Briefly Noted Book Reviews – The New Yorker

Dark Mirror, by Barton Gellman (Penguin Press). In 2013, the author, reporting for the Washington Post, was among those who brought to light the trove of top-secret N.S.A. files leaked by Edward Snowden. Here he delves even deeper into the maze of government secrecy and surveillance, but at the books core is his wary, exasperating relationship with his source, who slides between principled candor, exaggeration, and evasion. Gellman takes us through his efforts while reporting to weigh the publics right to know against the need for secrecy on national-security matters, as he carefully charts the course toward transparency. Even so, when an N.S.A. spokesperson accuses him of being in love with your source, he takes seriously the possibility that her words might bear some truth.

The Compton Cowboys, by Walter Thompson-Hernndez (William Morrow). The history of African-American ranching in California has its roots in the westward migration following the Civil War. This vivid group portrait of contemporary black cowboys at Richland Farms, in Compton, is a story both of heritage and of urban unrest, gang violence, and confrontations with the police. The Compton Cowboys met, in the eighties and nineties, in a youth horseback-riding program mostly funded by white donors. Taking over the ranch as adults, they sought to reclaim the legacy of black cowboys. Their activities, the author shows, sparked a culture clash in the wider community, but they have also revived interest in the black cowboy life style, indelibly captured in the Cowboys motto: Streets raised us. Horses saved us.

Man of My Time, by Dalia Sofer (Farrar, Straus & Giroux). The ruptures of the 1978 Iranian Revolution govern the life of Hamid, the stoic narrator of this novel, which shuttles between the past and the present day. Working for years as a government interrogator, Hamid became estranged from his family, who fled to America. But on a trip to New York, accompanying a government minister on a diplomatic mission, Hamid visits his mother, who asks him to fulfill his fathers wish to have his ashes scattered in Iran. Sofer shows how one generations revolt gives rise to anothers. At one point, Hamid, asking the minister for reassurance that historys disturbances will resolve into peace, is told instead that the world is inclining toward darkness.

Tropic of Violence, by Nathacha Appanah, translated from the French by Geoffrey Strachan (Graywolf). This novel by a Mauritian-French writer takes place off the coast of Mozambique, on the island of Mayotte, which is officially part of France, and by far its poorest region. Migrants flock to Mayotte despite its poverty, in the hope of acquiring French passports. In Appanahs sobering story, a baby boy, Mose, abandoned by his migrant mother, is adopted by a nurse, grows into a rebellious adolescent, and becomes entangled with a sadistic teen-age gang leader. Appanah offers a portrait of a place both beautiful and brutal, suggesting that Mayotte, damaged by colonization, corruption, poverty, and neglect, is fated to afflict its inhabitants in turn.

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Briefly Noted Book Reviews - The New Yorker

Signal should be protesters’ messaging app of choice thanks to new blur face tool – Fast Company

When it comes to privacy, there are some good messaging apps (Apples Messages, WhatsApp) and some bad ones (Facebook Messenger). But theres only one truly great messaging app when it comes to privacy: Signal.

Heres why the app, famously endorsed by whistleblower Edward Snowden, should be your messaging app of choice. However, as of today, Signal has gotten even betterand if youre an organizer or protester marching in support of black lives, it should be the app you use to communicate with and share photos with other people.

[Photo: courtesy of Signal]Thats because Signal now allows users to quickly blur faces in photos shared via the appno external photo editor needed. This means you can quickly and safely share images of protests without putting the protesters around you at risk of identification and retaliation. From Signals blog post on the new features:

Many of the people and groups who are organizing for that change are using Signal to communicate, and were working hard to keep up with the increased traffic. Weve also been working to figure out additional ways we can support everyone in the street right now.

One immediate thing seems clear: 2020 is a pretty good year to cover your face.

The latest version of Signal for Android and iOS introduces a new blur feature in the image editor that can help protect the privacy of the people in the photos you share. Now its easy to give every face a hiding place, or draw a fuzzy trace over something you want to erase. Simply tap on the new blur tool icon to get started.

Best yet, the new blur tools operations are carried out entirely on your smartphoneso no images are transmitted to a server somewhere to have faces blurred. But Signal does note that its new blur faces tool isnt perfectit may not blur every face in a photo. Thats why users can also quickly add blurs to any part of the photo they want just by using their fingers. Portions of a photo protesters might want to blur (besides faces) are any protesters distinguishing marks, such as tattoos or logos on their clothes.

Signal has already submitted the updated app to Apple and Google for approval on their respective app stores, so the new blur tool for Signal for iPhone and Android should be rolling out shortly.

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Signal should be protesters' messaging app of choice thanks to new blur face tool - Fast Company

Today’s Headlines and Commentary – Lawfare

Defense Secretary Mark Esper stated that he opposes the use of military force for law enforcement purposes in response to protests. President Trump has threatened to make use of the powers afforded under the Insurrection Act but Esper said invocations of that act should be reserved for only "the most urgent and dire of situations," AP reports.

A U.S. Department of Homeland Security intelligence assessment found that opportunists from White supremacist groups have been working to increase tensions between police and protesters, but found no evidence that white supremacist groups were causing any of the violence at protests, reports Reuters.

Senator Elizabeth Warren wrote a letter to the Defense Departments acting inspector general asking him to launch an investigation into the use of the military in quelling protests, according to The Hill.

The National Guard of the District of Columbia is launching an investigation into the use of one of its helicopters as a "show of force" against protesters near the White House Monday night, writes AP.

In response to Beijingsrefusal to allow American air carriers to resume operation in China, the U.S. will ban all commercial passenger flights from Chinese carriers beginning June 16th, writes the Washington Post.

Former deputy attorney general Rod Rosenstein testified at a Senate Judiciary Committee hearing on the Crossfire Hurricane investigation and the the warrant to surveil former Trump campaign adviser Carter Page. Rosenstein said, among other things, that in retrospect he feels that he should not have approved the warrant application, writes The Hill.

The Center for Democracy and Technology filed a lawsuit against President Trump's executive order on social media, saying it violates the First Amendment, The Hill reports.

Internal Huawei documents have revealed an effort within the company to cover up its role in violating U.S. sanctions on Iran, writes Reuters.

Russian President Vladimir Putin endorsed a new nuclear deterrence policy which allows for the use of nuclear weapons in response to a conventional attack that "threatens the very existence of the state," AP reports.

