Bitcoin Core Update FIxes Vulnerability That Reportedly Could Crash Network for $80,000

Bitcoin Bitcoin Core

The Bitcoin Core Project has released update fixing a vulnerability that, if exploited, could have crashed the entire network for $80,000.

Bitcoin Core has released an update following the recent detection of a vulnerability in the software, according to a September 18 press release by the Bitcoin Core Project. According to the statement, Bitcoin Core 0.16.3 was released with a fix for a denial-of-service (DoS) vulnerability.

The vulnerability could reportedly cause a crash of older versions of Bitcoin Core if they attempted processing a block transaction that tries to spend the same amount twice. According to the press release, such blocks can be only created by a miner since they are invalid. In order to create such block, a miner would be required to burn a block of “at least” 12.5 Bitcoin (BTC) worth about $80,000 as of at press time.

The new update includes a feature that eliminates a potential crash by enabling the software to “quietly reject” invalid blocks created by miners.

Emin Gün Sirer, an associate professor of computer science at Cornell University, told Motherboard that the entire network could have been crashed for less money than “a lot of entities would pay for a 0-day attack on many systems.” Sirer said that there are many “motivated people” that could have taken this opportunity to bring the network down.

According to Casaba Security co-founder Jason Glassberg, the recent vulnerability found on Bitcoin Core software could “take down the network.” He explained that the network crash “does not appear” to target users’ wallets, but would rather “affect transactions in the sense that they cannot be completed,” as the expert told tech media agency ZD Net.

Cobra Bitcoin, co-owner of Bitcoin.org, said the recent issue in Bitcoin Core was a “very scary bug” that could have affected a “huge chunk of the Bitcoin network.”

New York University Offers Major in Blockchain Technology

Blockchain Cryptocurrencies

New York University now offers a major in blockchain and cryptocurrencies at the Stern School of Business.

New York University (NYU) has reportedly become the “first” university in the U.S. to offer students a major in blockchain technology, CBS New York reported September 18.

The program will reportedly be provided by the NYU Stern School of Business, which was also a pioneer in offering undergraduate courses in cryptocurrencies and blockchain. Professor Andrew Hinkes commented on the new program:

“We hope to establish a groundwork so that the students can understand what’s really happening under the hood, so that they can understand both the legal and the business implications, and prepare them to go out and tackle this new market.”

According to associate professor Kathleen Derose, the educational establishment is expecting large companies to partner within the training program, while “the startups in [fintech] will likely invent the new cool stuff.” Following the increasing number of students interested in the new offer, NYU reportedly doubled its course offerings this school year.

Adam White from cryptocurrency exchange Coinbase said that students “see the development, the birth of a new industry,” adding that “in many ways, we look at things like Bitcoin (BTC) and Ethereum (ETH) and blockchain as the internet 3.0.”

Last month, Coinbase released a study, showing that 42 percent of the world’s top 50 universities have at least one class on cryptocurrencies and blockchain. Of the 172 classes reviewed in the study, 15 percent were offered by economics, finance, law and business departments, while 4 percent were in social science departments. The study found that blockchain and crypto-related courses are most popular in the U.S. among other countries.

U.S. students’ interest in crypto is reflected not only in educational programs, but in investing in digital currency as well. As a study conducted by Student Loan Report in March shows, 21.2 percent of college students used loan money to fund a crypto investment, hoping that the upward price volatility in crypto would help pay their debts faster.

R3 Partners With Dutch Tech Company to Pilot Blockchain-Based Digital IDs

Adoption Blockchain

R3 consortium and Dutch digital security company Gemalto have partnered to pilot a blockchain-based digital ID solution.

Blockchain consortium R3 has deployed a digital ID application developed by Dutch digital security company Gemalto on the latest version of the Corda Platform, according to an announcement published September 18.

Corda is an open-source blockchain-powered platform developed for financial establishments by R3 in collaboration with more than 200 of its partners. The platform is geared to work within finance to operate massive transactional volumes and restrict access to transaction data.

The parties expect to conduct several pilots of the application — called the Trust ID Network —  that will reportedly be launched later this year.

Per the announcement, Trust ID Network enables digital service providers to operate “fully verified and secured” user personal data by creating a Digital ID. Consumers can register within various banking, e-commerce and e-government services while avoiding repeated due diligence procedures in each instance.

The integration of Trust ID Network will reportedly allow users to control their data through a mobile app dubbed ID Wallet, where they can enter, certify, and share their personal information with specific service providers. Bertrand Knopf, EVP of Banking and Payment for Gemalto, explained:

“Trust ID Network solves the profound weaknesses of traditional, ‘siloed’ identity frameworks: the clumsy user experience, rising costs and difficulties in complying with stricter regulations… Financial institutions are best-placed to lead this self-sovereign identity revolution, but it will prove similarly attractive to a wide array of other service providers.”

