Greenwald charges are existential threat to journalism in Brazil, says Edward Snowden – The Guardian

Press and internet freedom advocates including Edward Snowden have criticised a decision by Brazilian federal prosecutors to charge the journalist Glenn Greenwald with cybercrimes as a blatant abuse of power and an existential threat to investigative reporting in the country.

Prosecutors claimed on Tuesday that Greenwald, 52, helped, encouraged and guided a group of hackers who obtained phone messages between key figures in a sweeping Brazilian anti-corruption investigation.

The leaked messages formed the basis for several stories published on Intercept Brazil, which Greenwald co-founded, and exposed what appeared to be collusion between then judge Srgio Moro and prosecutors.

The prosecutors investigation resulted in the jailing of Luiz Incio Lula da Silva, Brazils highest-polling presidential candidate at the time, and the subsequent presidential election was won by the far-right Jair Bolsanaro, who appointed Moro as his justice minister.

Snowden, who leaked files to Greenwald and others that became a Pulitzer prize-winning series of Guardian stories exposing illegal spying by US intelligence agencies, said the reporters arrest was an absolute red alert.

This is unbelievably naked retaliation for revealing extreme corruption at the highest levels of Bolsanaros administration, and an existential threat to investigative journalism in Brazil, he said on Twitter.

Lula, who was released from prison in November to appeal against his conviction, also voiced support for Greenwald. All my solidarity to journalist @ggreenwald who was a victim of another blatant abuse of authority against freedom of press and democracy, the former president tweeted.

Congresspeople from both left and right-leaning parties in Brazil have condemned the charges, which came as a surprise. Though Bolsanaro had joked that Greenwald could do jail time over the leaks, Brazils federal police had said a month ago it was not possible to identify moral or material participation by the journalist.

Brazils supreme court had issued an injunction last year that prohibited Greenwald for being investigated in the alleged hackers case, citing press freedom laws.

The Electronic Frontiers Foundation, an internet freedom group, said it was dismayed to learn of the charges. Computer crime laws should never be used to criminalise legitimate journalistic practice, it said. Prosecutors must not apply them without considering the chilling effects on the free press, and the risk of politicised prosecutions.

The American Civil Liberties Union said Donald Trumps attacks on the press in the US had softened the ground for the prosecution of American journalists abroad. The United States must immediately condemn this outrageous assault on the freedom of the press, the group said in a statement.

These sham charges are a sickening escalation of the Bolsonaro administrations authoritarian attacks on press freedom and the rule of law. They cannot be allowed to stand.

Greenwald said he only received the leaks and played no role in the hacking. But in a 95-page criminal complaint, Brazilian prosecutors said new audio evidence showed the journalist had played a clear role in facilitating the commission of a crime.

They cited a purported transcript of a conversation between Greenwald and alleged hacker Luiz Henrique Molio in which the reporter was informed the group as still monitoring the communications of its targets and asked for his opinion on how they should proceed.

The transcript quotes Greenwald telling Molio: I cant give you advice. But prosecutors allege he also told the hackers there was no reason to keep archives of message they had already shared with the Intercept Brazil, which they said constituted participation in the crime.

The charges would have to be accepted by a judge before Greenwald would stand trial.

It is impossible to separate these charges against Glenn from his work as an investigative reporter, said Summer Lopez from the American branch of the free-speech group PEN. While we dont know all the contours of this story, we do know two things. First, Glenns reporting has deeply embarrassed the Brazilian government. Second, Brazils president has repeatedly and consistently attacked the press in general and Glenn in particular. As such, Its hard to take these charges at face value.

The Committee to Protect Journalists said the criminal complaint was intended to rattle investigative reporters in the country. Charging a journalist with criminal activity based on interactions with sources sends a chilling message to reporters working on sensitive stories at a time when the media in Brazil is increasingly under attack from officials in its own government, it said.

Greenwald has called the allegations an obvious attempt to attack a free press in retaliation for the revelations we reported about minister Moro and the Bolsonaro government.

We will not be intimidated by these tyrannical attempts to silence journalists, he said.

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Greenwald charges are existential threat to journalism in Brazil, says Edward Snowden - The Guardian

Lawmakers introduce bill to reform controversial surveillance authorities | TheHill – The Hill

A group of privacy-focused lawmakers on Thursday introducedlegislation to reform a set of controversialsurveillance authorities set to expire in March,setting up ambitious goalposts in the upcoming battle overwhether Congress shouldpare down the government's ability to spy on people in the U.S.