ICYMI: Yesterday on Lawfare

Elliot Setzer shared the Center for Democracy and Technologys challenge of the executive order on Section 230.

Susan Hennessey and Margaret Taylor asked if Congress can work together to calm the country.

Paul Rosenzweig reviewed Burn-In: A Novel of the Real Robotic Future by P.W. Singer and August Cole.

Herb Lin offered some ways that lessons from cybersecurity and the pandemic can inform each other.

Jen Patja Howell shared an episode of the National Security Law Podcast on Insurrection Act with Ben Wittes, Robert Chesney and Steve Vladeck. Robert Chesney and Steve Vladeck shared the same conversation on their National Security Law Podcast feed.

Elliot Setzer shared the brief urging the Court of Appeals for the D.C. Circuit to force D.C. District Court judge Emmet Sullivan to dismiss the prosecution of former national security adviser Michael Flynn.

Stewart Baker shared an episode of the Lawfare Podcast featuring an interview with Bart Gellman about his new book, Dark Mirror: Edward Snowden and the American Surveillance State.

Peter E. Harrell explained what the U.S. could do to respond to moves by China to restrict Hong Kongs autonomy.

Email the Roundup Team noteworthy law and security-related articles to include, and follow us on Twitter and Facebook for additional commentary on these issues. Sign up to receive Lawfare in your inbox. Visit our Events Calendar to learn about upcoming national security events, and check out relevant job openings on our Job Board.

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Today's Headlines and Commentary - Lawfare

Memes, lolz and intel incels: behind the scenes in the NSA hacker corps – British GQ

Since its debut in 2006, for reasons lost to history, the annual hackers conference in northern Virginia has been known as Jamboree. Possibly the name is meant to be tongue-in-cheek. It brings to mind incongruous scenes of Boy Scouts and Girl Scouts and campfires and songs of peace. In the wiretappers Jamboree, the setting is less pastoral a conference space and the lyrics sing of digital battlefields.

Jamboree celebrates technical brilliance, audacity on offense and a relentless drive to win. It promotes a laser focus on mission accomplishment. Those are virtues among spies, important ones. They are not the only virtues. Jamboree springs from an operational world that can be nonchalant about the privacy of innocents and contemptuous of men and women who allow themselves to be owned, as hackers say, by American cyber warriors. Sexual innuendo, ethnic slurs and mockery of the dead are neither furtive nor especially rare in the discourse of USs National Security Agency (NSA). The people who speak this language among themselves show no apparent concern for reproach by superiors. They are the same people whose work may decide who lives and who dies in a conflict zone. As many of you know, our forces in Iraq are dropping bombs on the strength of sigint alone, Charles H Berlin III, the former chief of staff of the Signals Intelligence Directorate, told his workforce in an internal newsletter in 2004.

There are many professionals in the NSA who take no part in the japery. I have little doubt that they make up a large majority. NSA personnel and veterans I have met are thoughtful about their power and conflicted about trespassing, as inevitably they do, into private terrain that does not belong to a foreign intelligence target. Among the top guns of the NSA hacker club and those who make use of their work, looser language and attitudes are commonplace. Scores of examples in documents and confidential interviews reveal a tendency in those precincts to infuse official reports with snickering insults and derisive memes invented by teenagers, gamers and nerds on the internet.

The NSAs blue-badge employees divide between civilian hires and uniformed personnel on assignment from Army, Navy, Air Force, Marine Corps and Coast Guard intelligence. Military employees arrive prescreened. Civilians run a gauntlet when they apply: a 567-question psychological test, a follow-up interview, the SF-86 Questionnaire For National Security Positions and a polygraph exam to probe for counterintelligence threats. Even so, in the internet age, the NSA has had to adaptin order to recruit the cohort of gifted hackers it needs. They do not tend to arrive with spit-shined shoes and hair cut high and tight. The culture, Edward Snowden said, is T-shirts, jeans, bleached hair, green hair, earrings, meme shirts, memes posted all over your cubicle. Screeners make allowances. Some of the top recruits would never have made the cut in the analog age of listening posts and paper files.

The larger part of the NSAs intake depends upon what the agency describes as special sources. The NSA asks for secret access to one or another piece of the backbone of the global communications network. Security-cleared executives at US internet and telecommunications companies agree to provide it. The NSA likes that arrangement. Why hot-wire a car when the owner will lend you the keys? Some executives not as many since Snowden regard support for US intelligence as a patriotic duty. Some are compelled by law. Some companies, such as AT&T, have classified arrangements with the NSA, code-named Blarney, that stretch back to the 1970s. The companies are compensated for their trouble from a classified budget for corporate partners that reached $394 million in fiscal year 2011.

When the NSA cannot negotiate access, it helps itself. Overseas, where domestic legal restrictions do not apply, the acquisitions directorate, S3, is free to tunnel just about anywhere it likes. A worldwide hacking infrastructure called Quantum deploys a broad range of tools to inject software exploits, intercept communications with methods known as man in the middle and man on the side and reroute calls and emails through NSA collection points. Most of these are known as passive operations because they collect electronic signals automatically as they pass through large trunk lines and junctions. When passive methods do not suffice, the job becomes, in NSA parlance, interactive. During one representative week in April 2012, there were 2,588 such interactive missions. That kind of bespoke hacking is the province of Tailored Access Operations (TAO).

Sexual innuendo, ethnic slurs and mockery of the dead are neither furtive nor rare in NSA discourse

Locker room bravado is one thing when it takes place in the field. The trash talk, in this case, is built into the official vocabulary of the NSA headquarters at Fort Meade, Maryland, where engineers and managers describe close access work in terms of seduction and drunken conquest. Surveillance targets, as depicted in formal accounts of expeditionary operations, are like women who would regret the night if only they remembered it in the morning.

One common mission for TAO is to hack into a local wireless network. Wi-Fi signals do not travel far, even when amplified by surveillance equipment, which means that access teams have to sneak in fairly close. Every stage of their work comes with a suggestive cover name. First comes Blinddate, in which a team member searches for vulnerable machines. He slips into the network during Happyhour, mingles among the computers there and lures his tipsy victim into a liaison. Next comes Nightstand, short for one-night stand, wherein the operator delivers a load of malware into the defenceless machine. Further exploitation and hilarity ensue on Seconddate. For all their subtlety, the cover names might as well be Bimbo, Roofie, Bareback and The Clap.

