Ameesh Divatia appears on theCUBE at AWS re:Inforce to talk about proxy architecture and the future of data… – Security Boulevard

Baffle CEO Ameesh Divatia talks with John Furrier of theCUBE at the AWS re:Inforce 2022 Security Conference for Amazon Web Services. Since compliance is driving data owners to adopt data-centric protection measures, security should be incorporated into data pipelines.

John Furrier:

Welcome back everyone in live coverage here, theCUBE, Boston, Massachusetts for AWS reInforce 2022 Security Conference for Amazon Web Services. Im John Furrier, host with a great guest Ameesh Divatia, co-founder and CEO of Baffle. You guys are hot right now, but youre in an area thats going to explode, we believe. The super cloud is here. Weve been covering that on theCUBE, that people are building on top of the Amazon hyperscalers and without the CAPEX theyre building platforms. The application tsunami has come and still coming, its not stopping. Modern applications are faster, theyre better and theyre driving a lot of change under the covers. And youre seeing structural change happening in real time and in ops, and the network. You guys got something going on in the encryption area, data. Talk about what you guys do.

Ameesh Divatia:

We believe very strongly that the next frontier in security is data. Weve had multiple waves in security. The next one is data because data is really where the threats will persist. If the data shows up in the wrong place, you get into a lot of trouble with compliance. So, we believe in protecting the data all the way down at the field or record level.

John Furrier:

And you guys doing all kinds of encryption or other things?

Ameesh Divatia:

Yes. we do data transformation, which encompasses three different things. It can be tokenization, which is format preserving. We do real encryption with counter mode, or we can do masked views. So tokenization, encryption and masking all with the same platform.

John Furrier:

So, pretty wide ranging capabilities with respect to having that kind of safety?

Ameesh Divatia:

Yes. Because it all depends on how the data is used down the road. Data is created all the time. Data flows through pipelines all the time. You want to make sure that you protect the data, but dont lose the utility of the data. Thats why we provide all that flexibility.

John Furrier:

So, Kurt was on stage today on one of the keynotes. Hes the VP of the platform at AWS, he was talking about encrypt everything. He said we need to rethink it encryption. Good job, we like that. But then he said, we have encryption at rest.

John Furrier:

Thats kind of been there, done that.

Ameesh Divatia:

Yes-

John Furrier:

And in flight.

Ameesh Divatia:

Yeah, thats been there.

John Furrier:

But what about in use?

Ameesh Divatia:

So, thats exactly what we plug. What happens right now is that data at rest is protected because of disks that are already self encrypting, or you have transparent data encryption that comes native with the database. You have data in flight that is protected because of SSL, but when the data is actually being processed, its in the memory of the database or data store, it is exposed. So, the threat is if the credentials of the database are compromised as happened back then with Starwood, or if the cloud infrastructure is compromised with some sort of an insider threat like a CapitalOne, that data is exposed. Thats precisely what we solve by making sure that the data is protected as soon as its created. We use standard encryption algorithms, AES, and we either do format preserving or through encryption with counter mode and that data it doesnt really matter where it ends up because its always protected.

John Furrier:

Well, thats awesome. And I think this brings up the point that we want been covering on SiliconANGLE in theCUBE, is that theres been structural change thats happened called cloud computing and then hybrid. Scale, role of data, higher level abstraction of services, developers are in charge, value creation, startups and big companies. That success is causing now a new structural change happening now. This is one of them. What areas do you see that are happening right now that are structurally changing thats right in front of us? One is more cloud native so the success has become now the problem to solve, to get to the next level. So what are some of those?

Ameesh Divatia:

What we see is that instead of security being an afterthought something that you use as a watchdog you create ways of monitoring where data is being exposed or data is being exfiltrated, you want to build security into the data pipeline itself. As soon as data is created, you identify what is sensitive data and you encrypt it or tokenize it as it flows into the pipeline using things like Kafka plugins or what we are very clearly differentiating ourselves with is proxy architectures so that its completely transparent. You think youre writing to the data store, but youre actually writing to the proxy, which, in turn, encrypts the data before its stored.

John Furrier:

Do you think thats an efficient way to do it or is the only way to do it?

Ameesh Divatia:

It is a much more efficient way of doing it because of the fact that you dont need any app dev resources. There are many other ways of doing it, in fact, the cloud vendors provide development kits where you can just go do it yourself. So, that is actually something that we completely avoid and what makes it really interesting is that once the data is encrypted in the data store or database, we can do what is known as Privacy Enhanced Computation. So, we can actually process that data without decrypting it.

John Furrier:

And so proxies then with cloud computing can be very fast, not a bottleneck.

Ameesh Divatia:

In fact, the cloud makes it so. Things in static infrastructure. In the cloud, theres infinite amount of processing available and theres containerization.

John Furrier:

And you have good network?

Ameesh Divatia:

You have very good network, you have load balancers, you have ways of creating redundancy. So, the cloud is actually enabling solutions like this.