In July, R3 released a “version” of its Corda blockchain platform aimed specifically at businesses. The new version of the platform is reportedly “optimized to meet the demands of modern day businesses,” and includes a “Blockchain Application Firewall” to enable the platform operate within corporate data centers and still communicate with Corda’s nodes.

Remember Paragon? ‘Revolutionizing Cannabis With Blockchain’ Token Down 96%

Altcoin News Altcoins

Paragon, the outfit which raised over $70 million in an ICO to build a “social network of cannabis startups,” has lost 96 percent of its market cap. Doing Nothing With Blockchain Perhaps the latest example of the “irrational exuberance” of the 2017 ICO rush, Paragon (PRG) , which had the backing of US rapper The Game and an infamous video to match, currently has a token market cap of just $2.7 million. The project was

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EU Antitrust Regulators to Rule on Microsoft Acquisition of GitHub by Mid-October

Blockchain EU

E.U. antitrust regulators will decide whether to clear Microsoft’s acquisition of hosting service GitHub by October 19.

Software giant Microsoft has requested European Union (E.U.) approval of its $7.5 billion acquisition of web-based hosting service GitHub, Reuters reported September 17. According to Reuters, Microsoft filed the request last Friday, and the decision will be made by October 19.

GitHub is an open-source coding website, a repository which hosts developers’ source code projects in a number of different programming languages and keeps track of any changes made. In 2017, the GitHub community reportedly reached 24 million developers, working with 67 million repositories.

With the acquisition, the company is looking to strengthen its cloud computing arm against American electronic commerce company Amazon. If the E.U. competition agency finds serious concerns regarding the acquisition, it can initiate a full-scale investigation.

Many users from the crypto community expressed concern that, following the acquisition, Microsoft would issue undue discretion regarding what was allowed to be posted on GitHub, with some suggesting a move to GitLab. Bitcoin core developer Wladimir Van der Laan tweeted:

In response to GitHub users apprehension that the portal would eventually favor Microsoft products, Microsoft Chief Executive Satya Nadella reportedly said that GitHub will continue to operate as an open platform that deals with all public clouds.

Last month, Microsoft’s cloud platform Azure introduced a proof-of-authority (PoA) algorithm on its Ethereum (ETH) blockchain product, which will allow a “more efficient” way of building decentralized applications (DApps) for private or consortium networks, where “all consensus participants are known and reputable.”

In May, Amazon’s cloud computing arm Amazon Web Services (AWS) partnered with ConsenSys’ blockchain startup Kaleido to bring simplified blockchain cloud platforms to its clients. Kaleido is an ETH blockchain-based business cloud that provides businesses with ready-made blockchain applications.

Breaking Crypto-Summit Stereotypes — Consensus: Singapore 2018

Applicature Argyle
Breaking Crypto-Summit Stereotypes — Consensus: Singapore 2018

A New Global Arena Initially a hub for blockchain, cryptocurrency, and blockchain-related projects for North America, this year’s second edition of Consensus is taking place in Singapore. Whilst attracting more than 8,000 attendees, with more than 50% of those being from outside of the United States, Consensus Singapore 2018 aims to become an answer to the growing global demand for specialized content and enhanced networking opportunities to satisfy the evergrowing appetite for development of the

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Coinbase Hires Former Fannie Mae Exec as New Chief Legal Officer

Altcoin Coinbase

Former Fannie Mae counsel Brian Brooks has joined Coinbase as its new Chief Legal Officer to lead the exchange’s legal, compliance and government affairs.

Cryptocurrency exchange Coinbase has hired on former Fannie Mae General Counsel Brian Brooks as their new Chief Legal Officer, according to an announcement published September 19. At Coinbase, Brooks will be responsible for legal, compliance, and government affairs.

Prior to Coinbase, Brooks served as Executive Vice President, General Counsel and Corporate Secretary of the U.S. Federal National Mortgage Association (FNMA), commonly known as Fannie Mae. The association purchases qualifying mortgages from lenders, which it then bundles in bonds and sells to investors. In 2017, Fannie Mae reportedly provided $570 billion in mortgage financing.

Brooks also participated in managing OneWest Bank, N.A.’s senior regulatory relationships, while acting as a senior advisor to the bank’s CEO. Before joining OneWest, Brooks held managerial positions at O’Melveny & Myers LLP and Financial Services Practice Group.

Mike Lempres, who has previously led Coinbase’s legal function, will now lead the company’s government affairs program, such as the exchange’s participation in the recently founded Blockchain Association, in addition to managing the Coinbase political action committee (PAC).