None of this is to cast shade on the operations themselves. By nature an expeditionary mission is closely targeted, the opposite of mass surveillance, and the NSA chooses the marks to fit the demands of its political masters. The targets I saw in documents are what you would expect of an intelligence agency doing its job. The question is what to make of the giggles between the lines. It is not too much, I think, to say that sexual exploitation is an official metaphor of close-access operations, passed up the chain of command in operations reports and back down to the lower ranks in training materials. The seven-part qualifying course on wireless exploitation techniques, for example, includes units called Introduction To Blindate (Grab a partner!) and Introduction To Nightstand. There are plenty more where those come from. The NSA archive features dozens of cover names in the same style, from Vixen and Badgirl to Ladylove and Pant_sparty. The latter is versatile slang in pop culture, suitable for any of several intimate acts. In surveillance speak it stands for injection of an NSA software tool into a backdoor in the targets defences. Get up close, whip out your Pant_sparty tool and stick it in her back door. The developers, briefers and trainers who trade in this kind of mirth, without exception that I could find, are men.

Alan Tu, a former threat operations analyst, told me the dick-swinging badinage is the product of a workforce that was incredibly young, young and male. Many either in their first post-college job or 19- to 21-year-old military operators. This is the age of peak testosterone. It would not occur to those men, Tu added, that anyone outside their circle would read what they wrote or find reason to object. And oversight can be thin, he recalled: Getting quality managers was sometimes a struggle because often they would pick from what seemed to be the most appropriate technical guy and give them their first leadership and management job.

Snowden turned down a job in TAO, but this was the culture he grew up in. The memes are awesome for morale and having fun but youre having fun with systems that get people literally killed, he told me. It is adolescent empowerment. Literally, I can do what I want. What are you going to do to stop me? I am all-powerful. I would point out what defines our understanding of adolescence and what it means to be juvenile is a lack of self-awareness and restraint.

Towards the end of 2018, I sat down with former FBI director James B Comey for a long conversation in a midtown New York hotel suite. He put a lot of effort into cultural change in his own agency before Donald Trump fired him in May 2017.

The FBI, like the NSA, worked hard to recruit and accommodate young technical talent. Before the Trump administration came topower, Comey was looking for ways to soften a ban on applicants with a history of marijuana use. I have to hire a great workforce to compete with those cyber criminals and some of those kids want to smoke weed on the way to the interview, he told the Wall Street Journal then. Attorney general Jeff Sessions put a stop to any squishiness on that point, but the bureau, like the NSA, relaxed some entrenched ideas about who belonged. I asked Comey whether he thought Fort Meade has come to grips with the subculture that the young hacker recruits brought with them.

Thats a great question, he said. I suspect not, because I remember the first time I went there, 2004, 2005, I was struck that Id just stepped into the 1950s. I remember walking in and seeing the old wood panelling, old-fashioned carpeting. I felt like Id gone back in time. The support staff seemed to be mostly white women with beehive hairdos, all done up, and a lot of men in short sleeves. Kind of like what you see in a Nasa movie [set in] the 1960s. Thats what it felt like. I remember, when I joked about it, someone saying a huge number of employees are legacy. Their parents worked there. Its a family business.

There are hundreds of cover names that make no effort to be opaque. They are hand-selected for meaning, simple or otherwise

By doctrine the agency is supposed to assign its cover names at random. That is only sometimes true in practice. A true cryptonym, usually a pair of randomly selected words, conceals any hint of the secret it protects. Byzantinehades, for instance, betrays no link to Chinese cyber espionage. But there are hundreds of other cover names that make no effort to be opaque. They are hand-selected for meaning, simple or otherwise. At times the names are artlessly literal. One classified compartment, shared with the United Kingdoms GCHQ, is called Voyeur. It refers to spying on another countrys spies as they spy on someone else, an especially intimate encounter. Scissors, a more prosaic choice, is a processing system that slices up data for sorting. Voyeurs peer through windows. Scissors cut. No mystery is intended or achieved.

The most revealing cover names are compact expressions of culture akin to street art. The culture owes a great deal to gamers, coders and other digital natives in the outside world. Some of its products, like the sequence from Blinddate to Nightstand, evoke the brotopia of Emily Changs eponymous book about Silicon Valley. Some, like Boundlessinformant, which is a live-updated map of surveillance intake around the world, are so tone-deaf as to verge on self-parody. (The map itself, despite some breathless commentary, is nothing sinister.) In public remarks and testimony, NSA officials often speak of their compliance culture, humble and obedient to post-Watergate laws. There is truth in that, but when the agencys hackers roam abroad, where far fewer restraints apply, they strike an outlaw pose. There is a whole branch of the acquisitions directorate, S31177, devoted to Transgression. A mysterious Badass compartment is mentioned but left unexplained. Pitiedfool, a suite of technical attacks on the Windows operating system, evokes the ferocity of Mr Ts warning to enemies (I pity the fool!) in the film Rocky III. Blackbelt, Felonycrowbar, Zombiearmy and Devilhound share the macho vibe. Another whole class of cover names, including Epicfail and Erroneousingenuity, jeer opsec errors by surveillance targets who imagine that they are covering their tracks.

The insider folkways signal membership in a tribe. The tribe likes science fiction and fantasy, comic book heroes, Star Trek, Star Wars, Harry Potter, fast food, whiskey, math jokes, programmer jokes, ethnic jokes, jokes about nontechnical people and caustic captions on photographs. NSA nerds use dork and bork as verbs. As in: dork the operating system to exploit a device, but dont bork it completely or the device will shut down. They illustrate reports with photos of animals in awkward predicaments; one of them likens a surveillance target to a horse with its head stuck in a tree. They condescend about leet (or l33t) adversaries, wannabe elite hackers who think they can swim with the NSAs sharks. They boast of dining on rivals who are honing their skillz, another term of derision. The themes and memes of NSA network operations are telltales of a coder class that lives its life on-screen, inattentive to the social cues of people who interact IRL in real life.