John Furrier:

In the old way proxies were seen as an architectural fail, in the old antiquated static web.

Ameesh Divatia:

And this is where startups dont have the baggage. We looked at the problem and said, of course, were going to use a proxy because this is the best way to do this in an efficient way.

John Furrier:

Well, you bring up something thats happening right now that I hear a lot of CSOs and CIOs and executives, say CXOs, say all the time, our stuff has gotten complicated. So, now I have tools sprawl, I have skill gaps and on the rise, all these new managed services coming at me from the vendors who have never experienced my problem. And their reaction is they dont get my problem and they dont have the right solutions, its more complexity. They solve the complexity by adding more complexity.

Ameesh Divatia:

Yes. I think again, the proxy approach is a very simple.

John Furrier:

That youre solving that with that approach.

Ameesh Divatia:

Exactly, very simple. And again, we dont get in the way. Thats really the biggest differentiator. The forcing function really here is compliance because compliance is forcing these CSOs to actually adopt these solutions.

John Furrier:

So, show about the on premise versus the cloud workload dynamic right now. Hybrid is a steady state right now. Multi-cloud is a consequence of having multiple vendors, not true multi-cloud but like, they have Azure I get that, but hybrid really is the steady state cloud operations. How are the workloads and the analytics, the data being managed on-prem and in the cloud? Whats the relationship? Whats the trend? What are you seeing happening there?

Ameesh Divatia:

I think the biggest trend we see is pipelining. The new ETL is streaming. You have these Kafka and Kinesis capabilities that are coming into the picture where data is being ingested all the time. It is not a one time migration, its a stream. So, plugging into that stream is very important from an ingestion perspective.

John Furrier:

So, its not just a watchdog?

Ameesh Divatia:

No, its built in.

John Furrier:

Its built in, its real time thats where streaming its another diverse access to data. You got data lakes, you have pipeline, you got streaming you mentioned that. So, talk about the old school OLTP, the old BI world. I think Power BI is a $30 billion product and you got Tableau built on, OLTP building cubes, arent we just building cubes in a new way or is there any relevance to the old school?

Ameesh Divatia:

I think there is some relevance and in fact thats again, another place where the proxy architecture really helps because it doesnt matter when your application was built. You can use Tableau which nobody has any control over and still process encrypted data and so can with Power BI. Any SQL application can be used and thats actually exactly what we like to promote.

John Furrier:

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Ameesh Divatia appears on theCUBE at AWS re:Inforce to talk about proxy architecture and the future of data... - Security Boulevard

Email Encryption Tool Market Analysis by Industry Perspective, Comprehensive Analysis, Growth and Forecast 2022-2028 – Digital Journal

Email Encryption Tool Market research involves the study of various factors affecting the industry, including market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers, and challenges.

Email encryption refers to the authentication mechanism of encoding and disguising the contents of an email to protect it from unauthorized access. Email is an extremely vulnerable mode of communication that can be hacked over unsecured or public networks. Encryption is one of the primary data security solutions in the present times. It secures the contents of the email by making them unreadable as they get transferred over networks. The methodology primarily depends on cryptography wherein the user publishes a key to decrypt the message. Email encryption tool is essential for both organizations and individuals as it prevents the access of important and confidential data by unintended users.

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Competitive Overview:

A few leading players in the Email Encryption Tool domain have also been profiled in the report. The profiling of the market players acquaints the reader with their financial information about revenues as well as segment revenues, a competitive SWOT analysis for each player and the recent developments by the player in the Email Encryption Tool domain. The key developments are related to the mergers and acquisitions by the players in the recent past.

Players Mentioned are

Broadcom, Inc.

Cisco Systems, Inc.

CyberRe (Micro Focus)

Egress Software Technologies Ltd.

Entrust Corporation

Mimecast Services limited

Proofpoint, Inc.

Sophos Ltd.

Trend Micro Incorporated

Zix Corporation

Scope of the Report

The research on the Email Encryption Tool market focuses on mining out valuable data on investment pockets, growth opportunities, and major market vendors to help clients understand their competitors methodologies. The research also segments the Email Encryption Tool market on the basis of end user, product type, application, and demography for the forecast period 20212028. Comprehensive analysis of critical aspects such as impacting factors and competitive landscape are showcased with the help of vital resources, such as charts, tables, and infographics.

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global Email Encryption Tool market based on various segments. It also provides market size and forecast estimates from year 2017 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The Email Encryption Tool market by each region is later sub-segmented by respective countries and segments. The report covers analysis and forecast of 18 countries globally along with current trend and opportunities prevailing in the region.

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The Insight Partners Email Encryption Tool Market Research Report Scenario includes:

The report provides qualitative and quantitative trends of global Email Encryption Tool Market across type, type of products, service, and geography.

The report starts with the key takeaways (Chapter Two), highlighting the key trends and outlook of the global Email Encryption Tool Market.

