Mnuchin: We are looking ‘very carefully’ at bitcoin

Mnuchin: We are looking 'very carefully' at bitcoin @nicoleusinclair

  • Bitcoin prices have been surging, sending its market cap past a $100 billion as more people are becoming believers in the value of this cryptocurrencey.
  • When asked about bitcoin, Secretary of the Treasury Steven Mnuchin said he is primarily concerned about its use for illicit purposes.
  • “The first issue and the most important issue is to make sure that people can’t use bitcoin for illicit activities.
  • So we want to make sure that you don’t have the dark web funded in bitcoins.
  • For more from Secretary Mnuchin, please see: – – Please also see: – – Benioff: Companies like Facebook and Twitter must take ‘full responsibility’ for what they’ve created – – Marc Benioff: We can’t leave anyone behind during the ‘fourth industrial revolution’ – – Mellody Hobson: Diversity isn’t about do-gooderism—it’s…

Treasury Secretary Steve Mnuchin speaks to Yahoo Finance on bitcoin.
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The tech that powers bitcoin could tackle corruption

  • The price of bitcoin, the original and most valuable digital currency, rose to a record high of nearly $8,000 on Wednesday — close to a 900% jump in 2017 alone.
  • Bitcoin started as an experiment eight years ago in an attempt to create a global, decentralized store of value.
  • These days it behaves less like a currency and more like a stock, operating in an extremely volatile, multi-billion dollar market that trades bitcoin and hundreds of other newly fabricated digital tokens.
  • While the actual monetary value of online “cryptocurrencies” depends on who you ask, financial institutions and speculators do agree on one thing: the underlying technology, blockchain, has potential to completely revolutionize how data sharing works.
  • Blockchain technology is already being implemented by companies and governments around the world, and will be crucial to the “Internet of things” that governs our interconnected electronic devices.

The price of bitcoin, the original and most valuable digital currency, rose to a record high of nearly $8,000 on Wednesday — close to a 900% jump in 2017 alone. Bitcoin started as an experiment eight years ago in an attempt to create a global, decentralized store of value. […]
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‘Maybe bitcoin is a kind of a bubble,’ Goldman Sachs CEO Blankfein says

'Maybe bitcoin is a kind of bubble,' Goldman Sachs CEO Blankfein says

  • Bitcoin has gained a lot of fans recently, but Goldman Sachs CEO Lloyd Blankfein is not one of them.
  • In an interview with CNBC’s Kayla Tausche, he said that “maybe bitcoin is a kind of a bubble,” adding: “I don’t like it.
  • Blankfein’s reason for not trusting the cryptocurrency is simple, he said: “I’m kind of an old dog to be absorbing that kind of a new trick.”
  • Bitcoin has soared more than 600 percent this year.
  • On Thursday, the cryptocurrency traded down 3.9 percent at $7,172.80, but remained near a record high.

Blankfein’s reason for not trusting the cryptocurrency is simple, he said: “I’m kind of an old dog to be absorbing that kind of a new trick.”
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Bitcoin hits all time high as controversial ‘hard fork’ called off

  • Bitcoin shot to just shy of $7,900 (£6,000) after a controversial proposal that could have split the cryptocurrency was called off.
  • The currency had been scheduled to undergo a so-called “hard fork”, a change to bitcoin’s code that would have created an offshoot cryptocurrency, and which developers argued was necessary to keep up with the pace of its growth.
  • On Wednesday, proposals to implement the changes were suspended over fears they could divide bitcoin irreparably and damage the cryptocurrency’s growth.
  • Members of leading bitcoin exchanges supporting the “SegWit2x” proposals have signed a letter calling off the upgrade.
  • SegWit2x would have doubled the size of the bitcoin “blocks” on the blockchain, the record of bitcoin transactions, essentially making it easier to process more trades as more people join and trade bitcoin.

Bitcoin shot to just shy of $7,900 (£6,000) after a controversial proposal that could have split the cryptocurrency was called off.
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There were more than 26,000 new blockchain projects last year – only 8% are still active

There were more than 26,000 new #blockchain projects last year – only 8% are still active

  • It is one of the fastest growing technologies around, but the majority of blockchain projects are abandoned within months, according to researchers.
  • More than 26,000 open-source blockchain projects were created on the software collaboration platform GitHub in 2016, research by auditing giant Deloitte has revealed.
  • But despite the overwhelming amount of interest in the technology, just 8 percent of these projects remain actively maintained.
  • Blockchain is a form of distributed ledger technology that allows vast amounts of data to be stored across a network of computers rather than in one localized server.
  • Later that month, Hong Kong and Singapore’s central banks agreed to work together on a cross-border trade finance network based on blockchain technology.

The majority of blockchain projects are abandoned within months, according to researchers.
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Understanding Ethereum, Bitcoin’s Virtual Cousin

Understand #Ethereum, #Bitcoin's biggest competition.

