Upbits Stolen Ethereum Is Moving, and Its Bad News for ETH – newsBTC

In November, Upbit, a popular Korean crypto asset exchange, lost $50 million worth of Ethereum (ETH) from the exchange hot wallet in a seeming hack. Details on the attack remain sparse some think it was an inside job as the word hack was not mentioned and due to the timing of the loss of funds though Upbit promised to reimburse all users affected with corporate funds.

Despite this, the stolen ETH is still out in the wild, so to speak. And according to blockchain analysis, after a few weeks of silence to seemingly fly under the radar, the hackers are starting to move the funds yet again, potentially creating a catalyst for some downward price action in the Ethereum market.

On Saturday, Whale Alert, a Twitter account dedicated to tracking suspicious blockchain transactions, posted the tweet below. In it, the account indicated that 5,000 ETH, valued at around $660,000 as of the time of writing this, was transferred from a wallet operated by those involved in the Upbit hack to an unknown wallet.

This may seem negligible, but NewsBTCs analysis of the transaction and related addresses found that this single transfer is more sinister than it may seem on the surface.

Our analysis using Ethereum blockchain explorer Etherscan found that portions (in smaller batches of 25, 50, 100 coins) of the 5,000 Ethereum are being siphoned into newly-created addresses, which in turn send funds to crypto exchange wallets.

So far, NewsBTC has found that some of Upbits stolen funds are being sent to at least three exchanges: Bibox, Binance, and one we cant identify at the moment.

There remain millions of dollars worth of Ethereum related to the hack in non-exchange wallets, making it likely that the hackers are waiting for the right moment to transfer those funds to exchanges in a bid to cash out their booty.

Hackers sending funds to exchanges can only mean one of two things: theyre attempting to cash out their stolen cryptocurrency, or theyre looking to convert their assets to another cryptocurrency (maybe to Bitcoin or Monero in this case) to make their transactions less traceable.

Whatever the case, this means that Ethereum should see some selling pressure in the coming days as a result of the sale of these hacked funds on Binance, Bibox, or other exchanges that the hackers are trying to send their cryptocurrency to.

Yes, $600,000 isnt a lot of money in the grand scheme of the cryptocurrency market, but might we remind you that there remain thousands of ETH out on the market ready to be liquidated.

Also, Chainalysis, a blockchain analysis company, has found that the PlusToken Wallet scam, which was a China-centric crypto scam that secured billions worth of Bitcoin and Ethereum, has dozens of millions worth of ETH left to liquidate.

With PlusToken purportedly driving the Bitcoin crash over the past six months, their liquidations of the second-largest cryptocurrency could perpetuate troubles for this already-troubled market.

There is a silver lining though: Changpeng CZ Zhao of Binance has pledged to work with Upbit and other industry players to ensure any hacked funds that may make their way to Binance are immediately frozen.

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Upbits Stolen Ethereum Is Moving, and Its Bad News for ETH - newsBTC

I ran the numbers, and we’re not biased | News, Sports, Jobs – Alpena News

Back in November, a reader brought to my office spreadsheets breaking down the columnists, editorial cartoons, and Associated Press news stories in every edition of The News between Sept. 23 and Nov. 14, which he considered irrefutable proof of The News bias against President Donald Trump.

It took me a lot of stolen time over the last several weeks, but Ive finally run the numbers.

The reader was incorrect though I did find room for improvement.

First, lets dispense quickly with the idea that the APs coverage is biased.

Weve AP run stories about Trumps accomplishments (positive jobs reports, military successes, and finalized trade deals), but the best way to gauge the fairness of a newspaper is not by counting positive versus negative stories about a particular politician, but looking at how it covers politicians from opposite political parties.

Yes, we carry stories about Trumps troubles, but also those of his opponents. On Nov. 2, for example, we ran a front-page story pointing out the flawed logic of Democrat Elizabeth Warrens vow that her Medicare for All plan would not raise middle-class taxes. On Dec. 5, we ran a story breaking down the many weaknesses in Democrat Kamala Harriss campaign that led her to exit the race.

Youll never hear me say we shouldnt run more of those stories, but space is finite in print, and we have to prioritize. When the president faces impeachment for only the fourth time in U.S. history, that is historic. It would be a dereliction of my duty not to run those stories.

A spot-check of The News archives show weve held that standard for Democratic presidents, as well.

Beginning Jan. 22, 1998, when the first revelations about Bill Clinton and Monica Lewinski were made public, The News ran a front-page story every day the rest of the month, nine stories in eight days.

Throughout Clintons impeachment in December 1998, The News ran 20 front-page stories in 17 days.

In June 2013, when Edward Snowden revealed President Barack Obamas widespread collection of Americans cell phone data, the first story was pushed to 2A (which would not have been my decision), but The News ran seven front-page stories on the scandal the rest of that month.