Chapter Three provides the research methodology of the study.

Chapter Four further provides PEST analysis for each region.

Chapter Five highlights the key industry dynamics in the Email Encryption Tool Market, including factors that are driving the market, prevailing deterrent, potential opportunities as well as future trends. Impact analysis of these drivers and restraints is also covered in this section.

Chapter Six discusses the global Email Encryption Tool Market scenario, in terms of historical market revenues, and forecast till the year 2028.

Chapter Seven to ten discuss Email Encryption Tool Market segments by type, type of application, service, and geography across North America, Europe, Asia-Pacific, Middle East and Africa, South and Central America. They cover market revenue forecast, and factors driving and governing growth.

Chapter Eleven describes the industry landscape analysis. It provides detailed description of various business activities such as market initiatives, new developments, mergers and joint ventures globally along with a competitive landscape.

Chapter Twelve provides the detailed profiles of the key companies operating in the global Email Encryption Tool Market. The companies have been profiled on the basis of their key facts, business description, products and services, financial overview, SWOT analysis, and key developments.

Chapter Thirteen, i.e. the appendix is inclusive of a brief overview of the company, glossary of terms, contact information, and the disclaimer section.

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Email Encryption Tool Market Analysis by Industry Perspective, Comprehensive Analysis, Growth and Forecast 2022-2028 - Digital Journal

OneTouchPoint Inc. Confirms Data Breach Potentially Impacting Dozens of Other Businesses (and Their Customers) – JD Supra

On July 27, 2022, OneTouchPoint Inc. (OTP) confirmed that the company experienced a data breach after an unauthorized party gained access to sensitive consumer data contained on OneTouchPoints network. According to OneTouchPoint, the breach resulted in the names, member IDs, and healthcare information of certain individuals being compromised. OTP notes that, because it serves as a vendor for dozens of other organizations, customers that never did business with OTP may be included among the affected parties. Recently, OneTouchPoint filed an official notice of the breach and sent out data breach letters to everyone who was impacted by the recent data security incident.

If you received a data breach notification, it is essential you understand what is at risk and what you can do about it. To learn more about how to protect yourself from becoming a victim of fraud or identity theft and what your legal options are in the wake of the OneTouchPoint Inc. data breach, please see our recent piece on the topic here.

According to an official notice filed by the company, on April 28, 2022, OTP discovered that certain files on its computer system had been encrypted. In response, the company secured its systems and, working with cybersecurity professionals, began an investigation into the accident.

As a result of this investigation, OTP learned that the unauthorized party initially gained access to its systems on April 27, 2022. Subsequently, on June 1, 2022, OTP then learned that it would not be able to tell which files the unauthorized party actually viewed. The company then focused on reviewing all compromised files to determine what information was contained on them and who it belonged to. While the breached information varies depending on the individual, it may include your name, member ID, and any information you provided during a health assessment.

OTP is a vendor that provides printing and mailing services to various health insurance carriers and medical providers. Thus, the OTP data breach may impact consumers who obtained treatment or have insurance policies with any of the following companies or providers:

Common Ground Healthcare Cooperative

Banner Medicare Advantage Dual

Blue Cross Blue Shield of Arizona

MediSun, Inc. d/b/a Blue Cross Blue Shield of Arizona Advantage

Health Choice Arizona, Inc

Blue Cross Blue Shield of Massachusetts

Blue Cross Blue Shield of Rhode Island

Blue Cross Blue Shield of South Carolina Commercial

BMC HealthNet Plan / Well Sense Health Plan

CareFirst Advantage

Commonwealth Care Alliance

ElderPlan/HomeFirst

EmblemHealth Plan, Inc.

Florida Blue

Geisinger

Health Alliance Plan of Michigan

HAP Midwest Health Plan

Health First

Health New England

Health Plan of San Mateo

HealthPartners

Highmark Health

Humana

Kaiser Permanente

KS Plan Administrators, LLC

MVP Health Care

Pacific Source

Premera Blue Cross Medicare Advantage Plans

Prime Time Health Plan

Point32Health

Regence BlueCross BlueShield of Oregon

Regence BlueCross BlueShield of Utah

Regence BlueShield

Regence BlueShield of Idaho, Inc.

UPMC Health Plan

Matrix Medical Network

OneTouchPoint Inc. initially sent out a summary of its investigation on June 3, 2022. More recently, on July 27, 2022, OTP sent out data breach letters to all individuals whose information was compromised as a result of the recent data security incident.

Founded in 2007, OneTouchPoint Inc. is a software and business services company based in Hartland, Wisconsin. The company provides a range of services to its corporate clients, including brand management, local marketing, marketing execution, print production and supply chain logistics. OneTouchPoint deals with companies across many industries, including alcohol & beverage, financial services, retail, healthcare, insurance, and manufacturing. OneTouchPoint Inc. employs more than 600 people and generates approximately $238 million in annual revenue.

