Top Analyst: Foul Play Pumped the Crypto Market by $66 Billion – newsBTC

Jacob Canfield, a crypto market analyst known for accurately predicting bitcoins 2020 price rally, has alleged that there was market manipulation in the trading of altcoins this year.

In a video published last week, Mr. Canfield linked the resurgence of otherwise underperforming cryptocurrencies like Ethereum and EOS to PlusToken, a Ponzi scheme that, under the disguise of a high yield investment company, stole over $3 billion from its clients. The steal included 70,000 bitcoin, 790,000 ether, and 26 million EOS tokens.

Mr. Canfield noted that PlusToken scammers first artificially pumped bitcoin from $3,500 to circa $14,000 last year. They then sold about 70-90K BTC in the range of $9,000 and $13,000, which roughly equals about $600 million. The profitable move gave them enough capital to drive the altcoin market upward.

If [Plustoken scammers] are using their capital to push the Ethereum market, then they can push its prices back to $300, $500, $600 and even $1,000, said Mr. Canfield. They can also set up traps for short-sellers and continue to push the short-seller cascade in thin-order markets.

The statements came at the time when altcoins are severely outperforming their top rival bitcoin. Ethereum and EOS, for instance, surged by up to 130 and 155 percent after bottoming out in December 2019. In the same timeframe, bitcoin surged by up to 63 percent only.

On the whole, the crypto market excluding bitcoin attracted up to circa $66 billion between December 2019 until February 2020 top.

Mr. Canfield theorized that PlusToken scammers are using cryptocurrency exchanges and OTC brokers with closed order-books to trade their steal for alternative crypto tokens. The analyst further admitted that he has stopped entering short leveraged positions over his fears of fat price dumps.

Despite fears of a massive dump, Mr. Canfield believed the crypto market will keep rising. The analyst recommended traders to identify near-term dips to buy Ethereum, EOS or other altcoins but exit their positions on the first signs of deep pullbacks.

He further advised traders to watch the crypto wallets that belong to the scammers associated with PlusToken, noting that any kind of small or big withdrawal would alert them of a potential bearish correction.

What Im watching is for those PlusToken coins to move. Potentially, that could be a tapping indicator of the altcoin market, Mr. Canfield explained.

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Top Analyst: Foul Play Pumped the Crypto Market by $66 Billion - newsBTC

The Fed’s Cryptocurrency Head Fake | Opinion – Newsweek

Watchers of the crypto space were beside themselves with the recent news that the U.S. Federal Reserve is apparently considering a digital currency. "Every major central bank is currently taking a deep look" at cryptocurrencies, Fed Chairman Jerome Powell said during a congressional hearing on February 11. "I think it's very much incumbent on us and other central banks to understand the costs and benefits and trade-offs associated with a possible digital currency."

The news drove Google searches for the best-known cryptocurrency, Bitcoin, up by 33 percent, and its price surged past $10,000 for the first time in months. Many are suggesting this is the moment crypto comes off the margins to take up its promised role as a mainstream framework for the future of finance. But a closer parsing of the Fed chair's words suggests we should be skeptical.

Powell's mention of cryptocurrency is tantalizing. But it actually represents more of an evolution than a revolution. The central bank is mostly interested in eliminating inefficiencies and increasing visibility into global finance by, effectively, digitizing the dollar. This may well represent a technological leap, but it isn't the same as a federal cryptocurrency, for one obvious reason: It would still be completely controlled by the Fed.

Blockchain-powered currencies such as Bitcoin and the industry's No. 2, Ethereum, are meant to run without central control. This poses real challenges, and the government's apparent interest in crypto is a reminder of the potential pitfalls and false starts the technology faces on the road to broad adoption. Look no further than the bumpy introduction of Facebook's Libra cryptocurrency, which has drawn a fierce backlash from legislators, bankers and even blockchain enthusiasts themselves.