  • The Ethereum network has its own virtual currency, Ether.
  • The shared records of the Ethereum network — of every transaction and computation it has ever performed — are known as a blockchain, just as the shared records of all Bitcoin transactions are known as a blockchain.
  • The versions of the Ethereum software that companies are building will most likely be used to set up private networks that would be totally separate from the public Ethereum network and that would not use the Ether currency.
  • Just as with Bitcoin, Ethereum are “mined,” or created by computers joined into the Ethereum network.
  • As with Bitcoin, Ethereum mining serves a dual process of getting new Ether into the world while providing an incentive for people to join the network and help maintain the Ethereum blockchain.

Ethereum has attracted broad interest from both hackers and corporations with its updates on Bitcoin.
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Code bug freezes $150m of Ethereum crypto-cash

Code bug freezes $150m of Ethereum crypto-cash  #tech

  • Image copyright – CasPhotography – – – – More than $150m (ÂŁ115m) of a crypto-currency called Ethereum may have been permanently frozen after a code bug was accidentally triggered.The bug was in code written by Parity Technologies to create digital wallets holding virtual coins – called Ether.It let someone hunting…
  • However, when the unidentified person tried to reverse their mistake they stopped the original owners of the wallets getting access too.Find and fixIn a statement, Parity Technologies said all wallets created after 20 July this year were affected by the mistake.It provided a link to a separate page on which…
  • This is because the unidentified person who triggered the problem used a function that “suicided” code that could have been used to resurrect the wallets.Estimates of exactly how much of Ethereum’s coins has been frozen vary widely.
  • The bug was triggered while an unnamed developer was looking through the Parity code for ways that it could be exploited.
  • Only wallets created after 20 July are affected because they use an updated version of Parity’s wallet program issued to fix another bug that led to $30m of Ethereum coins being stolen.Ethereum is a crypto-currency similar to Bitcoin that uses a large network of computers to verify transactions and generate…

A novice programmer accidentally locks away about $150m of a crypto-currency called Ethereum.
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Bitcoin surges to new high on reports software ‘fork’ suspended

Bitcoin surges to new high on reports software 'fork' suspended

  • Bitcoin surged by 10 per cent on Wednesday to hit an all-time high just shy of $8,000 US after online reports that an upgrade to the cryptocurrency’s software planned for next Thursday had been suspended.
  • Bitcoin experts cited a statement on the Linux Foundation website, signed by several high-profile bitcoin entrepreneurs and developers who had backed the plan, that said the “Segwit2x” upgrade would be scrapped for now as it could “divide the community”.
  • The upgrade would have changed bitcoin’s rules in a so-called “fork”, effectively cloning the existing bitcoin to create another cryptocurrency.
  • “Our goal has always been a smooth upgrade for Bitcoin,” the statement, authored by Mike Belshe, CEO of blockchain security firm BitGo, said.
  • Bitcoin surged from just below $7,500 US to a new record high of $7,888 US on the Luxembourg-based Bitstamp exchange in the 20 minutes that followed the statement’s release.

Bitcoin surged by 10 per cent on Wednesday to hit an all-time high just shy of $8,000 US after online reports that an upgrade to the cryptocurrency’s software planned for next Thursday had been suspended.
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Bitcoin hits record high after developers call off plans to split digital currency

  • Bitcoin jumped Wednesday after the developers behind an upcoming split in the digital currency through an upgrade called SegWit2x announced they were suspending plans for the upgrade.
  • The SegWit2x upgrade was scheduled to take effect around November 16 in an effort to increase the speed and cost of bitcoin transactions.
  • Bitcoin in the last 24 hours – – “Our goal has always been a smooth upgrade for Bitcoin,” a group of leaders in bitcoin development told members of the SegWit2x mailing list Wednesday.
  • As fees rise for bitcoin transactions, the developers said they hoped the digital currency community could find agreement on how to solve the problem.
  • The statement ended with the names of six major figures in the bitcoin business community: – – For most of this year, investors have had a negative view on bitcoin splits out of uncertainty over the digital currency’s future.

Bitcoin jumps to all-time high after developers behind an upcoming split in the digital currency through an upgrade say they’re suspending it.
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‘I was completely destroyed’: Bitcoin scam victims lose $340K in York Region, police say

'I was completely destroyed': Bitcoin scam victims lose $340K in York Region, police say

  • York Regional Police say dozens of victims have funnelled $340,000 in cash into Bitcoin ATMs in a scam sweeping the region.
  • Investigators say the machines are being used in the latest version of a Canada Revenue Agency (CRA) scam, in which fraudsters posing as tax collectors or police officers threaten to arrest potential victims over tax issues.
  • Since April, police say 45 people have been defrauded in York Region, including Linda, who did not disclose her full name during a press conference held by York Regional Police in Richmond Hill on Wednesday.
  • Eventually, Linda was convinced to withdraw $12,000 from her bank and take it to a convenience store in Richmond Hill, where she deposited the money into a Bitcoin ATM.
  • Police have also placed flyers near the ATMs advising potential victims that CRA and other “legitimate agencies” do not accept Bitcoins as payment.

York Regional Police say that a new scam using the untraceable cryptocurrency Bitcoin is sweeping the region. One of 45 victims since April explained how she was deceived.
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