The Washington-based Blockchain Association was formed by a group of American blockchain and crypto companies earlier this month, with Coinbase as a founding member. The association claims to be the first lobbying group representing the blockchain industry in Washington D.C.

Coinbase founded its own PAC in July 2018. In the U.S., PACs are political organizations that allow individuals with similar policy goals and ideologies to pool campaign contributions and donate them to political campaigns for or against candidates, legislation, or ballot initiatives.

This week is marked with another notable appointment at Coinbase, as former LinkedIn executive Michael Li joined the exchange as the vice-president of data. Speaking about his new position, Li outlined that data is an “essential” aspect of empowering Coinbase’s mission, as well as the “core strategy” to providing “the most trusted and easiest-to-use” crypto services.

In August, Coinbase hired former Amazon Web Services and Microsoft employee Tim Wagner as vice-president of engineering. Wagner will reportedly lead Coinbase’s engineering team, which is “central to [Coinbase’s] mission of creating an open financial system for the world.”

Negotiating Bitcoin Ransomware With Cyber-Criminals as a Service

Bitcoin Security Bob Siegel
Negotiating Bitcoin Ransomware With Cyber-Criminals

Despite oft-repeated advice to never pay in response to a ransomware attack, the reality is that this is not always a possibility. However, the desire to pay as little as possible has given rise to companies like Coveware. They act as negotiators between victims (their clients) and the criminals targeting them. A Business Case While it may seem counter-intuitive to attempt to negotiate with these cyber-criminals, ransomware generally comes in one size. This certainly does not fit all

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Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, IOTA: Price Analysis, September 19

Altcoin Bitcoin

The crypto markets keep struggling amidst a similarly mixed outlook from the regulators – the industry still has a long way to go.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

Germany’s Minister of Finance Olaf Scholz believes that cryptocurrencies are not yet ready ro replace traditional fiat money, but he is not so confident about “20 to 30 years” into the future. This is a bullish sign, which confirms that the world is gradually coming to terms with the fact that cryptocurrencies are here to stay.

Yet, China continues to “remind” investors about the risks associated with Initial Coin Offerings (ICOs) and crypto trading. A committee of lawmakers in the UK has urged the regulators to act by introducing measures for consumer protection.

In the U.S., a study by the New York Attorney General’s office has found that many cryptocurrency exchanges lack sufficient customer protections, and have “serious conflicts of interests.” The report observed that only a few crypto trading platforms have market surveillance capabilities to deter trading manipulation.

A robust system is needed to attract large players, who are accustomed to the traditional exchanges that have many protective measures built in against market manipulation and fraud. Price volatility, however, might remain for even longer time as the market matures.

Over the past several months, we have shown how the traders can keep their risks low when trading cryptocurrencies. Let’s see if we can spot any buy setups today.

BTC/USD

Bitcoin has held $6,200 for the past two days, but is struggling to move up. Both moving averages are sloping down and the RSI is also in the negative territory. This shows that the sellers are in command.

BTC/USD

A break of the $5,900–$6,075.04 support zone will complete two negative formations, a head and shoulders pattern and a descending triangle pattern. Though head and shoulders is primarily a reversal pattern, it can also work as a continuation pattern, as is the case currently.

The lower levels that can offer some support are $5,450 and $5,000. However, after a break from such a major support, a number of stops will be hit, resulting in a quick drop. Therefore, we suggest traders avoid catching the falling knife if $5,900 breaks down.

If the bulls defend the support zone and push price above the moving averages, the BTC/USD pair can rally to $6,900 and $7,400. We suggest an aggressive buy on 50 percent of the desired position size on a close (UTC time frame) above $6,600.

The remaining positions can be added after the digital currency closes above the downtrend line of the descending triangle.

ETH/USD

The trend in Ethereum is still a downward one, but we find some buying interest around the $183–$192 area. However, on the upside, the 20-day EMA is proving to be a major resistance as the bulls have failed to scale this level for the past four days.

ETH/USD

If the bulls break out of the 20-day EMA, a move to the 50-day SMA is likely, with minor resistance at the downtrend line of the descending channel. We shall turn bullish if the price sustains above the channel for three days in a row.

If the ETH/USD pair turns down from the current levels, it can slide to $192 and further to $183. The pair is at a critical level and we should get a clearer picture within the next couple of days.

XRP/USD

Ripple bounced sharply from $0.27 on September 18 and broke out of the 20-day EMA. Currently, it is facing resistance at the 50-day SMA.

XRP/USD

If the bulls break out of the 50-day SMA, the next resistance is at $0.37390. The downtrend line is also located just above this level. If the XRP/USD pair sustains above the downtrend line, we can expect the trend to change from down to up.

