Facebook to Ease Restrictions on Crypto Ads - Is an ICO or Crypto Exchange in its Future?

Colleagues, there are two hot topics which the global cryptosphere is closely watching. First, is the company’s reversal of its January 2018 ban on crypto advertising on its social media platform. On June 26 Facebook issued an update to this policy changing course and will now allow such ads to be placed. Read the policy decision here. The key is proper scrutiny over the legitimacy and authenticity of ads Facebook chooses to allow. The bigger issue on the minds of many FB watchers is whether the firm will former enter the crypto market via the launch of its own ICO or acquisition of a tier 1 crypto exchange. While this second issue is still considered “speculation”, there is a growing belief that Facebook might acquire Coinbase. The Cryptocurrency Academy predicts with high confidence that an ICO or crypto exchange is surely in Facebook’s near-term future. Post a comment visit us today! Lawrence – Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com/) 

What Impact will the INS Wallet have on the INS Blockchain Platform?

Colleagues, Russia-based INS is developing a platform to enable direct interaction between brands and consumers. Reaching the next generation audience via data-driven mass personalization. The team consists of a large global collective of professionals with solid industry experience. Their wall now supports Ethereum and INS ERC-20 tokens, and has plans to secure Bitcoin. INS’ goal is to enable Blockchain to manage business between consumer and leading consumer brands such as Air Wick, Tiret, Viola, Clearasil, Gaviscon and others. The open source platform is designed for an emerging DAPP consumer brand ecosystem. Bottom line: Once the INS Platform moves to the mainnet in 2019 can it be expanded to other vertical markets or will it remain confined to the consumer product niche? Post a comment visit us today! Lawrence – Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com/) 

Are Security Breaches Contributing to the Decline in Cryptocurrency Prices?

Colleagues, any security analyst knows that cyber criminals will target the weakest point in network or system. This principle is being validated over and over again by successful cyber-attacks on the cryptocurrency ecosystem. ICOs, mining farms, wallets, exchanges and crypto ATMs each have varying levels of vulnerability. The recent crypto heist of some $31.5m according to CCN from the South Korea-based Bithumb exchange is simply the latest example. The Korea Internet & Security Agency [KISA] along with the Ministry of Science and Technology (MIC) are investigating the world’s sixth largest cryptocurrency exchange. Bottom line: The Cryptocurrency Academy believes that the ongoing number of cyber-attacks against the global cryptocurrency ecosystem are “in part” a contributing factor to the decline in asset prices. Moreover, if BTC and Altcoins are to cross the chasm from early adopters to the mass markets these security flaws need to be greatly reduced in order to boost investor confidence. Share a comment visit us today! Lawrence – Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com/) 

What is the impact of Bitmain controlling 42%+ of the Bitcoin hashrate?

Colleagues, China-based Bitmain’s voracious appetite for Bitcoin mining is moving toward the critical 51% level. Comparable to controlling the majority of seats on a company’s Board of Directors or a similar percent ownership of a public firm’s stock, Bitmain could end up controlling the mining of Bitcoin worldwide. Enter protocol developer Matt Corallo and his “BetterHash” protocol proposal to decentralize Bitcoin mining.  The optimal CPUs are AMD Ryzen 7 1700X at 4.00GHz and Intel i7-7700K at 4.70GHz, while GPUs for BetterHash are NVIDIA GTX 1080 Ti and AMD RX Vega 64. Bottom line: Will the BetterHash protocol adoption prevent Bitmain from reaching the 51% threshold of Bitcoin mining? You make the call. Share a comment visit us today! Lawrence – Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com/)  

How Sovereign Banks May Benefit from Adopting Blockchain-based Distributed Ledgers

Colleagues, the Bank of England, Singapore’s Monetary Authority and the Bank of Canada and are planning to upgrade their inter-bank systems. Their goals include facilitating trans-border currency flows, disrupt the financing of terrorism, reduce money laundering and interface with private sector businesses. Then Bank of England published a Proof of Concept (PoC) paper in April of this year. Bottom line question: Will the sovereign banks of other developed nations follow? The Cryptocurrency Academy predicts that the US, China, Japan and Germany will carefully track and assess the implementation of Blockchain DLT over the coming 3-5 years before committing to adopt the technology themselves. Share a comment visit us today! Lawrence – Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com/) 

What impact will falling cryptocurrency prices have on ASIC mining vendors?

