Russians and Koreans are the biggest payers to the global ransomware hackers

All bitcoin transactions are permanently recorded on the blockchain, and anyone can view them. Chainalysis crunches these transactions and assigns them to clusters of “entities,” which could be bitcoin exchanges, wallet providers, or bitcoin miners. The firm found that the hackers, who ask for ransom to be sent to three bitcoin addresses, had received a total of nearly $23,000 so far in dollar terms, converted at the point the transaction was made. The two entities that sent the most money to the hackers were bitcoin exchanges serving the Russian and Korean markets. “If you look at the infection rates, a lot of it is in Russia, so [the data] is complementing that,” says Jonathan Levin, a Chainalysis co-founder. “Given that we know the infections are also in Russia, I would say, it’s Russian users.”

Analysis by information security firm Kaspersky Lab showed Russia had the most infections, although South Korea doesn’t appear among the top countries. Here’s the list of where ransoms originated from via Chainalysis:

Alan Zibluk – Markethive Founding Member

Top Safe Bitcoin Wallets

  

The only way to properly store your bitcoin wealth is by using a safe wallet solution.

It is hard to quantify what makes one wallet safer than the next, as users have their individual preferences and needs in this regard. However, there are some wallet solutions out there that take keeping funds safe to a whole new level. Keep in mind these wallets are listed in random order.

Electrum

On the software side of things, there are quite a few different bitcoin wallets to choose from. However, one of the primary wallets people use in this regard is Electrum, as it is a lightweight wallet that offers plenty of functionality. Thanks to proprietary – yet decentralized and redundant – servers, synchronizing with the bitcoin blockchain takes mere minutes. Moreover, the wallet offers a cold storage solution, as well as multisig wallet support. 

Trezor

Bitcoin users all over the world are familiar with the Trezor brand, as it is one of the most secure hardware wallets available today. Trezor is the original hardware wallet for bitcoin users and comes at affordable prices. It is also compatible with all major operating systems. Various bitcoin businesses implemented Trezor support, including Bitstamp, Bitwala, and BitPay. It also supports two-factor authentication for additional security.  

 Mycelium

On the mobile front, there is a lot of competition for the crown of being the most secure wallet solutions available today. Mycelium has gotten a lot of support in this regard, as they are considered to be a must-have secure bitcoin storage application. Their HD wallet support, as well as an option to delete the private key from the device and integrate “watch only” accounts make Mycelium one of the top secure mobile bitcoin wallets.

KeepKey

Hardware bitcoin wallets have become quite popular over the past few years. That is only normal, as storing bitcoin in a secure manner becomes more important than ever. Hardware wallets are designed to facilitate secure funds storage, with quite a few companies launching their products in recent years. KeepKey is one of the top solutions in this regard, as the device requires users to manually approve every transaction. Moreover, the device has PIN protection, adding an extra layer of security.

Ledger Nano (S)

The Ledger line of hardware bitcoin wallets can not be ignored. The company prides itself on making affordable yet secure bitcoin wallet solutions. There is no reason to pay hundreds of dollars for a device when the same goal can be achieved with a device costing a fraction of the price. Don’t let the cheap price fool you, though, as every one of Ledger’s devices is more than capable of keeping your wealth safe. All of Ledger’s wallets come in the form of a USB-size, although there are minor differences between each type. The Ledger Nano S is by far the most popular hardware wallet, as it is capable of storing both Bitcoin and Ethereum. Moreover, users can complete wallet actions through the display on the device or by using the browser plugins. An affordable, robust, and secure line of products, that much is certain.

Chuck Reynolds
Contributor
Please click either Link to Learn more about Bitcoin.

Alan Zibluk – Markethive Founding Member

Jaff Ransomware Demands a Two Bitcoin Payment to Decrypt Files

  

Ransomware comes in many different shapes and sizes.

Some malware strains are rather easy to remove free of charge, whereas others can be a real pain in the rear. Jaff, a new type of ransomware, is perhaps one of the most expensive types of malware we have seen in quite some time. It demands a ransom of $3,700 to be paid in Bitcoin, which is a rather steep amount.

Jaff Ransomware Swings For The Fences

It is evident criminals who rely on ransomware distribution are looking to make a lot of money in quick succession. That is much easier said than done, though, as security researchers often come up with free decryption tools to nullify these threats.  However, in the case of Jaff,  there is no free decryption option whatsoever right now. Similarly to virtually any other type of ransomware, the Jaff malware encrypts files and gives them a custom file extension. It appears the files are encrypted using AES, which has become the norm over the past few months. It also appears Jaff shares a lot of similarities with Locky, at least here the payment page is concerned. That is rather interesting, although Jaff demands a much higher amount compared to Locky.

