How to Send Bitcoin from a Ledger Nano S

Whether it’s to sell for fiat, pay someone else, or give a gift, there may come a time when you want to transfer Bitcoin out of your Ledger Nano S. Well, we’ve got good news – the steps are almost identical as using it to receive Bitcoin. In this guide, we’ll take you through the process of how to send Bitcoin from a Ledger Nano S to another wallet of your choice.

How to Send Bitcoin from a Ledger Nano S

Step 0. Before you can send any Bitcoin from your Ledger, you have to first plug it into your computer and enter your pin code.

Step 1. Next, open the Ledger Wallet Bitcoin app on your computer. You’ll probably see a message to unlock your Ledger wallet.

Ledger Wallet Bitcoin app not unlocked

Step 2. Open the Bitcoin app on your Ledger. If you don’t see Bitcoin as an option, download the app from the Ledger Manager.

Step 3. The wallet app on your computer may present you with an option to choose either the Bitcoin or Bitcoin Cash chain. Since we’re sending Bitcoin, that’s the option to choose.

ledger wallet bitcoin app bitcoin option

Step 4. It could also give you the choice between Legacy and Segwit addresses. Choose whichever type of address you use to store your Bitcoin (most likely Segwit).

Step 5. On the next screen, you’ll find your account balance, transactions, and a few menu options. Click “Send” at the top of the screen, and a pop-up should appear.

ledger bitcoin wallet app send button

Step 6. Enter the amount of Bitcoin you want to send, the recipient’s public address, and choose which account to send it from. You can also scan a QR code for the address by clicking on the camera icon in the bottom left-hand corner.

ledger wallet send bitcoin

Step 7. Next, choose how much you want to pay in fees. The more you pay, the quicker your transaction will go through. You have three options to choose from or you can set custom fees.

*NOTE: If you set custom fees too low, it’s possible that the miners will never confirm your transaction. We recommend sticking with one of the three options that Ledger provides.

Step 8. Hit “Send”. Your new transaction will appear in your transaction history and your account balance will reflect the change.

Additional Ledger Nano S Guides

And with that, you should now be able to send Bitcoin from your Ledger Nano S to another wallet. Check out our guides below for any additional Ledger Nano S help:

Ledger Nano S Setup Guide

How to Send ERC20 Tokens From a Ledger Nano S (Using MyEtherWallet)

How to Transfer ERC20 Tokens to a Ledger Nano S (Using MyEtherWallet)

How to Transfer Bitcoin to a Ledger Nano S

 

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Source: Coin Central

Coinnest Crypto Exchange CEO Arrested for Fraud and Embezzlement

The CEO of high-profile South Korean cryptocurrency exchange Coinnest has reportedly been arrested after siphoning user funds into his own account.


Fraud and Embezzlement

According to a report from Maeil Business Newspaper today (via Reuters), employees of South Korea’s fifth largest cryptocurrency exchange, Coinnest, “were detained on Thursday in connection with the alleged embezzlement of assets.”

ZDNet reports that the individuals arrested are CEO Kim Ik-hwan and another senior executive — both on charges of fraud and embezzlement after having allegedly stolen funds from customer accounts.

The detainment of Coinnest employees represents the first time South Korea, the world’s third-largest cryptocurrency trading country, has detained employees of a cryptocurrency-related business.

At press time, South Korean authorities have not commented on the matter, nor has Coinnest.

South Korea

Cracking Down

South Korean investigators are also reportedly taking a hard look at a separate virtual currency exchange in the country, which is also suspected of criminal activity. However, the second exchange in question is currently unknown.

South Korea has already shown its intention to crack down on illegal and fraudulent activity in the digital currency marketplace. In March, authorities raided three high-profile cryptocurrency exchanges — which came after regulatory measures were passed which demands more transparency than was previously the case.

As noted by ZDNet, “The Blue House, Korea’s equivalent to the US White House, said the country will seek to increase transparency in cryptocurrency trading by stamping out illegal activities” — meaning it “will prioritize transparency in trading of virtual currency within the boundaries of the current law, and block illegal and unfair activities.”

The country will not, however, block cryptocurrency trading.

South Korea

No Cause for Fear

South Korea’s crackdown on fraudulent activity in the virtual currency space should not be interpreted as negative, however. The country is still firmly interested in a regulated cryptocurrency market.

