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Kiss Frontman Gene Simmons: Bitcoin Is Volatile but It’s Not Dead

Kiss Frontman Gene Simmons: Bitcoin Is Volatile but It’s Not Dead

Kiss Frontman Gene Simmons: Bitcoin Is Volatile but It’s Not DeadCrypto winter couldn’t scare the KISS bassist, who remains bullish on bitcoin. | Source: (i) Shutterstock (ii) Shutterstock; Edited by CCNBy CCN: Don’t believe the hype. Gene Simmons may promote many things, but he doesn’t go near anything unless he has an “emotional connection,” to it, he once told CNBC. Apparently, bitcoin is near and dear to his heart and the crypto winter didn’t freeze him out.Simmons was among those in attendance at a recent crypto event for family offices, which is another way of saying, wealthy investors. Considering his net worth of approximately $300 million, the Kiss co-founder must have felt right at home. Morgan Creek Digital Co-Founder Anthony Pompliano was among the featured speakers, and he apparently hung out with the Kiss frontman at an afterparty in Los Angeles. According to Pompliano on Twitter, Simmons said:“Bitcoin is volatile, but every time people think it’s dead, it goes up a little.”“Bitcoin is volatile, but every time people think it’s dead, it goes up a little” — @genesimmonsThis guy gets it 🔥 pic.twitter.com/sXIwSYYMrI— Pomp 🌪 (@APompliano) April 25, 2019KISS Nation, Bitcoin NationSimmons may be famous for being a rocker but he’s much more than that. The Kiss bassist is also an entrepreneur and businessman. In fact, the Kiss brand has “generated $3 billion worth of ancillary revenue,” CNBC reported, but Uncle Sam takes a steep cut of that, so he’s wondering where it went. In 2012, the Israeli-American told Forbes he is a capitalist but at the time he had a problem with the state of “capitalism in America,” adding:“I believe in supply and demand. I don’t believe the government should stick there noses into the rise and fall of the economy.”It’s no wonder that Simmons has been drawn to the decentralized nature of bitcoin. Even before bitcoin, the band he co-founded touted the tenets of decentralization, saying:“Everywhere around the world we try to tell people there are no borders, no prime ministers, no presidents; there’s only one nation, Kiss Nation. There’s only one rock and roll national anthem – “Rock N Roll All Night, Party Every Day.”He’s behind his own soda line, MoneyBag Sodas, and he’s the face of Canadian medical marijuana company Invictus MD Strategies.Simmons and Bitcoin Go BackGene Simmons is no stranger to bitcoin. Back in 2017, he spotted the uncorrelated nature of bitcoin with other asset classes and reportedly expressed an interest in it as “a piece of the [investment] puzzle.” Since that time, bitcoin has generated returns upward of 400% while stocks have produced more modest returns in the double-digit percentage range.Given Gene Simmons’ status as a multi-millionaire, he could spend his time and his money any way he wants. Yet he chooses to participate in the cryptocurrency revolution. During the last bull run, he told TheStreet that he’d be interested in collaborating about a KISS Coin. Well, the chips are up for bitcoin again, and now’s a good a time as any, Gene. About The AuthorGerelyn TerzoGerelyn is a fintech and cryptocurrency journalist who started her career writing about traditional finance/Wall Street. She has been reporting on financial services for the past 15-plus years. In full disclosure, she holds bitcoin (BTC).
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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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