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Every day is Internet security day – Detroit Lakes Online

Do you know what it takes to be safe online? You probably connect daily to get information, shop, socialize, or work. Every time you go online, you need to avoid the risk of theft or fraud. Here are some tips to use while visiting the Social Security website and the other websites you use.

Use Strong Passwords: Strong passwords have at least eight characters and include capital letters, numbers, and non-letter characters. These passwords make it harder for someone to hack your account.

Don't Recycle Passwords: Although it requires effort to think of new passwords constantly, it provides safety when you do. What if you use the same password for every site and you lose your password? If someone finds it, they could get access to all your accounts. Many people choose to reuse don't be one of them.

Take Advantage of Multifactor Authentication: Many websites offer the option to use a second factor or method in addition to just a username and password to ensure that only you access your information. Using more than one factor to establish identity makes it harder for someone to get into your account and steal your personal information. Beginning June 10, 2017, Social Security requires multifactor authentication to access a my Social Security account. Customers choose whether to receive a one-time security code to either their phone or email in order create a new account or sign into their account. Visit this link to find out more about how to secure your personal my Social Security account: http://www.socialsecurity.gov/myaccount/verifyandprotectid.html. Consider using multifactor authentication whenever it's offered to protect your information.

Read Scam Alerts: For information about fraudulent activities related to Social Security, you can find information at our blog Social Security Matters under the Newsroom section at blog.socialsecurity.gov. One way to avoid identity theft is to create your own my Social Security account, if you haven't already. When you have an account, no one else can set up an account using your information. Social Security's Office of the Inspector General investigates fraud involving Social Security and they publish Fraud Advisories at oig.ssa.gov/newsroom/news-release. The Federal Trade Commission website publishes information about scams that appear in the news at http://www.consumer.ftc.gov/scam-alerts. You'll want to be aware of current scams to avoid being tricked.

Review Your Online Accounts and Credit Reports: Just as you review your earnings record with Social Security for accuracy at http://www.socialsecurity.gov/myaccount, you should review your bank and credit card accounts for accuracy. Get a free copy of your credit report available annually from the three credit reporting agencies (Experian, Equifax, and Transunion) at http://www.annualcreditreport.com/ and check it for incorrect entries.

Protecting your identity can be daunting. Guarding your personal information requires investing some time, but is worth it. Discourage theft and fraud by adopting these security practices when you use the internet.

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Patton calls on government to utilise industry experts on shaping Internet security – iTWire

In the wake of the Australian Governments statement on national security, Internet Australia chief Laurie Patton has called for it to consult widely with independent industry experts before taking decisions on Internet security.

Reacting to Prime Minister Turnbulls statement this week and the response on security from Opposition Leader Bill Shorten the executive director of IA cited the "fundamentally flawed" data retention scheme as the "quintessential example of what happens when government lawyers who don't understand how the Internet actually works are expected to draft workable Internet laws".

Patton said IA has sought to ensure that the potential impact of any new laws or regulations on the legitimate use of the Internet is properly taken into consideration.

"In recent years we've seen site-blocking legislation enacted despite little evidence it really works and the Data Retention Act that, quite frankly, is such a mess nobody in government really wants to talk about it," Patton claimed.

Patton says, however, only 210 applied for government funding and about 180 were approved.

The Attorney-General's Department, which is responsible for the legislation, admits it doesn't know how many there are, much less how to contact them all.

"Effectively, we have a scheme so full of holes you have to ask why they bothered. If we have any hope of developing workable solutions to serious national security issues surely it makes sense, this time around, to talk to people with the appropriate technical knowledge?"

According to Patton, Internet Australia believes it is ideally placed to work with the relevant authorities to develop solutions that balance the needs of Australias security organisations with the rights of ordinary Internet users. IA is a member of a global group of 110 organisations with 90,000 members, that was established by the founders of the Internet. It is the peak body overseeing policy development and technical standards for the Internet.

"There's no doubting that we are now facing serious problems that were unforeseen when the Internet was created 25 years ago. Surely it makes sense to actively involve the people who built the Internet, and those who run it from day to day, as we search for ways to avoid its misuse by terrorists and other law breakers?," Patton concluded.

