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As cyberattack hit, Ukrainians turned to Facebook and Google – Houston Chronicle

An employee of the Ukrainian Cyberpolice Department leaves the headquarters in Kiev. Silicon Valley companies helped keep information flowing during the cyberattack.

An employee of the Ukrainian Cyberpolice Department leaves the...

BORYSPIL, Ukraine - When departure information disappeared from the website of the main airport serving Kiev after last week's cyberattack, employees trained a camera on the departure board and broadcast it to YouTube. When government servers were switched off, officials posted updates to Facebook. And office workers turned to Gmail to keep businesses going.

As Ukraine's digital infrastructure shuddered under the weight of last week's cyberattack, Silicon Valley companies played an outsize role in keeping information flowing, an illustration both of their vast reach and their unofficial role as a kind of emergency backup system. Google's mail service has been keeping the lights on at some firms after their email servers went down, while Facebook is credited as a critical platform for digital first responders.

"Our war room, nationwide, migrated to Facebook," said Andrey Chigarkin, the chief information security officer at a Kiev-based gaming company and an active participant in the early hours of the online response. "All the news - bad, good - was coming through Facebook."

Facebook has a relatively low take-up in Ukraine, counting between 8 to 9 million monthly active users, compared with 10 to 15 million in Poland, a neighbor of roughly the same size, according to figures provided by analytics firm SocialBakers. But it's still a powerful medium there and is credited with being an accelerant for the protest movement that toppled the Russia-friendly leader Viktor Yanukovich in 2014. Today, government agencies regularly post official statements to their Facebook walls and press officers eschew emails to chat with journalists over Facebook Messenger.

To read this article in one of Houston's most-spoken languages, click on the button below.

"Facebook in Ukraine is a big thing," said Dmytro Shymkiv, the deputy head of Ukraine's presidential administration and a former director of Microsoft Ukraine.

Shymkiv was among the many officials to post updates about the outbreak as it happened (to Facebook, naturally). In an interview at his office, he said that the cloud - a marketing term for the pool of sometimes free computing power offered by the likes of Google, Facebook, Microsoft, Amazon and many others - provided the safety and redundancy that many businesses in Ukraine lacked.

"It's a global backup," he said, adding that, as a former tech executive, he knew that Silicon Valley companies put an "enormous focus on the security of the cloud services."

Private businesses and government offices are still relying at least in part on Silicon Valley companies' email and chat services, mainly as a substitute for downed mail servers.

Infrastructure Minister Volodymyr Omelyan said the outbreak had shown that the Silicon Valley's "cloud" was much more resilient "than a Ukrainian physical server standing alone in a post office," a reference to one of Ukraine's worst-hit agencies.

But he expressed reservations about leaning too heavily on American computing power in times of need. After all, what would happen if a differently tailored cyberattack brought the cloud crashing down?

"Definitely we should build a much more sustainable network in case of emergency," he said. "We cannot just rely on Facebook as a backup."

Officials said Wednesday that Ukraine dodged a second cyberattack this week.

Interior Minister Arsen Avakov said the second strike - like the first one - originated from servers at the Ukrainian tax software company M.E. Doc, which sheds a little more light on Tuesday's heavily armed raid on M.E. Doc's office and the seizure of its servers. Police said there were no arrests.

Ukraine has blamed Russia for the chaos. Kremlin officials routinely deny claims of electronic interference in Ukraine and elsewhere.

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As cyberattack hit, Ukrainians turned to Facebook and Google - Houston Chronicle

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Bitcoin could nearly double and reach $5,000 soon, says Standpoint … – CNBC

Stock research analyst Ronnie Moas said he bought bitcoin this weekend and thinks it could reach $5,000 within a year.

"$5,000 could happen in a few months. It's only starting to gain traction right now," Moas, founder of Standpoint Research, told CNBC in a phone interview Wednesday. "It's starting to spread like wildfire right now."

He pointed out that since only 21 million bitcoin can ever exist, increasing demand for the digital currency will naturally drive its price up.

Bitcoin briefly tripled in value this year, hitting a record $3,025.47 on June 11, according to CoinDesk. The digital currency traded Wednesday near $2,600, still more than double its Dec. 31 price of $968.

"This is not something I could keep my hands off of," Moas said. "What would be more painful than losing [money in cryptocurrencies] is not acting."

