A Beginner’s Guide to Bitcoin

  • Bitcoin is an emerging encrypted form of digital money, or cryptocurrency, that’s growing in popularity and value internationally.
  • As bitcoin has gained popularity around the world, investors started funding and trading with companies operating in bitcoin and has since created a bitcoin marketplace, much like the stock market.
  • The bitcoin bubble is no different.
  • Regardless of my personal feelings about it, the market cap is $137B today and just passed a significant threshold where 1 bitcoin equals over $4,000 USD.
  • A lot hinges on how much of bitcoin can stay true to its current form with the presence of oversight.

Originally posted at TheMenloHouse.com.
It’s possible that in the last few years, you’ve stumbled across a person or company that uses bitcoin. But…
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Bitcoin: Mexico readies bill to regulate fast-growing fintech industry

  • Mexico would regulate its fast-growing financial technology sector, including firms that use crypto-currencies like bitcoin, to protect consumers and spur competition, under a proposed bill seen by Reuters.
  • The proposed legislation, which Mexican President Enrique Pena Nieto said this month would be unveiled in the Senate before Sept. 20, seeks to ensure financial stability and defend against money laundering and financing of extremists.
  • The new measures will allow Mexico to join a small list of countries, including the United States and Britain, that have sought to regulate fintech firms.
  • Financial services firms envisage massive potential growth in Latin America’s No. 2 economy by reaching the more than 50 percent of Mexico’s roughly 120 million citizens without bank accounts.
  • “This (legislation) recognizes the need that a sector as dynamic as that of technological innovation needs a regulatory framework that allows authorities to mitigate risks and allow for growth in a competitive environment,” the bill draft says.

Mexico would regulate its fast-growing financial technology sector, including firms that use crypto-currencies like bitcoin, to protect consumers and spur competition, under a proposed bill seen by Reuters.
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Cappasity Set to Unveil World’s First Blockchain Platform for AR/VR/3D Content

  • Cappasity, the leader in delivering an in-store browsing experience to online retail through interactive 3D images, announced today it is developing an AR/VR blockchain ecosystem designed to enable fast and easy AR/VR/3D content creation.
  • The platform will be powered by ARToken (ART), a virtual currency for trading the content inside the ecosystem.
  • Cappasity will leverage the blockchain to become the global 3D/AR/VR content exchange ecosystem for the users, developers and businesses who will benefit from 3D image creation, embedding and trading.
  • Cappasity ARTs can be earned by creating and sharing 3D/AR/VR content, and be used to buy or rent it.
  • The platform will allow 3D content creators and distributors to monetize and share the fruits of their creativity via a tokenized ecosystem.

Cappasity, the leader in delivering an in-store browsing experience to online retail through interactive 3D images, announced today it is developing an AR/VR blockchain ecosystem designed to enable fast and easy AR/VR/3D content creation.
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‘THIS IS NOT A DRILL:’ A Hacker Allegedly Stole $32 Million in Ethereum

[NEWS] THIS IS NOT A DRILL: A Hacker Allegedly Stole $32 Million in #Ethereum

  • According to a post by Parity founder Gavin Wood in the official chat channel for Parity, an ethereum client, a “critical” vulnerability in Parity led to at least three accounts being compromised by a hacker for a total loss of $31,725,019 USD worth of ether.
  • Specifically, Wood wrote, the vulnerability affected the contract used to create multi-signature ethereum wallets in Parity 1.5, the latest release.
  • There are ongoing efforts to secure funds in other potentially vulnerable wallets, Wood wrote, but those folks “will make an announcement in their own time.”
  • In other words, there may be other wallets affected by the hack than the three cited by Wood, but it’s not yet clear which were cleaned out by thieves, and which had their funds funneled out by good-guy hackers who may return them later.
  • As for a fix, Wood wrote in the Parity chat that the team will be releasing a fix “ASAP,” but in the meantime advised users with multi-signature wallets created with Parity to move their funds to a secure address.

It’s the second alleged hack this week.
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‘THIS IS NOT A DRILL:’ A Hacker Allegedly Stole $32 Million in Ethereum

'THIS IS NOT A DRILL:' A hacker allegedly stole $32 Million in ethereum:

  • According to a post by Parity founder Gavin Wood in the official chat channel for Parity, an ethereum client, a “critical” vulnerability in Parity led to at least three accounts being compromised by a hacker for a total loss of $31,725,019 USD worth of ether.
  • Specifically, Wood wrote, the vulnerability affected the contract used to create multi-signature ethereum wallets in Parity 1.5, the latest release.
  • There are ongoing efforts to secure funds in other potentially vulnerable wallets, Wood wrote, but those folks “will make an announcement in their own time.”
  • In other words, there may be other wallets affected by the hack than the three cited by Wood, but it’s not yet clear which were cleaned out by thieves, and which had their funds funneled out by good-guy hackers who may return them later.
  • As for a fix, Wood wrote in the Parity chat that the team will be releasing a fix “ASAP,” but in the meantime advised users with multi-signature wallets created with Parity to move their funds to a secure address.

It’s the second alleged hack this week.
Continue reading “‘THIS IS NOT A DRILL:’ A Hacker Allegedly Stole $32 Million in Ethereum”

Why Blockchain Backed Social Network Steemit Could Be The Next Evolution In Social Networking

  • It’s called Steemit, and it doesn’t only reward users with social currency, it also rewards them in cryptocurrency.
  • Their user base is expanding by tens of thousands each week and the way users behave on the site is already eclipsing some of the established social networks.
  • In comparison to users of Pinterest, Reddit and Twitter, those on Steemit spend more time per day on the site and visit more pages.
  • I’ve been active on Steemit for about three weeks and I’ve found it to be very addictive—more so than any other social network—and as founder of an online startup, believe me, I’ve tried them all.
  • As far as user experience goes, Steemit feels more like playing a game (and gambling) than using a social network.

Up until July this year, every social network on the internet has presented fundamentally the same opportunity to users, albeit packaged in different and…
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How a security researcher miraculously and accidentally killed the ‘WannaCry’ ransomware

  • The massive ransomware hack targeting Windows machines across the globe was stopped dead in its tracks by a security expert who inadvertently activated a “kill switch” built into the malware’s code.
  • The ransomware effectively locks users out of their machines, encrypts their files, and instructs them to send $300 worth of Bitcoin in order to reclaim them.
  • Well, a young security researcher — known as malwaretechblog on Twitter — took a look at the ransomware’s code and noticed that it connected to an unregistered domain name consisting of a random string of characters.
  • This involved a very long nonsensical domain name that the malware makes a request to – just as if it was looking up any website – and if the request comes back and shows that the domain is live, the kill switch takes effect and the malware stops spreading.
  • For anyone curious about the nitty-gritty details surrounding malwaretechblog’s ransomware killing adventure, he posted an article detailing the experience on the National Cyber Security Centre website.

The massive ransomware hack targeting Windows machines across the globe was stopped dead in its tracks by a security expert who inadvertently activated a “kill switch” built into the malware’s code. The ransomware, dubbed “WannaCry”, made headlines on Friday after infecting computers
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