Bitcoin Price Rises Higher Than Gold… But Its Value Is A Different Story
Since hitting a record-low of $177 in January 2015, Bitcoin is up almost 600%. On March 2, 2017, it reached a new high of $1,268 per unitthus surpassing the price of an ounce of gold for the first time ever. So, what's the driving force behind this …
Bitcoin has been trading between $1114-887 this week, according to the BLX, in extremely volatile market conditions with intense bearish momentum. The Network Hashrate gained 3.24% on March 3rd, and has increased 42.48% year to date.
The most important fundamental news this week has been the back and forth exchange between the Bitcoin Unlimited (BU) and Bitcoin Core (BC) factions. BU miner signalling continues to gain ground, up 10% this week. Nodes however, remain heavily in BCs favor.
Meanwhile, the previous quarterly futures contract from OKCoin closes this week. Below is a chart showing the quarterly contract open dates (orange), the previous quarterly moving to biweekly (blue), and the previous quarterly contract closing (yellow).
Volatility during these three weeks has previously signaled a bullish exhaustion, and a bearish upcoming quarter. Stability has signaled accumulation, and the bottom of bullish continuation. The spot price has been extremely volatile in this time period, which indicates a bearish upcoming quarter.
At the same time, the People’s Bank of China (PBoC) continues to apply stricter Know Your Customer and Anti Money Laundering requirements. Traders using chinese exchanges are now required to register for accounts in person, or withdraw their current balances. Its unlikely that domestic Chinese exchange volume will return to previous levels anytime soon, and LocalBitcoin volume will continue at historic levels.
Japan therefore continues to be the market leader in volume, with 50% of total bitcoin volume traded in the past 24 hours. Japan recently became very accepting of Bitcoin as a currency, recognizing it as legal tender.
Due to the enormous selling pressure over the last week, the bull trend beginning in 2015 is currently being threatened. Lets gather some evidence on high time frames to assess the safety and validity of the longstanding bull trend.
For the first time in the entire trend, the monthly candle is a risk for a bearish engulfing candle with a few days left to close.
There is also the possibility of a Cup and Handle, a bullish continuation chart pattern, forming. However, there are a few caveats and conditions.
First, Cup and Handle patterns in traditional markets typically have an age expiration, and this formation is far past that expiration. Second, the ideal volume profile is one with a descending nature, which is definitely not the case here (not shown). Third, the Cup and Handle remains valid as long as the handle low closes above the 0.50 fibonacci retracement level. The smaller the pullback, to say the 0.618 fibonacci retracement level, the higher the probability of bullish continuation. Fourth, the measured target for continuation is taken from the cups horizontal resistance to the low and projected upward, again from the horizontal resistance. This yields a target of ~$2,100 with a 1.618 fibonacci extension of $1,789. It should be noted that upon breaking the horizontal resistance at ~$1,200, there is typically a retest of the horizontal as support. Overall, this pattern has many months yet to complete, but has begun to form and is worth watching.
On the weekly time frame, a powerful trend indicating system is Heikin-Ashi (HA) candles, which use open and close data from the previous period, and open and close data from the current period.
An open and a close above the previous period suggests strong momentum of the given trend. An open and a close within the bounds of the previous period suggests a slowing of trend. A color flip from green to red or red to green indicates the possibility of the beginning of a new trend and the end of the previous trend.
Depending on the exits and stops, the second consecutive green weekly candle after a red candle has been an excellent entry this entire trend. A bullish continuation is likely should two consecutive green weekly HA candles occur.
On the daily time frame, two indicators provide further details after a large drop: Ichimoku Cloud and Pitchfork.
Ichimoku Cloud uses moving averages and dynamic support and resistance to make projections of key zones, as well as capturing 80% of any given trend. As long as the price remains above the cloud, sentiment remains bullish. Price in the cloud indicates a neutral trend, and below the cloud indicates a bearish trend.
