Connect with us

Blockchain

Why Missing Passwords Are Still a Major Problem for BTC Holders

Republished by Plato

Published

on

One of the big problems with cryptocurrency is that it requires long and extensive passwords to remain secure. Owners of digital currency have often come across this issue. They forget their passwords and cannot access their funds, and as a result, these funds get locked up or lost forever. For Stefan Thomas, the problem is even bigger considering it’s keeping him from gaining access to well over $200 million in bitcoin at press time.

Losing Passwords Usually Leads to Lost BTC

Born in Germany and now living in San Francisco, Stefan Thomas is a programmer that owns a small hard drive known as Iron Key. Contained within this Iron Key hard drive is more than 7,000 bitcoin units, which is equivalent to about $220 million.

The big issue that Thomas is experiencing has to do with how Iron Key operates. Granted you forget your password, you have approximately ten attempts to guess and open the hard drive before it encrypts all the data and permanently locks itself up. That means no access whatsoever to anything it might contain in the future.

Thus far, Stefan has tried to unlock the item roughly eight times to no avail. That means he only has two opportunities left to try and guess the password and open the hard drive before he loses access forever. He has tried all his primary passwords to see if maybe he had potentially used the same login information as another device or account, but this has proved fruitless at the time of writing.

Naturally, Stefan is feeling rather worried about the situation. In a recent interview, he comments:

I would just lay in bed and think about it. Then I would go to the computer with some new strategy, and it wouldn’t work, and I would be desperate again.

Lost or forgotten login information has caused much of the world’s bitcoin to fall into oblivion. As it stands, approximately 20 percent of the world’s BTC is contained on hard drives or in accounts that cannot be accessed thanks to lost login data. As a result, it is inaccessible and cannot be touched by human traders.

Many people have a story similar with that of Stefan. One of those figures is Brad Yasar, a Los Angeles-based entrepreneur who mined bitcoin back in the early days of crypto. He ultimately mined what would now be hundreds of millions of dollars in BTC and has it all contained on his computers. The problem is he cannot remember any of his passwords, and thus cannot access the money.

An Ugly Reminder of What Once Was

He states:

Through the years I would say I have spent hundreds of hours trying to get back into these wallets. I don’t want to be reminded every day that what I have now is a fraction of what I could have that I lost.

Tags: Brad Yasar, passwords, Stefan Thomas Source: https://www.livebitcoinnews.com/why-lost-passwords-are-still-a-major-problem-for-btc-holders/

Blockchain

Tim Draper Handpicks Netflix as the Next Company to Purchase Bitcoin

Republished by Plato

Published

on

Popular venture capitalist and Bitcoin bull Timothy “Tim” Draper predicted that major online streaming platform Netflix could be the next company to join the bitcoin buying bandwagon.

Next Bitcoin Investor Could Be Netflix

Speaking in a recent episode of the Unstoppable Podcast, Tim Draper stated that Netflix could be the next in line to add bitcoin to its balance sheet. According to him, the company’s co-founder and co-CEO, Reed Hastings, makes Netflix a likely bitcoin investor. Draper buttressed his point, saying:

“I think Reed Hastings is a very innovative guy and has a lot of creative thinking and I think he still controls the reins at Netflix. And so I think that might be the next big one to fall.”

Meanwhile, the venture capitalist mentioned social media giant Facebook, as well as other major companies like Apple, and Google, as likely candidates to invest in bitcoin. However, Draper noted that the companies were instead trying to create a centralized currency of their own.

Draper also stated that if he was the chief financial officer (CFO) of any major organization, he would advise the company to allocate a portion of their portfolio to bitcoin. According to the BTC proponent, bitcoin served as a hedge against inflation.

Since Tesla’s billion-dollar bitcoin investment, there have been speculations about which company would emulate Tesla’s move. Increased institutional interest in bitcoin is largely responsible for BTC’s bullish momentum. Meanwhile, Firms like Microstrategy and Square recently added to their bitcoin holdings.

Amazon Likely to Accept Bitcoin as a Payment Method?

