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It ain’t easy being Bitcoin. The cryptocurrency has undergone several forks in the course of the last year while simultaneously skyrocketing in value and was on course for potentially another fork set to take place in mid-November. It’s that last part which has run into a pretty serious speed bump.
Known as Segwit2x, the plan was to both double the Bitcoin block size to 2MB and to move some transaction data off the blockchain. To many in the Bitcoin community, the move was controversial. So controversial, in fact, that the backers of the plan announced in a November 8 email they would be backing down.

“Although we strongly believe in the need for a larger blocksize, there is something we
believe is even more important: keeping the community together,” the email from Mike Belshe, CEO of the bitcoin wallet software BitGo, reads. “Unfortunately, it is clear that we have not built sufficient consensus for a clean blocksize upgrade at this time. Continuing on the current path could divide the community and be a setback to Bitcoin’s growth. This was never the goal of Segwit2x.”

The email was signed by other noted luminaries in the world of Bitcoin, including Mike Belshe, Wences Casares, Jihan Wu, Jeff Garzik, Peter Smith and Erik Voorhees.

So what does this mean for Bitcoin? In the short term, it means the immediate possibility of a hard fork is no more. In the long term? Will the block size forever remain at 1MB — limiting transactions and increasing fees along with it? That’s unclear, but Belshe hopes this isn’t the last we’ve heard of doubling the block size.

“As fees rise on the blockchain, we believe it will eventually become obvious that on-chain capacity increases are necessary,” he added. “When that happens, we hope the community will come together and find a solution, possibly with a blocksize increase.”

The announcement comes as the price of Bitcoin passed $7,700 and seemed to be on its way to $8,000. It was only last week, on November 2, that Bitcoin hit $7,000 in value for the first time.

http://cryptofundamentals.com.ng/uh-oh-major-bitcoin-upgrade-just-got-postponed-indefinitely/

tbc a dream coin that can never be realise in physical

too late for all this lift of ban bitcoin is already making waves that why you see them doing all this

By James Oaten
Updated 2 minutes ago

A screenshot of a scam website labelled 'scam alert'.PHOTO: Authorities are warning consumers not to get fleeced by bitcoin scams. (Supplied: Australian Communications and Media Authority)
RELATED STORY: Bitcoin has crashed in the last week. Is the bubble about to burst?
RELATED STORY: Bitcoin one step closer to being regulated in Australia
MAP: Australia
After just getting home from an overnight shift, Jason Hall wanted to make a quick bitcoin trade before getting some much-needed rest.

But scammers had manipulated Google search results for his trading site, and within minutes his real account had been hacked and his money was being siphoned off to scammers.

“I just typed [my trading website] into Google and clicked on the link at the top,” Mr Hall of Perth explains.

“I was in a rush, I wanted to make a trade, I saw an opportunity and I wanted to do it quickly before I went to sleep.

“It all went pear-shaped.”

Jason Hall was the victim of a Bitcoin scam.PHOTO: Jason Hall from Perth lost $1,600 when he accidentally logged into a scam website. (Facebook: Jason Hall)
The website Mr Hall logged into is what’s known as a “phishing” scam, where a fake website mimics a legitimate website and steals a user’s account details when they try to log in.

Mr Hall lost $1,600 in the scam.

“It wasn’t until a week later that I got hold of the website support,” Mr Hall said.

“And sure enough, the bitcoin was gone.

“It really shook me up. For the first few hours I didn’t really understand what had happened. I didn’t know if my whole computer had been hacked.”

Scams ‘too good to be true’

Bitcoin is a decentralised digital currency that is not owed by any major corporation or government, but by the users in a vast network.

It relies on these users to process and verify transactions in a cryptographic manner.

Interest in the cryptocurrency has surged in recent months, as the value of each bitcoin has boomed from around $1,250 at the start of the year to prices in excess of $9,200.

But with an increase in interest comes an increase in people falling for scams, and the Australian Competition and Consumer Commission (ACCC) is urging consumers to be vigilant.

“If it looks too good to be true, it probably is,” an ACCC spokeswoman said.

The ACCC received 245 reports of bitcoin-related scams in October with loses totalling $92,000.

It issued an alert on Twitter after a surge in scam reports in the final week of the month.

“The scam categories with the most bitcoin-related reports in October were unexpected prize and lottery scams, investment scheme scams and reclaim scams,” an ACCC spokeswomen said.

