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South Korean Web Hosting Provider Pays $1 Million In Ransomware Demand

South Korean Web Hosting Provider Pays $1 Million In Ransomware Demand

An anonymous reader writes: Nayana, a web hosting provider based in South Korea, announced it is in the process of paying a three-tier ransom demand of nearly $1 million worth of Bitcoin, following a ransomware infection that encrypted data on customer’ servers. The ransomware infection appears has taken place on June 10, but Nayana admitted to the incident two days later, in a statement on its website. Attackers asked for an initial ransom payment of 550 Bitcoin, which was worth nearly $1.62 million at the time of the request. After two days of negotiations, Nayana staff said they managed to reduce the ransom demand to 397.6 Bitcoin, or nearly $1 million. In a subsequent announcement, Nayana officials stated that they negotiated with the attackers to pay the ransom demand in three installments, due to the company’s inability to produce such a large amount of cash in a short period of time. On Saturday, June 17, the company said it already paid two of the three payment tranches. In subsequent announcements, Nayana updated clients on the server decryption process, saying the entire operation would take up to ten days due to the vast amount of encrypted data. The company said 153 Linux servers were affected, servers which stored the information of more than 3,400 customers.

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Posted by amiller in bitcoin, Blog
NYTimes: Move Over, Bitcoin. Ether Is the Digital Currency of the Moment.

NYTimes: Move Over, Bitcoin. Ether Is the Digital Currency of the Moment.

An anonymous reader shares a report: The price of Bitcoin has hit record highs in recent months, more than doubling in price since the start of the year. Despite these gains, Bitcoin is on the verge of losing its position as the dominant virtual currency. The value of Ether, the digital money that lives on an upstart network known as Ethereum, has risen an eye-popping 4,500 percent since the beginning of the year (alternative source). With the recent price increases, the outstanding units of the Ether currency were worth around $34 billion as of Monday — or 82 percent as much as all the Bitcoin in existence. At the beginning of the year, Ether was only about 5 percent as valuable as Bitcoin. The sudden rise of Ethereum highlights how volatile the bewildering world of virtual currency remains, where lines of computer code can be spun into billions of dollars in a matter of months. […] The two-year old system has picked up backing from both tech geeks and big corporate names like JPMorgan Chase and Microsoft, which are excited about Ethereum’s goal of providing not only a digital currency but also a new type of global computing network, which generally requires Ether to use. In a recent survey of 1,100 virtual currency users, 94 percent were positive about the state of Ethereum, while only 49 percent were positive about Bitcoin, the industry publication CoinDesk said this month.

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Posted by amiller in bitcoin, Blog

Photos of NVIDIA’s Pascal 1060-Based Cryptocurrency Mining GPUs Leaked

We weren’t joking when we said both AMD and NVIDIA are working on Cryptocurrency-specific graphics cards. Pictures of NVIDIA’s Pascal 1060-based cryptocurrency-specific GPUs have surfaced on Expreview. These cards look much different than gaming cards as they do not have display outputs, but also lack any fan or active cooling.

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Posted by amiller in All News, bitcoin, Blog, cryptocurrency, Cryptocurrency Mining, ethereum, Hardware News, Mining, Nvidia, Pascal, Zcash
Why Ethereum Is Outpacing Bitcoin

Why Ethereum Is Outpacing Bitcoin

Even as Bitcoin hits its all-time high, it has waned people’s interest in other cryptocurrency, especially Ethereum. But what makes Ethereum popular among some? From an article on VentureBeat: Despite its recent appreciation in value, as a technology, Bitcoin has stagnated over the last three years. Two rival factions have emerged with violently opposing views on what should be done to allow the Bitcoin network to handle more transactions than it can right now. While Bitcoin has been paralysed by indecision, Ethereum has raced ahead with technology that not only does everything Bitcoin can do faster, in higher volume, and at lower cost — it does a lot more besides. […] Bitcoin is really only useful as a store of value. Even then, its usefulness for actually transacting value is limited. In a world where people are used to online payments being confirmed instantly, Bitcoin transactions can take anywhere from tens of minutes to several hours, depending on how busy the network is. It’s also expensive — especially if you’re only sending small amounts. The average transaction currently costs about $1.50. Ethereum, on the other hand, was never intended as a Bitcoin competitor. Ethereum is actually a platform for new kinds of decentralized (often financial) applications (dApps) that run on a peer-to-peer network of computers. These dApps are designed to disintermediate the kinds of relationships and transactions for which we have traditionally required things like banks, public registries, and the legal system. For technologists, this is exciting stuff, and a vibrant community of software developers has enthusiastically embraced it. Hundreds of projects, startups, and companies at every scale — including the likes of Intel, Microsoft, and Samsung — are building software using Ethereum.