When the Tenkan (T) is over the Kijun (K) sentiment is bullish. K over T would indicate bearish sentiment. When the Lagging Span (LS) is above the cloud and above the price sentiment is bullish, below the cloud and price would indicate bearish sentiment. The best entry signals for the cloud occur when trend is obvious, but 1 or 2 of the signals have yet to become confluent with a higher timeframe trend.
Since the trend began in late 2015, price has only closed below the cloud once, in early August. This was due to selling pressure created when the Bitfinex hack became public knowledge. Within 35 days the trend corrected, and returned above the cloud. After this most recent 30% selloff, price was again at risk pf closing below the cloud, a bearish trend indicator.
Yesterdays candle closed as a dragonfly, which typically indicates that bearish momentum has been exhausted. Price also remains in the cloud which, is classified as a neutral trend indication. The TK lines are touching and uncrossed, a long exit signal if you were still long from the previous bullish TK cross on February 7th. As a whole, the indicator is signalling a trend reset, an opportune time for profit taking.
A bullish re-entry signal would include price above cloud, bullish TK cross, and LS above price and cloud. All of these conditions will probably take a month or more to complete. Including the OKCoin quarterly contract theory, it may take another three months of price stability before bullish momentum continues.
With the Pitchfork indicator, shown below on a Bitstamp, each diagonal of the Pitchfork can be thought of as a PRZ or support/resistance line. The upper blue diagonal zone being most overbought or the top bounds of the trend and lower blue diagonal zone being most oversold or the bottom bounds of the trend.
Price briefly closed in the lower bounds of the Pitchfork and is currently retracing closer to mean. The red median line remains the high probability target of the immediate move over the next few weeks.
When diagnosing the health of a trend, the 50 day and 200 day Exponential Moving Average (EMA) on the daily time frame is very valuable. Much like the Bitfinex hack and subsequent trend reset in August, price bounced from the 200EMA. Again, this suggests trend continuation over trend reversal.
Adding an oscillator to the mix, such as the Relative Strength Index (RSI), determines market momentum. Divergences occur when price action does not match momentum.
A bearish divergence is created when price makes a higher high but RSI does not. This suggests weakening of bullish momentum. A bullish divergence is created when price makes a lower low and RSI makes a higher low. This suggests weakening of bearish momentum.
Divergences suggest trend reversal, however, divergences can continue growing until the reversal becomes obvious and should be thought of as a lagging indicator.
There are hidden divergences, which require further explanation. A hidden bullish divergence is created when price makes a higher low and RSI makes a lower low. This indicates, despite an increase in bearish momentum, bearish pressure is being exhausted.
A hidden bearish divergence is created when price makes a lower high and RSI makes a higher high. This indicates, despite bullish momentum, bullish pressure is being exhausted. Over the course of this trend, hidden bull divergences on the daily time frame have been a strong indication of bullish continuation.
The current hidden bullish divergence holding would indicate strong bullish continuation from this point forward.
Lasty, on the four hour time frame, there is currently a completed and active bullish butterfly harmonic pattern. Harmonic patterns typically have a target zone of the 0.50-0.618 fibonacci retracement zone. A secondary target of the diagonal resistance from the previous double top is also a viable target.
BU hard fork fear, uncertainty, and doubt remains ever-present, until, if, or when it happens. Long term holders will see this as a price blip in the grand scheme of things, whereas risk-averse traders would do better staying out of the market for now, until BU, SegWit, or both are activated. With a 30% drop from all-time high, price is beginning to show signs of a bottom and trend reset. This may precede a period of relative stability over the next three months, followed by bullish continuation to $1,789-$2,100 by years end.Read More..
With a hard fork looming, BitGo, a multi-signature bitcoin wallet, has advised its customers what to do in the case of a new chain, whether it is Bitcoin Unlimited, which BitGo deems unsupportable, or a supportable option such as Segregated Witness.
Ben Davenport, co-founder and chief technical officer, advised users in a recent blog what actions BitGo will take and gave recommendations on what they should to in the event of a hard fork. BitGo did not assign a high probability of a hard fork until recently.
