My neighbours think Im losing it: From livestreams to virtual reality raves, how musicians are coping without touring – The Independent

Ive never done this before, so if Im a bit nervous, I apologise, says Coldplays Chris Martin, sitting by a piano scratching his head. Amazing Day? he says, peering at the thousands of live comments cascading down his screen. I cant remember that one. Its 16 March, the world is teetering on the brink of lockdown, and the Coldplay frontman is about to plunge into the unchartered waters of online concerts. Soon, the rest of the music world will follow.

In the early days of the pandemic, cancelled tours and festivals were breaking news. The Who arena shows postponed due to coronavirus; Taylor Swift cancels 2020 Lover tour dates due to coronavirus; Glastonbury 2020 cancelled due to coronavirus. And then, as the global crisis escalated, the tidal wave of postponements became too much to keep up with. Publications like ours stopped running them as news stories. Eventually, every single tour and every single festival had ground to a halt. And with them, a huge chunk of artists livelihoods.

Sad. Very, very sad. Thats how Phoebe Bridgers felt when she realised her summer gigs wouldnt be going ahead. I get 80 per cent of my self worth from interacting with tons of people on tour every night, she tells me. Rufus Wainwright agrees. I miss the travel and just being in my fans world, he says. American indie-rocker Lucy Dacus was planning on taking it easy this year, which still meant doing, like, five tours, she says. But none of them are happening. Its very affirming and powerful to stand in a room with friends and strangers, she continues, and look in the same direction, share in an experience, find joy. I miss being an excuse for people to come together.

Sharing the full story, not just the headlines

Its definitely not a great time to be in a profession that relies on international travel and large groups of people gathering together to sweat and shout over each other, adds Michael Lovett, who performs as synthpop solo outfit NZCA Lines, somewhat remorsefully.

Of course, it isnt just the emotional fulfilment of touring that artists are missing out on. The financial future of the music industry is potentially an arid one. Since the birth of streaming, live performances have become the most common income source for musicians. The live music sector is expected to lose 900m this year 81 per cent of its annual contribution to the UK economy, according to figures reported in The Guardian and touring musicians could lose up to two-thirds of their live income from cancelled festivals alone. The Musicians Union say their members have lost more than 21m in income since the start of lockdown.

Even as restrictions begin to ease up, its unclear when live music will be able to make a comeback. But given that US bioethicist Dr Zeke Emanuel told The New York Times that realistically, were talking fall 2021 at the earliest, it seems unlikely that well be cramming ourselves into sticky-floored venues (if, indeed there are many left after all this) or shuffling along the aisles to nosebleed arena seats, any time soon.

Still, artists are nothing if not creative. Theyre finding resourceful ways to satiate their fans appetite for live music. Following in Chris Martins footsteps (his live stream has been watched by over 2 million people), Lady Gaga curated the Together at Home concert, a six-hour marathon in which artists such as Billie Eilish, Kacey Musgraves, Taylor Swift and The Rolling Stones performed from the confines of their homes to raise money for the World Health Organisation. Christine and the Queens, AKA Heloise Letissier, performed on The Late Show from her windowsill in Paris, and posted nightly Instagram lives of stripped-back performances, dancing and writhing around the massive, wooden studio she had found herself quarantined in. Wainwright has been doing bathrobe recitals in his dressing gown every day. Folk singer Grace Petrie and her musician housemate Ben Moss posted a galvanizing A-Z of covers, starting with Sugababes About You Now and ending with Zombie by The Cranberries, before re-playing all 26 songs live while getting pissed and raising 11,000 for The Big Issue. And there are countless other examples of musicians getting inventive with streaming.

Phoebe Bridgers has been doing at-home gigs since April. The cool thing about them, she says, is you can connect with people so easily. I dont have to take off my pyjamas or carry a bunch of stuff to a venue. Then again, she adds, it can feel like Im just singing to myself, so she set up a sample pad of applause to trigger between songs. It helps a little. Im sure my neighbours think Im losing it. For her at-home gig for the music website Pitchfork, she asked for the proceeds to go to the Bail Project because the police combined with the privatised prison system in America is an extension of slavery. Any way we can disrupt that and free people is important to me.

PhoebeBridgersfinds she can still connect with fans from home (Rex)

When Lovett realised he wouldnt be able to tour his forthcoming album Pure Luxury, he considered delaying the release altogether. Instead, he decided to throw a virtual release party and perhaps offer a little escape. Whilst the inability to play live shows is obviously a real bummer, he says, its taken me online in a way Ive never been before. I like the experience of live streaming. Its weirdly intimate you start building relationships with the fans who become regulars. Its forced me into learning and playing more music both my own and covers than Ive ever done before. His album release party is going to be a combination of a real livestream show with production value (ie no home furnishings, decent audio) and something that approximates the social aspect of a real gig.

Other musicians have taken different routes. Electronic duo Prospa decided to throw a virtual warehouse rave for over 600 people. 3D artist Petter Schlander created a specially designed VR warehouse for the video stream, streamed live in full 360 to YouTube. The virtual warehouse space played host to an hour-long set from Prospa, their first since current circumstances cut their debut Leeds residency at Headrow House short. The idea, say Prospa, came out of the frustration of us being away from each other and wanting to do a live stream. The idea was to give back to all the people who were stuck at home wanting to rave and just have some fun. Schlander created the virtual warehouse using software called Cinema 4D. "I added details in the hangar such as a demolished floor and roof," he says, "aeroplanes that look like they're from a scrapyard (both close and far away from the camera to emphasise the sense of space) and of course the stage screens scattered around to bring the light show together. Rendering different loops of the light show, I then took and edited everything together and exported the final product from there.

Though shes spent plenty of time watching her musician friends play live streams, Dacus is yet to do so herself. I feel far less connected to my fans, but thats probably my fault for not showing up online more, she says, though shell remedy that on 17 June by taking part in Royal Albert Home, a run of shows put on by the famous London concert hall. The gigs are free, but the Royal Albert Hall, which like every other venue is currently closed, is asking viewers to consider donating.

Dacus has a magical memory of going to the Proms at the venue in 2016 where people were wearing gloves and hats and, having nabbed cheap tickets up in the gods, she listened to the symphony with my face pressed between the iron bars of the guard rail. She says she was honoured when RAH asked me to do a stream, although it will unfortunately lack all the pomp and charm that the Hall offers.

Another musician who is taking part in the Royal Albert Home series is Charlatans frontman Tim Burgess. Hes been throwing wildly popular listening parties on Twitter since March, during which people around the world listen to the same album at the same time (Roisin Murphys has been his favourite so far). Hes been working with his partner and his seven-year-old on his live sets, and sees one distinct advantage to virtual performances over IRL ones. At real gigs, theres always someone looking to borrow a phone charger and I have to keep a close eye on my snacks, he quips.

Tim Burgess has been throwing wildly popular listening parties on Twitter since March (Rex)

Lovett is looking on the bright side, too. From a musicians perspective, theres actually a lot of technical aspects that are preferable to a real gig, he says. You know exactly how its going to look and sound, and theres less variables than a real gig ie, no backline sharing, grumpy sound guys, weird room acoustics. On the downside, theres a high likelihood people will be listening through a phone or laptop speaker. From an audience perspective, thats not too satisfying but hey! No toilet queues, no overpriced beer, youre definitely not missing the train home... whats not to love?

Hes also felt more connected with his fans than he ever has done before. The fact that weve been getting almost all of our social interactions online has changed the way I think about using social media, he says. Ive had some really nice moments, after playing a song on Instagram Live, just chatting to people and answering questions sometimes for over half an hour. Often, its the ones Ive been dreading most that end up being the most fun.

As for the financial repercussions of a live music industry on hold, while they are no doubt severe, there is hope to be found. Not only are many people choosing to donate to venues that are struggling, but music fans have opted out of refunds for cancelled or postponed gigs. In the first month of or so of lockdown I did think that a large majority of gig-goers would want refunds, says Trevor Williams, the tour director of Tour Music Live, whos worked with artists such as Stormzy and Grace Jones. But when receiving ticket counts and updates, I was very surprised to see that the refunds across the tours we had were minimal.

Rufus Wainwright: Imiss the travel and just being in my fans world (Rex)

And yet the yearning for the return of tours, among both music fans and musicians, is strong. Last week, as lockdown began to loosen, Laura Marling left her house, took to the actual stage of Union Chapel, and played a gig. True, there was nobody in the audience, but it was the closest many music fans, myself included, have come to a real live show in many months and it was invigorating.