In fact, South Korea’s capital city is looking to become one of the largest cities in the world with its own official cryptocurrency.

Seoul’s mayor, Park Won-soon, proposed the idea to launch a city-wide digital currency – called S-coin – as a means to fund public welfare programs and pay private contractors. Park stated:

Seoul is one of the cities that are leading the Fourth Industrial Revolution. So it’s natural to study and invest in new technologies such as blockchain.

How do you feel about South Korea’s increased regulation in regards to the cryptocurrency market? Do you think removing the space’s bad actors is good for the country? Let us know in the comments below!


Images courtesy of PixaBay, Bitcoinist archives, ad Shutterstock.

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Source: Bitcoininst

The Rise of Blockchain Courses at Top American Universities

The Rise of Blockchain Courses at Top American Universities

Universities now provide numerous blockchain-based courses and resources. From basics to business to engineering, each university provides their own unique approach to cryptocurrency. With thousands of career opportunities in blockchain technology, students are getting prepared. IBM, Visa, Intel, and many other large companies are all hiring blockchain software engineers.

In this article, we’ll outline different university courses and material made available to the public. If you’re not currently attending MIT or Stanford, don’t worry, there’s still courses, resources, and information in this article for you.

There will be a final exam at the end of this article, so take notes and pay close attention.

Princeton

Princeton offers an 11-week cryptocurrency course through Coursera. While the full course does require you to pay, there are some videos you can watch for free here. Here are the topics covered in the course:

  • Introduction to Crypto and Cryptocurrencies
  • How Bitcoin Achieves Decentralization
  • Mechanics of Bitcoin (transactions, script, blocks, and the peer-to-peer network)
  • How to store and use bitcoins
  • Bitcoin mining
  • Bitcoin and anonymity
  • Community, politics, and regulation
  • Alternative mining puzzle
  • Bitcoin as a platform
  • Altcoins and the cryptocurrency ecosystem
  • The future of bitcoin?

The most important feature of the Princeton course is that it’s available to anyone and everyone. It has overwhelmingly positive reviews and should give you a strong technical foundation on how Bitcoins and altcoins work.

NYU

This next school takes a different approach to cryptocurrencies with a course titled Law and Business of Bitcoin and Cryptocurrencies. The course focuses on the logistics of actually using Bitcoin in the business world. They cover the following topics:

  • Origin and function of Bitcoin
  • Nature and instability of bank-created money
  • Bitcoin and monetary economics
  • Other nonbank payment vehicles
  • Bitcoin as an investment
  • Using Bitcoin as a consumer
  • Using Bitcoin as a business
  • Legal treatment of Bitcoin
  • Regulating Bitcoin Trading

It’s also expected that the course will add additional topics as cryptocurrency is a space that is in constant development. If you are looking for a more detailed syllabus of what NYU will cover, you can take a look here.

MIT

MIT provides videos and interactive demos to better understand hashing and adding blocks to the blockchain. You can find their resources here.

Hash Demo

MIT also published various papers on cryptocurrency such as “When Early Adopters Don’t Adopt,” “Initial Coin Offerings and the Value of Crypto Tokens,” “Some Simple Economics of the Blockchain”, and many more. You can download the papers in full here.

Berkeley California

Blockchain at Berkeley is a student-run organization teaching an open-source undergraduate cryptocurrency course. You can find more information about their course here. “The goal of this course is to surmount the steep learning curve of cryptocurrency. By the end of this course, you will understand how cryptocurrencies work and the ideas, technologies, and organizations sprouting from it.” They also “organize the largest crypto meetup in the East Bay.” If you want to learn more about their tech talks, developer tutorials, and resources, take a look here.

Cornell

Cornell offers two courses and a wealth of interesting resources created by their professors. The first course is CS 5437: Principles and Practice of Cryptocurrencies.

“An introduction to the theoretical concepts and practical concerns of cyber currencies. Topics include hashing, cryptographic signatures, peer to peer networks, distributed consensus with proof of work, and the security and privacy of cyber-currencies. Also discussed are Bitcoin’s use and ecosystem, digital currency history, economy and legal aspects.”

The slides from the first lecture are creative and relatively easy to follow. You can find them here.

