Trading Cryptocurrencies Is like Fighting against oneself, according to Bitcoin Operator

Alexander Salazar
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Trading Cryptocurrencies Is like Fighting against oneself, according to Bitcoin Operator

Spanish cryptocurrency trader @inmortalcrypto talks about the hidden world of those that buy and sell cryptocurrencies. Big profits, as well as big losses, have marked his career in the cryptocurrency market.

In 2015, when @inmortalcrypto was 19, he ventured into the fast-changing world of cryptocurrency trading. The novice trader completed his first exchanges and faced the inevitable loss of money, but he wanted to continue learning and understand how the market behaved.

The enthusiast, who refers to himself as @inmortalcrypto, turned the analysis of graphs, the review of histories and the many hours spent in front of a screen into routine activities. After five years of good days and bad days, the physics student reflects on his beginnings and how he became a professional trader.

Under his Twitter username, he expresses his belief that there are three basic aspects of cryptocurrency trading. The first relates to money as the trader must be willing to lose funds due to mistakes. He considers that it is normal to fail during the learning stage and that the trader will still do it throughout his profession.

In the case of a positive transaction, the Spanish trader recommends having enough patience to allow the income to go as far as possible. The combination of this element with the recognition of mistakes makes it possible to achieve consistency in cryptocurrency trading.

Time and Loneliness

The other two elements that @inmortalcrypto considers essential to cryptocurrency trading are the time needed to learn and the fact that it is a very lonely activity. Regarding the former, he stated that learning to trade requires investing time to learn, just like when a person studies to be able to practice a profession.

Regarding the second element, he noted that this is an individual and very lonely occupation since the person is alone before the screen and his or her own decisions. In case something goes wrong, there is no one to get support from as in other types of work, but it is necessary to get used to it.

The Spanish trader perceives this activity as a fight against oneself, rather than against the market. Therefore, psychology comes into play to face a loss, accept one’s mistakes and recuperate. For example, he noted that the loss of 50% of his capital would cause him pain, not so much for the money, but the underlying psychology.

Something positive that @inmortalcrypto especially remembers is one day when he made a profit of between USD 50,000 and USD 100,000.

According to the trader, these ups and downs are a part of the game that, in his particular case, has changed his character and turned him into another person. He believes that trading is not a job but an activity to have fun, like living a dream.

He begins his work after 10:00 a.m., reviewing the social networks and the graphs published by other traders. In the afternoon, he writes analyses, makes videos for Twitter and starts trading. If there are no opportunities to invest, he prefers not to do anything before rushing into disadvantageous transactions.

To conclude, he writes a report every night in which he records the activities and results of the day. This information allows him to examine his failures and successes for future decisions.

By Alexander Salazar

IOTA Founder Himself to Reimburse Victims of Trinity Wallet Hack

Alexander Salazar
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IOTA Founder Himself to Reimburse Victims of Trinity Wallet Hack

David Sønstebø announced that he will reimburse the victims’ funds with his resources and not with those of the Foundation. The cyberattack affected a total of 46 people last month.

The founder of the IOTA project, David Sønstebø, reported in recent days that he will assume the losses generated by the hack of the Trinity wallet, on February 12th, not the IOTA Foundation. In a message spread on the Internet, Sønstebø said that he felt responsible for what had happened and that the affected users are innocent victims.

The cyberattack affected 46 users, who lost 8.52 million MIOTA with an estimated price of USD 1.63 million, as Sønstebø had previously revealed. The executive confirmed the reactivation of the network, which occurred on March 10th, after disconnecting the “Coordinator” node to prevent further theft of funds from users’ accounts.

The developer said that, in practice, this meant that he will use a significant amount of his assets to solve this unfortunate incident. He stated that he had made that decision to safeguard the IOTA Foundation. He also stressed that the procedure will require some paperwork, as well as the application of the know-your-customer (KYC) procedure, which the Foundation will conduct.

As Sønstebø explained, he assumed that responsibility because both he and the Foundation had invited the users to use the wallet. The entrepreneur made it clear that, even although he is not legally responsible for what happened, he will take care of all the refunds. It was also reported that an unspecified amount of stolen MIOTA has already been marketed in various exchange houses.

