DragonEx Crypto Exchange Hack Highlights the Importance of Using Reputable Platforms

The crypto industry has once again bore witness to an exchange being hacked by nefarious actors, with the latest exchange to fall victim being the Singapore-based DragonEx, which announced today that an undisclosed amount of multiple digital currencies have been stolen.

The latest hack is now highlighting the importance of cryptocurrency traders and investors utilizing safe and reputable cryptocurrency platforms that heavily utilize cold storage in order to hedge against the on-going risk of being hacked.

Another Day, Another Crypto Exchange Falls Victim to Hackers 

Earlier today, the exchange notified users in its Telegram channel that user’s crypto assets had been stolen and transferred out of the platform on this past Sunday, and that the exchange had already notified authorities in multiple countries about the cybercrime.

“On March 24th, DragonEx has encountered attacks from hackers, our users’ crypto assets and Platform crypto assets were transferred and stolen… Several judicial administrations were informed about this cybercrime,” they explained in a telegram notification on their official channel.

In the time since the announcement was made, the exchange’s Twitter account was temporarily restricted by Twitter due to a suspicious amount of activity, and there have been no tweets made since March 22nd.

Importantly, the exchange also noted in its Telegram message that they have retrieved a portion of the stolen assets already, and that they will update users on the status of their recovery efforts next week.

“Part of the assets were retrieved back, and we will do our best to retrieve back the rest of the stolen assets… All platform services will be closed and the…assets loss recovery situation will be announced in a week,” they said, further noting that they will “take responsibility no matter what.”

DragonEX Hack Highlights Importance of Using Reputable Exchanges 

Prior to the latest DragonEX hack, the crypto industry has been caught in the throes of the QuadrigaCX imbroglio that has captivated the industry due to the unusual circumstances surrounding it.

Nevertheless, both of these situations, as well as notable exchange hacks in years past, truly highlight the importance of investing in crypto on exchanges that utilize a multitude of security mechanisms to secure user’s assets.

Joseph Young, a popular figure within the cryptocurrency industry, was one of many individuals who discussed the importance of using secure exchanges, noting that platforms must utilize better cold storage systems.

“A crypto exchange in Singapore was hacked. Hacks/scandals deteriorate the public image of the crypto market, not good for the industry. Better cold storage systems have to be in place. Kudos to exchanges that prioritize security: Kraken, Binance, Coinbase, Gemini, others,” he said.

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When DragonEx releases more information regarding their recovery efforts next week, the industry will likely figure out whether or not investors on the platform will be able to have their assets recovered or reimbursed.

Featured image from Shutterstock.

The post DragonEx Crypto Exchange Hack Highlights the Importance of Using Reputable Platforms appeared first on NewsBTC.

DragonEx Crypto Exchange Hack Highlights the Importance of Using Reputable Platforms

A Blockchain is a growing list of records, called blocks, which are linked using cryptography. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries. Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank.

Blockchain 101 · Crytpo Currency Market
—————————————————
Trezor: Hardware Wallet
Binance: Exchange for Traders
Ledger Nano S: Hardware Wallet
Coinbase: Exchange for Investors
CoinSwitch: Wallet-to-Wallet Exchange

Professor and Author Argues That Blockchain Represents a New Kind of Trust

In a presentation given at Princeton University earlier today, University of Pennsylvania professor and blockchain author Kevin Werbach has claimed that distributed ledger technology offers humanity an entirely new kind of trust.

Rather than being a “trustless” technology as many crypto proponents argue, Werbach instead posits that blockchain both expands trust, whilst simultaneously reducing the level of trust required for a system to serve all parties fairly.

Blockchain Tech: An Entirely New Concept of Trust?

Professor and author of, The Blockchain and the New Architecture of Trust, Kevin Werbach, has given a presentation for students, faculty, and invited members of the public on blockchain technology and its relationship with the notion of trust. The lecturer on Legal Studies and Business Ethics at the University of Pennsylvania has argued that, contrary to popular believe, the technology backing various crypto assets not only relies on trust but provides humans with an entirely new form of it to boot.

To support his thesis, Werbach drew on the recent example of the QuadrigaCX exchange and the millions of dollars supposedly lost following the death of the exchange’s CEO, Gerard Cotten, earlier this year. The professor stated that the example highlighted the fact that distributed ledger technology did indeed rely on numerous different kinds of trust.

Users storing funds on QuadrigaCX prior to Cotten’s death certainly trusted the exchange with their funds.

Despite how unfamiliar Werbach’s name might be to those interested in either crypto or blockchain technology, the UPenn professor does have the credentials to make his views worthy of consideration. Werbach is described as a “world-renowned expert on emerging technology” in a report by the publication of Princeton’s Center for Information Technology Policy, Freedom to Tinker. The blockchain author reportedly focuses on business and public policy relating to various technologies, such as the internet, big data, and blockchain.

Werbach also provided services to the Obama Administration’s Transition Team, as well as insight for President Clinton back when the internet was considered an emerging technology.

