the Defi move in mind, the Kyber network would take Katalyst into action using the Kyber DAO liquidity. The kyber DAO is empowering both the communities, i.e., the Kyber and Defi community, to buy the actual stake and decide the future of Kyber. It helps to contribute to the growth of the Kyber. The Kyber network website is overhauled to give a new look and make it the best platform to communicate when there is a change in the protocols and the Kyber Network Crystal token model.

Kyber DAO has entered into Defi

Kyber uses its respective Mainnet through which the Kyber DAO would be running. The Kyber Network is ultimately the on-chain liquidity protocol that gets liquidity from different sources and swaps the decentralized tokens and uses it in various applications.

Kyber DAO takes part in receiving the Ethereum payouts and helps the system run through buying stakes in KNC assets and voting. The Defi sector is widely used for a few months with the blockchain and crypto gaining huge attention.

About Defi

The Defi movement is driving the cryptocurrency though the price of the asset is increasing to 75% less compared to 2017. The Defi is decentralized finance. There is a notion that the crypto entrepreneurs can come up with the conventional financial instruments in the decentralized architecture and government control.

The decentralized applications have become even more popular to avoid misuse of funds when those are centrally controlled. Bitcoin and Ethereum are Defi applications. A huge network of computers controls these two without banks and financial institutions’ involvement. The investors are using bitcoins equal to gold. It is protected from inflation, whereas Ethereum is instrumental and controversial, helping the new companies get funds.

The best part of using Defi is that traditional finance would depend on various financial institutions like banks to act as intermediaries. Defi applications do not need any kind of arbitrator and intermediate person. The code will be having the solution for every dispute, and users will be controlling the funds all the time. This reduces the amount you spend in using the products and helps you carry out the frictionless financial transactions. The financial services are used on blockchain, so there is no single point failure. The data you track on the blockchain would be shared with different nodes. The framework for the Defi applications is already developed, so it becomes easier to deploy. It becomes highly secure and less complicated.

The best thing about using Defi is that it makes people gain access to the financial system otherwise restricted for few people. The traditional financial system depends on intermediaries to make profits, but Defi would reduce cost, and people with low income can benefit from this service.

A blow to Crypto Cards, but a chance for Blockchain

In the present age of technology, the latest new options can be much useful to a large extent. The latest option in the field of information technology Blockchain is the most useful option. Many of the leading companies also have adopted this technology. In a shocking development, Wirecard, which was one of the leading crypto debit card issuers, has collapsed, and this has led to a panic situation in the crypto market. The German financial tech company was a significant player in this market, and its sudden collapse has sent shock waves across the industry. This indeed is a huge blow to the industry, and there is a need for more transparency and authority to control such things in the long run. However, there are experts who have suggested various actions that can help the system to have more security and ease of utility.

Crypto association of Wirecard

Like many other segments, there is also an association that can help users and players in this field. German company Wirecard made its association with crypto card providers and emerged as a major payment processor in the market. It even entered the German stock market DAX in recent years. It is much interesting to note at this stage that Wirecard was involved in payment processing tasks for pornographic and gambling sites for 2 decades. With its technological expertise in this field, it became a good bet for the crypto industry in a short time.

The Wirecard scam

In recent weeks, many incidents happened that led to the collapse of this company. Recently, Ernst and Young’s auditors reported that close to $2 billion was untraceable in the accounts of Wirecard. It was later discovered that the funds did not exist at all, and it was just shown in the books. Later, the insolvency filing was done, which led to the arrest of CEO Markus Braun. After this, the UK’s financial regulator suspended the Visa crypto debit cards. But, the ban was lifted after a few days. The situation as of now is very grim for the company, and its stock price has collapsed. However, many investors are showing interest in buying the company, and it may find a suitable partner in the near future. The buyers are willing to have a share in it and take it to a new height.

Impact on the crypto market

This has become an embarrassment for the crypto industry, and many players are now very cautious about the entire industry. The entire regulatory framework of Germany has now been blamed, and many genuine financial institutions are also facing the heat due to this scandal.

How big is this loss?

The company has issued millions of cards over the last few years, and all of them are useless at this stage. If the customers are not able to reactivate their cards through an alternate service provider, they will lose trust in such service providers in the long term. The only saving grace in this entire scandal is that Wirecard did not have access to the funds of users. It was only processing the payments of consumers who used the cards.

Blockchain remedy

Users now have to choose another service provider who can take over from here and provide better services. It is also well known that Wirecard may itself continue to issue cards through its subsidiary companies considering all these problems; users are now very cautious about such payment processing companies and losing trust in the entire crypto industry. This can have a negative impact on the industry, and something needs to be done collectively to prevent such issues in the future.