The keyboard geekery can be whimsical. One training officer, apropos of nothing, dropped a joke about binary numbers into a cryptography lecture. There are ten types of people in this world: those who understand binary and those that dont, the instructor wrote. A weekly briefing on surveillance operations paused to celebrate Pi Day, 14 March, when the numeric form of the date is the best-known constant in math. Then there is the NSA Round Table, an electronic discussion group that invites participants to vote one anothers comments up or down. The voting system, lifted from Reddit, rewards amusing insults as much as content in a forum ostensibly devoted to classified business. Why is a scoop of potatoes larger than a scoop of eggs in the cafeteria? a contributor named Michael wondered one day. Paul jumped in to play the troll. Let me be the first to down-vote you, Paul wrote, naming several pedantic reasons. A side debate erupted: should Michaels post be down-voted, flagged or removed? Clyde returned to the topic at hand with a facetious theory that scoop volume is proportional to the relative size of potatoes and eggs themselves. In that case, Scott replied, what would happen if we served eggs that were bigger than potatoes, like of an ostrich? Someone proposed a uniform system, One spoon to scoop them all, an homage to The Lord Of The Rings. Punsters demanded the inside scoop and lamented the waste of time on small potatoes.

The same aspirations to nerdy wit define a large universe of NSA cover names. Somebody came up with Captivated Audience for a software tool that listens in on conversations by switching on the microphone of a targets mobile handset.

Many, many cryptonyms juxtapose animal names rabbits, goats, monkeys, kittens, a whole menagerie with incongruous adjectives. Comic book heroes and villains take prominent places in the pantheon. Mjolnir, the mythical hammer of Thor, is an NSA weapon to break the anonymity of Tor. Batcave includes a digital hideout for agency hackers who emerge to steal another countrys software code. Batmans alluring foe and sometime love interest, Poisonivy, is the cover name for a remote-access trojan used by Chinese government spies. Another programme is named for Deputydawg, the cartoon sheriff in a Terrytoons childrens show. Nighttrain is harder to source with confidence, being a blues song and a country song and a Guns N Roses song, but it seems to refer in context to a volume of the Hellboy comic series. Inside the agency it is part of an especially sensitive programme: espionage on a close US ally during operations alongside the ally against a common foe. Nighttrain is the allys surveillance technology. The NSA hacks into it with Ironavenger, named for a Marvel Comics story line about robot duplicates of famous superheroes. An NSA system for automated decryption of enciphered data is named Turtlepower, after the Teenage Mutant Ninja Turtles.

So it goes. Harry Potter fans dreamed up Quidditch in honour of the exploits of the NSAs Special Collection Service. Sortinghat, the enchanted cap that selects a Hogwarts house for each young wizard, is what the NSA calls the traffic control system for information exchanged with its British counterpart. Dystopian fiction contributes Bladerunner and Alteredcarbon, a pair of stories adapted from print to film. Grok, a verb invented by science-fiction author Robert Heinlein to signify deep understanding, is an NSA key logger that records every character a victim types. Favourite libations (Makersmark, Walkerblack, Crownroyal) and junk foods (Krispykreme, Cookiedough, Lifesaver) make regular appearances. Unpacman is a nod to early arcade games.

The culture is T-shirts, jeans, bleached hair, green hair, earrings, memes posted all over your cubicle

Star Trek lore provides an especially rich source of memes. Vulcandeathgrip, first officerSpocks ultimate combat move, is a nerdy play on network lingo: the grip in this case seizes encryption keys during the handshake of two devices as they establish a secure link. Borgerking is a twofer: fast food and a nod to the Borg collective that overmatches Starfleet captain Jean-Luc Picard. Trekkies account for Vulcanmindmeld and Wharpdrive, too, but their best work is no doubt Kobayashimaru. That is what the NSA calls its contract with General Dynamics to help break into another countrys surveillance equipment. In the Star Trek oeuvre, the name refers to a simulated mission at Starfleet Academy that tests a young cadets character in the face of certain doom. Every path in the game is programmed to destroy the players ship and crew. Cadet James T Kirk, having none of that, hacks into the simulator and adds a winning scenario. The metaphor stands for more than it may intend: not only creative circumvention, an NSA speciality, but a hacker spirit that gamifies its work.

Anthony Brown / Alamy Stock Photo

The fun and games are sometimes dispiriting to read. In the NSAs Hawaii operations centre, civilian and enlisted personnel used their work machines to circulate dozens of photo memes that originated on Reddit, 4chan, and somethingawful.com. One photo showed a four-foot plastic Donald Duck with hips positioned suggestively between the legs of a pigtailed little girl. Another depicted a small boy tugging at a playmates skirt with the caption, I would tear that ass up! An image of blue balls accompanied a warning to a girl in her early teens against teasing her boyfriend without submitting to sex. Beneath a photo of smiling middle school children, one of them in a wheelchair, another caption read, Who doesnt belong? Thats right. Wheel your ass on outta here. A similar photo, overlaid with an arrow that pointed to one of the boys, declared, Everyone can be friends! Except for this little faggot. One more, shot at the finish line of a Special Olympics footrace, advised the joyful victor, Even if you win, youre still retarded.

None of that could be called official business, even if distributed at work, but ethnic and other slurs find their way into NSA briefings and training resources as well. They turn up most commonly when syllabus writers are called upon to make up foreign names. Invented names are a staple of NSA course materials because analysts in training have no need to know the identities of actual foreign surveillance targets. Instructors use fictional substitutes to teach the technical and procedural fine points of target selection.

One of the first things an analyst needs to learn is what counts as an adequate reason to judge that a prospective surveillance target is a foreign national on foreign territory.

(Fourth Amendment restrictions apply otherwise.) The NSA syllabus for its Smart Target Enhancement Program walks through 12 foreignness factors that analysts may rely upon, each illustrated with examples. Some of the ersatz target names are merely playful: Elmer Fudd, Dr Evil, Bad Dude, Bad Girl, Bad Guy and Super Bad Guy. Most of them descend into stereotype. Lotsa Casho is a Colombia-based coordinator for a drug cartel. A Beijing-based Chinese party of interest can be found online as friedrice@hotmail.com. The Turkish target (kababs4u@yahoo.com) is Master Kabob, believed by the NSA to have provided grilled kabobs for hungry Islamic cells.

The most derisive descriptions, and the ones used most often, are reserved for fictional Arabs and Muslims. Many are named with a bastardised reference to an Arabic term of respect for fatherhood. Abu Bad Guy, Abu Evil and Abu Raghead make appearances, among others. Another version takes the name of the Prophet: Mohammed Bad Guy, Mohammed Evil, and so on. Weekly programme updates in briefings prepared for supervisors display related tropes. One report on a surveillance operation in progress took a break from matters at hand to joke about what happens when the mulla [sic] mixes his Viagra with his heroin. (Now he gets an erection but cant stand up.) Save for the last example, these are bureaucratically vetted teaching materials.