BitGo will not support Bitcoin Unlimited, which it does not consider supportable. It will support Segregated Witness, (SegWit) which it consider safe and tested in the core code.
BitGo believes any near-term fork will be contentious and bad for the bitcoin ecosystem. Brand dilution and user confusion will remove billions of dollars from the bitcoin market capitalization, Davenport noted.
SegWit, on the other hand, will provide additional block space in the near term.
BitGo cannot predict how the scenario will unfold, but the company will move as quickly as possible to provide solutions to protect customers interests.
Any hard fork introduced without industry-wide consensus will be an altcoin, regardless how much hash power that coin has. The majority of bitcoin exchanges share the same view, Davenport said.
If a hard fork were executed in a supportable manner, BitGo would support it with an API as soon as possible.
To support a hard fork, according to Davenport, it must meet the following:
1. The hard fork has to be coordinated by a clear on-chain mechanism and have a grace period between activation and launch.
2. It must provide strong two-way protection, whereby transactions are only valid on one of the two chains. Minus this measure, users can safely transact separately with splitting techniques that place an excessive burden on the end user.
3. It has to offer wipe out protection, so that once it forks, it remains permanent. The new forks software should not be capable of producing a reorganization back to the original chain as it will wipe out the new chain.
Bitcoin Unlimited does not meet any of these criteria. In addition, there are problems with emergent consensus that can lead to ongoing network splits and reorganizations of arbitrary length chains based on the way miner groups establish consensus parameters.
There are also concerns about the quality of the peer review process and the general code of Bitcoin Unlimited. Because of this, BitGo will not support a Bitcoin Unlimited hard fork in its current form. BitGo will change its position on Bitcoin Unlimited if it makes changes to make the fork supportable.
Davenport recommends users take the following actions if the Bitcoin Unlimited hard fork launches.
1. Pause any outgoing transaction activity from BitGo. Otherwise, transactions can occur on both chains.
2. Keep in close contact with BitGo for assistance in moving coins safely or in splitting coins. BitGo will help customers split their coins, but it cannot determine how long this will take.
3. Once a hard fork has resolved itself back to a single chain due to it being abandoned by miners, or a splitting plan has been deployed, it will be safe to transact again on the original chain.
Should there be a supportable fork, BitGo recommends the following steps.
1. Continue to safety transact on the original network with the BitGo API. Users will not be able to transact on the new fork immediately. Transacting will not affect the coins on that side of the fork.
2. Be ready for block times on the original network to increase significantly, due to an increased load on the network. Execute only necessary transactions and be ready for possibly higher fees for a number of weeks due to the extendednumber of blocks.
3. Transact the value on the new coin by waiting for BitGo to add support for the new coin, or use the two keys with software built by others. BitGo cannot commit to any time frame for supporting the new coin.
Also read: Heres why a hard fork cant work
Malicious forking that undermines the existing minority chain with excess hash power is also a possibility. This can create a chain of empty blocks or a working chain suddenly experiencing a chain reorganization many blocks deep. BitGo considers this to be the same as a 51% attack on the bitcoin network.
In such a case, BitGo recommends halting all bitcoin activity, including outgoing transactions and crediting incoming deposits. One cannot make normal assumptions about block confirmations to finalize a transaction.
Featured image from Shutterstock.Read More..
The bitcoin scaling debate has taken yet another turn, although very few people saw this latest development coming. BitFury, one of the largest bitcoin mining pools, successfully mined a block on the network that signals for the user-activated SegWit soft fork. A rather controversial decision, although it could signal an end to the scaling debate once and for all.
Recently, apost appeared on Reddit explaining how the BitFury mining pool did something rather unexpected. The pool mined a block supporting the BIP 148 proposal, which effectively signals a user-activated soft fork for SegWit. As one would expect from such a move, it is evident BitFury is tired of the Bitcoin Unlimited shenanigans, which only seem to harm the network and the BTC price.