Perhaps thats the next step. As far as the next six months, I think if there was a way to outsmart this thing, a giant company would have thought of it by now, says Bridgers. No ones outsmarted it, exactly, but companies have certainly been savvy. In April, the computer game Fortnite hosted a live, in-game Travis Scott concert, during which the US rapper performed on a virtual stage built into the game world. 12.3 million concurrent players congregated online to watch the concert the games largest ever in-game gathering.

One things for sure, though this cant go on forever. Worst case scenario would be for this virus not to be cured and venues not being able to open back up, says Williams, as that would most definitely kill our touring industry. The bands hes working with are optimistic that they will be able to tour again in the near future, but they are also worried about not jumping the gun too soon, as they also feel the responsibility for the safety of their fans and touring crew. They are all most definitely missing interacting and putting on a show for their fans as the virtual and online performances, which are creative certainly, are not the same.

Lovett agrees. Nothing can replace the experience of performing or watching a live show, he says. I think we have to admit that its a communal experience in which the energy of an audience inspires the performers, and vice versa. Its a feedback loop. As a musician, no matter how normal you feel before a show, you are transformed when you get onstage.

Wainwright is sanguine. It will return in phases, he says. For now, we can only wait.

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My neighbours think Im losing it: From livestreams to virtual reality raves, how musicians are coping without touring - The Independent

VFX: Making the Unreal into a reality | Industry Trends | IBC – IBC365

Last month, Epic Games took the covers off an early iteration of its latest game engine, Unreal Engine 5, and pretty much broke theparts of the internet that are interested in gaming. Running on a developer version of the PlayStation 5 hardware,the results uploaded to Vimeo looked fabulous enough to begin with, but when yourealisedthat this wasrealtimegameplay footage they were genuinely jaw-dropping.

The visual quality is pretty much unmatched in anything apart from current high-end, pre-renderedVFXwork and showcases incredible levels of detail alongside genuinely photorealistic lighting. And, of course,whatseven better, is that news of UE5 also lit up the parts of the internet that deal with broadcast graphics, film effects, virtualstudios and pretty much everywhere else concerned with top quality visuals.

While other graphics engines such as Unity are, of course, available, Epic has pulled off the neat trick of combining a leadingfeaturesetwith ease of use and a business model that encourages UEs use in other software. For instance any game or software maker that uses Unreal for commercial purposes doesnt pay any license fees until the softwares gross revenue hits a $1m barrier (recently raised from $50k) and this has helped widespread integration of it into a whole host of technologies.

Its use throughout the graphics stack is analogous to the way that hooking up to the IT industry as a whole has accelerated development across the broadcast sector; it allows a comparatively small industry to piggyback on the development efforts of a much larger one and the speed of change were seeing as a result is impressive.

When the new Unreal Engine 5 comes out you wont be able to tell whats real and whats not, comments PhilVentre,VPSportsand broadcast atNcamTechnologies. Games engine integration isdemocratisingthe way that companies use AR and VR and its not just going to be a technology for the Tier One broadcasters in the future.

Changing the gameWhile the new demo was partly created to show off some of the very clever new technology in the forthcoming PS5, such as its literally game-changing M.2 solid-state drive, UE5 is showcasing some new technologies that dramatically move the goalposts forrealtimeCG work. Thereare twoin particular worthmentioning: Nanite and Lumen.

Nanite is a new virtualizedmicropolygongeometry that essentially lets artists create as much geometric detail as they want. It is streamed and scaled inrealtime, an important consideration whenyoureplanning an engine that will run on everything down to a smartphone.

Then theres Lumen. This is a fully dynamic global illumination system that immediately reacts to scene and lightchanges, andis part of the secret of making game graphics lookso good running in-console.Itscapable of renderingdiffuse inter-reflection with infinite bounces and indirect specular reflections in what Epic calls huge, detailed environments, at scales rangingfromkilometrestomillimetres. It adapts too: blow ahole in a wall and the scene will change to accommodate the light coming through the hole.

The ability to light and render hundreds of millions of polygons in real time is a quantum shift that will change the level of engagement filmmakers have with theimages they create, says Miles Perkins,businessdevelopmentmanager at Epic Games. These new technologies will allow creatives to see the totality of their vision without having to disassociate the various parts of their shotsreviewing animation separate from lighting, separate from environments and effects. Everything will be right there in front of them, fully directable. Filmmakers will be able to compose and light shots in real time, regardless of whether they are physical, virtual, or a combination of both.

Perhaps one of the key points here is that Unreal Engine, currently on version 4.25, is already very good indeed.

We are currently using Unreal Engine 4 heavily in bothprevisand virtual production, says Hugh Macdonald,chieftechnologyinnovationofficer atNviz. Forprevis, the real-time nature of UE4 means that we can get incrediblyhigh qualitypictures with minimal render time. We also use it for virtual production, giving better looking integration than we would historically have been able to.

Nvizuses Unreal in two main tools, which are a good illustration of howitsbeing used forpreviswork across the industry and where it could be going. A Virtual Camera System enables virtual scouting of theprevisenvironment, and allows directors and cinematographers to have a hands-on experience with the camera, while asimulcamtoolset is tightly integrated into Unreal, and provides a preview on-set to the production crew of what a shot will look like once the VFX has been added in post.

Unreal allows us to ensure that this is both flexible and high-quality, says Macdonald. Based on what we know so far about UE5, the major jumps are going to be around geometry detail, in that far higher resolution assets will be able to be used and streamed in. This will fit far better with a film VFX workflow, as the hope is that assets wont need as much processing to make themengine-ready. The fully dynamic lighting that is Lumen will mean that there will be less need for baking the lighting to getthe same result. This will allow us to keep scenes fully dynamic, allowing us to adjust the lighting live during production if required, which is often something that is asked for on set, as the physical lighting is changed depending on the shot.

NewcreativityAs well as an increase in quality, whichNCamsVentrelikens to the jump from UE3 to UE4, UE5 holds out thetantalisingprospect of introducing both new ways of working and new ways of creatively exploring virtual spaces.

Unreal Engine will be a big part of the future of cinematography, says Sam Measure at CVP. Its bringing back the ability to get practical effects in camera, whether that be interactive lighting on an actor or dynamically changing the backgrounds in real time, even though they have been created in a virtual space. The ability to get instant feedback of how something is going to look is invaluable.

This is going to feed into many more live spaces than onsetprevis. Macdonald mentions the theatre and event sector, where video screens have become part of the interplay with lighting to create whole new live spectacles, while there is going to be a further jump in quality onvirtual sets to make them indistinguishable enough from the real thing so that that only a live audience will tip the decision towards using a physical set. Even those audiences might see quite different shows, with blended elements from AR being used seamlessly in the final TX. In the postCovidtimes, you will beabsolutely ableto assemble three guests on a sofafor a chat show without any of them leaving their homes and no one being the slightest bit the wiser.

And then of course, there is the way it could accelerate development of live shoots against LED screens as pioneered by shows such asThe Mandalorian.

While Unreal has been used on LED screens while filming a number of times, the new updates will hopefully allow this to be pushed muchfurther, andget a higher proportion of finished shots directly from the camera, enthuses Macdonald.

And perhaps whatis most impressive of all is that the UE5 footage to date is very early stages. UE5isntdue for full release until late 2021 (there will be a preview release earlier in the year) while the PS5 isnt due till at least the end of this current year. In otherwordsthere is a lot ofoptimisationand performance still to be wrung out of all this that is still to come.

I believe we are just scratching the surface of what will be possible, says Perkins. Game engine technology will not be limited to individual film departmentsall departments will be able to make contributions to the virtual sets just as they would on a physical set. In the future, the set will be a big creative sandbox, where the art department, set design, gaffers, cinematographers, visual effects, action designers, directors, will all contribute to the set both physically and virtuallybringing the best of their talents to bear in that moment when the film captures the image.

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VFX: Making the Unreal into a reality | Industry Trends | IBC - IBC365

Why Bitcoin Suddenly Dropped 6% on Thursday – CoinDesk – CoinDesk

The week-long calm in the bitcoin market ended with a sudden $800 price drop on Thursday.

The over-6% drop saw the top cryptocurrency by market value register its biggest single-day decline in two weeks, according to CoinDesks Bitcoin Price Index. Prices briefly hit lows near $9,100, a level last seen on May 27.