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When is ‘not a backdoor’ just a backdoor? Australia’s struggle with encryption – GCN.com

COMMENTARY

This article first appeared on The Conversation.

The Australian government wants the ability to read messages kept secret by encryption in the name of aiding criminal investigations. But just how it proposes to do this is unclear.

As Australian Attorney-General George Brandis recentlytold Fairfax Media, "[a]t one point or more of that process, access to the encrypted communication is essential for intelligence and law enforcement."

Inan interviewwith Sky News, he spoke favorably of controversial U.K.legal powersthat seek to impose on device makers and social media companies a greater obligation to work with authorities where a notice is given to them to assist in breaking a communication.

Brandis has insisted the government doesnt want a backdoor in secure messaging apps. How, then, he expects companies to break them is unclear.

As many havepointed out, its hard to see any tool that gives law enforcement privileged access to otherwise encrypted messages as anything else but a backdoor.

How end-to-end encryption works

Backdoor or not, its worth being skeptical of any mechanism aimed at accessing encrypted messages on platforms like WhatsApp. To explain why, you need to understand how end-to-end encrypted messaging services work.

Encrypted messaging servers scramble the original message, the plaintext, into something that looks like random gibberish, the cyphertext.

Translating it back to plaintext on the receivers phone depends on a key -- a short string of text or numbers. Without access to the key, it isnt feasible to get the plaintext back.

Keys are generated in pairs, a public key and a private key, of which only the private key must be kept secure. The sender of the secure message has the receivers public key, which is used to encrypt the plaintext. The public key cannot be used to unscramble the cyphertext, nor does possessing the public key help in obtaining the private key.

End-to-end encryption simply keeps the private key securely stored on the phones themselves, and converts the cyphertext to plaintext directly on the phone. Neither the private keys nor the plaintext are ever available to the operator of the messaging service.

Compromising security

An encrypted messaging app could hypothetically be modified in a number of ways to make it easier for authorities to access.

One would be to restrict the range of keys that the app can generate. That would make it possible for the government to check all possibilities.

The U.S. government, which imposedregulations to this effectfor a brief period in the 1990s, may have once had computing resources far in excess of any other entity, but this is no longer the case. In fact, these old rules are themselves still causing security problems, as some applications can be tricked into reverting to the insecure export mode encryption that is trivially crackable today.

Other national governments and well-funded private bodies would find brute force checking of all the possible keys well within their capabilities, compromising the security of legitimate users.

And while governments might believe they can keep their backdoor secure, such secrets have a nasty habit of leaking out, as did hacking techniques used by theCIAandNSA.

Nor can governments simply make possessing encryption software a criminal offence.

Take the application Pretty Good Privacy (PGP) -- or, more precisely, its open-source equivalent GNU Privacy Guard (GPG).

Once used for securing email messages, its now more often used to ensure software updates on Linux systems are from the original authors and have not been tampered with. For instance, thesystem update tool in Ubuntu Linuxuses the GPG machinery for this. Without it, the Linux servers that run much of the internet would become much more vulnerable to hackers.

Similar mechanisms are used in Windows, iOS and Android to prevent tampered applications from being installed. As such, banning or undermining end-to-end encryption would seriously affect internet security.

Endless workarounds

In any case, creating backdoors in end-to-end encrypted messaging services would not achieve its goals. Once messaging app backdoors became known, savvy users would simply switch to another service, or make their own.

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Justice Department requests $21.6M to tackle ‘Going Dark’ encryption problem – Washington Times

The Justice Department is requesting more than $20 million in federal funding to bankroll efforts related to resolving the governments continuing Going Dark problem, Deputy Attorney General Rod Rosenstein said Tuesday, signaling one of the Trump administrations first attempts at tackling the issue of ubiquitous, hard-to-crack encryption amid growing concerns involving its impact on criminal investigations.

While federal investigators have fought for years to counter the so-called Going Dark phenomenon the governments growing inability to access and decipher digitally encrypted communications Mr. Rosenstein said during a Justice Department budget-request hearing Tuesday that resources needed to reverse the trend are required now more than ever.

