BIS Says Crypto Weaknesses Have Materialized Following Market Sell-Off
The Bank of International Settlements (BIS), the global body for central banks, claims the weaknesses in crypto that were pointed out before “have pretty much materialized.” BIS General Manager Agustin Carstens opined: “You just cannot defy gravity … At some point, you really have to face the music.” BIS on Crypto Weaknesses The Bank of International Settlements (BIS) has warned that a perceived danger of decentralized digital money is materializing. The BIS explained in its Annual Economic Report, published Tuesday, that the crypto....
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The Greek debt crisis, heightened by the country's IMF default and the "No" vote on austerity, has led to money flows to bitcoin. Capital controls have been put in place in the country, which means that banks and the stock market are closed, leaving Greeks with not much alternatives when it comes to moving money around. Several sites offering bitcoin loans and investments, as well as some buying Greek products in exchange for bitcoin, have tried to keep the economy going. However, the rise in transaction volumes over the past days have exposed the weaknesses of the bitcoin network. Bitcoin....
In an interview at The Internet Engineering Task Force 93, former CIA employee and NSA contractor Edward Snowden spoke about privacy and security. Interestingly, Snowden focused his talk on Bitcoin and its flaws and weaknesses. Snowden began by briefly introducing the 51% attack concept, and stated that the Bitcoin network could be vulnerable to attacks and manipulation if “a pool has over 50% of the computing power to demonstrate adequate proof of work to add entries to the blockchain ledger.” Snowden commented, “Obviously, Bitcoin by itself is flawed. The protocol has a lot of weaknesses....
Bitcoin has begun to show signs of weaknesses after a crazy rally from $11,000 to $24,000. The drop has made some suggest that a strong move lower is on its way. But on a near-term basis, not everyone is convinced that Bitcoin is done rallying just yet. Bitcoin Isn’t Poised to Crash, Say Some Analysts Bitcoin has begun to show signs of weaknesses after a crazy rally from $11,000 to $24,000. The leading cryptocurrency currently […]
Demanding a fee of US$310,000 is quite steep for such potentially useless information, though. Bitcoin continues to make mainstream media headlines, although it is not always in a manner people expected. A partner at Akin Gump has been arrested while trying to sell a sealed whistleblower complaint in exchange for bitcoin. This offer was extended to a company under federal investigation, although the name of the company was not made public. The Akin Gump partner aimed to receive US$310,000 for selling this document, although the sale never materialized. It is rather strange to think of a....
Former NSA contractor and alleged information leak Edward Snowden recently shared his thoughts on the cryptocurrency bitcoin and its flaws. Although he pointed out the disadvantages of the network, he also had some positive remarks as well. For one, Snowden mentioned that "the protocol has a lot of weaknesses and transaction sides and a lot of weaknesses that structurally make it vulnerable to people who are trying to own 50 percent of the network and so on and so forth." Snowden Comments on Bitcoin. "But when we think about the basic principles behind it, there are some very interesting....