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Bitcoin Ransomware And Remote Working: What The Future Holds

Bitcoin Ransomware And Remote Working: What The Future Holds

With an increase in remote working, the chances of ransomware attacks have also increased. Be it any business or government organization, the majority of the staff is working from home. This pandemic has also given a boost to the cybercrimes.

What Is Ransomware?

It is malicious software that hacks a system and only gives access when a ransom is paid. Since payment through cryptocurrency can be made anonymously, it is easy for cybercriminals to hide their identities.

The cybersecurity departments of the United States and the United Kingdom have already issued warnings about the ever-increasing cyber scams. However, phishing scams are not just limited to individuals. The University of California also became the target of a ransomware attack. It had to pay $1.14 million in Bitcoin for the ransom amount.

Incidences like this show how easily scammers are misusing cryptocurrencies because of the anonymity of this asset. After receiving the ransom amount in cryptocurrency such as Bitcoin, it is then converted and cleaned.

What Employees Should Do?

When the systems of employees are hacked, it is the company that suffers. To stay safe and prevent the ransomware attack, companies should teach their employees to keep their computers safe.

Whenever ransomware hits the system, three things happen:

  1. Data encryption
  2. Ransomware payment
  3. Data decryption

Data is encrypted in many ways. The hackers may hack the system through email or a vulnerable network. If you want to protect the data at your end, invest in firewall software. Another method to stay protected is to use strong passwords. Don’t keep the password for a long duration though, keep changing it often.

Is It Optimum To Pay The Ransom Amount?

The hackers usually hack valuable data through a vulnerability in the network. This data may represent the company itself or its clients. In both of these situations, the hacked data can be sold to other hackers.

If the data means a lot to you or if it can damage your equation with the clients, then as a company or business you should pay the ransom. This question has different meanings in different situations. But one thing is sure, whether you decide to pay or not to pay the ransom, keep your systems or networks protected.

Since it is easy for the hackers to hack valuable data about your company under your nose and you won’t be able to do anything except paying the ransom amount. If the ransom amount has to be paid in cryptocurrency, you can’t even track who the hacker is.

Hodlers Thankful As Bitcoin Is Gainful: Bad Crypto News Of The Week

Hodlers Thankful As Bitcoin Is Gainful: Bad Crypto News Of The Week

Bitcoin is gaining a lot of attention across the world. The latest value in terms of dollar remains at $17000, and it reached a three year high recently. Everyone from the Wall Street Journal to the Queen is talking about the rise in Bitcoin. The searches for Bitcoin reached their highest level this year on Google. Market experts feel that this trend is likely to continue for many more months if the governments do not interfere.

Paypal fueling growth in Bitcoin

It is interesting to note that Paypal has taken close to 70% of newly minted Bitcoins since it started offering cryptocurrency services a month ago. The remaining 30% of the newly minted Bitcoins are taken up by Square’s Cash App. These new players want to offer tough competition to the other players in the market as they are not able to handle the demand properly. In recent weeks, Coinbase has suffered a number of outages whenever there was a spike in demand.

Future of Bitcoin

According to market analysts, the future of Bitcoin looks very bright, and it can even head to $160000 if the bull run continues for many years. On the other hand, a bottom can be seen at $25000 levels for the long term.

However, this is one side of the analysis, as the other side looks scary. The US financial authorities have proposed a new rule that would lower the threshold for an international transfer to $250. In this way, they want to regulate the cryptocurrencies and seek more information about who is using the currencies and for what reasons. The Trump administration is not in favor of stopping down, and such proposals may get complete support from other agencies.

Even the new President-elect Joe Biden is not a huge fan of cryptocurrency, and he has appointed Janet Yellen as Treasury Secretary. Yellen has experience handling the Federal Reserve as Chairman, and he had earlier called Bitcoin as “anything but useful.” Considering these views from the people in power, analysts feel that the rise of Bitcoin can be halted by these forces.

The rise in prices of cryptocurrencies was in sync with the rest of the markets as the pandemic situation continued worldwide in 2020. If the new government in the US provides some stimulus to boost the markets, it can also have an impact on the investments coming into the crypto markets.

Bitcoin, Tesla, And Avocados: Millennial Traders Are Saying ‘Ok Boomer.’

Bitcoin, Tesla, And Avocados: Millennial Traders Are Saying ‘Ok Boomer.’

Did you know that the prices of Bitcoins have significantly risen to 7%? And along with that, Tesla stock had a surprising surge from $330.21 to $449.76, which approximately comes to 36.2%.

Why is it so popular?

