Author: Kai Sedgwick

Myetherwallet Servers Are Hijacked in DNS Attack

Myetherwallet (MEW), the web’s most popular client-side ethereum wallet, has been compromised by a DNS attack. Numerous users are reporting missing funds and Mycrypto, a sister site which spun off from MEW earlier this year, has confirmed as much. The incident highlights the dangers of relying on a centralized interface, even when the funds are held by the individual, and exposes the inherent weaknesses of the Domain Name System. Also read: 16 Regulated Crypto Exchanges Unveil Plans to Restore Public Trust in Japan Myetherwallet Users Report Missing Funds On April 24, scores of Myetherwallet users began to report suspicious activity when trying to access the web-based ethereum interface. As the web’s most popular client-side ethereum wallet, MEW is widely used for sending money to crowdsales, buying Cryptokitties, and conducting many more day-to-day transactions that involve sending ether or ERC20 tokens. The platform does not hold user funds, but like all websites it is still at risk of being hacked by having its DNS servers taken over, exposing the data of anyone who interacts with the service. Shortly after rumors began to circulate, MEW issued a tweet to confirm their veracity: The first signs that something was wrong emanated from the Myetherwallet Reddit, where a user posted a thread entitled “Think I got scammed/phished/hacked”. They had twigged that something was amiss after seeing the following notice when visiting the site: They...

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Vinny Lingham Interview: Scaling, Securities and Bitcoin Extremism

One of bitcoin’s leading luminaries, Vinny Lingham has an opinion on everything and an uncanny ability to sense market movements, earning him the moniker of Bitcoin Oracle. News.Bitcoin.com caught up with the serial entrepreneur to get his thoughts on bitcoin cash, Lightning Network, token models and more. Also read: Five Reasons Why Bitcoin Cash is About to Win Big Vinny Lingham on Regulation On April 20, over 1,000 delegates gathered at the Fairmont in Santa Monica for Start Engine’s ICO Summit 2.0. The event began sharply at 8:30am, with Vinny Lingham the most recognizable figure on a panel titled The State of ICO Regulation. Afterwards, news.Bitcoin.com sat down with the Civic founder for a chat about dual token models, blockchain scaling, and the acrimony that’s riven elements of the bitcoin community. The overarching message to emerge from the summit was that most tokens are securities, and following the regulatory route – likely Reg A+ – is the only way to avoid SEC censure. “If the price of something is determined by its ability to deliver an investment return then it’s a security,” acknowledges Vinny. Belatedly accepting that many, if not most, ICO tokens may fall into that category, a number of projects have opted for a dual token model, one a utility, the other a dividend. Vinny Lingham is not a fan of this setup however, opining: People will raise...

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If You’re a Wikipedia Contributor, Owning Cryptocurrency May Be a Conflict of Interest

The web’s favorite crowdsourced encyclopedia has just edited its own behavioral guidelines. Wikipedia’s “Conflict of interest” (COI) page outlining etiquette for its 140,000 active editors now includes a reference to cryptocurrency. If you’re editing pages about crypto, the mere act of owning cryptocurrency may preclude you from doing so. Also read: Telegram Urges Paper Airplane Protest, Pussy Riot Activist Arrested Wikipedia Is Conflicted on Cryptocurrency According to Wikipedia, any external relationship its contributors hold – including a relationship with cryptocurrency – could present a conflict of interest. Its COI page states: Any external relationship—personal, religious, political, academic, legal, or financial (including holding a cryptocurrency)—can trigger a COI. How close the relationship needs to be before it becomes a concern on Wikipedia is governed by common sense. For example, an article about a band should not be written by the band’s manager, and a biography should not be an autobiography or written by the subject’s spouse. On the one hand, these guidelines make a lot of sense, but on the other, they create a paradox as the people most knowledgeable about a particular Wikipedia page are those with a strong personal interest in its subject matter. It’s hard to see how owning bitcoin, for example, should bar an editor from being able to update the Bitcoin page. With smaller, more controversial cryptos however (think IOTA or Verge), there’s greater potential for...

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Do Crypto Trading Bots Really Work?