Meanwhile, my review of Commentary pages from Sept. 23 to the end of November found:

20% of columns and 41% of cartoons were either anti-Trump or pro-Democrat

13% of columns and 41% of cartoons were either pro-Trump or anti-Democrat

12% of columns and 1% of cartoons were conservative, but did not directly address Trump or Democrats

6% of columns and 3% of cartoons were liberal, but did not directly address Trump or Democrats

The biggest chunk of columns, 46%, were local, apolitical, or a balanced analysis of the news of the day. About 14% of cartoons were apolitical.

I think the reader misinterpreted a number of the opinion pieces.

For example, he counted all of Froma Harrops columns as liberal or anti-Trump, but her Oct. 23 column criticized Democrats for overplaying identity politics. He categorized most of Walter E. Williams columns as neutral, but try to find a progressive who agrees with the Williams theme that racial equity efforts actually hurt people of color.

The reader marked both editorial cartoons on Oct. 11 as anti-Trump, but the larger cartoon that day depicts a little boy asking his mother, Dont you worry that withholding cookies until I clean up my room might constitute an illicit quid-pro-quo? I think the artist intended that cartoon to call Democrats impeachment push petty and childish.

While we run more conservative than liberal columns, we do run more anti-Trump than pro-Trump columns, largely because most of our liberal columnists attack Trump, while many of our conservative columnists avoid writing about him at all (a problem for newspapers nationwide, according to a 2016 Washington Post story).

The problem is especially acute on our Saturday Commentary pages, where a large volume of letters to the editor sometimes force cartoons and syndicated columnists off the page, leaving only the anti-Trump Andrew Heller.

We dont want to be that lopsided on our most-read paper of the week, so weve decided to shuffle some things around:

Starting today, Doug Pugh, a fan-favorite local columnist whose writing rarely strays into politics, will replace Heller on Saturdays. Heller, a Michigan writer, will replace Diane Dimond on Mondays, where weve typically had only nationally syndicated opinions.

Taking Pughs usual Tuesday spot will be Patrick Buchanan, a syndicated and openly pro-Trump writer.

Were not perfect, but we are deliberate about telling stories and sharing opinions from across the diverse spectrum that is this country.

Thats the way weve always been, and the way well always be.

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Every year, when the weather starts to get cold and ice starts to form, I receive many questions regarding helpful ...

Northeast Michigan has two of the best legislators in the state. As we say that, we admit our bias, but ...

The Alpena News accepts guest columns of up to 800 words from individuals whose expertise in and/or personal ...

Have you ever heard that expression, how life can change for you on a dime?Its very true. Imagine, ...

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I ran the numbers, and we're not biased | News, Sports, Jobs - Alpena News

Collateral damage and the American Empire Oliver Stone heads south again – Buenos Aires Times

To a certain extent, its impossible to separate the history of Latin America from political persecution, many times influenced by foreign powers. That oppression, which was initially purely violent before prioritising the financial, evolved along with the global superpowers and their struggles, most notably the Cold War-era that pitted the Soviet Union (East) against the United States(West). And, in the words of Oliver Stone, the persecutionhas now turned political.

Its not just about goods anymore, its very political, its about the idea of the American Empire, the legendary filmmaker told the Times in an exclusive December interview at a luxury hotel in the Buenos Aires City neighbourhood of Recoleta.

While the 20th century found Washington supporting bloody military coups across the continent, cementing its economic control of the region, today its the Empires greed that has pushed it to invest heavily into what Stone calls militarisation and dollarisation. This, in turn, has led to the emergence of lawfare, the term Cristina Fernndez de Kirchner has tirelessly repeated of late, even to Stone himself.

SOMETHING WILL STICK

The three-time Academy Award winner was in Buenos Aires recently to work on a new project, a continuation of his multiple documentaries on Latin Americas progressive leaders, as he describes them.

Cubas Fidel Castro and Venezuelas Hugo Chvez were the main protagonists of Comandante (2003) and South of the Border (2009) respectively. The burly director also travelled to meet the likes of Evo Morales in Bolivia, Luiz Incio Lula da Silva in Brazil, and Nstor Kirchner and Cristina Fernndez de Kirchner in Buenos Aires.

These trips came at the height of the power of the so-called "Pink Tide," through which Latin America came to be governed by leftist governments, in open conflict with the United States. It was also an era of an unprecedented economic boom, given the commodities super cycle fuelled by China and Asian demand for raw materials, which allowed these leaders to indulge in leftist populism that helped raise millions out of poverty and fill the pockets of their parties and those who were close to them.

