All about Blockchain, Cryptocurrency, Digital Transformation

Discussion in 'Off Topic' started by Dr. AMK, Jan 7, 2018.

  1. hmscott

    hmscott Notebook Nobel Laureate

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    Hospital opens rehab program for cryptocurrency ‘addicts’
    Crypto trading ‘can be exciting but also addictive’, hospital says

    Published: June 2, 2018 12:57 p.m. ET
    https://www.marketwatch.com/story/h...-to-treat-cryptocurrency-addiction-2018-05-29

    "Cryptocurrency trading may be dangerously addictive.

    That’s according to a Scottish hospital, which announced this week that it had launched a rehabilitation program for people hooked on trading digital currencies like bitcoin and Ether.

    “Cryptocurrency users can get hooked by the volatile fluctuation of prices online which creates a ‘high’ when they buy or trade a winning currency,” said Castle Craig Hospital in a news release. “This can be exciting but also addictive and, like gambling addiction, can be financially disastrous.”

    So how do you know if you are addicted? According to Castle Craig, answering yes to five or more of the following 10 questions indicates a problem:
    • Do I spend a lot of time thinking about different types of cryptocurrency?
    • Am I spending large amounts on cryptocurrency?
    • Have I tried to slow down or completely stop cryptocurrency trading — but not been able to?
    • Do I become restless or irritable if I try to cut down my screen time related to cryptocurrency?
    • Do I jump on the computer and start trading in cryptocurrency to escape from life’s problems or to try to elevate my mood?
    • Do I carry on trading in cryptocurrency after losing money — to try to gain it back?
    • Have I ever fibbed to other people about how much time or money I spend trading in cryptocurrency? Have I ever taken money unlawfully to fund my cryptocurrency addiction?
    • Has my cryptocurrency trading habit had an effect on my relationships or my job?
    • Do I try to get other people to lend me money when I have lost on investment?
    Read: A guide to crypto-addiction by Castle Craig Hospital

    News of Castle Craig’s rehab program comes as bitcoin is on a long losing streak, falling three consecutive weeks for the first time in eight months. From its peak in December 2017, bitcoin has lost 62%, and since Jan. 7, the total value of all cryptocurrencies has shed $500 billion, according to CoinMarketCap.

    The hospital said crypto trading addiction is more prevalent among young males and those who work in an environment that promotes gambling behavior, such as casinos and betting shops."
     
    Last edited: Jun 7, 2018
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  2. Dr. AMK

    Dr. AMK The Strategist

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  3. Dr. AMK

    Dr. AMK The Strategist

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    Special Update (MAY/21/2018) Andreas M. Antonopoulos-- The Future of Money (Crypto - Bitcoin)
     
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  4. hmscott

    hmscott Notebook Nobel Laureate

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    Bitcoin has lost more than half its value since last year’s all-time high
    Amid fall, mining energy demand remains so high that Quebec utility halts new orders.
    CYRUS FARIVAR - 6/10/2018, 11:33 AM
    https://arstechnica.com/tech-policy...alf-its-value-since-last-years-all-time-high/
    [​IMG]
    Hydro-Québec's Bersimis-2 dam in Baie Comeau, Québec is pictured on January 20, 2018.

    "On Sunday, the price of Bitcoin continued to fall, losing 5 to 6 percent of its value.

    According to CoinMarketCap, since an all-time high of near $20,000 per bitcoin on December 17, 2017, the cryptocurrency has lost more than half of its value, currently trading at around $7,200.

    Overall, Bitcoin’s price is up by about 150 percent compared with this same time last year, when it was trading around $2,800.
    [​IMG]
    CoinMarketCap
    Such fluctuations don't seem to have stopped demand for setting up new mining operations, particularly in areas where electrical power is relatively inexpensive. Demand is so high in one part of Canada that Hydro-Québec, the province’s energy utility, recently said that it would "temporarily" stop accepting energy requests from cryptocurrency mining companies "so that the company can continue to fulfill its obligations to supply electricity to all of Québec."

    The move comes as three months ago, utilities in neighboring New York state announced they would be raising rates for mining companies.

    "The blockchain industry is a promising avenue for Hydro-Québec," Éric Filion, president of Hydro-Québec Distribution, said in a statement.

