President of Germany’s Central Bank Warns of Serious Outcomes of Digital Currencies

President of Germany’s Central Bank Warns of Serious Outcomes of Digital Currencies

The president of Germany’s central bank, the Deutsche Bundesbank (BBk), has warned central banks about the potential risks of introducing digital currencies, Reuters reports on May 29. Jens Weidmann, BBk president and chairman of the board of the Bank for International Settlements (BIS), reportedly claimed that the adoption of digital money could potentially destabilize the financial system during periods of crisis. The German economist explained that easy access to digital currencies could accelerate a collapse of lenders, while it would “fundamentally change the business model of banks” even in a good economic environment . Weidmann also argued that easy access to digital money can potentially lead to increased volatility, which would negatively affect central banks in terms of balance sheets. The Deutsche Bundesbank is a part of the European System of Central Banks, and is reportedly the most influential entrant of the organization due to its former size. The bank is purportedly the first central bank to acquire full independence, resulting in the name Bundesbank model for its form of a central bank. The Bundesbank model is reportedly used by the European Central Bank (ECB) as a basis for the entire euro system. Yesterday, the German government claimed that the authority has not seen any “cyber incidents” or market manipulation occurring on crypto trading platforms in the country. Earlier this week, an official at the ECB outlined major benefits of central bank digital currencies (CBDCs), while also stressing caution. According to the official, CBDCs can play the role of a medium of exchange, a means of payment and a store of value. However, the adoption of such currencies could also potentially increase levels of financial exclusion, the ECB official added.

Telegram-Based Crypto Wallet App Now Allows Fiat Purchases

Telegram-Based Crypto Wallet App Now Allows Fiat Purchases

An app that puts a cryptocurrency wallet inside your Telegram account is making it easier to buy coins with U.S. dollars. Button Wallet launched in late 2018 as a messenger-based platform for sending payments, a la Venmo. Currently integrated with Telegram, the company tells CoinDesk it has 100,000 users with 2,000 actively using the product. “For mass-market adoption of decentralized banking, you need more people,” said Button Wallet COO Rachael McCrary. “You need to make it easier for people to buy in.” To that end, the company’s new fiat-to-crypto functionality comes as some of the world’s most prominent messaging platforms explore crypto use cases. Facebook’s “GlobalCoin” project is said to center on payments in the social media giant’s Messenger and WhatsApp services. Telegram itself is reportedly nearing completion of its hotly anticipated Telegram Open Network (TON). Button Wallet’s fiat on-ramp stems from a partnership with payment processor Wyre. Jack Jia, Wyre’s director of institutional sales, told CoinDesk via email: “At Wyre, we’re on a mission to help lower the barriers to entry for crypto platforms by offering them compliant ports into a regulated fiat world. … Helping users already familiar with Telegram to easily buy crypto and self-custody funds all within the messenger app is a major achievement by Button Wallet.” Next steps Button Wallet is non-custodial wallet that lets users exchange and send a variety of cryptocurrencies, typically in small amounts. The startup was funded last fall with a $470,000 pre-seed round from MIT Play Labs, Ethereum Classic Labs, Seraph Group and angel investors. McCrary says the company has seen a concentration of users in the U.S., U.K., Indonesia, Venezuela and Germany. Initially, only U.S. dollars sent via automated clearing house (ACH) transfer will be supported for purchases. The company says it plans to add fiat currencies from Europe and Asia soon. Bitcoin, ether and DAI are the only cryptos available for purchase with dollars, though the wallet can store several other assets. Next up, Button Wallet says it’s ready to integrate Telegram’s forthcoming GRAM token. There are also plans to plug into other messaging platforms. At the recent ETH New York hackathon, Button Wallet co-founder Alekasndr Safonov said the company built a wallet that works in Discord. “We definitely believe in empowering people…

Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, EOS, Binance Coin, Stellar, Cardano, TRON: Price Analysis May 29

Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, EOS, Binance Coin, Stellar, Cardano, TRON: Price Analysis May 29