Interestingly, these parties all share the same fear: that Facebook will use Libra to try to create a parallel economy that the company controls. The crypto community has little faith in centralized systems generallyand especially one run by Mark Zuckerberg. The U.S. government also seems reticent to accede to a financial system run by a private corporation or anyone besides itself. What's revealed here is that central banks like the Fed and the crypto community may be more natural allies than first impressions would suggest. But they must traverse a mutual learning curve before they can truly act in a shared interest. One of the first obstacles is understanding what crypto really is.

The fact is, cryptocurrencies are more than just digitized money. They represent an effort to reshape information and financial systems to make them more secure, more transparent and more trustworthy. They are decentralized and self-perpetuating, governed not by powerful individuals or central entities but by market-oriented incentive structures that are written into their DNA.

The scale of the change is as great as the shift from precious metals to paper money or the invention of credit. The blockchain platforms that undergird cryptocurrencies offer a possible future in which finance is no longer opaque and subject to the judgments of middlemen, but is transparent and accessible to everyone. It is no coincidence that so many of the earliest footholds for decentralized finance are in countries, largely in the global South, where governments have mismanaged economies and large segments of the population lack access to basic financial infrastructure such as banks.

Blockchain and cryptocurrency have already started reshaping our financial and information systems in fundamental ways, but most of these projects don't make headlines on a daily basis. As we continue moving past the industry's collective "trough of disillusionment" brought on by 2017's crypto bubble and subsequent burst, the most exciting crypto projects are still operating largely below the radar. That won't last forever. In just the past several months, my colleagues and I have seen many innovative projects move from design to production, promising to reshape aspects of our digital lives from finance to social media to the Internet itself. This momentum is only likely to continue.

The Federal Reserve and other central banks and regulatory regimes around the world must and will play a crucial role in all this. Someday, national currencies may indeed be superseded by decentralized successors. But it isn't going to happen this year.

What is happening now is the rapid blossoming of blockchain and crypto solutions. In a short period of timeyears, not decadesthese types of projects will begin to rewire our global information channels, finance networks, supply chains and more. Central banks will get to see for themselves just how much benefit distributed ledger technology can have if properly implemented. And in their own time, I believe they will integrate the best of these technologies into their own operations. That really is cause to celebrate.

Sean Medcalf is a co-founder and managing partner of Angle42, a company that provides communications and strategic support to businesses in blockchain and other emerging technologies.

The views expressed in this article are the writer's own.

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The Fed's Cryptocurrency Head Fake | Opinion - Newsweek

Ripple Battles XRP Scams, Launches Initiative to Combat Cryptocurrency Theft, Fake Giveaways and Financial Crimes – The Daily Hodl

Ripple has launched a new portal designed to give cryptocurrency investors a way to report malicious activity connected to the XRP Ledger.

People can now fill out a request form asking Ripple to explore a long list of unusual activity, including theft, phishing attempts, giveaway scams, suspicious exchanges, money laundering, unauthorized transactions and other financial crimes.

Although it will investigate matters connected to the XRP Ledger, Ripple says it will not make victims whole and cannot reverse transactions.

Ledger and the users of the XRP Ledger are not customers of Ripple therefore Ripple does not have the power to reverse transactions, even in the case of a reported financial loss (ex: theft).

By submitting a request to Ripple, the company says consumers are effectively giving the company permission to report the matter to US lawmakers on the federal, state, or local level.

Ripple may also report the issue to international law enforcement or regulatory agencies.

Featured Image: Shutterstock/Dmitriy Rybin

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Ripple Battles XRP Scams, Launches Initiative to Combat Cryptocurrency Theft, Fake Giveaways and Financial Crimes - The Daily Hodl

Global cryptocurrency regulation is turning bearish in these five countries – CryptoSlate

As the cryptocurrency markets are in freefall, global cryptocurrency regulation appears to be turning bearish as well. While one SEC Commissioner proposes a safe harbor for cryptocurrency projects, the US Secretary of the Treasury announces significant new regulation. So, what gives? Top five countries promising stricter cryptocurrency regulation 1. Brazil The cryptocurrency scene in Brazil []

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Global cryptocurrency regulation is turning bearish in these five countries - CryptoSlate

The future of cryptocurrency what will it look like and what to expect? – KnowTechie

When Bitcoin was released in 2009 no one ever thought that a decade later it would become the leader of what would be one of the hottest topics on the internet The cryptocurrency world.

