“It’s Not Possible To Destroy Crypto,” says Tesla CEO Elon Musk

“It’s Not Possible To Destroy Crypto,” says Tesla CEO Elon Musk

The Bitcoiner and SpaceX CEO does believe that governments can “slow down its advancement” while noting that “cryptocurrency is fundamentally aimed at reducing the power of the Chinese government.”

“Any form of money has no power in and of itself except as an exchange of value between people,” said Tesla CEO Elon Musk in an interview on Tuesday.

Musk, who has a love and hate relationship with the cryptocurrency community, recently had some positive views to share on the industry.

In a wide-ranging interview at the Code Conference in Beverly Hills, California, on cryptocurrencies, Musk said, “There is value in crypto, but I don’t think it’s the second coming of the Messiah,” he added:

“But it will hopefully reduce error and latency in the legacy money system.”

This year, Musk made the waves by announcing that the electric car maker has $1.5 billion worth of Bitcoin on its balance sheet and started accepting BTC as payments. He later also revealed that he personally owns BTC, Ether (ETH), and Dogecoin (DOGE) and that SpaceX holds Bitcoin as well.

The crypto community was excited about Musk’s support, only for it to come crashing down the same as Bitcoin price when the billionaire made uneducated comments on the largest cryptocurrency’s impact on the environment and blockchain scalability.

At the event this week, Musk commented on his influence on the price of crypto, saying it is a good thing but “if the price goes up.”

Besides Musk, China’s crypto ban in the summer was also a contributing factor in the 50% drop in BTC price in the month of May. This past week, China’s strongest regulatory signal against crypto yet again is keeping the prices subdued in the market.

Commenting on China’s action against crypto, Elon said, “It would appear they don’t love cryptocurrency.”

This could be due to the country’s “significant electricity generation issues,” which may in part be due to “electricity shortages in many parts of China” resulting in random power outages as demand for power being higher than expected and “crypto mining might be playing a role in that,” he said.

But more than that, the decentralized nature of cryptos may present a challenge for the Chinese government.

“Cryptocurrency is fundamentally aimed at reducing the power of the Chinese government, and they don’t like that.”

Overall, he doesn’t believe that governments should take control of crypto. As for, if the US government should get involved in space, according to Musk, they should “do nothing.”

“It is not possible to, I think, destroy crypto,” he further said, adding, but it’s possible for governments to “slow down its advancement.”

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Author: AnTy

Not the Time to Pick Winners or Losers in Crypto Tech, says Tesla CEO as Treasury Crusades Against the Industry

Not the Time to Pick Winners or Losers in Crypto Tech, says Tesla CEO as Treasury Crusades Against the Industry

The controversial bipartisan infrastructure bill with its crypto tax provision gained new supporters in the form of Tesla CEO Elon Musk, who tweeted early on Saturday,

“This is not the time to pick technology winners or losers in cryptocurrency technology. There is no crisis that compels hasty legislation.”

This support came in response to cryptocurrency exchange Coinbase co-founder and CEO Brian Armstrong discussing the competing amendment proposed by Mark Warner and Rob Portman and calling it “disastrous” because it supports one foundational technology over the other.

White House actually came in support of the Warner-Portman amendment as we reported, and according to a WSJ report, Treasury Secretary Janet Yellen has spoken to lawmakers to raise objections to the effort led by Senate Finance Committee Chairman Ron Wyden along with Cynthia Lummis and Pat Toomey, which the crypto community supports.

“Word in DC is that this whole thing was Treasury’s idea. They don’t like what we’re building & their solution is to obtain jurisdiction over non-custodial actors. They tried this via FinCEN’s proposed rule last year & failed. Now they’re trying again,” said Jake Chervinsky, general counsel at Compound Finance.

Senator Toomey also spoke against Treasury’s attempt to gain maximum flexibility to regulate and tax crypto as they see fit, which he urged Congress shouldn’t allow to happen.

“Good policy apparently isn’t the priority here. Instead, this looks like a continuation of the US Treasury Department’s embrace of warrantless surveillance & crusade against financial privacy in crypto,” said Chervinksy.

The Portman-Warner amendment only protects proof-of-work (PoW) miners and some wallet projects but excludes the likes of Lightning node operators, software developers, PoS validators, DeFi aggregators, DEX liquidity providers, and many other non-custodial actors who can’t comply with the law.

