Category Archives: Genesis

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Cambridge Scholars Invent Scheme to Track Stolen Bitcoin

Cambridge Scholars Invent Scheme to Track Stolen Bitcoin

A group of students from the UK’s prestigious Cambridge University has outlined a system whereby stolen Bitcoins might be able to be traced.

With the official number of stolen Bitcoins currently standing at over USD 1 billion in BTC, until now, such coins have remained largely untraceable. But three students, Mansoor Ahmed, Ilia Shumailor and Rose Anderson, have released their paper entitled “Tendrils of Crime“, outlining a plan for their recovery by victims of fraud.

The Cambridge paper outlines a system called Taintchain using a device called “first-in-first-out” (FIFO), a method which has been identified to have ancient origins in terms of accounting, and more recently within the legal system.

FIFO apparently calculates each Bitcoin’s satoshi, the principal units — a Bitcoin comprising 100 million satoshis — which are loaded with the required information to create transactions. FIFO, according to the Cambridge group, can track the movement of these transactions back to the Genesis wallet. “First in first out” simply means that if the first coins into the wallet were stolen, then so must be the first coins paid out from the same wallet.

It does appear to ignore that advanced features in some wallets such as “coin control” or input control mean that users can determine which inputs, expressed as coins, are used in a transaction.

The group has expressed confidence in the FIFO methodology as a way of tracking stolen Bitcoins suggesting, that despite a few basic issues still to be dealt with, the approach will work, given more innovation and further research.

 

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Lending Productivity Defies Crypto Industry Downturn

Lending Productivity Defies Crypto Industry Downturn

Despite the 2018 market downturn, one clear beneficiary seems to have gained from Bitcoin’s drop in value over this past year.

Creditors targeting cryptocurrency investors who have chosen to hold their coins rather than sell at low prices have benefited, as well as finding business through investors who want to stock up on cheap coins for short sales.

A Bloomsburg report has suggested lenders been doing their own productive mining picking up sales throughout the bear market. The report suggests that the market is “putting lenders on both sides of Bitcoin’s bust: Helping believers pay their bills while awaiting a rebound, and also enabling bets by people who think the drop has further to go.”

One lender BlocFi, which lends fiat to cryptocurrency depositors, commented that its customer base and revenue had increased by 100 percent during the latter part of 2018 after Mike Novogratz invested $52.5 million in the firm. CEO Zac Prince suggested this kind of business was low risk, confirming that the company had never suffered losses from this kind of activity.

Genesis Capital, another lender had issued $700 million in loans with a current $140 million outstanding loans. The company’s CEO Michael Moro said that the company had been in profit since its launch in early 2018, commenting: “We’ve certainly proven that there is market demand, that there’s product fit and that it’s time to invest even more in this side of the business.”

Salt Lending, another lending company is doing so well that it is forced to expand its operation to deal with new businesses, adding new employees to the 80-person team every month.

Clearly, the bear market has a bullish side for those approaching cryptocurrency from an entirely different angle, where Bitcoin’s misfortune becomes a provider of business.

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Armenia’s New Crypto Mining Farm Receives Visit From PM

The opening ceremony of Armenia’s newest cryptocurrency mining farm boasted of attendance from the country’s top governmental officials, including the Prime Minister.

Amenia’s capital city of Yerevan hosted the ceremony, with those behind the mining farm touting the project as one of the ”world’s largest.” These founders include Armenian conglomerate Multi Group, notoriously founded by oligarch and local politician Gagik Tsarukyan, as well as the controversial international mining firm Omnia Tech.

The Prime Minister of Armenia Nikol Pashinyan was accompanied at the event by Tsarukyan. Tsarukyan also founded the national Tsarukyan Alliance party which currently holds the second largest bloc in Armenia’s parliament.

Other significant attendees of the event include a number of international businessmen reportedly from ”almost 40 countries.”

News Armenia hailed the opening ceremony as a success for the country’s technology sector, adding that ”representatives of foreign business circles are planning to meet with government members to find out the possibilities of new and more ambitious investments in the Armenian economy and expanding the base of operation.”

According to the report, USD 50 million was invested in this particular mining farm, with 3,000 machines in operation to produce both Bitcoin and Ethereum, provided by Omnia.

While News Armenia writes ”Omnia provides Genesis with mining equipment and finances its servicing,” in 2017 Omnia was slammed by Genesis for repeatedly misappropriating its brand name.

We received a few inquiries about Omnia recently. We hear that they are still using our brand name in presentations, however, they have never purchased equipment from us after their launch. Omnia has been asked to delete all references to GM. Thank you.

— Genesis Mining (@GenesisMining) November 24, 2017

Genesis says that while Omnia purchased hashpower from the mining firm, there is no official partnership or association with the high profile firm beyond these standard purchases.

A further controversy involving Omnia comes from security researcher Chris Kubecka’s claims that the company is operating a pyramid scheme.

An article he wrote on the matter reads: ”there is zero guarantee if you pay an MLM (multilevel marketing) company to use Genesis mining, they won’t keep your money without mining any coin.”

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