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This week in Bitcoin – Dec 23rd, 2019

December 25, 2019


Hi, I’m Nate Martin from 99Bitcoins.com and here’s what happened this week in Bitcoin. Blockchain analytics firm, Chainalysis,
reported some downbeat price predictions based on its tracking of funds acquired
by the massive PlusToken ponzi. PlusToken raked in over $2 billion
from mostly Chinese citizens before the scam was busted
and several leaders arrested. Those that remain at large have just under
half their ill-gotten gains yet to sell. However, the upcoming halving
may offset further downside. Roger Ver’s exchange received criticism
by the crypto community, including many Bitcoin Cash adherents,
for implementing trading of the new HEX token. HEX is often described as a scam for its design, which favors and enriches its creator,
Richard Heart. HEX is also backed by former BitConnect shill,
Trevon James. The exchange’s CEO said on Twitter he was listing
HEX “out of spite” for Bitcoiners. Coinfloor, the oldest exchange in the UK, announced that it will end support for
Ethereum and Bitcoin Cash in January 2020. Coinfloor’s founder said the technical burden of
supporting Ethereum’s changing architecture is not worth its trading volume. The exchange will focus on Bitcoin only. A 19-year-old simjacker from Brooklyn, New York
was arrested for hacking over 75 people in 2019. He used SIM swaps to takeover
their accounts and steal their crypto. If your email, exchange or other logins
depend on access to your phone, consider adding an extra layer of security
to guard against this growing threat. Before we conclude,
here’s this week’s “Bitcoin quick question”: Is Bitcoin vulnerable to quantum computing? The short answer is yes – and general
most systems relying on cryptography are, including traditional banking systems. However, quantum computers don’t yet exist
and probably won’t for a while. In the event that quantum computing
could be an imminent threat to Bitcoin, the protocol could be upgraded
to use post-quantum algorithms. If you want to read more about this topic
just visit the link in the description. Have a question you want us to answer?
Just leave it in the comment section below. That’s what happened this week in Bitcoin.
See you next week.

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