A group of technology advisors to US President Barack Obama heard from representatives from the bitcoin and blockchain industry earlier this month.
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China Pumps Bitcoin to 21 month high at $580
This week was exciting to watch the price of bitcoin break out sharply on May 27 Thursday night. Price blew the cap off the 3000 Yuan price, a 6 month resistance level. Momentum was driven by Chinese volumes, leaving Western exchanges with no option but to follow the trend.
For a while, price arbitrage between Huobi and Bitstamp was as much as $70, after Huobi soared as high as $580, before retracing to $550 as of writing this.The overall market cap is now over $8 billion and bitcoin is back on the news.
With the halving supply just around the corner, only 40 days away, mainstream media is beginning to take notice, as all sorts of rationalizations are bandied about to justify the price rice.
A zerohedge article, ‘Bitcoin Is Soaring On Unprecedented Burst In Chinese Buying’ cited Yuan devaluation fears as the impetus for the dramatic upswing, or even possibly part of $30 trillion in deposits fleeing capital controls. There’s been a reported doubling in trading in the last 4 days exchanges in China, although no one can confirm the authenticity of these figures, even volumes at these exchanges.
I am dubious of the Chinese. Bitcoin was always going to break out of its 6 month corrective triangle seen above, it was only a matter of when. Judging by comments from BTCCs Bob Lee, Huobi’s Leo Lii and OKCoins Jack Liu, China’s economic events was the right catalyst for a breakout. It is rather obvious all of them are milking the story, while mainland traders play along; makes for a great story just around the halving, that mainstream media can pick up on and run with.
“Crypto-currency adds $1 billion in market capitalization amid supply concerns”
The halving perhaps has the most impact. Comments from China via Bitcoin Magazine play up the overall theme. The block reward is a key feature of bitcoin, that lends itself to a bubble speculation.
“in light of the fact that the Bitcoin supply will be halved in just over a month, adding to deflationary supply pressures and increasing the digital asset’s investment value in the short, and long term.”
As a long term bull myself, a speculative bubble around halving time is great media attention for bitcoin, a reminder to the world it is still up and running.
Currently, price is consolidating just above $520, as seen above, a move that could last over this coming week.There is no denying, the market is ripe to spike again, there is real intent.
Australian Bitcoin Auction Facilitated by Earnst & Young
24, 518 Bitcoins seized as part of proceeds from a crime in 2015, are up for auction in Sydney. The assets are split up into 11 lots of 2,000 coins, allowing bidders to bid on one or multiple lots. Earnst & Young expects registration for the bid to open on June 1 and run till June 7. The Australian Financial Review reported
“Earnst & Young expects digital asset investment managers, digital currency exchanges, investment banks and hedge funds to make up the bulk of the bidders and mostly from North America and Europe.”
The auction is set to take place on the 20th of June and will run for 48 hours.
KNC Miner declares bankruptcy
Coindesk broke the news of Swedish bitcoin mining company KnC miner, which declared bankruptcy on May 27 and placed under Nils Åberg, as the controlling receiver. Founded in 2013, the startup had raised $32 million from investors such as Accel and Creandum. The CEO Sam Cole, cited the upcoming bitcoin supply halving, as a major reason for its decision, saying
“Effectively our cost of coin – how much we produce the coins for – will be over the market price. The price is now [roughly] $480. With all of our overhead, after July, the cost will be over $480. All of the liabilities we’ll have after that time will be too high.”
Bitcoin backed ETN trading halted on Swedish Nasdaq
KnC’s woes spooked investors in XBT Provider AB’s bitcoin backed electronic traded note (ETN) that trades on Sweden’s NASDAQ exchange.The firm moved in to reassure its clients when trading halted saying
“XBT Provider and investor assets are not affected by the KnC bankruptcy. Our instruments are always fully hedged.”
The bankruptcy did not affect XBT Provider despite KnC miner’s partial holdings in XBT Provider. A meeting on Monday failed to restore trading of the bitcoin instrument.
Bitcoin Weekly Price Forecast
I bullish until we hit $650.
The market is heading up some more,and the current retracement is a consolidation to targets at $650. There is wide consensus on this, higher estimates target up to $720. Still, there are more bullish calls for the last all time high at $1000. Holding is a good strategy now
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Shaun Collopy established an online drug selling business, which used the untraceable online currency of Bitcoins. Shaun Collopy was sentenced to 17 years for his online drug-dealing operation on Dark Net.
