Ledger Client Details Leaked | Bitcoin News Summary Aug 3, 2020
Some alarming news for Ledger hardware wallet users was announced. The company’s internal records were breached, revealing customer details which include up to a million email addresses. A further 9,500 customers had their full names, numbers, and addresses leaked. While funds secured by Ledger devices are still safe, any users who got an email from the company saying they were affected should be on guard against phishing or even real-world attacks.
The perpetrators of last week’s high profile Twitter hack, in which accounts of various celebrities and leaders were used in a crypto-stealing scam, have been identified. It is alleged that a teenager from Tampa, Florida in the US attempted to launder the stolen coins through Coinbase and BitPay, after failing to properly mix them, and was promptly identified.
After pulling off one of the biggest cryptocurrency scams ever, the core team behind PlusToken has finally been arrested by the police in China. 27 individuals were caught and detained as part of the fraudulent scheme that reportedly attracted over $5.8 billion.
Twitch, the streaming platform with an estimated 15 million daily users, is running a 10% discount special for subscribers who pay with Bitcoin. Twitch is mostly used by gamers to stream their play sessions.
Before we conclude, this week’s “Bitcoin quick question” is what happens to your Bitcoins if you die?
The answer is – it depends. Did you back up your Bitcoins, and ensure someone you trust could gain access to your backups if something bad happens?
Bitcoins, or any cryptocurrency for that matter, are mathematical proofs. These mathematical proofs can be accessed using your mobile or desktop wallet apps, your secure hardware wallet, or can even be written on a piece of paper. As long as someone on your behalf has access to the mathematical proofs – your bitcoins will be safe.
And if they don’t? Your relatives will have to try and locate your backups, or even guess your passwords. For that reason, it is important to be prepared for any scenario. You could leave instructions in your will, leave a trail of clues known only to your relatives, or even create a deadman’s switch. If you want to learn more about Bitcoin inheritance planning, visit the link in the description below.
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That’s what’s happened this week in Bitcoin. See you next week.
Bitcoin News Roundup for August 4, 2020
Author: The Last Cryptocurency
Peter Schiff Still Thinks Bitcoin Is Going to Crash to $0 Despite 20% Surge
Bitcoin has seen an extremely strong performance over the past two weeks, even factoring in the Saturday flash crash that took BTC down $1,500.
Despite this rally, Euro Pacific Capital chief executive Peter Schiff still thinks the cryptocurrency is still bearish. The prominent cryptocurrency critic commented on Twitter on August 2nd that BTC is still on track to “zero out.”
Bitcoin saw an explosive flash crash on Saturday that resulted in over $1 billion worth of liquidations.
Most cryptocurrency commentators were not shaken out, arguing that this is just the reality of owning BTC. But Peter Schiff, a libertarian-leaning investor, took this as an opportunity to bash the Bitcoin narrative, writing:
“#Bitcoin is not for conservative investors looking for a safe haven or a store of value either. It’s purely for speculators looking for action, who don’t mind the risk of trading a worthless digital asset that will eventually zero out. Don’t get caught long when the music stops.”
#Bitcoin is not for conservative investors looking for a safe haven or a store of value either. It’s purely for speculators looking for action, who don’t mind the risk of trading a worthless digital asset that will eventually zero out. Don’t get caught long when the music stops.
— Peter Schiff (@PeterSchiff) August 2, 2020
Schiff’s latest comment is in line with his prior messages about the leading cryptocurrency. He wrote in May that Bitcoin is a fraud” and is “nothing,” adding that the value of the asset in his eyes is $0.
The gold bug does own a small amount of Bitcoin, which Anthony Pompliano and others in the space donated to him.
Although Schiff and others in the investing world don’t think Bitcoin has value, there are institutional investors that think BTC has potential.
Grayscale Investments, a New York-based digital asset manager, reported last week that it saw record investments over the second quarter:
“Grayscale recorded its largest quarterly inflows, $905.8 million in 2Q20, nearly double the previous quarterly high of $503.7 million in 1Q20. For the first time, inflows into Grayscale products over a 6-month period crossed the $1 billion threshold.”
Bitcoin has also been adopted by Paul Tudor Jones, a billionaire hedge fund manager.
The world-renowned macro analyst wrote in a May research note that he thinks Bitcoin has value in one’s portfolio due to the unorthodox monetary policy being implemented by central banks.
Author: Nick Chong