Theres three likely factors as to why this happened:

Stock market sell-off

Global equities cratered and traditional safe havens like U.S. government bonds and the Japanese yen gained value as comments by the U.S. Federal Reserve that the economy may take years to recover gave a reality check to investors hoping for a V-shaped recovery.

Bitcoin initially showed resilience by holding above $9,700 during the Asian and European trading hours. However, the sell-off in U.S. equities was too big to ignore for the crypto market traders some of whom likely offered bitcoin on the fear that financial markets could be about to witness another round of panic like that seen in March.

The Dow Jones Industrial Average (DJIA) fell by 1,800 points on Thursday, reviving memories of multiple 1000 point drops seen during the first half of March.

A few observers had warned of an impending price drop in conversation with CoinDesk during Thursdays European trading hours. At that time, bitcoin was trading near $9,800.

A switch to risk-off in global markets could lead to further downside pressure for major cryptocurrencies, Matthew Dibb, co-founder of Stack, a provider of cryptocurrency trackers and index funds, told CoinDesk.

Dump fears

Big on-chain transactions, especially ones related to controversial wallets and addresses, can create panic in the cryptocurrency markets. Thats because, in the past, malicious entities have liquidated stolen coins in the market, causing sudden price declines.

On Thursday, hackers moved over 400 BTC (or $4.1 million worth of cryptocurrency) stolen from the cryptocurrency exchange Bitfinex to unknown wallets, according to twitter bot Whale Alert.

These transfers happened in 20 transactions during the Asian hours and were noted by the crypto market community. A few investors then began speculating about a price dump. At that time, bitcoin was hovering around $9,900.

Another big transaction worth $1.3 billion executed by an unknown wallet also elicited a similar response from the investor community.

Fears that so-called whales are preparing to dump large numbers of coins may have caused some bulls to exit the market. Further, savvy traders may have taken short positions in anticipation of the big dump, likely accentuating bearish pressures.

Charts leaned bearish

Technical traders had a strong reason to sell bitcoins, as the charts were reporting uptrend exhaustion.

The cryptocurrency has failed multiple times to establish a lasting foothold above $10,000 since the May 11 mining reward halving. Markets often test dip demand following multiple rejections at key resistance.

A bearish divergence of a key three-day chart indicator was also suggesting scope for a price pullback.

Thursdays price decline has only strengthened the case for a deeper pullback. The slide to $9,100 marked a downside break of the eight-day restricted trading range of $9,350$10,000.

Additionally, the daily charts relative strength index has dropped into the bearish territory below 50. Analysts see strong support around $9,100, which, if breached, would invite stronger selling pressure.

First support comes from the weekly downtrend resistance line which bitcoin broke and has been sitting above the last few weeks, said Chris Thomas, head of digital assets atSwissquote Bank. This week the level is around $9,000-$9,100, hence [were] likely to see good buying here, then $8,700 & $8,200, otherwise, the next downside zone is $6,500-$7,000.

At press time, bitcoin is changing hands near $9,440. The price bounce from Thursdays low may be associated with the 1% gain in the S&P 500 futures.

Disclosure:The author holds no cryptocurrency at the time of writing.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Why Bitcoin Suddenly Dropped 6% on Thursday - CoinDesk - CoinDesk

Inactive Bitcoin Supply Reaches 4-Year High, Pointing to Bullish Sentiment – CoinDesk – CoinDesk

On-chain data indicates crypto investors arent taking profits but are holding on despite uncertain economic conditions and bitcoins strong performance.

At the time of publication, 60.63% of all bitcoins have not moved in at least a year, according to data from Glassnode. This data suggests bitcoin ownership is consolidating, and investors who bought at the cycle bottom in 2018 have been reluctant to take profits and relinquish their bitcoin holdings. Its been over four years since a percentage of supply this large has been inactive.

One method to analyze inactive bitcoins has been to group them by the length of time theyve been inactive. Called HODL Waves, this data analysis was pioneered by Austin, Texas-based Unchained Capital to display macroscopic shifts in bitcoin ownership and use. It may also give a sense of investor preferences.

Each wave one day, one month, six months, two years, five years, etc. represents the period of time in which a percentage of the issued supply has not been used in a transaction, or, in other words, has been inactive.

The term HODL represents the behaviour of die-hard bitcoin investors who chose to hold bitcoins with practically no intention of using or selling those coins. Thus, each wave visualizes what percentage of the bitcoin supply has been HODLed and for how long.

Dhruv Bansal, co-founder and CSO at Unchained Capital, explained that this HODL Wave data suggests investors who bought bitcoin on the way down from $6,000 to $3,000 in 2018 are still holding it despite the tremendous gains since then and the recent economic turbulence.

Curiously, the two age segments that have grown the most are coins held for more than 10 years and those held for two to three years, which are up 31% and 26% year to date, respectively. In 2020, the two- to three-year band represents coins held from the 2017 market all-time high to present.

Every bitcoin investor might not intentionally HODL though. Speculating on the two- to three-year band waves growth, Yassine Elmandjra, cryptocurrency analyst at ARK Investment Management, told CoinDesk his guess is growth in this coin age group could, among other things, be a function of retail investors who bought at the peak and lost their Trezor [wallet] or cant log into Coinbase.

Despite an extremely volatile Q1 2020 and ongoing macroeconomic uncertainty, an increasing amount of dormant bitcoins confirms that buyers still believe in their investment more than ever.

According to Bansal, If you believe bitcoins price history repeats or at least rhymes, then this may be a bullish sign, the market consolidating into strong hands as macro trends highlight bitcoins value proposition.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Inactive Bitcoin Supply Reaches 4-Year High, Pointing to Bullish Sentiment - CoinDesk - CoinDesk

First Mover: Negative Rates or More Money Printing Bitcoin May Benefit Either Way – CoinDesk

Whether or not the Federal Reserve eventually cuts interest rates to negative levels, it might be a case of heads: bitcoin wins, tails: bitcoin wins.

So far this year, the Fed has created about $3 trillion of new money, an amount equivalent to more than 70% of the total assets created since its founding in 1913. The question now is what the Fed will do next if the economy fails to recover quickly from the devastation of the coronavirus and markets enter a new tailspin.

Youre readingFirst Mover, CoinDesks daily markets newsletter. Assembled by the CoinDesk Markets Team, First Mover starts your day with the most up-to-date sentiment around crypto markets, which of course never close, putting in context every wild swing in bitcoin and more. We follow the money so you dont have to. You cansubscribe here.

One strategy Fed officials led by Chair Jerome Powell say they wont pursue? Cutting benchmark interest rates below zero. In a summary of economic projections published by the Fed last week, not a single official projected negative rates.

Cryptocurrency analysts have said negativerates are merely a form of ultra-loose monetary policy, which should eventually push inflation higher. That could be a catalyst for higher prices for bitcoin, seen as a hedge against inflation similar to gold.But bitcoin might trade higher even if the Fed rejects negative rates outright since the U.S. central bank would instead probably just inject trillions more of freshly-created dollars into the financial system. Reluctance to go negative means more QE reliance, saidMarc Ostwald, chief economist at London-based ADM Investor Services.

The Feds money injections in response to the coronavirus crisis have helped push up bitcoin prices by 30% so far this year on speculation that inflation will eventually arrive.

Extremely accommodative policy is bullish for bitcoin, saidRich Rosenblum, founder of cryptocurrency trading firm GSR.

The Fed is alreadyinjecting about $120 billion a monthinto the financial system by purchasing U.S. Treasuries and mortgage-backed securities, and the pace would likely increase if markets suddenly turned lower.

Former Fed Chair Ben Bernanke, who pushed the central bank intothe money printing exercise known as quantitative easing, or QE, in the wake of the 2008 financial crisis, has argued the practice can substitute for further rate cuts.

Quantitative easing and forward guidance can provide the equivalent of about three additional percentage points of short-term rate cuts, Bernanke said in January.

Federal Reserve officials have faced questions about the potential for going negative after theyslashed benchmark rates close to zero in March.

As recently as this month, according to Bank of America economists, traders in the market for futures contracts on the Feds main interest rate were betting that the central bank might go negative as soon as 2021.

Negative rates have attractedincreasing attention among foreign central banks, including the Bank of England and European Central Bank. The Bank of Japans main short-term lending rate is already negative, at -0.1%.An economist with the Federal Reserves St. Louis brancheven said recentlythat U.S. monetary policy officials should consider negative rates, to help bring about a sharper and broader economic recovery.