Bots and talk of bots is endemic within the crypto space, with behavior, good and bad, often attributed to their actions. Mt Gox famously had the Willy Bot manipulating merrily, perennial bear Bitfinexed sees bots everywhere, and crypto traders are prone to boasting about the sick returns they’ve raked in from their proprietary arb bots. There’s no doubt that bot activity is very real. But is it profitable? Also read: Five Reasons Why Bitcoin Cash is About to Win Big Got Bots? In the 1950s, robots were promised that would soon eliminate the daily chores of housewives across the globe. 60 years later, and their cyber counterparts – bots – are promised that will do the same for crypto traders. If the hype is to be believed, these bundles of code can deliver a passive income for even the laziest or dumbest of traders. But as almost everyone knows, the hype is never to be believed. Profiting from bots isn’t that simple or easy. There are several types of trading bots available including arbitrage (arb) bots that capitalize on the difference in prices across exchanges. The price of bitcoin usually differs from exchange to exchange; Bitstamp, for example, typically displays a slightly lower price than Bittrex. The movements of bitcoin and other cryptocurrencies is always mirrored across exchanges, however, so if BTC breaks out due to a massive buy order...

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No, Visa Doesn’t Handle 24,000 TPS and Neither Does Your Pet Blockchain

When it comes to measuring the speed of new blockchains, the comparison is always with Visa. Despite not being a blockchain, the 24,000 transactions per second Visa reportedly handles have attained mythical status. That figure is unquestioningly trotted out whenever scaling is discussed. In reality, claims of Visa’s throughput, as well as those of emerging blockchains, have been greatly exaggerated. Also read: The Bitcoin BCH Block Explorer Explodes With Blockchain Data Visa, Scaling, and the 24k Hoax Bitcoin was envisaged as a payments system and so it was natural, long before the store of value notion emerged, that comparisons would...

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Bitcoin Has Now Forked Almost 70 Times

Forking bitcoin used to be a rarity. Then it became the norm. And then it became a meme, with anyone and everyone forking bitcoin on a weekly basis. There have now been a total of 69 bitcoin forks plus another 18 altcoin forks. Holders of bitcoin, monero, ethereum, and litecoin can claim almost 80 additional coins for free. Whether it’s worth their time to do so, however, is another matter. Also read: Russian Court Bans Telegram, Founder Pavel Durov Defiant Fork All the Things It’s widely known that ever since bitcoin cash launched, the quality and value of subsequent forks has been deteriorating. What’s not so widely known is just how many forks there’s been. The likes of Bitcoin Coral, Bitcoin Sudo, and Bitcoin Star aren’t exactly household names. Nor will they ever be. Like most of the bitcoin forks to be found on Forkdrop.io’s exhaustive list, these coins don’t have exchange listings. For anyone with a passing interest in forks, and who’s considering claiming some of these coins, Forkdrop.io’s resources include guides to claiming them and sections on passive and active airdrops. For those who aren’t particularly tech-savvy, there are sites that will help you claim your free coins – in return for a cut. Whether these coins are worth claiming, with or without a commission attached, is debatable. The only bitcoin forks that are currently tradable How Much...

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Bitcoin in Brief Saturday: Hide Your Seed

Today’s Bitcoin in Brief is all about you. Specifically, it’s about how you should be hiding your wallet seed and locking down your op-sec to prevent any fools from jacking your crypto. We’ve got all that, plus a cornucopia of other juicy morsels in your daily roundup of the last 24 hours in bitcoin. Also read: Bitcoin in Brief Friday: That Green Candle  Hide Yo Crypto, Hide Yo Seed When it comes to concealing your wallet seed, it needs to be impossible for anyone else to find, but still easy enough for you to recall where you’ve stashed it. Trezor have dispensed a few practical tips on how to achieve this. They’ve left nothing to chance in their guide for the ultra-paranoid, including advice that you should “Mind the CCTV cameras in your vicinity”. You never know who’s watching. If you’re enough of a bitcoin bigshot to be recognized on the street, don’t carry your wallet with you. Or you could take the approach favored by former Bitgo engineer Jameson Lopp (Bitgo CTO Ben Davenport has just announced he’s leaving the company, incidentally): Testnet bitcoins. Or as some people like to call them, “litecoin”. Bitcoin Crazyness Is a Bad Name for a Good App Bitcoin Crazyness is a naff name for a very good cryptocurrency tracker app. It’s got all the usual features you’d expect, but what’s cool is there...

