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Researchers Find Child Abuse Imagery in Bitcoin’s Blockchain

Posted on March 21, 2018March 21, 2018 by Laura P.

Bitcoin is once again in jeopardy after German researchers recently discovered that unknown persons have been using the cryptocurrency’s blockchain to store and link to child abuse imagery. Out if the 1,600 files that the researchers analyzed, 99 percent were text and images that included illicit pornography, child abuse imagery as well as other illegal content.

The blockchain is the underlying technology that powers the existence and operation of any cryptocurrency and though they are separate entities, no cryptocurrency can work without the blockchain. At least not yet. The blockchain is essentially a public ledger of all the transactions ever made in the decentralized digital currencies and keeps records of which users own what and stops the currency from being copied. This framework is locked and cannot be altered.

The Implications of These Findings

Blockchains are not limited to cryptocurrencies alone and thus they can be used to hold other types of non-financial data as well. This non-financial data was the point of focus for researchers from the RWTH Aachen University in Germany. The results of the analysis revealed a number of links to dark web services and attachments containing content that was “considered objectionable in many jurisdictions”.

“Our analysis shows that certain content, e.g., illegal pornography, can render the mere possession of a blockchain illegal,” the German researchers wrote. “Although court rulings do not yet exist, legislative texts from countries such as Germany, the UK, or the USA suggest that illegal content such as [child abuse imagery] can make the blockchain illegal to possess for all users. This especially endangers the multi-billion dollar markets powering cryptocurrencies such as bitcoin.”

This is, however, not the first time that warnings about the possibility and dangers of storing non-financial, and possibly illegal, data within the blockchain have been issued. In 2015, for instance, Interpol set out a warning that stated that “the design of the blockchain means there is the possibility of malware being injected and permanently hosted with no methods currently available to wipe this data”. The definitively confirmed that blockchain technology had flaws that could enable the sharing of illicit content such as child abuse images.

“Since all blockchain data is downloaded and persistently stored by users, they are liable for any objectionable content added to the blockchain by others. Consequently, it would be illegal to participate in a blockchain-based system as soon as it contains illegal content,” the RWTH Aachen University researchers added.

While this might be dismissed easily since spending bitcoin does not necessarily require a copy of the blockchain (this is, after all, the goal), many other core processes such as mining require users to download a full blockchain copy or at least have chunks of it. In addition to the fears that anti-bitcoin ambassadors are propagating, the findings by the researchers put the booming, but fragile, multi-billion dollar cryptocurrency market’s reputation into the gutters. Still, it is definitely not too late to fix this.

IMF’s Christine Lagarde Calls for Bitcoin Crackdown

Posted on March 14, 2018March 14, 2018 by Martin S.

Lagarde, an International Monetary Fund (IMF) chief recently called for a crackdown on bitcoin, and potentially other cryptocurrencies, using their underlying blockchain technology in what she describes as “fighting fire with fire.” She pointed out that authorities around the world could harness the potential of cryptocurrencies and eventually be able to control them. Failure to do so would allow the unshackled development of “potentially major new vehicle for money laundering and the financing of terrorism”, she warns.

In an IMF blog post, Lagarde suggested the idea of “harnessing the potential of crypto-assets while at the same time ensuring that they never become a haven for illegal activity or a source of financial vulnerability.” This mostly pointed towards blockchain, the distributed ledger technology that authenticates crypto transactions without the need for administration of or verification from a central authority. The technology has huge potential for certain applications such as the speeding up of information sharing between regulators so as to improve the way they monitor financial systems.

Lagarde agrees to the fact that the developments that drive cryptocurrencies, blockchain included, are exciting advances that could help revolutionize financial services through the provision of low-cost ( or even zero-cost) payment methods for individuals who do not have bank accounts. However, she said, that there was some “peril that comes with the promise.”

Avid bitcoin followers and enthusiasts have pointed out that the technology could potentially revolutionize everyday payments not only cheaper but easier as well. A number of economists, on the other hand, believe that bitcoin is a dangerous speculative bubble. Lagarde’s stand as far as all this is concerned is rather complicated – she is, however, not the only one. She joins a good number of other senior financial officials who have been issuing warnings about the potential dangers that bitcoin poses while at the same time hailing the potential of the underlying technology.

Australian Bitcoin Sports Betting Site in the Spotlight

Posted on March 7, 2018 by Laura P.

JustBet, an Australian-registered online sports betting site that allows its users to place bets with bitcoin is under investigation after a nudge from Andrew Wilkie, a Tasmanian independent Member of Parliament. JustBet is registered by the Christmas Island Administration (CIDA) that lists itself as the “administrator” for Australian islands territory’s web addresses that end in ‘.cx’.

The sports betting site offers live betting on AFL, AFLX, A-League among many other Australian sports in both US dollars and cryptocurrencies. JustBet also offers live and pre-match wagering on a range of international sports and a decent variety of popular online casino games.