This brings us to what puts Jaff on the radar of security researchers right now. The malware demands victims to pay $3,700 worth of Bitcoin to have the files restored. It is rated unusual for ransomware types to charge such a steep amount, considering most consumers won’t spend that amount of money on recovering their files. Then again, people who are genuinely worried about losing sensitive files may be tricked into paying the ransom in the end. Regarding the distribution of Jaff ransomware, it appears the malware is actively distributed through MALSPAM traffic originating from the Necurs botnet. People who have been following our ransomware coverage may recall the Necurs name, as it is a popular botnet to distribute malware on a rather large scale. Spam email campaigns have been a very popular tool among cybercriminals over the past few years, and it looks like things will not change anytime soon.

To be more specific, the Jaff ransomware is hidden in a malware-laden email attachment that requires users to enable macros in Microsoft Word. Once the user does so, they will download multiple malicious files on their machine, including the Jaff payload itself.  As soon as the download is finished, the files on the computer will be encrypted. Breaking this encryption is impossible right now unless the money is paid. A demand of a $3,700 payment in Bitcoin is rather unusual, to say the least. This aggressive method by the criminals will make their ransomware a type priority for security researchers to decrypt with a free tool, though. It is doubtful anyone would pay 2 Bitcoin to restore file access. It is unclear if files can be restored from a previous backup, though, as most ransomware types often delete shadow volume copies as well.

Chuck Reynolds
Contributor
Please click either Link to Learn more about Bitcoin.

Alan Zibluk – Markethive Founding Member

  

Bitcoin has shown amazing, and fairly steady, growth over the last year.

A single bitcoin was worth just $455 in May 2016. And even after retrenching slightly from a record Thursday high of over $1,800 per token, it has shown a stunning 286% annual return, based on prices from CoinMarketCap. As with most assets, explaining bitcoin’s bull stampede is more art than science. Bitcoin's price is fundamentally linked to how many people use the system to send money. But it's currently mostly driven by speculators, who trade on their belief that it will become more popular in the future. Positive news on that front has been plentiful in the last three months in particular.

Globally, Bitcoin is being treated with a great deal more respect by regulators. Positive comments about blockchain by Minneapolis Federal Reserve President Neel Kashkari coincided with the latest Bitcoin price surge. Japan approved Bitcoin as a legal method of payment in early April, and Chinese regulators have made progress in squaring Bitcoin usage with that country’s tight capital controls. There have been positive internal indicators, as well. Bitcoin’s major headwind is an ongoing debate over scaling up the system to handle more transactions. While that effort is still basically stalled by bitter infighting, some have seen a positive development in the successful deployment of a solution known as Segregated Witness on the LiteCoin system, which is largely a Bitcoin clone.

When considering further upside on Bitcoin and other cryptocurrencies, one factor looms above all: cryptocurrency is still essentially off-limits for institutional investors. While venture capitalists have poured more than $1.5 billion into blockchain startups, the tokens themselves don’t meet regulatory standards for more traditional funds. Once something like the Winklevoss twins’ proposed Bitcoin ETF is approved, the pool of potential Bitcoin investors will explode overnight. There are also two very important points of caution. First, Bitcoin is still a risky asset in the short term. Boosters were just as excited when it peaked at over $1,100 in late 2013—and the price then spent years gradually slumping, reaching a low of $200 in mid-2015.

There’s also a serious long-term downside risk to Bitcoin. While the potential of Bitcoin’s underlying blockchain technology is widely acknowledged, Bitcoin itself is now only one of dozens of implementations of the idea. Bitcoin has a big first-mover advantage, but innovators with names like Ripple and Dash have already significantly expanded on its features. Foremost among those innovative competitors is Ethereum, the second-largest cryptocurrency, whose price has also spiked over the last month. Many entrepreneurs building blockchain applications are using Ethereum, so it’s likely to share in—and maybe even cannibalize—Bitcoin’s long-term growth.

Chuck Reynolds
Contributor
Please click either Link to Learn more about Bitcoin.

Alan Zibluk – Markethive Founding Member

Dr. Paul Ennis
is a research assistant at The Centre for Innovation,
Technology & Organization at University College Dublin,
specializing in bitcoin and blockchain studies.

Dr. Ennis
investigates the daily activities and political attitudes of China's well-established bitcoin mining sector,
positioning his findings within the context of the network's scaling debate.