There is a significant notion that millennials clearly love Tesla and bitcoin. Why? Both Tesla and Bitcoin have seen an unnatural correlation between them in recent times for various reasons. It might be due to the Bitcoin price movements and the S&P 500. Another reason could be related to the fact that there is more trading among individuals with respect to bitcoins and Tesla.

A surprising point here is that the day when finally bitcoin got a spike above $11,000 across significant cryptocurrency exchanges. There has been a significant high record of Tesla.

There has been a wide market sell-off of the Nasdaq whale and fell by 10% in six days. But just after the initial drop, there was a quick recovery in the U.S stock market, and the tesla prices have rebounded. And again, coincidentally, bitcoin rose from $10,300 to $11,100 at the exact same time. Again surprising, right?

Why such a strange correlation?

Furthermore, there is another asset that has a surprising correlation with them, and that is avocados. How? The spot price of Mexico city Hass Avocado from Michoacan has shifted quite similarly to bitcoins since June 2018. Quite strange, right?

According to Bloomberg’s reports, on July 14, a massive number of 10,000 day traders on Robinhood purchased Tesla shares injust a single hour at the day’s peak, which is massive!

Even the major data providers have found such correlations. Thus, this is not a hoax! TradingView and Tesla, and bitcoin were undoubtedly the most viewed assets in July as the demand rose gradually.

And the demand for the avocados rose as well along with them as usual. One of the evident reasons could be pandemic. How? This is because, during the epidemic, the demand went high and crazy. Thus, with massive arrival at a time, they have shipped smaller volumes to the United States since it was already well-supplied by California and Mexico. And the drop in the prices gave a boost in the overall demand, which has been pretty high if compared to the previous years, according to the reports published earlier.

Conclusion

As of now, traders have been expecting another breakdown of the amount approximately from $10,110 to 10,200. The Tesla stock market has also dropped in pre-market trading significantly. The rate is 2.55%, and again it has coincided with the prices of Bitcoin. This is a pretty crucial resistance that has great significance. There have been constant reports and analytics that are closely recording the changes and the numbers. This is excellent for better insight regarding the nature of the graph. And this will result in better prediction of the shares of such markets regarding the upcoming years.  However queer it might seem, but they are coinciding certainly for the right reasons here!

Bitcoin, Tesla, And Avocados: Millennial Traders Are Saying ‘ok Boomer.’

Bitcoin, Tesla, And Avocados: Millennial Traders Are Saying ‘ok Boomer.’

Did you know that the prices of Bitcoins have significantly risen to 7%? And along with that, Tesla stock had a surprising surge from $330.21 to $449.76, which approximately comes to 36.2%.

Why is it so popular?

There is a significant notion that millennials clearly love Tesla and bitcoin. Why? Both Tesla and Bitcoin have seen an unnatural correlation between them in recent times for various reasons. It might be due to the Bitcoin price movements and the S&P 500. Another reason could be related to the fact that there is more trading among individuals with respect to bitcoins and Tesla.

A surprising point here is that the day when finally bitcoin got a spike above $11,000 across significant cryptocurrency exchanges. There has been a significant high record of Tesla.

There has been a wide market sell-off of the Nasdaq whale and fell by 10% in six days. But just after the initial drop, there was a quick recovery in the U.S stock market, and the tesla prices have rebounded. And again, coincidentally, bitcoin rose from $10,300 to $11,100 at the exact same time. Again surprising, right?

Why such a strange correlation?

Furthermore, there is another asset that has a surprising correlation with them, and that is avocados. How? The spot price of Mexico city Hass Avocado from Michoacan has shifted quite similarly to bitcoins since June 2018. Quite strange, right?

According to Bloomberg’s reports, on July 14, a massive number of 10,000 day traders on Robinhood purchased Tesla shares injust a single hour at the day’s peak, which is massive!

Even the major data providers have found such correlations. Thus, this is not a hoax! TradingView and Tesla, and bitcoin were undoubtedly the most viewed assets in July as the demand rose gradually.

And the demand for the avocados rose as well along with them as usual. One of the evident reasons could be pandemic. How? This is because, during the epidemic, the demand went high and crazy. Thus, with massive arrival at a time, they have shipped smaller volumes to the United States since it was already well-supplied by California and Mexico. And the drop in the prices gave a boost in the overall demand, which has been pretty high if compared to the previous years, according to the reports published earlier.

