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Posts Tagged ‘#cryptocurrency’

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Monero (XMR) The Privacy Oriented Coin Story And Latest: 10.00% Increase – Showcasing Predicted Success

September 5, 2018

Seaming like out of the blue, Monero (XMR) is taking center stage for the last couple of week constantly while pulling more investors and traders towards it. With so many options under the radar it should not be overlooked at all.

Monero XRM
This should not come as a surprise as it is one of the few coins that follows the original idea of cryptocurrencies to respect anonymity and safety. While the same in some way or shape is targeted by the leading coins too, there is a miss-lead taking place.

The nature to conform to present regulations set by officials can be felt from these coins which is in contrary to the above-mentioned original idea. Having main concentration set on privacy being almost untraceable and unlinkable makes Monero a choice to stand out.
Monero is headed by a group of 7 developers of which 5 have chosen to remain anonymous while two have come out openly in public. They are: David Latapie and Riccardo Spagni aka “Fluffypony”. The project is open source and crowdfunded.
Bitcoin (BTC), Monero (XMR)–According to a report by the initial coin offering (ICO) advisory and research firm Satis Group, both Monero and Bitcoin look to be the biggest winners in terms of price gain over the next decade. Satis, which publishes outlooks for both ICOs and current cryptocurrencies has released a new forecast for the next ten years that puts XMR as the greatest price gainer.

Just Recently, the team behind Monero declared that a third-party has just completed a technical audit for the ‘bulletproofs’ protocol. An official Monero blog post elaborates on what the improvement entails, noting that bulletproofs allow for cheaper, smaller and faster transactions, and will allow for Monero to scale in a much easier fashion

“Overall, bulletproofs represent a huge advancement in Monero transactions. We get massive space savings, better verification times, and lower fees.”

The 10th largest coin by market capitalization welcomed over 10.00% gain in the last 24-hours against the US Dollar. The pair XMR/USD is changing hands at $134.56 leading BTC’s market with 10.40%. This marks the highest for almost two months now.

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Panicky Bitcoin investors struggle to withdraw cash from money exchanges as they look to ‘safe’ gold investments amid fears of cryptocurrency collapse

January 22, 2018

HERE are mounting fears that Bitcoin investors will struggle to get their cash out after the cryptocurrency’s value fell 40 per cent in a single month.
Many are looking to put their money in gold instead, with some European gold traders reporting a “five fold increase” in demand amid fears Bitcoin could collapse entirely. But it could be bad news for investors tied up in Bitconnect who fear they will lose their money after the controversial trader announced it was shutting down.
It assured customers they would be able to withdraw at a “recent exchange rate” but “continuous cyber-attacks” have prevented them from doing so, Fortune reports.
Concerned investors have since taken to social media to complain they fear losing anything from a few thousand dollars to their entire “family savings”.
Adding to fears, some panicked investors have reportedly been tricked into handing over the contents of their cryptocurrency wallets by scammers presenting themselves as Bitconnect “customer support”.
Many bitcoin investors report having difficulty in withdrawing their money before the currency collapses
Wall Street veteran Peter Boockvar has warned of an impending “epic crash” which could slash 90 per cent off Bitcoin, currently valued at around £8,300.
He told CNBC the cryptocurrency’s value could fall to between $1,000 (£718) and $3,000 (£2,154) over the next year.
This uncertainty is driving Bitcoin owners to invest in the more reliable gold, according to Daniel Marburger, director of Coininvest.
He told the Times how he sold 30kg of gold worth around £1million on “one crazy day” – January 16.
Gold traders have been inundated with requests from people wanting to invest in the more reliable precious metal instead
Marburger added: “It is an unprecedented time and shows the sway from bitcoin and other cryptocurrencies back to a solid, robust investment in these uncertain times.”
Investors are believed to mostly be exchanging their Bitcoins for sovereign coins of gold Britannia, one ounce of which is worth around £,1000.
The largely untraceable Bitcoins are beneficial to criminals who can use them to buy drugs and weapons on online black markets on “The Dark Web”.
They are less useful for everyday consumers who cannot buy goods or, say, invest in properties using the cryptocurrency.
Other gold merchants including Goldcore reported similar trends.
Its founder Mark O’Byrne said: “They [the bitcoin sellers] told us they were concerned that the massive price appreciation was unsustainable and they got nervous about it.”
One in three British millennials will have invested in a cryptocurrency by 2020, according to the London Block Exchange.

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Aim, Fire: Bulletproofs Is a Crypto Privacy Breakthrough

January 16, 2018

There’s a new privacy technology in the crypto Wild West, and if the rate at which it’s winning favor from developers is any sign, it’s one to watch.

Called “bulletproofs,” the new invention by University College of London’s Jonathan Bootle and Stanford’s Benedikt Bunz was announced last month, and quickly developers from major blockchains took steps to implement the code. Created initially for use on bitcoin, bulletproofs are already being adapted for monero and mimblewimble, and litecoin’s creator has said its blockchain, one of the 10 largest, may follow suit.

And the reason for the interest is that bulletproofs is believed to offer something of a rarity in the cryptocurrency sector, code that is both simple for blockchains to execute and powerful in the way it boosts privacy.