Scammers getting ‘more sophisticated’

Alex Saunders has been trading cryptocurrencies from Launceston for five years and has seen scams become more sophisticated, including phishing scams, pyramid schemes and websites that tout extraordinary returns.

“When I first started off it was very much dodgy websites just trying to catch people out,” Mr Saunders said.

“Whereas now the hackers and the scammers are definitely getting more sophisticated.”

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Mr Saunders is now heavily active on social media, including running his own YouTube account Nugget’s News, in an effort to help traders navigate the often complex world of cryptocurrencies.

“Don’t try and get rich quick,” Mr Saunders warns.

“You’ve got to do your research. Look into these projects.

“The scammers and the guys that run these projects are aware that people have made a lot of money in this space and unfortunately people are just throwing their money at these projects left, right and centre without doing due diligence.”

But despite the warnings, Mr Saunders said the underlying technology of bitcoin — along with many established trading platforms — was safe.

“There’s a common misconception that bitcoin gets hacked a lot,” Mr Saunders said.

“Bitcoin itself and cryptocurrencies have never been hacked. It’s only the websites and businesses that are built on top of it that tend to get hacked.



http://cryptofundamentals.com.ng/bitcoin-scams-getting-more-sophisticated-as-value-of-cryptocurrency-tops-9200/

you better wait for three months before you conclude you only contacted staff

The Bitcoin network is burning up enough electricity to power a single average American household for a week. Critics fear the network is costing the world more than it should.

articleStartImage

The Bitcoin network is burning up enough electricity to power a single average American household for a week. With current prices soaring at $7,300, bitcoin mining revenues worth $5,535,244,129 per year warrants investing in 24 terawatt-hours of electricity annually for a piece of mining rewards. This enormous consumption translates the annual energy consumption of Nigeria, a nation of close to 190 million people.

According to Motherboard Vice, maintaining the Bitcoin network is costing the world more than it should through its significant waste and carbon emissions. Even with all the energy spent to process global transactions, Bitcoin only musters a mere 300,000 transactions per day.

Every single transaction consumes a shocking 215 KWh per day, an amount of energy that is enough to support Americans living on 901 KWh per month.

“That means that, at a minimum, worldwide Bitcoin mining could power the daily needs of 821,940 average American homes.”

Freshly minted bitcoins are awarded to miners for solving cryptographic puzzles using electricity and computer chips With increase in prices, the process has quickly turned into a gold mine. Chip makers like AMD, Bitmain, and NVIDIA have reported higher sales revenues as mining equipment sells off the shelf.

Samsung even came up with a new upcycling initiative that stacks up 40 old Galaxy S5 mobile phones into a decent bitcoin mining rig.

But the process continues to come under criticism for a cost on the environment that is not worth the service provided by the network. A new wave of next-generation blockchains is moving away from it by building new designs that do not depend on energy to arrive at a similar consensus.

Ethereum, second only to bitcoin in market cap, is the first to pivot away from proof-of-work mining method to a more efficient proof-of-stake consensus process that uses stake measures instead of electricity. Other projects including Ark, EOS, NEO, and Tezos are building an improved version dubbed Delegated Proof of Stake from scratch.

With declining bitcoin mining revenues and a shift away from the process, mining might be worth much less in the coming years


http://cryptofundamentals.com.ng/bitcoin-mining-is-burning-enough-electricity-to-power-nigeria/

Kaspersky Lab researchers have discovered a new CryptoShuffler Trojan which steals cryptocurrencies from a user’s wallet by replacing their address with its own in the device’s clipboard.

To date, criminals have already succeeded in attacking Bitcoin wallets, stealing 23 BTC, which is equivalent to almost $140,000. The total amount stolen from other wallets ranges from a few dollars to several thousands.

The Trojan’s mechanism capitalises on the common transaction process used by most cryptocurrency users. It monitors the infected device’s clipboard and replaces the user’s wallet address with one owned by the malware creator when the user attempts to make a payment.

Sergey Yunkovsky, malware analyst at Kaspersky Lab, commented: “Cryptocurrency is not tomorrow’s technology anymore. It is becoming part of our daily lives, actively spreading around the world, becoming more available for users, and a more appealing target for criminals.