The second course offered is CS 5094: Blockchains, Cryptocurrencies, and Smart Contracts. The course tries to dispel the myth that Bitcoin is a niche for criminals and focuses on technological innovation.

The course covers the following topics:

  • Mechanics of consensus algorithms
  • Proof of Work and Byzantine Consensus
  • Cryptographic tools
  • Digital signature algorithms
  • Zero-knowledge proofs (such as those used in Zcoin)
  • Evolution of Bitcoin and its ecosystem
  • Smart contracts
  • Trusted hardware
  • Real world contract law
  • Cryptocurrencies and crime

Johns Hopkins

It should come as no surprise that Johns Hopkins offers a cryptocurrency course given that their professor Matthew D. Green invented Zerocoin, a privacy-related protocol first implemented into Zcoin. Their course is called Blockchains and Cryptocurrencies.

“This course will introduce students to cryptocurrencies and the main underlying technology of Blockchains. The course will start with the relevant background in cryptography and then proceed to cover the recent advances in the design and applications of blockchains. This course should primarily appeal to students who want to conduct research in this area or wish to build new applications on top of blockchains. It should also appeal to those who have a casual interest in this topic or are generally interested in cryptography. Students are expected to have mathematical maturity.”

The slides from each lecture are available, but you’ll certainly want some mathematical or computer science background to follow along.

Duke

Duke’s course, Innovation and Cryptoventures, does not simply cover the basics of bitcoin. The course explores the business impact of bitcoin and the disruption of technology. The course explains how the blockchain “leads to the possibility of disruptions not just in finance (stocks, bonds, etc.) but also in law (simple contracts) and other fields. It is even possible to create what is known as a distributed autonomous corporation – essentially an autonomous computer program that employs people and conducts business as a corporation would.”

As the course takes a less technical approach, there are no prerequisites for signing up. They cover the following topics in the lectures:

  • Bitcoin Myths and Facts
  • Cryptofinance
  • Blockchains (including bitshares, coloredcoins, and side-chains)
  • Risks (scalability, 51% attack, illiquidity)
  • Understanding and Forecasting Disruption (Including examples of sharing economy)
  • Venture Capital
  • Money and the Law
  • Regulatory Environment (Money Laundering and Know Your Customer Laws)
  • Cryptography (common keys, Diffie-Hellman key exchange, RSA)

The professor, Campbell R. Harvey, provides numerous readings and useful resources on the class website here.

Duke also has the Duke Blockchain Lab, a student-run organization with a blockchain lecture series. In the past, they held lectures on the following topics:

  • What is Bitcoin? Why should I care?
  • Understanding Blockchain
  • IBM Presents: Enterprise Blockchain
  • Cryptocurrency Comparison and Investing Basics
  • Crypto Ventures and the Law

You can find the slides from these lectures as well as information about upcoming lectures at their site here.

Stanford

And finally, we come to Stanford with their yearly blockchain conference and cryptocurrency course. The Blockchain Protocol Analysis and Security Engineering conference “will explore the use of formal methods, empirical analysis, and risk modeling to better understand security and systemic risk in blockchain protocols. We aim to foster multidisciplinary collaboration among practitioners and researchers in blockchain protocols, distributed systems, cryptography, computer security, and risk management.”

The slides and resources from 2017 and 2018 are made available to the public if you want to see what you missed.

Stanford’s course is titled Bitcoin and Crypto Currencies. “This course covers the technical aspects of engineering secure software, system interactions with crypto-currencies, and distributed consensus for reliability.” More specifically, the course covers the following topics:

  • Altcoins
  • Bitcoin transactions
  • Consensus protocols
  • Cryptocurrency
  • Elliptic curves
  • Hash functions
  • Mining strategies and incentives
  • Proposed Bitcoin regulations
  • Zerocoin, zerocash

As promised, here’s an excerpt from Stanford’s final exam. See how you’d do.

Blockchain Final Exam

After reading this article, if you want some homework, here’s Stanford’s first assignmentIf you’d like to complete all of the homework and projects, you can download them here

Final Thoughts

These universities are ahead of the game in supplying blockchain related material. The other educational institutes will now need to play catch up as the demand for blockchain engineers and blockchain related business is only going to increase. Even if you are not enrolled in these universities, they provide more than enough open source material for you to tackle on your own. If you’re looking for a career in blockchain technology, start reading and start coding. Just as a blockchain must start from the first block, your path must start from that first book.