The seriousness of this threat cannot be overstated, Mr. Rosenstein told the Senate Subcommittee on Commerce, Justice, Science and Related Agencies. This phenomenon is severely impairing our ability to conduct investigations and bring criminals to justice.

The Justice Department is requesting $21.6 million specifically towards countering its Going Dark program, Mr. Rosenstein testified in his prepared remarks.

The FBI will use this funding to develop and acquire tools for electronic device analysis, cryptanalytic capability and forensic tools, he added, in turn enabling the Justice Department to continues its leading role in enhancing the capabilities of the law enforcement and national security communities.

Mr. Rosenstein was not initially slated to testify Tuesday, but appeared after the hearings previously scheduled witness, Attorney General Jeff Sessions, canceled in lieu of speaking before the Senate Intelligence Committee with respect to the Trump administration and its purported ties to Russia, as well the presidents abrupt firing last month of former FBI Director James Comey.

Days before leaving office on May 9, Mr. Comey said federal investigators had legally seized more than 6,000 smartphones and electronic devices during a recent six-month span but found that 46 percent couldnt be opened with any technique.

That means half of the devices that we encounter in terrorism cases, in counterintelligence cases, in gang cases, in child pornography cases, cannot be opened with any technique, Mr. Comey told the Senate Judiciary Committee on May 3. That is a big problem. And so the shadow continues to fall.

The vast majority of smartphones currently sold in the U.S. run either Apples iOS or Googles Android operating systems, the likes of which allow customers the ability to protect their digital contents and communications from eavesdroppers with security-minded technology including strong encryption. While hailed by privacy and security proponents, however, the issue became a hot-button issue last year after federal authorities found themselves unable at first to access the contents of an Apple iPhone recovered from the scene of a December 2015 mass shooting in San Bernardino, California.

If Apple doesnt give info to authorities on the terrorists Ill only be using Samsung until they give info, President Trump tweeted from the campaign trail February. Boycott all Apple products until such time as Apple gives cellphone info to authorities regarding radical Islamic terrorist couple from Cal.

The Obama administration was not in a position where they were seeking legislation, Mr. Comey told lawmakers last month when asked about the possibility of establishing a legal statue to resolve the Going Dark dilemma. I dont know yet how President Trump intends to approach this. I know he spoke about it during the campaign, I know he cares about it, but its premature for me to say.

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FBI Seeks $21M to Counter Encryption – On the Wire (blog)

The FBI is asking for more than $20 million in the 2018 fiscal year budget to counter what the bureau sees as the threat of encryption, both in devices and in real-time communications tools such as text or voice apps.

The request is part of the Department of Justices proposed budget for the next fiscal year, and Deputy Attorney General Rod Rosenstein said during a Senate hearing Tuesday that the FBI would use the money for a wide variety of things. In his testimony, Rosenstein said that the increased use of encryption, which the FBI and other law enforcement agencies refer to as the problem of going dark, is a growing challengeand needs funding support.

The seriousness of this threat cannot be overstated. Going Dark refers to law enforcements increasing inability to lawfully access, collect, and intercept real-time communications and stored data, even with a warrant, due to fundamental shifts in communications services and technologies, Rosenstein said.

This phenomenon is severely impairing our ability to conduct investigations and bring criminals to justice. The FBI will use this funding to develop and acquire tools for electronic device analysis, cryptanalytic capability, and forensic tools.

In the proposed budget, the FBI asked for $21.6 million to address the encryption issue. As Rosenstein said in his testimony, the money may be used for developing or buying tools and techniques to analyze encrypted devices, perform forensic analysis, or cryptanalytic analysis, all of which are time consuming and expensive. While the FBI has been raising concerns about the use of encrypted communications for years, much of the current concern comes from the proliferation of encrypted communications apps and devices that store user data in encrypted form by default.

Most currentiPhones and Android devices have encrypted data storage enabled by default, and law enforcement agencies have struggled to bypass the protections. During the tense showdown between Apple and the FBI last year over an encrypted iPhone used by a terrorist, the bureau sought a court order to getApple to build a backdoored version of iOS specifically to bypass the devices encryption. Apple officials called the request offensive and fought it. Eventually the FBI bought a technique from a third party to unlock the phone.

