Bank of Singapore’s Chief Economist Says Cryptocurrencies Could Edge Out Gold

Bank of Singapore’s Chief Economist Says Cryptocurrencies Could Edge Out Gold

But certain risks, such as trust, volatility, and regulatory clarity, need to be addressed first.

The Bank of Singapore is the latest institution to favor cryptocurrencies in its push to usurp gold. Optimism over the asset class is high, with the industry showing signs of more growth.

While Bitcoin and several other large-cap cryptos appear to be on the upsurge again, sentiment about the crypto market is gaining momentum.

However, many are still hung up on the leading cryptocurrency’s recent performance, and talks of the asset usurping gold as the global reserve currency have continued.

No Way Over Fiat, but Time’s Up for Gold

The latest body to weigh in on the prospect of Bitcoin overtaking gold is the Bank of Singapore. According to a report from The National news, the bank recently published a research note where it touted cryptocurrencies as a possible replacement for gold down the line.

In the report, the Bank of Singapore argues that cryptocurrencies are unlikely to replace fiat currencies – practically pouring cold water on the hopes of those who are touting the digital yuan and other Central Bank Digital Currencies (CBDCs).

Mansoor Mohi-uddin, the bank’s chief economist, explained that cryptocurrencies are an inefficient unit of exchange, and central banks won’t be able to print them at will in times of crisis. However, he also explained that digital assets are more likely to become the major safe-haven asset. With the market showing significant potential over the past few years, there is every reason to believe that cryptocurrencies could easily overtake gold.

To do this, the bank believes that cryptocurrencies will need to overcome some hurdles. For one, it pointed out the need for trusted institutions that will provide custody for investors. Many cryptocurrencies would also need to be more liquid, allowing high levels of trading and other activities to take place. Improved liquidity will also reduce volatility, a problem that the crypto industry has had for years.

Everyone Loves Crypto

The Bank of Singapore isn’t the only institution pumping Bitcoin to overtake gold eventually. In a recent opinion piece, Anthony Scaramucci and Brett Messing, two executives at New York-based hedge fund SkyBridge Capital, explained that Bitcoin is ripe for investment as its ownership is now as safe as gold and government bonds.

SkyBridge Capital filed with the Securities and Exchange Commission to launch its Bitcoin fund last December. When the fund launched fully earlier this month, the New York firm claimed that it had as much as $310 million in exposure to the leading cryptocurrency.

Investment banking giant JP Morgan has also touted Bitcoin’s chances of taking up more of gold’s market share. In an investment note, the company’s strategists said:

“The adoption of bitcoin by institutional investors has only begun, while for gold, its adoption by institutional investors is very advanced. If this medium to longer-term thesis proves right, the price of gold would suffer from a structural headwind over the coming years.”

Institutional investment is sure to push Bitcoin and the entire crypto market even higher. With government regulation expected soon, the future definitely looks bright for this fledgling market.

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Author: Jimmy Aki

Crypto Hardware Wallet Ledger: ‘Funds are Safe’ After ‘BigSpender’ Vulnerability Found

A vulnerability was recently discovered by ZenGo in popular cryptocurrency wallets Ledger, Edge, and BRD. Named BigSpender, the vulnerability could lead to a double-spend and an incorrect balance on the wallet.

Double-spending is spending the same money more than once and preventing it is one of the most critical tasks of any digital currency system.

The issue with BigSpender is that “vulnerable wallets are not prepared for the option that a transaction might be canceled and implicitly assume it will get confirmed eventually.”

This negligence results in increasing a user’s balance on an unconfirmed incoming transaction but doesn’t decrease if the transaction is double-spent.

Other implications included the state of canceled transactions not updated in the users’ transaction history, canceled transactions’ coins still being selected by the wallet’s software, and user interfaces not well distinguished from a confirmed state.

Easy with Minimal Risk

The vulnerability was found while investigating the handling of Bitcoin’s Replace-by-Fee (RBF) feature, a standard method that allows users to “undo” a yet to be confirmed transaction by sending another transaction, spending the same coins with a higher fee.

Due to RBF’s standard nature, attackers can easily and with minimal risk launch the basic double-spend, amplification attack, and Denial-of-Service (DoS) BigSpender exploits.

According to the ZenGo report, in some of the vulnerable wallets, this attack is hard or even impossible to recover from in which DoS attack becomes permanent.

Attackers don’t even need a big amount of money to launch the attack, they only pay for the small cancellation fees. And they do it by sending a small amount to many users of a vulnerable wallet as it doesn’t need the consent of victims which are then unable to use their funds.

Funds are Safe

BRD has related a fix while Edge and Ledger are working on it. Ledger and BRD have already handed bug bounty awards to ZenGo.

“There is no actual double-spend being performed. The user funds stay safe,” Ledger told Forbes.

In its official response, Ledger reassured that “it’s not a vulnerability, but instead a clever piece of social engineering where a malicious actor would try to trick you.” The vulnerability cannot be used to get the 24-word recovery phrase or access your crypto in any way. Your funds are safe, it said.

ZenGo has also released an open-source tool checking your BigSpender vulnerability in Bitcoin wallets.

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Author: AnTy

Cindicator Launches Edge Web App To Track 150 Crypto Assets Using Hybrid Intelligence indicators

Cindicator, the hybrid intelligence company recently introduced Edge, a new web-based application that can be used to receive and track indicators for more than one hundred and fifty cryptocurrency assets.

Estimating Possibilities In The Marketplace

According to information provided in a blog post published on September 11th, Cindicator Edge, the new product is targeting CND (Cindicator) token holders. At the moment, only the demo version has been provided by the company.

The new product is aimed at helping the token holders to make valuable trading decisions by being able to estimate probabilities of numerous events that are likely to occur across more than 150 digital futures, stocks, and assets, this according to the official company announcement.

For users to be able to receive the indicators on a real-time basis, they will be required to ensure that they have connected the application to their ETH wallet address. When the connection is established, it will help to unlock a maximum of 12 indicators each week.

Vlad Kazakov who is the current owner of Cindicator Edge stated that the product was tested with about four hundred users prior to the release of the demo. In the tests, it was found to work well with many of its testers giving it a positive review.

Partnership Agreement With Kyber

In the announcement released via the blogpost, Cindicator also mentioned that it had entered into a partnership agreement with Kyber. Kyber is a payment service and an-chain liquidity protocol that facilitates the automatic conversion of cryptocurrency assets. This partnership made it easier for the application users to integrate their CND tokens into the other readily available tokenized environments.

Kyber additionally provided the application’s users with options to help them acquire CND tokens directly from the Edge application. This means that users did not have to go back to an exchange for them to transfer their available tokens to the external wallet.

This news comes in the heels of the CND tokens being listed on the Kyber Network. The listing occurred on August 13th, 2019 and was formally announced by Cindicator. CND had earlier in the year been listed on Allbit.

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Author: Daniel W