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Posted by amiller in bitcoin, Blog
Opioid Dealers Embrace the Dark Web To Send Deadly Drugs by Mail

Opioid Dealers Embrace the Dark Web To Send Deadly Drugs by Mail

Anonymous online sales are surging, and people are dying. Despite dozens of arrests, new merchants — many based in Asia — quickly pop up. From a report on the New York Times: In a growing number of arrests and overdoses, law enforcement officials say, the drugs are being bought online. Internet sales have allowed powerful synthetic opioids such as fentanyl — the fastest-growing cause of overdoses nationwide — to reach living rooms in nearly every region of the country, as they arrive in small packages in the mail (syndicated source). The authorities have been frustrated in their efforts to crack down on the trade because these sites generally exist on the so-called dark web, where buyers can visit anonymously using special browsers and make purchases with virtual currencies like Bitcoin. The problem of dark web sales appeared to have been stamped out in 2013, when the authorities took down the most famous online marketplace for drugs, known as Silk Road. But since then, countless successors have popped up, making the drugs readily available to tens of thousands of customers who would not otherwise have had access to them. Among the dead are two 13-year-olds, Grant Seaver and Ryan Ainsworth, who died last fall in the wealthy resort town of Park City, Utah, after taking a synthetic opioid known as U-47700 or Pinky. The boys had received the powder from another local teenager, who bought the drugs on the dark web using Bitcoin, according to the Park City police chief.

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Posted by amiller in bitcoin, Blog
What the Hell Is Happening To Cryptocurrency Valuations?

What the Hell Is Happening To Cryptocurrency Valuations?

The investment category of cryptocurrencies hit a new milestone this week, one that would have been unfathomable just a couple of years ago: $100 billion in combined market capitalization. The break above the 12-digit threshold is largely attributable to bitcoin, which is by far the largest digital currency in the still-nascent category, and which has been on a tear lately. From a TechCrunch article: There is one rational explanation that, if true, would totally justify this rapid increase in price across some of the major cryptocurrencies. And that is, maybe these currencies are actually worth these high prices, and maybe even worth many times more than that at which they are currently trading. But the problem is we have no way to figure out their value. Cryptocurrencies aren’t public companies with earnings and expenses and EPS. For example, we can look at Apple’s financials and determine its book value — what the company’s assets would be worth if hypothetically liquidated today. Of course, stocks trade at a premium to this, because people are enthusiastic that Apple will continue to perform well and this book value will continue to rise. But we can’t do this with cryptocurrencies. We could guess — and compare it to things like the total money or gold supply in the U.S. For example, if you’re someone who thinks of cryptocurrencies as a store of value, the total estimated value of all gold in the world is more than $8 trillion dollars… meaning if bitcoin would ever replace or supplant gold, its current value is pennies on the dollar.

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Posted by amiller in bitcoin, Blog

NVIDIA & AMD To Launch Mining-Oriented Graphics Cards

As a result for the high demand of these cards (both AMD and NVIDIA), it seems both companies are working on specialized versions of their graphics cards specifically made for mining crypto-currency.

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Posted by amiller in All News, AMD, bitcoin, Blog, Crypto-Currency, cryptocurrency, ethereum, Graphics Cards, Hardware News, Nvidia, Zcash
Bitcoin Surges 10% To All-Time High Above $2,700, Has Now Doubled in May

Bitcoin Surges 10% To All-Time High Above $2,700, Has Now Doubled in May

An anonymous reader writes: In another intraday jump of more than $200, bitcoin surged to a record Thursday on strong Asian demand overnight. Bitcoin jumped more than 10 percent to an all-time high of $2,752.07, more than twice its April 30 price of $1,347.96 according to CoinDesk. The digital currency last traded near $2,726. At Thursday’s record, Bitcoin has now gained more than 45 percent since last Thursday and more than 180 percent for the year so far. “There is no question that we are in the middle of a price frenzy,” said Brian Kelly of BKCM, in a note to clients Thursday. “There will be a correction and it could be severe, but it’s unclear if that correction will start from current prices of $2700 or from some place much higher.”

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Posted by amiller in bitcoin, Blog
Ethereum Could Be Worth More Than Bitcoin Very Soon

Ethereum Could Be Worth More Than Bitcoin Very Soon

Ethereum is an open software platform based on blockchain technology that enables developers to build and deploy decentralized applications, according to Blockgeeks. It is currently the second most valuable cryptocurrency on the planet, but it could overthrow Bitcoin and become the most valuable cryptocurrency in the near future. Inc.com reports: If you aren’t familiar, what Bitcoin does for payments, Ethereum does for anything involving programming and computing. While it utilizes its own version of a blockchain, it is functionally different from Bitcoin. For example, on the Ethereum platform you could host a crowdfunding campaign or any type of “smart contract.” Ethereum’s goal is to make a decentralized internet. And it has a very good shot at becoming “the new internet,” literally. It could one day replace a lot of technology and ways that we host and execute code online. As of the time of writing, Ethereum has a market cap of over $17 billion. Bitcoin’s market cap is $34 billion. This makes Ether (the name of Ethereum’s token) the second most valuable cryptocurrency in the world. And that number jumped up over $3 billion just yesterday. It’s making a major climb and has no end in sight, according to many. The Enterprise Ethereum Alliance is what initially spiked major interest (and shot up the price). Just the other day, 86 new companies joined the alliance.

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Posted by amiller in bitcoin, Blog