In the age of Trump, I found a new openness among my bitter critics in the intelligence community. People who had shunned contact after the Snowden revelations began to talk to me again.

One of them, soon after retiring as director of national intelligence, was Air Force lieutenant general James Clapper. Both his parents had worked for a time at Fort Meade and Clapper himself did a tour there as aide to the NSA director in the course of a half-century career. In 2014, Clapper had come as close as anyone in government to accusing me, along with the documentary maker Laura Poitras and journalist Glenn Greenwald, of taking part in a criminal conspiracy with Snowden. Four years later, in the summer of 2018, he agreed to meet face-to-face. Clapper had responded crankily at first to my request for half a day of his time. I need to know what this is about before I sit for an hours-long recorded interrogation, he wrote. I made fun of his choice of noun but replied at length. Eventually he agreed to breakfast at the McLean Family Restaurant, a CIA hangout in northern Virginia, where Clapper seemed to know half the room. He made the rounds, chatting up old friends and colleagues, then ordered an egg white omelette. During several hours of conversation, long after servers cleared our plates, he listened respectfully and responded without mincing words. I recounted some of the stories I planned to tell here.

Near the end of the interview, I asked Clapper what to make of an agency culture in which hackers and analysts feel free to mock the dead and conduct official business with ethnic and sexual slurs. These are not necessarily the people you want to be in charge, I said.

His face tightened. TAO, he said, referring to Tailored Access Operations, is supposed to be, you know, our legitimate government officially sanctioned hackers.

Right. Theyre supposed to be, I replied. But if theyre snickering about...

He interrupted, sarcastic. But we want them to be nice. We dont want to do anything thats politically incorrect. Right? Isnt that what youre saying?

What you want is to think theres a certain level of maturity and respect for the amount of power they have.

Clapper softened. Well, yeah. You do. But, hey, theyre human beings too. And Im sure we could clean that up.

Open-mindedness in a leader of Clappers rank is not to be taken for granted. Even so, he could have probed more deeply. Language is the symptom, not the problem. NSA geeks are not like other geeks whose folkways they share. The NSAs top guns build and operate the machinery of a global surveillance hegemon, licensed to do things that would land them in prison if they tried them anywhere else. The eagle and serpent would not be alpha predators without them. Only judgment and self-control can govern them where there is some play in the rules, as there usually is in a sprawling enterprise. Digital weapons designers, like engineers everywhere, are inclined to do what works. The choices they make reach well beyond the terrain of Bad Girls and Bad Guys.

Dark Mirror: Edward Snowden And The American Surveillance State by Barton Gellman (The Bodley Head, 20) is out now. amazon.co.uk

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Memes, lolz and intel incels: behind the scenes in the NSA hacker corps - British GQ

Actor John Cusack accuses police of coming at him with batons and hitting his bike – Straight.com

For well over a decade, John Cusack has been one of America's most politically active actors.

He met whistleblower Edward Snowden in Moscow and coauthored a book about this with Indian writer Arundhati Roy.

Cusack has also slammed the Obama administration for using drones to kill people.

And he has suggested over Twitter that Donald Trump should be removed from office due to the emoluments clause in the U.S. constitution, which prohibits the president from receiving gifts from foreign powers.

But last night may have been the first time that Cusack felt under attack from police.

He was videotaping a burning car in Chicago when a large number of baton-wielding cops approached him.

According to Cusack, they "gently tuned up my bike with their batons".

You can see and hear some of what was said below.

Chicago, like many other cities, was the scene of a gigantic protest against last week's police-involved death of Minnesota resident George Floyd.

A police officer, Derek Chauvin, has been fired and charged with third-degree murder and manslaughter after he was videotaped with his knee on Floyd's neck. Three other officers watched as Floyd pleaded to be released.

While the vast majority of this weekend's demonstrators were peaceful, there were also many fires started and windows smashed.

Some have suggested that white supremacists may have contributed to the mayhem.

Here's the scene in Nashville, where the city hall was set ablaze.

Below, you can read some of the comments and reports being passed around over social media.

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Actor John Cusack accuses police of coming at him with batons and hitting his bike - Straight.com

Bitcoin Has Been the Best Currency Investment for Over 1,200 Years – Cointelegraph

Bitcoin (BTC)s value appreciation over the past 11 years sets it apart from virtually all of the worlds fiat currencies.

Central banks around the globe continue to churn out money, deliberately devaluing existing currency through inflation. They have also had a lot longer than Bitcoins 11 years for the effects to accumulate. So how do major fiat currencies compare to Bitcoin?

The first Bitcoins were mined on Jan. 3, 2009.

The first widely accepted commercial transaction was on May 22, 2010. Laszlo Hanyecz bought two pizzas for 10,000 BTC in an event that has since been immortalized as Bitcoin Pizza Day. With the pizzas worth about $30, this puts a value of around $0.003 on one BTC at this point.

Exchange rates were being calculated even before this though, based on the amount of energy it took to mine each Bitcoin. On October 5, 2009, this method suggested an exchange rate of $1 = 1,309.03 BTC, or $0.000764 for one BTC.

However it is unclear whether anyone bought any Bitcoin at this theoretical price point, so for simplicity's sake we will put an initial price of $0.003 on Bitcoin almost exactly 10 years ago. In those ten years BTC price has appreciated over 320 million percent.

The U.S. dollar has been the official currency of the United States since the Coinage Act of 1792. So how has its value fared in the ensuing 228 years?

According to consumer price index data, $1 in 1792 bought the equivalent of $26.71 today. In other words, it has lost over 96% of its value in 228 years.

This figure may come as a surprise, as one often hears statistics about the dollar losing much of its value since 1900. However both of these facts are true. The value of the dollar went both up and down in its first 150 years, and the vast majority of its value has been lost since its decoupling from the gold standard in 1971.

The euro became legal tender on January 1, 1999, when it superseded the national currencies of participating countries, making it just 10 years older than Bitcoin. Surely such a modern invention should compare better?

Sadly no, as the Euro suffers from the same design issues as the dollar. Inflation has meant that 1 euro today is worth the equivalent of 0.70 euro in 1999, meaning that it has lost thirty percent of its value in just 21 years.

The oldest world currency still in use is the British pound. which is an impressive 1,200 plus years old.