Colleagues, Ebang, Bitmain, nVidia, AMD and Canaan are among the elite cryptocurrency ASIC mining vendors worldwide. And although only Ebang, Bitmain and Canaan would be consider “pure plays” the demand for all of these vendors’ mining products are impacted price fluctuations of the currencies they are designed to mine. Using Coinbase point of reference crypto prices “in aggregate” have either fallen or remained neutral since early 2018. Which brings us to an interesting scenario: Image you are in the C-Suite of a major mining vendor involved in making ASIC investment decisions. Which cryptocurrencies do you focus your mining R&D on? The economic principle of supply and demand is quite simply, yet in reality, such decision – especially for public stockholder owned firms – is challenging at the very least. Cryptocurrency Academy concludes that any ASIC vendor must exercise the upmost diligence in assessing where to invest their ASIC mining budgets. Mortal man cannot predict the future. This matter calls for a double portion of business acumen and diversification of products and services. You make the call. Share a comment visit us today! Lawrence – Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com/) 

US Fed Inches Closer to Embracing Cryptocurrencies

Colleagues, the St. Louis Fed appears much more receptive to the emerging crypto world order than other US Fed branches. Its Governor James Bullard attended the recent Consensus Crypto Conference in NYC. Moreover, his branch has added data points are obtained from San Francisco-based cryptocurrency exchange platform Coinbase with daily updates at 5 pm PST to its FRED economic barometer. Coinbase is a is a digital currency platform and wallet and platform where consumers and merchants alike transact new digital currencies  Nevertheless, the St. Louis Fed cites three similarities between cryptocurrencies and the US dollar. First, there is no middleman. Second, their intrinsic value is fiat-based (ever since the US dollar was delinked to the price of gold bullion in 1971. And third, both are in limited supply. So where does this leave the Fed’s relationship with cryptocurrencies? The answer depends upon who you ask. The St. Louis Fed does not have the gravitas enjoyed by the New York, Boston and San Francisco Fed branches.  And US Fed Chair Jerome Powell remains skeptical at best. However, the Cryptocurrency Academy predicts that this sentiment is likely to change over the next 3-5 years. Share a comment visit us today! Lawrence – Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com/) 

What to look for when selecting a cryptocurrency/blockchain mutual fund or ETF

Colleagues, the past year has seen a steady stream of new IPOs, mutual funds and ETFs come to market in the cryptocurrency and blockchain segments. Some of most noteworthy vehicles including Innovation Shares NextGen Protocol, BLOK, Bitcoin Investment Trust, BLCN, Binance, Huobi and Block.one. Aside from trading or investing in individual ICOs what should medium-long term investors look for when selecting a securities vehicle? First, define your risk tolerance level and time horizon. Second, identify the percentage of your investable assets you plan to allocate to this sector. Third, carefully examine the track record of fund managers. And fourth, gain feedback from trusted sources such as regulatory bodies (e.g. US SEC), attestations from industry leaders and early investors in the fund(s) under consideration. At Cryptocurrency Academy our thesis is that for medium-long term investors, the underlying blockchain technology firms offer more stability and staying power than more fickle vehicles that focus on specific cryptocurrencies. Share a comment visit us today! Lawrence – Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com/) 

How to Mitigate Crypto Malware Attacks on Siacoin Miners?

Colleagues, cyber criminals in China had conspired with computer maintenance companies in the country to inject computers belonging to internet cafes with malware used to mine Siacoin (SC). It is claimed that the group managed to mine SC worth approximately $800,000. A network technician at JinHua, an Internet café software firm, is believed to be behind the illegal cryptocurrency mining attack. Public Internet connections, especially at so-called Internet cafes, are notoriously susceptible to cybercrime. Saicoin is valued at some $15 m USD according to CoinMarketCap. To date, the cyber-attacks appear to be limited to 30 cities in China. While little is known about the attributes of this malware, some basic mitigation tactics may help: 1) Delete apps you no longer use and update those you do, 2) Do not root or jailbreak your device, 3) Never download apps from unofficial app stores, 4) Keep your device’s OS up-to-date, and 5) Do not grant applications admin permissions to unknown parties. Share a comment visit us today! Lawrence – Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com/) 

Why has Ukraine become a haven for cryptocurrency exchange cyber criminals?

