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An apparent headless body that prompted a major police operation in southern Germany has turned out to be a doll. Police in Baden-Wuerttemberg state say a passer-by spotted what appeared to be a clothed but headless corpse covered in blood lying by a stream in Remstal, near Stuttgart, late Monday,…
A small scar on the forehead. A habit of feeling nauseous when she cried. These are traits that a woman named Kang Ying and a child named Qifeng shared—helping to prove the two are one and the same. The BBC reports on the 24-year search for Qifeng, who disappeared…
A spokeswoman for the St. Louis family of a 7-year-old boy who was shot and killed by his brother says the 5-year-old found their father’s gun while looking for candy and didn’t know the difference between it and a toy gun, the AP reports. Police on Monday identified the victim…
Wow, rough few months for Grace Mugabe. One day she’s first lady of Zimbabwe, the next she’s trying and failing to kick 400 illegal gold miners off her farm. The BBC reports Mugabe—whose husband was ousted from power in November—was “shocked to find approximately 400 men illegally panning…
California Medicaid expansion enrolled hundreds of thousands of ineligible people, federal report findsMarch 26, 2018 | dailybusinessnews
California signed up an estimated 450,000 people under Medicaid expansion who may not have been eligible for coverage, according to a report by the U.S. Health and Human Services Department’s chief watchdog.
In a Feb. 21 report, the HHS inspector general estimated that California spent $ 738.2 million…
Another survey has revealed that the business world is eager to start using bitcoin to save on transactions costs and reduce dependence on entrenched systems. However, many companies are still concerned that holding bitcoin will make them a target for hackers.
Survey Says Yes to Bitcoin
The Neustar International Security Council, a global forum of cyber security experts launched by Neustar, Inc. (NYSE:NSR), has revealed great willingness to open up to bitcoin in the business sector. A survey found that 80% of companies have an interest in using cryptocurrency for transactions. Additionally, 48% of survey respondents said that the use of cryptocurrency could be a way for their businesses to generate income through delivering increased value.
On the negative side, 80% of respondents feared an increased risk of DDoS attacks should they be known to hold bitcoin, and 26% of said there was a greater risk to business by cryptocurrencies used for ransom attacks. Similar research news.Bitcoin.com reported on last month found that despite security concerns, 50% of large UK businesses already hold stockpiles of cryptocurrency for various reasons.
Cyber Criminals Deploy Ransomware to Extort Bitcoin
It appears that one of the main concerns of businesses with using bitcoin is that it will attract attention from hackers using ever sophisticated attacks such as ransomware. Rodney Joffe, Head of NISC and Neustar Senior Vice President and Fellow, said: “Ransomware and DDoS attacks continue to be seen as the leading threat to companies due to the sheer volume, complexity and potential severity of an attack. That said, not too far behind as the second greatest concern to businesses moving forward is financial threat.”
“Armed with plenty of tools, such as compromised IoT devices, it’s likely that we’ll see hackers make use of ransomware and DDoS attacks to cause major distractions. At the same time, we’ll likely see them put a focus on stealing large amounts of financial data, which may include traditional currencies, or the increasingly popular cryptocurrencies – such as Bitcoin. By developing a more cohesive security strategy, organisations can hone in on their most vulnerable data, processes and models, protecting their critical information in the short and long term,” Joffe added.
Do you think more businesses are likely to adopt bitcoin and if so, why? Share your thoughts in the comments section below!
Images courtesy of Shutterstock.
The post 80% of Companies Are Interested in Bitcoin Transactions, Survey Finds appeared first on Bitcoin News.
On March 10 a cryptocurrency trader and researcher published a report on how he believes $ 3 billion worth of cryptocurrency trade volumes, primarily from a couple of exchanges, are concocted. The author of the study, Sylvain Ribes, alleges that the exchange Okcoin has been fabricating up to 93 percent of its trade volumes.
