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The scene unfolded after a winner was named.
The social network’s algorithms scan billions of posts each day in hopes of flagging misinformation before it goes viral; humans play a supporting role, but in the end they simply can’t keep up.
WSJ.com: US Business
In today’s edition of The Daily we cover stories about Robinhood expanding to its 25th American state, recently discovered mining malware, Coinbase ditching its crypto index fund, and a new blockchain job for a former advisor to president Trump.
Robinhood Reaches 25th State
Robinhood Markets, the stocks, options and crypto brokerage app, has reached its 25th U.S. state. This means its free trading app is now available across half of America. The Menlo Park-headquartered company announced this week that it has expanded its services to Ohio.
With this latest expansion, Robinhood Crypto is now available in Ohio, Rhode Island, Tennessee, Arkansas, Alaska, Oklahoma, Arizona, California, Colorado, Florida, Georgia, Indiana, Iowa, Massachusetts, Michigan, Mississippi, Missouri, Montana, New Jersey, New Mexico, Pennsylvania, Texas, Utah, Virginia, and Wisconsin. The app features support for BTC, ETH, BCH, LTC, DOGE and ETC.
Coinbase Ditches Crypto Index Fund
Coinbase, the popular US exchange, is ditching its crypto index fund that was designed to attract big investors in the field. The Coinbase Index Fund is a private fund that seeks to track overall performance of the cryptocurrencies listed on Coinbase’s exchange, GDAX. The minimum investment amount for the fund is $ 250,000 and the maximum is $ 20 million, with an annual management fee of 2%.
The San Francisco-based company first unveiled the fund on March 6 and the service was opened to investments on June 12, with Reuben Bramanathan, Product Lead of Coinbase Asset Management, claiming: “We’ve seen overwhelming interest from investors since we announced the fund earlier this year.” Now it appears that this overwhelming interest failed to materialize into actual clients, resulting in the service’s discontinuation.
The company is said to be shifting its attention to a new retail offering, Coinbase Bundle, a recently launched basket of cryptocurrencies investors will be able to acquire for as little as $ 25, as we detailed briefly in yesterday’s episode of The Daily.
Crypto Mining Adobe Flash Malware
Hackers are using fake Adobe Flash updates to install malware on victims’ computers and hijack them to mine cryptocurrencies like monero (XMR), researchers from cyber security firm Palo Alto Networks Inc. have discovered. Organizations with decent web filtering and more educated users have a much lower risk of being infected by such fake updates, however, they note.
“In most cases, fake Flash updates pushing malware are not very stealthy … However, a recent type of fake Flash update has implemented additional deception. As early as August 2018, some samples impersonating Flash updates have borrowed pop-up notifications from the official Adobe installer. These fake Flash updates install unwanted programs like an XMRig cryptocurrency miner, but this malware can also update a victim’s Flash Player to the latest version,” the researchers explained. “Because of the legitimate Flash update, a potential victim may not notice anything out of the ordinary.”
Gary Cohn’s New Blockchain Job
Another top ex-Trump administration official has entered the crypto ecosystem, following Steve Bannon. Gary Cohn, former chief economic advisor to the President of the United States and former President and Chief Operating Officer of Goldman Sachs, has joined the Spring Labs Board of Advisors. Spring Labs is a startup developing a decentralized network for identity and credit.
“I have been very interested in blockchain technology for a number of years, and Spring Labs is developing a network that could have profound implications for the financial services sector, among others,” said Cohn. “I am excited to actively support the Spring Labs team in the development of this important business and network.”
What do you think about today’s news tidbits? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
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Former Obama White House official Jen Psaki appearing on CNN’s “State of the Union” on Sunday, derided Maine Republican Sen. Susan Collins, as a “fake” feminist for her support of Brett Kavanaugh, which ultimately lead to his nomination to the Supreme Court.
Rumors, allegations, and assertions can all be found in today’s news roundup. Specifically, we have rumors of impending trouble with Tether, allegations of another Chinese exchange conjuring up fake volume, and assertions that Bitcoin and blockchain’s mass adoption is “inevitable”. We’ll reveal who made that bold claim, as well as substantiating the others, in this episode of The Daily.
Magical Chinese Trading Volume
Like a dog worrying a bone, Crypto Exchange Ranks (CER) has been toiling away at uncovering fake trading volume for months. Much of the suspicious activity it’s unearthed during the course of its meticulous and granular investigation has originated in the East. Its latest target is ZB.com, a Chinese exchange that appears in Coinmarketcap’s top five by reported volume, placing it above the likes of Bithumb and Bitfinex. CER is having none of that, and has torn ZB.com’s claim to shreds in its usual dogged manner.
