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

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.”

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

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.

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

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

The post Bank of America Charges Clients 6000 Times More in Fees Than Bitcoin appeared first on Bitcoinist.com.

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First Bentley Bought With Bitcoin in the US

Bentley

Two weeks ago, Houston hospitality mogul, Tilman Fertitta, announced that his luxury car dealership would accept bitcoin and bitcoin cash. Well it seems like the market was ready for the move, as he has already found his first bitcoin customer. First Bentley Bought With Bitcoin Post Oak Motor Cars is a dealership for Rolls Royce, Bugatti and Bentley, along with a selection of high-end pre-owned models. It recently partnered with payment processor BitPay to “allow

The post First Bentley Bought With Bitcoin in the US appeared first on Bitcoinist.com.

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‘Illusionary’ Customer Protections: NY Attorney General Dampens Bitcoin ETF Hopes

cboe bitcoin etf

Following a recent report of New York State’s Attorney General, an economist believes that the document confirms “zero” chances of a Bitcoin ETF approval in 2018. ‘Odds of Bitcoin ETF Approval in 2018 = 0’ A new report of the New York States Office of the Attorney General (OAG) Barbara D. Underwood, outlined the issues which existing cryptocurrency exchanges face compared to traditional venues. According to the document, digital currency exchanges are up against serious problems

The post ‘Illusionary’ Customer Protections: NY Attorney General Dampens Bitcoin ETF Hopes appeared first on Bitcoinist.com.

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‘Very Scary’: Bitcoin Core Developers Confirm Duplicate Transaction Bug Fix

Bitcoin Core

Bitcoin developers released a new version of the Bitcoin Core client September 18 after fixing a “very scary” bug which could have seen a malicious party take many nodes offline. Upgrade ‘As Soon As Possible’ In release notes for Bitcoin Core version 0.16.3, Wladimir van der Laan confirmed the vulnerability, known as CVE-2018-17144, had received an effective patch. The Bitcoin Core client remains the most popular comprising over 94% of all Bitcoin software implementations today.  “A

The post ‘Very Scary’: Bitcoin Core Developers Confirm Duplicate Transaction Bug Fix appeared first on Bitcoinist.com.

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Singapore: Central Bank Refutes Fake Articles Claiming its Chairman Invested $1 Bln in BTC

The Monetary Authority of Singapore has distanced itself from fake news about a $1 billion Bitcoin investment from its chairman.

Singapore’s de facto central bank issued two warnings over two fake news websites Tuesday, September 18, after articles were published with “fabricated comments” about crypto from Chairman and Deputy Prime Minister Tharman Shanmugaratnam.

The sites, Gulf Weed Crab and Positive Bath Hour, which feature hoax news stories on seemingly random topics, had claimed Shanmugaratnam was behind both a state-sponsored $1 billion investment in Bitcoin (BTC) and a “Hi-Tech Digital Project” for Singaporeans.

The websites have since appeared to withdraw the articles. Gulf Weed Crab’s headline, according to a screenshot reproduced in local media outlet Straits Times, read: “Tharman Shanmugaratnam Invests $1 Billion for All Singapore Residents,” with the other site’s article contained false information about a “hi-tech” digital investment.

Commenting on the episode, the Monetary Authority of Singapore (MAS) sought to distance itself from quotations erroneously attributed to Shanmugaratnam, reiterating the Gulf Weed Crab article’s content was fake.

“The website’s article on Bitcoins is highly deceptive and misleading,” it responded, stating:

“The statements attributed to DPM Tharman are completely false, apart from his observation that trading volumes in cryptocurrency are low in Singapore.”

Both of the offending articles had also asked for payment information from readers in order to send funds, and to sign up for a “Bitcoin account.” MAS’s second warning noted that “cases of fraudulent investments and other forms of unlawful activities should be referred to the Police [sic].”

Singapore continues to adopt a permissive yet prudent stance on cryptocurrency, with MAS and senior politicians noting they were monitoring the space and would apply stricter regulation if necessary for consumer protection.

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Upbit Crypto Exchange Operator to Open Singapore-Based Crypto Exchange Next Month

Kakao-affiliate Dunamu, the operator of major South Korean crypto exchange Upbit, plans to open a Singapore-based exchange next month.

Kakao-affiliate Dunamu, the operator of major South Korean crypto exchange Upbit, plans to open a Singapore-based exchange next month, local news outlet Yonhap News reports September 19.

According to Yonhap, Dunamu already set up a branch in Singapore this February as part of its active push to expand across the Asian market. While the exact date of the Singapore exchange launch remains to be finalized, the firm told Yonhap that the service will go live as of early October.