The post The Rise of Blockchain Courses at Top American Universities appeared first on CoinCentral.

Source: Coin Central

RBI Bans India’s Financial Institutions from Cryptocurrency Related Business Dealings – Ulterior Motives at Play?

The Reserve Bank of India (RBI) has officially ordered all regulated entities to refrain from providing services to any and all businesses involved in the dealing of digital currencies — including, of course, Bitcoin.


Bitcoin Ban

The announcement comes via an official press release issued by The Reserve Bank of India (RBI).

Unsurprisingly, the RBI positions itself as merely looking out for consumers’ interests, while also citing the frequently used claims that cryptocurrencies are simply tools for criminals and those looking to undermine market integrity.

At the same time, the RBI also admits that Bitcoin’s underlying technology has “the potential to improve the efficiency and inclusiveness of the financial system.” States the financial institution:

Technological innovations, including those underlying virtual currencies, have the potential to improve the efficiency and inclusiveness of the financial system. However, Virtual Currencies (VCs), also variously referred to as crypto currencies and crypto assets, raise concerns of consumer protection, market integrity and money laundering, among others.

Bitcoin Ban

In regards to the specifics of the RBI’s ban, the bank had this to say:

Reserve Bank has repeatedly cautioned users, holders and traders of virtual currencies, including Bitcoins, regarding various risks associated in dealing with such virtual currencies. In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs. Regulated entities which already provide such services shall exit the relationship within a specified time. A circular in this regard is being issued separately.

Ulterior Motives

The RBI’s announcement that it is banning Bitcoin and cryptocurrency dealings comes while the financial institution is reportedly looking to launch its own digital currency.

According to The Times of India, the RBI has expressed interest in launching its own digital currency during a media briefing following the two-day meeting of the RBI’s Monetary Policy Committee (MPC). Stated Deputy Governor B. P. Kanungo:

While many central banks are still engaged in the debate, an inter-departmental group has been constituted by the Reserve Bank to study and provide guidance on the desirability and feasibility to introduce a central bank digital currency.

He also noted that the inter-departmental group’s report will be submitted by the end of June.

Ulterior Motives

When examining both the RBI’s press release banning dealing with cryptocurrencies and the Deputy Governor’s statement, it isn’t difficult to connect the dots. Assumptions may be made that the RBI is attempting to dispel the undermining threat of cryptocurrencies by co-opting the technology for itself.

Work Arounds

The RBI’s ban on Bitcoin and cryptocurrency dealings does not mean Indians cannot still get ahold of the digital currency through other means.

For example, peer-to-peer marketplaces like Paxful connect buyers with sellers directly, cutting out the middlemen regulated by the likes of The Reserve Bank of India. Paxful’s CEO Ray Youssef told Bitcoinist:

The more authoritarian regimes make it harder for people to use their own money, the harder people will work to get around those limitations — and, in doing so, create means of financial empowerment that cannot be centrally controlled.

First the government of India worked to ban cash so the people turned to a peer-to-peer currency like bitcoin. Now, bitcoin is their target but the best they can do is shut down centralized exchanges. The people will now go fully peer-to-peer and get their bitcoins from each other via OTC [Over The Counter] exchanges. They cannot stop this short of shutting down the internet.

India and Africa could lead the way in the p2p financial revolution.

Paxful: Lifting Hearts and Hopes with Bitcoin

Paxful’s platform, in particular, allows for the buying and selling of Bitcoin in a variety of ways — including PayPal and Moneygram — and ensures just about anybody can still trade Bitcoin at their convenience, despite regulatory bans from central banks.

What do you think of The Reserve Bank of India’s ban on Bitcoin and other cryptocurrencies? Do you think it really has consumer interests at heart, or is merely looking remove the competition while creating its own cryptocurrency? Let us know in the comments below!


Images courtesy of AdobeStock, India Spot News/Sajjad HUSSAIN, Paxful, Bitcoinist Archives

The post RBI Bans India’s Financial Institutions from Cryptocurrency Related Business Dealings – Ulterior Motives at Play? appeared first on Bitcoinist.com.