Positioned on one side are the Bitcoin Core developers

At present, the bitcoin community is engaged in a voracious debate about how best to scale the network. But in such a context, it's sometimes all too easy to overlook the human figures involved in that debate. Positioned on one side are the Bitcoin Core developers, (a term many wishes to avoid reifying) but who nonetheless are recognizable as a cadre of sorts. On the other side of the debate, underrepresented and frequently misunderstood, are the China-based mining pools and hardware providers. We reached out to three mining pools – AntPool, Bixin and BW – to get a varied perspective on how they feel about Western attitudes toward them, but also how the day-to-day operations of mining occur.

Bitcoin culture can, at times, be argumentative, and this is at least partially attributable to the communication gap between China and the English-speaking world. Virgilio Lizardo Jr, head of international for Bitbank Group (owners of BW pool), describes the language barrier between China and the English-speaking world as "immense", leading to a dialogue blighted by miscommunication. One significant effect of this divide, Virgilio emphasized, is that due to the lack of Chinese presence on English-speaking bitcoin forums, stereotypes of Chinese miners continue to proliferate. The sentiment is echoed by perhaps the most well-known Chinese miner of them all, Jihan Wu, co-founder of Bitmain, the operator of AntPool.

He told CoinDesk:

"A lack of a common discussion field has allowed for the creation of an echo-chamber in the technical community outside China, where the voice and interests of the Chinese miners are misunderstood and not represented."

Nature of the problem

Lizardo, a transposed Westerner with a strong sense of Chinese culture, noted that one overlooked issue is that the miners have no obvious media outlet to get their position across, leading to distorted narratives and the compounding of mistrust. He further emphasized that there is a tendency to group the Chinese miners together as a single "monolithic entity".

However, their visions for the future are predictably diverse. While Wu is an open supporter of Bitcoin Unlimited, positions toward the scaling debate vary enormously across the miners. Asked for his opinion, Tyler Xiong of Bixin, formerly HaoBTC, argued the importance of maintaining a single implementation of the protocol and a healthy community, stating: "We don't want the breakup of bitcoin".

This is contrary to Wu, who commented:

"I believe multiple implementations are healthy for the bitcoin ecosystem."

Business priorities

Wu also stressed that it is important to recognize that the mining operations in China and elsewhere are businesses, each with their own agenda and strategies. According to Wu, while there is a general consensus among miners that bigger blocks are needed, "most miners prefer to stay away from the discussion" and focus on the daily operation of their businesses.

As is well-known, information about the actual, day-to-day mining operations in China is hard to come by. Occasionally, we will get photographs or videos of vast industrial warehouses packed with whirring mining machines, but not much more. Often situated in the depths of the Chinese countryside they are, admittedly, aesthetically powerful: equal parts industrial traditionalism and science fiction. Most of the miners confirmed what many have long known about why China cornered the mining market – cheap electricity.

Wu, arguably the most successful mine operator in the history of bitcoin, said the most challenging part of planning a new mining farm is finding access to a low-cost and reliable electricity supply. Lizardo also reported that while constructing a mine is not difficult the "logistics of transporting thousands of miners is challenging."

Tyler painted a picture of what occurs once construction is complete:

"The daily job includes 1) the installing, maintenance and repairing of miners and other facilities, and 2) monitoring the temperature in different areas of the mining farm. It requires a lot of passion because there are tens of thousands of miner at the same time and you want all of them are available 24/7."

Important function

At BW pool, most of the labor is drawn from local communities, trained by the company to become technicians and maintenance workers. Each miner we spoke to stressed that looking after the mines was a 24-hour job, requiring constant supervision by employees.

Jihan highlighted this same phenomenon, stating:

"You need to human resource to constantly look after the farm, you need to maintain constant and direct communication with the investors of your farm, you need to maintain the mining equipment."

The take home across all the interviews was that mining was, at heart, a difficult, costly and time-consuming job. Further, that perhaps in the fog of endless debates we have lost sight of the important function Chinese miners have for bitcoin’s maintenance and security.

Chuck Reynolds
Contributor
Please above Link to Learn more about Bitcoin.

Alan Zibluk – Markethive Founding Member

  

Load your Bitcoin Bank Today!! Find out how.

Trade Coin Club is the latest and greatest extension of our owners who have been trading in all major markets – stock, commodities, Forex since 2008 … and NOW we are the first and only trading in the major TOP TEN CRYPTOCURRENCIES.

Hey, it's time to take the JUMP into Bitcoin Trading and Let TCC do the Trading For YOU!

