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CNN

Trade war with China may cause 2020 recession

October 18, 2018 |

There are increasing worries that the chilly trade relations between the US and China could lead to a deep slowdown in the US economy — especially as the Federal Reserve continues to fight inflation.
CNN.com – RSS Channel – World

Serena Sings Topless— But for a Cause

September 30, 2018 |

Last month, Serena Williams was mad as hell . Now she’s adding a sweet lilt to The Divinyls’ classic “I Touch Myself” in a video she produced to increase breast cancer awareness, the Guardian reports. “Yes, this put me out of my comfort zone, but I wanted to do it because…
Newser

Emotional support animals snap, bark and cause disruptions, most flight attendants say

September 16, 2018 |

Biting, barking, snapping, urinating and defecating.

Such behavior may be expected in an animal shelter, but a union for the nation’s flight attendants says it is now becoming more common on commercial flights.

Nearly two-thirds of flight attendants surveyed say they have seen disruptions in the…


L.A. Times – Business

‘The Office’ actor Hugh Dane’s cause of death revealed

June 30, 2018 |

“The Office” actor Hugh Dane’s cause of death has been revealed.
FOX News

Investigation Underway: Korean Government Seeks Cause of Crypto Hacks

June 22, 2018 |

Investigation Underway: Korean Government Seeks Cause of Crypto Hacks

Following the alleged hacks of South Korean crypto exchanges, the government has formally launched an investigation into the cause of the hacks. The authorities will also perform security checks on all crypto exchanges’ systems.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Government’s Response

Investigation Underway: Korean Government Seeks Cause of Crypto HacksThe South Korean government announced on Wednesday, June 20, that it has formally launched an investigation into the cause of the alleged security breaches at two crypto exchanges, Bithumb and Coinrail. At the time of this writing, Bithumb is the country’s second-largest crypto exchange by volume, behind only the Kakao Corp-backed Upbit, according to Coinmarketcap. Coinrail is the country’s seventh largest crypto exchange.

The government’s notice states:

The Ministry of Science and Information and Communication Technology (hereinafter referred to as ‘Science and Technology Ministry’) and the Korea Internet & Security Agency (KISA) said that they are investigating the cause of the accident caused by the virtual currency leak that occurred in Coinrail and Bithumb.

So far, the authorities have not confirmed that the two exchanges were hacked. Coinrail announced on June 10 that it was hacked with an estimated loss of approximately $ 40 million. Just 10 days later, on June 19, Bithumb revealed that approximately $ 31 million worth of its cryptocurrencies was stolen.

Investigating Security Breaches

In its announcement, the Korean government explained:

As soon as a company reports a hacking incident, a KISA accident investigation worker is quickly on the scene and is investigating. In cooperation with the police, the agency will analyze and respond to the cause of the accident.

Investigation Underway: Korean Government Seeks Cause of Crypto HacksThe Science and Technology Ministry inspected the level of information security of 21 cryptocurrency exchanges from January to March this year. After discovering that “most companies have security weaknesses,” the ministry suggested some additional measures aimed at boosting the exchanges’ security systems.

According to the ministry, 17 companies had a “system access control deficiency” while 16 had “insufficient network isolation.” 17 were found to have “abnormality” in their “monitoring system” and 18 had poor security management of crypto wallets and cryptographic keys. Furthermore, 10 companies needed “crypto security management” and 12 companies had inadequate firewall and security systems.

Investigation Underway: Korean Government Seeks Cause of Crypto HacksWhile the authority confirmed that Coinrail has not implemented additional measures, Bithumb said during the investigation process that it “plans to check the implementation of the recommendations for complementary measures,” the government described.

The ministry says it will encourage the 21 crypto exchanges that were inspected to implement additional measures by the end of the month and will review their security measures again afterwards, reiterating:

We plan to check whether the improvement measures for security vulnerabilities have been completed.

Furthermore, all newly identified crypto exchanges will also be inspected, the ministry informed, clarifying that upon confirmation of a new crypto dealer, security checks will be conducted.

What do you think of the Korean government launching an investigation into the cause of the alleged hacks? Let us know in the comments section below.


Images courtesy of Shutterstock and Pixabay. Editor’s Note: Some statements have been translated from Korean.


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The post Investigation Underway: Korean Government Seeks Cause of Crypto Hacks appeared first on Bitcoin News.