Source: Bitcoininst

Experts: Cryptocurrency is ‘A Multi-Decade Trend’

2018’s cryptocurrency charts have you feeling blue? Don’t worry. According to some experts, there are still plenty of riches to be made by investing in market leaders.


‘Still way too early’

In 2017, plenty of individuals joined the new crypto-rich crew. However, many also became crypto-poor — having been left holding the bag after buying at all-time highs. Explained Invest.com Senior Analyst Jesse Cohen to Forbes:

It’s safe to say that the price action in the crypto market over the past few months has been very ugly. All the major coins have suffered steep double-digit declines since the start of the year and are all trading below their respective 200-day moving averages, which usually signals more losses ahead.

However — though nobody can predict the future — it would be foolish to assume that “Bitcoin is dead,” “the cryptocurrency bubble has popped,” or that any other FUD-filled statement repeated time and time again has finally come to fruition. Explains Cohen:

We’ve seen Bitcoin do this before, where it plunges sharply over a prolonged period only to violently bounce back to new highs in a short time. While it isn’t looking too hot at the moment, it’s still way too early to call the end of Bitcoin, or cryptos in general.

Bitcoin

‘A Multi-Decade Trend’

“Way too early,” indeed. In many respects, cryptocurrency and its underlying blockchain technology is only really starting to gain traction now, with the majority of projects still in their developmental stages. Meanwhile, most of those that are already developed are still struggling to gain mainstream adoption — something many digital currency proponents see as an inevitability. Aaron Lasher, BRD CMO and co-founder, agrees, saying:

The game isn’t over, Digital scarcity is a major innovation in money and value, and we’re in the initial stages of a multi-decade trend towards tokenization of assets.

He also goes so far as to call cryptocurrency’s potential life-changing, asking Forbes:

If sending money globally as easily as an email doesn’t impress you, how about the ability to store your life savings in your head, then walking your family across a war-torn border to safety?

cryptocurrencies

‘True Freedom’

Those who care less about the life-changing applications of cryptocurrencies and more about the potential riches and “true freedom” to be gained by speculating in the market also have reason for optimism. Explained Lasher to Forbes:

Getting rich with cryptocurrency is a proxy for true freedom, a personal financial situation that is largely immune to the politics, flaws, and vicissitudes of an interconnected, global system — an oasis of security and a platform for individual pursuits.

Do you think the cryptocurrency bubble has burst, or do you think the market has only begun to show its true potential? Let us know in the comments below!


Images courtesy of Shutterstock, Pixabay, and Bitcoinist archives.

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Source: Bitcoininst

Coinnest CEO Arrested for Embezzlement, Fraud

Last Monday the CEO of Coinnest, Mr. Ik-hwan Kim, was arrested on embezzlement and fraud charges. According to a release from Naver News, a prominent Korean news outlet, the arrest took place hours before the start of this week’s Deconomy Forum. The Korean forum was focused on the growing distributed economy and featured many cryptocurrency personalities, like David Chaum and Vitalik Buterin. Fortunately, the news broke the day after the forum concluded.

Although Coinnest was not among Korea’s most successful cryptocurrency exchanges, it grew to prominence after receiving investment from Bitmain. Jihan Wu, CEO of the hugely successful mining equipment manufacturer headquartered in Beijing, China, made the investment in October 2017. It valued Coinnest at 300 Million Chinese Yuan (about 50 Million US dollars). Prior to the investment, Coinnest boasted 30,000 customers after only three months of operation.

After conducting an extensive 20-day investigation, the Seoul District Prosecutors’ Office concluded that Mr. Kim misappropriated the funds of the exchange’s cryptocurrency trading customers for his personal use. Prosecutors moved swiftly to arrest Mr. Kim out of concern for Coinnest’s customers. According to Naver News, prosecutors will continue to vigilantly investigate not only Coinnest’s operations but also the operations of other cryptocurrency exchanges in South Korea’s rapidly blossoming cryptocurrency community.

 

The post Coinnest CEO Arrested for Embezzlement, Fraud appeared first on CoinCentral.

Source: Coin Central

C³, Germany’s Largest Crypto Conference

Germany’s first and largest conference for cryptocurrencies and blockchain offering keynotes, workshops and exhibitions to embrace the ecosystem of decentralization and cryptocurrencies.