    "Guidelines are nevertheless required to ensure that the development of this industry maximizes spinoffs for Québec without resulting in rate increases for our customers. We are actively participating in the Régie de l’énergie’s process so that these guidelines can be produced as quickly as possible."

    Also last week, two of Bitcoin’s most public critics, Berkshire Hathaway CEO Warren Buffett, and JP Morgan CEO Jamie Dimon, again expressed their deep-seated skepticism in the world’s most popular energy-hungry digital form of money."
     
    Last edited: Jun 11, 2018
  5. hmscott

    hmscott Notebook Nobel Laureate

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    Why Bitcoin, Cryptos Are Not Safety Nets
    John Wasik, JUN 11, 2018 @ 09:03 AM
    https://www.forbes.com/sites/johnwasik/2018/06/11/why-bitcoin-cryptos-are-not-safety-nets/

    "In a financial crisis, one theory goes, Bitcoin and other cryptocurrencies will be worth owning because they aren't tied into the stock, bond or real estate markets.

    While there may be some truth to this belief, in reality it may not hold water. In a financial meltdown, investors flock to tangible things like gold or Treasury bonds. They exist and have a measurable value that holds up because they are backed up by real-world metals or Congressional promises.

    Even currencies like the dollar and Euro have governments and central banks behind them. They can support them by buying and selling debt securities.

    What would support a cryptocurrency like Bitcoin in the event of a meltdown in financial markets? Would they be supported by a lender like the Federal Reserve, which has no obligation to do so?

    I know, The Fed propped up giant insurer AIG during the 2008 meltdown, although the company wasn't even a bank. AIG had massive derivative positions that threatened to tank the entire global financial system. Why not a Bitcoin bailout?

    Would the Fed rescue megabanks that held large crypto positions? That's a compelling question for today's regulators as banks move into crypto trading and Dodd-Frank financial reform rules are loosened.

    Famed short seller James Chanos thinks cryptos are perilous assets during a crisis. Their value is contentious and not backed by any government.

    “For those who believe that you need to own digital currency as a store of value in the worst-case scenario, that’s exactly the case in which a digital currency will work the least,” Chanos said in an interview with the Institute for New Economic Thinking. “The last thing I’d want to own is Bitcoin if the grid goes down.”

    Chanos, who shorted Enron before the company's massive accounting fraud was revealed, doesn't buy the idea that Bitcoin and other cryptos will replace fiat currencies. There may even be a bubble ready to burst.

    “We’re now nine years into this bull market, same as the ’90s, so I suspect that now things are starting to percolate,” he said, singling out Bitcoin and initial coin offerings for other tokens.

    “This is simply a security speculation game masquerading as a technological breakthrough in monetary policy.”

    Of course, the other side of the argument is that digital currencies are the way of the future, although it's difficult to tell which ones will emerge as viable alternatives to cash. The jury's still out.

    In the interim, it would be worth watching companies that invest in the underlying blockchain technology or a basket of cryptos. As with investing in general, hold a big basket of securities to avoid getting burned on one, concentrated holding.

    John F. Wasik is the author of "Lightning Strikes," "Keynes's Way to Wealth"and 15 other books on innovation, money and life. Follow him on Twitter andFacebook."
     
  6. hmscott

    hmscott Notebook Nobel Laureate

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    Bitcoin price plunges after cryptocurrency exchange is hacked
    Security fears rise as South Korea’s Coincheck loses about £28m of virtual currency
    By Julia Kollewe, Mon 11 Jun 2018 04.40 EDT
    https://www.theguardian.com/technol...e-cryptocurrency-hacked-south-korea-coincheck

    "There has been a sharp drop in the price of bitcoin and other virtual currencies after South Korean cryptocurrency exchange Coinrail was hacked over the weekend.

    A tweet from Coinrail confirming the cyber-attack sent the price of bitcoin tumbling 10% on Sunday to two-month lows.

    The world’s best-known cryptocurrency lost $500 (£372) in an hour, dropping to $6,627 on the Luxembourg exchange Bitstamp, while most other digital currencies also recorded large losses.

    The latest attack highlights the lack of security and weak regulation of global cryptocurrency markets.

    Coinrail later said in a statement on its website that its system was hit by “cyber intrusion” on Sunday, causing a loss for about 30% of the coins traded on the exchange. It did not quantify the value, but local news outlet Yonhap News estimated that about 40 billion won (£27.8m) worth of virtual coins was stolen.

