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Cryptos: Bitcoin storms to 6-month high above $6,000

The price of a single bitcoin traded at $6,000 for the first time since November 2018, continuing its stellar start to the year. In early trade on Tuesday, the cryptocurrency hit an intraday high at $6,065.06, up 4.4% on the day and more than 60% since the beginning of the year. In most recent action,…

Cryptos: Bitcoin storms to 6-month high above $6,000

The price of a single bitcoin traded at $6,000 for the first time since November 2018, continuing its stellar start to the year.

In early trade on Tuesday, the cryptocurrency hit an intraday high at $6,065.06, up 4.4% on the day and more than 60% since the beginning of the year. In most recent action, a single bitcoin

BTCUSD, +9.72%

 fetched $6,008.92.

“It’s all about momentum at the moment,” said Naeem Aslam, chief markets analysts at Think Markets U.K. “We are seeing a build up of OTC (over-the-counter) volume but its mostly buyers, we aren’t seeing any sellers looking to take positions off the table. It’s a really positive sign.”

Read: Bitcoin tycoon Silbert kicks off ad campaign against ‘overpriced metal’ gold

Bitcoin

It’s been a stark turnaround for the broad digital asset market that has added $63 billion in value since the beginning of 2019, and according to data from CoinMarketCap the total value of all cryptocurrencies now stands at $188 billion.

Read: More than 20% of institutional investors already own digital assets, Fidelity survey finds

The move above $6,000 comes a day after Nobel Prize-winning economist Joseph Stiglitz told CNBC that cryptocurrencies should be shut down as their anonymity promotes illicit behavior. Stiglitz, a known bitcoin skeptic told Financial News last July that “bitcoin could easily be worth $100 in ten years.”

But for now, momentum is on the side of the bulls. After logging six consecutive losing months ending in January, bitcoin is on track to book four winning months for the first time since August 2017, with more gains likely, according to Aslam.

“If we stay above $5,000, I see $8,000 on the doorstep and then maybe we take a run at $10,000.”

Read: Facebook working on cryptocurrency-based payments platform

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Moonday Mornings: Binance to resume deposits and withdrawals after $40M Bitcoin hack

It’s time for Moonday Mornings, Hard Fork’s wrap-up of the weekend’s top cryptocurrency and blockchain headlines. Here’s what happened. 1. Binance says it will resume deposits and withdrawals on its platform on Tuesday. The cryptocurrency exchange had suspended the functions following an attack in which hackers stole over $40 million worth of Bitcoin. 2. The…

Moonday Mornings: Binance to resume deposits and withdrawals after $40M Bitcoin hack

It’s time for Moonday Mornings, Hard Fork’s wrap-up of the weekend’s top cryptocurrency and blockchain headlines.

Here’s what happened.

1. Binance says it will resume deposits and withdrawals on its platform on Tuesday. The cryptocurrency exchange had suspended the functions following an attack in which hackers stole over $40 million worth of Bitcoin.

2. The figureheads of the fake cryptocurrency scheme, OneCoin, are being sued. Brother and sister duo, Konstantin Ignatov and Ruja Ignatova are facing a class action law suit for their involvement in the scam which was “based completely on lies and deceit,” ZDNet reports.

3. A Bitcoin BTC fueled ransomware attack hit the Baltimore City government last week. Despite being cleaned of the ransomware, hackers are allegedly still accessing the infected computers, ZeroHedge reports. The Federal Bureau of Investigation is now investigating the attack.

4. The creator of the Bitcoin treasure hunt Satoshi’s Treasure is claiming nearly 60,000 people are following the global challenge, CoinDesk reports. One player has already claimed the first prize, and didn’t even have to go anywhere to claim it.

And finally.

5. William Shatner is putting William Shatners on the blockchain. The former Star Trek actor is joining Mattereum, a legaltech firm, to document the authenticity of science collectibles and memorabilia from a range of franchises on the blockchain.

That’s another weekend’s headlines for you. Live long and prosper.

Published May 13, 2019 — 07:58 UTC

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Amazon granted patent for Bitcoin-style system to fight DDoS attacks

Cryptocurrency rumor mongers are likely to be dancing today as Amazon has successfully filed a patent for a Bitcoin-styled Proof-of-Work system. But don’t get ahead of yourself, it doesn’t look like the Seattle-based ecommerce giant will be accepting Bitcoin for payments. Despite first being filed in December 2016, Amazon’s patent application was granted earlier this…

Amazon granted patent for Bitcoin-style system to fight DDoS attacks

Cryptocurrency rumor mongers are likely to be dancing today as Amazon has successfully filed a patent for a Bitcoin-styled Proof-of-Work system. But don’t get ahead of yourself, it doesn’t look like the Seattle-based ecommerce giant will be accepting Bitcoin for payments.

Despite first being filed in December 2016, Amazon’s patent application was granted earlier this week and appears to outline a system that uses Proof-of-Work to prevent distributed denial-of-service (DDoS) attacks.

“One way to mitigate against such attacks is to configure a service such that requests to the service incur some sort of expense, thereby providing a disincentive to participating in the attack,” the application reads.

Planting a Merkle Tree

Amazon proposes to use Merkle Trees to present a Proof-of-Work challenge and make it too costly for a series of computers to perform a DDoS attack.

But what’s a Merkle Tree? In short, Merkle Trees are cryptographic tools where blocks of data are manipulated to give them a unique identifier also known as a hash.

These hashes are then manipulated again to create a parent hash. Parent hashes are always a combination of two or more child hashes. It’s layers on layers of hashed data.

Since computing power is required to build a Merkle Tree, performing such hashes could get very costly in terms of time, electricity, and resources. In turn, this makes DDoS attacks economically unfeasible.

In the case of Amazon’s patent, imagine having to construct a Merkle Tree before you’re allowed to access a website hosted on one of its servers. To an individual the cost might be insignificant, but to an organization trying to carry out a DDoS attack – which might involve many hundreds of computers – it could become prohibitively expensive.

Amazon’s Merkle Tree

Merkle Trees are also used in Proof-of-Work blockchains like Bitcoin as part of its consensus mechanism. But for now that’s as close as Amazon will get to Bitcoin.

Indeed, with this news it seems Amazon is still of the “blockchain, not Bitcoin” mantra. Earlier this month, the web giant said that AT&T, Accenture, and Nestlé are all using its cloud-based blockchain tools.

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South African voters fear mobile political campaigns will steal their personal info

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