But that case was just one of many involving encrypted devices, and FBI officials and others in the law enforcement community have continued to push for methods to bypass or weaken encryption systems, both in transit and at rest. Privacy advocates and security experts have pushed back, saying that any backdoored or intentionally weakened encryption system would put all users at risk.

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Healthcare Data Encryption not ‘Required,’ but Very Necessary – HealthITSecurity.com

Source: Thinkstock

June 14, 2017 -Healthcare cybersecurity is essential for covered entities of all sizes, especially as ransomware attacks and other types of malware become more common. Healthcare data encryption is often discussed in these situations as well, with many in the industry underlining its importance.

HIPAA regulations do not specifically require data encryption, and instead qualify it as an addressable aspect. However, it is a very necessary piece to the larger data security puzzle.

In this primer, HealthITSecurity.com will review the basics of healthcare data encryption and explain why it is so critical in the current healthcare cybersecurity landscape.

Encrypting data means an organization converts the original form of the information into encoded text. Data is unreadable unless an individual has the necessary key or code to decrypt it.

With healthcare data, this involves securing ePHI and keeping it confidential so unauthorized individuals cannot access or use the information, even if they are able to find the information in a database or network.

READ MORE: Implementing HIPAA Technical Safeguards for Data Security

The Security Rule defines confidentiality to mean that e-PHI is not available or disclosed to unauthorized persons, HHS states on its website. The Security Rule's confidentiality requirements support the Privacy Rule's prohibitions against improper uses and disclosures of PHI.

Furthermore, the Security Rule also emphasizes the importance of ePHI integrity and availability. Covered entities maintain integrity by ensuringePHI is not altered or destroyed in an unauthorized manner, while availability relates to the data is only accessible and usable by authorized individuals.

There are also two kinds of two kinds of data that can be encrypted: data in motion and data at rest.

Data in motion is information that is being sent from one individual or device to another. For example, this can be done through secure direct message or email. Data at rest is when the information is being stored.

Encryption and decryption fall under the Access Control aspect of HIPAA technical safeguards. The Security Rule does not require specific technical solutions, and instead maintains that there are many technical security tools, products, and solutions that a covered entity may select to maintain PHI security.

READ MORE: How Data Encryption Benefits Data Security

Determining which security measure to implement is a decision that covered entities must make based on what is reasonable and appropriate for their specific organization, given their own unique characteristics, as specified in 164.306(b) the Security Standards: General Rules, Flexibility of Approach, states the HIPAA Security Series from HHS.

Access Control will give users the necessary rights or privileges to access certain areas containing information, including information systems, applications, programs, or files. These rights and/or privileges should be granted based on an individuals necessary job function, and the minimum necessary must be followed.

Essentially, individuals should only be given the minimum necessary access to properly perform their job. This is especially critical when PHI access is taken into account.

For encryption and decryption specifically, HHS explains that healthcare organizations must determine if this measure will be necessary and benefit workflow.

it permits covered entities to determine whether the addressable implementation specification is reasonable and appropriate for that covered entity, HHSstated. If it is not, the Security Rule allows the covered entity to adopt an alternative measure that achieves the purpose of the standard, if the alternative measure is reasonable and appropriate.

READ MORE: HIPAA Data Breaches: What Covered Entities Must Know

HHS added that covered entities should consider which ePHI should be encrypted and decrypted to prevent unauthorized access by persons or software programs. Additionally, organizations can consider reasonable and appropriate mechanisms to prevent access to ePHI by persons or software programs that have not been granted access rights.

Healthcare organizations can use their risk analysis to better determine whether or not something is addressable or required. This is another key aspect of HIPAA regulations, and all entities should be performing regular risk analyses.

Davis, Wright, Tremaine LLP associate Anna Watterson explained in a previous interview with HealthITSecurity.com that the risk analysis is the foundation of the security role for an organization.

The addressable ones need to be implemented if reasonable and appropriate, Watterson said. So the risk analysis can be the basis for determining whether a particular addressable implementation specification is reasonable and appropriate to implement in a particular circumstance.