    Coinrail said “70% of total coin and token reserves have been confirmed to be safely stored and moved to a cold wallet [not connected to the internet]. Two-thirds of stolen cryptocurrencies were withdrawn or frozen in partnership with related exchanges and coin companies. For the rest, we are looking into it with an investigative agency, related exchanges and coin developers.”

    Police have begun an investigation, according to the Korea Herald, which cited a spokesperson as saying: “We secured the access history of Coinrail servers and we are in the process of analysing them.”

    Bitcoin is now trading at $6,752 – down from an all-time peak of nearly $20,000 in the week before Christmas.

    South Korea is one of the world’s major cryptocurrency trading centres, and is home to one of the busiest virtual coin exchanges, Bithumb.

    There have been a series of heists at cryptocurrency exchanges in recent months. Japan’s Coincheck was hacked in January, with more than $500m-worth of digital currency stolen. It started reimbursing customers in March but faces two class-action lawsuits. In December, South Korean exchange Youbit shut down and filed for bankruptcy after being hacked twice.

    Naeem Aslam at online trading platform ThinkMarkets said: “The question is: is there any limit to these hacks? After every few months, we are seeing the same pattern emerging. This is the result of loose regulatory control and regulators must step in to protect the consumers. Anyone who wants to do anything with exchanges should be forced to adopt high-grade security and regular security upgrades.”

    The Wall Street Journal reported on Friday that US regulators were investigating potential price manipulation at four major cryptocurrency exchanges. The investigation comes six months after CME Group launched bitcoin futures. Coinbase, Bitstamp, itBit and Kraken have been asked to share trading data related to the futures contracts."

    Cryptocurrencies have a mysterious allure – but are they just a fad?

    Attempts to reinvent money such as bitcoin often create excitement, but achieve little
    Robert Shiller, Mon 21 May 2018 06.45 EDT
    https://www.theguardian.com/technology/2018/may/21/cryptocurrencies-fad-money-bitcoin
     
    Last edited: Jun 11, 2018
  7. Dr. AMK

    Dr. AMK The Strategist

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    Billions in cryptocurrency wealth wiped out after hack
    http://money.cnn.com/2018/06/11/investing/coinrail-hack-bitcoin-exchange/index.html

    A cyberheist at a little-known virtual currency exchange helped wipe billions of dollars off the value of bitcoin and other digital currencies.
    The price of bitcoin slumped more than 7% after South Korea's Coinrail announced that it had been targeted by cyberthieves. In a statement Monday, the exchange said that it had a suffered a security breach in which hackers stole about 30% of its virtual currencies.

    Coinrail said it had temporarily suspended trading in digital currencies and was fully cooperating with investigators to try to track down the missing funds. The exchange did not disclose the value of tokens stolen. The theft was of less well-known cryptocurrencies rather than bitcoin itself.

    South Korea has emerged as a hotbed for trading in virtual currencies over the last year. Coinrail is one of its less-well-known trading platforms.

    Related: What is bitcoin?

    Still, the news sent shock waves through virtual currency markets. As well as bitcoin, prices for other commonly traded digital currencies like ethereum also plunged. Nearly $30 billion in cryptocurrency wealth was wiped in about seven hours of trading, according to data provider Coinmarketcap.com.

    Bitcoin was trading at around $6,750 in early afternoon trading in Asia. That's near its lowest level in about two months and around half the price at which it started the year.

    "Investors have been increasingly worried about cybersecurity issues," said Adrian Lai, founding partner at Hong Kong-based investment firm Orichal Partners. "At this stage, obviously, the standard is not high enough."

    Coinrail isn't the only virtual currency exchange to fall victim to a cyberheist in recent months.

    Related: So, why shouldn't I buy bitcoin?

    In January, Japan's Coincheck said hackers stole $530 million worth of virtual currency from its users in what ranks as the biggest such theft on record. That prompted a Japanese authorities to step up scrutiny of exchanges.

    Lai said the Coinrail hack intensified an already negative mood in cryptocurrency markets. The Wall Street Journal reported Friday that US investigators were demanding several bitcoin exchanges hand over trading data as part of a probe into potential manipulation of futures markets.
     
  8. Dr. AMK

    Dr. AMK The Strategist

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  9. Dr. AMK

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    Ethics and Diversity in AI
     
  10. Dr. AMK

    Dr. AMK The Strategist

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