True to the motto “the future of blockchain” and with the intention of bringing together leading crypto experts, investors, blockchain startups, lawyers, developers – everyone who is interested in cryptocurrencies and blockchain technology, C3 Crypto Conference GmbH will be organizing the Crypto Conference.

“There is a growing agreement among technology companies that the blockchain is essential to unlocking the potential of the Internet of Things.”

– Don Tapscott, Blockchain Revolution

MEET THE INTERNATIONAL CRYPTO COMMUNITY IN THE HEART OF EUROPE

“Berlin is inviting the world to a hands-on experience engaging with the world’s top blockchain experts aiming to link the ecosystem,” said Dennis Weidner, CEO of Paranoid Internet and initiator of the C³ Crypto Conference.

This exhibition is open to all blockchain enthusiasts. When asked if beginners to the world of blockchain and cryptocurrencies are encouraged to join this conference, Weidner confirmed: “Everyone will enjoy it, from small-time traders to big investors and CEO’s”, he said. With the inclusion of ‘Getting Started’ sessions, attendees will be given tips on how to navigate the crypto world with ease. In the 2-day session, attendees will learn the basics such as ICOs, exchanges, Smart Contracts, etc.

For the more advanced blockchain aficionado, there will also be live trading sessions and speeches by some of the most prominent figures in the crypto world.

“It’s hard not to be fascinated by something so transformative. This technology is being used in ways that have implications for central banking that span all the functions that we have.”  – Carolyn Wilkin, Bank of Canada

Unique Keynotes

Blockchain Technology disrupts all major business fields and offers a new perspective to create an advanced society. For those of you attending the conference, you can expect topics ranging from “Taking Decentralized Technology Mainstream” to keynotes speeches like “ICO Success Factors: How to reach your Funding Goal”. There will also be workshops that provides the latest and wisest investment advice, such as the “Buy Low, Sell High: Investment Strategies for Crypto Portfolios” workshop.

Network with Blockchain Companies

Among the many speaker you will find the next generation blockchain companies presenting cutting edge technology. Dr. Yassin Hankir from savedroid created an AI that manages your crypto-investment in an intelligent way, Mike Matsumara founded the crypto-exchange Evercoin as well as Fabian Spielberger & Miriam Neubauer – founder of Catena Capital – will all present unique content to understand the current paradigm shift on the blockchain market.

The event will be a useful tool to personally introduce yourself to companies and apply for the highly coveted jobs. The C³ Conference provides a grand forum to network, exchange and gain knowledge: Meet companies such as SAP, SolarisBank and Savedroid, who are heavily investing into the new markets.

The C³ Crypto Conference will be held on the 5th and 6th of April at the STATION Berlin Convention Centre. According to Weidner, the event is intentionally held on a Thursday and a Friday so that attendees could stay until the weekend and enjoy an amazing time at the capital.

Tickets are currently on sale on ’s website, with various types of tickets designated to suit the needs of different attendees.  Early-bird tickets for the conference start from €299 for the “Startup” level all the way up to €1295 for the “Investor” level. If you only wish to visit the exhibition, it will cost you €29 for a one-day pass and €49 to attend both days. Furthermore, you will also receive a 20% discount if you pay with Bitcoin or other altcoins.

For more information, visit the official website here.

This is a sponsored post.

Source: Crypto News

Verge Suffers 51% Attack, Hard Forks in Response

Verge Attack

On April 4th, 2018, Verge, formerly known as DogecoinDark, suffered a unique 51% network attack, resulting in someone mining 1560 XVG every second for 3 hours. Typically, a 51% attack requires creating a massive amount of hash power and overwhelming the network. However, in this case, the attacker decided to work smarter, not harder.

To understand the attack, you must first know that XVG uses multi-algorithm consensus. Verge mining cycles through Scrypt, X17, Lyra2rev2, myr-groestl, and blake2s algorithms. If a block is mined with Scrypt, a certain amount of time must pass until Scrypt is allowed again. However, blocks submitted with fake timestamps fooled the network, allowing a miner to use the Scrypt algorithm repeatedly.

When the miner submitted mined blocks, s/he spoofed their timestamps, making it seem like an hour had passed since their inclusion on the network. This allowed the hacker to continue using Scrypt on the next block. The honest miners would have switched to a different algorithm once they saw the block was mined with Scrypt, allowing the malicious miner to continue working with Scrypt, controlling all of the hash power and mining blocks every single second.