Thebill, from a bipartisan and bicameral coalition, wouldnarrow down the kinds of information the government is allowed to collect without a warrant and officiallyshut down its ability to collectphone records on millions of Americans.

And it wouldreform a secretive court that President TrumpDonald John TrumpMnuchin knocks Greta Thunberg's activism: Study economics and then 'come back' to us The Hill's Morning Report - House prosecutes Trump as 'lawless,' 'corrupt' What to watch for on Day 3 of Senate impeachment trial MORE and Republican allies have bitterly criticized in the wake of a critical inspector general report last year.

The Safeguarding Americans Private Records Act seeks to capitalize on a wave of renewed bipartisan interest in theForeign Intelligence Surveillance Court (FISA court), an instrumental part of the country's intelligence-gathering and national security operations.

Liberty and security arent mutually exclusive, and they arent partisan either, Sen.Ron WydenRonald (Ron) Lee WydenRestlessness, light rule-breaking and milk spotted on Senate floor as impeachment trial rolls on Hillicon Valley Presented by Philip Morris International UN calls for probe into alleged Saudi hack of Bezos | Experts see effort to 'silence' Washington Post | Bezos tweets tribute to Khashoggi Bezos tweets tribute to Khashoggi in wake of reports of Saudi phone hacking MORE (D-Ore.), who has long called for surveillance reform,said in a statement. Im proud our bipartisan coalition is standing up for Americans rights and commonsense reforms to protect our people against unnecessary government surveillance."

The bill was introduced by Wyden and Sen. Steve DainesSteven (Steve) David DainesKoch network could target almost 200 races in 2020, official says GOP senators introduce resolution to change rules, dismiss impeachment without articles Congress to clash over Trump's war powers MORE (R-Mont.) in the upper chamber, with a companion introduced by longtime privacy hawk Rep. Zoe LofgrenZoe Ellen LofgrenDemocrats begin to present case for Trump impeachment to Senate GOP rejects effort to compel documents on delayed Ukraine aid White House appoints GOP House members to advise Trump's impeachment team MORE (D-Calif.) and progressive leader Rep. Pramila JayapalPramila JayapalSanders wants one-on-one fight with Biden The Hill's Morning Report - Trump trial begins with clash over rules Jayapal: 'We will end up with another Donald Trump' if the US doesn't elect a progressive MORE (D-Wash.).

It sets the stage fora bipartisan coalition between Trump allies, who have criticized the FISA court as part of a deeply political battle over whether the FBI exhibited bias against Trump, and progressives who want to reform government surveillance authorities.

The legislation would permanently end the phone records program disclosed by whistleblower Edward Snowden, which shuttered last year amid technical difficulties.It would also officially prohibit intelligence agencies from collecting geolocation information without a warrant.

Significantly, it would ensure independent attorneys have access to the proceedings of the FISA court.

The government filed 1,117 warrant applications to the FISA court last year, including 1,081 that requested electronic surveillance.

Congressis facing a mid-March deadline to extend three expiring surveillance authorities.

"The surveillance capabilities intended to keep us safe from foreign threats have all too often trampled on Americans Fourth Amendment rights to due process," Josh Withrow, a senior policy analyst for conservative group FreedomWorks, said in a statement. "The Safeguarding Americans Private Records Act would be an enormous step forward in securing those rights."

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Lawmakers introduce bill to reform controversial surveillance authorities | TheHill - The Hill

To spot next-generation insider threats, think like Snowden – Verdict

A well-placed malicious insider has the potential to cause more damage and at a greater speed than an external threat actor due to their knowledge of, and access to, a companys IT environment.

Think back to June 2013, when the UK press published the first of a seemingly endless string of national security secrets leaked by Edward Snowden. Reports say Snowden downloaded 1.5 million files while working as a contractor for the National Security Agency. And no one noticed until it was too late.

In the years after the Snowden leaks, businesses continue to put themselves at risk. Sensitive documents are exposed to too many users, and files are often kept long after theyve lost their business value. The Varonis Global Data Risk Report found that, on average, employees could access 17 million documents.

Internal threat actors use a number of different techniques to find and copy the data they are after, as well as trying to cover their tracks to avoid detection. Threat actors working within an organisation have an obvious advantage over outsiders: they are already on the system. This means that they do not need to use malware to break in or communicate with command and control external servers, both of which can trigger alerts for the IT security team to investigate.