Apart from pitching Netflix as the next possible bitcoin investor, the venture capitalist stated that the retail giant Amazon could start accepting bitcoin. Adding that, people could use the flagship cryptocurrency to purchase products on Amazon.

Back in February, there were reports that Amazon was looking to introduce a new project that would enable customers to convert cash into digital currency. While the project would launch in Mexico, the company did not state what digital assets it would support, although there were speculations that the company may not use popular crypto-assets like BTC or ether.

While also speaking on bitcoin’s price target, Draper said:

“The current currency holdings around the world in dollars is about $100 trillion and bitcoin’s market cap is just reaching a trillion now. So there’s no reason it can’t go up a 100 fold. It’s not like it is going to completely replace the dollar. Although I think people are going to laugh when they are trying to buy things with dollars in the future.”

The venture capitalist made a prediction earlier in 2020 that the price of bitcoin would reach $250,000 by the end of 2022 or early in 2023.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/tim-draper-handpicks-netflix-as-the-next-company-to-purchase-bitcoin/

Continue Reading

Blockchain

Ripple is committed to San Francisco, says co-founder Chris Larsen

Republished by Plato

Published

on

In October last year, Ripple co-founder Chris Larsen said that the firm may consider relocating to other countries citing the lack of regulatory clarity in the United States. Since then, many have speculated where the firm’s new headquarters will be located. However, amid a lawsuit with SEC regarding an alleged illegal securities offering, and XRP’s dwindling price, Larsen made a new announcement recently that stated that the firm was here to stay. 

Speaking to The San Francisco Chronicle, co-founder said that Ripple’s global headquarter will remain in San Francisco. He added: 

We’re committed to the city. It’s got the most diversity, creativity…it’s got the critical mass.

Earlier, CEO of Ripple, Brad Garlinghouse, hinted at a possibility that Ripple could move out of the US, given its “lack” of a regulatory framework. He stressed that the country was “out of sync” and needed to implement a clear regulatory framework regarding crypto.

At the time, the CEO said that he was considering whether Ripple would benefit from relocating to a country where regulations were more clear. He admitted to being impressed by how the UK and other G20 nations including Singapore, Japan, and the UAE had “clear regulatory frameworks” that allowed for “healthy markets to develop.”

Meanwhile, another leading crypto firm in the neighborhood has decided to do away with its headquarters altogether. Coinbase CEO Brian Armstrong said that amid the firm’s work from home policies they choose not to have a base in San Francisco, but will continue to keep their offices open. Stating that the company is “decentralized” the CEO added:

As we’ve moved to a remote first environment, we realized that we no longer have a headquarters located in any one city.


Sign Up For Our Newsletter


Source: https://ambcrypto.com/ripple-is-committed-to-san-francisco-says-co-founder-chris-larsen

Continue Reading

Blockchain

3 key Ethereum price metrics show pro traders are aiming for $2K ETH

Republished by Plato

Published

on

On Feb. 20, Ether (ETH) price rallied to a new high at $2,015 and this caused multiple indicators to display signs of excessive optimism. While the excitement could be easily justified by Ether’s  year-to-date 176% gain, these warning signs should not be ignored.

On of the primary driving factors of the current bullish sentiment is the launch of CME ETH futures and Grayscale Investments ETH Trust reaching $6.3 billion assets under management. The DeFi phenomenon also continues as there is currently more than $21 billion worth of Ether locked in DeFi.

Crypto Fear & Greed Index. Source: alternative.me

Currently, the Crypto Fear & Greed Index is at 93, indicating “Extreme Greed” according to its methodology. Many traders use the metric as a counter trading signal, meaning, the extreme fear level can be a sign that investors are bullish and a buying opportunity is present. In contrast, when investors are getting too greedy, it could be a sign that the market is due for a correction.

Unlike the excessively leveraged retail traders, the more experienced market makers and whales hs been skeptical of the never-ending rally in Ether. Regardless of the rationale for the price peak, the 36% price correction that followed was accelerated by large liquidations.

