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Niall Ferguson Retracts Critical Appraisal of Crypto and DLT

March 11, 2019 |

Prominent British historian and author of ‘The Ascent of Money,’ Niall Ferguson, has retracted the pessimistic assertions that he had previously made with regards to the prospective utilities for Bitcoin and distributed ledger technology. The comments come one month after Ferguson was announced as an advisor to the stablecoin Ampleforth.

Also Read: How to Use Bitcoin When the Apocalypse Hits

Niall Ferguson Retracts Previous Criticisms of Cryptocurrencies

While delivering the keynote speech during the first day of the Australian Financial Review Business Summit last week, Ferguson stated that he “was very wrong” in doubting the potential applications for cryptocurrency and blockchain technology.

Referring to previous statements in which he predicted that virtual currencies would “turn out to be a complete delusion,” Ferguson stated that he was “wrong to think there was no…use for a form of currency based on blockchain technology.”

Niall Ferguson Retracts Critical Appraisal of Crypto and DLT

On the topic of price action, Ferguson noted that despite last year’s bear trend, the price of BTC “remains a long way from zero.”

Ferguson’s comments appear to follow remarks made during a Bank of England seminar in which he predicted that cryptocurrencies will comprise “the financial system of the future.”

Ferguson Critical of Fiat-Pegged Cryptocurrencies Despite Stablecoin Affiliation

Ferguson also expressed skepticism regarding fiat-collateralized cryptocurrencies such as tether, despite having joined stablecoin Ampleforth as an advisor last month.

At the time, Ferguson stated: “I’m attracted by Ampleforth’s mission to reinvent money in a way that protects individual freedom and to create a payments system that treats everyone equally.” According to Ampleforth’s website, the project seeks to “produce a money that is both sound, like gold; and stable, like fiat.”

Niall Ferguson Retracts Critical Appraisal of Crypto and DLT

In an interview with Breaker last month, Ferguson described the existing payments system as “a relic of the 1970s,” however, noted that “the experiment launched by Satoshi Nakamoto in 2008 is not yet finished,” adding: “To own a bitcoin today is to have an option on Satoshi’s experiment succeeding.”

What do you make of Niall Ferguson’s recent remarks regarding virtual currencies? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Niall Ferguson Retracts Critical Appraisal of Crypto and DLT appeared first on Bitcoin News.

Bitcoin News

Birth Control Pills Recalled Due to Critical Packaging Error

March 6, 2019 |

There’s nothing wrong with the tablets themselves, but a nationwide recall of birth control pills has been announced by the Food and Drug Administration due to a packaging goof that could cause women to miss pills or take placebos, possibly leading to pregnancy, People reports. The FDA alert notes that…
Newser

High school basketball team’s bus flips over, injuring at least 14; two ‘critical’: reports

February 3, 2019 |

At least two people were in critical condition and as many as 14 others suffered unspecified injuries Saturday night when a charter bus carrying a girls high school basketball team flipped over near a highway entrance ramp in Beckley, W.Va., according to reports.
FOX News

Intelligence Chief: N. Korea’s WMDs ‘Critical to Regime Survival’

January 29, 2019 |

In an assessment casting doubt on President Trump’s goal of a nuclear-disarmed North Korea, US intelligence agencies told Congress Tuesday the North is unlikely to entirely dismantle its nuclear arsenal. National Intelligence Director Dan Coats, in testimony for the Senate Intelligence Committee, noted leader Kim Jong Un has expressed support…
Newser

Military vehicles crash in New Mexico; at least 9 personnel wounded, 2 of them ‘critical’: reports

January 23, 2019 |

Nine military personnel were hospitalized Tuesday — at least two of them in critical condition — after two military vehicles crashed in New Mexico, authorities said.
FOX News

The Daily: Critical Bug Found in Beam Wallet, Wirex Adds Another Cryptocurrency

January 11, 2019 |

The Daily: Critical Bug Found in the Beam Wallet, Wirex Adds Another Cryptocurrency

In Friday’s edition of The Daily, we cover the news about a vulnerability found in the Beam Wallet days after the launch of the Mimblewimble-based coin. Also, crypto card provider Wirex has added waves to its list of supported cryptocurrencies, and digital asset exchange Exmo has registered an increase in the number of Belarusian users following Binance’s move to restrict their access to its platform.