Unlike external attackers, insiders with access to a network do not need to carry out much, if any, reconnaissance. They often know where to look for valuable information or can quickly identify the assets to target without tripping any of the security alarms that an external agent might trigger as they extensively trawl an IT system.

Such activity becomes easier when insiders have elevated systems access. For instance, Snowden used admin-level privileges to cover up his activities for as long as he did by concealing his identity and deleting system logs.

Our Global Data Risk Report reveals the extent to which employees have access to data they shouldnt. For instance, more than half of the companies surveyed (53%) found that 1,000 sensitive files were open to every employee, while nearly a quarter (22%) of all folders were accessible to the whole business. That is a lot of exposed information that could fall into the wrong hands.

In one case,we discovered an organisation had a payroll file open to the entire staff. Even the receptionist on the front desk could use her account to easily access confidential payroll files.

Businesses need to employ a least privilege approach where employees can only access those folders and files needed for their work. The added challenge comes with employees who need higher levels of access across a range of systems. With these super users there is the danger that they could use easy-to-guess passwords such as admin123. They could also be at risk from giving away their credentials to unscrupulous employees, either by accident or persuasion.

This kind of situation can be combatted by enforcing a policy of strong passwords, employing two-factor authentication and giving passwords an expiry date to compel users to change their passwords on a regular basis.

Sometimes users with the correct level of access misuse their permissions for their own gain. A recent example is of a Tesla employee who, after being turned down for a promotion, allegedly used their elevated access to leak gigabytes of confidential, proprietary information to unknown third parties.

Conversely, insiders that dont have the access needed for their malicious actions can easily search the internet for effective open-source hacking tools and operating instructions. Many that are freely available. With a modicum of technical knowledge, a malevolent employee can become an amateur hacker or a script kiddie. They can try to find out passwords on a device using Mimikatz, or crack them through tools such as John the Ripper. Further, by visiting hacker forums they can get hints and tips for success.

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While insiders can be more difficult to detect than external threat actors, they can be identified through specific behaviours. These will be different from the actions of innocent users, meaning that solutions based on threat models will detect unusual movement patterns to identify anyone within the organisation who might be a threat. Once a threat has been detected, the IT security team will be alerted, enabling it to take remedial action, such as account suspension, while they investigate the issue.

Businesses must implement a range of measures to ensure employees only have access to those files necessary for their job and monitor the behaviour of users to identify anything suspicious. In this way, they will stop themselves from becoming the next victims of a wannabe Snowden.

Snowden is probably one of the most notorious whistleblowers in recent history and the scale of information leaked was vast. It also served as a wakeup call on what one individual can do to expose an organisations secrets. If we can learn one lesson from insider breaches, it is that while businesses should have confidence in their employees, they must also use measures to prevent this trust from being abused.

Read more: The new Edward Snowden book is being used to spread malware

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To spot next-generation insider threats, think like Snowden - Verdict

The prosecution of Glenn Greenwald and the global war on free speech – World Socialist Web Site

The prosecution of Glenn Greenwald and the global war on free speech 23 January 2020

The criminal conspiracy charges levelled by the Brazilian government against Intercept Brasil publisher and renowned investigative journalist Glenn Greenwald is the latest in a series of state attacks internationally on the hard-won historical right to freedom of speech. The arrest of WikiLeaks founder Julian Assange has opened the floodgates for a global war on independent and critical journalism and the imposition of sweeping censorship.

The allegations made in Brazil against Greenwald are essentially identical to the first charge issued in April 2019 by the US Department of Justice to file for the extradition of Assange from the United Kingdom to stand trial in the United States. Both men have been accused of assisting whistleblowers to access information that, once published, exposed criminality and corruption at the highest levels of the state apparatus.

In Greenwalds case, a prosecution is being prepared on the pretext that he conspired with people to hack messaging accounts and obtain information that proved top officials had used a corruption investigation to undermine the political opponents of fascistic demagogue Jair Bolsonaro. In the lead-up to the 2018 presidential election, which was won by Bolsanaro, former President Luiz Incio Lula da Silva was convicted of corruption and imprisoned and his Workers Party mired in scandal.

In the case of Julian Assange, he has been charged with conspiring with courageous American whistleblower Chelsea Manning in 2009-2010 to access troves of classified documents that exposed US war crimes in Iraq and Afghanistan, and the sordid intrigues carried out around the world to prop up pro-US regimes and assert American strategic and corporate interests. A further 17 counts of espionage were then added to the charge list, threatening him with a life sentence of 175 years if he is extradited and condemned by a show trial in the US.