Kim Kook-hyun, head of Upbit’s existing Singapore branch, is quoted as saying that:

“As Singapore has proactively supported blockchain technology, our advancement into the nation will help us secure many chances to lead a variety of relevant projects and to have global competitiveness.”  

Upbit has seen a surge in trading volumes, which are up 53.6 percent on the day, according to CoinMarketCap. As of press time, the exchange is ranked the 10th largest crypto exchange globally, seeing around $241 million in trades over the 24 hours to press time.

As previously reported, Kakao’s recent Semiannual Report has shown that Upbit defied the bearish global crypto markets to post a $100 million profit in the third quarter of 2018.

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German Finance Minister Doubts Crypto Can Currently Replace Traditional Currencies

Germany’s Finance Minister Olaf Scholz does doubts that traditional fiat currencies can currently be replaced by cryptocurrencies.

Germany’s Finance Minister Olaf Scholz doubts that cryptocurrencies can currently replace traditional fiat currencies, Cointelegraph auf Deutsch reports today, September, 18.

“I would doubt today, whether it has a perspective as a currency model, ” said Scholz at a “citizens dialogue” at the German-Dutch Army Corps in Münster. Scholz compared cryptocurrencies to the tulip fever bubble in the Netherlands in the 17th century saying, “and the danger is great that there will be such a tulip inflation.”

Scholz said that the necessary computer processes for the mass implementation of cryptocurrencies are so expensive and energy-intensive that it could not work, but that he did not want to speak for the future “20 to 30 years.”

According to Scholz, cryptocurrencies should also be closely observed by regulators, as they could be used for terrorist financing, money laundering or other criminal activities. He added that “…we do not believe that they already have an economically significant importance today.”

European legislators have met in several capacities in the past several weeks in order to discuss their concerns over cryptocurrencies and the potential remedies to problems associated with digital assets.

On September 4, members of the European Parliament met to discuss regulations for Initial Coin Offerings (ICOs), which while being a “very interesting and promising vehicle instruments” for raising capital, require more regulatory oversight in the view of many European legislators.  

At a recent meeting of the Economic and Financial Affairs Council in Vienna, European Commission Vice President Valdis Dombrovskis claimed that crypto needs further regulation. While noting that crypto is “here to stay,” Dombrovsksis stressed that the European Union (E.U.) will focus on the development of crypto asset classification and regulatory mapping.

Prior to the aforementioned meeting, a report by Belgian think tank Bruegel urged European regulators to adopt uniform regulations on cryptocurrencies at the E.U.-level. The report notes that while regulations are left to national entities, there is an opportunity for “regulatory arbitrage” for crypto businesses.

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Report: Majority of Circulating Bitcoins Stored in Investment Wallets

A recent analysis reveals that a majority of circulating bitcoins are kept in investment wallets.

A majority of circulating Bitcoins (BTC) are stored in investment wallets, according to a new report by cryptocurrency industry and analysis newsletter Diar.

The analysis shows that 55 percent of bitcoins are currently kept in wallets that are valued over $1.3 million,  constituting balances of more than 200 BTC. One third of BTC in those wallets have reportedly never been used in outgoing transactions since the Bitcoin price peak in December 2017, due to “either lost private keys, lowering real supply, or a very strong resolve by cryptocurrency believers.”

Per the study, 27 percent of those wallets continue to accrue more coins. Diar, however, states that those ownerships do not indicate a certain number of individuals, noting that the largest wallets are owned by digital currency exchanges. A $4.2 billion value, or 3.8 percent of the total BTC supply is currently held in the top five wallets administered by crypto exchanges.

87 percent of bitcoins are reportedly kept in wallets with more than 10 BTC, the total value of which make up around $100 billion of the total market capitalization at press time, but only 0.7 percent of all BTC addresses. 62 percent of all outstanding BTC is stored in wallets with over 100 BTC, representing a mere 0.1 percent of all addresses.

In January, Cointelegraph reported that 80 percent of the entire Bitcoin supply, or 16.8 million bitcoins, had been mined. Bitcoin has a 21 million cap built into its protocol by Satoshi Nakamoto, first mentioned in the 2008 White Paper, as a way to introduce digital scarcity to the cryptocurrency. This subsequently means only 4.2 million bitcoins, or 20 percent, were left at that time until the formative cryptocurrency’s 21 million supply cap is reached.

At press time, BTC is trading around $6,332, up 1.3 percent over the last 24 hours, according to Cointelegraph’s Bitcoin Price Index. Total market capitalization of the leading cryptocurrency is around $109 billion, with 17,275,100 BTC in circulation at press time.

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