The Crypto News Podcast

Episode 024: Saturday 24th March 2018

Show title: Just When You Thought It Was Safe … A Teenager Comes Along And Messes With Your Cold Storage Wallet!

Coming up in today’s show:

  • Just when you thought you had your cryptos safe on a Ledger Nano S – a teenager comes along and finds a massive vulnerability!
  • We hear bullish predictions that Bitcoin wil be king in a decade .. and none of John McAfee’s body parts are implicated in that prediction …
  • In the week that Tether issued another 300 mln USDT tokens, we hear how the US government might soon be taking a leaf out of their book!

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The Top 5 Crypto News Stories from this week's show:

5 > Controversial Tether Issues $300 Mln In New Tokens, Critics React

After a one-and-half month pause, Tether, is back to printing USDT tokens. The controversial project has printed out $300 million worth USDT tokens yesterday.

Tether’s close relationship with Bitfinex exchange has led to speculation that the dollar-pegged token is being used to artificially rake up the price of cryptocurrencies.

While there is no empirical proof of Tether’s involvement in the Bitcoin’s rally in the final months of 2017, the cryptocurrency market continues to suspiciously track the release of Tether tokens.

The majority of crypto market participants are concerned that Tether is yet to provide an audited proof of its dollar holdings.

https://cointelegraph.com/news/controversial-tether-issues-300-mln-in-new-tokens-critics-react

https://www.newsbtc.com/2018/03/21/tether-issues-another-300m-bitcoin-price-reverses-course/

https://www.legalgamblingandthelaw.com/news/tether-prints-300-million-usdt-will-crypto-market-see-another-pump/

4 > Bitcoin will be the world’s single currency, says Twitter and Square CEO Dorsey

Twitter and Square chief executive Jack Dorsey nailed his colours to the bitcoin mast today, when he told the Times of London that bitcoin would be the top currency in 10 years.

“The world ultimately will have a single currency,” said Dorsey. “The internet will have a single currency. I personally believe that it will be bitcoin,” he continued, adding that it would take “probably over ten years, but it could go faster”.

https://www.ccn.com/bitcoin-will-be-worlds-leading-currency-in-10-years-square-ceo-jack-dorsey/

https://ethereumworldnews.com/dorsey-says-bitcoin-worlds-single-currency-in-10-years-so-when-does-twitter-start-taking-btc-payments/

https://beat.10ztalk.com/2018/03/21/bitcoin-will-be-king-in-a-decade/

https://www.coindesk.com/peter-thiel-bitcoin-will-one-online-equivalent-gold/

3 > The US Government Lost $1.2 Trillion In 2017

Earlier this month, the United States government released its annual financial report for the year 2017.
This is something the government does every year HOWEVER Right at the beginning of the report, the government explains that it’s “net loss” for the year was an unbelievable $1.2 TRILLION.
Altogether, the government is in the red by almost $70 trillion.

Any rational person needs only look to the pages of history to find dozens of examples of once dominant powers who were crippled by their excessive debts.

https://www.zerohedge.com/news/2018-02-27/us-government-lost-12-trillion-2017

2 > British Teenager Exposes Vulnerability in Ledger’s Nano S Cryptocurrency Wallet

Cryptocurrency hardware wallet manufacturer Ledger continues to refute claims its devices can be hacked after a teenager compromised them, Ars Technica reports today, March 21.

After British 15-year-old Saleem Rashid created code to ‘backdoor’ Ledger’s wallets in November 2017, the company released posts describing the events as “NOT critical” and said possible attacks “cannot extract the private keys or the seed.”

Rashid then refuted the claims on social media and a post on his personal blog entitled “Breaking the Ledger Security Model” March 20, stating he could still “autonomously extract the root private key once the user unlocks the device” and use to it instigate manipulation of destination addresses for transaction

https://www.forbes.com/sites/chuckjones/2018/03/17/chart-shows-bitcoin-hitting-91000-by-march-2020/

https://arstechnica.com/information-technology/2018/03/a-tamper-proof-currency-wallet-just-got-trivially-backdoored-by-a-15-year-old/

https://cointelegraph.com/news/teenager-who-hacked-ledger-hardware-wallet-says-devices-still-vulnerable-devs-deny

Top Story 1 > No, There Isn’t Child Porn on the Bitcoin Blockchain

Anyone swiping through the tech news on their tablet this week may have been startled by an unsavory story.

Child pornography (CP) is permanently encoded in the bitcoin blockchain accoriding to mainstream media reports, making anyone who downloads the blockchain guilty of accessing CP.

Not only is this old news, but it’s fake news. Understanding why calls for taking a quick dip into bitcoin’s code.

Only miners have the ability to insert data in this manner, and it’s typically used to signal mining support for proposed protocol changes.

There are five other ways in which data can be encoded on the bitcoin blockchain, and it is the OP_RETURN option that is at the center of the child pornography story.

The 2017 research paper explains that “this method is appropriate for inserting small amounts of data (or transaction metadata), but it is not suitable for large quantities of data.”
To assert that the bitcoin blockchain contains child pornography is disingenuous, and is no more meaningful than saying that the internet contains CP.

You could live to 100 and never encounter CP on the web, because that’s not how the web works. And that’s not how the blockchain works either.

https://news.bitcoin.com/no-isnt-child-porn-bitcoin-blockchain/

https://beat.10ztalk.com/2018/03/21/no-there-isnt-child-porn-on-the-bitcoin-blockchain/

Original story: https://www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-price-latest-child-sexual-abuse-images-blockchain-illegal-transactions-research-a8266226.html

This week's Crypto quickies:

1) Ethos: One wallet to rule them all.

https://www.ethos.io/universal-wallet/

Also see: https://www.abra.com/blog/20-new-cryptocurrencies/

2) New people to follow on Twitter (just summarise, direct to resources page)

https://twitter.com/CryptOrca

https://twitter.com/Anbessa100

https://twitter.com/SecretsOfCrypto

https://twitter.com/notsofast

https://twitter.com/kazonomics

https://twitter.com/mariana85

3) Amazing Crypto resources:

https://medium.com/@ImagineTraffic/27-amazing-resources-for-bitcoin-and-cryptocurrency-traders-911a7e92d918

4) YouTube documentary – Decentralised Deception

https://www.youtube.com/watch?v=5KXHgh2rTTw&feature=youtu.be

YouTube documentary – Decentralised Deception

5) 6 Ways Crooks Steal Bitcoins

https://beat.10ztalk.com/2018/03/21/top-6-ways-crooks-steal-bitcoins/

6) Our new logo!

Crypto News Podcast

7) Lightning Network feature:

https://cointelegraph.com/news/the-payment-industry-is-about-to-be-struck-by-lightning-expert-take

[Note: We're happy to attribute sources where we can. If you haven't branded your graphic and you'd like us to add a link, please email us at questions@cryptonewspodcast.com]

This week's Top 5 Crypto Coins:

See https://cointracking.info/coin_trends.php for the latest stats.

Paul's Fantasy Crypto Portfolio:

See http://cryptonewspodcast.com/paul

Paul Teague

Alison's Fantasy Crypto Portfolio:

See http://cryptonewspodcast.com/alison

Alison's Bitcoin-only portfolio: http://cryptonewspodcast.com/BTC

Your Crypto Portfolios:

See https://cryptonewspodcast.com/your-crypto-portfolios/

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