While JustBet has an undeniable Australian link, the site itself is registered by a Panamanian and as revealed by a trace of its IP address, it is based in the Costa Rican capital of San Jose which also happens to be the hub of the international cryptocurrency gambling industry. Interestingly, the operation does not appear to be licensed by any of the gambling commissions in various Australian territories or states. This, according to legal experts, is a clear breach of the Australian federal Interactive Gambling Act that prohibits websites from offering such kind of online gambling to Australian bettors.

The Christmas Island Domain Administration (CIDA0, however, said that unless there is an official request from the authorities or a complaint from the public it could not deregister JustBet.

Not Good Enough

CIDA’s claim has not been accepted by quite a number of people, some of whom are in rather high places. One such person is Mr Wilkie who has been vocal in his advocacy for gambling reforms in the country. To him, CIDA’s statement was not enough to settle the issue.

“The site should be shut down immediately, and the Christmas Island Domain Administration should act straight away to remedy the situation,” he said.

Mr Wilkie’s call and subsequent reports of JustBet’s activities on the Sports Integrity Initiative website, the Australian Communications and Media Authority (ACMA) eventually got wind of the situation and promptly announced that it had begun investigations on JustBet for violations of the Interactive Gambling Act.

Bill Gates: Anonymity in Cryptocurrencies Isn’t a Good Thing

Posted on February 28, 2018March 14, 2018 by Martin S.

Yesterday, Microsoft founder Bill Gates gave his opinion on bitcoin, other cryptocurrencies and initial coin offering (ICOs) during his appearance at a Reddit AMA. According to Gates, the use of cryptocurrencies for anonymous transactions or payments is not such a good thing especially because of the challenges it presents to law enforcement when following up on criminal transactions. This is despite the fact that a philanthropy under his name is currently in a partnership with a cryptocurrency firm, Ripple, in a bid to cater to the unbanked. Also in previous interviews, in 2014, for instance, Mr. Gates said that bitcoin is “better than currency” and that it was “exciting because it shows how cheap transactions can be.”

During the Ask Me Anything (AMA) session, Gates was asked about his thoughts on bitcoin and cryptocurrencies as a whole. His full response read:

“The main feature of cryptocurrencies is their anonymity. I don’t think this is a good thing. The government’s ability to find money laundering and tax evasion and terrorist funding is a good thing. Right now cryptocurrencies are used for buying fentanyl and other drugs so it is a rare technology that has caused deaths in a fairly direct way. I think the speculative wave around ICOs and cryptocurrencies is super risky for those who go long.”

Is It Justified?

Well, first of all, the key value proposition of bitcoin and many other altcoins is censorship resistance and not anonymity – this is perhaps what has made bitcoin the most widely used cryptocurrency in the world. In its current state, bitcoin is still far from anonymous but a number of proposals have been brought forward seeking to have the system’s privacy buffed up.

On to Gate’s point, the more anonymous digital currencies like ZCash and Monero have gained a lot of attention and recognition by criminals and darknet users. Anonymous electronic cash payments have the potential of making the criminal dealings that are already thriving on fiat currency more efficient. A typical example would be how easy it would be to collect ransoms from someone you do not want to meet physically. This widely applies to hackers who often install ransomware on victim’s computers.

It Is Not All Bad

Even though Gates pointed the negative aspects of cryptocurrencies as a store of value, he still vouched for the underlying technology. In fact, the Microsoft founder has in the past made some very positive comments on the technological advancements that the Bitcoin represents, rather than bitcoin itself. Notably, in 2015 BackChannel interview, he pointed out that users needed to “draw on the revolution of Bitcoin, but Bitcoin alone is not good enough.”

European Court of Justice Affirms Online Gambling Guidelines

Posted on February 21, 2018 by Laura P.

The European Court of Justice (CJEU) has dismissed a petition from the government of Belgium that sort for the annulment of online gambling guidelines that had been outlined by the European Commission. The said European Commission (EC) guidelines relate to consumer protection from online gambling.

According to the Belgian government, the EC had overstepped its Treaty-based competences when it issued the guidelines and this was the foundation for their petition. It asked the CJEU to tear down the guidelines which, as per the terms laid out by the EC, were mainly meant to develop a higher degree of consumer protection.

However, the CJEU junked out the petition while pointing out that the guidelines did not interfere with the rights of member states to regulate online gambling services within their jurisdictions. The guidelines which were published in 2014 contain a number of recommendations that are aimed at developing a higher degree of consumer protection (mentioned earlier), as well as preventing or rather protecting minors from the world of gambling. The Belgian government maintained that the guidelines interfered with the sovereignty of member states and thus their competences to regulate national gambling markets had also been impaired.

In the CJEU’s ruling, the defining statement said that “the General Court was able properly to conclude… that [the] recommendation does not have and is not intended to have binding legal effects, with the result that it cannot be classified as a challengeable act.”