One concern over negative interest rates is they might squeeze commercial banks profit margins, since lenders would likely have to reduce rates on loans while struggling to convince depositors to pay banks to hold their savings.A negative interest rate policy also might force banks to pay interest to the Fed for parking spare cash at the central bank.The objection is that financial market plumbing becomes more troublesome with negative rates, said Michael Englund, principal director and chief economist at Action Economics LLC.

Yet another concern is the convoluted incentives of negative rates might be counterproductive, such as whittling down the monthly incomes of elderly savers who depend on fixed incomes from their retirement savings. That might lead them to spend less, slowing the economic recovery.Low rates have winners and losers, Englund said, such as punishing senior citizens.Ostwald says the Fedmight instead adopt a policy known as yield-curve control where officials establish caps for yields on bonds of varying maturities.

The practice, which typically involves purchasing bonds to keep yields from rising too quickly, is considered yet another form of monetary policy accommodation. Analysts in the market for gold, seen as a traditional inflation hedge, have speculated thatyield-curve control could be bullishfor the yellow metal.

Rosenblum, at GSR, says negative rates would likely be even more bullish for bitcoin simply because theyre so unusual, and would be seen by many people as a strong beacon for something being broken.

Printing new money via QE is not as palpable as seeing a negative interest rate, Rosenblum said. Seeing your savings literally drop by X% each month would be something completely new.

For bitcoin investors already enjoying gains from the Feds ongoing QE, negative rates might just represent an additional source of upside.

Tweet of the day

Bitcoin watch

BTC: Price: $9,540 (BPI) | 24-Hr High: $9,579 | 24-Hr Low: $9,044

Trend:Bitcoin is taking a pause after Mondays sharp reversal higher from $8,900 to $9,500.

The top cryptocurrency by market value is currently trading near $9,540, having logged a session high of $9,579 during the early European trading hours, according to CoinDesks Bitcoin Price Index.

While the recovery has been impressive, the resistance of the trendline connecting the June 1 and 10 highs is still intact. A violation there would imply an end of the pullback from recent highs above $10,400 and open the doors once more to $10,000.

Konstantin Anissimov, executive director at the cryptocurrency exchange CEX.IO, believes strong resistance at $10,000 will not let the bulls through without a fight. The cryptocurrency has failed multiple times in the last two months to keep gains above $10,000.

A notable pullback may be needed to recharge bulls engines for a clear move above $10,000. Without new fundamental growth drivers it will be much easier for Bitcoins prices to return to $8,100 levels, build up a foundation for further growth, and only then take another shot at getting past $10,000, Anissimov said.

The probability of a drop to $8,100 would increase if prices find acceptance under $8,900. That would invalidate the strong dip demand signaled by Mondays long-tailed bullish hammer candle.

Prices may also fall if the global equity markets again drop sharply on coronavirus fears. Bitcoins positive correlation with stocks has strengthened in the last few days.

From a technical analysis standpoint, Mondays bullish hammer candle has established $8,900 as the level to beat for the bears.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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First Mover: Negative Rates or More Money Printing Bitcoin May Benefit Either Way - CoinDesk

Bitcoin To $1,000,000 Might Sound Crazy, But Is It? – Forbes

Getty

I have come to the conclusion that bitcoin is going to $1,000,000. This number, which you will see tossed out into the crypto narrative, comes from the idea that there are 100 million subunits of bitcoin and if each was worth the quantum unit of 1 U.S. cent, then a bitcoin would be worth $1 million. This is a non sequitur argument as there is no causal link why this should be so. In fact, you can fractionalize a bitcoin satoshi in to as many sub-satoshis as you like. It does have plenty of sizzle as an idea and while it has seemed extremely unlikely to me until now I suddenly see that mirage as being a possibility.

I now believe this is a possibility not because the value of bitcoin will go up, though I believe it will, but because the value of money is about to fall heavily and quite possibly into the depths of monetary hell.

This is why a bitcoin could be worth a million dollars or more.

A one hundred trillion dollar note from Zimbabwe

If there is not a startling recovery in the global economy this year, then government budgets will collapse and those governments will be forced to print cash and monetize bonds. You might say this is QE, but QE isnt the same thing at all, because it doesnt print new money and hand it out. It prints new money and swaps it for not so acceptable assets that are a step or two and a haircut or two away from being swapped by others for lovely cash. QE is a generous swap with a kindly pawnshop that is happy to take a view on the creditworthiness of a lot of dodgy assets. Handing out to the general public money still almost wet from the presses because they might get sad and uppity or simply because they need money to pay their mobile bill to keep the phone company solvent to keep their employees working to pay taxes to the government, is another thing entirely. Printing money to spend in that states economy is straight South American-style inflationary fiat creation.

If tax budgets crater, this is exactly what is going to happen, because austerity on the scale necessary to claw back broken budgets is not going to happen and perhaps even shouldnt. Like it or not, the lockdown has made everyone poorer, in what are highly leveraged economies. The trouble with leverageas anyone with a nice life style, a pile of debt and sudden unemployment knowsis that leverage is great on the upswing but awful on the downswing. Any trader will tell you, leverage kills and like any leveraged trader caught with the markets in reverse, we must hope for a sudden semi-miraculous reversal in direction to save us from being irreversibly crushed by the mathematics.

Right now, there are plenty of firebrands wanting to smash the capitalist system or what passes for one in these mixed economic times. It may be proven ironic that it has already been smashed. Who owns the aftermath is yet to be established and we can hope the outcome will not be worthy of a record in the history books. Either way the outcome of sovereign budget collapses is not going to be resolved by deflation and the only solution to such a situation will be to print and to flush the system with money at every level without recourse to caring about inflation.

So I can imagine a scenario where recovery comes quite quickly and governments print hard but not so hard as to hit the sort of inflation made famous in Argentina, Turkey or even in history Japan, Hungary and Germany. A strong recovery means rebasing currencies by 100% over say 6 or 7 years, which would do the trick of crawling back to a new normal. You would see inflation around 7%-9% a year and the rest of the dilution would be magicked away with statistical tweaks to help the optics of it all. That would be a fine accomplishment by those holding the bag of the next few excremental years. It would be like a plane crash where there were only concussions and broken limbs. But this soft landing is by no means a certainty.

The second virus wave is already apparently shaping up and countries are unlocking at a pace that might go on into the autumn and perhaps will take even a year or two to revert to a status where economic activity can fully recover, the damage is still building. Is the timetable for a return to normal levels of economic activity going to allow state expenditures to continue at anywhere near old levels?

Its hard to imagine it will while it is easy to imagine a biblical outcome.

Doling out millions of new money is the classic answer to such chronic straits so bitcoin to $1,000,000 could happen in short order in such circumstances and in real terms that might be only a few multiples higher in purchasing power.

Right now there are only about 18 million bitcoins (with a maximum of 21 million) and if any major economy or group of minor countries melted down into hyperinflation that alone would drive crypto into orbit in dollars.

So while the halvening chips away towards high prices for bitcoin, there is an inflation bomb ticking away that in short months will quickly resolve its probabilities.

So what is an investor to do? Simply watch prices at your local supermarket and watch the pace of stimulus and government deficits. This will help you gauge if the wheels are coming off and if they do, as is becoming increasingly possible, bitcoin will go vertical.

That inflation is already baked into U.S. equities and bonds care of QE, and if there is another round of U.S. stimulus and its the kind that goes straight into the pockets of people, then that will be the starting gun for a financial reset that will see everyone with plenty of zeros added onto their net wealth but sadly with significantly less ability to buy the things they want.

Clem Chambers is the CEO of private investors websiteADVFN.com and author of 101 Ways to Pick Stock Market Winners and Trading Cryptocurrencies: A Beginners Guide.

Chambers won Journalist of the Year in the Business Market Commentary category in the State Street U.K. Institutional Press Awards in 2018.

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Bitcoin To $1,000,000 Might Sound Crazy, But Is It? - Forbes

Exclusive: Borrowing Dollars Against Bitcoin And Crypto Is About To Get A Lot Easier – Forbes

Bitcoin and cryptocurrency heists are on the rise, with researchers finding more than $1.4 billion worth of digital assets have been stolen so far this year.

Fear of theft has held back institutional adoption of bitcoin and cryptocurrencies, with access to capital based on crypto collateral hampered by security risks and operational challenges.