Fake Timestamps

Take a look at the block information below to see the beginning of the attack. The timestamps are in bold for you to see the mining of a block per second and the second block with the fake time.

 

SetBestChain: new best=00000000049c2d3329a3  height=2009406 trust=2009407 date=04/04/18 13:50:09

ProcessBlock: ACCEPTED (scrypt)

SetBestChain: new best=000000000a307b54dfcf  height=2009407 trust=2009408 date=04/04/18 12:16:51

ProcessBlock: ACCEPTED (scrypt)

SetBestChain: new best=00000000196f03f5727e  height=2009408 trust=2009409 date=04/04/18 13:50:10

ProcessBlock: ACCEPTED (scrypt)

 

This process continued for 3 hours with over a million dollars of Verge eventually stolen and moved to exchanges.

Verge’s Response

The Verge team eventually sprung into action by copying a commit to Peercoin from 3 years ago to try to stop the attack. You can see the Peercoin commit here and Verge’s here. There are still skeptics that believe this update will be insufficient to stop future attacks.

Verge also reached out on twitter about the debacle.

By “cleared up,”they meant implementing a ‘fix’ that actually hard-forked the blockchain. Another fork is planned for the near future with an update for “extra block verifications.” If you are holding XVG, we recommend not moving them around until this is all sorted out. A Verge developer confirmed the hard fork in an online forum

Verge Developer

This code exploit isn’t coming at a convenient time for Verge, which recently completed a fundraising event to obtain enough coins for a so-called secret partnership. The #vergefam put a lot of faith in the developers, but thus far, have not been rewarded. The announcement for the “largest partnership in crypto to date” is still scheduled for April 17th.

While there are certain publications out there criticizing the safety of proof of work, it’s important to note that this was not a typical 51% attack. Trying to amass sufficient mining power to attack Bitcoin with a 51% attack is still almost logistically impossible. This attack was unique to Verge’s codebase and a bug related to timestamps. The question remains, is Verge on the verge precipice of collapse or will their developers overcome these technical challenges? While many see this attack as a positive event, strengthening the Verge codebase, it’s important to remember that it’s a doge eat doge world out there.

The post Verge Suffers 51% Attack, Hard Forks in Response appeared first on CoinCentral.

Source: Coin Central

How One Startup Became King of Bitcoin ATMs in the UK

Bitcoinist has caught up Landry Ntahe, founder and CEO of BCB ATM, who explains how his Bitcoin ATM startup was able to rapidly expand over the past year to take the top-spot among operators in the UK.


BCB ATM: A Success Story

Less than a year ago, Bitcoinist interviewed BCB ATM, a Bitcoin ATM startup based out of the UK. At the time, this fledgling company had ambitions to rapidly expand as it quickly took the the number two spot among cryptocurrency ATM operators in their home country, having seven machines across the UK. 

The strategy worked. In just eleven months, BCB ATM experienced “an overall increase of 528.07%” in revenue, Landry Ntahe, head of operations at BCB ATM, tells Bitcoinist.

What’s more, the company now holds the top-spot among Bitcoin vending machine operators in the UK as its market share jumped from 16 to 28 percent, with 32 out of 113 machines now belonging to BCB ATM in the country.

“We had around 7 machines. Now we have 32,” says Ntahe. “And we plan to put out at least 5 to 10 new machines every month.”

The rate of growth has been unprecedented. When BCB ATM first launched, it only installed three machines from October 2015 to October 2016. 

Then things really picked up in 2017 when their number of Bitcoin ATMs soared to 32. Overall, the company has averaged more than one installation per month since the BCB ATM first launched and now offers both one-way and two-way machines for buying and selling cryptocurrency. 

Bitcoin Price is King

Admittedly, a large part of BCB ATM’s success correlates to the meteoric rise in Bitcoin price, particularly towards the end of of last year when demand for buying bitcoin and other cryptocurrencies skyrocketed.

“We saw an increase of 100.92% in revenue from August to December,” Ntahe notes.

Then in Q1 2018, the red-hot cryptocurrency market experienced a massive correction. This too had a negative impact on the company as revenue contracted 56.82% between January and February 2018.

