Tagged With bitcoin

The crypto crash has continued, with about $99) billion wiped off the market since its peak at around $1,137 billion at the start of the year, and leaving a trail of destroyed startups behind it. Bitcoin at one point closed in on the $4,265 price mark, well below both its peak of nearly $28,434 in 2017 and a so-called “floor” of $8,530.

And now major Wall Street firms once rumoured to be preparing entries to the cryptocurrency market—particularly bitcoin futures—appear to have gotten cold feet after a brutal beatdown in crypto prices this year, Bloomberg reported on Sunday.

Gaming hardware manufacturer Razer has launched a cryptocurrency mining program named Razer SoftMiner to put spare graphics card capacity to work—for them, not for you.

A former Bitcoin tycoon who served a year in prison for his role facilitating transactions on the Silk Road digital drug bazaar is being sued by none other than the Winklevoss twins, the HarvardConnection creators famous for suing Mark Zuckerberg for allegedly stealing the idea for Facebook from them.

Earlier this year, the New York Times profiled the class of nouveau riche Bitcoin millionaires who had gotten “hilariously rich” on booming cryptocurrency investments. Now that the market is flatlining (it’s now fluctuating in the low-to-mid $US6,000s), another New York Times profile is shedding light on how much speculators who bought in while it was surging towards the $US20k range have lost, and it’s not really very pretty.

Cryptocurrency investor Michael Terpin is understandably upset that he lost a combined $US24 million in two different hacks of his phone over the course of seven months. Terpin alleges that the hacks were only possible because the hackers had an inside person at AT&T who provided access to Terpin’s account. And he’s suing the telecommunications giant for both the money he lost and $US200 million in punitive damages.

Remember “Long Blockchain”, or rather, the company formerly known as Long Island Iced Tea Corp. that saw its stock skyrocket after it changed its name to refer to the foundational technology behind the cryptocurrency boom and made a vague pivot to “globally scalable blockchain technology solutions”? Turns out that might not have been so smart!

Shared from Theconversation

Cryptocurrencies like bitcoin have recently captured the public’s imagination because they offer an exciting alternative to traditional monetary systems.

Bitcoin transactions are essentially a series of puzzles stored in public on the blockchain. The puzzles used to protect bitcoin are so complex that current computer technology isn’t powerful enough to crack them.

But quantum computers could crack these puzzles in coming decades. Here’s how it could happen to your bitcoin.