Conclusion

As of now, traders have been expecting another breakdown of the amount approximately from $10,110 to 10,200. The Tesla stock market has also dropped in pre-market trading significantly. The rate is 2.55%, and again it has coincided with the prices of Bitcoin. This is a pretty crucial resistance that has great significance. There have been constant reports and analytics that are closely recording the changes and the numbers. This is excellent for better insight regarding the nature of the graph. And this will result in better prediction of the shares of such markets regarding the upcoming years.  However queer it might seem, but they are coinciding certainly for the right reasons here!

Brazil May Have A Cbdc In 2 Years, Central Bank President Says

Brazil May Have A Cbdc In 2 Years, Central Bank President Says

Roberto Campos Neto, who is the current President of the Central Bank in Brazil, Banco Central, announced that the people of the country could soon expect the formation of central bank digital currency or CBDC set up in the country within three years. According to a news report released in September 2020 by the news agency Correio Braziliense, Brazil could see the CBDC set up by 2022. In a statement, the President of the Banco Central announced that the Central Bank has started to take important measures and implement innovative technology to modernize the country’s financial system. All of these measures would make the formation of CBDC inevitable. He announced the introduction of the PIX instant payment system, introducing open banking, in addition to many other measures.

From November, the Central Bank will launch the quick individual to individual and inter-business transactions that will take just ten seconds or even less. Different options that will be made available include a mobile phone, internet banking, or ATM. The proposed open banking system will make the banks’ swapping of information easy, allowing customers to change their banks from one to another with minimum paperwork. Campos Neto further stated that CBDC would be able to distinguish itself from other cryptocurrencies such as Bitcoin as it will be backed by a trusted national monetary regulator.

Banco Central is already working on the fundamentals of CBDC. The bank has created a team of experienced professionals to ass the different areas of digital payment systems and how it can fit into the country’s existing national payment systems. The team is also given the job to assess how the new digital currency will impact its economy. The team is expected to present its findings within a year.

The country is already working on updating the banking infrastructure besides implementing technology that will allow the processing of interbank payments instantly and for free. The Brazilian new system called PIX should be up and running by November 2020. This would lead to competition with other distributed ledger technologies such as Ripple’s ODL that were looking to establish themselves in the country. PIX will bring about a major digital evolution in the banking industry and boost the economy.

Campos Neto also added that introducing digital currency in Brazil would make their instant payment system more efficient. The open system will lead to creating competition and that, too, with a trusted currency that is credible, convertible, and globally accepted. This would easily pave the way for a digital currency that would be introduced by 2022.

Gold Is Tricky To Invest In Currently Based On Facts

Gold Is Tricky To Invest In Currently Based On Facts

Usually, when the price of gold rise this high as it is now, it is seen to witness a massive decline. In August 2020, gold stood more overvalued than it is in the last 50 years. It is the conclusion reached by the latest research conducted by Campbell Harvey, a finance professor at Duke University, Tadas Viskanta, founder/editor of AbonormalReturns.com, and former portfolio manager at TCW Group, Claude Erb. The timing of the research proved to be highly remarkable because the enthusiasm to invest in gold reached a new peak recently. 

One of the fund managers even predicted recently that the price of gold might even reach $4,000 per ounce in the near future. However, it needs to be noted here that the research in the discussion here has nothing to do with the volatility in the gold prices, as witnessed in recent times. As per many economic analysts, the gold is currently going through a price-discovery phase and unsure how long it would remain in this phase. Historically, it has been seen quite often that when the price of gold is high after being inflation-adjusted, its performance subsequently is almost always invariably low, and vice versa. 

As per the speculation of the research conducted, it is predicted that the price of gold would be lower in the coming years than at the price point, it is hovering over at the moment. Many of the gold-enthusiasts would go against the predictions made by the research and point towards the extensive money creation conducted by Federal Reserve in March. 

One other reason behind the massive Bull Run in the gold prices is gold ETFs. As per the data gathered by Bloomberg, the global holdings by gold ETFs are now over 3,356.6 tons. It easily surpasses the holdings of any government in the world, except the United States. It is seen recently that there is a strong correlation between the actual price of gold and that of total global ETF holdings. However, the researchers are not yet clear as to what this correlation may be. If the high price of gold is the reason why the ETF holdings are witnessing the influx of cash, then the ETF holdings would definitely take a hit when the gold prices decline. 

It is expected that the gold may hit a new all-time high during its current phase of price-discovery. However, historically, gold prices have always plunged whenever its inflation-adjusted price has sharply increased as currently. 