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision. Market data is provided by the HitBTC exchange. The chief commercial officer of cryptocurrency payments processor BitPay believes that Bitcoin will only rise higher, led by business interest and real use cases for cryptocurrencies around the world. Contrary to this opinion, a report by the United States think tank, the Congressional Research Service, claims that cryptocurrencies are being used for investment purposes and not as money. Jens Weidmann, president of Germany’s central bank and chairman of the board of the Bank for International Settlements warned that adoption of digital currencies could destabilize the financial system during a crisis. A recent survey shows that 94% of the 150 university endowments had some kind of exposure in crypto-related projects. Another interesting observation was that 49% of the respondents said that allocation to crypto investments by endowments, in general, is likely to increase over the next 12 months. But how should individual traders approach the crypto markets now? Let us analyze the charts and find out. BTC/USD Bitcoin (BTC) dipped to the breakout level of $8,496.53 and held it. This is a bullish sign as it shows buying on every minor dip. Now, the bulls will attempt to propel the cryptocurrency above the minor resistance at $8,904.92. If successful, a rally to $10,000 is probable. The moving averages are trending up and the RSI is in the overbought zone. This shows that the bulls are in command. The short-term traders can attempt a quick trade by buying at $8,950 with a stop loss of $8,400. However, as the risk is high, use only 30% of the usual position size. Also, keep trailing the stops higher as the price moves up as this is only a speculative trade. The BTC/USD pair will lose momentum if it struggles to sustain above $8,904.92 and plunges below $8,496.53. A deeper correction is likely if the 20-day EMA cracks. If the pair plummets below the support zone of $7,413.46–$6,933.90, it will signal that the bears are back in action. ETH/USD Ethereum (ETH) has been consolidating between…

Scammers Boost BSV Price With Fake Satoshi Confirmation

Scammers Boost BSV Price With Fake Satoshi Confirmation

Scammers boosted the price of Bitcoin SV (BSV) Wednesday by publishing a fake news alert purporting to show that BSV’s creator is also bitcoin’s. Masquerading as the Chinese news site Coinbull, the bogus alert claimed that Craig Wright had transferred bitcoin (BTC) from the so-called Satoshi wallets to prove his identity. The result? A $60 boost in the bitcoin SV price in less than 10 hours. Image via CoinMarketCap Wright, who led the fork that created BSV in November 2018, has maintained for years that he is Satoshi Nakamoto, the pseudonymous architect of bitcoin, but his claims continue to be met with widespread skepticism. If he really were Satoshi, many critics have said, then Wright should control the private keys to the wallets that mined the first bitcoin – and thus needs only to move some of those coins to settle the matter. Hence, the “alert” read: CSW transferred 50k BTC from the biggest BTC wallet to Binance, which confirmed he is the real Satoshi. As such CZ will re-list BSV and make an official apology on Twitter. These scams are common – and lucrative. “The trick is easy and constantly used by many scams – all Chinese crypto media circulate the breaking news via picture as above in WeChat instead of a news link. So anybody can just use the same theme template and photoshop one,” said Dovey Wan, founding partner at Primitive Ventures. Coinbull responded on WeChat with its own announcement, writing: Coinbull announcement: regarding recent malicious photoshopped image to impersonate Coinbull to spread rumors. Recently, we have received feedback from users that certain people had maliciously sent out photoshopped Coinbull news alert to spread rumors about Binance and CSW which had bad consequences. We remind our users again not to trust any rumors and not to spread any rumors. Thank you for your support.” BSV hit a $193.07 seven-day high on the rumor and is leveling out at about $180 as of this writing. I don’t know how much this contribute to the pump, but this fake news snapshot went viral in many Chinese retail groups around the same time and folks (thought it was real) got super excited abt it 🙄🙄🙄 CHINESE RETAIL IS THE BEST HERD EVER — Dovey Wan 🗝…