Of course, the decimalized pound sterling of today is a far cry from the original pound, which predates the formation of Britain and even of England (with the unification of the Angles, Saxons and Danes in 927). This makes a direct comparison of the value then and now somewhat moot.

However the original 8th Century pound was composed of 240 silver pennies, comprising one Mercian pound of fine silver, hence the name. [N.B. Later this became one tower pound of sterling silver, giving us the pound sterling.]

One Mercian pound was equivalent to 350g, which at todays silver price would be valued at 156.45 ($200). So, if we consider the original precious metal value rather than the spending power of the currency, in 1,200 years the coin of the realm has arguably appreciated by 15,545%.

When the Coinage Act was passed in 1792, the dollar also had a similar definition, being 371.25 grains (or 24 grams) of silver. This is worth $13.58 today, so one could equally claim that, in terms of the silver value, the original dollar has appreciated by 1,258% in the last 228 years.

Even more impressively, anyone who had kept hold of a silver dollar from 1792, would today find themselves in possession of an artefact worth around a million dollars. So an actual 1792 dollar has arguably appreciated by 100 million percent in value.

Of course, even if we do choose to measure our relative currency value in this way, it still doesnt hold a candle to Bitcoins performance over the last 10 years.

Plus your 1792 dollar will be a lot harder to spend.

Link:
Bitcoin Has Been the Best Currency Investment for Over 1,200 Years - Cointelegraph

Why $8.1K Will Be a Key Level for Bitcoin Price for the Next 6 Months – Cointelegraph

Bitcoin (BTC) is trading at $9,687 representing a 0.87% loss in value in the last 24 hours and 1 % for todays session

Looking at performance relative to its peers, Ether (ETH) and XRP are both underperforming versus Bitcoin at the moment. Ether, the second-biggest cryptocurrency by market capitalization, being down 1.29% and XRP 1.22% in the last 24 hours. But both have outperformed Bitcoin this week with ETH up a notable 9% over the last seven days.

Bitcoin dominance remains at 65% and continues to lose ground following a strong couple of weeks for altcoins.

Cryptocurrency market 24-hour view. Source: Coin360

The weekly Bitcoin chart shows BTC/USD at the peak of its third attempt to push the price action back across the $10,000 handle after a period of lower lows.

Since August of 2019, $10,500 is the price point at which Bitcoin has been unable to close above on the weekly chart and it is generally a level Bitcoin has struggled to sustain.

The Moving Average Convergence Divergence indicator (MACD) is trending above zero and crossed bullish with higher highs printing on the histogram implying that there remains strength within the move.

Spot volume has been overwhelmingly in the green with 10 of the last 12 weeks printing bullish volume.

BTC/USD 1-week chart. Source: Tradingview

The VPVR indicator shows volume traded by price rather than by day and is useful to see which price levels attract the most interest in the market.

Volume has traded with a large bias below $9,700 since 2019 and little volume traded above this level, meaning Bitcoin is at the top of the trading range of interest. However, a break across this level means that there is little volume history and would likely lead to volatility.

Below $9,700 is the vast majority of price history meaning Bitcoin should find support if prices were to push lower.

High volume nodes are also visible around the $8,800 level and the $8,000 level, which are also where the 50 and 20-week moving averages are located. These would be areas buyers would be expected to step in should a breakdown occur. The yearly pivot also resides in the $8,100 area and has already acted as important support on the ascent to $10,000.

The 20-week moving average has often been a clear line in the sand between Bitcoin being in a bull and bear market, but should that fail there is the 100-WMA at $7,200 and the 200-WMA at $5,900, which are also both areas of strong price history.

Each of the key moving averages mentioned all have their price above and are trending to the upside, which is generally what would be expected for a market to be considered bullish. But the higher high on the weekly chart remains a miss for the bulls.

BTC/USD 1-week chart. Source: Tradingview

The 4-hour chart again shows Bitcoin above all of the key moving averages with a notable recent golden cross of the 50-DMA above both the 100 and 200-DMA.

Price action has been trapped within a large symmetrical triangle, which is generally considered bullish and has a measured move target of $12,000 as decided by the width of the triangle.

The price is also showing a false breakout and rejection at the key $10,400 level, which Bitcoin has struggled with in the past three quarterly periods. Traders need close and reclaim above this level and form a higher high before the chart can be in the clear for the bulls.

BTC/USD 1-day chart. Source: Tradingview

The 1-day chart is showing the MACD momentum being marginally bullish, trending above zero but overall lacking momentum. Volume has generally been below average, with higher volume bars lately being predominantly bearish.

Low volume can be expected in a period of consolidation as seen when BTC worked towards the breakout above $8,000. However, the consistent buying volume led to a breakout in the OBV, a volume indicator that adds or subtracts daily volume based on price movement and therefore, emphasizes the effect volume has upon price.

OBV presently remains flat and has not broken out of sideways consolidation. Volume generally tends to lead price and there is not evidence of a breakout either way on the daily timeframe.

BTC/USD 1-day chart. Source: Tradingview

The 4-hour chart also shows Bitcoin is being supported by the 50-MA and is attempting to break but also finding support on the triangle apex. This is the second meaningful breakout from the triangle and sustaining price outside and above $9,600 would be positive for the bulls.

BTC/USD 4-hour chart. Source: Tradingview

The MACD looks to be rolling over on the 4-hour chart with a bearish cross after consecutive red volume bars, which also show a clear breakdown in the OBV.

There is also a clear divergence between the OBV and price, with BTC pushing higher. But the OBV moving lower meaning that the bulls are perhaps not supported by the volume needed to sustain the move.

BTC/USD 4-hour chart. Source: Tradingview

The CME futures chart shows a slightly different chart to that of the Bitcoin chart with a very clear divergence between volume and price. Volume is clearly favoring the bears as demonstrated by the above-average red volume bars and also the divergence on the OBV, which is clearly moving lower.

CME Futures Bitcoin 1-day chart. Source: Tradingview

Futures prices for Bitcoin are carrying around a 0.5% premium for the end of July and there is not an expectation of breaking $10,000 before the end of the year.

This is generally not a bad sign as there is not any overly bullish sentiment as prices are moving higher, though this has proved to be a bearish sign in the past.

Listed BTC Futures/Perpetual Swaps. Source: Skew

Perpetual swap funding is showing to be low at around 0.01% per session and is generally trending up on average. However, it is clearly below the higher levels, implying the market is overleveraged to the bullish side.