Also read: Trust Wallet Adds BCH, 35,000 Merchants Get Access to Crypto Payments

Critical Vulnerability in the Beam Wallet

The Daily: Critical Bug Found in Beam Wallet, Wirex Adds Another CryptocurrencyThe developers of Beam, a new privacy-centric coin based on the Mimblewimble protocol, have found a critical vulnerability in their Beam Wallet. The bug affects all previously released wallets in both the desktop and the CLI version, the company behind the project announced on Twitter. The problem has been fixed and Beam said in a post on Medium it’s currently working with providers to upgrade their systems.

In another tweet, the Beam dev team asked all users to stop currently running Beam Wallets immediately. However, according to the message, they should not delete the wallet’s database, as the bug does not affect wallet data, secret keys or passwords. Instead, they need to uninstall the wallet, download it again from the website beam.mw/downloads and install the new application.

Beam was launched on Jan. 3, becoming the first coin based on Mimblewimble, a protocol originally developed in 2016 to improve the scalability of the Bitcoin network and enhance the privacy of its users. The cryptocurrency is already available for trading on the decentralized platform Bisq which promised to also add Grin, another Mimblewimble coin expected to launch on mainnet by the end of this month.

 

Wirex Adds Support for Waves

The Daily: Critical Bug Found in Beam Wallet, Wirex Adds Another CryptocurrencyThe popular online bank and crypto debit card issuer Wirex has added another coin to its list of supported cryptocurrencies. Users of the Wirex platform in the European Economic Area (EEA) can now buy, store, convert and spend waves with their Wirex Visa cards, the U.K.-based company announced in a blog post. The service also supports bitcoin core (BTC), litecoin (LTC), ripple (XRP) and ether (ETH).

“The introduction of the waves wallet to Wirex is an exciting development for both crypto-investors and our globetrotting Wirex Visa card users,” co-founder Pavel Matveev commented. “For travel, welcoming waves to your portfolio means that you can enjoy a wider choice of currencies to exchange from and store,” his partner Dmitry Lazarichev added.

Last month Wirex completed the introduction of Iban support for all EUR accounts. EEA users can now fund their account by bank transfer and receive euro payments. The fintech startup also raised the funding limits for account holders in the EEA to £15,000, €16,000 and $ 20,000. The company is now planning an expansion into North American markets.

Belarusian Traders Migrate From Binance to Exmo

The Daily: Critical Bug Found in Beam Wallet, Wirex Adds Another CryptocurrencyThe analytics department of Exmo, the largest cryptocurrency exchanges in Eastern Europe, has detected a six-fold increase in the number of registered users from Belarus in December, crypto news outlet Let Know reports. Exmo’s team attributed the influx of new traders to Binance’s decision to restrict access to its platform for the residents of a number of countries under sanctions, including Belarus.

In late November, Binance, which is currently the largest digital asset exchange by daily trading volume, informed its Belarussian users that its services will no longer be available in their country. In correspondence to customers from Belarus, the exchange urged them to read the latest version of its Terms of Use. Under the new ToU agreement, traders acknowledge and declare they are not on any trade or economic sanctions lists, such as those prepared by the U.N. Security Council and the Office of Foreign Assets Control of the U.S. Treasury Department (OFAC).

Since its launch five years ago, Exmo has registered 1.5 million users. According to the report, its daily trading volume reaches $ 40 million. The exchange, which supports trading pairs with fiat currencies such as the Russian ruble and the Ukrainian hryvnia, is currently 56th in Coinmarketcap’s volume rankings, with a daily volume touching $ 20 million.

What are your thoughts on today’s news tidbits? Tell us in the comments section.


Images courtesy of Shutterstock, Beam, Wirex.