Cloud Giant Salesforce Unveils First Blockchain Product for Business

Cloud Giant Salesforce Unveils First Blockchain Product for Business

Salesforce, the leading provider of cloud solutions for business management, revealed its own blockchain solution today built on the Hyperledger Sawtooth platform. Executives made the announcement at the company’s tech conference, TrailheaDX. The product, named Salesforce Blockchain, is “a low-code blockchain platform that extends the power of CRM (client relations management).” The company says that the solution helps users build and maintain blockchain networks, apps and smart contracts, allowing them to “create and share blockchain objects in the same process as any CRM data object — with clicks, not code,” according to Salesforce’s press release. Low-code is a framework that allows for drag-and-drop programming for complex apps and is gaining popularity in enterprise businesses. The solution also helps integrate blockchain data into sales forecasts and predictions, integrate other existing blockchains with Salesforce, and “add third parties to their blockchain with a few clicks,” the company said. Salesforce also named the three first clients that are testing the product right now. One of them is the research data company IQVIA, which is exploring the tech to track and validate medical drug labels. Another one, ratings agency S&P Global, is looking into how the solution can speed up the review and approval of new business bank accounts. Chris Heusler, global chief commercial officer at S&P Global Ratings, said in a statement: “Leveraging Salesforce Blockchain, S&P Global Ratings has created a trusted network of reviewers, where everyone can work from a shared, transparent and auditable review process — completely reinventing and expediting how we do KYC reviews for our customers.” The third partner, Arizona State University, is testing tracking academic records on the blockchain. “This network has the potential to be a game changer for integrated, seamless learning — increasing transparency of student achievements and ultimately making the exchange process of academic records easier for both learners and institutions,” Kent Hopkins, vice president of enrollment at Arizona State University, said in a release. While currently only selected clients are able to try out Salesforce’s blockchain solution, it should be generally available in 2020, the company said. A year of exploration Salesforce first announced its blockchain plans at TrailheaDX a year ago when the company’s CEO Marc Benioff told Business Insider he had been thinking about the idea since the World Economic Forum in Davos that…

Project Libra: Everything We Know About Facebook’s Cryptocurrency

Project Libra: Everything We Know About Facebook’s Cryptocurrency

The world’s biggest social media company appears dead-set on launching its own cryptocurrency. Facebook has yet to announce plans publicly but media reports on its crypto ambitions have emerged over the past six months, painting a partial picture of how the social network wants to capitalize on blockchain technology. In short, a team led by former PayPal president David Marcus is building an asset-backed cryptocurrency, one designed to operate within the company’s existing messaging infrastructure (WhatsApp, Instagram and Facebook Messenger). The most recent news on the project comes from the BBC, with the British outlet reporting that the cryptocurrency – called “GlobalCoin” internally – will launch in “about a dozen countries by the first quarter of 2020.” However, the signs that Mark Zuckerberg’s company wanted to diversify into fintech first materialized as far back as 2017. Below is a rundown of what is known so far about Facebook’s cryptocurrency. December 2017 Looking back, the first sign that Facebook was prepared to be very serious about distributed ledger technology came in December 2017, when David Marcus joined Coinbase’s board of directors. At the time, Marcus was the vice president of messaging products at Facebook. This would have included two of the biggest messaging platforms in the world, Messenger and WhatsApp (which Facebook acquired in February 2014 for $19 billion). Though giants in their category, neither of Facebook’s messengers have the payments functionality enjoyed by their top rival: China’s WeChat. But Marcus was president of PayPal, the U.S.’s leading online payments company. He’s no stranger to solving this category of tech problems. August 2018 More importantly, the next clue that Facebook intended to take crypto seriously came in August 2018, when CoinDesk first reported that Marcus was leaving Coinbase’s board. Marcus had been reassigned to focus on blockchain in May 2018. At the time, a Coinbase spokesperson told CoinDesk that Marcus had stepped down to avoid the appearance of a conflict of interest. December 2018 In December 2018, Bloomberg reported that Facebook intended to build a stablecoin. Stablecoins are a controversial kind of cryptocurrency that have comparably frictionless settlements as classic cryptocurrencies, without the price volatility. Long thought to be impossible without excessive centralization (and perhaps even then), they became one of the hottest forms of cryptocurrency last year, as the most popular…