The episode with the Trinity wallet occurred in the month of February, after the report of several attacks, which allowed the theft of the funds. The hacker seized the seed words of a group of users, which allowed him to enter their accounts. It should be remembered that the IOTA Foundation had solved a software error last December that prevented the confirmation of transactions over the network, which kept the platform inactive for about 15 hours.

After what happened on February 12th, the Foundation decided to disconnect the network, which resulted in strong criticism from members of the cryptocurrency community. They questioned the fact that a project unilaterally decides to leave its platform out of service for several days.

On the day of the hack, the MIOTA price was USD 0.311261 per unit, while its price is USD 0.1992405 at the time of writing this article, according to data from CoinMarketCap.

On February 17th, five days after the attack, IOTA launched an updated version of the Trinity wallet, which was reported to have a “new secure client.” The reactivation of the network should be an occasion to test the new security measures developed to avoid another attack of this type. Similarly, developers should examine the weaknesses in the system of which the hacker took advantage so that they can optimize the existing security measures.

By Alexander Salazar

Google Chrome Malicious Extension Steals Ledger’s Recovery Phrase

Alexander Salazar
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Google Chrome Malicious Extension Steals Ledger’s Recovery Phrase

The Ledger Live malicious application is still available to users in the Chrome Web Store. So far, there have been at least 120 downloads of the extension from that website.

Last March 5th, the support team of the cryptocurrency cold wallet manufacturer Ledger confirmed the existence in the Google Chrome application store of a malicious extension with its name. Through a Twitter post, Ledger explained that there is an extension for Chrome called Ledger Live, the application to manage Ledger devices.

In the tweet, Ledger explained that it is a software program that requests entering the 24-word recovery phrase that allows accessing users’ private keys. Ledger posted the message in response to a tweet that it had received the previous day. In that first message, the cybersecurity reporter Catalin Cimpanu warned users about the fraudulent application.

The Ledger team took advantage of the post to remind its users of the importance of not sharing their recovery phrase, as well as not entering those words on devices connected to the Internet. In the message, they highlighted that Ledger will never request its users for their 24-word recovery phrase.

In an article that provides details of how the malicious extension operates, Cimpanu explains that Harry Denley, Director of Security at the MyCrypto platform, was the person that notified of the presence of the fake Ledger Live in the Chrome Store.

The same text indicates that, at the time of downloading and executing the extension, it directly requests users to provide their 24-word phrases. Then, the application sends the data to a Google Forms form, from which the creator of the application can extract the information and have access to their funds.

At the time of writing this article, users still search for the application in the Google Chrome store. Even though this application had been previously suspended, Cimpanu says that it reflected at least 120 download activities. Unfortunately, the number of these downloads that resulted in the theft of funds is still unknown.

On Ledger’s official website, it is possible to see that the Ledger Live application is available in three ways. There is a desktop version, downloadable from the same portal, and two other versions available in mobile app stores for iOS and Android devices. Of course, there is no mention of the Google browser there.

Theft through Fake Browser Extensions

During the first week of February 2020, there was a report of another false malicious extension in the Google Chrome application store. Before the case of Ledger, the Coinomi team warned its users about a fake application with its name on that website.

On that occasion, the Coinomi team denounced that this application had been stealing funds from its users. Even though they did not provide any details of the amounts stolen, they said that they complained to Google so that they suspended the application.

This is not the first time that fake applications have stolen funds in cryptocurrencies. It has already happened with Trezor, another manufacturer of cold wallets, as well as with the MetaMask and Exodus wallets. False applications associated with the cryptocurrency NEO and the stablecoin Tether have also been detected.

Companies like Google need to verify all the applications that are available on their websites. These reports on fake applications that affect cryptocurrency users should lead them to take action on the matter.

By Alexander Salazar

Expectations regarding Next Bitcoin Halving in May

Willmen Blanco
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Expectations regarding Next Bitcoin Halving in May

The mining industry is preparing for the event with new equipment and staff reduction. The hash rate all-time high has been broken several times this year, reaching 147 EH/s.