In the letter that OneTouchPoint sent to victims of the recent breach, the company mentioned that it first learned of the incident when it noticed certain files on its computer network had been encrypted. Encryption is a process that encodes files, making them inaccessible to anyone without the encryption key (such as a password). Encryption is used every day for all sorts of lawful purposes, for example, to keep people from accessing sensitive data. However, cyberattacks also use encryption when orchestrating a ransomware attack.

Thus, when a company notes that its files were encrypted, its a good indication that it suffered a ransomware attack. In a typical ransomware attack, hackers install malware on a victims computer that encrypts some of all of their files. When the victim logs back on to their computer, they are met with a message from the hackers demanding a ransom. If the victim pays the ransom, the hackers (should) decrypt the files, allowing the victim access to their files.

More recently, some hackers have taken ransomware attacks to a new level, however, by threatening to publish the stolen data if the ransom isnt paid. This adds additional incentive for the victim to pay the ransom. However, the FBI and other federal agencies routinely advise companies not to pay ransoms demanded by hackers because this only encourages hackers to carry out these types of attacks. Of course, this puts companies in a difficult position because, by not paying a ransom, they may end up responsible for the breach in the publics eye.

Of course, the best way to prevent an unauthorized party from accessing consumer data is for a company to implement a robust data security system in the first place. Companies that fail to take data security seriously are often those that end up targeted by hackers in a ransomware attack.

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OneTouchPoint Inc. Confirms Data Breach Potentially Impacting Dozens of Other Businesses (and Their Customers) - JD Supra

Julian Assange: Protest to be held at Westminster in support of WikiLeaks founder – The National

More than 1000 people have signed up to form a human chain around the UKParliament in support of Julian Assange.

The WikiLeaks founder has spent more than three years in Belmarsh prison in London as he fights being extradited to the United States.

He is waiting to hear if he can continue his legal battle.

Assange is facing espionage charges in the US after leaking documents on the whistleblowing site the American government insists endanger national security.

Supporters will form a human chain around Parliament on October 8 as part of the campaign for him to be released.

John Rees, who is helping to organise the event, said the legal case is at a critical stage.

He said: We need to redouble our efforts to persuade the UK Parliament to intervene and halt Julians extradition.

READ MORE:Liz Truss team backtracks on Nicola Sturgeon insult after Tory backlash

Growing numbers of human rights groups, journalist organisations, politicians, and other campaigners are calling on US President Joe Biden to drop the extradition case.

Earlier this year, anorder to extradite Assange was signed by Home Secretary Priti Patel.

WikiLeaks called it a dark day for press freedom and British democracy.

Assange has been living in Britain since 2012 and was granted asylum by Ecuador, living in its embassy in London until 2019.

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Julian Assange: Protest to be held at Westminster in support of WikiLeaks founder - The National

WikiLeaks: Britain Approves Extradition Of Assange To US – Nation World News

London Serious blow for Julian Assange: After years of back-and-forth, Great Britain approved the extradition of the WikiLeaks founder to the United States. Conservative Home Secretary Priti Patel signed the same order, as her ministry announced in London on Friday.

The founders of the disclosure platform have been fighting against being extradited to the United States for more than ten years. The 50-year-old has been lodged in a London jail since 2019. WikiLeaks announced it would go back to court.

The US judiciary wants to prosecute Assange for espionage charges. If convicted, the Australian faces up to 175 years in prison. He is accused, along with whistleblower Chelsea Manning, of stealing and publishing secret material from US military operations in Iraq and Afghanistan, threatening the lives of American informants.

His lawyers argue that no one was harmed. Supporters see Assange as a courageous journalist who brought war crimes to light and who should now be an example.

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A Home Office spokesman upheld the decision, saying: British courts have not found in this case that it would be oppressive, unfair or an abuse of process to extradite Mr. Assange.

Their fundamental rights including the right to due process and freedom of expression are not affected. Assange now has two weeks to appeal. Those around him fear that he will be kept in solitary confinement and will not have a fair trial, despite assurances to the contrary from Washington.

WikiLeaks spoke of a dark day for press freedom and British democracy. Patel made himself an ally of the United States, which wanted to criminalize investigative journalism.

Manch also accused US intelligence agencies of being involved in a plot to assassinate Assange. The legal dispute over extradition has been going on for years. Late last year, the High Court lifted the extradition ban because of the risk of suicide. After the Supreme Court dismissed an appeal against it, it was now the Home Secretarys turn.

Assange has been held in Belmarsh Maximum Security Prison since his arrest in April 2019. Prior to this, he had dodged law enforcement officers for several years at the Ecuadorian embassy in London. They initially searched for her in Sweden because of rape allegations. However, these charges were later dropped due to lack of evidence.

It is still unclear whether the 50-year-old will actually be extradited. According to his supporters, the legal recourse is not yet exhausted. We will take legal action. The next appeal will be in the High Court. The WikiLeaks statement said that we will fight loudly and shout loudly in the streets.