“This is the government trying to pick winners and losers in a nascent industry today, where some new technology is being developed every month. They are guaranteed to get it wrong, by writing in a few exceptions by hand today,” said Coinbase CEO.

According to Armstrong, the Warner-Portman amendment will only result in driving the future development of blockchain technology offshore at a time when crypto is still in its early stages.

Innovators in the US are working to make crypto networks better, which will bring enormous benefits to Americans and help ensure its place as a financial hub, he said, added: While everyone must pay their taxes that can’t be ensured by destroying the innovations in the process.

“We can all agree that centralized exchanges should be subject to the reporting requirement included in this bill, just like brokers would be subject to report other assets. But why rush and get it wrong?” said Toomey.

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Author: AnTy

BTC and ETH Rallies to Confirm Double-Bottom Pattern, Those Sitting in Stablecoins to Take Them Higher

Now that Alameda Research, Tesla CEO Elon Musk, Bitcoin shorts, and speculation over Amazon’s potential involvement in the cryptocurrency sector have done their part. $40k is the point of interest which is the largest OI for the upcoming BTC options expiry this Friday.

In a strong upwards move, Bitcoin has bounced off of $29,350 low last week to $39,800 on Coinbase in the late hours of Sunday or early on Monday.

Up 11% in the past 24 hours and over 21% in the past week, the price of Bitcoin has now reached a level not seen in nearly six weeks.

While Bitcoin has breached the key level of $35,000, Ether also rallied to more than 7% to almost $2,400, a level last seen earlier this month. In the past week, ETH has soared nearly 24%.

With this move, both Bitcoin and Ethereum have confirmed a classic double-bottom pattern. This pattern signals the reversal and the beginning of a potential uptrend.

This uptrend that pushed BTC above the crucial technical level for the first time since early May came in the aftermath of Tesla CEO Elon Musk’s conference with Ark Investment Management LLC’s Cathie Wood and Twitter CEO Jack Dorsey, where he revealed that he himself owns BTC, ETH, and DOGE and his other company SpaceX is also a long term holder of the leading cryptocurrency. And, of course, he only pumps and never dumps.

Interestingly, FTX CEO Sam Bankman-Fried’s quant trading firm Alameda Research put a bottom last week.

Alameda is “buying a LOT more over the past day or so,” shared Sam Trabucco, a trader at Alameda. “We’re continuing to buy down here, because it really just seems like too much points that way.”

From here, those sitting on the sidelines in the safety of the stablecoins are expected to drive the market further. Stablecoin supply on crypto exchanges also remains high.

For BTC, $40k is expected to be the level where taking it out convincingly will mean, “we are heading towards $50K quite quickly as there is a lot of crypto native capital that is still sitting on the sidelines,” according to SpartanBlack of crypto fund The Spartan Group. “If we break this level, the bull market is back, and a ton of capital will pile in.”

$40k is also the largest open interest for the upcoming bitcoin options expiry this Friday, as per Skew.

The short squeeze also drove this rally as 103,889 traders got liquidated for $1.14 billion in the past 24 hours. With Binance no more showing complete liquidations, it is expected to be a much bigger figure.

Total open interest on Bitcoin futures also dropped by more than 50k BTC — currently at 349.7k BTC from over 400k BTC less than a week back.

Interestingly, after a brief jump in funding rate, the highest is currently on FTX at 0.0168% and still negative on the majority of the exchanges. On Sunday, the funding rate on FTX and Deribit also decoupled from the rest of the market by being positive.

Trader CL of eGirl Capital meanwhile noted that almost every FTX altcoin September futures have been in multi-week/month backwardation. These fixed interest rate markets are of importance as they are an approx. Summary of OTC desk rates for borrow, he added.

Additionally, “bybit traders have been selling their spot coins, into USDT, and migrating to USDT futures,” which means these traders that dumped all their coins would have to buy back to take part in this rally, stated CL.

Some also attributed this rally to ongoing speculation over Amazon.com’s potential involvement in the crypto sector.

The tech giant is not only hiring for a cryptocurrency and blockchain lead but also looking to accept Bitcoin payments “by the end of the year” with its very own native token to make payments and earn loyalties in on the cards for 2022 reported a media publication citing an insider.

