More than $ 3 000 000 stolen from Bitcoin Gold

Users who suffered an online fraud accused official Bitcoin Gold website for recommending a wallet called mybtgwallet.com and believe that this led to such huge losses.

Scammers sent out requests asking users to provide their private keys to “generate Bitcoin Gold wallets”. People who did that soon found out that all their digital currency was gone. As a result of this complex scam fraudsters got around $ 3,300,000.

Before the theft, the team of Bitcoin Gold attempted to create a new version of Bitcoin and advertised mybtgwallet.com, convincing users that it was secure enough.

Bitcoin Gold representatives have already stated that they are examining the issue with a number of security experts:

 

“When we receive reliable information that a particular website or application is not secure enough, we immediately remove it from our website. Mybtgwallet website was considered to be reliable until this incident, but like it is with all third-party resources, the website was not entirely under our control and we were not able to track what was happening there. The investigation showed that somebody changed mybtgwallet after it was initially published”.

BTG team will soon disclose further results of its investigation.

The U.S.-China Trading War Influences Cryptocurrency World, Bitmain Suffers Most

Not long ago, we discussed that Bitcoin was in danger, since Chinese authority was able to attack it any time. The US decided to keep up with opponents and stroke the crypto world of China, namely crypto asset industry.

These two countries are currently in a state of trading conflict, introducing tariffs on goods traded with each other. In June the USA changed the classification of ASIC miner, called Antminer S9, in a way that Chinese miners can be at a loss. That month the “electrical machinery apparatus”, the given category to the ASICs, had a 2.6% tariff.

Later in August, the tariff raised by 25 per cent. At the moment, Chinese mining producers deal with the fee of 27.6 per cent on their US shipments.This action has a colossal impact on Bitmain, the company based in Beijing and being the biggest Chinese mining hardware maker.

Bitmain tried to cope with the pressure by filing for a Hong Kong IPO. It could reportedly rise $3 billion. The company’s filing also mentioned the fact that about 62.8% revenue came from overseas in first half of 2018, though there was no comment on how many sales had come from the US.

The crisis came to Bitmain at a very bad time. IPO filing showed the company’s turnover dropped in second quarter of 2018 drastically, losing about $400 million in compare to $1.1 billion net profit in the first quarter.

One of the analysts, Mark Li, reckons the US tariffs aim at making Chinese hardware less competitive than opponent ones produced in other countries. He also added that Bitmain’s boardship is more aware of technology arms race, where the company is falling behind

The cold trading war between China and States can last for a long time, yet no one is sure how much loss or profit it can bring, we are only able to watch and wait. Now we want to remind you

Mining Complexity: What It Is and Where It Will Get

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Roubini vs. Buterin: Why Did Their Conflict Reach Live Debates and What Does McAfee Have To Do With It?

The conflict between two titans of the financial world – Nouriel Roubini and Vitalik Buterin is gaining momentum.

Forbes editor Laura Shin invited famous personalities to move from Twitter skirmishes to real live debates. Roubini and Buterin refused to cooperate with Shin, but they did not abandon the idea to talk live.

Where did it start?

As we reported earlier, an American economist Nouriel Roubini expressed a tough view of decentralization and the creator of Ethereum, Vitalik Buterin, on the Twitter account comparing him with a dictator and saying that “Decentralization in crypto is a myth. It is a system more centralized than North Korea ”.

After Buterin replied to Roubini that the above mentioned statement  is not “a fair characterization”, a long verbal skirmish began with personal attacks:

Conflict development

The more time passes, the more disagreements appear. Arthur Hayes, one of the founders of BitMEX crypto exchange, joined this “dialogue”, proposing to hold a discussion and pay all costs. Nouriel Roubini answered to this proposition no less harshly than Buterin, calling BitMEX “a criminal scam”.

Nevertheless, Roubini wrote on Twitter that he would be happy to discuss with Buterin in live mode. To which Vitalik replied: “Yeah sure why not.” For this purpose, they chose their own moderator, Kevin Pham, who is known not to support either of the sides. Laura Shin’s proposal to become a moderator was rejected because Roubini  have no interest to interact with @laurashin as he considers her biased.

What’s next?

Such a prominent event in the crypto world could not be ignored by the well known crypto personalities. John McAfee, who likes to be in the heart of events, has comically commented on this situation on his Twitter page. We think McAfee would be a good moderator, he would definitely give a sting to this debate.

Jokes aside, such “verbal duels” should end sooner or later, and we hope the live debates will help the opponents understand each other and find a common language.

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Sony Will Manage Its Work Using the Blockchain Technology

The Japanese electronics giant Sony announced the adaption of the blockchain technology in order to improve and upgrade its systems of work.

As stated in the official press release of the company:

This new system is based on Sony and Sony Global Education’s previously developed system for authenticating, sharing, and rights management of educational data, and additionally features functionality for processing rights-related information.

Different branches of Sony will utilize blockchain for similar purposes, but in different spheres, namely:

1. Sony Corporation, which is actually a producer of electronic devices, will create a special management structure on blockchain. It will help keep track of copyright of particular digital content and protect it from any type of violation.

2. Sony Music Entertainment will use the system while focusing mainly on music-related content. Given the amount of music stolen nowadays, Sony representatives believe that their innovation might help smaller artists keep ownership to their own music.

3. Sony Global Education aims at revolutionizing the sphere of education. Blockchain will be used to manage and distribute information and store educational content.

This is not the first time the company touched upon blockchain. In the past, it submitted around 20 different blockchain-related patents and made it into top-30 businesses that work with this technology.

Sony is not the only electronic device producer that took interest in blockchain. We remind you:

Samsung Created a Blockchain Platform for Banks

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OKEx Adds 4 Stablebcoins To Its Listing

A well-known cryptocurrency exchange OKEx announced the support of four stablecoins on its official Twitter account, namely: TrueUSD, USD // Coin, Gemini Dollar and Paxos Standard Token.

Starting from October 15, the platform users will be able to make deposits with these assets. Bidding will start the next day. Tokens will be traded not only in pairs with BTC, but also with Tether.

We also remind, an Internet giant GMO Internet announced the release of its own stablecoin, which will be backed by yen:

Japanese Internet Giant Launches Its Own Yen-Pegged Stablecoin

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Bitcoin Is in Danger: Chinese Hegemony Over the Industry

In June, we mentioned that according to the Ripple’s CEO, China owned about 50% of Bitcoin as there were 4 major mining pools which produced them. As the time has passed, the figures have also raised quite impressively.

As the research of Princeton University and Florida International University shows, now China account for 75% of the whole mining activity of Bitcoin, i.g. #1 cryptocurrency now has large geographical centralization. The biggest threat is that the Chinese authorities may start controlling it or even influencing its stability and security.

The study reports, since 2015, more that a half of total hash power has been composing by the mining pools based in China. One of those is an infamous company – Bitmain. Moreover, the research tells about the ways China can harm Bitcoin.

China adopted a nasty attitude towards Bitcoin long ago, thus nothing can prevent it from attack Bitcoin, thought hegemony over the network still does not allow the Chinese government to destroy it. Bitcoin is a decentralized network, but Chinese authorities spare no effort to control it, as it does to the whole China.

The report has summed up that China brings danger to Bitcoin. We remind you

Founders of Alibaba, Bitmain, Binance, Huobi, OkCoin Got On the List of 2018 China’s Richest Businessmen

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