Generally speaking, there is an inverse relationship between funding rates and the following price direction.

BTC Perpetual Swaps Funding. Source: Skew

The price of Bitcoin remains in a state of being bullish at resistance but has failed to find the volume to break above the key resistance of $10,500. Volume confirmation and support at $10,500 should see Bitcoin move into an area where volatility will pick up and bulls will then set $12,000 as their next target.

However, the volume does appear to be controlled by the bears around the $10,000 level, and the current bullish responses have not been sufficient enough to break out of the OBV.

Bitcoin price price may need to go lower to find more consistent bullish buying interest, with the 20-week moving average and the pivot around the $8,100 area likely to play an important role in determining the price over the next six months.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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Why $8.1K Will Be a Key Level for Bitcoin Price for the Next 6 Months - Cointelegraph

Bloomberg Analysts Predict $20K Bitcoin This Year – CoinDesk – CoinDesk

Bloomberg analysts are the latest to jump on the bandwagon of experts expecting bitcoin to revisit its record high in 2020.

The bold prediction is largely based on the fact that price action seen over the last 2.5-years looks similar to the patterns over the 2.5-years following the leading cryptocurrencys rise to record highs in December 2013.

After 2014s 60% decline, by the end of 2016 the crypto matched the 2013 peak. Fast forward four years and the second year after the almost 75% decline in 2018, noted Bloomberg Crypto in a monthly report.Bitcoin will approach the record high of about $20,000 this year, in our view, if it follows 2016s trend.

Lets take a look at those patterns.

2013 to 2017

Bitcoin printed a lifetime high above $1,100 in early December 2013 and fell by over 55% in the following year.

The bear market ran out of steam at lows near $150 in January 2015 and bitcoin turned higher in the fourth quarter of that year. Prices then rose back to levels above $700 ahead of its second mining reward halving (a coded-in supply cut), which took place on July 9, 2016.

2017 to present

Having topped out at a record high of $20,000 in mid-December 2017, bitcoin fell by 75% in 2018. The cryptocurrency bottomed out near $3,100 in December 2018 and rose 90% in the following year.

Moreover, prices remained largely bid (bar a March sell-off) in the five months leading up to the third halving on May 11, 2020. The cryptocurrency clocked highs above $10,000 in early May.

With bitcoin tending to move in these long-term cycles, prices may indeed challenge $20,000 this year, as expected by Bloomberg.

Something needs to go really wrong for bitcoin to not appreciate, the analysts added in the note.

Macro factors

This year is about increasingly favorable technical and fundamental underpinnings for bitcoin, Bloombergs note continued.

Indeed, with increased institutional participation and other factors accelerating the maturation of the bitcoin market, the odds appear stacked in favor of continued upward move in prices.

Open interest or open positions in futures listed on the Chicago Mercantile Exchange (CME), which is considered synonymous with institutions and macro traders, has increased by over 500% so far this year, according to data provided by the crypto derivatives research firm Skew.

Further, bitcoin-based exchange-traded instruments like Grayscales Bitcoin Trust (GBTC), the largest by assets under management (AUM), have recently been on an accumulation spree.(Grayscale is a subsidiary of Digital Currency Group, the parent firm of CoinDesk.)

So far this year, its increasing AUM has consumed about 25% of new Bitcoin-mined coins vs. less than 10% in 2019. Our graphic depicts the rapidly rising 30-day average of GBTC AUM near 340,000 in Bitcoin equivalents, about 2% of total supply. About two years ago, it accounted for 1%, Bloomberg said.

The trust has accumulated coins 1.5 times the total coins mined since the May 11 halving, according to crypto analyst Kevin Rooke.

Put simply, demand looks to be outstripping supply and that is a classic factor driving price rises, regardless of the asset.

Additionally, the unprecedented monetary and fiscal stimulus lifelines launched by central banks and governments across the globe to counter the coronavirus-induced economic crisis and joblessness is widely expected to push up inflation, leading to a further increase in demand for bitcoin.

Most analysts consider bitcoin a hedge against inflation, given its supply is capped at 21 millions and its monetary policy is set in code to cut cut by 50% every four years.

At press time, bitcoin is changing hands near $9,500, representing a 1.4% decline on the day.

Disclosure:The author holds no cryptocurrency at the time of writing.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Bloomberg Analysts Predict $20K Bitcoin This Year - CoinDesk - CoinDesk

First Mover: Bloomberg’s Pie-in-the-Sky Bitcoin Call Looks Directionally Defensible – CoinDesk

Based on a slew of recent predictions, bitcoin prices could more than double this year to $20,000. Or go to$250,000 by early 2023. Or$300,000 within five years.

Whatsconfounding cryptocurrency traders now is the wide gap between suchlofty forecasts and the banal reality: Since late April,bitcoin has traded in a range between roughly $8,500 and $10,200.

Thursdays market action was no different, with prices rising 1.3% to about $9,800. The highest in two days. Not much to get excitedabout.

Youre readingFirst Mover, CoinDesks daily markets newsletter. Assembled by the CoinDesk Markets Team, First Mover starts your day with the most up-to-date sentiment around crypto markets, which of course never close, putting in context every wild swing in bitcoin and more. We follow the money so you dont have to. You cansubscribe here.

The newest forecast attracting chatter, onTwitterandelsewhere, emerged this week when analysts at Bloomberg predicted, based largely on an analysis of historical trading patterns,that bitcoin prices would approach$20,000 later this year.

A jump to thatlevel would bring bitcoin back to its December 2017 all-time-high of $20,089. Clearing the thresholdwould represent a remarkable comeback for bitcoin, and itwould reset many of the conversations around the market. Imagine the daily breathlessheadlines in both cryptocurrency-and Wall Street-focusedmedia as the 11-year-old digital asset charted new price records.

A glance at bitcoins price chart since early 2017 shows how far off bitcoin remains from that$20,000 threshold. But it also shows how rapidly the price ran up in 2017. In the volatile bitcoin market, its hard to rule anything out.

Greg Cipolaro, co-founder of the cryptocurrency analysis firm Digital Asset Research, says predicting prices for bitcoin has been notoriously difficult.

Its a highly volatile asset with not a lot of understanding of valuation and pricing frameworks, Cipolaro said in a phone interview. People kind of throw darts at a dart board. Sometimes theyve been proven to be wildly low, and sometimes wildly optimistic.

Whats easier to predict, according to Cipolaro, is where prices are headed more generally. He says hes bullish.

