This Week in Crypto – Microsoft hiring, BTC Asics Ransomware, ETF Withdrawal

Bitcoin Asics Suffer from Ransomware

The crypto industry hasn’t been left out of facing some shady players in the industry. This was confirmed on Wednesday when some reports rose that a strain of ransomware was striking, or had struck blockchain miners.

Taken from the ZDNet report, the virus which is called hAnt started to sweep through China’s cryptocurrency miners. This exploit was actually discovered back in 2018 (August), but now there are more significant reports of infections.

Devices which are under threat are the Antminer T9 and the Antminer S9 which are two of the premium devices from Bitmain.

Although this would affect mining of some coins, there are a few reports Bitmain’s Litecoin L3 mining Asics are also being infected.

If this sounded like a push to get Bitmain out of the picture, it isn’t a valid one because their competitor Canaan Creative and their Avalon Asics have also been hit.

Bitcoin and Ransomware$3.3 Trillion Transacted in 2018

BTC has had and is still having its problems, but there are some figures which shouldn’t be ignored, and this is the number which was transacted last year. A whopping $3.3 trillion was pushed through the BTC network.

To put this into perspective it is said to be 6x the amount processed by PayPal, but it is still a long way off what Visa, Wechat Pay, and Alipay push through their channels on a yearly basis.

These figures do have some die-hard BTC fans jumping through hoops, but there is still a long way to go before BTC is mainstream like all the other payment channels.

Researchers at Satoshi Capital have concluded that BTC is more than a global currency, and it is a worldwide payment system.

This could increase dramatically with the introduction of the new Samsung S10 which is being released and has the inclusion of a crypto wallet.

Many crypto investors know a hardware wallet is the safest way to store their cryptocurrencies, but this will give tons of exposure to the technology to these new smartphone users.

The truth of if this can increase is when the Lightning network is fully utilized to make processing faster. This would make cross border payments quicker and more secure.

Only time will tell if the Lighting Network fulfills on its promises and BTC can hold stable to take advantage of it.

Bakkt and MicrosoftMicrosoft Backed Bakkt Hiring

This startup has already faced regulatory setbacks, but, it is still making strides and has the backing of Microsoft. They have recently advertised to employ an additional eight individuals.

The positions are for a handful of tasks and positions which involve blockchain and security engineers, a financial director and full stack developers among another couple of lower ranked posts.

Although these positions are advertised, the company is keeping tight-lipped on what is being created.

What is being presumed is it is something along the lines of a scalable on-ramp into cryptocurrencies which will meet the needs of merchants, retail investors, and larger institutions.

One interesting thing was the inclusion of a position for a mobile developer. Could this be another wallet, or is it something more substantial and Bakkt is going to stick to its 2019 objective.

Big Bankers See Trouble Ahead for BTC

Every day there are new predictions for which way BTC will go. One day it is supposed to be on the up, and it drops off a cliff, and other days its about to bottom while it heads back in the green and shows an increase in value.

JP Morgan has indicated via Reuters they reckon $1,250 is on the horizon as the bear market continues. Additionally, the blockchain is reportedly well over-hyped and will not change anything in the current banking systems over the next three to five years.

The bank’s analysts have taken the view that cryptocurrencies can only make headway once faith has been lost in traditional assets such as the dollar, payment systems and ultimately gold.

The dollar could see some faith lost due to the trade war and the shutdown of the government, but it might take longer for this to have an impact when the bottom falls out.

One area that doesn’t help cryptocurrencies is the shutdown. There are plenty of institutions who are trying to release crypto products, but they have hit a wall while there is a government blackout.

ETF withdrawal announcementLatest ETF Withdrawal Leaves Crypto Markets Unfazed

Bitcoins price remained unaffected on Wednesday 23 January when news of the latest ETF withdrawal announcement was made.

The Cboe BZX exchange withdrew their rule change which would have led to an ETF which was to be backed by VanEck and SolidX. Speculators reckoned prices were already adjusted in the run-up to the announcement.

The overall growing volume has seen a slow start to the year and has dropped over the past few weeks. Much of this is the mounting lack of confidence, and the fears BTC will hit $3,000.

It might be speculation that figures were adjusted before the news hit, but in other areas, there are signs that BTC is very active. This can be seen with the increase in Bitcoin casino start-ups that are appearing.

Although these are not making transactions in the same way as a BTC trade, they are making a huge number of transfers within their own systems. Investing in BTC might appear to be a lottery at the moment, and there are plenty of people who are taking their luck and using it in a very different way.

Crypto’s Will Take a Decade to Mature

Coming from an interview with Cointelegraph, the founder of Cardano Charles Hoskinson has given his opinion on what will happen to the crypto industry in the next 10 years. He said the crypto growth cycle was running along the same lines as Amazon did in the beginning.

He went onto say it could take up to eleven years to regain the position BTC was back in 2017, and when that day arrives, the eco-system will be very different.

The numbers of users who would be using cryptocurrencies might be billions or at least millions, he said.

At present, the technology isn’t capable of handling those sorts of numbers, and then he went on to mention Cardano’s own solutions for scalability.

The company themselves are expected to introduce the next phase of their evolution with ‘Shelley” which is an attempt to aim to deliver further decentralization.

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top