Colleagues, wowex.online, swapex.net, moneycraft.info, myexchanger.lv, iconvex.net and likechange.biz were all found to be fraudulent crypto exchanges by Ukrainian officials. This actions comes in the wake of the UPbit exchange being raided by South Korean officials who suspected fraud. By contrast, the Exmo, Kuna and BTC Trade UA cryptocurrency exchanges also based in Ukraine are believed to be authentic and legitimate. Bottom line: What are the warning signs that a trader or investor should look at before engaging with a cryptocurrency exchange? Cryptocurrency Academy recommends: 1) The level of government regulation and oversight, 2) References from credible users of the exchange, 3) Past history of fraud or suspected fraud within the country where the exchange is based, and 4) Contact government regulators and/or police to determine is there have been complaints against the exchange in question. Share a comment visit us today! Lawrence – Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com/) 

Will the spread of cryptojacking lead to stricter cryptocurrency regulations?

Colleagues, cryptojacking is the practice of accessing unwitting users’ processing power in order to mine cryptocurrency for the gain of the attacker. The 16 recently arrested by Japanese officials in the Monero cryptojacking case purportedly only stole 70 percent of the cryptocurrency mined, with the remaining 30 going to Coinhive. South Korea, the world’s third largest cryptocurrency market, indicated it will follow cryptocurrency regulations imposed by the international financial community, including the Financial Action Task Force (FATF). G20 nations need to prevent, or at least mitigate, criminals and large-scale crime syndicates from using cryptocurrencies to finance illicit trade (including drug and money laundering transactions). Bottom line: Will rampant cryptojacking undermining the global crypto mining business? Visit us today and share a comment! Lawrence – Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com/) 

Can the EOS Blockchain Live Up to its High Expectations?

Colleagues, EOS Blockchain is a decentralized operating system which can support industrial-scale decentralized apps (DAPPs). It is based upon open source free software. EOS makes to primary claims: First, the ability to conduct millions of transactions per second. And second, the elimination of transaction fees.  Developed by Block.one will allow developers to build DAPPs through smart contracts. The firm states that it will invest $1B to build out the EOS ecosystem. Reading between the tea leaves, this commitment and related goals would appears to position EOS as a next gen Internet … complete with apps, used by institutions and consumers alike, and span a number of industries. These are lofty aspirations indeed. Bottom line: Can EOS meet or exceed expectations? The answer will likely not be known for at least 3-5+ years. Visit us today and share your assessment! Lawrence – Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com/)  

Cryptocurrencies: An Ever-Increasing Target for Cyber Crime – The Monero 5% Heist is the Latest Example

Colleagues, Monero is by no means a tier 1 cryptocurrency. According to Satoshi Pulse it ranks 14^th in cryptocurrency market cap worldwide. However, the recent theft of some 5% of the currency’s value at the hands of so-called “malicious miners” once again exposes the vulnerabilities cryptocurrencies need to resolve. Key cybercrime targets in the cryptocurrency world include ICO, mining, exchanges, wallets and the underlying Blockchain. Cyber criminals undoubtedly will probe very component of the crypto ecosystem to find the weakest links. Now that we have entered the era of quantum computing-based cybercrime security is of tantamount importance to the mass adoption of cryptocurrencies.  Post a comment and visit us today! Lawrence, Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com) 

Does the combination of Cryptocurrencies plus Blockchain represent a new era of energy grid management?

Colleagues, Walmart’s new patent entitled “Managing Demand on an Electrical Grid Using a Publicly Distributed Transaction Ledger” may be the next move toward national and region energy grids running on Blockchain technology. In this approach energy producers and consumers would conduct transactions using cryptocurrencies. Under this patent the total amount of cryptocurrency available to purchase units of energy from an energy provider. Micro grids comprised of local residential or commercial entities could use a Blockchain distributed ledger to build a network of energy-consuming devices. Each device would be allocated a set amount of Bitcoin or another cryptocurrency used to purchase energy from the utility provider over a set billing period. When an individual network uses less than its allocated energy consumption, it can be structured to share it with another network. In 2018 LO3 an energy trade startup began testing this with the Brooklyn Micro grid pilot program. And Australia-based startup Power Ledger is building a platform that allows users to buy and sell solar electricity in real time. Bottom line: Could Blockchain enabled micro grids using cryptocurrencies as their method of payment represent a viable method for solving the dilemma of failed energy systems? Share a comment and visit us today! Lawrence, Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com)

Will Hashbyte usher in a profitable era of cloud-based crypto mining?