Ether futures contracts aggregate liquidations. Source: Bybt.com

The liquidation of $2 billion in long futures contracts from Feb. 19 to Feb. 23 represented 28% of the total open interest. Thus, one should expect significant deterioration in market sentiment, as depicted on the previous Fear & Greed indicator.

Surprisingly, none of that happened on the Ether derivatives markets, as both futures contracts premium (contango) and the options skew remained bullish.

The futures premium held very healthy levels

By measuring the expense gap between futures and the regular spot market, a trader can gauge the level of bullishness in the market.

The 3-month futures should usually trade with a 10% or higher premium versus regular spot exchanges. Whenever this indicator fades or turns negative, this is an alarming red flag. This situation is known as backwardation and indicates that the market is turning bearish.

OKEx 3-month ETH futures basis. Source: Skew.com

The above chart shows that the indicator peaked at 39% on Feb. 20 as Ether touched its all-time high. Nevertheless, it has kept above 16% during the entire correction down to $1,300. This data shows that professional traders remained confident in Ether’s price potential.

The options skew remained neutral-to-bullish

When analyzing options, the 25% delta skew is the single-most relevant gauge. This indicator compares similar call (buy) and put (sell) options side-by-side.

It will turn negative when the put options premium is higher than similar-risk call options. A negative skew translates to a higher cost of downside protection and indicating bullishness.

The opposite holds when market makers are bearish, causing the 25% delta skew indicator to gain positive ground.

ETH options 25% delta skew. Source: laevitas.ch

Over the past month, there hasn’t been a single incident of a sustainable positive delta skew. Therefore, there is no evidence that option traders demanded more significant premiums for downside protection.

This data is very encouraging, considering that Ethereum faced a heavy sell-off but the futures and options metrics discussed above held bullish levels during the downturn.

As Ether managed to recover quickly from its recent $1,300 dip, investors gained further confidence that the uptrend had not been broken.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Source: https://cointelegraph.com/news/3-key-ethereum-price-metrics-show-pro-traders-are-aiming-for-2k-eth

Continue Reading
Blockchain2 days ago

Why Mark Cuban is looking forward to Ethereum’s use cases

Blockchain3 days ago

Google Finance adds dedicated ‘crypto’ tab featuring Bitcoin, Ether, Litecoin

Blockchain13 hours ago

Amplifying Her Voice

Blockchain3 days ago

NBA Top Shot leads NFT explosion with $230M in sales

Blockchain4 days ago

Economist warns of dystopia if ‘Bitcoin Aristocrats’ become reality

Blockchain4 days ago

Inverse Finance seizes tokens, ships code: Launches stablecoin lending protocol

Blockchain3 days ago

How KuCoin Shares (KCS) Can Create a Stream of Passive Income

Blockchain4 days ago

Here are 6 DEX tokens that have seen exponential growth in 2021

Blockchain4 days ago

6 Questions for Kain Warwick of Synthetix

Blockchain4 days ago

3 reasons why Reef Finance, Bridge Mutual and Morpheus Network are rallying

Blockchain3 days ago

Korean Government To Levy Taxes On Bitcoin Capital Gains Starting 2022

Blockchain3 days ago

Litecoin, Monero, Dash Price Analysis: 28 February

Blockchain17 hours ago

Libra Coin – A New Digital Currency Developed by FACEBOOK

Blockchain5 days ago

PARSIQ Integrates Solana Blockchain on its Platform

Blockchain4 days ago

XRP, STEEM, Enjin Price Analysis: 27 February

Blockchain3 days ago

Top 5 cryptocurrencies to watch this week: BTC, BNB, DOT, XEM, MIOTA

Blockchain16 hours ago

Bitcoin Halving: Definitive Guide (In Just 5 Minutes)

Blockchain3 days ago

Polkadot, Cosmos, Algorand Price Analysis: 28 February

Blockchain5 days ago

What are the risks of trading cryptocurrencies?

Blockchain3 days ago

How did Bitcoin lending become so popular?

Trending