There remain less than two months before May 11th, the expected date for the third Bitcoin halving to occur. The reduction by half of the rewards per mined block will occur at the height of block 630,000.

At the time of writing this article, bitcoinblockhalf.com indicates that 8,787 blocks are remaining to reach the halving. At a rate of about 144 blocks mined per day, according to the calculations of the aforementioned portal, miners would be reaching block 630,000 on the scheduled date.

One of the reasons for the high expectations regarding the event is the reduction of the reward to miners from 12.5 BTC per block to 6.25 BTC. This has led the industry dedicated to the mining in Bitcoin to take measures in advance.

Another reason is that the market and analysts are waiting for possible repercussions on the price. These would be based on the movements that have occurred in the previous halving.

Concerning, the expectation is that older equipment will lose its profitability. In this respect, mining equipment manufacturing companies have created new products. That is the case of Bitmain, which announced the launch of its AntMiner S19 and S19 pro models, precisely for May this year.

The price of BTC might also put the Bitcoin mining industry at risk after the halving, according to a report by the firm. According to the document, the operating cost of mining one BTC could double after the reduction of rewards, going to about USD 12,525.

The price of each BTC is currently below USD 8,000, which would compromise the profitability of miners in that scenario. Farms have already begun to replace their obsolete equipment, and area companies have opted to reduce their staff.

Hash Rate All-Time Highs

Some analysts have estimated a possible exodus of Bitcoin miners before and after the halving. However, the accumulated hash rate on the network has not stopped growing until now.

Beyond the constant fluctuations, the all-time high of this hash rate has been exceeded on several occasions this year. In January, the high was 127 exahashes per second (EH/s). In early March, the new mark was set at 147 EH/s, according to data from statoshi.info.

Regarding the price, there has been certain skepticism among analysts, especially considering that an in-depth analysis requires more data. However, historical data about previous events will possibly anticipate significant increases in the price of BTC.

The performance of the price of Bitcoin has been positive in 2020, particularly in January, when it was the best in 7 years. Besides, despite the fall in international markets and the cryptocurrency market itself, Bitcoin has remained above 7% so far this year.

Bitcoin has not had one of the best returns among the main cryptocurrencies in the first months of 2020. However, it is still necessary to wait to see what will happen after the reduction of mining rewards.

By Willmen Blanco

Colombian Government to Combat Corruption with Help of Blockchain

Willmen Blanco
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Colombian Government to Combat Corruption with Help of Blockchain

The use of blockchain technology in Colombia is on the rise. The National Consultant for Digital Innovation states that the objective is to offer greater transparency.

The Colombian government has kept a low profile regarding the use of blockchain technology in different areas related to official institutions. According to Víctor Muñoz, the National Consultant for Digital Innovation, the authorities seek to promote technological adoption to help with the transparency of government processes.

The once capital of drug trafficking and organized crime, Medellín, is now the most exemplary and recent case in this regard. Now, this city sets an example in implementing this technology to conduct purchasing transactions.

Its citizens have had initiatives outside the borders and Fintech is having a boom in the South American nation. Beyond that, the government has proposed a silent plan to improve its process management with the use of blockchain.

The National Consultant for Digital Innovation from the Cabinet of the President of Colombia stated that Medellín will have a blockchain platform to complete purchases for a launch program. According to Muñoz, the objective is to offer greater transparency and traceability.

Before occupying high office within the Colombian government, Muñoz was a successful technological entrepreneur. He indicated that blockchain projects are being conducted at the center of the Fourth Industrial Revolution in Medellín to combat corruption allegations.

The actions of Duque’s Government are framed within the program that the country’s Ministry of Information Technology and Communications has proposed. This program is financed with USD 6 million to introduce SMEs from traditional sectors to advanced technologies.

Another example of the use of blockchain technology in the Colombian government sector is that of Ecopetrol. The state oil company is developing a blockchain system to track and monitor the processes of its supply chain from extraction to sale.

The Colombian official also explained that various cities in Colombia have created blockchain technology communities. Besides, higher-education institutions, including the National University, the University of Antioquia and Del Rosario University, are offering training on blockchain technologies.