Bitcoin News

TMZ

Farrah Abraham Says She Was Targeted in Bev Hills ‘Cause She’s a Celeb

June 14, 2018 |

Farrah Abraham says she’s the real victim in her Bev Hills arrest, claiming hotel guests pissed her off and hotel staffers tried to toss her out … purely because she’s a celebrity. We talked to Farrah shortly after her release from jail…

TMZ.com

New Bitcoin Spellings Cause Confusion: Биткоин, Биткойн, Біткоїн, Биткојн

June 7, 2018 |

Time for Bitcoin to Enter More Dictionaries, But How Do You Spell It in Cyrillic?

The addition of “биткоин” (bitcoin) to the Russian spelling dictionary is “well grounded,” according to an important official from the Institute of Russian Language – another recognition of the cryptocurrency. Transliterating English words into a Slavic language written in Cyrillic, however, is not always a straightforward process. Two spelling forms have gained popularity in Russia, but which is the correct one? Other Slavic nations face a similar challenge. Besides, each one of them seems to have its own idea of how to write bitcoin with Cyrillic letters.

Also read: Russian Railways Eyes Crypto for Tickets, Blockchain for Cargo

Биткоин, Биткойн, Біткоїн, Биткојн – Bitcoin

Transliterating words from one language into another can sometimes spawn a number of spellings with none of the alternatives being a true original. This is often the case with borrowed terms describing new inventions that have to be written in a script different from the one they originated from. The word “bitcoin” is no exception – it is an invention, and it is a new term. Its introduction into Slavic languages using the Cyrillic alphabet has produced many spelling variations, with almost each nation “inventing” its own bitcoin, or биткойн I should say.

Time for Bitcoin to Enter More Dictionaries, But How Do You Spell It in Cyrillic?

Bulgarians, who liked and adopted the Cyrillic script a millennium ago, have decided, unofficially, to spell bitcoin the way it is pronounced in English and in their Slavic language – “биткойн.” Their closest linguistic relative, the Macedonians, write it “биткоин,” true to their commitment to be different. The short unstressed i-vowel “й” (as in /aɪ/ or /kɔɪn/) is missing from their version of the Cyrillic alphabet. No worries, we can still read it.

Ukrainians, who probably have more “i”-s than just about any other Slavs (и, й, і, ї,) have chosen to use two or three of those in their spellings of bitcoin – “бiткойн” and “біткоїн.” That adds a little Latin flavor, although truth be told, the “dotted i” was indeed part of the early Cyrillic alphabets and they have kept it to this day. Belarusians also write it “біткойн.” Serbs, who use a Latin script alongside the Cyrillic, spell it “биткојн” in. Gosh, now there is a “j” in it…

Bitcoin Making its Way into the Russian Spelling Dictionary

Russia, by far the largest Slavic country and most famous user of the Cyrillic script, has a dilemma. Both “биткоин” and “биткойн” are used to refer to the cryptocurrency in Russian media and by the local crypto community, although “биткоин” is more popular. The question about the correct spelling has sparked multiple discussions in Russian crypto forums. The rule applied to other English loanwords says bitcoin in Russian should be spelled with the short “й” in the second syllable. But as it often happens with living languages, people prefer the incorrect “и” version.

Time for Bitcoin to Enter More Dictionaries, But How Do You Spell It in Cyrillic?A high-ranking representative of the Institute of Russian Language, under the Russian Academy of Science, has recently spoken in favor of adding “биткоин” to the Russian Orthographic (spelling) Dictionary, local media reported. “The question of including the word “биткоин” in the dictionary seems to me well-grounded,” Oksana Grunchenko, senior researcher and head of the referral service at the Institute, told the Moscow News Agency.

Grunchenko expressed regret that bitcoin didn’t make it into the Russian Explanatory Dictionary. Its “Б” (B) volume went out without it. “But since the word “биткоин”, or “биткойн”, represents a spelling challenge too, I think it will find its place on the pages of the orthographic dictionary,” she added indicating that both spellings may be accepted. “If both are included, we can talk about variability of the norm,” she explained, noting that there are other examples of that in Russian.

I don’t want to say that but maybe we, the Slavs writing in Cyrillic, do need some central authority to sort things out… Although, that has never really worked well here. Besides, it’s not just bitcoin – I am pretty sure we have the same issue when spelling “core” and “cash.”

Do you think adding bitcoin to a dictionary is a recognition of its importance? Share your thoughts on the subject in the comments section below.


Images courtesy of Shutterstock.


Bitcoin News is growing fast. To reach our global audience, send us a news tip or submit a press release. Let’s work together to help inform the citizens of Earth (and beyond) about this new, important and amazing information network that is Bitcoin.