Colleagues, cryptocurrency mining has faced the enormous challenges of high energy and hardware costs and along with low returns for miners. And while cloud-based solutions have definite benefits they are also common targets of cyber criminals. HashByte’s infrastructure uses 250W solar panels which power their mining facilities along with lease contracts with private wind turbine firms across Europe. Bottom line: Will Hashbyte’s renewable energy approach to crypto mining enable them to effectively complete against the likes of Genesis Mining Enigma, Bitfury Mines, Bitmain, Giga Watt and Hut 8 Mining? Post a comment and subscribe today! Lawrence, Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com)

Is there a Central Bank Digital Currency in the US Federal Reserve’s future?

Colleagues, central banks of developed and developing nations around the world are assessing the viability of launching their own cryptocurrencies (CBDC). Central banks are notoriously conservative and adverse to systemic change. The US Fed is no different. Despite former US FDIC Chair’s Sheila Bair advocacy that the central bank should at least ‘consider’ issuing as US CBCD, Fed Chair Jerome Powell and Governor Lael Brainard have raised major concerns. Issues such as money-laundering, security of distributed ledgers, investor protection and in many cases the pure “speculative” nature of the crypto world order are all red flags from the US Fed’s perspective. Simultaneously the relentless growth in the number and value of cryptocurrencies worldwide continue at a breakneck pace. We at the Cryptocurrency Academy fully understand and respect the US Fed’s well-founded reluctance to introduce unproven competition to its fiat currency. Our prediction is that in 3-5 years we anticipate the US Fed’s posture toward a US CBDC will be much more favorable. Bottom line: For central banks – at home and abroad – CBDCs will simply become an idea whose time has come. Leave a comment and subscribe today! Lawrence, Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com)

Coinrail Reports a $40m Heist – So just how secure are cryptocurrency exchanges against cyber theft?

Colleagues, the recent Coinrail loss of some $40m is just the latest in a steady stream of cybercrime attacks against cryptocurrency exchanges. Coincheck lost an approximately $400m earlier this year, last November saw Tether claim it lose $31 million following an attack. Mt. Gox hacking in 2014 is the mother of all crypto attacks. In total the exchange lost around 744,408 BTC. That was worth around $350m in 2014.  While Coinrail is by no means a tier 1 exchange this cyber heist raises serious questions about the security of cryptocurrencies in general, and second the exchanges on which they are traded. There is no silver bullet mitigation strategy, however, the Cryptocurrency Academy would a couple of best practices for minimizing the risk to your crypto investments: Currencies, exchanges and wallets. First, the top-tier currencies such as BTC, Ethereum, Ripple, Litecoin, etc. generally have more security on-board. Second, the larger and more established exchanges are likely to be built on more secure platforms with cyber security professionals on staff. And third, although opinions surely vary, hardware wallet such as the industry-leading Nano Ledger S are believed to offer more security … especially when compared to cloud-based wallets. Send us a comment and subscribe today! Lawrence, Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com)

SEC Chair Jay Clayton wrestles with whether cryptocurrencies are in fact securities

Colleagues, is Bitcoin a security? The answer you receive likely will depend upon to whom you ask the question. As of June 2018 Jay Clayton does not consider Bitcoin as a security according to the 1933 Securities Act. To paraphrase his rationale may be a little risky, nonetheless, we will do our best. Clayton’s definition of a security is when an investor provides funds to a designated third party and expects to receive – with some level of risk – a return on his or her investment. Traditional IPO stocks most definitely meet his definition of a security. Enter the emerging universe of ICOs. Now the definition become much more blurry. All indications are that Clayton’s view is that ICOs border on pure “speculation” regarding the investors’ expectation of a return. So which firms and/or products do meet the definition of a security? Surely any public company which produces a digital or tangible product related to the cryptocurrency or the broader Blockchain ecosystem are securities. So where does this leave ICOs and the currencies they represent? The Cryptocurrency Academy perceives a rather large black hole … at least for the foreseeable future. This phenomenon is not uncommon when the rate of technology innovation outpaces the government’s due diligence to define and enforce regulations. We predict that this issue will be resolved, but not for another 2-3 years leaving ICOs and potential investors hanging in the balance. Share a comment and subscribe today! Lawrence, Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com)

How to mitigate the increased threat of cryptocurrency theft?