“This isn’t just going through the motions to set up cryptocurrency payment solutions at some point in the future – this is a full-on, well-discussed, integral part of the future mechanism of how Amazon will work,” an Insider told City AM.

“It begins with Bitcoin – this is the key first stage of this crypto project, and the directive is coming from the very top… Jeff Bezos himself.” The plan, which has been ongoing since 2019, apparently also involves moving to other big cryptocurrencies like Ethereum, Cardano, and Bitcoin Cash once a fast and secure method of Bitcoin payment is established.

“This entire project is pretty much ready to roll,” they added.

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Author: AnTy

BTCPay Server Releases New Version After Tesla Discloses Vulnerability

BTCPay Server Releases New Version After Tesla Discloses Vulnerability

Bitcoin payment processor, BTCPay Server, has released a new version after Tesla’s security engineering team disclosed vulnerabilities.

As such, any BTCPay Server user running a version older than v.1.0.7.1 is recommended to update your instance. Aaditya Purani, Sr. Security Engineer at Tesla said,

“Got assigned 6 CVEs for my findings on BtcpayServer. Highlights include a pre-auth remote code execution by combining two bugs (under certain circumstances). Thanks to BtcpayServer for their swift remediation actions. Please update your instances to v1.1.0.”

Tesla’s security engineering team first reported the vulnerabilities on April 19th, and after investigating and confirming them. BTCPay Server, along with Tesla’s team, patched the vulnerabilities.

A newly patched version, v1.0.7.1, has been released today.

The vulnerabilities included CVE-2021-29251, a critical one that allowed a malicious part to generate an email asking for a password reset to the victim. If the victim clicked, then the targeted account could be taken over.

In CVE-2021-29246, BTCPay Server wasn’t properly validating file names in upload forms, which could result in uploaded files being saved in arbitrary locations on the server. CVE-2021-29250 was related to XSS vulnerability in the Point of Sale feature.

Another CVE-2021-29245 allowed the generation of legacy API Keys which can be used to generate new invoices, and the selection of UTXOs in Payjoin were using a weak RNG.

CVE-2021-29247 involved the lack of httponly, and CVE-2021-29248 allowed a remote attacker to obtain sensitive information.

“We would like to thank Tesla for submitting the disclosure that led to these fixes and helping us with remediation,” stated BTCPay Server, which is now looking into the creation of a bug-bounty program as one way to improve the security process.

Earlier this year, Tesla announced its billion-dollar worth bitcoin holdings and then later started accepting BTC as a payment. Instead of converting to cash, the company will be holding.

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Author: AnTy

Elon Musk’s Tesla Used Coinbase OTC Desk to Broker the $1.5 Billion Bitcoin Purchase

Elon Musk’s Tesla Used Coinbase OTC Desk to Broker the $1.5 Billion Bitcoin Purchase

Over the past year, institutional demand has been a blessing to the crypto industry. With more public firms showing interest in digital assets, the market has swollen in size.

However, what many institutions seem to have in common is their port of entry into the crypto market – Coinbase.

Coinbase Wins Another Institutional Client

Coinbase had been behind Tesla’s purchase of $1.5 billion in Bitcoin, which the auto manufacturer announced last week, The‌ ‌Block‌ ‌‌reports. Citing sources familiar with the exchange, the news source confirmed that Coinbase had begun the purchasing spree through its over-the-counter (OTC) trading desk in early February.

The source added to The Block that Coinbase’s brokerage service now counts over five Fortune 500 companies as clients. With the exchange looking to go public later this year, its clientele definitely gives it additional credibility to seek a solid offering.

Did MicroStrategy Have a Hand?

Coinbase has been doing some significant work when it comes to helping institutions improve their exposure to cryptocurrencies. Last year, Coinbase was reported to have facilitated British asset management firm Ruffer Investments with their $750 million Bitcoin purchase, marking the latter’s focus on alternative investments as it looked to hedge against devaluation.

Jonathan Adkins, a company representative, said Ruffer had made the purchase through One River Digital, an offshoot of top volatility hedge fund One River Asset Management. One River eventually contacted Coinbase, which brokered the investment over several days.

