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Bitcoin Plunges Below $12,000 To Six-Week Low Over Crackdown Fears

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Bitcoin plunged to a six-week low Tuesday after comments from South Korea's finance minister renewed worries about a crackdown in one of the largest markets for digital currency trading. In a radio program interview, South Korean Finance Minister Kim Dong-yeon said that "the shutdown of virtual currency exchanges is still one of the options" the government has. CNBC reports: Bitcoin dropped more than 17 percent to a low of $11,182.71 on Tuesday, falling below $12,000 for the first time since December 5, according to CoinDesk. CoinDesk's bitcoin price index tracks prices from cryptocurrency exchanges Bitstamp, Coinbase, itBit and Bitfinex. As of 12:13 p.m. ET, bitcoin was trading more than 13 percent lower at $11,759.73 a coin, according to CoinDesk. Trading in South Korean won accounted for about 4 percent of bitcoin trading volume, according to CryptoCompare. U.S. dollar-bitcoin trading had the largest share at 40 percent, the website showed. Other major digital currencies including ethereum and ripple also fell significantly. According to CoinMarketCap data, ethereum was trading at $1,051.83, down more than 20 percent in the last 24 hours, before lifting slightly to $1,117.72. Ripple fell almost 27 percent to $1.33 a token before recovering slightly to $1.36.

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What to Buy (and What Not to Buy) After a Move

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So you’re in your brand-new apartment or house. Some of the boxes are still waiting to be unpacked, but you’re so excited about making this space into a home that you’re spending hours on Amazon or Bed Bath & Beyond, comparing sofa pillows and loading up shopping carts to see how much everything you might want is…

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The Human Cost of the Apple Supply Chain Machine

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Apple is still struggling to improve working conditions at its supplier chain factories. China Labor Watch and Bloomberg reported on Tuesday that Catcher, a key supplier for iPhone and MacBook casings, makes workers endure harsh safety conditions and unfair work terms in a factory in Suqian. According to observers and discussions with workers, the machines are not only loud, but spray fluid and metallic particles that frequently hit workers' faces only some of which have access to safety goggles and gloves. From the report: Hundreds throng a workshop where the main door only opens about 12 inches. Off duty, they return to debris-strewn dorms bereft of showers or hot water. Many go without washing for days at a time, workers told Bloomberg. "My hands turned bloodless white after a day of work," said one of the workers, who makes a little over 4,000 yuan a month (just over $2 an hour) in her first job outside her home province of Henan. She turned to Catcher because her husband's home-decorating business was struggling. "I only tell good things to my family and keep the sufferings like this for myself."

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Contrasting China’s and Russia’s Influence Operations

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Editor’s Note: This is the first installment in “Ministry of Truth,” a special series on state-sponsored influence operations. A series of scandals from Russian meddling in the U.S. elections to China’s influence over Western politicians, like Australian Sen. Sam Dastyari and U.S. Sen. Steve Daines, has brought American attention back to the Cold War-style fight […]
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What Is Blockchain?

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All of a sudden, blockchain is everywhere. The technology, which was invented in 2008 to power Bitcoin when it launched a year later, is being used for everything from copyright protection to sexual consent (yes, really).

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Researchers Find That One Person Likely Drove Bitcoin From $150 to $1,000

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An anonymous reader shares a report: Researchers Neil Gandal, JT Hamrick, Tyler Moore, and Tali Oberman have written a fascinating paper on Bitcoin price manipulation. Entitled "Price Manipulation in the Bitcoin Ecosystem" and appearing in the recent issue of the Journal of Monetary Economics the paper describes to what degree the Bitcoin ecosystem is controlled by bad actors. To many it's been obvious that the Bitcoin markets are, at the very least, being manipulated by one or two big players. "This paper identifies and analyzes the impact of suspicious trading activity on the Mt. Gox Bitcoin currency exchange, in which approximately 600,000 bitcoins (BTC) valued at $188 million were fraudulently acquired," the researchers wrote. "During both periods, the USD-BTC exchange rate rose by an average of four percent on days when suspicious trades took place, compared to a slight decline on days without suspicious activity. Based on rigorous analysis with extensive robustness checks, the paper demonstrates that the suspicious trading activity likely caused the unprecedented spike in the USD-BTC exchange rate in late 2013, when the rate jumped from around $150 to more than $1,000 in two months." The team found that many instances of price manipulation happened simply because the market was very thin for various cryptocurrencies including early Bitcoin.

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