The federal government also pointed out that the decision to extradite is still controversial. Deputy government spokesman Kristian Hoffmann said in Berlin: According to the current state of knowledge, perhaps a more legal route is possible. It will be watched very closely.

The German Association of Journalists called on the United States to drop the charges. If President Joe Biden condemns Russian war crimes in Ukraine, he should not take excessive legal action against US war crimes investigators.

More: Resigning ethics advisor makes serious allegations against Johnson government

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WikiLeaks: Britain Approves Extradition Of Assange To US - Nation World News

From Colour TVs And Cash to Robot Helpers And Moon Trips: Promises India’s Politicians Have Made to Voters – News18

A PIL that was filed in the Supreme Court earlier this year has now spurred a nationwide debate. It said that promise or distribution of irrational freebies from public funds before elections could unduly influence the voters, shake the roots of a free-and-fair election, and disturb the level playing field, besides vitiating the purity of the election process.

Prime Minister Narendra Modi, recently, cautioned people against what he called a revadi culture of offering freebies for votes and said this is very dangerous for the development of the country.

Promising pre-poll sops to voters has been a common custom among Indias politicians for decades. From cash to liquor, household gadgets, scholarships, subsidies, and food grains the options are endless. Lets take a look at some that were memorable:

Late Tamil Nadu chief minister and AIADMK leader J Jayalalithaa was in many ways one of the pioneers of the freebie culture. She promised free power, mobile phones, WiFi connections, subsidised scooters, interest-free loans, fans, mixer-grinders, scholarships, and more, to the voters. The Amma Canteen chain started by her was also a huge success. She must have picked up some tips from one of her predecessors, chief minister CN Annadurai, who in the 1960s announced a kilogram of rice for Re 1.

In Tamil Nadu, the DMK was not far behind. In 2006, the party made promises to provide free colour television sets to the people and cooking gas connections for Below Poverty Line (BPL) households.

However, after returning to power in 2011, Jayalalithaa scrapped the DMKs colour TV scheme.

In 2011, the cash-for-votes scandal erupted in Tamil Nadu, with a WikiLeaks cable alleging that politicians had admitted to violating election law to influence voters in the 2009 Thirumangalam by-elections.

The cable explained the alleged modus operandi for cash distribution adopted by the DMK: Rather than using the traditional practice of handing cash to voters in the middle of the night, in Thirumangalam, the DMK distributed money to every person on the voting roll in envelopes inserted in their morning newspapers. In addition to the money, the envelopes contained the DMK voting slip which instructed the recipient for whom they should vote. This, the cable noted, forced everyone to receive the bribe.

In 2013, the Akhilesh Yadav government in Uttar Pradesh announced an ambitious free laptop scheme for students that many believed won him great political capital, particularly amongst the youth.

A total of 15 Lakh laptops were distributed by the state government between 2012 and 2015.

In Punjab, the Shiromani Akali Dal came into office in 1997 with, among other factors, the offer of free power to farmers.

The cost on the exchequer made chief minister Captain Amarinder Singh of the Congress in 2002 to scrap it, only to reinstate the scheme a few years later.

The Arvind Kejriwal-led Aam Aadmi Party at present appears to be one of the biggest proponents of the freebie model of politics. Before the 2015 assembly elections in Delhi, in which it registered a famous victory, AAP promised a reduction of consumers electricity expenditure by 50 per cent through an audit of power distribution companies, and 700 litres of free water per day to every household.

As it tries to spread its wings in other states, having already added Punjab to its kitty, AAP is looking to diversify its arsenal with promises of scholarships for the youth, pilgrimages for the elderly, and money in the hands of women, etc.

In last years Tamil Nadu elections, independent candidate from the South Madurai seat Thulam Saravanan promised a 100-day free trip to the moon, iPhones, robots for homemakers to help them in their domestic chores, three-story houses with swimming pools for everyone, mini-helicopters, 100 sovereigns of gold to women for their marriage, a boat for every family, and $50,000 to youths to start business ventures.

All his promises, he said, were a dig at the freebie culture prevalent in the state. He, however, failed to impress the voters.

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From Colour TVs And Cash to Robot Helpers And Moon Trips: Promises India's Politicians Have Made to Voters - News18

Inflation punishes the prudent while Bitcoin gives future hope Jordan Peterson – Cointelegraph

The ability to save up is an essential tool for self-regulation and planning for the future, but when inflation becomes uncontrollable, those who put in their efforts to delay gratification get punished for their choice. On the other hand, Bitcoin (BTC) does the opposite, according to clinical psychologist Jordan Peterson.

In the show called What is Money?, Peterson joined the Bitcoin entrepreneur Robert Breedlove to talk about money and discuss the effects of fiat inflation on people who forego instant gratification and how Bitcoin gives hope for the future.

