Deutsche Bank Analyst: Blockchain could have prevented Soros Leak

Authorities are not the only ones who would benefit from switching global financial transactions to a common ledger, a Deutsche Bank analyst said.

Investors could also benefit from the blockchain technology

A typical example: Last month, the Dutch tax authority AFM involuntarily published records of short positions over the last four years. Among the valuable data showing investors betting against companies were numerous decisions by well-known investor George Soros.

If all this data had been stored on a blockchain, the data would not have been leaked. At least that’s how analyst Jamal Simpson explains it.

Simpson explained Bitcoin code to CoinDesk:

“That was a prime example … Distributed Ledger Technology or Blockchain Technology could have prevented this event.” The result of this Bitcoin code error (which just revealed scam according to onlinebetrug) was the publication of this information. This led to valuable insights into the investment strategies of many investors, including Soros.

Although the authorities were quick to erase the data, the damage had already been done. Among the numerous shorts were bets against several Dutch banks and the Renaissance Technologies Medallion Fund.

To shed light on the explosive nature of Soro’s investment decisions, Forbes magazine estimated that the US investor had net capital of $25.2 billion.

“I’m pretty sure that if anybody got wind of it,” Simpson said in a personal assessment, “then they’ll be able to determine who owns what, who owns what, and so they’d be able to take very strategic action against these positions.

The potential of the transition to Distributed Ledger Technology has been discussed many times by industry representatives. The term “regulatory nodes” is used here, which would provide government agencies with real-time data.

Simpson’s statements, however, also reflect some advantages of the technology for investors. The information would have been effectively prevented with a blockchain by intercepting it in the process.

Many institutions have their concerns when thinking about moving their financial transactions to a blockchain. But Simpson points out that the Soros leak points to a deeper problem in the current system.

More control of the Bitcoin code

Simpson quickly came to the realization that the required Bitcoin code publications, which are prescribed by law, can be automated. For example, last June Soros set up a Bitcoin code position against Deutsche Bank when Brexit was imminent.

In this case, Soros Investment was above the minimum disclosure limit. This is another example of how protection for investors and required publications can be programmed into self-executing contracts of blockchains.

Simpson told the skeptics of the finance blockchains:

“There is more than one way to secure information, even if you don’t use blockchain technology. But I’m just saying, if you want to use blockchain technology, then it’s possible. It’s technically possible to achieve more security.”

Bitcoin lottery at the German horse betting provider JAXX

The booming internet currency Bitcoin is the main prize of a JAXX lottery for the Great Week in Baden-Baden – participation is free of charge.

Sponsored Posts are paid items for the content of which the advertising companies are solely responsible. BTC-Echo is not responsible for the promised services or investment recommendations.
Hamburg, 23 August 2017 – If you had only bet 20 euros on the right horse in June 2010, in this case on the internet currency Bitcoin, you would be a millionaire today. At that time, a Bitcoin cost just 0.08 US dollars. Currently one unit of the digital currency is worth over 4,000 US dollars and since the beginning of this year alone the Bitcoin exchange rate has more than quadrupled. Some financial experts and investors see even more potential in this phenomenon – the forecasts range from a value of 50,000 US dollars to one million per Bitcoin in the next few years.

In countries such as Australia and Japan, Bitcoin formula is already accepted and approved as a currency

The Bitcoin formula is thus an interesting bet on the financial market – however it goes also differently and without risk: Read the interesting review about it. The horse bet offerer JAXX, which is state-licensed in Germany, organizes a profit play with attractive prices on the occasion of the large week in bathing Baden-Baden. In addition to a trip to the famous “Prix de l’Arc de Triomphe” in Paris and betting credits of 500 euros, a Bitcoin will be raffled among all participants. A main prize worth currently approx. 3,500 euros with considerable potential for value enhancement in the coming years. The Bitcoin winner is guaranteed JAXX support in receiving his prize.

The way to the Bitcoin and the other winnings is simple: Each bet placed during the promotion period (23 August to 19 September) on corresponds to one lot in the pot. New customers have with their welcome bonus at a value of 5 euro with a minimum employment of only 0,50 euro per bet thus up to ten free chances of winning on the Bitcoin and further attractive prices.

The Great Week in Baden-Baden is considered the flagship of German gallop racing and attracts international attention. Within the framework of this event, the highest prize money in Germany will be paid out, most group races will be held on a total of six race days and the most beautiful hat creations will be presented by the ladies. The high-class races will be broadcast live in the video stream at

About Bitcoin trader

JAXX has been a reliable partner for horse betting in Germany since 1999. As an official partner of the German racing sport and nationwide licensed Bitcoin trader provider, JAXX offers a comprehensive range of national and international bets on horse races. With JAXX, Bitcoin trader not only have the opportunity to place their bets around the world and around the clock, but also to follow the races live via video stream. Over 15 million bets have already been placed on JAXX since the start of betting operations. JAXX fully complies with the requirements of the State Treaty on Gaming (Staatsvertrag zum Gl√ľcksspielwesen in Deutschland) and has both a bookmaking licence and a licence to organise and place horse bets on the Internet. The Darmstadt Regional Council acts as the nationwide competent licensing and supervisory authority. A bet tax in the amount of 5% on the bet is paid to the tax office Frankfurt a. M..