Now, San Francisco-based crypto custodian Anchorage has teamed up with crypto-friendly lender Silvergate to offer bitcoin and crypto-backed loans without the digital assets having to leave Anchorage's care.

Bitcoin and cryptocurrency investors have previously had to choose between security and access to ... [+] loans but some crypto companies are beginning to offer ways around the problem.

"Whenever digital assets leave custody, security is a concern," said Jesse Proudman, chief executive of Strix Leviathan, crypto hedge fund.

Anchorage Financing, aimed at institutional bitcoin and crypto investors such as hedge funds and market makers, will allow borrowers to draw on lines of credit without putting their digital collateral at risk.

"Institutional investors are getting a whole integrated package," said Anchorage chief executive Nathan McCauley, who sees this kind of service as vital to the ongoing maturation of the crypto space.

"With this system, new participants come into the industry because they can take long positions in crypto and at the same time offer up collateral for loans."

McCauley pointed to macro investor Paul Tudor Jones' recent interest in bitcoin as a sign further institutional adoption of crypto is on the way and said he expects the bitcoin price to continue to climb through 2020.

The bitcoin price is up around 30% so far this year, having recovered all of its March coronavirus crash losses.

However, bitcoin's recent rally has come to a halt at just under $10,000 per bitcoin despite repeated attempts to breach the psychological barrier.

"In order for bitcoin to continue to mature as an asset class and increase demand from institutional investors, we need more platforms like Anchorage Financing to provide leverage for these investors," said Silvergate CEO Alan Lane.

The bitcoin price exploded in 2017, partly due to expectations institutional investors were gearing ... [+] up to enter the space.

"Institutional investors are looking for greater capital efficiency and the ability to use bitcoin as collateral to increase the size of their position in the asset."

Earlier this year, San Diego-based Silvergate Bank, which boasts $2.3 billion in total assets, began allowing its customers to apply for loans collateralized by bitcoin held at digital currency exchanges that are also Silvergate customers.

Silvergate added 46 bitcoin and crypto customers during the first quarter of 2020 but could soon see competition in the space accelerate, with Wall Street giants such as JPMorgan beginning to take on crypto clients.

"As the big banks begin to figure it out and enter the digital currency ecosystem, it provides a huge validation of the asset class as a whole which in turn should drive more allocations to the asset class from main street asset managers, pensions and endowments," Lane said.

Meanwhile, Anchorage is expecting to grow its client base beyond custodial investors, with bitcoin and crypto miners and exchanges beginning to take an interest in its services, according to McCauleythough he warns crypto finance still has a long way to go.

"I don't think anyone in crypto has earnt the right to call themselves a prime broker just yet," McCauley added. "But we will get there eventually."

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Exclusive: Borrowing Dollars Against Bitcoin And Crypto Is About To Get A Lot Easier - Forbes

Bitcoin Realized Cap Hits $106B Record as Fear Returns to BTC Index – Cointelegraph

Bitcoin (BTC) set a new all-time high this week as bearish market sentiment failed to dent one metrics march to $106 billion.

Data from on-chain monitoring resource Coin Metrics shows that as of June 11, Bitcoins realized cap stands at a record $106.26 billion.

Realized cap is a different way of calculating Bitcoins value, an alternative to conventional market cap.

The number is computed by taking the price at which each Bitcoin last traded and the size of each trade, then multiplying them together.

Originally formulated by Coin Metrics, the indicator has grown in popularity among analysts and well-known cryptocurrency figures. Responding to the latest highs, the Bitcoin Twitter account describedthe progress as simply good for Bitcoin.

Realized cap fell just slightly following the March crash, shedding a maximum of around $1 billion before continuing its upward trajectory.

This highlights its structure in real terms, Bitcoin shed 60% of its price at the time, while overall, as Cointelegraph reported, more than 60% of the supply has not moved in over a year.

Bitcoin broke the $100 billion realized cap mark for the first time in August 2019.

Bitcoin realized cap historical chart. Source: Coin Metrics

Realized cap provides a noticeable contrast to the overall market mood this week. On Thursday, bearish signs culminated in a wave of exchange selling pressure thattook 8% off BTC/USD in hours.

The move took its toll on the crypto fear andgreed index, a dedicated measurement of trader attitudes.

Having lingered in neutral territory with a score of 53/100, the index suddenly fell 15 points to 38/100, marking a return to the fear zone.

Crypto fear andgreed index one-month chart. Source: Alternative.me

Theoretically, the closer the index moves to zero, the more it suggests that traders are disproportionately bearish.

Earlier this year saw a record seven consecutive weeks spent in the lowest extreme fear category.

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Bitcoin Realized Cap Hits $106B Record as Fear Returns to BTC Index - Cointelegraph

Pentagon Documents Reveal The U.S. Has Planned For A Bitcoin Rebellion – Forbes

Bitcoin has struggled to find support in the U.S. government, with president Donald Trump, along with Treasury secretary Steven Mnuchin, leading the criticism.

Now, it's been revealed the U.S. Department of Defense has wargamed scenarios involving a Generation Z rebellion that uses bitcoin to undermine and evade "the establishment."

The Pentagon seen from an airplane over Washington D.C., the United States.

In the Pentagon war game, young people born between the mid-1990s and early 2010s use cyber attacks to steal money and convert it to bitcoin, documents published by investigative news site The Intercept revealed.

Called the 2018 Joint Land, Air and Sea Strategic Special Program (JLASS), the war game is set in 2025 and is "intended to reflect a plausible depiction of major trends and influences in the world regions."

The scenario, which echoes recent protests in the U.S. and around the world against racial injustice, involves some members of Gen Z, who see themselves "as agents for social change" and believe the "system is rigged" against them, begin a "global cyber campaign to expose injustice and corruption and to support causes it deem[s] beneficial."

The group, called Zbellion, encourages cyber attacks against organizations that support "the establishment," funnelling stolen cash into bitcoin to make "small, below the threshold donations" to "worthy recipients" and Zbellion members.

The program, which also reportedly wargamed scenarios involving Islamist militants and anti-capitalist extremists, was conducted by students and faculty from the U.S. militarys war colleges, the training ground for prospective generals and admirals.

The documents reveal the U.S. Department of Defence has seriously considered the possibility bitcoin ... [+] could be used by future rebellions.

Bitcoin has increasingly been adopted by Wall Street and the world's biggest financial institutions since its 2017 price explosion but remains a tool to fight government control.

The Pentagon war game documents have been revealed after Florida Republican Representative Matt Gaetz called for the government to "freeze" the money of demonstrators after country-wide protests over the killing of George Floyd turned violent this month.

"One of the most important tools in the authoritarian toolkit is the ability to freeze the funding of legitimate political dissent," Nathaniel Whittemore, a bitcoin and cryptocurrency consultant and strategist, said previously.

"By separating the infrastructure of money from the infrastructure of state power, bitcoin makes it that much harder for this type of politically motivated confiscation."

Bitcoin has seen a surge of interest in recent months due to the coronavirus pandemic and never-before-seen levels of government borrowing.

"In the wake of unprecedented central bank action around the Covid-19 crisis, it seemed like the most relevant narrative of bitcoin in 2020 was as a hedge against inflation," Whittemore said.

"It appears, however, that its capacity for censorship resistance might be just as relevant."

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Bitcoin Association Announces Bitcoin SV DevCon 2020 in Partnership with WeAreDevelopers and nChain – PRNewswire

LONDON, June 16, 2020 /PRNewswire/ --Bitcoin Association, the international industry body that works to advance business with Bitcoin SV, today officially announces that Bitcoin SV DevCon 2020 a two-day virtual developer conference - will be held on July 18-19 in partnership with WeAreDevelopers and nChain.

The weekend-long virtual event will feature leaders from across the Bitcoin SV ecosystem teaching sessions to educate and upskill developers interested in working on the Bitcoin SV blockchain. The presentations will cover topics designed to provide a foundational knowledge of the Bitcoin network and its programming language (Bitcoin Script), as well as the practical understanding necessary to begin building powerful applications on the blockchain. Attendees will also be treated to a fireside chat with Dr. Craig S. Wright, who will discuss the origins of Bitcoin Script and the potential it represents for future blockchain endeavours.

A full agenda for the Bitcoin SV DevCon 2020 is available at bsvdevcon.net

Bitcoin Association supports the Bitcoin SV blockchain because it is the only blockchain that adheres to the 'Satoshi Vision' and protocol of Bitcoin's creator Satoshi Nakamoto.That vision includes massive scaling to support higher volumes of transactions and diverse data use enabling Bitcoin to function both as a digital currency and a global public ledger for enterprise applications. The Bitcoin blockchain has seen application development explode globally, with over 400 known ventures and projects already making use of BSV's greater scaling, data and micropayments capabilities.