That being said, effectively signaling for mandatory activation of SegWit deployment is a rather unusual attitude. The user-activated soft fork will force SegWit to be deployed on the bitcoin main net, regardless of reaching amajority consensus. It is not a solution everyone will be happy with by any means, but the debate has escalated quite significantly these past few months. A solution is needed sooner or later, that much is certain.
Currently, it appears miners are not moving to activate either SegWit or Bitcoin Unlimited anytime soon. As long as this uneasy status quo is maintained, transaction costs will mount, putting more money into the miners pockets. Moreover, Bitcoin Unlimited activation would potentially result in creating multiple currencies called Bitcoin and BTU (Bitcoin Unlimited), which wouldnt do the ecosystem much good either. A user-activated soft fork is a plausible solution, albeit still a controversial one.
While it is significant BitFury signals this BIP through its mined blocks, that does not mean SegWit will be activated all of a sudden. A user-activated soft fork still requires majority community consensus and an activation date, which is slightly easier to achieve than just relying on the mining community. There will always be some opposition from those who feel this is not a reasonable solution to end the scaling debate once and for all, although it provides an alternative worth considering.
In the end, it is important to keep in mind a decision like these needs to be taken with both the users and the miners in mind. Users are clearly in favor of Segregated Witness, regardless of how it needs to be activated. Miners are keen on stalling, with a minority actively supporting Bitcoin Unlimited due to increased payouts from specific pools. It will be interesting to keep an eye on how this situation will proceed moving forward.
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BitFury Mines a Block Signalling The SegWit User-activated Soft Fork – The Merkle
If youre running any sort of business that relies on data structures or web management, theres no denying the asset that cloud computing can provide, says Jack Mizzi, chief marketing and business development officer at BMIT.
Cloud computing really is an easy concept to grasp, but lets go with the analogy route to make it even easier. In the old days, farms and factories needed to generate their own power either through windmills or water wheels. This all changed thanks to power grids, as businesses could just tap into the grid and pay for the power they use, avoiding all costs related to building the power-generating infrastructure.
A good cloud computing provider is essentially that power grid its a one-stop means of getting all sorts of hosted services online. That means that if you require a range of services such as web hosting, data storage and backup, creating your own virtual machines, collaborative tools and business intelligence solution features, and more, you can get them all through a cloud computing services provider.
As they say, the best things come in threes, and cloud computing is no exception to this maxim. Cloud computing can follow a private model, a public one, or a hybrid of the two. As you can imagine, each type comes with its own distinct advantages and is best suited for different scenarios. Well go into the specific differences between all three models.
Public cloud services are generally offered through the internet, by way of companies selling infrastructure, applications or storage options that you can pay for on a pay-per-use model, for example per hour or in bundles of bandwidth consumption.
The big advantage here is that public clouds are generally more cost-effective, making them an excellent choice for small and medium-sized businesses. The caveat, though, is that users do not get to oversee the management of the underlying infrastructure that is storing their data, so the element of trust needs to be considerably higher as theres less direct assurance that your data is being managed the way it should be.
Of course, when youre dealing with very reputable companies that offer public cloud services, there shouldnt be any reason for distrust.
Something else which you should expect with regard to public clouds is that theyre often much less customisable overall youre generally dealing with one-size-fits-all packages, and you can select which services from that package appeal to you the most. Whether this is a positive or negative factor depends entirely on what your operation is and what your outlook on the whole issue is.
Some people actually enjoy the fact that public clouds are less fussy in that regard and it makes it much easier for companies to get moving with tried and tested services, as opposed to having to undergo processes to test how well-optimised a service is for their individual business.
Cloud computing can follow a private model, a public one, or a hybrid of the two
Private clouds are defined by their added security and personalisation. Usually designed with specific businesses in mind, private clouds are the ultimate for tailor-made solutions.