The actions of the government to promote the adoption of blockchain technology at the institutional level are yielding a very positive balance. Colombia ranks as the third Spanish-American country with the largest number of blockchain startups and projects, behind Mexico and Argentina.

This achievement is attributed to the Colombian state since it has established the normative and public policy bases. The objective is to transform the State digitally, according to the official from the Presidential Cabinet.

The Colombian Government has about 250 projects that are being implemented in parallel in the different entities. Muñoz noted that the greatest need is to advance in closing the talent gap in different levels and technologies.

The use of blockchain technology in Latin America is important as it adds transparency and, therefore, more responsibility to manage assets such as information and physical items.

Other countries in the region have had similar and successful blockchain use cases for government management. Brazil seeks to facilitate cargo transportation between MERCOSUR countries or in Bolivia, Peru and Paraguay, to better manage ownership titles.

Undoubtedly, its implementation on a larger scale in the region’s government processes would help transform the corruption problems that have plagued Latin American countries for a long time.

By Willmen Blanco

University in Argentina Partnered with IBM to Train Educators in the Use of Blockchain

Alexander Salazar
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University in Argentina Partnered with IBM to Train Educators in the Use of Blockchain

More than 150 educators received training in blockchain and other new technologies during Educathon 2020 IBM Argentina.

During the Educathon 2020 IBM Argentina event, held last February 27th and 28th, the CAECE University managed to provide its teachers with extensive training in different areas. Said training is related to new technologies as well as the field of blockchain technology as well as its uses. Local media reported, almost 150 professors of all the country received university-level instruction in blockchain technology, Quantum Computing, Artificial Intelligence (AI), and other new technologies that may become part of life in the coming years.

IBM issued a press release about these plans. There, it explains that the event has been going on for some years in Argentina and that its receptivity has been increasing. Thus, this year the training of teachers was conducted in academic facilities, either in the city of Buenos Aires or in other provinces. In previous opportunities, experts in different areas were in charge of the event held at the IBM headquarters, located in Retiro, Buenos Aires.

The programming of the event indicated that, during the first day, teachers received specialized training in IBM’s advances in blockchain technology and cloud services, as well as the use of Artificial Intelligence in different areas. The second day was dedicated mainly to Data Science and to presenting the next education projects that the technology company has been developing.

Aside from presenting IBM’s new advances in blockchain technology development, teachers were also instructed in the basic features of blockchain operations and its many uses.

About the training that the teachers received, web news specialized in crypto technology interviewed the director of the Master of Data Science and Business Innovation, Sylvia Testa, who indicated that the sessions were intense and that they were well received by a part of the more than 150 teachers who were present.

“We have a lot of interest in the blockchain issue. The University is working on an agreement with IBM, providing institutional support and the students are very interested. That is why in one of the Master’s subjects we see blockchain. We do not focus so much on cryptocurrencies, but we do encourage research that deals with these issues equally”, the director stressed.

Likewise, it was also commented that instruction plans are formed not only at the university level but also at the institutional level to promote the development and adoption of these technologies. An example of this is the work conducted at the Argentine Chamber of Commerce, where specific education and training was also provided to its workers.

The Director of Postgraduate and University Extension, Sebastián García Alaniz, commented that they not only hope to be able to train teachers in these areas but also aspire to implement tools based on blockchain technology for different areas of education and administrative processes of the university. Alaniz highlighted that innovation and efforts at the forefront are the main characteristics of the university.

“We are in a very important stage of the CAECE University, an institution that has 52 years of foundation and which was the first to have a degree in Computer Engineering in Argentina. One of the characteristics that characterize us as an institution is our support for technology and innovation”, he concluded.

On this master, it is known that the development has the main support of IBM, so the academic program lasts 4 months and requests as a final requirement a special degree work that is dedicated to research in these areas. The Master of Data Science and Innovation is dedicated to professionals in statistics, business, mathematicians, and technicians who want to expand their capabilities.

It is important to highlight that IBM is working hand in hand with various educators from all over Argentina to continue observing the changes that new technologies are having in today’s society. Besides, the CTO of IBM Argentina, Román Zambrano, commented they hope to continue developing activities hand in hand with CAECE to promote innovative technologies in the next generations.

By María Rodríguez

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