If buying dries up at higher levels, the virtual currency might spend some more time inside the range of $0.27–$0.37390. Though the bounce from the lows is a positive development, we shall wait for additional evidence before suggesting any trades on it.  

BCH/USD

When the sentiment is negative, any uncertainty drives away the investors and that is what seems to be happening with Bitcoin Cash. With a looming split, the buyers are not taking any fresh positions, which has kept the cryptocurrency near its year-to-date lows.

BCH/USD

The trend is down, as both moving averages are sloping downward and the RSI is in the negative territory. A break of the September 11 low of $408.0182 will resume the downtrend and the BCH/USD pair can slump to the next support zone of $280–$300.

The bulls have to overcome the resistance from the 20-day EMA, the 50-day SMA and the downtrend line of the descending channel to signal a change in trend.

EOS/USD

EOS has been holding above $4.4930 since August 17. If this support breaks, the slide can extend to the next support at $3.7823. Therefore, traders can keep their stops on the remaining long positions at $4.4.

EOS/USD

On the upside, the bulls have been facing a stiff resistance at the 20-day EMA and $5.65. The EOS/USD pair will gain strength if it breaks out of $5.65.

Though the 50-day SMA is sloping down, the 20-day EMA is trying to flatten out. The RSI continues to be in the negative area. This shows that the virtual currency is in a range but with a negative bias.

XLM/USD

Stellar has formed a range inside a range. Since September 11, it has been trading inside the range between $0.184 and $0.21489857. If the bulls break out of this range, a rally to the top of the large range of $0.184–$0.24987525 is probable.

XLM/USD

The critical level to watch on the downside is $0.184. If the XLM/USD pair breaks and sustains below the range it will complete a descending triangle pattern, which is a negative sign.

On the other hand, if the bulls break out of the range and the downtrend line of the descending triangle, it will invalidate the bearish pattern, which is a bullish sign. We shall wait for the virtual currency to show some strength before recommending any trades on it.

LTC/USD

The bulls defended the critical support on September 18, but the pullback is facing resistance at the downtrend line and the 20-day EMA. Currently, Litecoin is consolidating in a large range of $49.466–$69.279 – a process, which began August 8.

LTC/USD

The LTC/USD pair will resume its downtrend if it sustains below $47.246. The next support on the downside is between $40 and $44.

On the upside, the virtual currency can rally to $69.279 if it breaks out of the moving averages. We might suggest a long position on a break out of the range because it will indicate a probable double bottom.

ADA/USD

Cardano broke out of the tight range of $0.060105–$0.071355 but is finding it difficult to sustain the higher levels. Currently, the price has dipped back into the range.

ADA/USD

Both moving averages are trending down and the RSI is in the negative zone. The trend remains headed downward. The ADA/USD pair will have to enter a bottoming formation before a change in trend can be confirmed.

Until then, any pullback attempts will face resistance at the moving averages. The downtrend will resume if the bears force a break down from the range.

XMR/USD

The bulls are trying to defend the support at the moving averages but are finding it difficult to break out of $120. Monero has turned volatile and trendless in the past few days, as both moving averages have flattened out and the RSI is close to the neutral territory.

XMR/USD

A symmetrical triangle is developing close to the bottom. A break of the trendline of the triangle will be a bearish development. It will increase the probability of a retest of $76.074, though the pattern targets are way lower. We suggest holding the long positions with the stops at $95.  

On the upside, the XMR/USD pair will face resistance at the downtrend line and at $122.6. It will attract buyers only after these two resistances are crossed.  

IOTA/USD

IOTA has been range bound between $0.5 and $0.6170 since September 6. The 50-day SMA and the downtrend line are also close to the upper end of the range. Hence, $0.6170 will act as a stiff resistance. The cryptocurrency will show strength if it can break out of this resistance.

IOTA/USD

The 50-day SMA is sloping down and the 20-day EMA is also starting to turn down, after trying to flatten in the past few days. This shows that the path of least resistance is to the downside.

A break of the $0.5 support can sink the IOTA/USD pair to $0.45 and further to $0.4. Traders can keep the SL of $0.46 on the long positions.

The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView.

Bank of America Charges Clients 6000 Times More in Fees Than Bitcoin

Bank of America Banks
sheep sheer fees

While Bitcoin critics claim the cryptocurrency is too expensive to use for transactions, data from Bank of America (BoA) shows traditional fiat transfers cost 6000 times as much. $90K Transfer: $45 With A Bank, 75 Cent With Bitcoin BoA, along with other domestic US institutions, makes use of the Federal Reserve’s money transfer network FedWire, which charges them a maximum of 83 cents to process a payment. According to its public figures, however, BoA charges

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