According to Peterson, hyperinflation hurts those who are patiently putting in the work and are saving up for the future. He described these people as the pillars of our society, and Peterson argued that these people are vital to the security and survival of civilization. He explained that:

Peterson highlighted that with inflation distorting the market, one of the things that made him interested in Bitcoin is that there are no such distortions or interference. Cryptocurrency enables a free market, according to the psychologist.

He further mentions that BTC may be a device that will enable society to adapt to what he describes as the horizon of the future. Its the only bloody device we have. Unless you think central planners are going to manage it. Good luck with that. Thats just not going to happen, he said.

Related: Bitcoin 2022: Thiel calls Buffett sociopathic, Mexican billionaire has 60% in BTC

Peterson dived into Bitcoin in 2019 when he started accepting BTC donations after leaving the subscription platform Patreon because of issues on free speech. The 12 Rules of Life author has also been trying to understand Bitcoin since 2021, inviting BTC proponents to his podcast and exploring more about cryptocurrency.

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Inflation punishes the prudent while Bitcoin gives future hope Jordan Peterson - Cointelegraph

The Path Is Clear: Bitcoin And Freedom Or International Communism – Bitcoin Magazine

This is an opinion editorial by Justin OConnell is an author and founder of GoldSilverBitcoin.com and a contributor for Bitcoin Magazine.

Socialist regulators worldwide wish to curtail Bitcoins consensus method: proof of work. They are cardholders of an environmental, social and governance (ESG) cult, seeking carbon neutrality per the Paris Agreement, which was signed in 2015 to limit global warming. In short, they want to roll back civilization to neo-feudal times. Since bitcoin poses competition to central bank fiat currencies, regulators have been instructed by corporate special interests groups that the Bitcoin Experiment is bad for the environment and must be stopped.

On July 16, 2022, U.S. Senator Dick Durbin tweeted his displeasure with energy consumption in crypto mining. Its time to learn the truth about crypto, wrote the commie. Lets start with the obscene amounts of electricity needed to mine Bitcoin and other cryptocurrencies. Families and businesses in America will pay the price for cryptos mining ventures.

Its important to note that whenever politicians discuss crypto mining as it relates to the environmental toll, they are speaking primarily of proof-of-work cryptocurrencies, due to their energy intensity. Specifically, theyre talking about Bitcoin.

The United States, which is home to more than one-third of the global computing power dedicated to mining bitcoin, has turned its attention to domestic miners and their impacts on the environment and local economies. The move has been at the behest of socialist Senator Elizabeth Warren, who noted her concern in June 2021 over the environmental toll of proof-of-work (PoW) mining.

On December 2, 2021, Senator Warren sent a letter to New York-based bitcoin miner, Greenridge Generation, in which she requested information on the company's environmental footprint. Given the extraordinarily high energy usage and carbon emissions associated with Bitcoin mining, mining operations at Greenridge and other plants raise concerns about their impacts on the global environment, on local ecosystems, and on consumer electricity costs, the letter noted.

On January 20, 2022, a Committee Hearing on Cleaning up Cryptocurrency: The Energy Impacts of Blockchains marked the start of an investigation into the blockchains environmental impact, with a particular emphasis on PoW and Bitcoin.

On January 27, 2022, eight Democrat members of Congress, led by Senator Elizabeth Warren, sent letters to six crypto mining companies raising concerns over their extraordinarily high energy uses.

In the letter, Senator Warren evoked the same concerns as in the December 2021 letter to Greenridge, stating she and her colleagues observed, Bitcoin minings power consumption has more than tripled from 2019-2021, rivaling the energy consumption of Washington State, and of entire countries like Denmark, Chile, and Argentina.

Senator Warren requested information from six companies, including Riot Blockchain, Marathon Digital Holdings, Stronghold Digital Mining, Bitdeer, Bitfury Group and Bit Digital. Questions revolved around their mining operations, energy consumption, possible impacts on the climate and local environments, as well as the impact of electricity costs for American consumers.

On June 3, 2022, New York regulators passed a two-year moratorium on proof-of-work mining in the state, citing New Yorks Climate Leadership and Community Protection Act, which requires New Yorks greenhouse gas emissions be cut by 85% by 2050. One section of the bill calls for conducting a statewide study on the environmental impact of proof-of-work mining operations.

Representative Anna Kelles sponsored the legislation. My bill is not a ban on Bitcoin, Kelles gaslit. Its not even a ban on crypto-mining. It would not restrict the ability to buy, sell, invest, or use crypto in [New York state].

New York City Comptroller, Brad Lander, feared a strain on energy caused by mining. New York state is reaching a pivotal time in its attempt to electrify the energy sector, and the current proof-of-work cryptocurrency mining in New York state diverges from our goals by increasing our reliance on fossil fuels, thereby creating additional financial stressors and endanger investments for New York City," he wrote.