Bitstamp: Bitcoin stock exchange aims to attract institutional investors

Bitstamp, one of the largest Bitcoin exchanges, wants to attract more (and above all larger) investors in the future. In this context, the operators of the exchange have decided to use a technology in the future to make the processes on the exchange more transparent.

Bitcoin news: New system to bring in big money

Bitstamp now wants to confront these problems. To this end, Nejc Kodric, CEO of the Luxembourg-based Bitcoin news company, announced: “We have committed ourselves to crypto in the long run. We want to ensure that market data is both genuine and transparent to help the industry grow.”

As you can see from the Twitter post, the blockchain company has joined forces with Irisium to do this. The company offers software solutions for monitoring trading activities. By using the software, Bitstamp should ultimately ensure that there is no market manipulation. In addition, Irisium says it has the ability to publish the analysis results. This enables regulatory authorities to check whether the Bitcoin Exchange is doing the right thing.

Questionable Bitcoin formula shapes are not uncommon

The Bitcoin formula universe continues to provide reliable reasons that deter institutional investors according to onlinebetrug. One remembers the probably most famous crypto scam around the still unsolved machinations of the stock exchange Mt.Gox. It gave the go-ahead for a series of questionable actions in the blockchain area. Bitfinex caused a sensation here recently. In this country, it is still the Causa Envion that cast a shadow over the security image of the scene.

One of the most promising Bitcoin bull narratives is that of institutional investors. They are supposed to flush the big money into the Bitcoin ecosystem. But according to the same narrative, one thing still holds them back: the lack of security. On the one hand, it is the Bitcoin exchanges that still do not radiate enough trustworthiness. Lack of security precautions and morally flexible personnel are certainly the biggest obstacles here. The other side is the lack of regulatory security. A lion’s share of government authorities still do not know how to treat the new financial technology Bitcoin and all its offspring.

Ledger was able to close vulnerability

However, Ledger’s development team has closed this vulnerability. They took steps to prevent the MCU from sending false code to the secure element. This requires the MCU to forward the entire contents of its flash memory. However, the MCU has a relatively limited amount of flash memory. To infiltrate false code on it, the MCU must theoretically store the official firmware and the false code. The memory capacity of the MCU should prevent this kind of attack.

Rashid allegedly circumvented this mechanism by first realizing that the MCU contained both the boot loader and the firmware, and that some of the software functions, the compiler intrinsics, were also identical. He eventually removed these intrinsics and replaced them with malicious code. When the secure element then asked the MCU about the content, the 15-year-old created a (seemingly) legitimate image to trick the device. The device then verified the counterfeit firmware.

As a result, the device then generated wallet addresses and recovery passwords that the attackers could control. Rashid thus ultimately claims to be able to generate passwords that seem random to the users, but which the attackers know. According to Rashid, this vulnerability could be exploited by allowing malware to infiltrate devices and computers to infect them.

Firmware update promises security for the Bitcoin trader

Ledger responded immediately to this Bitcoin trader problem. On March 20, they released an update that fixes three Bitcoin trader security issues. With the update, it is now possible to verify the integrity of the device and guarantee that the devices are not infected. Seeds and Private Keys are now safe.

In cooperation with the two security experts Timothée Isnard and Sergei Volokitin, Rashid himself has used Ledger to ensure that the security gaps have been closed. They strongly recommend upgrading the Ledger firmware to version 1.4.1 to eliminate all security threats.

Six steps to updating the Ledger Nano S for crypto trader

The first step is to open the Ledger Manager on the PC and connect your crypto trader Ledger to the PC. If the device is new, press the right button while connecting the cable. After 5 seconds the device will display “Recovery” and you will be taken to the crypto trader dashboard. If the device is already configured, you should connect it regularly and enter its pin.

The second step is to synchronize the Ledger Manager with the wallet and wait for the dashboard to appear.

In the third step, click on the firmware menu in the upper left corner of the Ledger Manager on the PC. Then click on the green arrow in the line “Firmware Version 1.4.1.” and on the “Install” button. Finally you have to confirm this step on the device itself. If an error message appears, this does not necessarily mean that the device is infected. Then you have to uninstall all applications from the device and start the update again.

Bitcoin-Crash: Looking for answers to price erosion

Price SlumpIn the last week, panic scenes took place in the Bitcoin industry during the extreme price slump. But the price slump was not just a bad thing for some smart traders. Those who had prepared for the crash took the opportunity to make real money with the high volatility.

Last week’s opening price was 267.09 US dollars and fell during the week by 57.46 US dollars or 22% to 209.63 dollars (CoinDesk price index).The Bitcoin price at the beginning of the week suffered the deepest blow. Here the price fell within 2 days on 14 January by 37% to a low of 170.21 dollars.

The then Bitcoin price of 600 US dollars had already been under strong pressure since June last year. After a rally in November, the price first fell to 450 dollars and since then has found only weak support. In December, the price per BTC was already below 400 US dollars.