Stone ascribes to the concept of "lawfare,"the favoured term of Kirchnerites in Argentina, supporters of Lula and Dilma Roussef in Brazil, and across the continent, where the end of leftist populist governments saw an intensification of judicial investigations into corruption by these progressive leaders and their associates.

When you weaponise laws, sanctions, when you go after people and make accusations, you can assign corruption to anyone, he notes. If you throw enough shit at the wall, something will stick.

Pushed by the Times on how the same judges, along with major media groups across the continent, were at one point supportive of the Cristinas and Hugos they later hounded, the director reveals he has firmly taken a side.

There was corruption in Venezuela before Chvez. Corruption is human nature, but lifting people out of poverty is an act of government. You need to have that kind of help for the poor, he said, defending the late Bolivarian leader. Its what [former US president Franklin D.] Roosevelt did in the US, its what Chvez did, what [Evo] Morales did in Bolivia, here too with Cristina and Nstor.

He clarifies himself. Its not that the director condones corruption in an ends justify the means argument when it comes to the region. He just isnt convinced they are ultimately guilty. Stone notesthat Rousseffs 2016 impeachment was based on technicalities, while in the end Lula was put behind bars on accusations without proof.

One of the main culprits, in Stones worldview, are the mainstream media outlets which put on a faade of objectivity but are nothing more than subservient to interests, thus manipulating the general population.

Certain issues are never raised in the American press, they didnt talk about the coup in Bolivia, it just happened under the radar, he exemplifies. In [the US] you cant get [independent news] onto TV, the networks are just gigantic commercial enterprises owned by rich people and stockholders, the establishment, just as in Latin America.

TIMES OF CHANGE

The director of landmark films such as Platoon (1986), Wall Street (1987), and JFK (1991) agrees there is a generalised disillusionment with the press nowadays, one that has grown in parallel with a technological revolution that has led to a constant bombardment of information at all times. This, along with the stagnation of a certain brand of capitalism that has led to increased inequality as social mobility disappeared while the rich got richer, has generated social flare-ups across Latin America.

Over the past year, Chile unexpectedly erupted into flames, putting into question its supposed economic miracle. Ecuador, Colombia and Peru also saw protesters on the streets. Bolivia had its own dramatic crisis with Evo Morales controversial elections for a fourth presidential term.

Only a few days before Stones interview with the Times, Morales had just arrived in Argentina as a political refugee. The week of publication,a piece by Bloomberg titled U.S. Warns Argentina That IMF Deal Threatened By Leftist Allies, is illustrated with a picture of the Bolivian leader in Buenos Aires.

But the current social crises are not just the consequence of capitalism. Rather the main issue at stake is a certain interpretation of capitalism, one that upholds the trickle-down effect of wealth, which hasnt produced the prosperity that has many times been attributed to it. Stone says he doesnt know [Karl] Marx well enough and that he doesnt believe in abandoning capitalism, but says for him, its a combination of capitalism and state-planning that works.

He is, though, critical of those on the left who believe that capitalism is responsible for pollution and climate change, as we are living in a time of enormous prosperity. He talks of devising new ways to generate clean energy, probably within a capitalist system.

POWER

Stones filmography reveals an obsession with power and how it is interpreted by leaders, most of them men. He laughs acceptingly at a reference to German philosopher Georg Hegel, and the idea that historical forces are greater than the will of individual men. But the obsession remains. During his latest visit to Argentina, Stone interviewed President Alberto Fernndez and the new vice-president, reuniting with Fernndez de Kirchner. He attended their inauguration. While in the capital, he also met social leader Juan Grabois and visited Editorial Perfil, where he interviewed the companys co-founder Jorge Fontevecchia.

Given this inclination towards power, what about Donald Trump? Stone replies that he thinks very little of him, before going on to speculate as to the chances that the US president could lose his re-election bid.Calling the situation in the US gridlocked by polarisation much like Argentinas own grieta' he criticises the investigation into Russian electoral interference, branding it so ridiculous and childish. There are enough problems, already, he feels.

[Trump] has broken treaties, broken his word. He got us out of the Iran [nuclear] treaty, the Paris Climate Accord, he has broken a nuclear treaty which is a huge mistake hes put his foot in his mouth, Stone says of the former reality TV star turned most powerful man in the world.

People lie, but Trump is exceptionally stupid in the sense of history, which he doesnt have. Its embarrassing the way he speaks, he repeats himself four or five times. Hes been a TV host, he knows what works on TV, he caps off, becoming heated.

But there are some positives to take away. Being an anti-leader, Trump has actually created momentum for climate change [activism], he argues.

One of Stones defining characteristics is being straightforward. With the same violence that is palpable in his Vietnam films, or in the vitriolic Natural Born Killers (1994), he will accuse the United States of being behind a regional conspiracy to politically take out Latin Americas leftist populist leaders, or brand President Trump "a fool," which he does openly and often on Twitter. There is little messing about.

