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Bitcoin Buyers are ‘Dumb, Inexperienced Kids’: Gold Investor Slams Crypto

Bitcoin Buyers are ‘Dumb, Inexperienced Kids’: Gold Investor Slams Crypto

Bitcoin Buyers are ‘Dumb, Inexperienced Kids’: Gold Investor Slams CryptoUS stock broker and financial commentator Peter Schiff isn’t a fan of bitcoin. | Source: Flickr/Gage SkidmoreBy CCN: Gold investor Peter Schiff unleashed yet another savage takedown of bitcoin at this weekend’s SALT Conference.Schiff touted the same usual criticisms of bitcoin, calling it a “pump and dump scheme” that has “no value to hold.” But in a particularly aggressive statement, he managed to criticize an entire generation:“A bunch of young inexperienced kids are going to be dumb enough to buy bitcoin. Maybe they will. But as they get older they’re going to learn better.”When it was pointed out that half the audience owned bitcoin, he doubled down, comparing bitcoin to gambling:“I doubt they have a substantial amount of it. Maybe they bought it like they would go into a casino and buy some chips.”A poll of 2,213 conducted on Twitter after the debate confirmed that 91 percent of millennials would buy bitcoin over gold.What a debate! So what do you think #SALT2019? Are millennials more likely to buy:— SALT (@SALTConference) May 9, 2019A generational shift to bitcoinOn the other side of the debate was bitcoin investor and founder of Digital Currency Group Barry Silbert. Silbert challenged Schiff’s outdated perspective on gold, claiming a huge generational shift will move money into bitcoin.“There is a generational shift in investor mindset that is happening. Over the next 25 years $68 trillion of wealth is going to be handed down from boomers to Gen X, Gen Y, and Millennials. And I can assure you that the younger generation of investors don’t view gold the same way as our parents and grandparents did… So as the $68 trillion gets handed down, it is not going to stay in gold.”Today we unveiled our #DropGold TV commercial. We think it’s a #MustWatchsound ON! pic.twitter.com/SEGAmMItsE— Grayscale (@GrayscaleInvest) May 1, 2019Silbert’s Grayscale Investment fund, which managed $1.8 billion in crypto, recently launched a #DropGold campaign. It urges institutional investors to embrace digital assets over gold.Schiff: “Almost everything will outperform bitcoin”Schiff used the debate to rant about cryptocurrencies and swoon over gold. He adamantly claimed that “gold is money,” while slamming bitcoin: “There is no way it can even function as money.”Silbert hit back:“Equating gold to money is ridiculous… Nowadays money is digital. You can’t walk into Starbucks with your chunk of shiny metal and buy a cup of coffee.”The timing is particularly fortunate for Silbert as news broke yesterday that Starbucks will soon accept bitcoin payments via payment startup Flexa. BREAKING: Whole Foods, Starbucks, and other retailers are now accepting Bitcoin in stores with @Gemini’s help.Don’t listen to the trolls. We’re watching a new global currency being built right in front of us.THE VIRUS IS SPREADING! 🚀— Pomp 🌪 (@APompliano) May 13, 2019Schiff maintains that, over the long-term, almost every other asset class will beat bitcoin:“The air is coming out of this bubble. The peak of the market was at $20,000… Now we’re in a bear market and in a bear market you always have rallies. You have these false rallies, we’re having one now… Pretty soon it’s mostly going to be stories about people who lost their life savings because they put real money instead of play money into bitcoin.”A “fool’s gold” Ponzi schemeSchiff has been on something of a bitcoin-bashing world tour lately. He also appeared on RT’s Keiser Report last week to slam bitcoin as “fool’s gold.”“I don’t think bitcoin has anything in common with gold. I mean it tries to pretend to be gold, but I think it’s fool’s gold.”As institutional money continues to pour into bitcoin at record pace, it looks like goldbug Peter Schiff may be on the wrong of history on this one. About The AuthorBen BrownBen is a journalist with a decade of experience covering financial markets. His writing has appeared in The Huffington Post and he worked at Block Explorer, the world’s longest-running source of Blockchain data.
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Hackers made $32K in 7 weeks by fixing bugs in cryptocurrency projects

Hackers made $32K in 7 weeks by fixing bugs in cryptocurrency projects

In the past seven weeks, white hat hackers earned at least $32,150 by fixing security flaws in popular cryptocurrency and blockchain platforms like TRON, Brave, EOS and Coinbase.
According to data reviewed by Hard Fork, 15 blockchain-related firms have paid rewards to security researchers between March 28 and May 16, split across 30 publicly-released bug reports.

Omise, the software firm behind cryptocurrency OmiseGo, fielded the most fixes (six). Blockchain-powered prediction market Augur disclosed three reports, as did Brave Software, makers of the Brave browser, which features its own native token.

Projects adjust their HackerOne rewards to the severity the discovered security flaws. Whilst the majority of Omise’s reports were only worth around $100 each, other payments in the past seven weeks were much higher.
Block.one, the firm behind the EOS “blockchain,” rewarded one hacker with $10,000 for a single fix, as did budding network Aeternity.
TRON also paid $3,100 to the researcher who realized the network was susceptible to being flooded with malicious smart contracts, which would have brought its blockchain to a screeching halt.
The amount of hackers who prefer to fix security issues seems to be remaining steady — but sometimes they can make off with much bigger amounts exploiting vulnerabilities themselves.
Indeed, cryptocurrency exchange Binance revealed attackers had successfully stolen 7,000 BTC (then $40 million, now $55 million) from its own wallets last week.
Coincidentally, Binance runs its own bug bounty program with a maximum reward of $100,000 for the most critical of vulnerabilities. The Binance hacker remains at large.

Published May 20, 2019 — 15:21 UTC

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ABN AMRO signs on Accenture and ING Bank for its blockchain inventory platform

ABN AMRO signs on Accenture and ING Bank for its blockchain inventory platform

Despite abandoning plans to build its own Bitcoin wallet, ABN AMRO is not quite done with blockchain tech.
The Dutch banking giant has announced plans to launch a decentralized trade inventory platform in collaboration with Accenture and ING Bank, according to a press release (spotted by CoinDesk).

Codenamed Forcefield, the project will employ Internet-of-Things (IoT) devices to provide “real-time insight into trade inventories.” ABN AMRO claims the platform’s monitoring features “will lead to more secure physical handling processes and a reduction of costs.”
Upon launch, the project will focus on “refined metals,” but “functionality will be expanded across other dry bulk commodities” in the future.
In addition to ING and Accenture, a number of other companies – including Anglo American, CMST International, Hartree Partners, Macquarie, Mercuria, and OCBC Bank – have also signed a memorandum of understanding to join Forcefield.
Back in January, ABN AMRO teased plans to develop its own cryptocurrency wallet, called Wallie. But as Hard Fork reported, the bank has now ditched Wallie as cryptocurrencies are still “too risky.”
“We have approached all the people who have shown interest,” ABN AMRO press officer Jarco de Swart told Hard Fork. “We have concluded that cryptocurrencies because of their unregulated nature are at the moment too risky assets [sic] for our clients to invest in.”
ABN AMRO and ING are hardly the only banks looking to get in on the blockchain hype. Indeed, leading banks – including Barclays and HSBC – reportedly poured $50 million into a blockchain-based digital cash system, expected to launch in 2020.

Published May 20, 2019 — 15:00 UTC

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