The research analyst said he invested a few hundred U.S. dollars each in bitcoin, ethereum and another digital currency called litecoin through Coinbase.com. After he releases a 40-page report on cryptocurrencies in the next few weeks, Moas said he plans to invest more in them.

The research analyst's view on bitcoin joins the optimistic views of others on Wall Street. On Sunday, Goldman Sachs' technical analyst Sheba Jafari said in a note that bitcoin could rise as high as $3,915.

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Bitcoin could nearly double and reach $5,000 soon, says Standpoint ... - CNBC

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Bitcoin – History, Regulation, And Taxes – Seeking Alpha

Digital currencies are all the rage in 2017. A decade ago these assets did not exist. Five years ago, they were a novelty for a few. Last year, cryptocurrencies began to get some press, and in early 2017 the infamous Winklevoss twins unsuccessfully attempted to convince the SEC to allow them to open a Bitcoin ETF product on the equity exchange.

Those poor Winklevoss twins seem to always come up on the short side of things when it comes to gratifying their collective egos. While they have hundreds of millions, they had to fight for in the court from the wildly successful Facebook (NASDAQ:FB); the twins argued it the company's technology was their idea at Harvard and not Marc Zuckerberg's. The twins settled with the enterprise, but they lost out on the billions in wealth the company created.

This year, the twins were all ready to go when it came to an ETF product to make trading Bitcoin a lot easier for market participants. After they had been turned down, the price of the digital currency exploded higher. The Winklevoss twins are two very smart cookies, they have been at the starting gate for two assets that have taken off beyond anyone's wildest dreams. However, while the two millennials have profited and now have enough assets to lead a privileged existence for the rest of their lives, they must feel jinxed. Facebook billions slipped through their fingers, and the SEC stood in the way of their Bitcoin ETF just a few short months before the price of the asset exploded to the upside.

Huge gains during the first six months of 2017

At the end of 2016, Bitcoin was trading at $986, and many analysts believed the price was at a bubble level. After all, in 2010, the price of the cryptocurrency was at 6 cents. At the same time, the price of Ethereum ended 2016 at around the $8 level. Source: Bitcoin Price Index - Real-time Bitcoin Price Charts

In June, Bitcoin traded to a high of $3018.54, more than triple the price six months earlier and an astronomical gain since 2010. Source: Bitcoin Price Index - Real-time Bitcoin Price Charts

Ethereum peaked at $370.25 on the day that Bitcoin traded to its most recent high, over forty-six times the price at the end of 2016.

On Wednesday, July 5 Bitcoin was at around $2600, and Ethereum was $270, both digital currencies are still at lofty levels. These cryptocurrencies have been gaining acceptance by many around the world as they are a global means exchange where bids and offers in the market determine their values. Moreover, they fly below the radar of the central banks, monetary authorities, supranational financial organizations, and regulatory bodies of the world.

Are Bitcoin and Ethereum commodities or currencies?

Bitcoin, Ethereum, and other digital currencies have attracted lots of attention from people all over the globe as well as central banks who seek to monitor money supply. These assets operate like currency as they have applications as a means of exchange. However, they are not easy to fit into any traditional asset class. Cryptocurrencies are not stocks or debt instruments. They have some of the properties of currencies like the dollar, euro, yen, RMB, or other world currencies but there are many differences. Central banks and governments do not issue them, and they are far more volatile than fiat currencies. Given the price action and value appreciation over recent months, the only assets that can compare when it comes to price variance are commodities as raw materials prices have a long history of doubling or more in value or halving in short periods. However, Bitcoin and Ethereum's volatility makes commodities prices seem tame by comparison.

Defining digital currencies in an asset class vertical is not an easy task, but one regulator in the United States has attempted to take control of the market or at least to monitor the new market.

The CFTC defines the assets

In 2016, the Commodities Futures Trading Commission (CFTC) identified digital currencies as commodities. Their action was more an attempt to understand the new asset class rather than an effort to control the cryptocurrencies. When the Winklevoss twins approached the Securities and Exchange Commission (SEC) to list a Bitcoin EFT product, the SEC had a difficult time with the product. Regulating and controlling digital currencies would be like riding a psychotic horse through a burning barn these days given the price variance and secretive nature that is the overriding factor that has attracted so many to the market. Additionally, it has been the price action that has fostered the growth of these digital currency assets over recent months. After all, everyone loves a bull market, and when it comes to Bitcoin and Ethereum, there are few comparisons these days and even on a historical level for the appreciation.

