In Senate Hearing, Facebook’s Iffy Reputation Looms Over Libra Plans

Today, Libra project head David Marcus testified in front of the United States Senate Banking Committee on Facebook’s incipient “cryptocurrency.” The discussion was largely overshadowed by Facebook’s tarnished reputation for user privacy and the mistrust its business practices have engendered.  Facebook announced Libra a little less than a month ago, but the idea of it has already captivated lawmakers and regulators around the globe. From the day of its unveiling, officials have raised concern over consumer data integrity/privacy, anti-money laundering (AML), terrorism financing and the fact that Facebook has proposed…

John McAfee Reiterates His $1 Million by 2020 BTC Price Prediction

In a rather haughty Tweet posted earlier today, American crypto enthusiast John McAfee wrote that he was “laughing his f—— ass off” at the concern over Bitcoin’s falling price this week. The entrepreneur went even further and reiterated his prediction that Bitcoin would reach $1 million by 2020. What has him so bullish? John McAfee Predicts Bitcoin $1 Million by 2020 Bitcoin price has fluctuated wildly in recent weeks. Unable to breach the $14,000 mark, Bitcoin topped out at approximately $13,650 and fell back below $10,000 at the end of…

Tether (USDT) Accidentally Creates $5 Billion in Crypto

Stable coins, which are backed by fiat currency, have become an integral part of the crypto ecosystem over the past couple of years, and in that regard, Tether (USDT) is possibly the most well known. However, the very fact that it is backed by fiat makes it possible for it to be prone to certain errors, and that is exactly what happened yesterday when the team behind USDT made a mistake that had an effect on the wider crypto market for some time. Administrative Error In an astonishing development, the…

Bitpoint Hacked for $32 Million, Another Example of Crypto’s Volatility

A Tokyo-based cryptocurrency exchange called Bitpoint has suspended operations after it lost $32 million to a hacking last night. The company that runs the exchange, Remixpoint, discovered that ¥3.5 billion worth of various digital currencies had disappeared under its management. Bitpoint Hacked and Suspends Operations According to the exchange, the funds went missing from a hot wallet (a wallet connected to the internet), but other funds held in cold wallets or offline haven’t been affected. The hacking was brought to light when an error appeared in the exchange’s outgoing funds…

We Used Lightning Payments for Private SMS Messaging: Here’s How It Worked

Remember the ubiquitous public pay phones? Not so long ago, you could find them at every street corner and they allowed anybody to either make inexpensive calls or receive important messages in desperate situations. They were private in the sense that they required no identification, they offered a neutral degree of safety by virtue of their open positioning and their convenience inspired many Hollywood screenwriters to portray them as criminal tools — just ask John McClane in “Die Hard With a Vengeance.”   But in the era of affordable personal cell…

Making the Tech an Aesthetic, the Bitcoin Art Scene Is Blossoming

When cryptograffiti quit his day job and dove into creating Bitcoin art full time, the concept of thriving as a Bitcoin professional — let alone one whose beat is visual art — would have been ludicrous to most.  In 2012, this included shredding credit cards for resin sculptures and dabbling in street art, all in the name of the Bitcoin brand. “It was super risky early on, and having to explain to family what I was doing [was difficult],” he told Bitcoin Magazine. “I started doing street art and I…

Op Ed: How to Hedge Your Digital Asset Portfolio Using Bitcoin Futures

The crypto bear market in 2018, which saw the price of bitcoin drop by over 73 percent and those of altcoins drop by over 90 percent, made an excellent case for the need to hedge digital asset portfolios.  And with bitcoin’s meteoric 2019 rally in the first half of the year, protecting those gains from a sudden and potentially steep drop in value may be prudent. Fortunately, as the crypto asset trading ecosystem has evolved over the past 10 years, there are now several bitcoin derivatives that investors can use…

Crypto News Today | Poloniex Now Accepts Cards, Will Gemini Join Libra?

The cryptocurrency sphere is bustling today. Crypto news regarding Poloniex is causing a stir. The exchange will now accepts credit cards and bank accounts. Elsewhere, prominent crypto-advocates the Winklevoss twins, along with their Gemini exchange, might be buddying up with Facebook’s Libra. Let’s check this out. Crypto News Making Moves Major cryptocurrency exchange Poloniex has announced that customers can now use credit cards and bank accounts on the platform. It announced the move in a Medium post published yesterday. The release states that users from over 80 countries can now…

New Block Explorer Creates Sonorous, Galactic Experience of Bitcoin Blockchain

Charles Hoskinson’s new block explorer has made Bitcoin into a planet. Seriously. The latest project from Hoskinson’s engineering company, IOHK, dubbed Symphony 2.0, portrays Bitcoin’s mempool “as a gravitational swell,” with the entirety of the blockchain’s ledger wrapped around this core like the rings of Saturn. On these rings, blockgazers hover over a 3-D representation of Bitcoin’s entire transaction history and can examine block data in both physical and numerical forms. “The Symphony project began with a question: how do we represent blockchain technology in a way that is stimulating,…

China’s Cryptocurrency | A Response to Facebook’s Libra Coin?

In response to Facebook’s new cryptocurrency, Libra, China’s central bank is reportedly developing its own cryptocurrency. According to the South China Morning Post, Libra poses a threat to the country’s financial system, and this has spurred on the development of the bank’s own digital coin. China’s Cryptocurrency At an event at Peking University’s Institute of Digital Finance yesterday, the director of the People’s Bank of China (PBoC) research bureau, Wang Xin, argued that if Libra effectively functions like money, then it will likely have a huge influence on “monetary policy, financial…