Previously, no one even thought that a digital asset like bitcoin could be released and have a huge impact on the currency world. It was something impossible to think about for everyone expect Satoshi Nakamoto who designed the original bitcoin protocol in 2008 and then launched it in 2009. Many of us did not even hear about it in the beginning. Even when we heard we were skeptical if bitcoin would make it through and grow. There were many naysayers, but Nakamoto believed in his vision and proved everyone wrong.

A couple of years later many people started investing without even understanding well how the cryptocurrency world works. As the years went on, bitcoin did not continue to go forward alone. Many other cryptocurrencies were released and many cryptocurrency-related apps were developed, making the investment process easier. Exchanging apps got released such as Binance, ByBit, Kraken and many more. Check all ratings of exchanges to see a full list of the most popular and exciting exchanges right now, rated by many users all across the globe.

Hence, today Bitcoin is not alone. Together with other cryptocurrencies such as Etherium, XRP, Litecoin, etc. it makes the top 10 cryptocurrencies in the world but always staying on top. We could frankly say that bitcoin is the synonym of the crypto world.

But it was not easy. It was a hell of a ride actually! Well, lets see now, how the world of cryptocurrency will look like in the future.

What would you say if by the end of the next decade the cryptocurrency will overtake the fiat currency? It is truly possible considering that as time goes by more and more people are using cryptocurrency. Most of the tech startups will have crypto components and there is a good possibility that governments and institutions will go towards the cryptocurrency sphere in a big way as well. Why not?

Taking into account the fact that cryptocurrency allows making millions of transactions in a matter of seconds. There could be some things that we must take into consideration though. In order for bitcoin to become part of mainstream financial, it must have to meet some criteria. It needs to be easy for customers to understand it, to be safe and secure so any hack or cyberattack gets avoided and there cannot be in any way possible a chance or any kind gap that would allow possibilities for tax evasions or money laundering. If bitcoin and other cryptocurrencies can meet these criteriums then there is a real possibility.

Moreover, some financial analysts predict that blockchain could reach about 1 Billion users by the end of the next decade. Maybe what could hold back the blockchain from expanding is the fact that as the solutions are built, worked on and piloted, they still remain isolated.

Although, in the decade to come there could be a consolidation of chains in market cap and developing mindshare. Scalability, solitude, developing tools will see a huge change and everything will become way more sophisticated.

Therefore, in the next few years, we will most probably see new blockchains developed. Just like everything tech-related that got replaced, starting from old cellular phones, VHS video players, Nintendo and not to mention many more things, a similar thing might happen to blockchain because once we see blockchains with several orders of magnitude scalability improvements, we will also see new applications starting to develop more quickly. For more, blockchain will also pay more attention to privacy, building privacy features.

The author of the book Rich Dad, Poor Dad, Robert Kyosaki, expressed his concerns that cryptocurrency will take over the US dollar in the near future. It actually seems possible! Well, it looks like things will be taking an interesting turn.

Moreover, since many institutions are joining the cryptocurrency world, rapid growth will continue with bigger institutions joining crypto in the near future. As the user demand grows many financial institutions will be forced in a way to have some sort of cryptocurrency operation. A big percentage of the money of the world is locked in financial institutions so this will likely drive a lot of demand for crypto assets.

China already has taken the initiative to make blockchain one of its main technological investments. They actually took steps to digitize their currency yen. The U.S. has started to do something about it too. The authorities will probably try to implement a digitized dollar using blockchain.

Some of the dangerous things could be the fact that ones digital fortune could be erased by a computer crash or maybe from a potential hack. Consequently, the most important sector the crypto world must improve is security, in order to expand and have way more impact on our lives.