To meet the growing interest in Bitcoin SV development, Bitcoin Association are proud to partner on this first Bitcoin SV DevCon with WeAreDevelopers, a leading online community platform for developers, with a track record of producing best in class educational resources and events, and nChain, the global leader in research and development of enterprise-grade blockchain solutions.

The Bitcoin SV DevCon 2020 is free to attend and registration is open now on the WeAreDevelopers website.

Speaking on today's announcement, Jimmy Nguyen, Founding President of Bitcoin Association, said:

"I'm delighted that today we are able to announce our first ever Bitcoin SV DevCon will be held completely virtually next month. The immense potential that the Bitcoin SV blockchain has for enterprise-grade applications can only be realized with the developer talent there to capitalize on it. That's precisely why we're so excited to be running this event and doing so in partnership with WeAreDevelopers and nChain, both of whom bring a wealth of knowledge and expertise that will ensure that Bitcoin SV DevCon is both an enjoyable and educational experience. There's never been a better time to learn to build on the Bitcoin SV blockchain and there's never been a better place to start that journey than with the Bitcoin SV DevCon 2020."

Also commenting was Steve Shadders, CTO at nChain and Technical Director of the Bitcoin SV Node project, who said:

"The opportunities for developers with the skillset required to build applications on the blockchain are only going to continue to expand. I expect that in the coming years, we will see a new class of specialist developers or "Bitcoin engineers" emerge as businesses look to harness the power and potential of blockchain technology. Bitcoin SV is the only blockchain with the capabilities to fulfil the needs of enterprises and the Bitcoin SV DevCon 2020 is the perfect place to start learning how to work with and develop on it."

For more information on Bitcoin SV DevCon 2020, visit bsvdevcon.net

In August 2020, Bitcoin Association intends to host a China-focused version of the Bitcoin SV DevCon; more information about the China DevCon will be forthcoming.

About Bitcoin Association

Bitcoin Associationis the global industry organization which advances Bitcoin SV. Based in Zug, Switzerland, the non-profit Association brings together enterprises, start-up ventures, developers, merchants, exchanges, service providers, blockchain transaction processors (miners), and others in the Bitcoin SV ecosystem to advance the growth of Bitcoin commerce. The Association seeks to build a regulation-friendly ecosystem that fosters lawful conduct while encouraging digital currency innovation.

SOURCE Bitcoin SV

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Bitcoin Association Announces Bitcoin SV DevCon 2020 in Partnership with WeAreDevelopers and nChain - PRNewswire

6 Reasons Why 2020 Is a Great Year for Bitcoin – CoinDesk – CoinDesk

A Bloomberg senior editor today argued there were six reasons why 2020 was bad for bitcoin. Heres the opposite case.

Bitcoinis up more than 30% on the year. After a crash alongside equities, it has proved incredibly resilient. There are famous new entrants to the space like Paul Tudor Jones II.

So how can a Bloomberg editor argue the year has been bad for bitcoin?

In this response podcast, NLW argues that most of the arguments are about narrative, not the underlying fundamentals. He presents six reasons why not only has it not been a bad year, but the exact opposite is true:

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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JPMorgan Analysts: Bitcoin Is Likely to Survive (as a Speculative Asset) – CoinDesk – CoinDesk

Bitcoin proved itself a resilient asset, if not a stable or useful currency, during Marchs global financial meltdown, according to analysts at one of the worlds largest investment banks.

In a note to investor clients circulated June 11 and obtained by CoinDesk, JPMorgan Chase & Co. analysts described how bitcoin has shifted from a fairly uncorrelated asset to one whose price more closely tracks traditional stocks.

Though correlations were modest and mostly mean-reverting around zero for much of the past couple of years, in recent months they have moved sharply higher in some cases (equities) and lower in others (U.S. dollar, gold), wrote the team of strategists led by Joshua Younger.

The analysts, who normally cover bonds, noted bitcoins success in outperforming traditional assets in March on a volatility-adjusted basis. The report also found that liquidity on major bitcoin exchanges was, surprisingly, more resilient than for traditional assets such as equities, gold, U.S. Treasury bonds and foreign exchange.

The results of their analysis suggest that bitcoin saw among the most severe drops in liquidity around the peak of the crisis in March, but that disruption was cured much faster than other asset classes, the researchers wrote. At this point, bitcoin market depth is above its 1-year trailing average, while liquidity in more traditional asset classes has yet to recover.

Stablecoins, whose values are generally pegged to government currencies, got a brief mention and were described as relatively unscathed by the March turbulence.

From March 2-23, the S&P 500 plunged 29% as investors looked to cash out amid increasing concerns about the coronavirus.

The JPMorgan analysts reckoned that cryptocurrencies successfully passed their first stress test during this period despite volatile price action. During the March panic, crypto valuations did not diverge all that much from their intrinsic values, showing little flight to liquidity within the asset class, the analysts wrote.

While the market structure for crypto during this period was more resilient than its traditional counterparts, according to the report, bitcoin did not quite live up to its reputation in some corners as a port in a storm.

There is little evidence that bitcoin and others served as a safe haven (i.e., digital gold) rather, its value appears to have been highly correlated with risky assets like equities, the report concluded. This all likely points to the continued survival of the asset class, but likely still more as a vehicle for speculation than as a medium of exchange or store of value.

While that may sound like faint praise, the analysts assessment differs sharply from past comments by JPMorgans chairman and CEO, Jamie Dimon, who dismissed bitcoin as a fraud around the height of the 2017 bull market. During the subsequent crypto winter, financial services giants such as Fidelity and ICE began laying the groundwork for potential institutional investment in the asset class.

JPMorgan Chase has been experimenting with blockchain technology since 2016, and it recently began banking two of the largest U.S. crypto exchanges, the megabanks first clients in the sector.

UPDATE (June 15, 11:45 UTC): Added background about JPMorgan.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Encrypted Messaging Site Privnote Cloned to Steal Bitcoin – CoinDesk – CoinDesk

Privnote, a free web service that lets users send encrypted messages that self-destruct once read, has been copied with the reported aim of redirecting users bitcoin to criminals.

In a Sunday post on cybersecurity blog KrebsonSecurity, journalist Brian Krebs warned users of a phishing scam that lures unsuspecting victims to a near-identical version of the privnote.com website known as privnotes.com.

However, the fake site doesnt fully encrypt messages, as Krebs discovered in tests, and can read and/or modify all messages sent by users.

Just as worrying, it contains a script that hunts out messages containing bitcoin addresses and changes the original address into the bad actors own address in the sent message. This would mean any funds sent would arrive at the bitcoin address owned by the criminal, not the one intended by the message sender.

Any messages containing bitcoin addresses will be automatically altered to include a different bitcoin address, as long as the Internet addresses of the sender and receiver of the message are not the same, Krebs said in the post.

Until recently, I couldnt quite work out what Privnotes was up to, but today it became crystal clear, he said.

Krebs explained hed been notified by the owners of privnote.com that someone had built a clone version of their site and that it was tricking users of the legitimate site.

Its not hard to see why: Privnotes.com is confusingly similar in name and appearance to the real thing, and comes up second in Google search results for the term privnote. Also, anyone who mistakenly types privnotes into Google search may see at the top of the results a misleading paid ad for Privnote that actually leads to privnotes.com, Krebs wrote.

A quick Google search by CoinDesk verified this finding.

Making the scam harder to spot, the self-destructing nature of these messages means victims are unable to go back and check on the bitcoin addresses the script alters: they are sent, read and deleted. According to Allison Nixon, chief research officer at Unit 221B, who helped identify and test the phishing scam, said the script appears to only alter the first instance of a bitcoin address if its repeated within a message.

The type of people using privnote arent the type of people who are going to send that bitcoin wallet any other way for verification purposes, Nixon said in the post. Its a pretty smart scam.

Bitcoin-related scams have been on the rise in recent months, particularly with concerns relating the coronavirus pandemic. U.K residents were warned in late March that scams were being used to exploit fear and uncertainty through text messages and emails posing as an official health organization.

