Thinks Archives -
It’s harder these days to find reasons for stocks to rise. But the recent 5,000-point market plunge, and seemingly daily swings, when consumers are still spending and the unemployment rate is at historical lows, has more and more people thinking that it’s not the economy that is broken — but the…
Pete Davidson thinks the world is against him, and not just internet trolls. He believes even his friends and colleagues don’t care if he lives or dies … even though that’s not the case. Sources close to Pete tell us he’s reached out to…
Offset is madly in love with Cardi B and plans to pull out all the stops to get her back, but he thinks there’s a major hurdle in his way — the legion of haters trying to take him down. Sources close to the couple tell TMZ, Offset was desperately…
The cop who arrested T.I. outside the guard shack of his gated community talked major trash about the rapper and his level of fame … and it was all captured on the officer’s body cam. TMZ obtained the footage from the Henry County officer…
Sarah Huckabee Sanders is parroting what her boss says A LOT regarding Omarosa and her bombshell book — and alleged recordings — on President Trump … any guesses? We got the White House Press Secretary leaving Reagan International in D.C.…
The nation’s economic growth surged this spring to top 4% for the first time in nearly four years, but analysts have some advice: Enjoy it while you can.
The U.S. economy probably won’t do that again for a while.
Although President Trump promised that the “amazing” second-quarter figure “isn’t…
According to regional reports, the State Bank of Vietnam (SBV) has agreed with a proposal to ban imported cryptocurrency mining machines in order to keep the digital currency economy tethered tightly to the government’s regulatory frameworks. The proposal was introduced by the country’s Ministry of Industry and Trade (MoIT) after the SBV announced that cryptocurrency use within Vietnam was not a “lawful means of payment” this past October.
The State Bank of Vietnam Agrees Cryptocurrency Miners Should be Banned
Lately, Vietnam’s government and regulatory bodies haven’t been too friendly towards the cryptocurrency industry. Last October the country’s central bank detailed in a letter to the public that bitcoin and other cryptocurrencies were not a “lawful means of payment.” Furthermore, if Vietnam residents decided to use “bitcoin and other similar virtual currency they may be subject to prosecution.” Then, this past June, news.Bitcoin.com reported on Vietnam’s Ministry of Finance initiating the idea that the country’s governing authorities should ban cryptocurrency mining device imports.
Now the local Việt Nam News reports that the central bank agrees with a proposal written by the Ministry of Industry and Trade (MoIT) which calls for the banning of these mining machines. Vietnam’s MoIT and the SBV believe that letting these devices come into the country makes it harder for the government to regulate bitcoin and other virtual currencies. Many Vietnamese officials have been deliberating on how to handle the cryptocurrency industry and in April the country’s Prime Minister, Nguyễn Xuân Phúc, signed an initiative to tighten regulatory guidelines.
Crypto-Fraud Sparked the Regulatory Crackdown
The Ministry of Finance and MoIT have explained the reason for the current regulatory proposals towards mining rigs is because they want to protect Vietnamese consumers from scams in the future. All of the latest regulatory announcements towards cryptos have followed the recent Vietnamese law enforcement bust that dealt with the largest cryptocurrency fraud case that claimed more than 32,000 victims. The officials think that banning cryptocurrency mining machine imports will further help protect local consumers until virtual currency regulations are more solidified.
Việt Nam News also details that the General Department of Customs estimates that the country has imported 15,600 mining devices from 2017 to April 2018. The state administration of customs says that a great majority of machines were imported to areas such as Đà Nẵng, Ho Chi Minh City, and Hà Nội.
What do you think about Vietnam’s state administrations attempting to ban cryptocurrency miners in the country? Let us know your thoughts on this subject in the comment section below.
Images via Shutterstock, Central Bank photo taken by Xita, and Pixabay.
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South Korea’s top financial regulator recently told 23 other countries’ regulators that the kimchi premium has fizzled since the anonymous trading of cryptocurrencies was banned in the country. Now, the government is introducing a new guideline to prevent local crypto exchanges from buying cryptocurrencies at foreign exchanges.
Kimchi Premium Disappearing
Kim Yong-beom, the vice chairman of South Korea’s top financial regulator, the Financial Services Commission (FSC), attended a meeting of the Financial Stability Board (FSB) in Basel, Switzerland, earlier this week.
The FSB is an international body that monitors and makes recommendations about the global financial system. Its members are financial regulators and central bankers from 24 countries as well as the International Monetary Fund, the Bank of International Settlements, the World Bank, the European Central Bank, and the European Commission.
According to the FSC’s statement issued this week, Kim told other world regulators that “The so-called kimchi premium stood at 0.6 percent on June 19,” Yonhap described. In comparison, he noted that “On Jan. 7, a speculative rally in bitcoin in South Korea prompted investors to pay premiums of 46.7 percent compared with international prices.” The vice chairman was further quoted by the news outlet:
Currently, there are small price gaps in cryptocurrency between local and international markets.
At the time of this writing, the price of BTC on Bitfinex is $ 5,875 while its won price on Bithumb equates to $ 5,947.
Government Believes Real-Name System is Working
The South Korean government introduced the real-name system for cryptocurrency accounts at the end of January, effectively “banning the use of anonymous bank accounts in transactions to prevent virtual coins from being used for money laundering and other illegal activities,” the publication described. “The real-name trading system was also part of the government’s latest measures to curb speculative investment into virtual money.”
However, since its introduction, the system has often been criticised because only a few banks decided to offer to convert existing “virtual” crypto trading accounts to real-name ones. The conversion rate is low and the banks that do offer this service choose to only provide it to the country’s largest crypto exchanges: Bithumb, Upbit, Coinone, and Korbit. Other exchanges continue to use corporate accounts, which the regulators say are prone to money laundering.