In early 2017, under the leadership of acting CFTC Chairman J. Christopher Giancarlo, the agency set up Lab CFTC to "promote responsible FinTech innovation and fair competition for the benefit of the American public. LabCFTC is designed to be the hub for the agency's engagement with the FinTech innovation community." The initiative has given the CFTC a chance to study blockchain technology, high-frequency trading, and digital currencies in a lab environment. As other regulators in the U.S. and around the world have had a difficult time putting their hands around digital currencies and financial technology, the CFTC has carved out an area under their umbrella to plant the seeds of regulation. While many regulators and governments are quietly studying and pondering the impact of financial technology these days, the Commodities Futures Trading Commission is doing something about the new asset class. The CFTC may be in the best position to understand digital currencies as the most volatile and highly-leveraged assets in the world fall under their purview.

Tax issues for U.S. citizens

One of the issues that face those active in the digital currency markets in the United States is taxation on profits and losses when participating in Bitcoin and Ethereum these days. I recently came across an interesting article on the tax treatment for Bitcoin published on a website called "Taxes For Expats." The article outlines some of the important issues facing those active in the new market and could serve as a good ready-reference when it comes to taxation. In the volatile digital currency markets, that regulators continue to struggle with these days, anyone trading or investing in these assets need to understand the tax ramifications of their activities.

Bubble markets, but the technological age means these assets are here to stay

The price action in both Bitcoin and Ethereum has been nothing short of a classic bubble. There may have never been a bubble quite like the one going on in digital currencies. The only comparison that is even close is to the tulip bulb mania that gripped the Netherlands back in the 1600s, but the utility of digital currencies makes for a weak contrast.

We are living in the age of technology. At 57 years old, it is unbelievable to me the changes I have seen over the span of my lifetime. Innovation has made so many things that I grew up with obsolete. The library I studied in throughout my school days can now be accessed through a smartphone in my back pocket. There are too many examples of how technology has changed our lives to list in this short article.

Technology has made our lives easier, but government institutions are struggling to keep up with the innovations that appear on almost a daily basis these days. When it comes to the world of digital currencies and Fintech, as the CFTC has labeled it, understanding tax ramifications and the potential for regulation could influence the prices of these assets in the future. Digital currencies and blockchain technology is here to stay. Many people of my generation were late to the computer revolution that took place in the 1980s. It is likely that Bitcoin, Ethereum, and other digital forms of currency instruments will grow in acceptance in the years ahead. Those who write this sector of the financial market off as a scam or Ponzi scheme these days are likely to be using these instruments in the years to come. Meanwhile, keep your eyes on those Winklevoss twins; they seem to always be on the cusp of the next billion dollar idea.

Each Wednesday I provide subscribers with a detailed report on the major commodity sectors covering over 30 individual commodity markets, most of which trade on U.S. futures markets. The report will give an up, down or neutral call on these markets for the coming week and will outline the technical and fundamental state of each market. At times, I will make recommendations for risk positions in the ETF and ETN markets as well as in commodity equities and related options. You can sign up for The Hecht Commodity Report on the Seeking Alpha Marketplace page.

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Editor's Note: This article covers one or more stocks trading at less than $1 per share and/or with less than a $100 million market cap. Please be aware of the risks associated with these stocks.

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Alkermes and IBM’s quantum computing. Who’ll be the big winner? Malcolm Berko – Durham Herald Sun


Durham Herald Sun
Alkermes and IBM's quantum computing. Who'll be the big winner? Malcolm Berko
Durham Herald Sun
Dear Mr. Berko: My stockbroker wants me to sell my 100 shares of IBM which I bought in 2012 at $201 a share, meaning I now have a big loss. He wants me to buy 300 shares of Alkermes, which he thinks will double in a year because several of its drugs ...

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How two countries helped drive the recent rise in cryptocurrency prices – TechCrunch

Hugh Harsono is a former financial analyst currently serving as a U.S. Army Officer.

Digital currency prices have soared recently, with reports from the past few months showing enormous valuation increases for currencies across the board.