The National Institutes for Standards and Technology (NIST) explained in a storage encryption guide that organizations should implement encryption solutions that use existing system features, such as operating system features.

It can be more difficult when solutions require extensive changes to the infrastructure. Furthermore, end user devices should generally be used only when other solutions are not sufficient.

Organizations should carefully consider how key management practices can support the recovery of encrypted data if a key is inadvertently destroyed or otherwise becomes unavailable, NIST wrote. Organizations planning on encrypting removable media also need to consider how changing keys will affect access to encrypted storage on removable media and develop feasible solutions, such as retaining the previous keys in case they are needed.

NIST also establishedthe Cryptographic Module Validation Program (CMVP) to analyze, test, and validate that crypto modules are functioning properly and deploying approved algorithms. All algorithms and modules are tested for conformance with the Federal Information Processing Standard (FIPS) 140-2.

Many federal agencies require FIPS 140-2 validation, noted HealthITSecurity.com contributor Ray Potter.

Essentially this means that crypto is useless until proven otherwise, a blunt but accurate sentiment, Potter wrote. Other sectors have adopted the standard as their own, as well, with increasingly strict adherence in state and local government, finance, and utilities. Either encryption is validated or it is not. Its very black-and-white.

With healthcare data encryption, NIST also released NIST SP 800-66:An Introductory Resource Guide for Implementing the HIPAA Security Rule.

NIST security standards and guidelines (Federal Information Processing Standards [FIPS], Special Publications in the 800 series), which can be used to support the requirements of both HIPAA and FISMA, may be used by organizations to help provide a structured, yet flexible framework for selecting, specifying, employing, and evaluating the security controls in information systems, the guides executive summary explained.

Overall, healthcare organizations need to take the time to understand all available options to properly maintain ePHI security. Technology will only continue to evolve, and covered entities and their business associates are becoming more digital and connected both to other organizations and in utilizing internet connected devices.

A ransomware attack could lead to data becoming compromised, but what if it was already encrypted in the first place and was inaccessible? A laptop containing ePHI might be stolen, but what if that data is unreadable without an access key?

HHS even notes in its ransomware guidance that if the ePHI was properly encrypted before an incident occurs, then it is not considered unsecured PHI and the entity is not required to conduct a risk assessment to determine if there is a low probability of compromise, and breach notification is not required.

Healthcare organizations should conduct thorough and regular risk analyses to properly determine how and where data encryption would be beneficial. Staying educated on all available options and any federal or state requirements will also help entities ensure ePHI security. While not technically required, data encryption is quickly evolving into a very necessary part of data security.

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Wyo. Sect’y of State unveils new crowdfunding platform – Wyoming Business Report

Thanks to changes in federal and state statutes, Wyoming residents will be able - as of July 1 - to make investments through crowdfunding options. Information released by Secretary of State Ed Murray's office notes that crowd funding occurs when a business raises capital by seeking and receiving monetary investments by a large number of people.

The practice had not been available to investors until the Wyoming Legislature amended state securities statutes. Federal legislation was also changed a few years ago enabling individuals to invest in a non-publicly traded company if they were an "accredited investor" with $200,000 in hand or $300,000 in annual income or net worth over $1.0 million. Now, residents of Wyoming can invest in Wyoming businesses by joining others as investors.

The Secretary of State's information notes "crowdfunding platforms serve as portals where contributors can view, research and fund projects in various sectors, including technology, manufacturing and more." The office notes, "numerous crowdfunding platforms are active and raise millions of dollars for various projects."

There are five basic forms of crowdfunding:

1.Donations are a philanthropic gift with no expectation of a return.

2. Rewards are contributions in exchange for a possible pre-order of a product or other premiums.

3,4 and 5 Lending, Equity and Royalty all involve capital repayment, an ownership in a business or a share of revenue earned in return for an investment.

There have already been various crowd-funding operations that help non-profits in Wyoming, including the Powell Economic Partnership that used part of a $100,000 in federal funding to kickstart local efforts.