Cashscript Is Coming, Bringing Ethereum-Like Smart Contracts to Bitcoin Cash

Cashscript Is Coming, Bringing Ethereum-Like Smart Contracts to Bitcoin Cash

On May 27, the analytics and data web portal Coin Dance announced the team has added the Cashscript project to the website’s development tracker. Cashscript is a high-level language that enables basic smart contract functionality on the Bitcoin Cash (BCH) network. Also Read: Crypto Assets Outshine Most Traditional Investments in 2019 Meet Cashscript: A High-Level Programming Language for Bitcoin Cash Smart contract functionality is coming to the Bitcoin Cash network, which will allow developers to not only use the peer-to-peer cash as a medium of exchange, but also execute unique decision-based transactions. This week, data website Coin Dance added a new project called Cashscript to the site’s development tracker so BCH supporters can get a glimpse of this concept. The creator of Cashscript, software engineer Rosco Kalis, has been working relentlessly on the protocol and a sneak preview of the project’s potential was shared on Reddit. On May 28, news.Bitcoin.com discussed the Cashscript project with Kalis to give our readers an inside look at this innovative concept. Kalis explained that Cashscript is a high-level language that compiles down to Bitcoin Script. The developer said he was inspired by Tendo Pein’s Spedn language, but found it too difficult to integrate into his web development workflow. “With Cashscript we are mainly focusing on making that integration easier by providing a Javascript Software Development Kit (SDK) that allows you to plug in Cashscript contracts into any web application,” Kalis told news.Bitcoin.com. “For this workflow as well as the syntax of the language we took a lot of inspiration from Ethereum’s Solidity language and Web3.js / Truffle libraries,” Kalis remarked, adding: The goal with this is also to make it easier for developers of either community to get involved with the other. Photo excerpt from the thesis on high-level Bitcoin Script languages written by Rosco Kalis.A Javascript SDK That Allows Developers to Easily Plug Cashscript Contracts Into Web Applications Cashscript is still a work in progress and still has a ways to go before the project is close to being released to the public. Kalis detailed that he believes clear documentation will be added in the coming weeks, and people could start playing around with Cashscript after that. But the developer emphasized that there needs to be a lot…

Share Bitcoin Cash Related Shortlinks Using BCH.gg

Share Bitcoin Cash Related Shortlinks Using BCH.gg

Projects and members of the Bitcoin Cash community often need to share important information with other BCH enthusiasts. If you are involved with the cryptocurrency, there’s a website called BCH.gg you can use to shorten URLs, with each shortlink featuring the BCH name. Also read: How to Easily Convert Funds From BTC to BCH BCH.gg Provides Stats About Shortened Links BCH.gg is an easy to use online tool developed by the crypto market stats and charting data website Coinsalad.com for the Bitcoin Cash community. Its main purpose is to address the need for a URL shortener, generating links that can be shared for example on Memo and Blockpress, two social media platforms using the Bitcoin Cash network. By incorporating BCH in the new URLs, the website promotes the cryptocurrency which has seen rapid development of applications and services in the past two years. To shorten a link you need to first paste the original one into the “Enter URL” box. Then you have to click “I’m not a robot” and the “Shorten URL” button. The website will generate your new link which starts with https://bch.gg/ followed by a unique ID that can be a short number or a combination of letters and digits. Saving your custom link ID will allow you to later look it up and pull statistical data such as the number of clicks, the country they originate from and the date when it was created. The platform will also give you a “Quick Share” text containing the BCH.gg link and a brief description or the title of the article you are linking. You can share it directly on Facebook and Twitter using the dedicated buttons or copy it to post it elsewhere. The website displays a list of the recently shortened ULRs and the most popular BCH.gg links. Bitcoin.com is a major source of information about all things Bitcoin Cash. On our news page, News.Bitcoin.com, you’ll find many posts you may want to share with other BCH fans, including articles covering the latest developments related to Bitcoin Cash including new apps and services facilitating the use of BCH. Do you know or use any other crypto-related platforms to shorten links? Let us know in the comments section below. Disclaimer: Readers should do…