Chinese Police Dismantle $14M Crypto Scam

Chinese Police Dismantle $14M Crypto Scam

A major city in China had recently been rocked by a significant cryptocurrency fraud that amounted to over fourteen million dollars. Thankfully the swindle was successfully investigated and eradicated by Chinese law enforcement officers. The massive sum of hundred million dollars in yuan was attained back as well as several expensive vehicles and high-end real estate properties.  According to Chinese media outlets, the crypto conmen were swindling the masses since the last year and fished for prospective victims through social message-sharing groups that operate online. The chat groups were anonymous and hence an ideal place to commit such crimes.

Operating Scheme

The fraud is reported to have taken place by the common form of dishonesty, where greedy crypto-criminals lure unsuspecting victims with the promises of doubling the investment through higher returns. They spread out their messages on chat groups proclaiming to have benefited massively from investing in a specific crypto-currency platform and trading plan. Then they encouraged whoever they could to follow suit and transmit their cryptocurrency to a counterfeit altcoin wallet to receive a token that was double in value. But once it was done, the duped investor will only get a fake internet address and nothing else.

Stolen Commodities

The scammers operated cautiously and only promised eight percent more returns and not too much more, which would have made a potential investor suspicious. And in this way, they stole millions in Ether, Bitcoin, and other altcoins. They were eventually caught due to the extravagance that new money brings and were nabbed them when they tried to set up a center for their illegal activities in a complete building that they sourced. They had duped over a thousand people, and more details of the case are still surfacing.

These kinds of scams and frauds have become rampant with the growing use of crypto-currency and its burgeoning popularity on the trading floor. And it is especially hard to look out for fraudsters who promise good returns since the market volatility of crypto-currencies behaves in such a way that eight percent returns would seem like a reasonable promise any good crypto-currency investor would make. But with more and more usage and experience of dealing with altcoins grows in the common masses, the number of such scams and frauds will greatly diminish. There are always con artists out there who will try to lure you with fake promises. It is up to you to know the real from the fake.

South Korean Giant Hanwha Invests $3M in Crypto Disclosure Startup

South Korean Giant Hanwha Invests $3M in Crypto Disclosure Startup

One of the biggest South Korean companies, Hanwha, is making its presence felt in the cryptocurrency market by investing in a new startup. Hanwha Investment & Securities, one of the leading securities brokerage firms which are part of the Hanwha Group, is decided to invest $3.3 million in a new startup with the name of CrossAngle. Hanwha Investment & Securities is one of the subsidiaries of the Hanwha Group that also has many large companies like Hyundai, LG, and Samsung as its subsidiaries. The investment comes at a time when the Hanwha is looking to push its digital expertise. During the start of 2020, the company had invested $31 million in funding in Stellar based blockchain startup Lightnet.

CrossAngle announced the new funding in a press release, where it stated that the recent Series A2 investment would allow them to develop the necessary infrastructure to provide crypto data services to its customers. CrossAngle, based out of Singapore, founded Xangle in 2018. It is a crypto disclosure services provider that focuses on offering transparent data services for different cryptocurrencies such as BTC and others. To fulfill its services, Xangle works along with multiple projects globally and also companies that issue crypto-assets. It verifies the information collected from them before integrating them. It offers public access to all the information to help them understand crypto assets. Xangle already has around 60 exchanges partners from around the world, including the United States, China, Japan, Korea, Russia, Southeast Asia, and European ones. It currently provides disclosure data to them for about 800 crypto assets data to date. A majority of these crypto-assets are registered and also directly maintained by the blockchain projects. 

According to the co-founder and the current CSO of CrossAngle, James Junwoo Kim, the recent funding will allow Xangle to contribute immensely to the industry for its advancement and even expand to newer areas. He also added that there is a need to resolve the existing problems in the industry and to create an information ecosystem for the stakeholders if the industry has to grow and increase its usage. As crypto-assets crosses national boundaries and languages, there is a need for a platform like Xangle to help accommodate the needs of a wider base. The disclosure services that Xangle provides will help stakeholders from different parts of the world to communicate and get the latest information on funds, holders, and exchanges and to do their due diligence. It will also help them monitor the different projects and their timeline for different purposes.

CrossAngle claims that even though the cryptocurrency is currently at its tipping point due to the strict government regulations and policies on it, there are global financial companies that are continuously investing in cryptocurrency and blockchain technology. For example, a unit of SBI Holdings, a Japanese financial company, has bought a minority stake in B2C2, a London based cryptocurrency market maker for $30 million. Nomura Holdings Inc, another Japanese firm, formed a partnership with Ledger and CoinShares to launch a Komainu, a platform to safeguard the digital assets for different financial institutions.  