The legislation warns of increased mining in the state. The continued and expanded operation of cryptocurrency mining operations running proof-of-work authentication methods to validate blockchain transactions will greatly increase the amount of energy usage in the state of New York, and impact compliance with the Climate Leadership and Community Protection Act.

The pressure is not just coming from regulators and politicians, but local bureaucrats too. Chelan County, Washington hiked hydroelectric power rates for bitcoin miners by 29%, which went into effect June 1, 2022. The miners there once paid a lower, high-density load rate for their electricity. What we did as a commission, and what we did as a utility was industry-leading, to create a new rate for this type of demand, Gary Arseneault, a Chelan County Public Utility District (PUD) commissioner, told News Radio 560 KPQ. For mining companies with substantial investments, Chelan County has reportedly approved a transition plan to increase rates.

Malachi Salcido, CEO of Salcido Enterprises, said the new rate will force him to convert his mining facilities into data farms. Do you really want to be in the business of regulating what kind of processing happens on servers in your territory," Salcido said.

European authorities want to ban bitcoin mining too. Swedish financial regulators and the European Commission considered banning proof-of-work, according to documents published by German website netzpolitik.org.

Released under the EUs freedom-of-information laws, the documents show that at a November 2021 meeting, Swedish financial and environmental regulators and the European Commissions digital policy arm discussed banning trading in proof-of-work cryptocurrencies, like bitcoin.

An unnamed attendee didnt see [the] need to protect the bitcoin community, noting it should be nudged towards the more environmentally friendly proof-of-stake, as Ethereum had done. The documents had been in part redacted due to an ongoing decision-making process.

Moreover, the sustainable finance chair at the International Organization of Securities Commission (IOSCO) proposed a proof-of-work mining ban in the European Union in MiCA, the EUs legislation for digital asset governance. The proof-of-work ban, however, was not included in the final bill.

For now, attempts by European lawmakers to ban proof-of-work mining have failed to receive the required votes in a EU Parliament committee vote. It seems that reason and common sense prevailed, Paris MEP Pierre Person tweeted. We must continue to defend the principle of technological neutrality. Europe must remain in the global competition!

According to an anonymous Decrypt source, there were two alternative compromises related to the watered down version of the ban on unsustainable protocols, all of which were rejected. The proposal that caused all that mobilization will not be part of the [MiCA] text, the source added, referring to the widespread opposition to a proof-of-work ban.

Furthermore, the European Green Party tabled yet another diluted version of the original text. Crypto assets shall be subject to minimum environmental sustainability standards with respect to their consensus mechanism used for validating transactions, before being issued, offered or admitted to trading in the Union, the revised proposal read.

Communist regulators, who are in power all over the world, want to ban Bitcoin. Being the gaslighters that they are, theyll tell you they are not banning Bitcoin only proof-of-work mining, because Bitcoin can adopt proof-of-stake. Theyre fools, and theyll come for proof-of-stake eventually. Say no and educate yourself. There is an international putsch a secretly plotted and suddenly executed attempt to end the Bitcoin Experiment; it wont ever relent and neither can those who wish to live in a world of monetary choice.

This is a guest post by Justin OConnell. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.

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The Path Is Clear: Bitcoin And Freedom Or International Communism - Bitcoin Magazine

Assessing if Bitcoin [BTC] will be a good August visitor – AMBCrypto News

Bitcoin [BTC] recorded the most profits in July, making 17% for its investors. The crypto king registered a six-week high in the same month when it hit $24,500. The last time BTC performed this exceptionally was in October 2021.

Beyond these records, BTC hit another incredible milestone. According to Glassnode, the number of addresses with profits hit a new thirty-day high. The on-chain data platform recorded the latest landmark at 25,925,854.30.

So the price increase in July did not just come as profits but as more profits for more investors. Interestingly, it did not end there, as it seems that investors have regained their confidence in the Bitcoin momentum.

As August began, it seemed that BTC investors were looking forward to another month full of upticks despite BTC retracing to $23,000 at press time.

According to CryptoQuant, exchange depositing addresses massively increased across all exchanges as July ended. As of 30 July, it was 19,126. By the last day of the month, it had gone up to 58.670 before riding as high as 67,966 on 2 August.

However, the pump seemed to have taken a fall, recording only a 0.98% uptick in the last 24 hours. Still, that has not deterred deep-pocket investor numbers from declining.

This is because Glassnode recorded a tremendous rise in addresses with 100 BTC and 10,000 BTC.

At press time, the addresses with 100 BTC had surged to 15,844. The same happened with those with 10,000 BTC as it went up to 102another record high in over two months.

While these records may have helped regain investor BTC faith, it might be too early to conclude. According to a Glassnode report released on 1 August, the BTC bear market sentiment might not be over.

The report pointed to the little demand across Bitcoins network activity as one reason to be careful of its supposed bullish momentum.