Are private clouds, then, a step up from public clouds? Again, it really depends on what your needs are as a company. If youre running a larger business, it might be easy to feel weighed down by the limits of public clouds. Private clouds give you very similar features, such as self-service and scalability, but with even more independence.
Lets put it another way. With public clouds, its like using a bus. You dont have much say in how it looks or how it drives, but it gets you from point A to point B. With private clouds, youre renting a car, and you get to decide whether you need a hatchback or an SUV. Youre in total control except for the fact that you didnt fork out the money upfront to buy the car.
Plus, some of the features available with private clouds are just not an option with public clouds. Take BMITs load balancing service, for example, which was designed to counteract the pitfalls of high volumes of traffic, particularly when running multiple private cloud servers. Its an effective way of distributing this traffic and thus ensuring that no single device gets overloaded. As a result, devices run smoother and performances is improved all round with your devices as well as your business.
The hybrid cloud approach is the best of both worlds but why would a company need to take this route.
Think about it this way: if you adopt a hybrid model, you can use the private cloud features for particularly sensitive or classified data, or run your most mission-critical workloads through it, and use the public clouds for less pressing jobs or jobs were added scalability is required.
In addition, hybrid clouds are excellent when disaster recovery or cloud-bursting is needed. In other words, situations in which a company will need to very quickly transfer data or operation to another server, but cant afford to make use of multiple private cloud servers.
If youre running any sort of business that relies on data structures or web management of any kind, theres really no denying the asset that cloud computing can provide to your operation. For flexibility, customisability, and ease-of-use, theres nothing as flexible and scalable that will help you reach the standards expected today.
The fact that there are so many different faces to cloud computing might initially seem overwhelming, but really should be seen as an excellent way of ensuring that your company gets exactly what it needs to oversee the smooth running of its operation. Theres no better or worse here theres only whats right for you, so the idea shouldnt be to go for the most expensive option just for the sake of it.
Contact BMIT, Maltas largest multi-site data centre services provider, to find out how your business stands to benefit from the various cloud computing options available.Read More..
Denis Linine / Shutterstock.com
Its rare Google outright goes to war on a company. Especially not a company as big and well-known as Symantec. But Google has done precisely that, in a move thats surprised the IT community and is about to make life miserable for a fair chunk of the internet.
Google has publicly said it no longer trusts the cryptographic certificates Symantec issues and that Chrome will view them as harmful. Think of a cryptographic certificate as the digital equivalent of getting carded at a bar. You encrypt whatever youre sending at your computer, and then use the certificate to encrypt it again. In order to read it, whoever youre sending it to needs both your private key, and the certificate they used. So if, say, a hacker has inserted himself between you and your banks website, he may have your private key, but once hes asked for the certificate, hes boned.
This isnt a minor issue; if the companies issuing these certificates get sloppy, there are enormous consequences. One Dutch company shut down after it came out it was issuing certificates to Iranian spies. And this has been an issue with Symantec since 2015 so the fact they havent bothered to clean up their act in two years, with millions of dollars at stake, is troubling. Google claims Symantec has issued 30,000 bad certificates.
The good news, if you run a website that issues these certificates, is that you can get new ones for free. But its unlikely most people will be aware of this problem, until it starts screwing up their sites.
(via Boing Boing)
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Google Has Declared Symantec Harmful To Internet Security – UPROXX
With data at the centre of every business decision, it should be a top priority of all organisations to invest in a cloud provider that can offer sophisticated methods of data protection and always puts data security at the top of its list
Last month, Cloudflare, a web content delivery network, revealed that a security bug had caused sensitive data to leak from its customers websites.
The security bug, or Cloudbleed, was found in a part of the Cloudflare system that powered vital security features.
The Cloudbleed contamination resulted in private information leaking into the code of other web pages in the Cloudflare network. The data exposed ranged from private messages and IP addresses to cookies and passwords and was activated as early as September 2016.