Have any thoughts on this? Let us know down below in the comments or carry the discussion over to ourTwitterorFacebook.

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The future of cryptocurrency what will it look like and what to expect? - KnowTechie

What Exactly Is Facebooks Libra Cryptocurrency? What Are Its Challenges? – CryptoGlobe

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What Exactly Is Facebooks Libra Cryptocurrency? What Are Its Challenges?

The new decade is set to launch with one of the most ambitious cryptocurrencies yet, with the social media giant Facebooks Libra expected to start trading in a few months. The new coin certainly has the muscle behind it: in fact, it has an entire Libra Association that consists of companies such as Spotify, Farfetch, Uber, Lyft, PayU (Naspers fintech arm), and Calibra. Along with a plethora of other venture capital firms spanning the blockchain and telecommunication networks, and some non-profit organisations.

The vision of Libra is put in no uncertain terms on its official website. That is to create: a stable global cryptocurrency built on a secure network enabling a more inclusive global financial system.

What Facebook and the other giants hope to achieve is to connect everyone in possession of a mobile phone to the global financial infrastructure. These are what Facebook considers the unbanked, those who do not have access to a bank, but who do have a mobile phone.

Libra would give these unbanked masses the ability to transfer money across the world instantly, on a secure network and at a low cost. If implemented, Libra would be an example of leapfrogging technology, in which developing societies bypass what traditionally would have been a necessary technological evolution (i.e. the establishment of more banks) in order to get to an end point.

Current proposals put Libra on a blockchain that encompasses around 100 computer servers, at least thats the ambition. The blockchain algorithms will be programmed to work as whats known as a command-line programme, something that will make scripting and interactive usage possible; with an interface of consistent options and file formats. For further security, Libra is also thought to be using Byzantine fault-tolerant consensus approach. This means that, in theory, the wider blockchain cannot be compromised even if one of the servers is disrupted.

But not everyone has faith in the new cryptocurrency, even with all the financial backing it has. Again, in theory, it should be almost impossible for a cyberattack to disrupt Libras blockchain, as a third of its 100 servers would have to be disrupted before such an attack could even be launched.

The Libra Association has also stressed that each of its members will have their own server, and that it will be supported independently by them and secured. Furthermore, the blockchain will have its own consensus-based algorithm. Meaning that transactions must be approved by two-thirds of all the servers before going ahead. This should make transactions more measurable and efficiently processed. Facebook has even said that Libra would be capable of processing a thousand payments per second, which would make it about 500 times more efficient than Bitcoin is today.

Despite the proposed ambitiousness of Libra, the United States and European Union regulatory bodies are yet to be won over. They already do not like the strength of pre-existing cryptocurrencies. Some countries have even outright banned them.

To get round this problem, the Libra Association has marketed its currency as one that has been specially designed to be friendly to regulators from the get-go. They insist, for example, that Libra is a stablecoin. If true, then this should alleviate some national fears for its potential implications on monetary policies. Still, there are concerns that if the Libra is very popular, it could become Too Big To Fail, which of course is a phrase still haunted by the 2007-08 economic crises.

The reason for these TBTF anxieties lies in the fact that Libra is intended to be collateralised by other currencies and some debt obligations. If there was ever a run on Libra, it would lack a centralised bank to mitigate the damage.

Libras special status means it will be a global currency and not specific to any one nation. So it is only natural that some national governments have expressed concerns about how it will impact on their unilateral monetary policies. Libras global status assures that it will fluctuate differently to any one other currency, meaning it will be shaped by its underlying assets, and may even resemble something like an index in volatility.

One way to address these fears may be found in a report conducted by the Association of German Banks. The AGB has suggested restricting Libra for payment transfers only, and not giving it the ability to provide loans. this would prevent the cryptocurrency from becoming a money creation system in its own right.