“Lately, we’ve observed an increase in malware attacks targeted at different types of cryptocurrencies, and we expect this trend to continue. So users considering cryptocurrency investments should think about protecting their investments carefully.”

http://cryptofundamentals.com.ng/kaspersky-discovers-cryptocurrency-trojan/

ABUJA—THE House of Representatives has asked the Central Bank of Nigeria, CBN, to direct Diamond Bank, in the overriding interest of 60,000 Nigerian subscribers, to release facility to Cashflowabi to disburse N12 billion Crypto currency to the depositors. This was contained in a four-page report and recommendation adopted by the House, following series of investigations conducted by Economic and Financial Crimes Commission, EFCC, on all transactions engaged by Cashflowabi Network Plc, which found to be genuine and not in breach of any law. ROWDY SESSION: House of Representatives in a rowdy session over hike in fuel price, at the National Assembly, Abuja, yesterday. Photo: Gbemiga Olamikan. While conducting an investigative hearing on the petition on the crisis, the House Committee on Public Petitions had invited Godwin Emefiele, Governor of Central Bank of Nigeria, CBN, and Ibrahim Magu, acting EFCC Chairman, to ascertain the level of their involvement in the transactions. The House recommended that CBN, which had been “publicizing and sensitizing people on bitcoin and crypto currency (though have not lisensed anybody nor forbids the trade), and EFCC (which had investigated the matter while the Police hd participated in court processes) to direct Diamond Bank to oblige the petitioner the facility by reopening the account for Cashflowabi Network Limited to conclude the trading that will lead to disbursement of over N12 billion to depositors across the nation in overriding public interest.” The committee further observed that the “parties agreed and had terms of settlement which became the consent of judgement of the court. “More so, since both EFCC and Police are not claiming any criminal liability and had since ordered the bank (Diamond Bank) to refreeze all Cashflowabi accounts, hence the court has asked for a peaceful resolution between the parties, in line with resolving the matter amicably to benefit the citizenry. “Granted that Cashflowabi used Diamond facility/platform to trade in bitcoins and crypto currency without a proper understanding with Diamond Bank.’’ The Committee, however, noted that Diamond Bank, being aggrieved and suspicious of Cashflowabi, closed the facility and platform used by Cashflowabi to trade, shut down Cashflowabi’s platform, thereby putting over 60,000 depositors across the nation in jeopardy. “The over 60,000 depositors of Cashflowabi should not be made to suffer for no fault of theirs,” the House noted. In its submission during the investigation, Nigeria Police stated that “the closure of accounts and detention of funds belonging to Cashflowabi Network Ltd by Diamond Bank was carved out by Economic and Financial Crimes Commission and not the police force. “The charge filed against Cashflowabi Network Ltd before Kaduna State High Court was done by the EFCC and not the Nigeria Police force. “There is no document to show in the petition that EFCC contracted the Nigeria Police Force to seize, return and close the accounts of Cashflowabi Network Ltd,” the committee noted. According to the petitioner, EFCC, in conjunction with Nigeria Police, had on May 27, 2012, ordered the closure of Cashflowabi’s accounts domiciled with Diamond bank Plc, and filed a charge against the operator before Kaduna State High Court for operating an illegal bank account. “Consequent upon these findings, the EFCC discharged its exparte order freezing Cashflowabi’s accounts in Diamond Bank Plc. The court on September 6, 2013, ordered that all accounts belonging to Cashflowabi be unfrozen to enable the company pay over 60,000 of its depositors,” the petitioner said. R EO Uzoma Nkem-Abonta, PDP, Abia, Chairman, House Committee on Public Petition, told Vanguard that the promoter of Cashflowabi Network Plc was currently enjoying police protection, sequel to the intervention of the committee, to forestall mob-attack from aggrieved subscribers.

http://cryptofundamentals.com.ng/n12bn-crypto-currency-reps-urge-cbn-to-direct-bank-to-release-facility-to-cashflowabi/