Will Dinneen of the Secretary of State's office said donation-based crowdfunding has been around for years in Wyoming and across the U.S. "WIN is different as it allows for the offer and sale of financial securities through crowd funding. Instead of receiving a gift or a possible tax deduction for a contribution, under WIN and other equity based models an investor would receive ownership shares in a business." Only Wyoming based companies and Wyoming investors can participate in WIN authorized efforts.

Wyoming statutes were changed in 2016 when Secretary of State Ed Murray noted that securities-based crowd funding would be incorporated into modernization of the Wyoming Securities Act. The agency included in proposed legislative changes WIN, the acronym for Wyoming Invests Now. The Cowboy State joined 36 other states in allowing crowd funding as a method individuals can use to invest in companies in Wyoming.

Once a business entity is registered with the Secretary of State's office they can initiate a crowd-funding model, which allows for equity or debt-based forms of securities or a combination of both. In return, investors are eligible to see a financial return on their money. Murray's information released earlier in June notes that "WIN opens new opportunities for potential adult investors."

Secretary Murray said, "WIN will open the door to community investors and allow them the opportunity to evaluate a good business idea, invest [their money] and seek a return on that investment." There are still risks with WIN investments, as there are with any participation in buying stocks, mutual funds or a variety of other products. Kelly Janes is director of the Secretary of State's Compliance Division. In an interview with AARPs Wyoming Newsletter she said "crowd funding is an exciting opportunity to raise capital but we want to caution investors to do their homework and contact our office to check the legitimacy of any investment offering."

The Secretary of State's office in Cheyenne can be reached at 307/777-7370 or atcompliance@wyo.gov.

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Bitmain Responds to UASF With Another Bitcoin Hard Fork Announcement – Bitcoin Magazine

Major Bitcoin mining hardware producer Bitmain today announced that it may launch a hard fork in August. Labeled a contingency plan, this announcement is a response to the upcoming user activated hard soft fork (UASF), as defined by Bitcoin Improvement Proposal 148 (BIP148) and the wipe-out risk that comes along with it.

After an initial 8 megabyte proposal, Bitcoin Classic, the Hong Kong roundtable consensus, Bitcoin Unlimited, and SegWit2x, this marks the sixth time the Chinese mining giant has announced support for a hard fork in the space of two years.

Heres what their latest proposal looks like.

On August 1st, a segment of the Bitcoin community will activate the BIP148 UASF. These users and miners will only accept Bitcoin blocks that signal support for Segregated Witness (SegWit), the protocol upgrade proposed by the Bitcoin Core development team. If, at that point, a majority of miners (by hash power) does not signal support for SegWit through BIP148, Bitcoins blockchain and currency could split in two, resulting in a coin-split.

Now, with Bitmains hard fork announcement, it seems there could be a third part to the split sort of.

Bitmain refers to its announced hard fork as a UAHF or User Activated Hard Fork. While perhaps a clever play on UASF, this is not a very accurate term because the contingency plan will actually be very explicitly launched by Bitmain and Bitmain alone.

Moreover, use of the term hard fork is questionable in this context as well. Originally, at least, the term referred to a change to the Bitcoin protocol that makes previously invalid blocks or transactions valid. But for it to be a change to Bitcoins protocol, at the very least it arguably requires the Bitcoin ecosystem to follow these new rules.

Under Bitmains own stated condition this wouldnt be the case, at least not to the full extent. Rather, the UAHF will only be launched in response to a successful BIP148 UASF. It is thus more or less assumed that not everyone will adopt the new rules, which indeed seems likely. Technically, at least, Bitmains hard fork would be better described as the creation of an entirely new coin that shares a common history with Bitcoin.

For purposes of this article, Bitmains version of Bitcoin will therefore be called Bitmains Bitcoin.

So what. specifically, will Bitmains Bitcoin look like?

Bitmain announced it will create Bitmains Bitcoin exactly 12 hours and 20 minutes after the UASF activation, though this is configurable. At that specific point in time, under Bitmains new rules, a block must be included in the blockchain thats bigger than one megabyte. This will automatically split the chain or create a new chain depending on how you look at it. All existing full Bitcoin nodes would reject this block and ignore this chain, and would continue to follow the chain adhering to Bitcoins current consensus rules.