Greenwald has not yet been arrested, but it is almost certain that US intelligence agencies are involved in the legal moves to prosecute him. He would have been on their hitlist of priority media targets since he played a key role in 2013 in publishing the leaks made by National Security Agency (NSA) contractor Edward Snowden. The Snowden leaks exposed the staggering degree to which the NSA spies on the communications of virtually every American citizen and much of the worlds population.

Julian Assange sought to protect himself from the revenge of the US state by gaining political asylum in 2012 in the tiny Ecuadorian embassy in London, until he was evicted and arrested last April. Just prior to Assanges eviction, Chelsea Manning was sent back to prison for refusing to appear before a grand jury and retract her categorical testimony during her trial that she acted alonewithout any assistance from Assange and WikiLeaksto access the information she leaked.

The imprisonment of Manning and arrest of Assange was quickly followed by the Macron government initiating moves to prosecute eight journalists over the exposure of Frances complicity in Saudi Arabias illegal war in Yemen. In June 2019, unprecedented police raids on journalists homes and media offices took place in Australia. Three journalists are threatened with prosecution over the publication of leaks exposing war crimes committed by Australian troops in Afghanistan and plans to legalise mass surveillance.

Glenn Greenwald had not visited the US since 2013 due to his legitimate concern that he would be arrested. With Bolsanaro now in power, the hands of the CIA, NSA and FBI can well and truly reach into Brazil, where Greenwald has residency rights through his partner.

The WSWS warned in 2010 that if Julian Assange was not defendedafter his detention in Britain over blatantly fabricated allegations that he had committed sexual offences in Swedenit would open the way for a full-scale assault to terrorise and silence genuine journalism. Then vice-president Joe Biden in Barack Obamas Democratic Party administration had labelled Assange a high-tech terrorist. The Labor government in Australia, where Assange holds citizenship, had denounced WikiLeaks publications as illegal activity.

Within a matter of months, however, the vast majority of the ex-left and ex-liberal political and media fraternity lined up with the US state and its allies against Assange. Publications such as the New York Times and the Guardian which had worked with WikiLeaks to publish the Manning leaks because they were going to be published anywaydevoted their resources to slandering Assange as a suspected rapist and self-serving narcissist, undeserving of any popular sympathy and support. The unions and fake left organisations internationally actively opposed any campaign in his defence, refusing to discuss his case and boycotting all actions taken to demand his freedom.

The political reasons this turn against WikiLeaks took place must never be forgotten. It occurred in the wake of massive social upheavals, which were in part triggered by information contained in the Manning leaks, that brought down US-backed regimes. Foreign Policy magazine nervously asked in January 2011 if Tunisia was the first WikiLeaks Revolution. Just weeks later, the seemingly all-powerful dictatorship of Hosni Mubarak was overthrown by a mass movement of the Egyptian working class.

The establishment left parties, unions and media are tied by a thousand threads to the financial and corporate oligarchy and benefit from the ruthless exploitation of the vast majority of the worlds population. The way in which the truth had motivated ordinary people to rise up in open rebellion against entrenched elites was viewed in these circles with horror. A mass upheaval demanding an end to social inequality and political injustice in the United States, for example, would threaten the wealth and power of the capitalist class and privileged upper middle class, of which they are part and which they serve.

The instinctive response of the establishment organisations and media was to join with the state apparatus in seeking to prevent or censor future exposures. As New York Times editor Bill Keller bluntly wrote in November 2010 in response to WikiLeaks: When we find ourselves in possession of government secrets, we think long and hard about whether to disclose them Freedom of the press includes freedom not to publish, and that is a freedom we exercise with some regularity. [emphasis added]

The hatred of the ex-liberal publications for Assange reached visceral levels in 2016 when WikiLeaks published leaked emails that shed further light on the militarist, big business and authoritarian agenda of Hillary Clinton and the Democratic Partytheir preference in the US presidential election. The Times and the Guardian spearheaded the campaign to promote the fabrications that Assange had conspired with Russian intelligence to hack the emails and to smear him as a tool of Vladimir Putin and Donald Trump.

In July 2019, a US court dismissed the allegations that WikiLeaks had worked with Russian agencies as entirely divorced from the facts and defended its right to publish the leaks as plainly of the type entitled to the strongest protection that the First Amendment offers.