The San Francisco-based exchange has also confirmed that it helped business intelligence firm MicroStrategy with its Bitcoin investment. MicroStrategy began purchasing Bitcoin last July, committing $425 million in less than a month. Pumping its brokerage and custody service, Coinbase confirmed in an October blog post that it had indeed been the facilitator of MicroStrategy’s purchase.

MicroStrategy has been on a tear since, raising $650 million in December to facilitate a Bitcoin purchase and buying $10 million more of the asset last month, and raising $1 billion more to buy. It is unclear whether the company went through Coinbase since then.

The move from Tesla isn’t so surprising. Last year, Michael Saylor, MicroStrategy’s chief executive, had offered to “share his playbook” with Tesla CEO Elon Musk when the latter showed openness to purchasing Bitcoin. While any communication between the two, eventually leading to last week’s purchase, seemed to have happened privately.

Coinbase Wants To Go Public

Coinbase is considered one of the most successful crypto exchanges in the world. With five Fortune 500 companies on its list of clientele, the company is also looking to go public later this year. The famous crypto exchange has $90 billion worth of assets in cryptocurrencies alone.

The crypto exchange seems to attract some of the most famous institutional investors looking to make huge crypto bets.

As part of its enormous stake in the crypto industry, the crypto unicorn had $20 billion worth of cryptocurrency assets in custody for its clients as of November 2020.

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Author: Jimmy Aki

Bitcoin Market Looking for New Lows After Elon Musk’s Pump & Dump

While the endorsement from Tesla CEO and Bridgewater Associates founder is “bullish” for the leading crypto, Ray Dalio says the idea of “a church that one is devoted to determining one’s investment position on Bitcoin” is discomforting.

Bitcoin had a wild Friday as we pumped and dumped beautifully.

What looked like a change of Bitcoin market trajectory turned out to be nothing more than a short-lived pump.

This pump was propelled by the world’s richest person, Tesla CEO Elon Musk, who changed his bio to “bitcoin” that followed up with “In retrospect, it was inevitable.” This tweet was also put in block 668197 mined by yhc5t3.

It turned out to be just like the Xi pump back in October 2019 when Chinese President Xi Jinping’s call for China to accelerate the development of blockchain technology sent BTC above $10,500.

Now, the market is expecting Bitcoin to go back to testing the lows. Already Bitcoin is down more than 7% and dropped under $33,000. Trader Benjamin Blunts is calling for the incoming of new lows at “sub 28k.”

Besides this short-lived pump, Musk taking Twitter CEO Jack Dorsey’s route also resulted in others doing the same. These individuals include Reddit founder Alexis Ohanian who is also busy “staking sats,” Anthony Scaramucci of SkyBridge Capital, YouTuber MrBeast, crypto exchange Gemini founder Tyler Winklevoss and other Bitcoin enthusiasts all having simply “Bitcoin” in their Twitter bio.

“Bitcoin is the signal and it’s getting louder,” commented Michael Saylor, CEO of MicroStrategy on this.

Another positive momentum for Bitcoin came from Bridgewater Associates founder Ray Dalio this week, who turned positive on the cryptocurrency. Mike Novogratz called this endorsement from Musk and Dalio “bullish” for Bitcoin, stating:

“BTC is a store of value. All stores of values are belief systems. And we are getting new converts to the church at an accelerating rate. Stay long.”

However, Dalio was quick to chime in to say that he doesn’t call himself “a convert to the church of an accelerating rate,” rather he would be interested in the response to his assessment of Bitcoin and knowing “what am I missing?”

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Exchanges Can’t Handle the Growing Demand

While Musk tweaking his Twitter bio presented the market a pump opportunity, trading platforms couldn’t keep up with the demand they are seeing even since WallStreetBets got on the Dogecoin train and took the road to crypto space after Robinhood paused trading in some of the hot stocks on Thursday such as GME.

Robinhood also temporarily disabled the features that allowed users to buy cryptos instantly. However, the popular retail platform doesn’t offer the ownership of cryptos, rather just buy and sell opportunity through IOUs.

“Due to extraordinary market conditions, we’ve temporarily turned off Instant buying power for crypto. Customers can still use settled funds to buy crypto. We’ll keep monitoring market conditions and communicating with our customers,” said a Robinhood spokeswoman.