Bitcoin, Ripple, and Ethereum have all experienced exponential growth, with Bitcoin prices rising to $2,588, Ripple reaching a market cap of nearly $10 billion, and Ethereum growing to a total market cap of over $20 billion.

With supply and demand for digital currencies extremely high in both Japan and China, it is no surprise as to why these two countries are helping to fuel the rise in cryptocurrency prices.

Ability to Withdraw in China?

With access to cheap hardware and electricity, China is the prime breeding ground for mining cryptocurencies, with huge mining pools run by exchanges such as BTCC accounting for more than 60% of the bitcoin networks collective hashrate.

However, the beginning of 2017 saw a governmental crackdown of Chinese-based digital currency exchanges, causing a suspension in all withdrawals, causing the market to suffer heavily with China being one of the top bitcoin markets in terms of trading volume.

Recently, Caixin reported potential changes in the governmental regulatory framework to allow withdrawals last month, specifically mentioning top exchanges OKcoin, Huobi, and BTCC. This potential good news has increased consumer confidence in cryptocurrencies, contributing to their associated rise in value.

Japan: Stepping in to Fill the Chinese Void

With cryptocurrency liquidity in China experienced stagnation earlier this year, the Japanese bitcoin market exploded, with demand reaching new heights.

Previously, Japan represented barely 1% of total bitcoin trading volume, but in recent months estimates put this number as high as 6%, with Japan accounting for nearly 55% of total trade volume on some trading days. This increase in JPY bitcoin trading due to the Chinese inability to liquidate has fueled growth in the digital currency market globally.

Solid Alternative Compared to Government Policy

In China, the tightly-controlled yuan is another reason why cryptocurrency prices have experienced their unprecedented rise in value. The Chinese government has total control over the yuans valuation, traditionally devaluing the yuan to give itself an international trade advantage when the government saw fit.

With the growing amount of private independent wealth in China, cryptocurrency has become viable as an alternative asset class. And cryptocurrencies are being seen as more accessible, less volatile, and increasingly stable, contributing to their recent growth in value.

Meanwhile, the Bank of Japans policy of quantitative easing has resulted in very low, and sometimes even negative interest rates, also caused digital currency values to rise.

The Japanese governments QE policy, intended to spur economic growth, has resulted in significant deflation for the yen, causing a similar decrease in investor confidence in this currency. With no end in sight for this form of Japanese monetary policy, digital currencies have and are currently being used as an alternative asset class, driving their rise in value.

Virtual currencies are quickly being seen as a better asset class by local investors, who fear the volatility of government interference in their specific economies.

Institutional Acceptance of Digital Currency

The rise in digital currency values can also be attributed to institutional acceptance of cryptocurrencies. The recent conclusion of the Global Blockchain Financial Summit in Hangzhou saw intense interest from reputable institutions like Peking University, which is creating an Ethereum center to work on direct application use and protocol improvements in China.

The Royal Chinese Mint, a downtrace unit of the Peoples Bank of China (PBoC) dedicated to its electronic banking mission, has even actively promoted the application of blockchain technology, going as far as to allocate resources and developers in experimentation to digitize the yuan.

In Japan, multiple large institutions are now beginning to accept digital currency as a transactional entity, validating its use to the Japanese population as a whole. On the market front,bitFlyer, Japans largest exchange, is currently backed by all three of Japans megabanks: MUFJ, Mizuho, and SMBC.

On the consumer/retail side, influential electronics retailer Bic Camera has partnered with bitFlyer to begin acceptance of bitcoin at its retail locations. Additionally, Recruit Lifestyle, part of HR conglomerate Recruit Holdings, reported a new partnership with exchange Coincheck to use as part of a point-of-sale implementation program. The acceptance of digital currencies by these reputable groups have helped fuel confidence in digital currencies for daily transactions by the Japanese.

This institutional acceptance of digital currencies by powerful organizations in both China and Japan have allowed cryptocurrencies values to rise as a whole.

Governmental Acceptance of Cryptocurrency

It is no secret that the Chinese government has taken steps to regulate digital currency transactions, with their scrutiny and initiatives causing a drop in bitcoin prices to around $1,000 just several months ago.

However, the very fact that the PBoC is seeking to regulate this industry simply proves how viable it is as a legitimate transaction entity, with the Chinese government even taking steps to build their own digital currency.