The EGBA Welcomes the Decision

The CJEU’s decision has been welcomed by a number of stakeholders in the gambling industry, including the renowned European Gaming and Betting Association (EGBA) which has always publicly supported the full implementation of the European Commission’s guidelines. Though the EGBA and EC are not legally bounded to back each other, EGBA has been fully behind the guidelines which, as the association points out, will encourage member states to prioritize consumer welfare and at the same time promote a vibrant gambling ecosystem within members of the EU.

EGBA’s officials laid it all out in a statement that said: “The standards adequately compliment the European Committee for Standardization’s (CEN) workshop agreement on Responsible Remote Gambling Measures, which EGBA members voluntarily adhere to and are regularly audited against.”

In addition to the association’s general statement, its Secretary-General, Maarten Haijer said, “We welcome the decision by the Court and strongly support the Commission’s guidelines for online gambling services which aim to protect consumers and minors across all EU Member States.”

Cryptocurrency Boom Could See Bitcoin Price Double in 2018

Posted on February 16, 2018February 17, 2018 by Laura P.

An analyst claiming to have spotted the pattern in bitcoin’s market very unpredictable market says that the price of the digital currency is likely to double within six months and regain the astonishing heights it was soaring towards before the recent price plunge.

As it is for regular stock exchanges, if you can accurately predict the cryptocurrency price changes you stand to become extremely wealthy, profiting by purchasing the cryptocurrencies when the prices are low and then selling them once the prices peak. However, this is an ideal scenario – in reality, all cryptocurrencies are very volatile which makes foolproof predictions impossible.

Regardless, Fundstrat Global Advisors managing partner, Thomas Lee see is anticipating a new record peak for bitcoin come July. Lee’s prediction is based on the analysis of the decentralized digital currency’s twenty-two price corrections since 2010.

Last year, bitcoin’s price surged by more than 1,300 percent last year which saw it soar to a record peak of just a little less than $20,000 on December 2017 before it plunged back 70 percent.

According to Lee, “Bitcoin recoveries take 1.7 times the duration of the decline and this implies that 85 days are needed to recover prior highs. This is July 2018.”

A Look at the Current Statistics

Yesterday (Thursday, 15^th, 2018), bitcoin rose as high as $10,234 which represents a near 7 percent rise up from the previous day as recorded by Luxembourg-based Bitstamp. On Coindesk, bitcoin price is varying at somewhere just a little under $10,000.

Coinmarketcap.com reports that other digital currencies have also been showing an upward trend in the past few weeks as well. Ethereum, which is the second largest cryptocurrency by market value went up by about 2.5 percent from yesterday and it now sits at $933.24. Ripple, which comes in third in terms of market value, gained 5.5 percent to clock a $1.15 price.

European Central Bank Trashes Ban Fears, Crypto Surges On

Posted on February 15, 2018February 15, 2018 by Martin S.

Bitcoin and other cryptocurrencies’ prices have been on the rise after the European Central Bank dismissed rumors of an imminent ban on crypto. In fact, European Central Bank (ECB) president, Mario Draghi cleared out the entire issue by pointing out that the organization’s job description does not in any way involve the regulation of bitcoin. Simply put, it is not the ECB’s problem, or so it says.

“Many of you posted questions about whether the ECB is going to ban bitcoins or it’s going to regulate bitcoins,” Draghi said. “I have to say it’s not the ECB’s responsibility to do that.”

Since then, the prices of many of the top digital currencies have been climbing although every single crypto-market remains very volatile and prone to dramatic surges and crashes. Bitcoin currently stands at about $8,800 which is $400 higher than its lowest price point on Tuesday 14th. This is quite a significant increase especially when bitcoin’s recent woes are put into consideration. A number of factors had a hand in this and as it turns out, fears of an impending ban by the ECB was one of the most prominent.

ECB’s officials took to their website to iron out issues in this regard in what appeared to be a general service note that outlined the most nagging issues that have been plaguing the bitcoin community as a whole. The service note shed a lot of light on the organization’s thoughts on bitcoin – one of the most significant being the fact the digital currency is mostly used as a highly speculative asset. It further outlined the flaws of bitcoin as a legitimate currency.

“Bitcoin is a speculative asset. In other words, it is something that you can gamble on to make a profit, but with a risk that you will lose your investment,” the central bank’s management pointed out.

Some Central Banks Have Done It

However, the speculations surrounding the ECB’s stance on bitcoin are well founded. Governments cannot seem to be able to resist the urge to set up new rules designed for the purpose of regulating the crypto-market. The justification, in this case, is the wild price swings, the series of heists on various exchanges as well as the rapid proliferation in nearly all the cryptocurrencies.
Also, a similar stand had been taken by the head of the Bank for International Settlements, Agustín Carstens who last week called for all central banks to stop what he refers to as the ‘Ponzi scheme’ of cryptocurrencies by restricting access to banks and financial infrastructure.

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