As we reported, users then moved on to crypto exchanges but like every other time they couldn’t keep up with this much demand.

Binance said the risk of new users put its system under stress, with its CEO Changpeng Zhao noting that user sign-ups and trades jumped to a record high as well, forcing the exchange to briefly suspend withdrawals.

“We almost ran out of DOGE coin addresses,” Zhao told Bloomberg. “Our system couldn’t generate new addresses fast enough to match new users coming in. It’s crazy.”

US-based Coinbase also reported that “due to a technical issue, we are experiencing degraded service where some trades may not be able to be completed.”

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Author: AnTy

LibertyX Confirms Bitcoin ATMs at Tesla Gigafactory’s; Elon Musk Questions the ‘Accuracy’

It now appears there is actually a Bitcoin ATM at the Tesla Gigafactory based in Nevada; this is despite Tesla founder Elon Musk downplaying the existence of one, following a tweet by Fold CEO Will Reeves, who claimed to have sighted the ATM over the weekend. The tweet also featured google map images, which reveal that the ATM sits close to the mega facility’s North-East section.

Finbold, which also reported on this news yesterday, seems to have gotten some insights on who might have installed the Bitcoin ATM. According to its Sunday report, speculations were that Bitcoin ATM maker, LibertyX, is the company behind these developments at Tesla. In a follow-up of the same, Finbold has since received a confirmation from the LibertyX team that they are responsible for the upgrade.

LibertyX was keen to highlight that it did not install new machines but upgraded the software of three ATMs in the factory to integrate a Bitcoin selling feature. The firm, which already has 5,000 live ATMs, plans to scale this to over 100,000 in the near future; its ATM manufacturing partners are Hyosung and Genmega. LibertyX also confirmed that the Bitcoin ATMs at Tesla has been live since August and can only be accessed by employees,

“The Tesla locations have been live since August. The ATM is currently only accessible for employees.”

While the Tesla founder is not much of a Bitcoin bull-like Twitter and Square CEO Jack Dorsey, he has previously sighted that he owns .25 BTC sent to him by a friend back in the day. In fact, LibertyX is hopeful that Musk will increase his BTC portfolio size with newly integrated Bitcoin ATMs at Tesla’s Gigafactory,

“Elon, 0.25 BTC isn’t enough, and now that you can buy bitcoin from the 3 on-site Gigafactory ATMs, you don’t even need to leave home.”

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Author: Edwin Munyui

FBI Prevents Ransomware Attack At Tesla’s Gigafactory; Hacker Sought $4M Bitcoin Payment

US-based electric carmaker Tesla working closely with the Federal Bureau of Investigations (FBI) has thwarted a planned ransomware attack that involved millions worth of Bitcoin payments.

According to a complaint that was filed by the FBI, the attackers were targeting Tesla’s Gigafactory situated in Nevada.

The FBI revealed that it arrested a 27-year-old Russian. Pavel Kriuchkov, who was residing in Los Angeles. he had lived almost a month in the United States looking to rope in as a Tesla employee for what he called a ‘special project.’

The FBI’s claim states that the ‘special project’ involved a lucrative incentive of a bribe amounting to $500,000, which was later upgraded to $1 million. An advance bribe was to be paid into the employee’s Bitcoin wallet that was installed via a Tor browser to avoid detection.

The Tesla employee was to help in the installation of malware into Tesla’s servers that were to be carried out in two stages consisting of a distributed denial-of-service attack as well as stealing of sensitive company data.

The attack was to involve holding Tesla to a ransom with threats of making vital private data and information public. The FBI states that Kriuchkov was eyeing a $4 million ransom from Tesla.

However, the Tesla employee who remains anonymous alerted the company’s management following the first meeting with Kriuchkov. It is at this juncture that Tesla informed the FBI about the hacking plot.

The FBI then went ahead to surveil a number of meetings in August between Kriuchov and the anonymous employees. This allowed the FBI to collect vital intelligence in regards to the hacking plot against Tesla and other related cyberattacks by Kriuchov and his accomplices.

The conspirator was planning to deposit a $1 million to the Russian-speaking anonymous Tesla employee’s Bitcoin account. Kruichov revealed to the staffer that the money would be deposited in a few days but was to leave the country on August 22. However, the hacker was arrested by the FBI on August 22.