Even if you never use or plan to use the legitimate encrypted message service Privnote.com, this scam is a great reminder of why it pays to be extra careful about using search engines to find sites that you plan to entrust with sensitive data, Krebs said.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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3 Reasons Why Bitcoin Price Continues to Reject at $10,000 – Cointelegraph

Within the last hour, the Bitcoin (BTC) price rose to $10,180 on BitMEX before quickly reversing to $9,600. The quick rejection means that for the third time in 30 days, Bitcoinsprice has rejected at the $10,000 resistance level.

Three factors that may have contributed to the volatility are: the Federal Reserves Federal Open Market Committeemeeting, the liquidation of $14 million worth of short contracts, and the continued resilience of the multi-year resistance area from $10,000$10,500.

BTC paints a darth maul candle at BitMEX. Source: Tradingview

The Fed had an FOMC meeting shortly before the sudden spike in Bitcoins volatility. During the meeting, Federal Reserve chairman Jerome Powell stated the jobmarket may have hit rockbottom.

Since March, institutional investors have been cautious about the stock markets short-term trend due to the state of the labor market.

The unemployment rate was initially projected to remain in the double digits and this was a major concern to high-net-worth investors. To shield against downside risk, these investors took shelter in safer alternatives like low-risk bonds.

According to Welt market analyst Holger Zschaepitz, Powell said:

We want investors to price in risk like markets should. [He] says Fed would never hold back support for the economy because it thinks asset prices are too high. Popping asset bubble would hurt job-seekers.

Despite the positive data coming out of the FOMC meeting, both the United Statesstock market and Bitcoin price dropped after it was held.

The trend of the largest digital asset on CoinMarketCap and equities suggests that as soon as the Fed meeting ended, a sell-the-news pullback occurred.

Within a 30-minute window, $14 million worth of Bitcoin shorts were liquidated on BitMEX alone. Compared to other exchanges, the price of BTC rose higher on BitMEX by around $100.

BitMEX XBTUSD liquidations. Source: Skew

As the price of Bitcoin hit $9,600 in a 4% drop within less than 15 minutes, another $2 million worth of longs were liquidated.

In total, in about an hour, around $16 million worth of futures contracts were liquidated in quick succession.

Due to the decline in spot volume in the Bitcoin market since early May, the futures market has accounted for a large portion of the daily BTC volume.

When tens of millions of dollars worth of futures contracts are liquidated in a highly volatile price move in a short period of time, it can cause the price of BTC to move quickly ineither direction.

Since mid-2019, the $10,000$10,500 area has acted as a strong resistance zone for Bitcoin. Every time the price of BTC attempted to break out of this range, it was met with a brutal pullback.

Recently, the price of Bitcoin surpassed $10,000 moments before its big fall to $9,600. Cryptocurrency investor Koroush AK said the move reduced the importance of $9,850 as another resistance level.

He said:

This move was significant. $9,850 is now less important as a resistance. $10,000 is now more important.

In the near-term, the sudden upsurge may weaken the barrier BTC has to break to see an extended rally. However, it also leaves BTC vulnerable to a steeper pullback given that it hit an important liquidity area.

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3 Reasons Why Bitcoin Price Continues to Reject at $10,000 - Cointelegraph

Bitfinex Hackers Move Another $4.1 Million Bitcoin in Their Biggest Pay Day Yet | Exchanges – Bitcoin News

Cyber-thieves from the Bitfinex hack of four years ago continue to cash out, this time transferring the equivalent of $4.1 million in bitcoin to an unknown wallet address.

Crypto tracking tool Whale Alert reports that hackers moved 416 bitcoin (BTC) on June 11. The funds, valued at $4.1 million at the time of the transaction, were sent in 20 separate transactions, each bearing between 15 and 33 BTC.

This is perhaps the biggest pay day yet for the hackers. When the stolen money first moved in June and August 2019, about 170 BTC and 300 BTC worth around $2.3 million and $2.7 million at the time, respectively, flowed.

More recently, the thieves last moved $800,000 or 77.64 bitcoin on June 2. Another transfer of 28.4 BTC valued at $255,000 was executed on May 22. The coins are likely sold to unsuspecting buyers off the market.

Ever carried out in small quantities to provide a false sense of security, the transactions are typically timed to coincide with every increase in the price of bitcoin. BTC spiked sharply on Wednesday to just under $10,000, but the benchmark cryptocurrency once again faced strong resistance at that key level.

The digital asset has since slumped nearly 6% to $9,331 over the last 24 hours, according to data from markets.bitcoin.com. Bitcoin has repeatedly struggled to scale past the $10,000 barrier since the May 11 supply cut event, also known as halving.

The point is regarded as key towards unlocking the long-anticipated bull run, something that has tended to come with every previous halving.

All the three transfers by the Bitfinex hackers over the past three weeks happened almost simultaneously with the BTC price threatening a rise beyond $10,000.

Hackers have chipped away at their multi-million-dollar stash since making off with 120,000 BTC from Hong Kong-based crypto exchange Bitfinex in 2016. Valued at $72 million at the time, that stash of bitcoin is worth over $1.1 billion at current prices.

What do you think about the Bitfinex hackers moves? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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Bitfinex Hackers Move Another $4.1 Million Bitcoin in Their Biggest Pay Day Yet | Exchanges - Bitcoin News

Bitcoin-Friendly Top US Banking Regulator Aims to Solve Banks’ Problems With Decentralization | News – Bitcoin News

The new top banking regulator for the Trump administration sees huge and great promise in cryptocurrency. Focusing on decentralized networks, bitcoin, and rewriting existing regulations, he shares his views on cryptocurrency and the creation of the digital dollar.

Brian Brooks recently became the new acting Comptroller of the Currency, the top banking regulator for the Trump administration. The 51-year-old has experience in crypto, having previously served as general counsel to bitcoin exchange Coinbase. Discussing his views on cryptocurrency, regulation, and technology, Brooks told Forbes:

There is huge and great promise in blockchain and crypto.

He elaborated: Blockchain has potential to connect up, in a decentralized network, all kinds of data It has the ability to create large, friction-free, decentralized networks of people. Brooks believes that blockchain is the solution to our problems, Forbes conveyed. Im very bullish on technology Things like AI, things like blockchain have a better ability to leverage the wisdom of crowds, he was quoted as saying.

As acting Comptroller of the Currency, Brooks is the administrator of the federal banking system and chief officer of the Office of the Comptroller of the Currency (OCC). The OCC supervises nearly 1,200 national banks, federal savings associations, and federal branches and agencies of foreign banks that conduct approximately 70% of all banking business in the U.S. The Comptroller also serves as a director of the Federal Deposit Insurance Corporation (FDIC).

A lawyer by trade, Brooks joined the OCC in March as chief operating officer, appointed by Secretary of the Treasury Steven Mnuchin. The former banker was previously executive vice president and general counsel at Fannie Mae. He, Mnuchin, and former Comptroller Joseph Otting worked together at Onewest Bank in Pasadena, California, which was heavily criticized for its foreclosure practices in the years after the financial crisis.

Discussing his views on cryptocurrencies, Brooks told the publication that he is looking for decentralized networks in general he cited bitcoin, ether and XRP in particular to solve many of the problems hindering more than one-thousand financial institutions under his purview, Forbes contributor Cory Johnson detailed.

The new acting comptroller also revealed that he is focusing on rewriting existing regulation on bank digital activities. Citing banks antiquated money transfer methods, he said that it takes three days to transfer money from the U.S. to Europe on the SWIFT network. Not only is peoples money at risk during that time, but they also incur foreign exchange fees, he noted, adding that these problems can be eliminated using digital assets.

Moreover, Brooks sees a threat in other countries modernizing their payment systems, leaving the U.S. lagging behind. Criticizing the Feds version of faster payments, he revealed: There are certain O.C.C. regulations that require that certain things be transmitted by fax and require banks maintain a fax number. Those were written at a time when faxes were a cool technology. Now theyre mandates.

Regarding the digital dollar, Brooks is skeptical about the federal government issuing one. He opined:

Im not in favor of a government-created token I just dont think thats the role of government, quite honestly. But I think that the Fed and the SEC need to be putting up frameworks of what that digital currency needs to be.

Meanwhile, the most crypto-friendly commissioner with the U.S. Securities and Exchange Commission (SEC) is set to serve another term. Commissioner Hester Peirce, often known in the crypto community as crypto-mom, has been nominated for another term as an SEC commissioner. Her existing term expires this month but commissioners may serve up to 18 months beyond the expiration of their terms. Peirces nomination needs to be confirmed by the Senate.

