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)