With the announcement of potential withdrawals of bitcoin on the horizon, the PBoC have just completed a trial run of their own digital currency based on blockchain technology, with participation from major institutions such as the Bank of China and the Industrial and Commercial Bank of China, as well as Chinas first online bank WeBank.

The Japanese government has also taken huge steps in the acceptance of digital currencies as legal forms of tender, with Japan legally classifying bitcoin as a form of payment just on April 1st.

Ahead of China, Japan has already begun licensure procedures for digital currency exchanges, to be operated under the watchful eye of the governments Financial Services Agency, with market leaders such as bitFlyer already announcing plans to apply for said license, further driving investor confidence in the Japanese market and beyond.

Additionally, the Japanese government announced that the sale of virtual currency under the new Fund Settlement Law would be exempt from the Japanese Consumption Tax (8%), further driving bitcoin growth as an investment vehicle.

The acceptance of virtual currencies by both the Chinese and Japanese governments are driving cryptocurrency growth, with China on the cusp of establishing its own currency, and Japan regulating bitcoin as true legal payment.

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Cryptocurrency Has Its Potato Salad Moment With the Useless Ethereum Token – Observer

Its been almost three years since Zack Brown raised $55,000 on Kickstarter for a potato salad. His goal was $10. He wanted to raise the money in order to pay for making the midwestern cookout staple for the first time.

I made that Kickstarter project to get a laugh out of seven people, so the money and attention were a shock, Brown wrote the Observer in an email. The original intent of the joke was more like, This is funny because its not what Kickstarter is for.' But it didnt take long for him to see that hed created a satire of the site on the site itself.

My first two thoughts were This is ridiculous and How can I get in on this?

But when Brown raised far more money than he ever thought he would, the Columbus, Ohio, resident opted to actually do something with the cash and make a cookbook devoted to the staple of Midwestern picnics,The Peace, Love and Potato Salad Cookbook.It came out two years after the campaign ended, which isnt bad considering the fact that he didnt launch the campaign to make a book and hed never made a potato salad before.

The Useless Ethereum Token logo. Thats a cityscape (no its not). Twitter

Today, theres a new, even more ephemeral way to raise money: by creating a new cryptocurrency. Called an initial coin offering or ICO, entrepreneurs have been creating new digital currencies (like Bitcoin) in order to support various projects. Fortunately, just as it starts to crack mainstream attention, ICOs have gotten their own answer to the potato salad campaign. Its called the Useless Ethereum Token(UET), and its creator will absolutely sell you cryptocurrency good for absolutely nothing.

It went on sale yesterday and runs through July 11.

The UET ICOtransparentlyoffers investors no value, so there will be no expectation of gains, its creator, who only goes by UET CEO, writes on its website. Rememberthis is acompletely honestICO, which means I dont want anyone to mistakenlyexpectthe value of the tokens to go up, either. Theyre called Useless Ethereum Tokens for a reason.

We can think of one other cryptocurrency that came out and promised buyers nothing but the digital asset itself: bitcoin. In the end, every new currency of any kind is a satire on the very strange idea of money.

We wrote about a decentralized company, The DAO, which was working well until a security flaw made it collapse horribly. We wrote about the first Bitcoin felons ICO-poweredsecond act after prison, which fizzled (according to a profile in Fortune, hes glad). Recently, we covered the Basic Attention Token designed by a major web pioneer to change the economy for eyeballs online. It sold out almost instantly. Soon, messaging unicornKik is going to have a crowdsale to foster a new venture capital-independent ecosystem of developers.

Its such a buzzy world thatThe New York Times ran a deep dive recently begging the question: how many millions will get raised in this space for the Securities and Exchange Commission starts putting up red flags? UET CEO sees it much the same way.

I saw that people were investing in ICO after ICO, with each having its own slew of problems (both technical and in principle) and still making absurd amounts of money, UET CEO wrote the Observer in an email. My first two thoughts were This is ridiculous and How can I get in on this? I didnt have a product but I realized that people didnt really care about the product. They cared about spending a little bit of money, watching a chart and then withdrawing a little bit more money. So why not have an ICO without a product, and do so completely transparently just to see what happened?