Even if you don't understand Bitcoin or Cryptocurrency … know this… TCC is making MONEY. Bitcoin and other Cryptocurrencies are sweeping the world and becoming 'The PEOPLE'S MONEY'. Lives have been positively changed and even SAVED by the use of Bitcoin. It's a hugely EXCITING arena … and now YOU can participate PASSIVELY and make Bitcoin DAILY. TCC is NEW but has been a huge success trading automatically and flawlessly for its members since late December 2016. TCC officially launches in May of 2017. So…

GET IN on the ground floor now, of something that is going to BENEFIT you and your FAMILY EVERY DAY. This is as SIMPLE, FUN and PROFITABLE as it GETS! TCC is licensed and trades the TOP 10 Cryptocurrencies with its unique and a proprietary automated trading robotic system, conducting millions of micro-trades per day. TCC is a PROVEN 100% Passive money-maker, giving us DAILY Bitcoin PROFIT! SET it UP and it works while you SLEEP 🙂 … it's ALREADY creating Bitcoin MillIionaires! NEED ALL THE DETAILS?…

WATCH THIS VIDEO: 

https://youtu.be/1mrVEVJ2XVA

TAKE ACTION!…

HOW TO GET STARTED:

Please join FREE HERE: http://hive.pe/2v

Minimum to participate actively is 0.30 BTC (0.25 plus a one time 0.05). Other entry levels are at 1 BTC and the highest at 5 BTC from which one will earn the most the fastest.  Duplicate the process by sharing these resources if you decide to build your own teams: Pass these instructions on to them. (Note: You need to be upgraded to at least the lowest Apprentice level package to refer.)

REGISTRATION LINK – http://hive.pe/2v

INSTRUCTIONS VIDEOS –

Use these as detailed guides, follow these step by step.

1. SIGN UP PAGE:
https://youtu.be/p8dFkcWlEF4

2. BUY YOUR PACKAGE:
https://www.youtube.com/watch?v=EyDEPYAV3Yk&t=10s

4. SUBMITTING DOCS CORRECTLY:
https://youtu.be/zVAM7jDlwOk

and then….

6. Enjoy a better life in a richer world.

***NOTE: Your trading package can ONLY be activated from Sunday at 7 pm EST to Monday at 7 pm EST (GMT -5).  So, take ACTION for the next 24 period of activation coming up!

REGISTRATION LINK -> http://hive.pe/2v

How to get Bitcoin: http://buybtc.weebly.com/

Don't wait… join now and get ready to turn on your trading! This thing flat out works amazing!

Chuck

Skype: chuck212

===================

Chuck Reynolds
Contributor & Member

There is more information here and for your own use. Simply Amazing..!!

Alan Zibluk – Markethive Founding Member

And a Bitcoin Is Now Worth…
Be careful with your price comparisons.

The Future of Crypto-Currencies

With a 94 percent year-to-date gain, and a single "coin" now worth $1,843, bitcoin has been on a helluva run lately.  The increase in the cost of the massively-volatile electronic tokens has led to many comparisons with that other favorite outsider "currency'' — gold — recently. True, a unit of Bitcoin passed the dollar value of one troy ounce of gold this year and is now more than $600 higher. 

  

But the daily swings in the digitally created asset have been vast. Even during the huge run up this year, it has moved more than five percent on 21 different days, with nine of those being moved lower. Gold, on the other hand, has been much more stable.  

Volatility aside, there is a major problem with gold as a comparator for the software-based unit. Nobody thinks compared to one share of Apple Inc.  — current price around $155 — with one share of, for example, outdoor lighting company Acuity Brands Inc. — current price around $178 — is valid. It certainly does not show that Acuity (market cap $7.9 billion) is worth more than Apple (market cap $814 billion).

By the time the supply of new bitcoins ends, sometime after the year 2110, there will be 21 million bitcoins in (digital) existence, meaning the total value of all of the electronic tokens that will ever exist, at today's market price, is just under $39 billion. According to the World Gold Council, total gold stocks amount to approximately six billion troy ounces or $7.3 trillion at today's price. To put it another way, in order for bitcoin to be worth more than gold, a one 'coin' would have to trade at $347,000 in order for 'bitcoin worth more than gold' to be a defensible statement. Must dash now, one bitcoin is about to be worth more than one aluminum future…

Chuck Reynolds
Contributor

Alan Zibluk – Markethive Founding Member

Update on Blockchain and Beyond:
The Future of Distributed Ledgers

         inShare

Alan Zibluk – Markethive Founding Member