Cryptocurrencies have enjoyed successful investment status and investment is predicted to keep increasing until 2020 at a minimum. Blockchain investments in the Libra cryptocurrency should be considered as a hedge in a diverse portfolio to protect against falls in other types of investments. Of course, at the moment Libra is not an asset that can be invested in yet. But once it comes online, theres no reason it wont enjoy the success of others (not including the decline of Bitcoin, which may be in response to more competition from other cryptocurrencies).

Once online, Libra should be safe to invest on optimised cryptocurrency trading platforms that can handle automated and manual trading.

iven other fears including loss of tax revenues and transaction fees, traditional banks have already acknowledged that change is coming. In its Future of Finance report, the Bank of England has already said that hard infrastructure needs to make room for, and can work with, soft infrastructure (cryptocurrencies). But what needs to be in place is a well-respected judicial and legal system, along with clear regulations, standards and rules.

As for the Libra cryptocurrency, no one can doubt the ambition of such a project. But whether it is something that the market actually needs is still a question that no one as of yet has an answer for.

Featured image by Tim Bennett on Unsplash.

This article was written by Neil Wright of Oakmount Partners Ltd, an investment consultancy firm based in Essex, UK.

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What Exactly Is Facebooks Libra Cryptocurrency? What Are Its Challenges? - CryptoGlobe

Is the cryptocurrency bull market finally here? – Coin Rivet

The 2017 cryptocurrency bull market will go down in history as one of the most remarkable and extraordinary events in financial markets.

It saw Bitcoin rise to $20,000, Ethereum to $1,420 and a plethora of newly-launched ICO projects experience gains of up to 3,000%.

More than two years later, Bitcoin has failed to breach its previous all-time high while the likes of Ethereum continue to trade 80% lower than it once was.

However, 2020 has caused a newfound sense of optimism across the industry, which has been highlighted by a dramatic rise in prices across the board in the first six weeks of the year.

With a number of altcoins right on the brink of a major breakout, it does seem as though a bull market is currently in effect for the cryptocurrency sector.

Whether it has become a safe haven amidst economic uncertainty due to the coronavirus, or simply a move to anticipate leading up to Bitcoins halving, the overall level of cryptocurrency sentiment is brewing towards euphoria.

In May, Bitcoin will undergo a third halving in its 10-year history, which will see block rewards for miners slashed from 12.5BTC to 6.25BTC per block.

The theory is that the mining industry will be more incentivised to hold onto the extra coins mined until the halving, thus drying up supply.

When the supply is reduced, the price naturally begins to rise which, in turn, causes a new wave of demand from both new and old investors.

The previous two halvings in 2012 and 2016 both came before a series of bull markets that saw Bitcoin surge to two consecutive all-time highs with altcoins eventually following.

Global markets have experienced a decline since the turn of the year as concerns begin to mount in regards to the coronavirus outbreak in China.

Companies have begun removing foreign workers from Chinese offices and factories in light of recent concerns, which is expected to hit the worlds second largest economy hard over the coming months.

As uncertainty reigns over the far eastern manufacturing hub, traders and investors are beginning to fear a global bear market, which naturally causes people to turn towards traditional hedges like gold and Bitcoin.

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Is the cryptocurrency bull market finally here? - Coin Rivet

Blockchain is going institutional and thats a good thing – ITProPortal

For blockchain and its products, the last year has been one of dramatic momentum swings. Cryptocurrencies have been lauded one minute and pilloried the next; on the verge of apparent breakthroughs and then presented with major stumbling blocks. Notably, Facebook appeared to be closing on a major landgrab with the planned launch of its Libra coin, before a torrent of criticism saw several key partners, including payment behemoths Visa and Mastercard, back out of the project. While the Chinese Government, which had banned crypto exchanges in 2017, has recently given indications that it wishes to embrace blockchain and perhaps even launch a state cryptocurrency. Perceptions of blockchain have been swinging back and forth almost as violently as Bitcoins market value.