He understands the power of being a Hollywood heavyweight and uses it to perform his own type of activism, supporting those who, like Julian Assange and Edward Snowden, challenge the might of the United States. Thats exactly what drew him to Latin America nearly 20 years ago, when the fall of the Twin Towers and a war against Saddam Husein in Iraq distracted an increasingly weak George W. Bush, allowing for a resurgence of anti-American leaders throughout Latin America.

The tide appears to be turning again.

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Collateral damage and the American Empire Oliver Stone heads south again - Buenos Aires Times

To See How Our Last ‘War on Terror’ Went Awry, Watch The Report – Reason

"You have to make this work! It's only legal if it works!" yells a CIA functionary overseeing the torture of prisoners in overseas black sites.

She's yelling at the two smarmy psychologists who came to the CIA to design and encourage the use of "enhanced interrogation techniques"tortureon the men the CIA had secreted away after the September 11 attacks. The psychologists had insisted these measures would result in the CIA learning new actionable intelligence to help keep Americans safe from new terror attacks. It wasn't working.

It seems unlikely that an actual CIA leader would yell something so on-the-nose, but this is The Report, a Hollywood attempt to dramatize not just the CIA torture that took place under President George W. Bush but the concealment of these tactics (from Congress and Bush himself), the fight by the Senate Intelligence Committee to investigate what happened, and ultimately the Obama administration's failure to hold anybody to account for some truly terrible behavior.

The name of the movie is actually The Torture Report, but the word "torture" is cleverly redacted to indicate the secrecy level. The torture is not redacted from the movie, though; all of it (including waterboarding and a forced enema) is re-enacted in vivid flashbacks. The protagonistinvestigator Daniel Jones, portrayed by Adam Driverattempts to determine what happened at these CIA sites, why, and what laws might have been broken in the process.

The investigation itself (which was supported at first by almost the entire Senate Intelligence Committee only to see it become a partisan battleground during Obama's presidency) represents only half the movie. The other half is the massive struggle to try to get any of the information into the hands of the public. We see how the CIA attempted to block its release and even engaged in illegal surveillance against the Senate staff, then accused the staffers of hacking into the computer system of America's spy agency.

The movie's available now on Amazon Prime. It's a good time to watch it, given the American drone strike that just took out Iranian military leader Qassim Suleimani. As information about the torture became public knowledge, the government's defenders insisted that this unauthorized and brutal behavior helped protect Americans and provided valuable actionable intelligence. But Jones' investigation showed that the torture failed to provide the CIA with any intelligence it didn't already have or was able to access by other means, a conclusion that was also reached by the CIA itself in an internal report (known as the Panetta Report after former CIA Director Leon Panetta). The investigation showed that many of the detainees the CIA tortured shouldn't have been taken in the first place and didn't even have useful information to share.

In hindsight, we can see that none of this helped stabilize the Middle East in any substantial way. We are most certainly not safer as a country as a result of the CIA's torture methods. One lesson of The Report is that people in positions of power have a vested interest in telling us that whatever brutal actions they back will help keep America safe, even if that's not really true.

And to be clear here, this is not a #Resistance movie. While The Report accurately portrays Senate Democrats as leaders who kept the investigation going, it also makes clear that the Obama administration is one of the forces working against them. Ted Levine plays former CIA Director John Brennan as a cocky and obnoxious jerk who seems interested only in protecting the CIA from criticism. Brennan, who tried to get Jones fired and possibly even charged with a crime, is unmistakably presented as a villain; his current critiques of the Trump administration do not shield him from criticism.

The film's handling of Sen. Dianne Feinstein (DCalif.), by a no-nonsense Annette Bening, is also interesting. The Report does not shy away from Feinstein's authoritarian streak. She declares at one point in the movie that she believes whistleblower Edward Snowden is a traitor, and she later mentions her support for Obama's secret drone warfare (newly relevant after Thursday's assassination). Nobody challenges her views, unfortunately, but the movie also pivots from giving her the big anti-torture speech at the end to showing an actual clip of deceased Sen. John McCain (RAriz.) giving a speech on the Senate floor opposing the use of torture by the CIA.

The Report ends on the dour real-world reminder that there's been no real punishment of the people involved in the decision to torture detaineesor even for the CIA staff who illegally snooped on Jones' work. The current director of the CIA, Gina Haspel, oversaw one of the black sites in Thailand where waterboarding occurred. Brennan is now a television news regular as an intelligence analyst and expert. Advisors who push the country in harsh and violent directions rarely pay a price when they're wrong. Keep that in mind as these same voices insist that whatever violence the Trump administration has in mind for Iran will make our country and the Middle East safer.