However, the downturn affected virtually every other cryptocurrency company across-the-board with ICO-focused companies and crypto hedge funds experiencing the brunt of the bear market.

Nevertheless, Bitcoin vending machines have continued to spring up unabated across the globe. Back in February 2017, Bitcoinist reported on a major milestone for the industry as the total number of machines worldwide crossed 1,000 for the first time.

Today, the number of Bitcoin vending machines stands at 2,655, according to statistics from CoinATMradar. 

Ntahe explains: 

We are not discouraged by the price fluctuation. We are confident in the crypto community and seen it grow stronger in the downturn. Moreover, the increasing interest in Bitcoin has introduced former skeptics to the space.

With BCB ATM remaining unfazed, it plans to continue expanding beyond the UK, as they’re currently talent-searching for a international business manager to help achieve this goal.

“I think the market will bounce back in the summer,” he adds. 

Have you used a BCB ATM machine to buy or sell bitcoin? Share your experience below! 


Images courtesy of leicestermercury.co.uk, Shutterstock, BCB ATM

The post How One Startup Became King of Bitcoin ATMs in the UK appeared first on Bitcoinist.com.

Source: Bitcoininst

Emin Gün Sirer Discusses Cryptocurrency Academics and Proof-of-Stake

Emin Gün Sirer Discusses Cryptocurrency Academics and Proof-of-Stake

At the Satoshi’s Vision Conference in Tokyo, our Bitcoin.com video host Mike Malley chatted with the Cornell CS professor Emin Gün Sirer about on-chain scaling and the Bitcoin Cash network.  

Also Read: ABC Developer Amaury Séchet on the Future of Bitcoin Cash

The Academic Side of Blockchain Technology and Cryptocurrency Solutions

Emin Gün Sirer is a well-known researcher who specializes in computer networking and peer-to-peer systems who also teaches as a computer scientist professor at Cornell University. The professor has been very vocal during the course of the great scaling debate and a person who is not afraid to criticize cryptocurrency community actors. At the Satoshi’s Vision Conference Gün Sirer discusses the academic side of blockchain technology and cryptocurrency solutions.

“This field is really exciting because it sits on the intersections of so many others — so it combines elements from systems building, economics, game theory, programming languages at times, and a series of databases. Often a bunch of other elements from the computer science spectrum,” Gün Sirer explains during his discussion with Bitcoin.com.

Emin Gün Sirer Discusses Cryptocurrency Academics and Proof-of-Stake

Building Things That Offer Real World Use Cases

The Cornell professor then explains that his work focuses very much on the implementation side of the industry and building concepts that bring real-world value.   

“My particular place in the spectrum is very much towards the implementation side. If I could sort of try to map everyone onto a singular linear scale, where on the right-hand side you have wizard hats, the theoretical people, and on the left-hand side, you have people who build stuff with hard hats. I am very proud of my hard hat; I am very proud of being someone who actually builds things that work,” Gün Sirer emphasizes to Mike Malley during their discussion.

Emin Gün Sirer Discusses Cryptocurrency Academics and Proof-of-Stake

The Year of Proof-of-Stake Consensus Mechanisms

Moreover, Gün Sirer explains that he is excited about new consensus mechanisms and believes there will be a significant shift in the next year and a half.    

“My group has been looking at what should the infrastructure of blockchains be. We are at a very interesting time, and people are coming up with new consensus protocols daily — Something I keep an eye out for is new consensus protocols — This coming year, not this particular year but the year after, I suspect will be the year of Proof-of-Stake (PoS) protocols,” Gün Sirer tells our video host.  

The ones that exist today are still incredibly complex and even in my field doesn’t feel like they are justified well enough that they secure enough to really ‘bet the farm on.’ In about a year in a half you will see PoS really start to take shape — I’m really excited about that.      

During the rest of the video, Emin Gün Sirer discusses node communication and how networks can communicate better. If you want to hear the rest of the Cornell professor’s chat with our host, then make sure you check out the video below.

What do you think about Emin Gün Sirer commentary and his Satoshi’s Vision Conference interview with Bitcoin.com? Let us know what you think in the comments below.


Images via Bitcoin.com and Emin Gün Sirer.


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Source: Bitcoinnews.com