The Times and Guardian, however, have never retracted their false accusations and slanders. To this day, the Times and the Democratic Party machine publicly advocate that Assange be criminally prosecuted over their incessant claims that Russian interference cost Clinton the 2016 election. In April 2019, the Times published comments that described the first conspiracy charge against Assange as an indisputable crime.

Given its record, the New York Times plumbed the depths of hypocrisy in its editorial on January 22 on the charging of Glenn Greenwald. It asserted that Greenwalds publication of leaks in Brazil did what a free press is supposed to do: they revealed a painful truth about those in power. The editorial concluded: Attacking the bearers of that message is a serious disservice and a dangerous threat to the rule of law.

The reality is that the Times, along with numerous ex-left and ex-liberal organisations and publications, has proven through its complicity in the persecution of Assange and WikiLeaks that its class allegiances lie with the corporate oligarchy and the capitalist state.

A genuine defence of persecuted journalists and whistleblowers will only be taken forward by the working class, whose right to know the truth they have courageously served.

Julian Assange is imprisoned in Britain and his extradition trial begins on February 24 in London. Chelsea Manning is in a cell in the United States, Edward Snowden is in forced exile in Russia and now Glenn Greenwald is under threat in Brazil. All those who defend the fundamental democratic rights at stake in their cases have the responsibility to fight for the greatest possible independent mobilisation of workers and young people to demand their immediate and unconditional freedom.

James Cogan

2019 has been a year of mass social upheaval. We need you to help the WSWS and ICFI make 2020 the year of international socialist revival. We must expand our work and our influence in the international working class. If you agree, donate today. Thank you.

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The prosecution of Glenn Greenwald and the global war on free speech - World Socialist Web Site

We need to make it even easier for UK terror cops to rummage about in folks’ phones, says govt lawyer – The Register

The British government's view of people who encrypt their communications

The Government Reviewer of Terrorism Laws has declared that safeguards protecting Britons from police workers demanding passwords for their devices must be watered down.

In a speech delivered to conservative think tank the Henry Jackson Society yesterday, Jonathan Hall QC, the "Independent Reviewer of Terrorism Legislation"* said section 49 of the Regulation of Investigatory Powers Act (RIPA) 2000 is too "difficult" for police and others to work with.

Section 49 of RIPA is the part of UK law that lets police and others legally order suspects to hand over passwords for encrypted information.

There are two safeguards: one is subsection (3), which says the state can only demand your password if it is "in the interests of national security", for "preventing or detecting crime" or for the "economic well-being of the United Kingdom".

The other safeguard, identified by Hall, is subsection (2)(d), which says password demands can only be made by the state if it is "not reasonably practicable" to get at the encrypted information without demanding the password. Failure to obey is a crime punishable with up to five years in prison.

Even these sweeping permissions and slim safeguards are too narrow, in Hall's view. In his speech he said:

The truth is that these preconditions may be difficult to establish, especially when counter-terrorism police are working against the clock in relation to multiple individuals and multiple devices, where those individuals are in precharge detention and must be either charged or released unconditionally...

Pre-charge detention arrest and incarceration without being charged for people apprehended under terrorism powers lasts for up to a fortnight. After 14 days police must ask a judge's permission to carry on jailing a suspect without setting out a case against them.

Hall went on to call for the creation of a new offence of failing to hand over a password during a terrorism investigation. It was unclear whether the barrister was calling for the word "terrorism" to be inserted alongside "child indecency" and "national security" in RIPA section 53(5A)(a), which sets longer sentences for refusals to decrypt in certain types of case.

In a coded warning, Hall appeared to suggest that opposing an expansion of forced-decryption powers could lead to "longer and longer periods of pre-trial detention being sought" by police, spies and the like.

Lest all this is thought to be an edge case that only applies to nasty people who had it coming to them anyway, British police abused their Terrorism Act powers to target a journalist's courier who was changing flights at Heathrow while carrying encrypted material from Edward Snowden. In an act of great national shame, a senior judge decided this was perfectly legal.

Hall's proposal would see people in similar circumstances journalists, your lawyer, your family members facing a potential five-year prison term for quite reasonably refusing to incriminate themselves or others. Such abuses, and potential abuses, must be confronted and taken outside the range of lawful options open to police and others.

Hall's full speech is available as a PDF on the government website, gov.uk.