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To See How Our Last 'War on Terror' Went Awry, Watch The Report - Reason

Why The Bitcoin Price Could Hit $50,000 In 2020 – Forbes

Getty

While the Bitcoin price was on the decline for the second half of 2019, the reality is the crypto asset still roughly doubled in value over the course of the entire year. In fact, there were only two major cryptocurrencies that outperformed Bitcoin in 2019.

On Friday morning, Nexo co-founder Antoni Trenchev told Bloombergs Matt Miller why he thinks the Bitcoin price could continue to rise to the $50,000 mark in 2020.

I think that, very easily, we could see Bitcoin going up to $50,000 by the end of this year, said Trenchev.

Trenchevs Nexo platform allows users to borrow fiat currency against their cryptocurrency holdings. According to Nexos researchers and analysts, a massive rise in the Bitcoin price could occur due to the upcoming halving event. A halving event in Bitcoin is when the amount of Bitcoin generated by the network roughly every ten minutes is cut in half. This event takes place about every four years.

The last time this happened, Bitcoin rallied 4,000%, noted Trenchev.

Trenchev also pointed out that Bitcoin is mostly uncorrelated to the rest of the market, providing asymmetric returns for holders of the cryptocurrency.

Miller pointed out that Bitcoin hasnt grown much as a payment option since he tried to live on the digital currency for a Bloomberg investigative report back in 2012, but Trenchev claimed the main selling point of Bitcoin has evolved over the years.

The initial idea was: Were going to pay for coffees with Bitcoin, said Trenchev. But, obviously, that has failed to materialize. The narrative, now, that is much more persuasive is that Bitcoin is the new gold, and we see confirmation with the turmoil that we have this morning Bitcoin is rallying on par with gold.

Trenchev added that the Bitcoin price would reach the $50,000 level if the crypto asset is able to take hold of 10% of the current gold market. The Nexo co-founder claimed that, eventually, people will only be able to afford to buy satoshis rather than whole Bitcoins for their portfolios.

Members of the cryptocurrency industry are not the only ones who are aware of Bitcoins potential, as members of the United States Congress also envision a world where this technology could have a major impact on society. Congressman Patrick McHenry (R-NC) has said Bitcoin has enormous long term value, while Congressman Brad Sherman (D-CA) is worried about the cryptocurrencys potential impact on the U.S. dollar as the major reserve currency in the world.

See the article here:

Why The Bitcoin Price Could Hit $50,000 In 2020 - Forbes

2020 predictions for bitcoin, Libra, and the digital yuan – Quartz

As we turn our calendars to 2020, now is an opportune time to reflect on the year ahead. What does our financial future hold in store? With the S&P 500 booming, its difficult to imagine a shift toward alternative finance, but the landscape could change in a hurry.

Geopolitical and corporate forces are on a collision course, and our financial lives might be upended in an instant. From Chinas exploration of a digital yuan to Facebooks insistence on Libra (its own digital money), the worlds powers are gearing up to seize financial control. The question is, will it work? Simultaneously, legacy digital currenciesespecially the hundreds of cryptos that arose in 2017could fall by the wayside.

With that in mind, here are my predictions for digital money in 2020:

After a rejuvenating 2019, it appears bitcoin is on the rise once more. While its underlying market is virtually inscrutablebillions of dollars shuttle between traders in the black marketthere is one fundamental change on the horizon. Sometime in May, the bitcoin network will automatically reduce its block reward, the money paid to miners who secure the network.

While miners currently receive 12.5 bitcoins (market value: $87,000) for adding each new block of transactions, the network will programmatically adjust to provide a smaller payout, a reward of just 6.25 bitcoins. This reduction, which occurs every 210,000 blocks,is called the halving, or sometimes, the halvening.

The last time this happenedin July 2016, when the reward dropped from 25 bitcoins to 12.5 bitcoinsthe crypto market wasnt nearly as popular. Back then, bitcoin traded in the mid-$600s. Now, though, with greater attention on its contracting issuance rate and finite supply, bitcoins price could rocket up the charts. While some argue the halving is priced in (i.e., everybody knows its going to happen), others suspect the shrinking reward will make buying bitcoin more urgent.

Kicking a project while its down isnt my style. But with so little to show over the last three years, its hard say that ethers market cap ($14 billion) is justified. Arguably, if bitcoin ascends, it might take ether with it.

But if theres any rationality to crypto trading (hint: theres not) then ether should rightfully plunge. Perhaps Im locked into an outdated expectation that ether will be more than digital moneyits creators billed ethereum as a decentralized internet, a place where peer-to-peer platforms could flourish without corporations. From file storage to new-age lenders, ethereum was/is supposed to change everything. Maybe my prediction is colored by my disappointment. But, other than currency, there still isnt a provable use case for ethereumand as long as we have bitcoin, who needs another one? Its time for the market to reflect ethers bland reality.