Kudimoney.com, was selected in the 2017 Financial IT top 50 Digital Banks list. The list is compiled by Financial IT magazine, a leading voice in global FinTech, AI, Digital Banking and Blockchain. Financial IT recognizes the top 50 global pioneers at the intersection of technology and digital banking services by publishing a report highlighting the who is who in the global digital banking industry with a brief introduction of all the companies on the list. Kudimoney is the only Nigerian company, and one of two African companies to make the list. FinTech companies are non-traditional financial institutions that are using technology to disrupt the financial sector. They are actively developing new technologies to push for the transformation of the financial services industry and are proactively exploring and adopting advanced technologies (blockchain, machine learning) to increase efficiency in financial services. The selection criteria included an assessment of the overall impact of the digital bank. Founder and CEO Babs Ogundeyi said: “We are delighted to be recognized as a leading pioneer in digital banking”. “At Kudimoney we are committed to developing a digital platform that ultimately makes banking easier and more affordable for Nigerians and Africans. By running a more efficient system, we are able to offer customers more value for their money, via higher interest rates on savings and deposits and lower interest rates on loans, all with an effortless banking experience.” Kudimoney, recently launched its online only automatic savings product – a savings account that allows you to automatically save little (or large) amounts of money on a periodic basis. “By Mid 2018, Kudimoney will be a full service online only bank, offering spending accounts, savings accounts, transfers and bill payments, as well as loans, all at a significantly better value than traditional players”. Ogundeyi added.

http://cryptofundamentals.com.ng/nigerias-kudimoney-com-makes-global-top-50-digital-banks-2017-list/

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The world’s monetary landscape is shifting, and one of the biggest factors is the dramatic rise in the value of cryptocurrencies so far in 2017. Emerging from the online cypherpunk community, and developed in the late 2000s, cryptocurrencies are digitised coins with no physical format- essentially, it’s currency that exists exclusively in the online world, through a peer-to-peer payment structure based on cryptography that is entirely decentralised from any bank or government.


Ado-Ekiti

The original crypto coin- Bitcoin, developed by Satoshi Nakomoto in 2008, was created as an alternative to traditional money transactions in bank or with cash. Not beholden to any single regulatory authority, with the ability to transfer funds in seconds and at low costs, Bitcoin was (and still is) a revolutionary innovation; but unless you’re a cryptographer, it isn’t easy to get your head around the mechanics of how it actually works.

In effect, a transaction using Bitcoin is basically a transfer of value between two online wallets. A “blockchain”, like an online account or ledger – is used to record and organise these transactions. A string of encrypted code (similar to how banks offer unique transaction PINs to customers) is used as a security measure and serves as proof of ownership. Through this blockchain, which has today been adopted by most other cryptocurrencies in the market, every transaction is registered – keeping a record of the balance in each wallet for every point in time.

This new mode of payment promises to remove all the faults within the regulated money system most people have become accustomed to. No middle men, intermediaries or ‘trusted’ third parties, less costly, and the blockchain advantage of coded security that may considerably reduce fraud. These features have turned cryptocurrencies into an attractive alternative.

The global sense of urgency for cryptocurrencies that has developed in 2017 is due to a surge in supply and demand. Even countries such as Russia and China, that have a conservative reputation, are rumoured to be in development stages of creating their very own national cryptocurrencies. Economic leaders are discussing them, investors are trading them, and values of the most popular digital coins in virtual circulation – including Bitcoin, Litecoin and Ethereum, have been shooting through the roof.

For the better part of the year, however, cryptocurrencies have been the wild elephant in the room that no bank or regulator in Nigeria want to really discuss, or know how to tame.

Nigeria’s evolving relationship with cryptocurrencies

Compared to many Asian and Western countries, the stumbling block for cryptocurrencies in Nigeria is massive, mostly due to the confusion surrounding their regulation. Historically, Nigeria is sensitive when it comes to scam artists and people who look for any loopholes to manipulate the system. All the more reason, then, for the nation to be extra cautious when it comes to a young, new, fiscal alternative that is not controlled by any governing body.

In January 2017, the Central Bank of Nigeria (CBN) issued a circular that strictly banned all local banks from dealing with cryptocurrency transactions, due to their anonymity and the hardships that come with tracing them.

A few months down the line, the First Vice President, Chartered Institute of Bankers in Nigeria (CIBN), Dr. Uche Olowo, clarified decisions around cryptocurrencies during a meeting organised by the institute. “Interested parties view it as the highest performing and the most valuable currency in the world,” Olowo said.

http://cryptofundamentals.com.ng/nigeria-cryptocurrencies-the-emerged-elephant-in-the-room/

The price of bitcoin could be heading to over $10,000, nearly half of respondents to a CNBC survey said
Just over a third agreed with JPMorgan Chase CEO Jamie Dimon who said “you’ll pay the price” for investing in bitcoin
Sixteen percent of the 23,118 people who voted said bitcoin will hit between $6,000 and $8,000
A Bitcoin cryptocurrency souvenir coin.
The price of bitcoin could be heading to over $10,000, nearly half of respondents to a CNBC survey said.