Colleagues, currency theft is nothing new. However, with the meteoric rise in cryptocurrency trading in the past 2-3 years the opportunity for cyber thieves and risk to investor has never been greater. Cloud security firm Carbon Black has issued a new threat report entitled “Cryptocurrency Gold Rush on the Dark Web“ in which it claims some $1.1b USD in cryptocurrencies have been illicitly stolen so far this calendar year. Moreover, Japanese cryptocurrency exchange Coincheck had $600m in XEM stolen by hackers in January 2018. A number which is likely to grow dramatically over time. The malware needed to commit cryptocurrency theft can be obtained for a mere $224. Two key questions emerge: First, which components of the cryptocurrency ecosystem are vulnerable to attack – mining, wallets, exchanges, etc? And second, which mitigation strategies can the ecosystem in general and investors in particular, take to reduce risk? For the moment, concrete answers to these question appear illusive. Nonetheless, the Cryptocurrency Academy will pursue these issues and keep you informed. Please share a comment and subscribe today! Lawrence, Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com)

Beyond Stratum - What impact will the BetterHash protocol have on cryptocurrency mining?

Colleagues, Matt Corallo from Bitcoin Core goal is to replace the existing Stratum mining protocol with a new system which divides payouts and block construction – Pool and Work. The stratum overlay protocol was extended to support pooled mining as a replacement for obsolete getwork protocol in late 2012. The mining service specification was initially announced via Slush's pool's website^.  Shortly thereafter, alternative "cheat sheet" style documentation was provided by BTCGuild. Bottom line question: Can a new protocol such as BetterHash deliver both decentralization and scalability in crypto mining? Share a comment and subscribe today! Lawrence, Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com)

Cryptocurrency Wallet Competition – Which category will be the big winner?

Colleagues, while the primary competition in the crypto universe is which specific currency or currencies (whether Bitcoin, Ethereum, Ripple, Litecoin, etc.) will gain mass adoption, there is no shortage of competition among cryptocurrency wallet categories. Hardware, Software, Paper, Cloud-based and Mobile App based wallets are all vying for market share particularly among individual investors. While each categories has its own advantages and disadvantages, the Cryptocurrency Academy believes that Mobile App-based wallets – with the requisite security and ease of use – hold a competitive edge quite simply due to the ubiquity of smartphone users worldwide. Yes, the Ledger Nano and other hardware-based wallets hold a market share majority today. However, Mobile App-based wallets such as GreenAddress, Airbitz, CoPay, Jaxx, MyCelium and BreadWallet (BRD) are highly likely to gain share based upon their convenience, security and ease of use. One critical issue must first be resolved: The winner will need to be either a multi-currency or universal currency capabilities. What to you predict? Share a comment and subscribe today! Lawrence, Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com)

Will Blockchain-base Immutable Coupons Give MasterCard a Competitive Advantage?

Colleagues, EMV (EuroPay, MasterCard and Visa) is a standard for cards equipped with computer chips and the technology used to authenticate chip-card transactions. Fraud prevention and reduction is critical to maintaining the credibility of these credit cards among consumers and businesses around the globe while also reduce EMV OPEX. MasterCard’s “Method and System for Authentication of Coupons via Blockchain” patent originally filed in  November of 2016 was approved by the UPPTO on May 18, 2018 giving the payments processing company the green light to develop so-called ‘immutable coupons’ using Blockchain technology. This technology will surely help merchants to preserve the integrity of their transactions. It remains to be seen when the new system will be implemented. Nonetheless, the Cryptocurrency Academy predicts that EuroPay, Visa, AMEX will soon follow with related patent requests. Bottom line question: How much value will immutable coupons in fact deliver to MasterCard and its customers? Comment and subscribe today! Lawrence, Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com)

Will cryptocurrencies one day rival the demand for sovereign central bank fiat currencies?

Colleagues, recent remarks by the International Monetary Fund (IMF) raise the specter of cryptocurrencies one day challenging the credibility of sovereign bank fiat currencies. Such prescient statements paint a picture of a brave new world with a dualistic global economy. One component of the global economy will surely continue to be central bank fiat currencies backed in some cases by little more than the stability and reputation of the sovereign governments from which they are issues (e.g. the US dollar which until 1971 was pegged to the value of gold bullion). The purchasing power of fiat currency is pegged to the state’s authority and any damage to that authority leads to a decrease of fiat money’s value and results in inflation. By contrast a global crypto-based economy could emerge with specific currencies backed either by tangible commodities (e.g. gold, silver or crude oil) or even the stability and reputation of the organization that issues the currency (e.g. a cartel such as OPEC, let alone a short list of the world’s most valuable corporations such as Apple, Google or Aramco). We at the Cryptocurrency Academy fully recognize that this scenario looks far into the future and has many – valid or invalid – dependencies. Bottom line: What is the probability of such a dual-currency global economy coming to the fore by 2028? Share your thoughts and subscribe today! Lawrence, Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com)