From that point on, Bitmain will first mine on Bitmains Bitcoin chain privately for three days. After these three days, Bitmain will officially launch Bitmains Bitcoin to the public if three circumstances are met.

First off, the BIP148 UASF must have been successful enough to have gained significant hash rate. Second, there must be strong market demand for Bitmains Bitcoin. And third, the non-BIP148 side of the split must be less than successful, comparatively.

Then, if launched, Bitmains Bitcoin will accept bigger blocks. The statement mentions an initial limit of up to 8 megabytes, though this is slightly ambiguous as the same blog post mentions there will be no hard-coded consensus rule at all. The hardware manufacturer does add that miners should impose a soft limit of less than 2 megabytes, which is really more like a recommendation. Additionally, Bitmain writes that there will be a new protocol limit on sigops, which, in short, should counter some potential attack vectors on bigger blocks that could otherwise significantly slow down propagation times.

For the longer term, Bitmain lays out a future roadmap that includes a version of Segregated Witness, Extension Blocks, Bitcoin NG, Lumio, Schnorr signatures, Weak Blocks, and Bitcoin Unlimited-inspired base block size increases up to almost 17 megabytes in two years. Overall, this future roadmap part of the announcement does not seem very concrete yet, however.

The good news is that anyone who holds bitcoins (meaning: their private keys) at the time of a split will receive coins on both sides of the chain. In other words, you will get free "Bitmain bitcoins", which you can keep, sell or spend as long as someone is willing to accept them as payment. Bitmain will even implement replay protection on Bitmains Bitcoin, which means that there should be no risk of accidentally spending the same (copied) coin on both chains.

From a broader Bitcoin and scaling perspective, the chances of BIP148s success may have actually increased, due to this announcement. If Bitmain follows through on their blog post, it means the company will take hash power that could have otherwise frustrated the UASF off the table, to mine on Bitmains Bitcoin chain. As a result, there is a greater chance that BIP148 miners will claim the longest chain versus non-BIP148 miners, avoiding a coin-split on the original blockchain. Additionally, Bitmains blog post seems to have angered some Bitcoin users that were so far undecided, further increasing support for BIP148.

The other scaling proposal in the running is SegWit2x, which is also supported by Bitmain. SegWit2x code should, according to its timeline, be up and running before August 1st. If that deadline is met, it may or may not prevent a coin-split in the first place, depending on its compatibility with the BIP148 UASF. But since this proposal has been mostly developed in private, the status of this project as well as its (in)compatibility with Bitmains contingency plan remains largely unclear.

And of course, in the end, it's possible that neither BIP148, nor SegWit2x, nor Bitmain's Bitcoin will gain much traction. Status quo could prevail, in which case not much would change at all.

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Bitcoin’s Price Continues to Rise Analyst Says it’ll Reach $100000 in Next 10 Years – The Merkle

Kay Van-Petersen, the analyst who predicted the Bitcoin price going up to $2,000 now has another prediction, and this time, its even more astonishing. According to his newest prediction, the price of Bitcoin might even reach $100,000 during the next decade. If true, this newest prediction would mark a 3,483% rise.

This analysts first prediction was published back in December by Saxo Bank, and his report was even called Outrageous Predictions. Back then he said that the price of Bitcoin would go from $754 to $2,000. The report raised quite a few eyebrows, but then it happened, and Bitcoin hit the price on May 20. Now, however, the same analyst sees another big rise for the cryptocurrency.

Van-Petersen explains this rise like this. He assumes that cryptocurrencies (including Bitcoin) will account for 10% of their ADV (Average Daily Volumes) of fiat currency trade in the next 10 years. The ADV for the foreign exchange is over $5 trillion at the moment. Now, 10% of $5 trillion is $500 billion, which is the potential ADV for the cryptocurrencies.

Around 35% of the market share is expected to go to Bitcoin, which is around $175 billion from the total $500 billion figure. What that means is that around $175 billion in bitcoin would change hands per day.

Van-Petersens next suspicion is that the bitcoins market capitalization will get to be around 10 times larger than the average daily volume.

With that in mind, the market cap figure goes up to $1.75 trillion. On the other hand, the current figure is only $37.8 billion. Bitcoins limited supply is around $21 million, and the expectations are that this will be reached by the year 2140. However, when it comes to the next decade, its believed by this analyst that around 17 million will be circulating.