It also noted that the current oversold conditions of the coin may pose risk in its quest for an uptick. The report stated,

However, under the surface, on-chain transactional demand remains lackluster at best, and this rally has not yet seen a convincing follow through in observable demand activity. The net result is that Bitcoin blocks are partially empty

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Assessing if Bitcoin [BTC] will be a good August visitor - AMBCrypto News

What Is Bitcoin Halving Forbes Advisor – Forbes

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The available supply of conventional currencies rises and falls under the watchful eyes of national central banks, but the total supply of Bitcoin is fixed and immutable.

There will only ever be 21 million Bitcoin. Presently a bit more than 19 million have been mined, leaving just under 2 million left to be created. The Bitcoin protocol automatically reduces the number of new coins issued with each new block in a process called halving.

One of the most important features of Bitcoin is its limited supply and issuance mechanism, says Bruce Fenton, CEO of fintech company Chainstone Labs. Bitcoin provides certainty in an uncertain world. The code, not people, decide how it is issued.

Bitcoins transparent and automatic control of supply is one of the reasons supporters of the worlds most popular cryptocurrency see it as a store of value thats more akin to gold than a fiat currency.

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The Bitcoin halving is when the reward for Bitcoin mining is cut in half. Halving takes place every four years.

The halving policy was written into Bitcoins mining algorithm to counteract inflation by maintaining scarcity. In theory, the reduction in the pace of Bitcoin issuance means that the price will increase if demand remains the same.

At the moment, Bitcoin has an inflation rate of less than 2%, which will decrease with further halvings, says David Weisberger, CEO of trading platform CoinRoutes. Thats looking pretty good compared with the 9.1% annualized inflation rate in the June consumer price index (CPI).

Bitcoins production scarcity is what defines its finiteness, and when reward goes down, supply is constrained, says Chris Kline, chief operating officer of Bitcoin IRA. Increasing demand at a time when supply is constrained has a positive impact on price, which can make bitcoin alluring to investors.

A decentralized network of validators verify all Bitcoin transactions in a process called mining. They are paid 6.25 BTC when they are the first to use complex math to add a group of transactions to the Bitcoin blockchain as part of its proof-of-work mechanism.

At the current Bitcoin price, 6.25 BTC is worth about $148,000, a decent incentive for miners to keep adding blocks of Bitcoin transactions running smoothly.

Those blocks of transactions are added roughly every 10 minutes, and the Bitcoin code dictates that the reward for miners is reduced by half after every 210,000 blocks are created. That happens roughly every four years in periods that are often accompanied by heightened Bitcoin price volatility.

The first Bitcoin halving occurred in November 2012. The next halving was in July 2016, and the most recent halving was in May 2020.

The reward, or subsidy, for mining, started out at 50 BTC per block when Bitcoin was released in 2009. The amount drops in half each time a new halving takes place. For instance, after the first halving, the reward for Bitcoin mining dropped to 25 BTC per block.

In all, there will only be 64 halvings, with the last in 2140. At that point, there will be 21 million BTC in circulation and no more coins will be created. From there, miners will just be paid with transaction fees.

Richard Baker, CEO of miner and blockchain services provider TAAL Distributed Information Technologies, points out that miners may shift transaction processing power away from BTC once the next halving takes place as they seek more transaction fees elsewhere to make up for lost Bitcoin revenue.

Fewer miners would mean a less secure network, experts say.

On the other hand, while the halving reduces the reward for miners, it equally lowers the supply of new coins without reducing the demand, notes Patricia Trompeter, CEO of cryptocurrency miner Sphere 3D Corp.

If the economic theory holds true, which historically for Bitcoin it has, Bitcoin prices should increase dramatically in response to the supply shock, she says. Although, there is still debate on whether the historical price movement around each halving was a direct product of the halving.

Higher prices would be an incentive for miners to keep processing Bitcoin transactions.

The Bitcoin algorithm dictates halving happens based on a certain creation of blocks. Nobody knows exactly when the next halving will occur, but experts point to May 2024 as an anticipated date. That would be almost exactly four years since the last one.

The somewhat predictable nature of Bitcoin halvings was designed so that its not a major shock to the network, experts say.

But that doesnt mean there wont be a trading frenzy surrounding Bitcoins next halving.

Historically, there is a lot of Bitcoin price volatility leading up to and after a halving event, says Rob Chang, CEO of Gryphon Digital Mining, a privately held Bitcoin miner. However, the price of Bitcoin typically ends up significantly higher a few months after.

While there are many other factors influencing Bitcoins price, it does seem that halving events are generally bullish for the cryptocurrency after initial volatility eases.

Baker says investors should be cautious about the next Bitcoin halving. Although scarcity can drive price appreciation, reduced mining activity could cause the price to level off.

The key point for investors to consider, however, isnt the specific dates of halving events but to focus on the growth of the network overall, Weisberger says. As long as the network continues to grow, the likelihood of Bitcoin fulfilling its potential as a global store of value increases.

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What Is Bitcoin Halving Forbes Advisor - Forbes