Continuing with my hard-truths tour, I anticipate that Libra will not launch this yearat least not in anything close to the format Facebook initially promised.Can you even imagine Facebook launching a digital currency in a US election year? If Libra launched and was even remotely tied to election interference, there would be hell to pay.

Libra has already stained Facebooks reputation, showing that the company jumped on the blockchain bandwagon without much planning,and it (briefly) made regulators laser their focus on big tech. If Facebook moves forward, Id expect it to make Libra much less crypto and much more conventional financesomething like a Facebook debit card, not full-blown Facebook money. In my view, its much more likely Facebook will focus its effort on WhatsApp Payand hopefully, warding off fake news.

All right, its time to get bold. While theres been a lot of buzz about Chinas digital money experiments (link in Chinese), Id wager that this is the year when the country will actually release something to the public. The digital currency/electronic payments (DC/EP) plan has been years in the making, and I see little reason why China would continue to wait in the wings.

While I dont expect a complete rollout, China might begin limited tests of the DC/EP, perhaps with corporate partners. As the country makes its push onto the world stage and grapples with possible US sanctions, this centrally-planned effortcould shift the balance of financial power. And its something that few othershave the wherewithal to pull off.

Yes, there are challenges to be ironed out with a digital wallet system, but with the increasing desire for insights into citizen/consumer behavior, a digital currencyissued by and linked to the Peoples Bank of Chinawould provide exactly the leverage the country seeks. My guess would be that this happens in the middle of the year.

The quiet collapse of the blockchain industry hasnt made headlines. But projects are absolutely running out of moneyand patience. How long are programmers and community managers willing to work on something that doesnt ship? Or just doesnt make sense?

In 2020, I think lots of blockchain developersand especially researcherswill return to academia. Likewise, the hangers-on in the marketing machine will move on to the next hot thing. Perhaps cannabis or 5G?

Finally, Ill go out on a limb once more to say, I think the US Securities and Exchange Commission will finally approve a bitcoin exchange-traded fund. Realistically, theres little reason for the agency to hold it up any longer. Concerns about bitcoin market manipulation dont relate nearly enough to the financial product itself. Additionally, it seems, the competition from a bitcoin ETF would probably make private investment vehicles lower their fees.

Bits & Pieces

Please send news, tips, and your predictions to privatekey@qz.com. Todays Private Key was written byMatthew De Silvaand edited byKatie Palmer. Only rich people tell you not to talk about money.

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2020 predictions for bitcoin, Libra, and the digital yuan - Quartz

U.S. Assassination Of A Major Iranian Official Poses An Unprecedented Test Of Bitcoins Role As A Safe Haven Asset – Forbes

TEHRAN, IRAN - (ARCHIVE): A file photo dated September 18, 2016 shows Iranian Revolutionary Guards' ... [+] Quds Force commander Qasem Soleimani during Iranian Supreme Leader Ayatollah Ali Khamenei's meeting with Revolutionary Guards, in Tehran, Iran. The U.S. confirmed Thursday that it carried out a strike that killed Iranian Revolutionary Guards' Quds Force commander Qasem Soleimani in the Iraqi capital Baghdad. The strike near Baghdad International Airport killed Soleimani, one of the most powerful commanders of Iran's Revolutionary Guards, and Abu Mahdi al-Muhandis, vice president of the Hashd al-Shaabi group, or Popular Mobilization Units (PMU), local media reported. (Photo by Pool / Iranian Supreme Leader Press Office /Anadolu Agency via Getty Images)

The bitcoin price got a shot in the arm as news came out last night that theU.S. assassinated Qassem Soleimani, head of the feared and formidable Iranian Revolutionary Guard Corps (IRGC).

As of this writing, the bitcoin price is up 4.74%, approaching $7,400. It is tempting to take this observation and assume that bitcoin will continue to climb as tensions between the two countries continue to ratchet upwards.

All of this feeds the narrative that bitcoin is a safe haven asset.

This may be true, and the price of bitcoin may continue to rise. However, the expected fallout will serve as a defining test of Bitcoins presumptive role as currency of last resort or the final port in the storm.

Soleimani was the Tip of the Iranian Spear

It is hard to overstate the impact of Soleimanis assassination. While few outside of Iran will mourn his passing, there is no denying the level of power and influence that he held in Iran and around the region as a whole.

Aveteran of the devastating decade-long Iran-Iraq War in the 1980s, one which most people outside of the region have likely never heard of, Soleimani grew to become a glorified and almost mythical figure within Iran.