And finally, when this potential 17 million is divided by the estimated market cap ($1.75 trillion), then the price of Bitcoin goes somewhere around $100,000 by piece.

Many, including Van-Petersen himself say that this calculation is pretty rough. His calculations might even be called conservative, but hes sure that Bitcoin and other cryptocurrencies will survive the test of time. He firmly believes that cryptocurrencies arent going away and that two or three others will also rise and become the main ones. Bitcoin will remain among them. The analyst also stated that his views are not official views of the Saxo Bank.

Despite its sudden rise and popularity, Bitcoin isnt without problems. Most of them, including its bad reputation, come from the fact that its often used for illegal activities online. Also, theres the crash of Mt.Gox that happened in 2014, which was the biggest bitcoin exchange in the world, and many are still waiting for compensation.

This reputation was even confirmed recently, thanks to the WannaCry ransomware attack. The attackers demanded that their victims pay the price of $300 in Bitcoin. Bitcoin was only used because its hard to track, but its reputation still tooka big hit.

Van-Petersen believes that this industry is young enough to bounce back and improve its methods in time. Better online wallets and similar factors will improve its safety, as well as reputation. Plus, when buying the digital currency becomes easier in wider areas, its bound to get even more users.

Many believe that Van-Petersens calculations are too simple and that there are many other factors to take into consideration. All that can be done now is to wait and see whether this analyst got it right for the second time too.

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Bitcoin's Price Continues to Rise Analyst Says it'll Reach $100000 in Next 10 Years - The Merkle

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Proposed Bill Requires Travelers to Declare Bitcoin at US Border – Investopedia

A controversial new Congressional bill regarding digital currency has just been introduced by Sen. Chuck Grassley (R-IA). The bill would require the Secretary of Homeland Security to work with the Commissioner of U.S. Customs and Border Protection in order to put forward a "border protection strategy to interdict and detect prepaid access devices, digital currencies, or other similar instruments, at border crossings and other ports of entry for the United States." This bill, if passed, would have significant implications for digital currency holders around the world.

The proposed bill, designated U.S. Bill S.1241, was introduced on May 25 of this year and co-sponsored by Sen. Diane Feinstein (D-CA), Sen. John Cornyn (R-TX), and Sen. Sheldon Whitehouse (D-RI). The bipartisan group of Senators who have put the bill forward hope that it will deter individuals entering the United States from bringing in undetected and undeclared assets in the form of digital currencies such as Bitcoin and Ethereum.

A portion of the bill stipulates that the Department of Homeland Security and the U.S. Customs and Border Protection agency would devise "an assessment of infrastructure needed to carry out the strategy" of blocking these undeclared funds from entering the country. The Secretary of Homeland Security and the Commissioner of U.S. Customs and Border Protection would be required to present their findings to Congress within 18 months of the passage of the bill.

Travelers entering the United States at the border are already obligated to declare any currency holdings of $10,000 or more, regardless of whether or not custom officials might have the means to detect those holdings. While digital currencies occupy a somewhat unusual place in many portions of finance law, a report by Smaulgld suggests that the situation is relatively clear in this case. Because digital currencies technically accompany a holder anywhere that he or she goes, including across a border, that traveler would need to declare his or her entire cryptocurrency portfolio every time he or she enters the United States. This is different from the requirements of travelers who hold bank accounts and/or precious metals valued at more than $10,000 which are stored outside of the country.

How would the federal government develop an infrastructure to detect foreign holdings including digital currencies? It is possible that the Foreign Account Tax Compliance Act could be expanded to regulate foreign cryptocurrency exchanges. Alternatively, a global monitoring system could be put in place to watch over blockchain ledgers. Beyond that, there are a number of measures that agencies could take at the border to deter travelers from withholding information, including extreme vetting systems and harsh penalties for nondisclosure. Regardless, it is safe to assume that the cryptocurrency community, famously opposed to central regulation, will have something to say about this bill.

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Proposed Bill Requires Travelers to Declare Bitcoin at US Border - Investopedia

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