The current backdrop,the macroeconomic and social and political divide that were experiencing, all point to a non-sovereign-backed store of value, and that is something like bitcoin, Cipolaro said.

Maybe thats the right approach. Such finger-in-the-wind forecasts areincreasinglythe modus operandi on Wall Street these days.

The Standard & Poors 500 Index isnow close to its 2019 year-end level, even though the coronavirus and related lockdowns have pushed the global economy into its worst contraction since the 1930s, hitting corporate profits anddriving large retailers into bankruptcy. Unemployment is soaring.

Some commentators on U.S. stocks argue that valuations arent really supported by the fundamentals, but by a belief that governments and central banks like theFederal Reserve will pull every official lever to keep share prices from falling. The implication is that stocks might have little downside, but little upside either.

With bitcoin, there are naysayers of course. Goldman Sachss money-management division wrote last week thatbitcoin is not a suitable investment. The billionaire investor Warren Buffett said in February that bitcoin has no value.

But to professional crypto analysts, the downside risks are far more mundane. Nicholas Pelecanos, head of trading at NEM Ventures, said in an email that bitcoin prices could fall toward $7,000 if they break below the $8,500 mark. Not exactly catastrophic, given that prices have often traded below $7,000 over the past six months.

And theres a lot to talk about when it comes to theupside.

The European Central Bank on Thursday announced it would inject as much as 600 billion euros more into financial markets than previously promised, potentially bolstering bitcoins use as a hedge against inflation.

CoinDesks Zack Voell reported on Thursday that bitcoin isincreasingly being used in tokenized formwhen transacting ondecentralized-finance networks on the Ethereum blockchain. A fast-growing use case, as it were.

CryptoCompare, a London-based data aggregator, said Thursday in a report thatcryptocurrency derivatives volumes surged to a record $602 billion in May.

And CoinDesks Wolfie Zhaoreported Thursday that the Bitcoin blockchainunderwent an automatic adjustment that will make iteasier to minenew units of the cryptocurrency, theoretically luring more operators back to the network to keep its distributed ledger secure.

Mati Greenspan, of the foreign-exchange and cryptocurrency-analysis firm Quantum Economics, says the milestone could catapult bitcoin into the next wave of its price cycle. The adjustment comes roughly a month afterbitcoins once-every-four-years halving, which cut bitcoin rewards for miners in half.

Though we only have two examples of previous halving events, the price began to rise approximately one month after the event, begging a brand new massive bull run each time, Greenspan wrote in an e-mail to clients.

Bitcoinmay not go to $300,000. It may not even go to $20,000.

But the base case for now is that the price is likely to go up. First it needs to get past $10,000.

Tweet of the day

Bitcoin watch

BTC: Price: $9,738 (BPI) | 24-Hr High: $9,875| 24-Hr Low: $9,472

Trend: A key bitcoin price indicator continues to call a bullish move despite the cryptocurrencys recent failure to keep gains above the $10,000 mark.

The weekly charts moving average convergencedivergence (MACD) histogram is producing higher bars above the zero line, indicating a strengthening of upward momentum. Its now reporting a value of 282 the highest since mid-July 2019. Put simply, the indicator is currently suggesting the strongest bullish bias in 11 months.

While the MACD is based on backward-looking moving average studies, it has proven its fortitude in the past by marking the beginning of bullish trends with a cross above zero. For instance, the MACD crossed above zero in mid-February 2019 and began climbing above zero well before the cryptocurrency broke into a bull market with a 26% rise in the first week of April 2019. Similarly, the bearish trend seen in the second half of last year began after the MACD moved back below zero.

The weekly charts relative strength index is also signaling bullish bias with an above-50 reading, while the daily chart is flashing agolden crossover, a long-term bull market indicator.

Multiple long-tailed candles seen on the hourly chart show persistent dip demand near the 200 hour average, currently at $9,581. The immediate bias will remain bullish as long as prices are holding above that level.

All in all, the charts seem to have aligned in favor of a re-test of $10,000. The cryptocurrency was rejected above that hurdle on Tuesday, falling sharply by $800 in just five minutes. As a result, some analysts say a sustained move above $10,000 is required to restore the rally from the March low of $3,867.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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First Mover: Bloomberg's Pie-in-the-Sky Bitcoin Call Looks Directionally Defensible - CoinDesk

Miners Are Selling More of Their Bitcoin. That May Actually Be Bullish – CoinDesk – CoinDesk

Despite Tuesdays sudden price decline, miner flows suggest the bitcoin market remains strong.

The biggest cryptocurrency by market value fell 8% from $10,137 to $9,298 in less than 5 minutes during Tuesdays U.S. trading hours, dashing hopes for a continued upward move.

The price drop, however, has not deterred miners from running down their inventory.

According to data source ByteTree, miners have sold 920 BTC and generated 844 BTC in the past 24 hours, pushing their inventory down by 76 BTC and keeping the miners rolling inventory (MRI) figure above 100%.

Miners HODL [hold] when the market is weak, not because they are bullish, but because the market cant take it. When they can sell, it is an indication that the market is well supported, said ByteTree founder and chairman Charlie Morris, who added that the MRI is currently high.

Morris theory contradicts popular belief that miners, being sellers, would want to sell high and hoard their bitcoin when prices are expected to rise.

And while they have the biggest influence on prices, gyrations in price affect mining profitability. A sustained price drop often crowds out small and inefficient miners from the market.

Miners, therefore, would want to sell less in a market lacking the strength to absorb their offers. On the contrary, they would be inclined to sell more when the upward momentum is strong.

Hence, it could be said that the increased supply seen in the past 24 hours is a sign of miner confidence in a broader bull market, although some observers may argue that 24-hour changes are too small to draw valid conclusions.

However, inventory has declined over the past week amid the price rise.

Bitcoin is currently up 6% on a week-on-week basis despite miners running down inventory by 504 BTC. Similarly, miners have sold more than what they generated throughout the uptrend from the March low of $3,867 to recent highs near $10,400.

At press time, bitcoin is changing hands near $9,580, representing a 0.5% gain on the day. Analysts expect deeper declines in the near term.

A break below $8,800 will see more aggressive selling, said Nicholas Pelecanos, head of trading at NEM Ventures. $8500 is the last support before price moves toward $7,000.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Miners Are Selling More of Their Bitcoin. That May Actually Be Bullish - CoinDesk - CoinDesk