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Craig Wright Shrugs Off Plagiarism Accusations

Nchain chief scientist Craig Wright is a prolific blockchain researcher, with dozens of papers and patents to his name. He’s also a controversial and outspoken figure who has ruffled numerous figures in the crypto space. Some of these opponents have taken it upon themselves to scrutinize his work, and claim to have found incidents of plagiary. Also read: Nchain to Offer Smart Contract Patents Exclusively to the Bitcoin Cash Community Craig Wright Accused of Not Citing His Sources Nchain, led by Jimmy Nguyen and chief scientist Craig Wright, is a blockchain-based research company that is famous for the number of patents it has filed. Only this week, news.Bitcoin.com reported on Nchain’s first approved patent by the European Patent Office, for blockchain-enforced smart contracts. The originality of some of Dr Wright’s work has been called into question, however, with a couple of detractors raising concerns. “The Fallacy of Selfish Mining: A Mathematical Critique”, published in July 2017, is one of Craig Wright’s better known papers. It was another blockchain chief scientist, Bitcoin Unlimited’s Peter Rizun, known Wright antagonist, who spotted the alleged plagiarism. The gambling system heavily referenced in White’s paper makes no mention of the paper it apparently draws its inspiration from, “A strong limit theorem on gambling systems” published by Wen Liu and Jinting Wang in 2003. The 2003 paper Wright is alleged to have copied A similar section...

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Meet the Stablecoins Taking on Tether

Stablecoins aren’t exciting. They don’t pump, moon, or 10x. And yet they have the potential to make traders more money than any other cryptocurrency. These stabilized tokens – usually pegged to the US dollar – scarcely move in price, and yet they’re pivotal in anchoring the crypto markets. Here’s everything you should know about the new class of stablecoins. Also read: Bitmex Research: We Doubt Ethereum’s Ability to Reduce Reliance on PoW The Price of Stability Tether, the best known stablecoin, is often the second most traded crypto asset after bitcoin. Traders routinely trade in and out of it as they attempt to outmaneuver bitcoin’s price swings. When the markets are down, some will remain in the safety of tether for weeks, venturing back into “proper” crypto only when there are signs of recovery. Tether is a highly controversial stablecoin, not because of how it works, but due to questions over whether it’s actually dollar-backed with fiat reserves, but that’s a debate for another time. What’s undisputed is that over-reliance on a centralized coin that accounts for $4 billion of daily trade volume is a bad thing. Competition for tether is to be encouraged, and was welcomed by Ethfinex no less – whose parent exchange Bitfinex effectively owns Tether. Last week, Ethfinex introduced dai, a decentralized tether alternative. Here’s how it, and the rest of the current crop of stablecoins,...

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Bitcoin in Brief Friday: That Green Candle

It’s amazing what a fat green wick can do. In just 30 minutes on Thursday, bitcoin rose by $1,000, sparking ear-to-ear smiles and mass euphoria throughout the crypto space. In today’s edition of Bitcoin in Brief, we explore the ramifications of the BTC breakout plus a whole lot more. Also read: Bitcoin in Brief Thursday: Crypto Winter Is Almost Over Bitcoin Makes a Move After days of stagnation, bitcoin finally made a move on Thursday and it was a biggie. The largest green candle witnessed in a month, big enough to wipe out a slew of shorts in an instant. When bitcoin wants to it makes like the wind, treating hodlers to all the thrills of riding the world’s giddiest roller coaster. In a single hour, a record $1.2 billion of BTC was traded. Previous bitcoin breakouts have proven to be damp squibs, so while optimism remains, traders aren’t holding their breath. Altcoin Roundup Cryptographic researchers claim to have found vulnerabilities in a group of privacy coins that includes zerocoin and PIVX. Coinsheets writer Dmitriy is tweeting 100 days of shitcoins in which he appraises a bunch of alts in a tweet apiece. EOS has been one of this week’s big gainers, and is one of the few coins to be up in 2018. A number of reasons have been postulated for its sudden gains including an upcoming airdrop and...

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