The satire is actually built into the smart contract as well. Buyers get 1 UET for every 0.1 Ether (ETH) invested, plus a bonus. Every UET bought comes with free UET equal to the number of ETH invested. So, as of this writing, someone who paid 0.1 ETH right now would get 1 UET from the base formula plus 52 bonus UET, because people have put in 52 ETH so far.

Plus, the system will also randomly give away some bonus tokens along the way.

This, along with the bonus blocks were completely intentional, both to mirror some of the goofy crap other ICOs have tried to do in the name of fairness or whatever, and to further highlight that these tokens arent meant to be attached to any real value, UET CEO wrote. What good is an ICO if it just gives away tokens right?

Tokens get released right away. Prices dont swing with ETHs value.

Most crypto watchers online like the gag. We liked this exchange on an Ethereum investor subreddit.

This guy gets it. Reddit

The only way to buy in is with Ethereum, which also provides most of the underlying code. So far, UET has acquired 52 ETH, worth an equivalent of nearly $14,000. Over $1,000 worth has gone in since we have been working on this post. The site continuously updates with investments, but it can all also be verified on Etherscan, a third party site that makes the blockchain records a bit more comprehensible.

So whats UET CEO trying to say with this project? Well leave that for readers to decide, but remember that the best jokes tend to be made by folks who care about a subject enough to understand it well.Will the anonymous entrepreneur imitate Brown and do something substantive at the end of the crowdsale? Or would it be more in the spirit of the project if he just took all the money and blew it on an epic night at Applebees?

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Cryptocurrency Has Its Potato Salad Moment With the Useless Ethereum Token - Observer

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B2Broker Now Offers Cryptocurrency Liquidity for MetaTrader 5 Brokers – Finance Magnates

B2Broker, an aggregator and provider of turnkey, cloud, and liquidity solutions for the FX industry, has announced the launch of a cryptocurrency liquidity service for MetaTrader 5 (MT5) brokers. The liquidity from B2Broker covers sixpopular cryptocurrencies Bitcoin, Ethereum, Litecoin, Dash, Peercoin and Namecoin.

Learn how to buy Bitcoin and Ethereum safely with our simple guide!

The aggregated liquidity comes from the largest five exchanges, which enables buying and selling digital assets at any time and in any volume, according toB2Broker. Details of the offering includemargin trading with leverage of 1:3, no swaps and rollover fees, commission from 0.2%, payable once at the moment of transaction execution.Brokers can open a WhiteLabel or connect via the FIXAPI 4.4 protocol.

The cryptocurrency liquidity service for MetaTrader 5 is a promising and easy-to-implement solution for brokers, who want to fill a new niche in the market, says Artur Azizov, the CEO of B2Broker. Cryptocurrencies represent a new economy, and I am sure that no less than one percent of the world currency volumes will flow into crypto-economy, which means at least 30-times growth as compared to the current $100 billion cap!

The amazing recent rallies in cryptocurrency prices, especially Ethereum and Bitcoin, have created a lot of buzz in the mainstream financial media this year. This in turn led to a lot of demand from clients to have access to thisnew instrument and the online trading industry seems set to fill this need.

On Wednesday we exclusively revealed that the team behind O-SYSTEMS, the binary options, forex and CFD online brokerage solution provider, will soon announce the launch of its latest product, Cryptency, a cryptocurrency platform provider.

On Tuesdaywe reported that Tel Aviv-based Panda Trading Systems, known for its binary options, FX and CFD brokerage solutions, has now started offering CFD trading on seven cryptocurrencies on all of its platforms, as well as acomplete cryptocurrency brokerage solution.

That same day the international brand of Alpari announced to its Russian speaking clients that it has added Bitcoin trading instruments.

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B2Broker Now Offers Cryptocurrency Liquidity for MetaTrader 5 Brokers - Finance Magnates

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Cryptocurrencies: It’s Not Like Buying a Lottery Ticket – WealthManagement.com

Prices for units of cryptocurrencies have been soaring, prompting some folks to ask if we are nearing a cryptocurrency bubble? In a recent piece on Advisor Perspectives, economist and mathematician Michael Edesess says we probably wont see a true bubble and bust of valuations, as there are aspects of the asset that would prevent such a fate. Edesess, adjunct associate professor and visiting faculty at the Hong Kong University of Science and Technology and chief investment strategist of Compendium Finance, warns advisors that cryptocurrencies can be volatile, but it'snot like betting in a casino or buying a lottery ticket, he argues. In some ways, investing in cryptocurrencies is like investing in art or collectibles, or even gold. Its scarcity may propel increases in value, at least for those cryptocurrencies that continue to have value at all. But cryptocurrency has the advantage of being much more easily used as a medium of exchange than art, collectibles, or gold, he writes.