This confusion is not entirely random. In fact it tells us something about the direction of a market that is currently tiny in terms of capital flows, but potentially massive when viewed through the lens of future potential. Seen as a whole, the last year has been one of growing pains for blockchain and cryptocurrency. More specifically, it has been the year when we started to see the imprint of a catalyst that will be essential to the industrys future: institutionalisation.

The very fact that two of the worlds most important governments, and one of the most influential technology companies, have started to focus on blockchain this year tell us something important. We are moving away from the first phase of blockchains growth, one that was defined by repudiation of the status-quo, seeking to create a new system in opposition to existing financial infrastructure. Now, an industry that has prided itself on decentralisation is encountering the reality that, if you want to move beyond early adopters to meaningful scale, then you cannot operate independently from the institutions that determine law, regulation and institutional flows of capital. What was once a guerrilla market is fast becoming an industry that is attracting both corporate and state attention.

This can be seen through the lens of institutional investment, which boomed in the last year. Grayscale, one of the largest asset managers focused on cryptocurrency, announced last month that it saw inflows of over $600m in 2019, more than in the previous five years combined, and 71 per cent sourced from institutional investors. The signs are also positive for this trend to continue in 2020. A Fidelity survey of US institutional investors found that 22 per cent already have exposure to digital assets, and 47 per cent believe they have a place in their portfolios with 47 per cent seeing them as an innovative technology play and 46 per cent attracted by the low correlation to other asset classes.

It is not just investors who represent the growth of institutional interest in blockchain and cryptocurrency. Regulators and tax authorities are also taking action. This year, the most-commonly used tax form in the US will include a question about ownership of virtual currency for the first time. While last month saw Liechtensteins Blockchain Act come into force. This is a pioneering regulatory framework that enables asset to be tokenised, then held and traded digitally: a process that previously required complex legal workarounds.

For some of blockchains early enthusiasts, these developments will never be acceptable. They see every fiat-backed stablecoin, every new piece of regulation and every institutional investor as a dilution of the essential purpose to create a radically new financial landscape. Yet this misunderstands the wider potential of the technology for the majority of consumers who want not financial revolution, but rather the next stage in evolution that gives them more control over their assets and more investment choices.

Blockchain and cryptocurrency will only reach that market the only viable route to global scale if the industry does what it has started to do more recently: harness the power of state and private institutions to create the accessible products, regulatory framework and capital flows that are the foundations of a trusted, functioning market. For blockchain to fulfil its potential as a transformative technology, leading the shift towards a world where digital assets are the new normal, it requires the certainty and infrastructure that only established institutions can provide. Mainstream financial markets must obey the law, they must follow regulation and they must provide a secure home for capital. These are the gravitational truths of capitalism, and they apply as much to cryptocurrency as they do to any other asset class.

Thats why those who want to see blockchain become more prevalent in the global economy should cheer the early signs of institutionalisation. This trend does far more to enable the potential of blockchain than it does to undermine it. Indeed it is an essential stage for an industry that is shifting from emergence into the early stages of maturity. Its likely that in the years to come we will look back on 2020 as the year that blockchain started to grow up.

Stephen Stonberg, international business operations, Bittrex

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Blockchain is going institutional and thats a good thing - ITProPortal

Fundstrat: Retail adoption in next 5 years is key to crypto – CoinGeek

The team atFundstrathas a positive outlook for the cryptocurrency markets leading up to and after the Bitcoin halving. Thomas Lee, the co-founder and head of research atFundstrat, and David Grider, Senior Research Analyst at Fundstrat, took the stage on February 20 to share their analysis of the cryptocurrency markets as well as a few of their unconventional thoughts about cryptocurrency. Lets take a look at a few of the key insights they provided in Fundstratskeynote presentation.

Key takeaways: Market analysis

In 2019, crypto assets were the best returning asset classand in 2020 and 2021, the markets look to hold much promise. According to Fundstrat, we are in a bull market, they say this because Bitcoin has broken its 200-day moving average. According to the Fundstrat team, this is a metric that often pre-dates a positive movement in the cryptocurrency markets.Beyond that the crypto-markets have significant room for institutional investment. The crypto market is only worth 0.1% of traditional liquid assets, and a lot of institutions have little to no exposure to crypto-assets. What we may see take place in the future is an event in the cryptocurrency markets similar to what has recently taken place with Teslas stock.