Nonetheless, the FSC said:
The frenzied buying of bitcoin and other cryptocurrencies seen in January this year in South Korea has been fizzling since the government banned anonymous trading of cryptocurrencies.
Stepping Up Monitoring
At a recent P2P loan review meeting with the Ministry of Justice and the National Police Agency, Kim pointed out that the real-name system “applied only to exchanges that receive virtual accounts at banks,” Hankook Ilbo reported. He added that the majority of crypto exchanges are still using corporate accounts.
Then the FSC said Wednesday that “it will step up monitoring of money transfers between local and foreign cryptocurrency exchanges,” the Korea Times reported, adding:
The new guideline, which aims to prevent local cryptocurrency exchanges buying virtual coins at foreign exchanges to launder money, will come into force on July 10 for one year.
The financial regulator revealed that it plans “to closely keep tabs on bank accounts used by cryptocurrency exchanges for parking their expenses.”
What do you think of the Korean government’s strategies? Let us know in the comments section below.
Images courtesy of Shutterstock, Yonhap, and the Korean government.
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The post South Korea Thinks Real-Name System is Working – Stepping Up Crypto Monitoring appeared first on Bitcoin News.
This Sunday news.Bitcoin.com reported on a community-driven Bitcoin Cash network stress test taking place this September. However, allegedly another stress test is in the works with malicious intent, according to a lesser known developer named Bitpico. The anonymous person claims the attack has already started, and emphasizes his blitz of spam will amplify over time.
An Anonymous Person Claims to Have the Power to Take Down the Bitcoin Cash Network With His Homemade Spamming Payloads
An anonymous developer is threatening to strike the Bitcoin Cash (BCH) network with a series of spam attacks that he believes will be powerful enough to hurt the network. The developer had spoken to people about his attempt not long ago, but on June 22 Bitpico said the onslaught has started and believes it will be far more powerful in the coming weeks.
“The Bcash – BCH attack has been started; it will continue to run as we work to amplify it over the coming months,” explains Bitpico showing a video of code scrolling down a blue screen.
We expect to have 5,000 Bcash attack nodes in roughly 6 weeks and then we will multi-fork the chain.
Since then Bitpico has continued to detail to the public that he will besiege the BCH network with his mining power and malicious nodes. Of course, the BCH community thinks that Bitpico’s Twitter chatter is a whole lot of hot air, and there is a good reason for them not to take Bitpico seriously, due to his empty threats in the past. For instance, the script scrolling down a blue screen is questionable at best, and many have already dismissed him as a ‘script kiddie’ because of the video. On June 24 Bitpico writes, “don’t say we didn’t warn you,” and shares a Fork.lol screenshot of the BTC and BCH hashrate. No one on Twitter understands what the picture meant when observing the comments, and one person asks if they will be able to follow Bitpico’s so-called mined blocks from a block explorer. There is no response to this question.
‘Low to High-Level Attacks’
Following this, according to Bitpico, he was interviewed by the publication Coindesk and leaves a Pastebin copy of the interview for everyone to see. We don’t know if Coindesk will be publishing the story, but the developer tells the journalist interviewing him that he is creating all types of attacks from “low-level TCP/IP stack attacks to high-level bitcoin cash protocol attacks.” Bitpico explains that “they” have studied this attack and states there is enough conclusive evidence from his research that assures him he can successfully attack the BCH chain enough for it to split. Moreover, Bitpico has created a Github repository for his low and mid-level test toolkit that contains a GNU license and a readme file.
Bitpico’s Hollow Segwit2x Threats
Besides all the words Bitpico has stated many people cannot find conclusive evidence that Bitpicos words are more than mere statements. The reason for this is his connection with the Segwit2x (BTC1 repository) fiasco. Bitpico was often found discussing technical matters on the BTC1 Slack channel and the developers mailing list. Although when Segwit2x was canceled by Jeff Garzik, the anonymous individual was not too pleased. Back on November 9, 2017, Bitpico explained that his team was carrying out the Segwit2x fork whether people liked it or not and claimed to have 30 percent of the hashrate.
“We are carrying out the fork regardless as everything is set in motion. Backing down the difficulty right now is a strategy,” explained Bitpico that day.
Wonder why 30% network hash-rate disappeared? It’s ours; the miners that will continue what is set in motion… A handful of humans cannot stop what they have no control over.
Script-Kiddies and Popcorn
Following Bitpico’s threats this past November, nothing ever happened, and his 30 percent of hashrate never came to fruition. Many BCH proponents believe that because of the empty Segwit2x threats, and no evidence of any hashrate Bitpico spamming the BCH network with a homemade payload implausible and to some even downright laughable.
— rob (@r0bbot) June 23, 2018
One person explains all of Bitpico’s current threats also seem pretty hollow, as the Reddit user ‘chernobyl169′ states:
DDoS attacks on hosts, TCP/IP stack of hosts — Breaking a host doesn’t break Bitcoin. Hunting for buffer overflows — Breaking an implementation doesn’t break Bitcoin Cash because there are multiple implementations. Key extraction with SPECTRE and friends — Have at it, big boy. If you can pull this off, all crypto is your sandbox for theft, there are endless possibilities. And endless ways for the network to route around the damage.
Allegedly not long ago, Bitpico performed similar TCP/IP based DDoS attacks against the Lightning Network with a picture of code running down his a computer screen as well. Many BCH supporters who are skeptical of Bitpico’s words encouraged him to pretty much — “Bring it on.”
What do you think about Bitpico’s malicious threats against the BCH network? Let us know in the comments below.
Images via Pixabay, and Twitter.
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The post A Character Called Bitpico Thinks He Can Stress-Test the BCH Network appeared first on Bitcoin News.