* The Independent Reviewer of Terrorism Legislation's official name is deliberately misleading: the post is now used by the government of the day for prominent barristers to prove their political loyalty before promotion into senior politico-legal posts.

Hall's immediate predecessor, Max Hill QC, echoed then-Home Secretary Amber Rudd's demands for encryption and online anonymity to be outlawed, something that did not in any way slow down his promotion to Director of Public Prosecutions top job in the criminal legal world 10 months later.

Before Hill came David Anderson QC, who was widely accepted to have been as neutral as is possible in the post; nonetheless, this didn't stop his elevation to the House of Lords as a crossbench peer after he stepped down in 2017.

The first permanent reviewer and Anderson's predecessor was Lord (Alex) Carlile QC, who, though nominally a Lib Dem, took a post in 2001 in Tony Blair's Labour government. He spent the next nine years overseeing the introduction of intrusive legal powers for police, spies, local councils and anyone else in the public sector who fancied themselves as James Bond.

Sponsored: Detecting cyber attacks as a small to medium business

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We need to make it even easier for UK terror cops to rummage about in folks' phones, says govt lawyer - The Register

Research: Ether Was the Cryptocurrency Most Correlated to Other Coins in 2019 – Cointelegraph

Recent research shows that Ether (ETH) was the cryptocurrency most correlated to the rest of the crypto market in 2019.

In a report published on Jan. 22, the research arm of major cryptocurrency exchange Binance suggests that throughout 2019, ETH had an average correlation coefficient of 0.69. The paper, which compared correlation data of 20 top cryptocurrencies, reads:

Ether (ETH) is the highest correlated asset. With an average correlation coefficient of 0.69 throughout 2019, it is consistently among the most correlated assets. The coefficient started at 0.69 in Q1 and rose to 0.72 in Q4 (Q2: 0.65; Q3: 0.74).

Per the report, Ether was much less correlated in the first half of 2019 and became the most correlated in the second half. Interestingly, the paper points out that programmable blockchains such as Ethereum, NEO and EOS often showed higher correlations with each other than with non-programmable assets.

Other crypto assets that have shown a high correlation with the rest of the market include Cardano (ADA), EOS, Litecoin (LTC), XRP and Binance Coin (BNB). Furthermore, the researchers observed that correlation is typically higher among cryptocurrencies with the highest market caps.

Comparison of quarterly average correlation coefficients for the five most correlated assets. Source: Binance

The assets with the lowest correlation to the rest of the market, on the other hand, are Cosmos (ATOM), with a correlation of 0.31, followed by Chainlink (LINK) and Tezos (XTZ) with respective coefficients of 0.32, 0.4. Overall, the median correlation between large cryptocurrencies slightly decreased over the last quarter of 2019

Another interesting phenomenon pointed out by the researchers is the Binance Effect, which refers to the fact that cryptos listed on Binance displayed higher correlations than with the assets not present on the exchange. The firms research also claims that, among the top ten cryptocurrencies by market cap, its own crypto asset Binance Coin is the one that has seen the highest returns.

Comparison of quarterly price changes for the ten largest assets by market cap. Source: Binance

While the correlation between crypto assets has been widely observed, the correlation between Bitcoin (BTC) and traditional assets especially gold is still subject to debate. Nonetheless, new data suggests that BTC is less correlated to gold than many believe it to be.

In the past, some also observed that Bitcoin had an inverse correlation to the stock market. As Cointelegraph explained in a market analysis piece at the end of October 2019, at the time this trend broke.

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Research: Ether Was the Cryptocurrency Most Correlated to Other Coins in 2019 - Cointelegraph

Bank of England to consider adopting cryptocurrency – The Guardian

The Bank of England will examine how Britain could adopt a bitcoin-style digital currency as part of a global group of central banks that have joined together to examine the possible pitfalls of relying on electronic money.

Bank officials will meet with the Bank of Japan, the European Central Bank (ECB), the Sveriges Riksbank, the Bank of Canada, the Swiss National Bank and the Bank for International Settlements (BIS) to pool research and experiences of the potential for a central bank digital currency (CBDC).

The BoE deputy governor Sir Jon Cunliffe will co-chair the group with Benoit Cure, a former ECB board member and head of the BIS innovation hub.

The move comes amid the emergence of private sector digital currencies, such as bitcoin and Facebooks libra, which is due to be launched this year.

Facebooks plans for its libra coin and a digital wallet have caught the attention of regulators and central banks worldwide, with Threadneedle Street being among those vowing tough new rules.

