The Crypto Infinity Economics (XIN) had 2.44% move up in 24 hours

Infinity Economics (XIN) had a good 24 hours as the cryptocurrency jumped $3.89466E-05 or 2.44% trading at $0.0016357572. According to …

Infinity Economics (XIN) had a good 24 hours as the cryptocurrency jumped $3.89466E-05 or 2.44% trading at $0.0016357572. According to International Crypto Analysts, Infinity Economics (XIN) eyes $0.00179933292 target on the road to $0.00474500555046316. XIN last traded at CoinDeal exchange. It had high of $0.0017136504 and low of $0.0015189174 for March 12-13. The open was $0.0015968106.

Infinity Economics (XIN) is up 25.83% in the last 30 days from $0.0013 per coin. Its down -11.96% in the last 100 days since when traded at $0.001858 and the annual trend is down. 200 days ago XIN traded at $0.005197. XIN has 9.00B coins mined giving it $14.72M market cap. Infinity Economics maximum coins available are 9.00B. XIN uses SHA-256 algorithm and PoS proof type. It was started on 02/10/2017.

Infinity Economics is a PoS cryptocurrency based on the SHA256.

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What can the crypto world learn from the QuadrigaCX cold wallet lockout?

Cold wallets, an offline piece of hardware designed to protect large amounts of cryptocurrency from being hacked, are considered best-practice …

Cold wallets, an offline piece of hardware designed to protect large amounts of cryptocurrency from being hacked, are considered best-practice among exchanges.

But the death of Gerald Cotten, CEO of Canadian cryptocurrency exchange QuadrigaCX, cast a spotlight on the efficacy of cold wallet storage after he took the master key password to the grave.

Around $137m in cryptocurrency remains inaccessible to QuadrigaCX customers and a series of suspicious – albeit circumstantial – events leading up to Cotten’s death in December last year caused many to speculate that his death was faked.

In the latest twist EY, the auditors assigned to the case, said that the money appears to have been emptied eight months before Cotten’s supposed death, further stoking internet conspiracy theories.

But as investigators pick through the bones of QuadrigaCX in pursuit of the missing money, the event has brought to light the pitfalls of cold wallet storage.

Verdict spoke with three cryptocurrency experts to find out how damaging the incident is for cryptocurrencies, and what the crypto world can learn from the incident about cold wallet management.

Reputational damage to cold wallets

To those outside of the crypto world looking in, negative events such as crypto-heists and volatile prices can make cryptocurrencies seem a risky investment. As cryptocurrency adoption has increased, many have called for an end to the ‘wild west’ days of cryptocurrencies.

February’s headlines around Cotten’s death no doubt added fuel to the flames of doubt.

But Andy Bryant, COO of Tokyo-based crypto exchange bitFlyer says that the QuadrigaCX cold wallet lockout case is “absolutely a matter of poor controls and not the cold wallet”.

He likens blaming the incident on cold wallets to “blaming the brick wall for killing a reckless driver in a head-on collision”, adding that proper cold wallet management could have “easily” prevented the situation.

It is a view shared by Ben Schmidt, CSO at blockchain-based bug bounty platform PolySwarm.

“A proper cold wallet implementation for an exchange involves multiple redundancies, and does not give anyone person full control of the funds,” he tells Verdict.

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“More reputable exchanges, like Coinbase, take this very seriously and have a number of safeguards in place to prevent this exact scenario.”

Piers Ridyard, CEO of Radix DLT, a distributed ledger technology startup, adds that while the QuadrigaCX incident is not damaging for trust in cold wallets, “it could be damaging for trust in cryptocurrencies as a store of value, because unlike gold or something physical, you can’t forget a password to gold”.

“[It] shows how secure these systems that store the assets are, but it also shows that poor procedure when using this type of storage can permanently lose massive amounts of value,” he adds.

But what can the crypto world learn to prevent another costly cold wallet lockout?