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Author: Joseph Kibe

Elon Musk Selling DOGE Gives Dogecoin Another Pump

Tesla CEO Elon Musk has joined the party but late this time.

Last time, the zoomers weren’t able to realize their mission of taking DOGE off to $1 but it looks like Musk is here to make it a reality this time, or not.

The co-founder and CEO of SpaceX is back at tweeting about his favorite coin Dogecoin. Today, in a tweet, he memes about the “inevitability” of the Dogecoin standard overtaking the global financial system.

In a few hours, the price of DOGE jumped more than 24%. Currently, it is trading around $0.00345, still up over 14%.

In a separate tweet, Musk said “I only sell Doge!” which was in response to one user asking “where’s my fucking bitcoin.”

Earlier this week, the major twitter accounts including Musk’s were hacked to promote a bitcoin-related giveaway scam. According to the New York Times, it is reportedly an insider job.

Currently, the focus is on taking the bitcoin addresses to get to the hackers, the scam addresses have a history of “gambling on Bitmex and Coinbase usage.”

The hackers were only able to scam 12 BTC worth $120,000 out of people, the funds are currently on the move through mixing and merchant services.

Pump only to Dump

This isn’t the first time Musk has tweeted about DOGE and that has resulted in the altcoin’s price jumping. Back in April 2019, DOGE spiked 44% only to retrace to the price level where Musk mentioned the crypto.

“Bro where were you last week? We could have pumped this thing to not $1 but $2,” commented trader Josh Rager.

Earlier this month, the retail activity in equity markets spilled into the digital currency markets as a viral challenge on the popular social app Tik Tok saw users talking about pumping Dogecoin to $1.

The price of DOGE went to only about $0.0050 but its market cap jumped 150% to $700 million and its trading activity went off the charts.

The meme coin had since then pulled back to the level the pump started before Musk jumped in to pump the coin once more but these gains are also slowly wiping out.

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Author: AnTy

Elon Musk’s Tesla and CargoSmart Test Blockchain Tech To Speed Up Cargo Release Process

  • In collaboration with CargoSmart and China’s Shanghai Port Group, Tesla company is aiming at transforming the goods importation process in China using the new blockchain application.
  • The companies aim at making the whole clearing process both cost and time effective.

Formalities related to shipping transactions are quite chaotic. Document verification which is paramount on the other end over time has proved to be lengthy and messy. Many documents e.g the port documents and bill of lading need to go through multiple parties that consumes a lot of time. U.S. electric car manufacturer Tesla is working on a way that will make importation of goods into China easier. The pilot used blockchain to share all relevant shipping data and documentation among all concerned parties, including Tesla.

The China Shipping industry is evidently one of the sectors that has recently shown interest in blockchain-based innovations. Tesla along with Chinese ship operator COSCO are aiming at rolling out an app that will shorten the normal cargo release time. This will, in turn, allow global logistic companies to possess ownership of goods once they have been cleared.

Blockchain all but set to revolutionize the shipping industry

In a bid towards adopting a paperless, seamless and trusted process at the port of Shanghai, CargoSmart has partnered with electric car company Tesla, COSCO and the Shanghai International Port Group (SIPG) to lessen consignee and shipment agent authentication process. CargoSmart recently stated that the new application will accelerate the digitization of the shipping enterprise procedures and the further increment of the current international supply chains.

The blockchain-based application uses blockchain technology to exchange real-time shipment data between the terminal operator and the carrier. The shipping processes become faster since documentation is digitized which in turn reduces all the shipment verification steps .

Plans for future upgrades?

Since December 2019 when Tesla with the help of Cosco and the Shanghai International Port Group (SIPG) streamlined its processes, the application has been updated. As at now it can boast of more helpful features like “terminal release, display laden gate out and the appointment date.” This in turn ensures that those waiting for their shipments will have better visibility of their cargoes.

More tests are scheduled to be conducted at ports in Xiamen, Qingdao and Laem Chabang in Thailand. This is to widen the scope by involving more carriers and terminals on the platform. The company is planning to roll out a blockchain association for the members of the Global Shipping Business Network.

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Author: Lujan Odera