A billionaire and owner and owner of the Dallas Mavericks professional basketball team Mark Cuban, had issued a statement saying that be dislikes hold as a form of investment and basically sees Bitcoin and Gold as the same thing.
Cuban had said this in an interview with Kitco News on August 9. He also made reference to the Bitcoins as having a definite supply which in his view was awesome and adds more to its value.
“They’re both collectables. The value is based off supply and demand. And the good news about Bitcoin is there’s a finite supply that’ll ever be created.”
He expressed his deeply rooted prejudice for the precious metal while and expressed totally, his view of it. He specifically said that:
“Hate with extreme prejudice is not enough. Hate with double-extreme prejudice with an ounce of hot sauce.”
Gold Vs digital gold
It is still unclear how the term “digital gold” which refers to Bitcoin had gained this much recognition in the space. However going back in time in a bid to retrace its origin, we could legitimately make reference to a time when The New York Times journalist Nathaniel Popper published his book “Digital Gold” back in 2015. And seeing that Bitcoin had successfully rivalled the precious metal, the name stuck.
We could see now that in 2019, the response has been seen by experts as to whether or not they should Bitcoin should be seen as Gold o the digital world. The head of communications at the Zcash Foundation, Sonya Mann, made reference to its finite supply as well as demand and supply factor, from her remark it had seemed that she happens to be more optimistic about the digital currency than Cuban:
“Bitcoin is deflationary by nature, due to the capped 21 million supply and the clever incentive structure that has reliably safeguarded its inviolability. The emergent order governing Bitcoin, as both a software product and a phenomenon, is undeniably path-dependent, attributable in large part to Satoshi Nakamoto’s design decisions. There is no guarantee that BTC will increase in value, but past trends and the underlying supply-demand dynamics suggest that it’s a reasonable long-term prediction.” She had said.
Amour Reports Show that Dark Web Criminals are Selling Cash for Bitcoin at Ridiculous Rates
Cloud security provider, Armour releases a second annual research report which shows that unscrupulous persons are selling cash for Bitcoin on the Dark web at a ridiculously high rate.
Cash for pennies on the dollar
The researchers took time to make a thorough inspection of 12 different hacker Market place which spanned over a period of 20 weeks, and fully confirmed the exchange of Bitcoin for cash at pennies on the dollar. According to the report markets on the dark web are blooming despite the increasingly stringent restrictions they have been faced with.
This discovery about the use of Bitcoin to aid in the laundering of funds by criminals was of more concern to the crypto community. The report stated:
“One of the cleverest services spotted was where a criminal can pay a seller $800 in Bitcoin and have $10,000 transferred to a bank account of their choice or wired to them via Western Union, a seamless turn-key money laundering service.”
Although 12 cents on the dollar might come off as a really exploitative rate of exchange for illicitly acquired funds, the Armor report claims that would be an attractive offer for criminals with less experience
Chris Hinkley, head of Armor’s TRU team, explained:
“For those scammers who don’t possess the technical skills and a robust money mule network to monetize online bank account or credit card credentials, this is an offer that can be very attractive…this clever service gives them an additional channel for monetizing the large amounts of financial data available on the underground.” He said.
Bitcoin Was Facebook First Choice Before Libra – Bill Barhydt
Bitcoin has revealed to be the first choice for Facebook’s cross border payment system. This revelation was made by Abra’s CEO Bill Barhydt. According to the CEO, Facebook wanted to integrate Bitcoin directly into its platform but that was not to be.
The decision to create Libra was informed by the unsuitability of the Bitcoin to support the volume of transactions which will flow through the Facebook’s ecosystem.
On June 16, 2019, Facebook released the Whitepaper of its cryptocurrency project revealing the Libra cryptocurrency and the Calibra wallet. This quickly created a wave of legitimacy to the cryptocurrency industry with clear evidence of the upshot of the prices of various cryptocurrencies with bitcoin notably rising upto $13,000.
In a Podcast hosted by Peter McCormack, in the interview, Barhydt revealed that Facebook had bitcoin as its first choice. This would have exposed the billions of users on its platforms to cryptocurrencies which the industry greatly desired. Mass adoption.