Shaun Michael Collopy plead guilty to 30 drug trafficking charges after establishing his online drug venture was shut down in late 2013.
Collopy and his partner, Gary Cooley set up AuVIP, a website and bought, packaged and distributed drugs from places like the Netherlands, India, and even the U.S.
District Court Chief Judge Geoffrey Muecke said “The nature of the offending meant it was impossible to trace how much they both made, however a spreadsheet was found in which Collopy predicted he would make $784,000 in one year.”
Collopy, who will be 40 years old this Friday, sat and listened to the sentencing on a monitor from prison.
A former graduate from Flinders University, made millions on the internet and lived a very lavish lifestyle in the United States. He then returned to Adelaide a drug addict due to what his lawyers called a “career hangover”.
Jordan Belfort was Collopy’s biggest idol and often sent him tweets, urging that they hang out in Las Vegas.
Judge Muecke said, “Even after Collopy’s arrest in November 2013, it took an SA Police E-Crime expert four months to discover a password which bypassed an encryption on his records and computers.”
He threw out Collopy’s submission that he only planned to use the AuVIP website for six months, and even trashed Cooley’s claim that he was just working for Collopy to pick up and send packages of drugs.
“Both men had never been in trouble with the law before, but had been instrumental in the elaborate scheme”, Judge Muecke said. Prosecutors described his racket as “new age drug dealing”.
The court heard Collopy had spent much of the $3m he earned from the sale of a SMS company he established in the early 2000s, and was spending up to $15,000 a week on drugs for himself and Cooley’s personal use.
“I am satisfied, Mr. Collopy, that you hoped the offending would restore you to the significant wealth you once enjoyed,” Chief Judge Muecke said.
Collopy got busted using drugs and was found with an encrypted mobile phone when he was granted bail, and had shown little emotion to the sentence of a maximum of 17 years with a chance of parole after ten. This would make him eligible for official release in June 2025.
Cooley, 42, was sentenced to 14 years and six months, with the possibility of parole after eight.
He said Cooley facing losing his house and being deported from Australia back to the United Kingdom where he is from when his sentence is completed.
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In the last few weeks there have been releases of some very high profile database breaches, linkedin, myspace and now tumblr.
All of these sites have been hit with hacks, and resulted in massive data breaches, yet these hacks are only now coming to the surface.
Tumblr has now confirmed it was hacked in a data breach from 2013, which affected a set of users “Email addresses and Passwords”, but Tumblr has refused to reveal how many people were affected. With the release of the data, for sale on The Real Deal darknet marketplace, it has now been confirmed that there are 65 Million records available.
Have i Been pwned has obtained a copy of the stolen data set, allowing people to check if their accounts have been breached. Records show that there are currently 65,469,298 unique emails and passwords.
Tumblr has at least done one thing correctly, the passwords were both hashed and salted. Salting is adding additional random bytes at the end of the password, this makes reverse hashing much harder, even when using the weak encryption of SHA1.
The hacker with this latest breach should come as no surprise to those who follow these kinds of leaks. Peace, has offered the data for a small fee of 0.4255 BTC or $150, the reason for the relatively small price is due to the hashing and salting of the data, which is essentially a massive database of email addresses.
Other databases are also available from Peace (Profile name on the market: peace_of_mind), with the linkedin one being sold for 6 BTC, again on the same darknet marketplace as the current one is being sold.
The leak which is now listed on have I been pwned, is the third largest ever, after the linkedin hack (Also completed by Peace) and the Adobe hack which was for 152 Million accounts. Any affected accounts should have had contact with Tumblr advising to change/reset passwords, after the announcement of the hack.
What all of these hacks have in common is they are actually a few years old, yet the data has been hidden and dormant, and now has arisen to the top, and is available for sale. Whether there will be more leaks to follow, only time will tell.
Another question is, who has been sitting on this data for all of this time, and why? Why release the data now?
I guess these are questions, that we don’t/won’t have the answers too at the moment, but they could be answered within weeks or even months.
Peace is another hacker to keep a close eye on, along with FineasPhisher, who seem to be excelling at pwning massive databases or even sites.
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