In today’s presentation, Werbach went on to outline some of the different kinds of trust that exist in society today. He spoke about peer-to-peer trust, based on the relationships between individuals; about Leviathan trust (first detailed by British philosopher John Hobbes) being a social contract between the individual and the state, giving the latter the power to enforce agreements made in private; and intermediary trust, or trust that relies on a central entity to manage various transactions.

Werbach argues that blockchain adds to these an entirely new form of trust. Rather than trust in any single actor to validate updates to a ledger recording anything (Bitcoin ownership, for example), instead users of blockchains can trust in the design of the system, which makes censorship of data all but impossible.

Blockchain technology interacts with the concept of trust in two ways for Werbach. Firstly, it minimises the requirement of trust through the removal of a single point of failure, reduction of the likelihood of monopolies forming, and making intermediation processes much more efficient.

However, blockchain also works to expand trust. The tech achieves this by minimising reconciliation, carrying out automated execution of transactions, and making records publicly auditable.

Werbach went on to state that there is a clear conflict of interest between blockchain technology and regulation. This is because blockchains are entirely agnostic towards transactions. Does the Bitcoin blockchain treat coins used to finance the murder of someone any differently than it does those units of BTC that are being transacted for the first time after they were mined? Of course not. Therefore, despite the greater auditability of public blockchains, blockchain-based currencies are prized by criminals for the permissionless nature upon which Werbach elaborates.

In concluding today’s presentation, the author stated that there were three main trade-offs all blockchain system designers needed to balance: trust, freedom of action, and convenience. By optimising for one of these qualities – for example, convenience – developers must sacrifice some of one or both of the others. Bitcoin, for example, suffers in terms of convenience thanks to its robust trust model. Conversely, more centralised crypto assets might optimise for convenience (fast transaction times, instant settlement, etc.), at the expense of either trust, freedom of action, or both.

 

Related Reading: Bitcoin Blockchain Costs Approx. $7 million a Day to Stay Secure

Featured Image from Shutterstock.

The post Professor and Author Argues That Blockchain Represents a New Kind of Trust appeared first on NewsBTC.

Professor and Author Argues That Blockchain Represents a New Kind of Trust

A Blockchain is a growing list of records, called blocks, which are linked using cryptography. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries. Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank.

Blockchain 101 · Crytpo Currency Market
—————————————————
Trezor: Hardware Wallet
Binance: Exchange for Traders
Ledger Nano S: Hardware Wallet
Coinbase: Exchange for Investors
CoinSwitch: Wallet-to-Wallet Exchange

Economist: Bitcoin Is The Fastest And Highest Rising Value Asset Ever

Bitcoin and its meteoric rise to $20,000 in December 2017 caught the attention of major mainstream media and the public eye, as early investors in the crypto asset shared stories of insane profits generated by the new and misunderstood technology. But the parabolic advance during 2017 pales in comparison to Bitcoin’s 200,000,000% increase in a matter of nine years.

That rise, says one economist, is the greatest and fastest rise ever witnessed in any asset type, and it could be due to one specific design aspect built into Bitcoin’s code.

Economist: Nothing Has Ever Risen As Fast and As Much As Bitcoin Has Risen

Beirut-based academic economist Dr. Saifedean Ammous is the author of the book The Bitcoin Standard. In his research, he spends a great deal of time focusing on the first-ever cryptocurrency as was designed by the mysterious Satoshi Nakamoto over a decade ago.

Related Reading | Bitcoin Price Chart Shows How Surpassing Gold’s Market Cap Is “Easily” Feasible

Since Bitcoin was released into the wild, it’s been on a journey from virtually worthless, to someday becoming – potentially – the native global currency for the internet. Along the way, the leading crypto by market cap has been called a bubble a number of times, as analysts warned of a looming bubble pop that’d leave investors scorned. But after each bubble pops, BTC continues along its path to success.

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This path, says Dr. Ammous, is the fastest and largest rise of an asset ever witnessed, even when comparing investing just $100 in BTC against the likes of Apple, Microsoft, General Electric or Google parent company Alphabet.

“Bitcoin is a completely new animal, different from all before it,” he explained. “Your old toolbox for analyzing bubbles, currencies, and stocks doesn’t work on it.”

Halving Makes Bitcoin an Asset Designed to Rise Fast

The reason behind Bitcoin’s ability to rise further and faster than any other monetary asset before it? Dr. Ammous attributes the asset’s unique ability to generate gains to the mining difficulty adjustment that occurs every several years.

Related Reading | Poll Reveals Majority of Crypto Investors See Bitcoin Price at $100,000 to Millions Long-Term 

When Satoshi Nakamoto designed Bitcoin, a proof of work consensus was added to verify each new block being added to the blockchain. Miners are rewarded with a set amount of BTC for securing the network and validating transactions. These rewards, however, are reduced every few years at each Bitcoin “halving.”