Grayscale: BTC Holdings Make Up $1.97B of $2.1B Assets Under Management

Grayscale: BTC Holdings Make Up $1.97B of $2.1B Assets Under Management

American digital asset manager Grayscale announced that out of the firm’s $2.1 billion of assets under management, $1.97 billion resides in its bitcoin investment trust. The firm tweeted the figures on May 28. According to the published data, the bitcoin (BTC) trust is responsible for nearly 94% of the firm’s total assets under management. Meanwhile, the firm also noted that its bitcoin cash (BCH) trust is worth $6.7 million and its ether (ETH) trust $13 million, while the XRP trust is worth $5.7 million. The second-biggest trust is the one dedicated to ethereum classic (ETC), worth $41.3 million, and the only trust dedicated to a privacy-centric coin is devoted to zcash (ZEC), worth $11.3 million. Earlier this month, Grayscale Investments had claimed a 42% growth in its product inflows in Q1 2019 over the previous quarter. As Cointelegraph reported earlier today, data shows that the number of wallets holding between 1,000 and 10,000 bitcoin has seen a sharp increase since the crypto market bottomed this winter, indicating significant accumulation during the price dip. On May 10, the Congressional Research Service claimed that bitcoin and cryptocurrencies are used as a speculative investment tool, and not money.

Researchers Say 50,000 Servers Worldwide Infected With Privacy Coin Cryptojacking Malware

Researchers Say 50,000 Servers Worldwide Infected With Privacy Coin Cryptojacking Malware

As many as 50,000 servers worldwide have allegedly been infected with an advanced cryptojacking malware that mines the privacy-focused open source cryptocurrency turtlecoin (TRTL). The news was revealed in an analysis by international hacker and cybersecurity expert group Guardicore Labs on May 29. As reported, cryptojacking is an industry term for stealth crypto mining attacks which work by installing malware that uses a computer’s processing power to mine for cryptocurrencies without the owner’s consent or knowledge. Having first detected the campaign in April and traced its origins and progress, Guardicore Labs believes the malware has infected up to 50,000 Windows MS-SQL and PHPMyAdmin servers over the past four months worldwide. The analysts backdated attacks to late February, noting the campaign’s precipitous expansion at a rate of over “seven hundred new victims per day.” Between April 13 and May 13, the number of infected servers reportedly doubled to hit 47,985. Guardicore Labs notes that the malware campaign is not a regular typical crypto-miner attack, as it relies on techniques commonly seen in advanced persistent threat groups, including fake certificates and privilege escalation exploits. The researchers have nicknamed the campaign “Nansh0u,” after a text file string ostensibly used in the attacker’s servers. It is believed to have been devised by sinophone threat actors, as the tools in the malware were reportedly written in the Chinese-based programming language EPL. Moreover, a number of log files and binaries on the servers reportedly included Chinese strings. As the analysis explains: “Breached machines include over 50,000 servers belonging to companies in the healthcare, telecommunications, media and IT sectors. Once compromised, the targeted servers were infected with malicious payloads. These, in turn, dropped a crypto-miner and installed a sophisticated kernel-mode rootkit to prevent the malware from being terminated.” In terms of geographic spread, the majority of targeted victims were reportedly in China, the United States and India — although the campaign is thought to have diffused across as many as 90 countries. The exact profitability of the cryptojacking is more difficult to ascertain, the report notes, as funds mined are in the privacy coin turtlecoin. In a warning to organizations, the researchers underscored that “this campaign demonstrates once again that common passwords still comprise the weakest link in today’s attack flows.” The…