By leading the IRGC, he was a central player in virtually every major Iranian action in the region, including defense of the Assad Regime in Syria, securing Iranian influence in Iraq (lest the two countries ever go to war again), or supplying and supporting Hamas and Hezbollah against Israel. Some of his lesser-known activities included backing the Houthi rebels in Yemen and other groups across Afghanistan and Pakistan.

Taking out Soleimani was analogous to the U.S. losing a Secretary of Defense or National Security Advisor.

Map Strait of Hormuz and Persian gulf countries

A Stick of Dynamite into a Tinderbox

With this context, it is unsurprising thatJoe Biden likened the Soleimani assassination to tossing a stick of dynamite into a tinderbox. After all, while the world is surely better without Soleimani, nobody really knows what will happen next. All we do know is that the Iranian Supreme Leader Ayatollah Khameneivowed to take tough revenge against the U.S.

The anticipated response in and of itself should be enough to rattle markets and drive investors toward safe havens. Iranian-backed forces reach as far west as Turkey, south as Yemen, and east as Pakistan. If we take into account cyber or terrorist attacks, the entire world comes into play.

Further complicating the issue is the fact that this drama is playing out during a period of already heightened tensions in the region. U.S-Iranian relations were already poor following President Trumps withdrawal from the 2015 Iranian Nuclear Deal and application of his maximum pressure campaign against the country.

Arab Spring-esque protestshave also broken out across the region in countries such as Lebanon, Iraq, Algeria, and even Iran against causes such as income inequality or political freedom. In fact,Iraqi Prime Minister Adel Abdul MahdiandLebanese Prime Minister Saad Haririboth resigned in recent months in response to their inability to calm the protests.

Plus, there is currently aproxy war playing out in Libyapitting Turkey and the United Nations against Egypt, the United Arab Emirates, and Russia, among others.

It is hard to think of a worse time in the region for someone to light a match.

What Comes Next

Iran is unlikely to provoke all-out war against the U.S., as Khamenei and the rest of the leadership in Tehran are well aware that the fighting will largely take place in their home country (Iran does not have conventional military means of reaching the U.S.).

More likely, they are going to leverage their proxies across the region to attack U.S. allies and soft targets as they seek to exact revenge. For instance, they could try a repeat of theirattack on Saudi oil infrastructure in September 2019or disrupt the transit of oil through theStrait of Hormuz(which accounts for 20%) of the global supply.

The U.S. is on heightened alert,is deploying thousands of troops back into the region, and the State Department asked all Americans toleave Iraq immediately.

Map of the Middle East with Saudi Arabia in focus with bullets draped across

Trial By Fire

If there ever was a time for bitcoin and crypto to prove itself, this is it.

Safe havens like bitcoin, gold, and U.S. treasuries are up, while emerging market currencies have seen their biggest fall since September 2019.

These broad trends will likely continue if tensions escalate and people will seek alternatives to preserve their wealth.

However, the story is not this simple.

For the bitcoin price to continue to climb in the face of this instability, it needs to prove its resiliency and relevancy in local market conditions. Put another way, it must demonstrate utility. This means that there need to be on-ramps to the network, consistent Internet access or dense mesh networks, and users must have ways to simultaneously maintain privacy (perhaps from governments), but still find counterparties for commerce. Leigh Cuen fromCoinDeskwrote an excellent piece detailing some of these challenges in emerging markets around the world.

Now, this may be too much to ask of bitcoin right now, as it remains in its infancy, but at the same time it is hard to imagine a better proving ground for crypto.

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U.S. Assassination Of A Major Iranian Official Poses An Unprecedented Test Of Bitcoins Role As A Safe Haven Asset - Forbes

Bitcoin Just Reversed And Its Likely Heading $7,400 – newsBTC

Bitcoin price is climbing with a bullish angle above $7,000 against the US Dollar. BTC is likely to accelerate higher if it clears the $7,260 resistance.

Recently, there was a downside extension in bitcoin below the $7,100 and $7,000 support levels against the US Dollar. BTC price spiked towards the $6,880 support and traded to a new 2020 low at $6,863.

However, the bulls took a stand, resulting in a sharp upward move above the $7,000 resistance. Besides, there was a break above the $7,080 resistance area. More importantly, there was a break above a key bearish trend line with resistance near $7,120 on the hourly chart of the BTC/USD pair.

The pair spiked above the 50% Fib retracement level of the downward move from the $7,530 high to $6,863 low. Though, the upward move was capped by the $7,260 resistance area.

Additionally, the price is facing hurdles near the 61.8% Fib retracement level of the downward move from the $7,530 high to $6,863 low. Bitcoin is currently correcting lower below $7,200.

On the downside, an initial support is near the $7,120 level and the broken trend line. The next major support is near the $7,080 level, below which the price is likely to resume its downtrend.