Massive Discrepancies Between Exchanges
Sylvain Ribes has published a study that reveals some interesting information about trade volumes stemming from exchanges like Okcoin (Okex) and Huobi, which may be falsifying their trade volumes. Ribes calculated his data from order books across all major exchanges to “measure how badly market selling $ 50k USD worth of each cryptocurrency would crash the price.”
Further Ribes refers to a term called “slippage,” which he defines as “the percentage change between the observed mid-spread price and the lowest price I had to consent to sell the asset.” Throughout Ribes’ research of various currency volumes coming from exchanges like GDAX, Bitfinex, Kraken, Binance and more he found vast inconsistencies between trading platforms.
“I found ridiculously massive discrepancies between exchanges. Not the kind that can be easily hand-waved away (“oh well, their users must behave differently”), but the kind that can only be explained by some figures being overstated as much as 95%,” explains Ribes’ study.
Leading the pack is Okex, currently ranked #1 exchange by volume with $ 1.7b total volume on both Coinmarketcap and Livecoinwatch websites.
‘A Suffocating Majority of Okex Volume Is Fake’
Okex volumes raised a red flag for Ribes who says because the markets are unregulated artificial volumes and wash trading should be expected. Ribes’ slippage and volume chart shows the pairs with a daily volume of $ 100K across four exchanges over 24 hours.
“Many pairs, albeit boasting up to $ 5 million volumes, would cost you more than 10% in slippage, should you want to liquidate a mere $ 50k in assets — Those pairs included, at the time of the data parsing (06/03/18): NEO/BTC, IOTA/USD, QTUM/USD — Hardly illiquid or low-profile assets,” Ribes states.
Although those numbers alone prove to me without the shadow of a doubt that a suffocating majority of Okex volume is fake, I had not witnessed first-hand how they implemented it — I thus logged into their platform and had a look at some pairs trading history. And indeed, they fake their volume in a laughingly obvious and artificial way.
Ribes says that Okex volumes are very different than an exchange like Poloniex that is “generally quite liquid across all pairs.” The trader believes it’s quite “obvious” that Okex volumes are doctored. Further, the paper suggests that the trading platform Huobi Pro has roughly 81.8 percent of “made-up volume.” He details that even though there appears to be more organic volumes taking place “there still exists a strong background of constant low-key wash trading.” The study also looked at exchanges like Bittrex, Hitbtc, and Binance against “respectable” exchanges.
Binance CEO Calls Ribes Study a “Good In-Depth Analysis”
Hitbtc is a touch less liquid and small differences can be seen for various reasons. Ribes says the results stemming from Binance were more “intriguing,” but notes that the exchange has a “pretty restrictive policy when it comes to API-trading.”
“Inspecting their volume history does not show any obvious suspicious activity,” explains Ribes.
After the report was published, Zhao Changpeng, the CEO of Binance said Ribes study was a “good in-depth analysis.”
We like liquidity, but we don’t like “flash” liquidity, which are used by many HFT “market makers” — Binance believes having these restrictions help the much larger number of retail traders.
Additionally, Ribes has asked Okcoin and Huobi Pro over Twitter if they would like to provide a statement concerning his recent study on phony trade volumes. “I’m happy to quote you on a comment if you’d like to provide one,” the trader states. This is also not the first time these exchanges have been questioned about falsified trade volumes.
What do you think about the study Sylvain Ribes conducted? Do you think his conclusion is correct that some exchanges are faking their volumes? Let us know in the comments below.
Images via Shutterstock, and Sylvain Ribes report.
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The post Study Finds $ 3B Worth of Faked Cryptocurrency Volumes and Wash Trades appeared first on Bitcoin News.
Equifax Inc. said Thursday that an additional 2.4 million Americans were affected by last year’s data breach, although not as much personal information was stolen from them.
The credit reporting company said the attackers stole only the names and partial driver’s license numbers of these additional…
Ford Motor Co.’s head of North American operations is leaving the automaker immediately following an investigation into reports of “inappropriate behavior.”
An internal probe by the U.S. automaker found that Raj Nair, an executive vice president, engaged in behavior that “was inconsistent with…