Data breaches, such as the Cloudbleed leak, highlight the fact that cloud computing, when executed improperly, can make data incredibly vulnerable. If organisations use a cloud provider that doesnt offer the highest levels of security, it can have catastrophic effects.
>See also:The security challenges with the Internet of Things
In the event that data is lost, stolen or contaminated with malicious software, it can cost businesses time, money and their reputation.
But despite these risks, cloud computing is a necessity in todays business environment as it affords companies the flexibility, scalability and mobility they need to provide customers with the best service possible.
However, to balance security with the opportunities that cloud brings, it is vital that companies find a cloud provider that utilises security features such as data encryption, two-factor authentication and sophisticated intrusion prevention and detection software.
As businesses develop their online presence by offering online portals or forums to customers and employees, it makes it easier for vulnerabilities in company data to be exploited.
Considering that passwords are constantly under threat from malware, it is vital that businesses opt for a cloud hosting provider that has measures in place to protect its data should a password be compromised.
Two-factor authentication is an extra layer of security that requires users to enter both a traditional password and provide a physical security token or biometric password such as a fingerprint or retina scan.
By enforcing a second method of authentication on any online portals or company login pages, business owners can have peace of mind that their data is safe.
By deploying a cloud strategy, businesses can share data easily and quickly. However, it is important that critical corporate data is protected at all times, both in situ and in transit.
Encrypted data requires a specific decryption key to transform the information into readable plaintext. This means that even if data is intercepted or reaches the wrong hands it cannot be read or exploited without the key.
>See also:The Trojan horse: 2017 cyber security trends
Data encryption gives businesses complete control over what information needs to be protected, who can view this information and how it should be accessed. This means the most vital data has the greatest level of protection at any given time without hindering the flexibility and mobility that businesses require.
Over the last year, malware attacks have increased in both frequency and sophistication. According to research by the US government, in 2016, over 4,000 ransomware attacks were recorded on a daily basis. This represents a 300% increase in the number of daily attacks from the previous year.
In order to combat this growing issue, many companies invest money in security solutions that only create a perimeter fence around the most important data. Instead of continuously re-building these security perimeters, businesses should focus on implementing a network that can offer real-time threat awareness and continuous vulnerability discovery.
>See also:Busting the 7 myths of cyber security
To successfully provide this robust network, businesses must invest in a cloud provider that treats security as a business management problem. By using a provider that measures threat awareness at all times and operates an integrated prevention system, businesses can be certain that their data is constantly being monitored and protected against malware threats.
It is clear that data security should be a key part of any businesses IT strategy. Whether a business stores its data fully or partially in the cloud, events such as the Cloudbleed leak show just how important is it to choose a cloud provider that is trustworthy.
With data at the centre of every business decision, it should be a top priority of all organisations to invest in a cloud provider that can offer sophisticated methods of data protection and always puts data security at the top of its list.
Sourced by Jake Madders, director at Hyve Managed HostingRead More..
On March 23 the Senate voted to repeal FCC rules that protect consumers’ online data from their Internet providers. The vote now heads to the House. (Jhaan Elker/The Washington Post)
Senate lawmakers voted Thursday torepeal a historic set of rules aimed at protecting consumers’ online data from their own Internet providers, in a move that could make it easier for broadband companies to sell and share their customers’ usage information for advertising purposes.
The rules, which prohibit providers from abusing the data they gatheron their customers as they browse the Web on cellphones and computers, were approved last year over objections from Republicans who argued the regulations went too far.
U.S. senators voted 50 to 48 to approve a joint resolution from Sen. Jeff Flake (R-Ariz.) that would preventthe Federal Communications Commission’s privacy rules from going into effect. The resolution also would bar the FCC from ever enacting similar consumer protections. It now heads to the House.
[How a single Internet provider could end up making money off you several times over]
Industry groups welcomed the vote.
Our industry remains committed to offering services that protect the privacy and security of the personal information of our customers, said NCTA The Internet and Television Association, a trade group representing major cable providers. We support this step toward reversing the FCCs misguided approach and look forward to restoring a consistent approach to online privacy protection that consumers want and deserve.