The BoE was among several central banks to warn that libra would need to be regulated, leading many supporters to end their relationship with the digital currency.

The idea of a central bank digital currency has been increasingly mooted worldwide to help improve payment systems and cross-border transactions.

The Bank said the new working group would look at CBDC use cases; economic, functional and technical design choices, including cross-border interoperability; and the sharing of knowledge on emerging technologies.

It will also work closely with other global forums and groups, such as the Financial Stability Board and the committee on payments and market infrastructures (CPMI), which is also chaired by Cunliffe.

Just last month, Swedens central bank said it would sign a deal with the consultancy firm Accenture to create a pilot platform for a digital currency, known as the e-krona.

The Riksbank has been exploring the idea of its own digital currency for some time, especially given the rapid decline in the use of cash in Sweden.

The European Central Bank has also been investigating the possible benefits of CBDC since last year.

Fran Boait, executive director of Positive Money, said policymakers had been slow to realise how much enthusiasm there was for digital money.

They have been asleep at the wheel over the future of our money system being determined by a small number of banks, payment companies and now tech giants.

The rapid decline of cash and threat of private digital currencies like Facebooks libra have served as a much-needed wake-up call, but central bankers have a lot of catching up to do.

Central banks need to accelerate plans for a central bank digital currency, which would both ensure that people have the choice of a safe public banking option and prevent our monetary system being completely surrendered to unaccountable private interests. This new group must serve as a vehicle for doing so.

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Bank of England to consider adopting cryptocurrency - The Guardian

Crypto Tidbits: Bitcoin Hits $9,000, Institutional Cryptocurrency Investment Spikes, NBA Team Uses Ethereum – newsBTC

Another week, another round ofCrypto Tidbits. The past seven days have been quite, quite exciting for Bitcoin and its ilk.

Per data from Coin360, BTC has gained 11% in the past week, rallying as high as $9,000 as buyers have stepped in en-masse. While already impressive in and of itself, what has been especially interesting is the performance of altcoins, which have largely outpaced Bitcoin for the first time in a while.

Ethereum gained 22%, surging to multi-month highs on the back of positive news and an influx of buying pressure; Bitcoin Satoshis Vision (BSV) has surged by 75%, rallying higher on developments in a court case between Craig S. Wright and his former business partner; and a majority of other altcoins saw weekly gains between 10% and 20%.

Like the market, the underlying industry saw its fair share of positive developments over the past week, which is as follows.

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Crypto Tidbits: Bitcoin Hits $9,000, Institutional Cryptocurrency Investment Spikes, NBA Team Uses Ethereum - newsBTC

Imagine Owning iMining Blockchain and Cryptocurrency (CVE:IMIN) And Trying To Stomach The 82% Share Price Drop – Yahoo Finance

iMining Blockchain and Cryptocurrency Inc. (CVE:IMIN) shareholders should be happy to see the share price up 14% in the last week. But will that heal all the wounds inflicted over 5 years of declines? Unlikely. Indeed, the share price is down a whopping 82% in that time. So we don't gain too much confidence from the recent recovery. The fundamental business performance will ultimately determine if the turnaround can be sustained.

We really hope anyone holding through that price crash has a diversified portfolio. Even when you lose money, you don't have to lose the lesson.

View our latest analysis for iMining Blockchain and Cryptocurrency

With just CA$56,043 worth of revenue in twelve months, we don't think the market considers iMining Blockchain and Cryptocurrency to have proven its business plan. We can't help wondering why it's publicly listed so early in its journey. Are venture capitalists not interested? So it seems that the investors focused more on what could be, than paying attention to the current revenues (or lack thereof). Investors will be hoping that iMining Blockchain and Cryptocurrency can make progress and gain better traction for the business, before it runs low on cash.

As a general rule, if a company doesn't have much revenue, and it loses money, then it is a high risk investment. There is almost always a chance they will need to raise more capital, and their progress - and share price - will dictate how dilutive that is to current holders. While some companies like this go on to deliver on their plan, making good money for shareholders, many end in painful losses and eventual de-listing. It certainly is a dangerous place to invest, as iMining Blockchain and Cryptocurrency investors might realise.