Boomers Falling Short Of Retirement Goals

According to data released by Legg Mason, Baby Boomers have less than half of the savings they think they will need for retirement. The generation has an average of $263,000 saved in defined contribution plans, while reporting they will need $658,000. Even older boomers, aged 65 to 74, only have an average of $300,000 saved. Thomas Hoop, the executive vice president and head of product and business development at Legg Mason, said advisors could maybe help close the gap by helping them save more and educating them how to invest DC assets properly. Hoop said older investors should consider a larger, diversified allocation to equities that includes emerging markets and European markets that have lower valuations and higher dividend yields. An overly conservative approach to D.C. investing can almost defeat the purpose of the plans benefits for investors who want to achieve their long-term goals.

SEI Steps into the Family Office Arena

SEI, a provider of back office operations for financial services firms, has acquired Archway Technology Partners, LLC, which sells technology and services to family offices. Archways specialized technologies and deep knowledge of the private wealth services industry give us a more powerful, differentiated solution to a $7 trillion global family-office market that has been underserved by legacy service providers, said Steve Meyer, executive vice president of SEI and head of its Investment Manager Services division. The acquisition positions SEI as a market leader in the single and multi-family office services arena.

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Weakening encryption is an attack on our freedom – Red Flag

In the wake of the recent terrorist attacks in London, there is a renewed attempt by global governments to increase surveillance of the internet.

Taking aim at encryption, Malcolm Turnbull stated that, despite it being a vital piece of security for every user of the Internet encrypted messaging applications are also used by criminals and terrorists at the moment much of this traffic is difficult for our security agencies to decrypt, and indeed for our Five Eyes partners as well.

In June, attorney-general George Darth Brandis, along with his Five Eyes counterparts from the UK, US, Canada and NZ, met in Ottawa to discuss ways to weaken encryption and pressure the tech industry to build back doors through which they can spy on global communications.

In response, a joint statement by 83 organisations and individuals from these five countries opposed these plans. The executive officer of Electronic Frontiers Australia, Jon Lawrence, said, Calls to undermine encryption in the name of national security are fundamentally misguided and dangerous. Jim Killock, executive director at the UKs Open Rights Group, said, Security experts and cryptographers are as united in their views on encryption as scientists are on climate change.

At the time of writing, we dont know what decisions were made at the Five Eyes ministerial meeting, but new attempts to circumvent encryption reflect the ways that state surveillance has changed since revelations from US whistleblower Edward Snowden.

In 2013, Snowden shocked the world when he revealed that the US and its allies had created the largest and most complex system of state surveillance that has ever existed. One of the US National Security Agencys most invasive programs was XKeyscore, a searchable database with millions of peoples emails, web browsing histories and more. This also allowed for real-time monitoring of almost any individual around the world while they used the internet.

Just four years later, the state of computer security has changed immensely, making this surveillance more difficult. According to a report published in February by the Electronic Frontiers Federation, more than half of all internet traffic is now encrypted. The expansion of Virtual Private Network services and use of the Onion Router (TOR) has made it easier for everyone to remain anonymous online. However, the development that is of most concern to the likes of the NSA is the widespread use of encrypted mobile devices and messaging applications such as Signal and WhatsApp.

These applications use a method called end-to-end encryption in which messages are encrypted, and the tools to decrypt those messages exist only on the device of the sender and receiver. Therefore, a company like WhatsApp cannot read the messages sent through its servers. As a WhatsApp spokesperson said in 2016 as part of an ongoing court case brought by the Brazilian government, We cannot share information we dont have access to.

Years before James Comey began presenting himself as the supposed good guy of the US establishment, the then FBI director railed against the use of domestic encryption tools. In 2015 he stated, If the challenges of real-time interception threaten to leave us in the dark, encryption threatens to lead all of us to a very dark place.

He pressured companies such as Apple to build back doors to bypass encryption. While the intelligence agencies recognise that they cannot currently break modern encryption algorithms, they have focused their resources on trying to get around them by hacking directly into mobile devices.