Consumer and privacy groups condemned the resolution.
It is extremely disappointing that the Senate voted today to sacrifice the privacy rights of Americans in the interest of protecting the profits of major Internet companies, including Comcast, AT&T, and Verizon, Neema Singh Giuliani, legislative counsel for the American Civil Liberties Union, said in a statement.
The FCC didn’t immediately respond to a request for comment.
The agency’srules are being debated as Internet providers no longer satisfiedwith simply offering Web access race to become online advertising giants as large as Google and Facebook. To deliver consumers from one website to another, Internet providers must see and understand which online destinations their customers wish to visit, whether that’s Netflix, WebMD or PornHub.
With that data, Internet providers would like tosell targeted advertising or even share that informationwith third-party marketers. But the FCC’s regulations place certain limits on the type of data Internet providers can share and under what circumstances. Under the rules, consumers may forbid their providers from sharing what the FCC deems sensitive information, such as app usage history and mobile location data.
Opponents of the regulation argue the FCC’s definition of sensitive information is far too broad and that it creates an imbalance between what’s expected of Internet providers and what’s allowed for Web companies such as Google. Separately from Congress, critics of the measure have petitionedthe FCC to reconsider letting the rules go into effect, and the agency’s new Republican leadership has partly complied. In February, President Trump’s FCC chairman, Ajit Pai, put a hold on a slice of the rules that would have forced Internet providers to better safeguard their customer data from hackers.
The congressional resolution could render unnecessary any further action by the FCC to review the rules; Flake’s measure aims to nullifythe FCC’s privacy rules altogether. Republicans argue that even if the FCC’s power to make rules on Internet privacy is curtailed, state attorneys general and the Federal Trade Commission could still hold Internet providers accountable for future privacy abuses.
But Democrats saythat preemptive rules arenecessary to protect consumers before their information gets out against their will.
At a time when our personal data is more vulnerable than ever, its baffling that Senate Republicans would eliminate the few privacy protections Americans have today, said Rep. Frank Pallone Jr. (N.J.), the ranking Democrat on the House Energy and Commerce Committee. Pallone added in a statement Thursday that he hoped his House Republican colleagues will exercise better judgment when it becomes their turn to vote on the resolution.
On Wednesday, Senate Democrats challenged the idea that the FTC could take responsibility for regulating Internet providers’ privacy practices.
The Federal Trade Commission does not have the rulemaking authority in data security, even though commissioners at the FTC have asked Congress for such authority in the past, said Sen. Bill Nelson (Fla.), the top Democrat on the Senate Commerce Committee.Read More..
The FBI Director renews the debate over encryption during a stop at the University of Texas.
Its a debate that has been going on in the aftermath of the San Bernardino Terror Attackwith the feds trying to break the encryption around the phone used by one of the terrorists.
Apple took its case against cooperating with those efforts to the publicafter federal authorities got the courts involved in the fight.
Look one of the worlds I can imagine I dont know whether this makes sense a requirement that if youre going to sell a device or market a device in the United States, you must be able to comply with judicial process you figure out how to do it Comey said Thursday Morning, admitting his interests are a bit different than those of companies looking to sell products and win shares of the market.
As those devices become off limits to judicial authoritythats a change in the way we live Comey said.
My job is to worry about public safety. Their job is to worry about innovating and selling more units I totally get that Comey said.
The FBI Director said its not for himor for companies to decide unilaterally what the process and proper standards should bebut said it is a discussion we need to haveand a question we need to answersooner rather than later.
We cant have this conversation after something really bad happens Comey said.Read More..
Encryption debate needs to be nuanced, says FBI's Comey
FBI Director James Comey brought the encryption debate back to the forefront by asking for a 'nuanced and thoughtful' conversation on the topic before there is …
FBI Director Comey advocates for weakening of security
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Encryption debate needs to be nuanced, says FBI’s Comey – TechTarget