How Coinbase views proof of work security

Coinbase recently changed the confirmation requirement of four different assets, including reducing Bitcoin confirmation requirement from six confirmations to three. This post describes our views concerning proof of work security that informed our decision to make these changes. By Mark Nesbitt, Security Engineer All cryptocurrencies define a state of ownership within the currency network. In order for a cryptocurrency to be usable, there must be a way of updating this state of ownership. In most existing cryptocurrencies, the state of ownership is defined by a canonical history of all transactions…

Announcing new confirmation requirements – The Coinbase Blog

Coinbase is changing the number of confirmation requirements we require for four assets on the platform. We expect this change to both improve customer experience and security posture. We changed the confirmation requirements for Bitcoin, Litecoin, Zcash, and Ethereum Classic. The table below shows the changes: The confirmation requirements for several of these currencies were determined over a year ago. At this time, we did not have a consistent approach that informed each currency’s requirement. This resulted in a situation where some assets may have had an overly conservative confirmation…

Malaysia to Impose Cash Transaction Limit of $6K in 2020: Report

Malaysia is planning to impose a $6,000 limit on cash transactions in 2020, according to a deputy governor at the country’s central bank. The new restrictions aim to prevent the use of cash in illicit activities, and won’t affect regulated financial institutions or other entities transacting for humanitarian aid purposes. The average Malaysian household spends $1,900 per month Abdul Rasheed, the deputy governor in question who works for Bank Negara Malaysia (BNM), claimed that the measures will apply to all transactions involving physical cash, including payments for goods and services,…

Why Did Bitcoin Price Drop Below $9,000? A Pivotal Weekend Ahead

Bitcoin price (BTC) fell 5% today to a new weekly low at $8,660, a point which is also below the 200-day moving average which has been acting as support since reclaiming it in the final week of October. Almost all other crypto-assets have also suffered a valuation loss against the U.S. dollar, but there has been some resilience shown in both Ether (ETH) and EOS, which have continued to outperform Bitcoin over the last week. Cryptocurrency market daily view. Source: Coin360 Why Bitcoin broke down from $9,000 BTC USD Daily…

Zcash Creator Donates Company Trademark to the Zcash Foundation

Electric Coin Company (ECC) has donated the Zcash trademark to the Zcash Foundation. ECC created and launched the privacy-focused cryptocurrency Zcash (ZEC) in 2016, and will now own the trademark bilaterally with the corresponding foundation. ECC and the Zcash Foundation have been in negotiations since August Upon an agreement signed on Nov. 6, the Zcash Foundation will be financially responsible for costs associated with assigning and protecting the trademark. Announcing the news, the Zcash Foundation mentioned the existing disagreement with ECC over the trademark’s future. The foundation noted that it…

Bitcoin Falls 4.3%, Slipping Below $9,000 for First Time in Two Weeks

Bitcoin fell 4.4 percent Friday, slipping below $9,000 for the first time in two weeks. Analysts cited a lack of positive market drivers and speculation that the U.S. Federal Reserve might pause this year’s rate-cutting cycle, which could curb demand for the cryptocurrency as a potential inflation hedge. The price dropped to $8,800 as of 18:57 UTC (1:57 p.m. New York time), according to Trading View. It’s still more than double where bitcoin was at the start of the year, leaving the cryptocurrency as one of the world’s best-performing asset…

Russia Prepares Law to Allow Cryptocurrency Confiscation

According to local reports, Russia’s Ministry of Internal Affairs and other law enforcement agencies are developing proposals to confiscate cryptocurrencies. These proposals could evolve into Russian laws as soon as 2021.  “Russia plans to develop a legal mechanism for the seizure of virtual assets for their confiscation,” according to a translated report from RBC. “The relevant proposals should be prepared by December 31, 2021 by the Ministry of Internal Affairs together with [federal financial monitoring branch] Rosfinmonitoring, the Prosecutor General’s Office, the Investigative Committee, the Justice Ministry … the Federal…

Crypto and Blockchain Jobs Have Increased By 26% Since 2018: Research

Those seeking employment in the blockchain and cryptocurrency industry have reason to be positive, says employment search company Indeed. The number of bitcoin, blockchain and crypto-related employment ads in shares per million on the popular job listing site rose by 26 percent from 2018–2019, following a four-year trend of 1,457 percent growth in the sector, according to a “Seen by Indeed” study released Thursday. On the other hand, sector-specific job searches dropped 53 percent over the same period, following a longer downward trend, the firm found. Enthusiasm among job hunters peaked…

PODCAST: Kaiko’s Ambre Soubiran on Bitcoin’s ‘Intrinsic Value’

“One of the things I was hearing all the time when I was in the banking world was ‘OK, but this bitcoin thing, it doesn’t have any intrinsic value,’” said Ambre Soubiran, CEO of cryptocurrency market-data startup Kaiko. “And this is something to which I obviously completely disagree,” she continued. “How can you say that having a system that enables permissionless transference and a decentralized and secure way to digitally transfer ownership [doesn’t have value]? Just that system and the fact that it works and that it has been working…