Crypto Tax Disclosures Can Help With Internal Revenue Service

Crypto Tax Disclosures Can Help With Internal Revenue Service

Crypto is not completely accepted in some countries but it is a taxable property in others. Crypto income invites taxes but not every investor likes to go through the steps. The United States Internal Revenue Service (IRS) made it clear in 2014 that it is not a currency but property.

Crypto industry has got many tools to cover the taxes but one wrong step can get you into trouble. For the taxpayers of fiat currency taxation is difficult. But it seems even more complex when it comes to cryptocurrency.

IRS has released several pieces of information about crypto taxes. These documents have detailed FAQs for taxpayers. It may seem enough but it has no formal guidance albeit being a formal document.

These guidelines are not the ones that a taxpayer should rely on, said The Government Accountability Office itself. From now onwards there will be tax questions on every form of IRS. As a taxpayer, you should answer these questions carefully.

Most of the tax documents have the term “disclosure”. This is something every taxpayer is afraid of. It doesn’t matter how difficult it is to file crypto taxes, you will have to sign tax documents under your name. On the other hand, you also want to protect yourself.

It always seems dreadful to disclose our information. The word “disclosure” has a negative connotation attached to it. A taxpayer will only disclose certain information when it is must to do so. Some taxpayers afraid of disclosure because they are not willing to face audits.

What Is Disclosure?

Everyone wants to stay steer clear of tax audits. But have you ever reconsidered the term “disclosure”? In some cases, it can save you from a tax nightmare. Disclosure is additional information along with the usual list of income and expenses. It just explains the extra part of income and expenses.

How Disclosure Can Help You?

It may seem counterintuitive but disclosure can help you. If you want to avoid penalties for not disclosing enough information, then disclosure is your friend. If you are someone who is hiding from the disclosure then reconsider it. Because an understatement of the tax can also cause you a penalty.

However, it is also confirmed that you are not bound to disclose always. But if disclosure saves you from an extension of assessment for more than 3 years, then you should go ahead. In short, you should never go overboard with disclosure. Enough information is a wise decision to make.

Changpeng Zhao Reveals Beat Transactions Through Crypto Cards

Changpeng Zhao Reveals Beat Transactions Through Crypto Cards

Changpeng Zhao, CEO, Binance, showcased the first beat transaction made from a crypto exchange debit card.

Cryptocurrency holders can now enjoy a fiat gateway into different asset classes through the Binance business card. Changpeng Zhao, the CEO, revealed on his Twitter account, the first beat transaction from his own card, and said that he can now go from 99% to 100% crypto. The development was going on since March 2020, and now crypto holders can pay for goods and services using their digital currencies. These cards will resolve one of the greatest shortfalls associated with cryptocurrencies, that is the inability to use them in daily life with the same ease as traditional currencies.

As of now, this Binance card is in its beta version and is available only virtually. Since it is just the beginning, it can be only used for online services and sales. A physical prepaid card is in working, Binance said, and it will be available very soon. Binance will dedicate that approach to enable POS and ATM purchases.

The picture of the physical card concerning the implementation of technologies like PINs, Chips, Contactless Payments, and ATM withdrawals, is very unclear for now. This is because the card is still in progress and Binance has revealed nothing of this sort to date.

The company will do the foremost issuing of the card through Swipe, only as a white-label product. Another interesting news associated with this is that Binance has acquired a major stake in Swipe, in the first week of July 2020.

Binance virtual card enables the clients to pre-select the digital gateway they want to debit while funding the card’s balance. As of now, the cards hold only two tokens, bitcoin and the native Binance token, BNB.

The operation of the virtual card is very similar to the usual banking cards of any type. The only major difference is that instead of working with a mobile banking application is that it links them to a crypto wallet.

Binance’s titular Binance card application allows the users or clients to recharge their Binance debit card with crypto funds, which directly converts them into fiat holding in a matter of seconds. Now, users can use this money wherever Visa is acceptable, which means with around 47 million merchants worldwide. Because of this benefit, the card is not connected with the customer’s bank account directly.

Whenever the cardholder makes a payment through the Binance card, an instant conversion happens of crypto money into the fiat holding. Because of this process, any related commissions or expenses are automatically deducted. However, the details of such commissions or expenses have not been disclosed so far but are awaited to come soon.

 For now, the pre-order price of this crypto debit card stands at $15. It will be launched only in Malaysia, for the beginning. And then the plan will be pushed in Vietnam, with the eventual strategy of adding more countries to the list in a matter of time. The expansion will significantly depend upon the interest in the card worldwide, and the agreements with various service providers.