According to Fundstrat, a number of institutions were underexposed to Tesla stock, but there came a point in time when they needed to up their exposure. When institutions bought in, the stock price rocketed, this created FOMO in retail investors, who then began to buy Tesla stock themselves, which continued to push the positive performance of $TSLA.

Key takeaways: Unconventional thoughts

Here are two takeaways from Fundstrats unconventional thoughts on the cryptocurrency markets:

Retail adoption of cryptocurrency over the next five years would catalyze positive market movements.Similar to the scenario we described above with Tesla, there is a good chance that institutional investment in the cryptocurrency markets will ripple through retail investors and make them inclined to invest in the cryptocurrency markets as well.

Although a common belief is that there is greater interest in cryptocurrency overseas rather than there is in the United States,what happens in and around the cryptocurrency markets in the United States has significant effects on the rest of the cryptocurrency market.The three countries that you should really be keeping an eye on are: the United States, China, and Japan.

A good year for the cryptocurrency markets

David Grider, Senior Research Analyst at Fundstrat Global, closed the presentation out by giving a brief analysis on Bitcoin SV and how it uniquely addresses problems that exist in the world and its differentiating factors compared to other cryptocurrencies in the market. For instance, how theMetanetis an on-chain version of the internet that solves many of the problems the internet has. How the Genesis protocol upgrade eliminated block sizes which allows for unprecedented Bitcoin development. And how the growth of the Bitcoin SV network has been driven by fundamentals rather than speculation on the price of BSV.

These are just a few of the main talking points of Thomas Lees keynote presentation. In the near future, we will be uploading the full presentation online, we encourage you to check it out once it goes live.

If you were not able to make it to the CoinGeek London conference, we encourage you to watch the presentations vialivestream.

New to Bitcoin? Check out CoinGeeks Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoinas originally envisioned by Satoshi Nakamotoand blockchain.

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Fundstrat: Retail adoption in next 5 years is key to crypto - CoinGeek

Cryptographic tag of everything could protect the supply chain – MIT News

To combat supply chain counterfeiting, which can cost companies billions of dollars annually, MIT researchers have invented a cryptographic ID tag thats small enough to fit on virtually any product and verify its authenticity.

A 2018 report from the Organization for Economic Co-operation and Development estimates about $2 trillion worth of counterfeit goodswill be sold worldwide in 2020. Thats bad news for consumers and companies that order parts from different sources worldwide to build products.

Counterfeiters tend to use complex routes that include many checkpoints, making it challenging to verifying their origins and authenticity. Consequently, companies can end up with imitation parts. Wireless ID tags are becoming increasingly popular for authenticating assets as they change hands at each checkpoint. But these tags come with various size, cost, energy, and security tradeoffs that limit their potential.

Popular radio-frequency identification (RFID) tags, for instance, are too large to fit on tiny objects such as medical and industrial components, automotive parts, or silicon chips. RFID tags also contain no tough security measures. Some tags are built with encryption schemes to protect against cloning and ward off hackers, but theyre large and power hungry. Shrinking the tags means giving up both the antenna package which enables radio-frequency communication and the ability to run strong encryption.

In a paper presented yesterday at the IEEE International Solid-State Circuits Conference (ISSCC), the researchers describe an ID chip that navigates all those tradeoffs. Its millimeter-sized and runs on relatively low levels of power supplied by photovoltaic diodes. It also transmits data at far ranges, using a power-free backscatter technique that operates at a frequency hundreds of times higher than RFIDs. Algorithm optimization techniques also enable the chip to run a popular cryptography scheme that guarantees secure communications using extremely low energy.