This strategy was demonstrated in March when whistleblower website WikiLeaks released Vault 7, the largest ever publication of confidential documents leaked from the CIA. Additional leaks this year by hacking group Shadow Brokers have further revealed the extent of the intelligence agencies hacking capabilities. These documents show that the US has been developing, purchasing and stockpiling security vulnerabilities in Apple and Android mobile devices. Exploiting these vulnerabilities has allowed them to read WhatsApp or Signal messages as they are being typed or read.

One of the most damning leaks in Vault 7 revealed that the CIA had discovered how to turn Samsung Smart TVs into covert listening devices, even when they are turned off.

The recent WannaCry and Petya ransomware attacks, which caused immense damage across the world, both used security holes codenamed EternalBlue that had been stockpiled by the CIA and deliberately left open. While the CIA did not intend these vulnerabilities to be used in this way, it is the inevitable result of keeping software insecure and creating back doors.

With leaks from the CIA and the NSA exposed, these security flaws are now being fixed, making it more difficult for the agencies to continue their spying activities. This explains the increased push from Five Eyes countries to force tech companies to install back doors so they can bypass encryption.

However, the argument that states should have the right to bypass encryption to stop terrorism simply doesnt hold up. It would be ludicrous to suggest that turning Smart TVs into listening devices is about stopping ISIS. It has always been about developing tools for mass surveillance, and now increasingly for espionage and cyberwar. This has been seen before. For example, the worm Stuxnet was written by the US and Israel and used to target Iranian nuclear facilities.

It is not a question of whether governments will one day use these hacking techniques for domestic surveillance they already do. On 30 June, it was revealed that Centrelink has been paying Israeli hacking company Cellebrite to break into mobile phones. The methods used are the same ones Cellebrite developed in 2015, when it helped the FBI break into an iPhone as part of the San Bernardino terrorism case.

It is now known that government departments such as the Australian Tax Office and the Department of Employment have paid around $500,000 to Cellebrite for equipment and training to hack into phones.

In the debate about metadata storage, George Brandis was adamant that the government wasnt after the content of Australians communications, just who we are talking to. These new revelations and the entire debate about encryption show that the content is exactly what they are after. No matter the justification, we should resist any attempt to weaken encryption and our right to privacy.

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Weakening encryption is an attack on our freedom - Red Flag

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Virtru Brings End-To-End Encryption To G Suite – Android Headlines

Google has partnered up with Virtru Corporation to bring customizable end-to-end email and messaging encryption, on both server side and client side, to all G Suite users. End users and administrators can choose to encrypt any incoming or outgoing message in order to help protect sensitive data. Administrators can set rules to encrypt any message that meets certain criteria, and can take advantage of advanced access controls that can grant or revoke access to a given message at any time, even after its been delivered. The goal of Virtru is not just to add an extra level of security, but to help especially sensitive data circulated in regulated industries like the medical and law fields to stay as secure as possible, making it easier than ever to keep communications compliant with applicable law.

Administrators on Virtru-enabled servers can not only encrypt or decrypt things that come and go at will, but can control the entire process from origination to endpoint, and even after. Starting at the source, administrators can set custom rules to encrypt messages based on a wide variety of criteria, such as sender and recipient, keywords in the contents, and presence or type of attachments, among other things. Virtru allows total end-to-end encryption of all messages across platforms, and for any messages that dont fall under administrator-set rules, users can encrypt them with nothing more than the push of a button in their mobile email client or browser. Decryption keys can be stored onsite, or in Virtrus cloud, or even both, ensuring maximum security for the keys and making recovery a breeze. As icing on the cake, admins will have a personal dashboard, where they can keep track of all communications within their organization, including those with participants on the outside, and can get customizable notifications of anything happening on the network.

Virtru will integrate tightly with G Suite when it rolls out. For now, only communications such as emails will be encrypted, but support for other file and transmission types could come later. Google has not revealed how much Virtru will cost when it hits G Suite, or how users can go about getting it. Instead, Virtru will be hosting a webinar on July 11, at 10 AM Pacific time. The webinar will go over the basics of getting, implementing, and maintaining a Virtru installation over a given instance of G Suite.

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Virtru Brings End-To-End Encryption To G Suite - Android Headlines

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