At the beginning of the year, there were signs of a further drop in prices and many traders wondered how low things could still go. The Bitcoin price was now at 300 dollars and recovered only very briefly. The answer didn’t take long and came with last week’s crash. One trader even spoke of “surrender”.

Trading volume and Bitcoin profit rose rapidly

A sign of panic sales or “surrender” was the rapid increase in trading volume. The Bitcoin profit exchanges almost set a new record on 14 January with 1.43 million BTCs traded. In November only 300,000 BTC more were traded during the short price rally.

The Bitcoin Exchanges were pleased with this volume and the beautiful turnover. The Bitfinex Exchange, for example, charges 0.2% for each transaction made and an additional 0.1% for payouts.

Even if Bitcoin stock exchanges do not provide any information about the income, one can imagine what a nice little sum comes about with 80,910 traded BTC (on Bitfinex alone).

A stock exchange, however, had a very bad timing. Bitstamp went after a Hackerattacke only on 13 January again on-line and wanted to do its users with 0% fees for 5 days something good. They did not benefit from the Bitcoin wave the next day.

Why did the Bitcoin profit price collapse so massively?

Last week many analysts tried to find out why the Bitcoin profit price fell too much. Pantera was one of the first to try to educate its users with a special newsletter on the 14th.

Pantera mentioned margin trading as one of the possible reasons for the price drop and pointed to record swaps to push the Bitcoin profit to Bitfinex.

Pantera also blamed the miners for the price slump, as commercial miners are forced to sell their Bitcoins directly to cover the costs. This has led to a Bitcoin glut.

However, a new theory was also put forward by Pantera: Due to the Bitstamp hacker attack and the stolen Bitcoins worth about five million dollars, the stock exchange had to go offline. All transactions were cancelled and the purchase orders were no longer accepted. This situation could also have been the trigger for the subsequent fall in prices.

Pantera also said that the capital invested in new Bitcoin companies may have played a crucial role. The capital is increasingly flowing into new companies and not directly into Bitcoin. This means less direct investment in Bitcoin and pumping into the companies instead.

The history of Bitcoin

With the help of many nice tools you can find out where which Bitcoins were created or transferred. One of these tools is called OXT.

Every Bitcoin has its own history

Fresh Bitcoins are Coins that have just been mined and never been used for a transaction. There is no history for these coins yet, but they can be used just as Bitcoins that have been in circulation for years. They are so-called “clean bitcoins“.

Nevertheless, the idea that there are “clean” and “dirty” bitcoins is totally absurd. Bitcoins are data and everything else is a matter of interpretation for each individual. There is also no special market for clean Bitcoins and therefore this factor is also irrelevant for the upcoming Bitcoin halving.

Should there be a market for “clean” bitcoins, the price for these bitcoins should actually double. Also in the future there will very probably be no special market for fresh Bitcoins, since the only advantage lies in the fact that there is no history of these Coins yet.

Speculative boost

Halving could have a big influence on how Bitcoin will be perceived in the future. Bitcoin halving and the associated shortage of coins could lead to many speculators.

Anyone who uses Bitcoin as an investment will have great interest in halving. Here only the principle of supply and demand should be mentioned…. or not; Bitcoin stock exchanges are not yet rational.

It is reasonable to assume that this or other subsequent events could have an impact on the perception and thus also an impact on the price of Bitcoin. Some people will begin to understand that the upcoming halving is just one of many and that now is the right time to get in before the price per Bitcoin may continue to rise due to a further shortage.

It all depends on how each one of us uses and perceives Bitcoin.

But one thing we can say for sure; Bitcoin is an extremely stable system which is unchangeable. People are slowly beginning to realise that they can rely on Bitcoin and that Bitcoin cannot be changed by a public opinion, a handful of people with clever ideas or the wishes of individuals for specific purposes.

Bitcoin, the “C” of money
The demand for international standards has existed for centuries. It is almost impossible to trade if every country or institution makes use of a different standard.

For this reason, the standard for a “meter” was set in 1875. Today a “meter” is a fixed unit of measurement for a fixed size all over the world. Whether in China, the USA or Europe, a meter is a meter. According to the definition, light takes exactly 1/299 792 458 seconds for one meter. That’s 1 billion kilometers per hour. Bitcoin is like the meter, a global standard that is as unchangeable as the forces of nature; like the speed of light, “C”.

The meter can be used for many other calculations. What is important is that the meter is an international standard that cannot be changed by anything in the world. Neither can Bitcoin.

Once people understand the idea and influence of a standard that depends on mathematics rather than government, the perception of money will change – forever.

This has far-reaching implications for all economic processes and every human being on earth.

By the time the 21 million BTC mark is reached, the figure will be around 5,286,750.

Compared to the products and services worldwide, this is a comparatively small house number. One must consider however that Bitcoin can be divided into millions small individual parts. Bitcoin is certainly the most undervalued and worldwide freely available system, service, database, asset, network or token.

It will be exciting to see what effect halving will have on Bitcoin’s perception.

Save the Date – Bitcoin Block-Halving 09.07.2016