Our data indicates that iMining Blockchain and Cryptocurrency had CA$61k more in total liabilities than it had cash, when it last reported in August 2019. That puts it in the highest risk category, according to our analysis. But since the share price has dived -29% per year, over 5 years , it looks like some investors think it's time to abandon ship, so to speak. You can click on the image below to see (in greater detail) how iMining Blockchain and Cryptocurrency's cash levels have changed over time. You can see in the image below, how iMining Blockchain and Cryptocurrency's cash levels have changed over time (click to see the values).

TSXV:IMIN Historical Debt, January 22nd 2020

In reality it's hard to have much certainty when valuing a business that has neither revenue or profit. What if insiders are ditching the stock hand over fist? It would bother me, that's for sure. It costs nothing but a moment of your time to see if we are picking up on any insider selling.

Investors in iMining Blockchain and Cryptocurrency had a tough year, with a total loss of 33%, against a market gain of about 14%. Even the share prices of good stocks drop sometimes, but we want to see improvements in the fundamental metrics of a business, before getting too interested. Unfortunately, last year's performance may indicate unresolved challenges, given that it was worse than the annualised loss of 29% over the last half decade. Generally speaking long term share price weakness can be a bad sign, though contrarian investors might want to research the stock in hope of a turnaround. I find it very interesting to look at share price over the long term as a proxy for business performance. But to truly gain insight, we need to consider other information, too. Consider for instance, the ever-present spectre of investment risk. We've identified 5 warning signs with iMining Blockchain and Cryptocurrency (at least 3 which are concerning) , and understanding them should be part of your investment process.

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If you would prefer to check out another company -- one with potentially superior financials -- then do not miss this free list of companies that have proven they can grow earnings.

Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on CA exchanges.

If you spot an error that warrants correction, please contact the editor at editorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned.

We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Thank you for reading.

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Imagine Owning iMining Blockchain and Cryptocurrency (CVE:IMIN) And Trying To Stomach The 82% Share Price Drop - Yahoo Finance

How to Evaluate the Potential of a New Cryptocurrency – Live Bitcoin News

New cryptocurrencies pop up on an almost daily basis nowadays, and there are already thousands of them out there. However you may have noticed that the vast majority of those cryptocurrencies dont really go very far, and many stagnate or even depreciate after a couple of years.

Predicting how a new cryptocurrency will pan out is not easy, and is almost impossible. However there are ways that you can evaluate its potential and determine whether or not it has a good shot at making an impact:

For any cryptocurrency to make its mark, it needs to have some form of utility that is preferably unique in some way. In other words it actually needs to be able to solve a problem or improve on the way things are currently done.

If a cryptocurrency does not have any utility, there wont be any reason for people to want to invest in it. It wont stand out in any way, so why would anyone choose it as opposed to more established cryptocurrencies that have less risk?

Every cryptocurrency is only as strong as the team behind it especially when it is starting out. If you want to know its potential, you need to research the team and find out who they are, what theyve worked on in the past, and how successful their projects have been.

Keep in mind that there are many fake cryptocurrencies that may list prominent individuals and well-known experts in a bid to lure people in. To ensure you dont fall victim, your research must be thorough.

The scarcity of cryptocurrency varies depending on its code and how it is set up. In some cases it may become more difficult to produce the coin as time goes by too.

Because of the principle of supply and demand, scarcity is important to the future potential of any cryptocurrency. The more limited the supply, the more confident you can be that its value will increase if there is sufficient demand.

Just because a new cryptocurrency has good utility, it doesnt necessarily mean that people will flock to it automatically. Instead, the team behind it needs to have a strong adoption strategy that will market the cryptocurrency.

Most new projects are open about their adoption strategy and include it as part of their road map. It is up to you to look into the strategy and decide whether or not it is a viable plan that can live up to expectations.

Although perceived value may seem ephemeral, it can actually be a tangible factor in the potential of a cryptocurrency. The more positive indicators are present, the greater the perceived value of the cryptocurrency will be and the more demand there will be for it.

To determine the overall perceived value of a cryptocurrency, you will need to look at any and all factors associated with its development. That includes any milestones it has already achieved, key collaborations or partnerships, media coverage, and so on.

Evaluating the potential of new cryptocurrencies is essential if you dont just want to trade bitcoin but would like to explore other ICOs and opportunities. It will require quite a bit of time and effort on your part however, and you need to carefully go over the information that is available.

Always remember that there are no guarantees that a cryptocurrency will ultimately live up to its potential. That being said, if you do carefully evaluate the potential it has you will be able to make far better decisions on the whole.

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How to Evaluate the Potential of a New Cryptocurrency - Live Bitcoin News