Creating Libra was a carefully thought out plan as indicated by Barhydt’s believe of the Facebook blockchain team whom he described as “These are smart people”
According to him, they have examined Lightning Network, Bitcoin and came to the conclusion that Bitcoin is not optimized to be a payment network instead it is best suitable to be a digital cash at the moment.
The inability of Bitcoin to scale so as to accommodate more transactions per seconds was the reason why the Bitcoin community saw a split in august 2017. Since no consensus was reached, Bitcoin divided into two with one faction deciding to increase the block size -Bitcoin Cash (BCH) whiles the other part retaining the original block size – Bitcoin Core (BTC).
Still facing stiff setbacks from scrutiny of regulators after it released its whitepaper despite the arsenal of powerful corporations in the Libra association, Facebook revealed in its whitepaper that Libra will launch in January 2020.
Alleged Capital One Hacker Accused of Secretly Mining Cryptocurrency
A massive-scale hack has been discovered, the hack which was said to have been perpetrated on a credit card issuer, Capital one who also allegedly suffered the hack of its cloud customers servers in order to mine cryptocurrencies.
On Aug 28, a court filing was released and revealed that Paige A. Thompson the perpetrator has received an indictment on charges of both perpetrating the Capital One breach and of unauthorized hacking into the servers of her employer’s cloud services customers for the purposes of cryptojacking.
The rise of Cryptojacking
With the term cryptojacking being used to refer to as a stealth mining attack by installing malware which harnesses the processing power of an individual’s computer for mining purpose without his/her consent.
With cryptojacking specifically, we see that this software quietly takes a portion of your computer’s processing power depending on how they are programmed and use it to solve complicated algorithms. When these algorithms are completed units of cryptocurrency are deposited into a wallet which must have been pre assigned usually by the one associated with the writing of the program.
The alleged victims of the scheme
Although the court filings do not contain the name of Thompson’s former employer, there has been a recent report which shows that the company in question is Amazon Web services. All three victims involved were said to have engaged the cloud computing services of the firm at some point. This was how the data theft was carried out.
“My cryptojacking enterprise”
In order to successfully carry out these covert mining activities, Thompson had allegedly taken advantage of the fact that some customers had misconfigured the web application wall on the servers which they had rented and contracted.
She was said to have obtained credentials for accounts that had permission to view and copy data stored by their own customers on their cloud servers which she scanned for any valuable personal identifying information. She had used the access she had to the server for her own benefit which included cryptojacking. The court filing did not contain any detail as to how profitable her mining activities were.
25-Year-old pleads Guilty to Running Unlicensed Crypto Exchange.
Kunal Kalra, a 25-year-old from West wood Los Angeles has been said to have pleaded guilty to federal charges of having exchanged over $25million in cash and cryptocurrencies.
Kunal, also known as “Kumar,” “shecklemayne” and “coinman,” was indicted on Friday, August 23 for allegedly trading cash and cryptocurrencies including drug dealers partially via his Bitcoin ATM kiosk.
The exchange was a front for other illegal activities
Kalra was said to have agreed to engagements in other illicit activities such asd distributionof methamphetamine, operating an unlicensed money transmitting virtual platform, laundering money and failing to maintain an effective anti-money laundering instrument.
According to an announcement made by the U.S Department of Justice last Friday, Kalra had said that he has agreed to plead guilty to the offence of converting Bitcoin for cash for criminals, drug dealers who acquired cryptocurrencies from trading narcotics on the dark web, as well as a number of other persons involved in various illicit activities. He had also confessed that he used platforms such as Localbitcoin and a company known as Paxful.
It was alleged that Kalra had been running this cryptocurrency exchange from May 2015 through October 2017. The justice department also went ahead bro say that without the implementation of an anti-money laundering program, Kalra facilities these kinds of transactions with a commission knowing fully well that the proceeds came from drug trafficking.
As at the time of this report the law enforcement agency had already seized about $889,000 in liquid cash from Kalra, about 54.3 Bitcoin and other cryptocurrencies, worth more than half-million dollars.
The announcement also said that the maximum sentence that Kalra stood a chance of facing was life imprisonment.
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