Greater regulation to prevent a cold wallet lockout

When the mysterious Satoshi Nakamoto launched the white paper outlining bitcoin’s implementation in 2008, the underlying ethos was to be free from the banks that had just recently sent the world spiralling into recession.

Crypto-purists feel that allowing financial authorities greater regulatory oversight over cryptocurrencies goes against this ethos.

But could more regulation prevent another cold wallet lockout?

“Any exchange that holds licenses from a reputable financial authority is held to the highest standards of asset security standards, and this includes proper internal controls for recoverability and backup,” says bitFlyer’s Bryant.

Regulatory compliance is built into bitFlyer’s model, with the exchange granted a Payment Institution licence to operate in the European Union in January 2018.

Bryant suggests that users only put their trust in exchanges that are licensed by reputable financial authorities – pointing out that QuadrigaCX was not licensed.

PolySwarm’s Schmidt says that regulations “certainly help”, noting that exchanges are increasingly seeking regulatory validation.

He adds that insurance for balances on cryptocurrency exchanges could also give users more confidence by introducing a third party with a “strong financial incentive to ensure security”.

However, Ridyard says that it is too early to regulate.

“Typically, regulators are not technology savvy,” he says. “Nor does security best-practice stay still. What is the right procedure now may prove to be the wrong procedure later and getting lawmakers to fundamentally understand how good computer security is implemented I think is a stretch.”

Procedures and backups

The root cause of the QuadrigaCX cold wallet lockout was bad procedural practice. Giving one person sole access to a cold wallet, without any failsafes, is clearly fraught with problems.

“Exchanges would be wise to ensure they have multiple redundant backups, as well as prevent any one person from having full control of the stored funds,” says Schmidt.

Another way of preventing a repeat of QuadrigaCX’s lockout is to back the seed of a cold wallet – a randomly generated phrase that can be used to recover a Bitcoin wallet – in multiple secure locations.

“In the event of a death or destruction of the wallet, the contents of the wallet can be reconstructed from the seed,” says Radix’s Ridyard.

He also suggests Shamir Secrets, a cryptographic sharing scheme that splits parts of a piece of information, such as a password, between multiple people. The different parts of the puzzle are useless on their own and different people have different levels of control, meaning a CEO could have full access alone while a CFO would require multiple people from the board to provide their part of the puzzle.

Multi-signature wallets can also prevent one person from being solely in control of funds. But they are not without their flaws, says Ridyard: in 2017 a bug in the Parity wallet froze $152m-worth of ether.

Will there be another Quadriga-esque cold wallet lockout?

With more than 1,600 cryptocurrencies in circulation and over 500 cryptocurrency exchanges, there will likely be more incidents similar to the QuadrigaCX cold wallet lockout.

“Sadly I think these types of incidents are likely to continue and so I recommend users only keep their financial assets in authorised and regulated exchanges or companies,” says Bryant.

“Due to the immaturity of the industry and the small size of teams and organisations that have become responsible for custodianship of large amounts of money in short spaces of time, it is highly likely that this problem is much more widespread than just this exchange,” adds Ridyard.

“I hope this event will be the catalyst for people to get better.”


Read more: Ledger’s improved Nano X cryptocurrency wallet: Convenience without compromising security

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Infinity Economics 24-Hour Trading Volume Hits $2.12 Million (XIN)

Investors seeking to acquire Infinity Economics should first purchase Bitcoin or Ethereum using an exchange that deals in U.S. dollars such as GDAX, …

Infinity Economics logoInfinity Economics (CURRENCY:XIN) traded 1.7% higher against the U.S. dollar during the twenty-four hour period ending at 21:00 PM Eastern on March 10th. One Infinity Economics coin can currently be purchased for approximately $0.0017 or 0.00000043 BTC on major cryptocurrency exchanges including BitBay, Sistemkoin, Coindeal and Coinbe. In the last seven days, Infinity Economics has traded 14.3% higher against the U.S. dollar. Infinity Economics has a market capitalization of $0.00 and approximately $2.12 million worth of Infinity Economics was traded on exchanges in the last 24 hours.