We call it the tag of everything. And everything should mean everything, says co-author Ruonan Han, an associate professor in the Department of Electrical Engineering and Computer Science and head of the Terahertz Integrated Electronics Group in the Microsystems Technology Laboratories (MTL). If I want to track the logistics of, say, a single bolt or tooth implant or silicon chip, current RFID tags dont enable that. We built a low-cost, tiny chip without packaging, batteries, or other external components, that stores and transmits sensitive data.

Joining Han on the paper are: graduate students Mohamed I. Ibrahim and Muhammad Ibrahim Wasiq Khan, and former graduate student Chiraag S. Juvekar; former postdoc associate Wanyeong Jung; former postdoc Rabia Tugce Yazicigil, who is currently an assistant professor at Boston University and a visiting scholar at MIT; and Anantha P. Chandrakasan, who is the dean of the MIT School of Engineering and the Vannevar Bush Professor of Electrical Engineering and Computer Science.

System integration

The work began as a means of creating better RFID tags. The team wanted to do away with packaging, which makes the tags bulky and increases manufacturing cost. They also wanted communication in the high terahertz frequency between microwave and infrared radiation around 100 gigahertz and 10 terahertz that enables chip integration of an antenna array and wireless communications at greater reader distances. Finally, they wanted cryptographic protocols because RFID tags can be scanned by essentially any reader and transmit their data indiscriminately.

But including all those functions would normally require building a fairly large chip. Instead, the researchers came up with a pretty big system integration, Ibrahim says, that enabled putting everything on a monolithic meaning, not layered silicon chip that was only about 1.6 square millimeters.

One innovation is an array of small antennas that transmit data back and forth via backscattering between the tag and reader. Backscatter, used commonly in RFID technologies, happens when a tag reflects an input signal back to a reader with slight modulations that correspond to data transmitted. In the researchers system, the antennas use some signal splitting and mixing techniques to backscatter signals in the terahertz range. Those signals first connect with the reader and then send data for encryption.

Implemented into the antenna array is a beam steeringfunction, where the antennas focus signals toward a reader, making them more efficient, increasing signal strength and range, and reducing interference. This is the first demonstration of beam steering by a backscattering tag, according to the researchers.

Tiny holes in the antennas allow light from the reader to pass through to photodiodes underneath that convert the light into about 1 volt of electricity. That powers up the chips processor, which runs the chips elliptic-curve-cryptography (ECC) scheme. ECC uses a combination of private keys (known only to a user)and public keys (disseminated widely) to keep communications private. In the researchers system, the tag uses a private key and a readers public key to identify itself only to valid readers. That means any eavesdropper who doesnt possess the readers private key should not be able to identify which tag is part of the protocol by monitoring just the wireless link.

Optimizing the cryptographic code and hardware lets the scheme run on an energy-efficient and small processor, Yazicigil says. Its always a tradeoff, she says. If you tolerate a higher-power budget and larger size, you can include cryptography. But the challenge is having security in such a small tag with a low-power budget.

Pushing the limits

Currently, the signal range sits around 5 centimeters, which is considered a far-field range and allows for convenient use of a portable tag scanner. Next, the researchers hope to push the limits of the range even further, Ibrahim says. Eventually, theyd like many of the tags to ping one reader positioned somewhere far away in, say, a receiving room at a supply chain checkpoint. Many assets could then be verified rapidly.

We think we can have a reader as a central hub that doesnt have to come close to the tag, and all these chips can beam steer their signals to talk to that one reader, Ibrahim says.

The researchers also hope to fully power the chip through the terahertz signals themselves, eliminating any need for photodiodes.

The chips are so small, easy to make, and inexpensive that they can also be embedded into larger silicon computer chips, which are especially popular targets for counterfeiting.

The U.S. semiconductor industry suffered $7 billion to $10 billion in losses annually because of counterfeit chips, Wasiq Khan says. Our chip can be seamlessly integrated into other electronic chips for security purposes, so it could have huge impact on industry. Our chips cost a few cents each, but the technology is priceless, he quipped.

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Cryptographic tag of everything could protect the supply chain - MIT News