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post The Daily: Critical Bug Found in Beam Wallet, Wirex Adds Another Cryptocurrency appeared first on Bitcoin News.

Bitcoin News

Toy Sellers Fall Short Without Toys ‘R’ Us in Critical Season

December 29, 2018 |

Despite vigorous efforts to court customers who would otherwise have shopped at the shuttered retailer, the toy industry appears to have largely missed out on the holiday spending spree during that critical time of year.
WSJ.com: US Business

Conservative Magazine Often Critical of Trump Is Publishing its Last Issue

December 14, 2018 |

Employees of the Weekly Standard , a conservative magazine that often set its sights on President Trump, were told Friday to clear out their desks by the end of the day, CNN reports. The 23-year-old magazine, owned by Clarity Media Group, will publish its final issue on Monday, per the Huffington…
Newser

International Cooperation ‘Critical’ to SEC Action Against ICOs

December 7, 2018 |

International Cooperation "Critical" to SEC Action Against ICOs

Steven Peikin, co-director of the enforcement division of the U.S. Securities and Exchange Commission (SEC), recently described international cooperation as playing a critical role in facilitating investigations in the initial coin offering (ICO) sector.

Also Read: Chinese Miners Short BTC Markets to Hedge Against Falling Prices 

‘Daunting Task’ of Identifying Misconduct

International Cooperation 'Critical' to SEC Action Against ICOsSpeaking at Harvard Law School, Peikin described the SEC’s enforcement division as having the “daunting task of ferreting out misconduct and, where appropriate, recommending civil enforcement actions that variously seek injunctions or cease-and-desist orders, penalties, disgorgement of ill-gotten gains, suspensions and bars of bad actors, and the temporary suspension or delisting of securities.”

Peikin stated that collaboration with international regulators is “critical” to the SEC’s ability to investigate and take action against ICOs. The operators of ICOs are typically located outside of the U.S. and raise funds from “a broad base of investors both inside and outside the U.S.”

Quebec Regulator Played Key Role in Plexcoin Case

International Cooperation 'Critical' to SEC Action Against ICOsPeikin said that the SEC generally sees two types of securities law violations from token offerings.

“First, we see ICOs that meet the definition of a security, but are being sold, brokered, or traded to U.S. investors without complying with the registration requirements of the federal securities laws. Second, we see ICOs that appear to be simply outright frauds — where the issuers are using excitement around the crypto-asset space to simply rip off money from investors,” he said.

Peikin stated that the international assistance received by the SEC in regulating the ICO sphere has been “essential.” As an example, he noted how cooperation with the Autorité des marchés financiers in the Canadian province of Quebec led to the SEC charging two Canadian residents for their role in the fraudulent Plexcoin token sale. He added that the commission will continue to work with other international regulators “to develop pending ICO investigations.”

Increased Popularity of ICOs Obscures Risks

International Cooperation 'Critical' to SEC Action Against ICOsPeikin said that in recent years, ICOs have “exploded from a mere concept to a phenomenon.” He added that the global ICO industry has grown “some 22,000 percent” in just two years, comparing the “more than $ 22 billion” raised by ICOs in 2018 with the “less than $ 100 million” raised in 2016.

“The growth in the ICO market can obscure the fact that these offerings are often high-risk investments,” Peikin stated. “The issuers may lack established track records. They may not have viable products, business models, or the capacity for safeguarding digital currencies from theft by hackers. And some of the offerings can be simply outright frauds.”

What is your response to Peikin’s comments regarding the need for international cooperation in investigating ICOs? Share your thoughts in the comments section below.


Images courtesy of Shutterstock, sec.gov, Wikipedia


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post International Cooperation ‘Critical’ to SEC Action Against ICOs appeared first on Bitcoin News.

Bitcoin News

5 critical settings so hackers can’t access your bank accounts

November 11, 2018 |

You need to assume that your password isn’t strong enough. You might as well believe that someone, somewhere, is working around the clock to break into your accounts and steal your money, your identity, and anything else you have. Because it’s essentially true.
FOX News