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Each halving reduces the amount of BTC miners receive, therefore throwing off the balance of supply and demand. With less supply being rewarded to miners, there is less selling pressure on the market which can cause the asset to rise quickly in price. Traders have also began to take notice of this behavior, which further adds fuel to the rocket as they begin accumulating the cryptocurrency at around 18-months out from the next halving.

The next Bitcoin halving date is currently set for around May 23, 2020, which would suggest Bitcoin’s accumulation phase has begun, and the asset could increase to potentially “millions” in the future.

The post Economist: Bitcoin Is The Fastest And Highest Rising Value Asset Ever appeared first on NewsBTC.

Economist: Bitcoin Is The Fastest And Highest Rising Value Asset Ever

A Blockchain is a growing list of records, called blocks, which are linked using cryptography. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries. Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank.

Blockchain 101 · Crytpo Currency Market
—————————————————
Trezor: Hardware Wallet
Binance: Exchange for Traders
Ledger Nano S: Hardware Wallet
Coinbase: Exchange for Investors
CoinSwitch: Wallet-to-Wallet Exchange

Will Ripple (XRP) Bulls of Jan 30 Flow Back and Prop Dropping Prices?

  • Ripple prices down 5.2 percent
  • TaoTao exchange launching in mid-May and supports Ripple (XRP)
  • Transaction volumes low but as prices retest main support, participation may spike

After pressure from the community, CMC is listening to feedback and may adjust their methodology so that investors can have a fuller image of asset prices. At the same time, Yahoo backed TaoTao exchange will launch in mid-may and Ripple (XRP)-whose prices are down 5.2 percent, is available for trading.

Ripple Price Analysis

Fundamentals

Four months after a disastrous exposure that saw Coincheck lose $540 million worth of NEM; news began doing rounds that Yahoo was planning on investing $19 million for a 40 percent stake at BitARG, now TaoTao. Through a subsidiary, Nikkei Asian Review reported that the “purchase of BitARG shares would be made through Tokyo’s YJFX, a wholly owned Yahoo subsidiary that operates foreign exchange transaction services” and the exchange planned to “service operation and security expertise of the Yahoo Japan Group.”

Close to a year later and the exchange is launching, and aside from Ripple (XRP), TaoTao accepts other liquid coins including Bitcoin and Litecoin. The exchange will launch in mid-may, but pre-registration is on-going and ends on April 17.

In other news, CoinMarketCap is listening to their users’ feedback, and to prevent a fuller picture of crypto assets, the asset price tracker which recently added two crypto indices will “work hard and add a suite of new metrics.”

To that end, Carylyne Chan, CMC’s head of Marketing said there would be changes in their methodology. That includes “plans to include liquidity measures, hot and cold wallet balances and traffic data for listed exchanges” so as “to provide as much information as possible to our users so that they can form their conclusions and interpretations.”

Candlestick Arrangement

Ripple

Sellers are stepping up and pressing the gas pedal. Ripple (XRP) is down 5.2 percent from last week’s low, and bear momentum is increasing. As visible from the chart, odds are prices will break lower nullifying our bullish stand as XRP trickle below 30 cents—our first level of support.

That means bears of Feb 24 will be back in contention, but unless otherwise there is a substantial break below Jan 30 lows, we shall retain a neutral—and even bullish outlook.

Note that on more than two occasions, Ripple prices have found strong support at this level and the same may print out along this support zone since we are bullish, expecting bulls of late Sep 2018 to flow back.

Technical Indicators

Any drop below Q1 2019 lows must be with high volumes above 61 million of Feb 24. If not and prices find support, then high participation will mark underlying demand and a possible resumption of buy pressure. Otherwise, wide price ranges below Jan 30 lows must have high participation spike as aforementioned.

Chart courtesy of Trading View

The post Will Ripple (XRP) Bulls of Jan 30 Flow Back and Prop Dropping Prices? appeared first on NewsBTC.

Will Ripple (XRP) Bulls of Jan 30 Flow Back and Prop Dropping Prices?

A Blockchain is a growing list of records, called blocks, which are linked using cryptography. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries. Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank.

Blockchain 101 · Crytpo Currency Market
—————————————————
Trezor: Hardware Wallet
Binance: Exchange for Traders
Ledger Nano S: Hardware Wallet
Coinbase: Exchange for Investors
CoinSwitch: Wallet-to-Wallet Exchange

Grin vs Monero: How these cryptocurrencies focused on privacy are different?

The cryptocurrencies focused on privacy have a great popularity among the most veteran users of blockchain technology, which is why they have a privileged place among the multitude of existing projects, this is due to the fact that they contribute to the sector privacy and anonymity, two characteristics essential if we want to break with […]

La entrada Grin vs Monero: How these cryptocurrencies focused on privacy are different? se publicó primero en Crypto Economy.

A Blockchain is a growing list of records, called blocks, which are linked using cryptography. Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank.

Blockchain 101 · Crytpo Currency Market
—————————————————
Trezor: Hardware Wallet
Binance: Exchange for Traders
Ledger Nano S: Hardware Wallet
Coinbase: Exchange for Investors
CoinSwitch: Wallet-to-Wallet Exchange