Conversely, the price might continue to rise above the $7,260 resistance. The next major resistance is near the $7,400 level. An intermediate resistance is the 76.4% Fib retracement level of the downward move from the $7,530 high to $6,863 low.

If the price continues to rise above $7,380 and $7,400, the next stop for the bulls may perhaps be $7,460 and $7,500. Any further gains could lead the price towards the $7,500 resistance area in the coming sessions.

Bitcoin Price

Looking at the chart, bitcoin price is reversing losses above $7,100 and the 100 hourly SMA. If there is another surge above $7,260, it will most likely confirm a trend change and a fresh increase towards $7,500.

Technical indicators:

Hourly MACD The MACD is currently gaining strength in the bullish zone.

Hourly RSI (Relative Strength Index) The RSI for BTC/USD is now well above the 50 level.

Major Support Levels $7,120 followed by $7,080.

Major Resistance Levels $7,260, $7,380 and $7,460.

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Bitcoin Just Reversed And Its Likely Heading $7,400 - newsBTC

Bitcoin Cash surges nearly 14 percent to close first week of 2020 – Yahoo Finance

Bitcoin Cash (BCH), a fork of Bitcoin and the fourth-largest cryptocurrency by market map, has jumped in price by almost 14 percent within the last 24 hours.

BCH is now trading for right around $220 per coin, roughly a $20 jump from where it stood just yesterdayand a nearly $40 increase compared to two weeks ago.

Perhaps 2020 will prove to be a more positive year for Bitcoin Cash than the second half of 2019. Following a high of nearly $500 per coin during the summer, BCH has been on a steady decline ever since.

In mid-November, for example, the cryptocurrency led the market in terms of losses, along with its close crypto-cousin Bitcoin SV.

Nevertheless, Bitcoin Cash seems to be growing in popularity in regions such as Venezuela, where it is purportedly accepted by more shops and businesses than Bitcoin. So all hope for BCH hodlers isnt lost.

Meanwhile, crypto traders today are seeing green across the board. Bitcoin, for example, is up nearly 6 percent (possibly as a result of todays airstrike in Iran). Ethereum is up around 5 percent and trading at $133 per coin, and Bitcoin SV is up 10 percent and currently worth $102 per coin.

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Bitcoin Cash surges nearly 14 percent to close first week of 2020 - Yahoo Finance

Andreessen Horowitz: Bitcoin Will Usher in Influencer Coins by 2030 – Cointelegraph

Looking ahead to what we can expect by the new decades end, VC firm Andreessen Horowitz predicts that Bitcoin (BTC) is likely to be central to the monetization mechanisms that future online influencers will use.

In its Dec. 30 vignette of a highly automated future where food is tailored to an individuals microbiome and lifestyle in a roboticized kitchen, and VR and avatars are part and parcel of everyday business workflows Andreessen Horowitz writes that by 2030:

The influencer can reach hundreds of her fans instantaneously. In turn, the fans can get paid instantly for giving this feedback. They can choose to get paid in a cryptocurrency like Bitcoin or Libra, or they can choose to get paid in Influencer Coin.

Andreessen Horowitz sees the role of private digital assets like its hypothetical Influencer Coin as being a way for online fans to secure a stake in an influencers rising popularity similar to the way start-up employees participate in their startups growth through equity.

In a less literary take on strategic technology trends for the new decade yet one that overlaps significantly with Andreessen Horowitz in its overall vision ComputerWeekly.com has identified blockchain, hyper-automation and artificial intelligence security as the key drivers of change.

In the future, true blockchain or blockchain complete will have the potential to transform industries, ComputerWeekly contributor Brian Burke wrote on Jan. 2, further predicting that the technology will be fully scalable by 2023.

Blockchain together with complementary technologies such as artificial intelligence and the Internet of Things (IoT) will expand the type of participants in decentralized and automated networks, Burke notes.

In the automotive industry, a smart sensor-equipped car could be able to negotiate insurance prices directly and automatically with an insurer using blockchain and IoT, for example.

More broadly, the report points to data privacy measures, increasingly democratized technology and distributed cloud computing as key parallel trends to blockchain in the coming decade.

On the cusp of the new year, ZenGo wallet CEO Ouriel Ohayon tweeted his joke-mode 2020 predictions. Swerving between the mock-apocalyptic and the sarcastic, he wrote:

Bitcoin will crash to sub-1000 USD; all hardware wallets will be hacked; Tron/XRP will become the most important cryptocurrency; Satoshi identity will be revealed and will be disappointing; Trump will stack sats on twitter; Lightning will have glorious adoption.

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Andreessen Horowitz: Bitcoin Will Usher in Influencer Coins by 2030 - Cointelegraph