A strong advocate of the SEC approving bitcoin exchange-traded funds (ETF), she introduced the Token Safe Harbor Proposal in February to fill the gap between regulation and decentralization, proposing a grace period of three years for tokens. The commissioner recently said that there is an increasing demand for cryptocurrency, particularly from institutional investors.

What do you think about the U.S. having a crypto-friendly top banking regulator? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, OCC

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Forget Bitcoin! I’d rather get rich and retire early with cheap FTSE 100 stocks – Yahoo Finance UK

Just as a high tide lifts all boats, shares all across the FTSE 100 have plummeted following the Covid-19 outbreak. Sure, the UKs premier share index might have recovered strongly from the depths in late March. Its currently up 25% from those decade-long lows. But there remain a whole load of great Footsie shares that remain wildly oversold.

To quote the legendary economist John Maynard Keynes: Markets can remain irrational for longer than you can remain solvent. But rather than grumble, Id argue that the strange slump in many share prices provides an exceptional once-in-a-lifetime opportunity to grab some choice bargains.

Ah, but wouldnt I be better off using my money to buy into Bitcoin instead, you may ask? The virtual currency was washed out just like the FTSE 100 as coronavirus fears spread. But the bounceback here has been even more spectacular than that of the Footsie.

Since mid March Bitcoin has more than doubled from its Covid-19 troughs and was last trading around the $9,500 marker. Like the FTSE 100, crypto assets have benefitted from rising risk appetite as lockdown measures have been unwound in major economies, and central banks have continued printing money like its going out of fashion.

Could Bitcoin have further to go? Its quite possible. I wouldnt be surprised to see it double again by the autumn. However, I wouldnt be shocked were it to halve in value over the period, either. And therein lies the problem with the new-age currency. Its prone to wild price swings that on most occasions follow neither rhyme nor reason.

Screen of price moves in the FTSE 100

As I say, the FTSE 100 has been extremely choppy of late. But one can understand why share pickers are jittery. The global economy faces the biggest downturn since the 1930s, after all. Volatility in Bitcoin is common during both good times and bad. It removes the need for sound investor thinking and makes success or failure more of a question of mere timing and luck. I for one am not prepared to risk my hard-earned money on an asset class where shrewd decision making plays no part.

Besides, at current prices there are a galaxy of FTSE 100 stocks I think are too cheap to miss. Some British blue chips carry the sort of low valuations that could turbocharge overall returns for long-term investors. So why take a chance with choppy Bitcoin?

Take GlaxoSmithKline as an example. This particular Footsie stock trades on a forward earnings multiple of just 14 times while it carries a monster 5% dividend yield for 2020, too. Its in great shape to deliver big investor profits in the years ahead as a rising global population and booming healthcare spending in emerging regions drives demand for its drugs.

Or what about DS Smith? This FTSE 100 stalwart can expect demand for its environmentally friendly packaging to keep increasing as its critical e-commerce market steadily expands. And this big cap carries a price-to-earnings ratio of 11 times for 2020 and a bulky 4.5% dividend yield. But dont worry if you dont fancy either of these; there is a huge selection of cut-price Footsie shares to choose from at the moment.

The post Forget Bitcoin! Id rather get rich and retire early with cheap FTSE 100 stocks appeared first on The Motley Fool UK.

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Royston Wild owns shares of DS Smith. The Motley Fool UK owns shares of and has recommended GlaxoSmithKline. The Motley Fool UK has recommended DS Smith. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.

Motley Fool UK 2020

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Forget Bitcoin! I'd rather get rich and retire early with cheap FTSE 100 stocks - Yahoo Finance UK

Developer Activity Surrounding Eos, Tron, and Bitcoin Cash Plummets – Cointelegraph

A report published by blockchain and AI investment firm Outlier Ventures has found a decline in developer activity of roughly 20% on average across 12 leading blockchain and cryptocurrency projects.

In Outlier Ventures Blockchain Developer Report for the second quarter of 2020, the firm notes that development fell by half for top markets Bitcoin Cash (BCH), Eos (EOS), and Tron Tron (TRX).

Despite the retraction in building, the firm notes that some signs of strong developer activity surrounding various crypto projects, with Theta (THETA) and Cardano (ADA) seeing increases in core code updates of 931% and 580% respectively.

Eos saw the fastest drop in development, with the projects mainnet launch in June year precipitating an 86% fall in building taking place.

Bitcoin Cash saw the second-largest decline in activity, with development falling by 63%. Outlier Ventures attributes much of the drop to the Bitcoin SV (BSV) fork that took place in November 2018.

Tron also saw a heavy retracement in development, with a 53% drop in activity.

Monthly active development on Tron, Eos, and Bitcoin Cash: Outlier Ventures

Cardano, Bitcoin (BTC), Ethereum (ETH), and Corda all saw activity fall by nearly 20%, while Ripple (XRP), Hyperledger, and Stellar (XLM) also saw development declines year-over-year.

Polkadot and Cosmos (ATOM) were the only projects to exhibit an increase in total development, increasing by 15% and 44% respectively.

The report also measured the number of weekly commits and code updates for the top 30 open-source protocols by market cap, plus Corda and Hyperledger.

Weekly code updates for Eos, Tron, and MakerDAO (MKR) saw huge update decreases of 94%, 96%, and 98% respectively, with VeChain (VET), Stellar, BSV, Neo (NEO), Crypto.com (CRO), Cosmos, IOTA (MIOTA), and Polkadot also posting declines overall.

However, more than 50% of the projects examined saw a significant increase in code updates, including Ethereum Classic (ETC), Chainlink (LINK), and Bitcoin.

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Developer Activity Surrounding Eos, Tron, and Bitcoin Cash Plummets - Cointelegraph

Bitcoin is becoming more trustworthy than big banks, says survey – Decrypt

People around the world are increasingly trusting Bitcoin over big banks, according to a new survey conducted by fintech news site The Tokenist. The survey, which polled 4,852 participants across 17 countries, found that 47% of respondents trust Bitcoin over big banks, an increase of 29% in the past three years.

The survey also showed a striking generation gap when it comes to Bitcoin and the banks. While over half (51%) of millennials trust Bitcoin over big banks, an increase of 24% over 2017, over nine in ten (93%) of over-65s trust big banks over Bitcoin.

The over-65s are wary of Bitcoin in general, with half of those polled thinking that its a bubble, versus less than a quarter (24%) of millennials.

Millennials embrace of Bitcoin is partly down to increased familiarity; 78% of millennials are somewhat familiar with Bitcoin, versus 61% of total respondents, and 14% of them have owned Bitcoin. In the next five years, 44% of millennials expect to buy some Bitcoin.

Not surprisingly, then, the survey also found that 59% of millennials are confident that Bitcoin will see mass adoption within the next 10 years, and that most people around the world will likely be using it by that time.

While millennials may be leading the way in Bitcoin adoption, the survey found increased knowledge of, and growing confidence in, Bitcoin among all age and gender groups surveyed, its writers stated.

Six in ten (60%) of those polled felt that Bitcoin is a positive innovation in financial technology, an increase of 27% in three years. And over 45% of respondents preferred Bitcoin over stocks, real estate and gold.

Three years ago, many of the largest BTC brokers were relatively new and were therefore accorded a low level of trust, said the reports writers. Now, there appears to be an appreciation of the maturity, and stability, of these providers.

With stocks and shares taking a beating in the wake of the coronavirus pandemic and subsequent lockdown, some Bitcoin advocates are arguing that this is the cryptocurrencys moment. Though with Bitcoins price fluctuating in recent days, it clearly has some way to go yet.

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Bitcoin is becoming more trustworthy than big banks, says survey - Decrypt

Bitcoin Is More Than an Inflation Hedge – CoinDesk – CoinDesk

While fears of a great monetary inflation have driven the recent bitcoin narrative, other aspects like censorship resistance and peaceful protest matter just as much.

When bitcoins halving coincided with the most aggressive central bank policy of all time, it set a clear narrative framework forbitcoinas an inflationary hedge. This was captured by people like legendary hedge fund investor Paul Tudor Jones, who warned of a great monetary inflation.

In this episode, NLW argues 1) that inflation could be a dangerous narrative to focus on too closely due to a number of countervailing deflationary forces, and 2) there are a variety of other narratives that are just as important to bitcoin, including:

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Bitcoin Is More Than an Inflation Hedge - CoinDesk - CoinDesk