The post New Bitcoin Spellings Cause Confusion: Биткоин, Биткойн, Біткоїн, Биткојн appeared first on Bitcoin News.

Bitcoin News

Chinese Household in Trouble for Chasing a Lost Cause – Mining Bitcoin with Phones

April 29, 2018 |

Chinese Household in Trouble for Chasing a Lost Cause – Mining Bitcoin with Phones

A Chinese household has been stealing electricity to mine bitcoin using 50 mobile phones and 15 improvised mining rigs. The home workshop has consumed almost 33,000 kWh of unbilled electricity. That should be enough for a couple of bitcoins, but using a smartphone for the job is not really an option.  

Also read: 80% of the 21 Million Bitcoins Have Been Mined Into Existence

Stealing Kilowatts to Mine Peanuts

An electric utility company in China has uncovered an illicit mining operation that was simply not worth the risk. A household in the province of Guangdong was caught stealing electricity to power a bitcoin mining farm at home. The improvised facility was found by workers from the Meizhou municipal branch of the China Southern Power Grid Company. During a routine inspection in Fengshun County they discovered some illegally connected power cables and became suspicious.

Chinese Household in Trouble for Chasing a Lost Cause – Mining Bitcoin with Phones

The cables ran over a back alley to the upper floor of a residential building. They powered 56 mobile phones and 15 homemade mining rigs, as seen on the photographs posted on the popular Chinese microblogging platform Weibo. According to the South China Morning Post, the equipment has been used to mint bitcoins.

Mining the oldest cryptocurrency is a power-intensive activity. It requires a lot of electricity and needs some serious cooling. Highly specialized hardware handles the enormous number of calculations involved in the processing of bitcoin transactions. The units capable of doing all that are called Application-Specific Integrated Circuits (ASICs). It is possible to mine many other cryptos with non-dedicated hardware, but then again powerful graphics processing units (GPUs) are used. Employing mobile phones to mine bitcoin, with their negligible computing power, is not a profitable undertaking.

Chinese Household in Trouble for Chasing a Lost Cause – Mining Bitcoin with Phones

Mining a single bitcoin consumes an average of 18,000 kilowatt hours of electricity. The proof of work for bitcoin has burned more than 40 TWh of electricity in 2017, according Digiconomist. Processing ethereum transactions spent more than 10 TWh. The Chinese household, however, didn’t pay anything for the electricity consumed by its rigs and phones. That leaves some room for profit, if the energy was used to mine some of the altcoins.

According to officials from the utility company, the illegal farm has consumed an estimated 32,940 kWh of stolen electricity. Chinese police are still investigating the case, the local newspaper Yangcheng Evening News reported. Authorities have not yet named the individuals involved in the illicit crypto mining operation.

Bitcoin Mining Still Legal in China

Chinese Household in Trouble for Chasing a Lost Cause – Mining Bitcoin with PhonesUnlike initial coin offerings and crypto trading, cryptocurrency mining is not yet considered illegal in the People’s Republic. Some of the world’s largest mining facilities are concentrated in power-rich regions and provinces with cooler climates. According to many estimates, up to 80% of the global bitcoin mining capacity currently resides in China. The status quo, however, may change in the future.

Earlier this year reports suggested that potential energy shortages in the provinces where the largest mining facilities are located have worried Beijing. Authorities in two autonomous regions – Inner Mongolia and the Xinjiang-Uygur, and two provinces – Sichuan and Yunnan, received recommendations to restrict electricity supplies to mining farms.

Even if the Chinese government decides to ban these operations, bitcoin mining won’t stop. Russia and other countries in Eastern Europe, Canada, Iceland, and the US have received attention as mining destinations, and are even competing to attract Chinese miners.

What do you think about crypto mining with smartphones? Tell us in the comments section below.  


Images courtesy of Shutterstock, China Southern Power Grid Co.


Bitcoin News is growing fast. To reach our global audience, send us a news tip or submit a press release. Let’s work together to help inform the citizens of Earth (and beyond) about this new, important and amazing information network that is Bitcoin.

The post Chinese Household in Trouble for Chasing a Lost Cause – Mining Bitcoin with Phones appeared first on Bitcoin News.

Bitcoin News

Will the wild stock market cause the Federal Reserve to slow interest rate hikes? And should it?

February 13, 2018 |

Financial markets delivered an unwelcome gift for Jerome H. Powell when he was sworn in last week as chairman of the Federal Reserve — a nosedive.

Triggered by fears of rising inflation and interest rates, the Dow Jones industrial average’s record 1,175-point plunge on Feb. 5 kicked off the worst…


L.A. Times – Business