During the week, CNBC ran an unscientific survey online asking: “Where does bitcoin go from here?”

Forty-nine percent of the 23,118 people who voted said above $10,000. Similar calls have been made by market participants. Former hedge fund manager Michael Novogratz told CNBC in a recent interview that he sees bitcoin heading to $10,000 in the next six to 10 months.

http://cryptofundamentals.com.ng/bitcoin-is-heading-to-10000-cnbc-survey-says/
One option that people could also vote for was: “Jamie Dimon is correct, you’ll pay the price for buying.” JPMorgan Chase CEO Dimon has been critical of bitcoin, calling it a “fraud” and said “if you’re stupid enough to buy it, you’ll pay the price for it one day.” Just over a third (35 percent) of people sided with Dimon.

Should you invest in a cryptocurrency?
Should you invest in a cryptocurrency? 8:20 AM ET Fri, 18 Aug 2017 | 05:22
And 16 percent of respondents went with the final option of bitcoin heading to between $6,000 and $8,000.

The cryptocurrency has risen over 470 percent this year. Earlier this month, bitcoin hit an all-time high of $5,856.10, according to data from industry website CoinDesk. So it’s not far off the $6,000 mark.

Rising institutional investor interest, favorable regulation in some markets like Japan, and an upcoming split in bitcoin known as a “fork,” have helped to boost the price.

But the cryptocurrency has also had a lot of criticism. UBS said in a recent note that bitcoin is a “speculative bubble” and unlikely to be come a real currency, while Goldman Sachs said the cryptocurrency is not the new gold.

Order has been restored in the world of Bitcoin and cryptocurrency. After a few rough days, the world’s leading cryptocurrency is slowly seeing some positive momentum again. As of right now, the Bitcoin price is closing in on $5,700 again. It is the fourth time we will see an attempt to push the Bitcoin price above $5,850.
BITCOIN PRICE MOMENTUM IS STILL IN PLACE
Few people will be surprised to see the Bitcoin price make another run at surpassing $5,800 and potentially setting a new all-time high. All previous attempts this week have been short-lived in this regard, yet it appears to be a matter of time we see a solid new all-time high Bitcoin price trend. Ever since the BTC price hit $6,0000 briefly, people have been waiting to see it become the new floor.
To put this into perspective, we have seen the Bitcoin price surpass $5,800 twice in the past seven days. Both attempts were followed by brief to sharp retraces. A third attempt put the Bitcoin price at $5,791, which made it fall just short of the intended target. Ever since that third run, we have seen a major Bitcoin price correction pushing the price to below $5,200 in quick succession.
Ever since that low, however, the Bitcoin price has started to go up again. This latest trend is a bit slower and far more deliberate. Any gain is met with resistance, which is then brought up to create a new platform for future gains. So far, this tactic is working quite well, as it elevates the Bitcoin price to a current value of $5,691. A solid price gain of 6.94% over the past 24 hours, although there is still some way to go until we effectively reach $5,800 again.


Whether or not we will see that value again before the weekend, remains a big mystery for now. The 24-hour trading volume for Bitcoin is above $2bn once again, which should help move things along in the coming hours. At the same time, we have to keep in mind this volume represents both buys and sales, which means the momentum can head in either direction with a little bit of volume.
Bitfinex is still dominating all other Bitcoin exchanges based on volume alone. The company generates $325m in volume followed by bitFlyer with $181.7m and Bithumb with $171m. All three platforms are more than solid in this regard, as no other company comes even close right now. The entire top five is made up of fiat currency markets for Bitcoin, which is pretty solid, all things considered.
For the time being, cautious optimism is warranted as far as the Bitcoin price is concerned. Gaining a solid foothold at $5,700 will be the first big hurdle to overcome. Once that is in place, we may see some more upward momentum in the coming days. With the weekend almost upon us, it is impossible to predict what the future holds, as things usually change quite a bit during those two days.


http://cryptofundamentals.com.ng/bitcoin-price-looks-to-build-solid-support-at-5700/