“While analyzing ZB.com, we found definite patterns of unnatural and obviously artificial trade volume performance on 10 out of the top-20 most-traded exchange’s pairs,” reports CER. “Furthermore, we discovered that 4 dash pairs volume on this exchange totaled more than $ 288m, accounting for 24.58% of the exchange’s total 24h volume and for 80.56% of all dash traded on all exchanges. All of this directly points to the fact that trade volume manipulations are taking place on ZB.com.” The full report is pretty damning.
Maltese Prime Minister: Global Bitcoin and Blockchain Adoption “Inevitable”
Maltese PM Joseph Muscat is known for his pro-crypto stance, having welcomed major players from the burgeoning cryptoconomy to his island state with open arms. In a recent address to the United Nations General Assembly, the Prime Minister preached ebulliently, espousing his belief that Bitcoin and blockchain will inevitably enjoy mass adoption. “I passionately believe [the] technology revolutionizes and improves systems,” said Muscat. “This is why in Malta, we have launched ourselves as the blockchain island…the first jurisdiction worldwide to regulate this new technology that previously existed in a legal vacuum. Blockchain makes cryptocurrencies [the] inevitable future of money.”
Tether’s Bank in Trouble?
Noble, the Puerto Rico-based bank whose most famous crypto customer is Tether, could be in trouble. It has been reported that the bank has cash flow problems and, if it can’t find a backer, may be forced to wind up operations. Where this would leave Tether, and the customer assets it presumably has stored in the bank is unclear. The story, while unverified, comes from Modern Consensus, a site which broke the story of the Circle-Poloniex takeover weeks before anyone else, and thus has some credibility.
Modern Consensus also reports a figure at a “major trading crypto desk” as claiming that an entity has been trying to offload “tens of millions of tethers” but failed to find a buyer. While publicly all signs point to Tether losing its grip on the stablecoin market, it remains top dog in terms of trading. Despite several exchanges announcing that they are phasing out the controversial stablecoin, volume has remained steady at over $ 3 billion a day, 30x more than its closest competitor, Trueusd.
The Web’s Creator Wants to Decentralize It
If decentralization is a meme, it’s one that’s spread so far and wide that even the web’s creator is jumping on the bandwagon. On Saturday, Tim Berners-Lee revealed Inrupt, a project he has been developing in stealth for the past nine months. It aims to remove power from the web monopolies by returning data to its owners and allowing them to assign it to platforms on a permissioned basis only. Solid is the name of the platform Berners-Lee is developing in which each user’s data is contained in a “pod”. He said defiantly: “We are not talking to Facebook and Google about whether or not to introduce a complete change where all their business models are completely upended overnight. We are not asking their permission.”
“It’s time to reset the balance of power on the web and reignite its true potential,” proclaims Inrupt.
What are your thoughts on today’s news tidbits as featured in The Daily? Let us know in the comments section below.
Images courtesy of Shutterstock, and Inrupt.
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The post The Daily: Fake Volume, Tether Troubles, Bitcoin’s “Inevitable” Mass Adoption appeared first on Bitcoin News.
An infamous professional prankster who once went to great lengths to get his own fake obituary published in the New York Times is now actually dead, the Times reports, noting in its headline that it has the news “on good authority.” Alan Abel, who has been called “America’s greatest hoaxer”…
TripAdvisor, one of the world’s biggest travel review sites, wants the world to know that it won’t turn a blind eye to fake reviews.
To get that point across, the Needham, Mass.-based site commended the nine-month jail sentence and $ 9,300 fine imposed on the owner of an Italian company who provided…
For what is believed to be the first time, a person has been sent to jail for writing fake reviews online. The Italian man ran a company called PromoSalento, which sold hotels fake reviews, and in what’s being widely hailed as a landmark ruling this week a court in the…
A librarian has been jailed after calling in a fake bomb threat so he wouldn’t miss a flight. Per Reuters , Jacob Meir Abdellak, a Frenchman living in London, called in the hoax eight minutes before his Norwegian Airlines flight was slated to leave Gatwick Airport after staff wouldn’t let him…
“Fake news” is at it again, this time on a different continent, reports the AP . Zimbabwe’s main opposition leader says the ruling party has conducted a “fake news” campaign against him with the help of foreign technicians ahead of Monday’s elections. Nelson Chamisa, head of the Movement for Democratic Change…