While part of a public blockchain’s appeal doubtless lies in the transparency it provides (enabling, say, more auditable financial markets), this attribute isn’t always desirable, especially when users want to transact privately or enterprises need some level of confidentiality between partners.

Reflecting on the hype, Bunz told CoinDesk that while some of the cryptography underlying bulletproofs has been in use since the 1970s, new advancements are allowing it to be applied to cryptocurrency systems.

“If there wasn’t a clear application in mind, the time and resources would have been devoted to something else,” Bunz said, continuing:

“It’s a lucky and good marriage of these two timelines working together. The killer application and the technology are meeting each other. The killer application is the money application.”

Behold, bulletproofs
Based on a technology called confidential transactions, bulletproofs’ most notable feature may be that it minimizes computational excess.

Instead of obscuring the entirety of a blockchain, bulletproofs only conceals the quantities sent within a transaction – the sender and recipient’s address are still visible, but the amount being sent is not. And while it’s not total anonymity, the confidentiality added with bulletproofs can be handled by already operational blockchains, said Bunz.

“I wouldn’t want my salary to be made public, and if you run a business you don’t want to say publicly how much you’re paying your supplier,” Bunz said, adding:

“I don’t think you have to be a idealist to see that confidentially for money is basically a requirement.”

There could be other derivative benefits as well.

For example, according to reports from the monero developement team, the use of bulletproofs could reduce transaction fees (another hot topic as blockchain fees continue to rise) for private transactions by up to 80 percent.

On top of this, the more bulletproof transactions you verify at once, the cheaper the process gets, Bunz told an audience at a lecture in UCL, pointing out that this could mean it works even better when used with existing privacy tech like “CoinJoin” – a popular piece of code that today fuses transactions together.

But it’s not just the lightweight confidentiality that makes bulletproofs so attractive. It’s also in the fact that the tech doesn’t require trust in others, like zcash’s zk-snarks tech does (the reason for its elaborate generation ceremonies). And, while the trusted setup is getting increasingly more secure, the process is still much criticized.

For bulletproofs, the real cause for celebration is perhaps that developers don’t seem to have found any issues with it. Speaking to CoinDesk, anonymous researcher for the Monero Research Lab, Surang Noether described bulletproofs as a “net win on all fronts” for cryptocurrency.

Echoing that sentiment, Bunz told CoinDesk:

“It’s just better. It’s shorter, more efficient, three times faster – it’s better than the old system in every way.”

Testing continues
That said, bulletproofs technology is still young and nascent, and while other blockchain developers are interested in adding it to their tech stacks, it won’t see implementation on bitcoin anytime soon.

On Reddit, co-author of the bulletproofs white paper and bitcoin developer Peter Wuille said its still “far too premature” to propose the tech’s inclusion in bitcoin.

Adding to that, another co-author of the white paper, Andrew Poelstra, wrote on a mailing list that the tech is still not ready for a “serious proposal to get anywhere.”

And speaking to CoinDesk, mimblewimble’s lead developer, Ignotus Peverell, agreed with the hesitation, saying that the tech should be deployed and tested in the wild, on smaller platforms like monero or mimblewimble before high-profile blockchains like bitcoin should add the feature.

Still, according to Peverell:

“We’re a lot closer to that goal [of private transactions] now, than we were before bulletproofs.”

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Zcash Company.

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Nepalese Police Arrest Bitcoin Traders Despite Lack of Cryptocurrency Regulation

October 10, 2017

The Nepalese police have arrested at least seven individuals for allegedly being involved in virtual currency trading activities in the country as of early October 2017. The arrests were made despite the absence of regulations covering the trading of cryptocurrencies in the country.

Based on local press reports, the suspected traders were arrested by members of the Central Investigation Bureau (CIB) in Kathmandu and Chitwan. Among those arrested were Prashant Pratap Shah of Kathmandu, Bida Dhakal of Nuwakot, and Mingmar Tamang of Sindhupalchok.

According to the CIB’s DSP Jeevan Kumar Shrestha, this is the first time that cryptocurrency exchange operators were arrested in the country.

“They have been kept at the police custody. The traded amount will be discovered after further investigation.”

Possible ban
The arrests made by the CIB are expected to raise more questions than answers, as the trading of Bitcoin and other cryptocurrencies is not considered illegal, because of the absence of regulations on the issue in the country. Due to the situation, it is still unclear what offenses will be filed against the arrested individuals.

Meanwhile, the Nepalese government is already drafting regulatory guidelines covering digital currency trading. Among the possible regulations that will be imposed by authorities is a total ban on the trading of cryptocurrencies.

Due to this possibility, digital currency exchange operator Bitsewa has already ceased its operation in early October. The exchange is considered as the Nepalese version of LocalBitcoins.

Although digital currency activities in Nepal are not so big, any form of regulation against cryptocurrencies may set a dangerous precedent and hinder innovations in the sector. Due to these developments, it is very interesting to see how the virtual currency industry in the country will develop in the short term.

The country has also previously notoriously seized all relief funds in bank accounts ‘to ensure all donations are not misused’.

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