Category Archives: Crypto Currency

Binance Denies Hack Rumors

Binance, the world’s highest-volume cryptocurrency exchange, denied rumors that it had been hacked after maintenance dragged on long past its originally-posted timeframe, leaving traders unable to access the platform. On Wednesday afternoon, Binance abruptly posted on Twitter that the exchange, which regularly handles several billion dollars worth of volume in a single day — was undergoing system maintenance and that users would likely experience “a temporary decrease” in performance. An hour later, the exchange posted another update, explaining that the maintenance — which involved fully resyncing the company’s replica database — would take longer than originally expected and that it could take “several hours” to get the platform back online.

Reference: https://www.ccn.com/binance-denies-hack-rumors-plans-reopen-trading-friday-morning/

Dark Web Users Ditch Bitcoin for Litecoin Due to Costly, Slow Transactions

The analysis found that since 2017, bitcoin payments have become economically infeasible due to a tenfold increase in transaction cost that can account for as much as 30% of smaller payment amounts. The slowness of transactions was also cited.
One Russian dark web user released a statement advising vendors they had to find an alternative to bitcoin to keep his business. The average transactions in the underground economy begin at between $50 and $300. Speed of payment is important on the dark web, as delays increase the risk of being cheated. The prospect of having to wait up to 24 hours to confirm transactions, along with high payment fees, has rendered bitcoin payments unusable for many dark web users.

Reference: https://www.ccn.com/dark-web-users-favoring-litecoin-due-to-bitcoins-costly-slow-transactions/

Washington, D.C. Gets Its First Bitcoin Luxury Condo Listings

The condos were converted from a single-family home, featuring soapstone counters, recessed lighting, stainless steel appliances and white oak hardwood floors. One-bedroom condos on the first and second floor go for $569,000 or 50 BTC and $665,000 or 59 BTC. A two-bedroom condo on the third floor is available for $677,000 or 60 BTC, while a two-bedroom penthouse, offering a private roof terrace, is listed at $949,000 or 84 BTC. The bitcoin prices would have to be adjusted to reflect the negotiated prices. Residential brokerage Venditti said developers are investing in bitcoin since they recognize that $8,700 worth of bitcoin in 2015 would have appreciated to the extent that it could now purchase the entire building for $3 million. He said millennials might not have the downpayment for the purchase, but if they invested in bitcoin, they could use it as part of the purchase.

Reference: https://www.ccn.com/washington-d-c-gets-its-first-bitcoin-condo-listings/

Cryptocurrency Market Struggles to Record Gains

While the majority cryptocurrencies in the market recorded a 1 to 3 percent decline or increase in price, the value of Bitcoin Cash skyrocketed by 25 percent, leading traders in the cryptocurrency community to suspect a short-term pump. Over the past few weeks, throughout the large correction, cryptocurrencies in the global market moved on a similar trend led by bitcoin and Ethereum. Apart from several rare instances wherein small market cap cryptocurrencies like FunFair increased for a brief period of time, the majority of cryptocurrencies in the market moved up and down simultaneously. However, in the past 24 hours, the price of Bitcoin Cash increased from $995 to $1,250, with volume heavily concentrated on OKEx, the Hong Kong-based cryptocurrency exchanges operated by OKCoin, formerly the largest cryptocurrency exchange in China prior to the country’s cryptocurrency trading ban in September 2017.

Reference: https://www.ccn.com/cryptocurrency-market-struggles-record-gains-bitcoin-cash-spikes-25/

Crypto Exchange Coinbase to Use Machine Learning for Customer ID Verification

The demand for Cryptocurrencies increased exponentially over the past few months and exchanges have not been able to keep up with the demand. Some exchanges have entirely stopped new user sign-ups. One of the biggest exchanges of them all, Coinbase, has also faced many issues and admitted poor customer experience for verification in a blog post. Here’s a chart compiled by a twitter user showing Coinbase’s growth over the past few years. The chart has not been updated since November 2017 because the company no longer provides the info. But one look at the chart should give you an idea of the demand for Cryptocurrencies in the last quarter of 2017. At its peak, Coinbase was adding 100,000 users a day.

Reference: https://www.ccn.com/crypto-exchange-coinbase-to-use-machine-learning-for-identity-verification/