Here’s how similar cryptocurrencies have performed in the last 24 hours:

  • Bitcoin (BTC) traded 0.2% lower against the dollar and now trades at $3,949.25 or 1.00000000 BTC.
  • Bitcoin Cash (BCH) traded down 0.5% against the dollar and now trades at $132.85 or 0.03370069 BTC.
  • Steem (STEEM) traded up 11.9% against the dollar and now trades at $0.53 or 0.00013397 BTC.
  • PRIZM (PZM) traded 1.8% higher against the dollar and now trades at $0.34 or 0.00008621 BTC.
  • BitcoinDark (BTCD) traded flat against the dollar and now trades at $16.23 or 0.00246929 BTC.
  • Unobtanium (UNO) traded 1.7% lower against the dollar and now trades at $101.33 or 0.02569714 BTC.
  • Peercoin (PPC) traded up 4% against the dollar and now trades at $0.53 or 0.00013445 BTC.
  • Emercoin (EMC) traded down 3.4% against the dollar and now trades at $0.29 or 0.00007248 BTC.
  • Namecoin (NMC) traded down 3.2% against the dollar and now trades at $0.76 or 0.00019286 BTC.
  • Steem Dollars (SBD) traded down 0% against the dollar and now trades at $0.98 or 0.00024870 BTC.

Infinity Economics Coin Profile

Infinity Economics is a Proof-of-Stake (PoS) coin that uses the SHA-256 hashing algorithm. It was first traded on October 2nd, 2017. Infinity Economics’ total supply is 9,000,000,000 coins. The official message board for Infinity Economics is forum.infinity-economics.org. The Reddit community for Infinity Economics is /r/infinityeconomics and the currency’s Github account can be viewed here. Infinity Economics’ official Twitter account is @XIN_Foundation and its Facebook page is accessible here. Infinity Economics’ official website is www.infinity-economics.org.

Infinity Economics Coin Trading

Infinity Economics can be traded on these cryptocurrency exchanges: Coindeal, BitBay, InfinityCoin Exchange, Coinbe and Sistemkoin. It is usually not currently possible to purchase alternative cryptocurrencies such as Infinity Economics directly using U.S. dollars. Investors seeking to acquire Infinity Economics should first purchase Bitcoin or Ethereum using an exchange that deals in U.S. dollars such as GDAX, Changelly or Gemini. Investors can then use their newly-acquired Bitcoin or Ethereum to purchase Infinity Economics using one of the exchanges listed above.

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Report: 70% of UK Residents Don’t Know What Crypto Is, What Does This Say About Adoption?

One of the most surprising figures from the research report was that of the correspondents, only a mere 30% even knew what cryptocurrencies were, …

There’s no question that one of the primary drivers of previous crypto market bull runs have been sudden influxes of buying pressure from individual investors. Although many analysts believe the next bull run will be driven by increased corporate and institutional adoption, individuals will undoubtedly play a large role in future price action.

A recent report conducted in the U.K. provided the crypto community with revealing statistics that show just how far the nascent markets are from widespread adoption, and signal that the markets have a significant amount of room to grow.

Only a Small Fraction of U.K. Residents Know What Crypto Is

The report, which was conducted by the U.K. Financial Conduct Authority along with Revealing Reality – a research firm – was done with a goal of gaining a better understanding of the “behaviors and motivations among consumers purchasing crypto assets and to identify areas of potential harm.”

One of the most surprising figures from the research report was that of the correspondents, only a mere 30% even knew what cryptocurrencies were, while 70% claimed to have never heard of the technologies or could not provide a good definition of what they are.

Furthermore, of those interviewed, only 3% had actually purchased cryptocurrencies, and only 7% of those who have not purchased any digital assets claimed that they would be open to doing so in the future.

The aforementioned figures demonstrate just how small the cryptocurrency markets are in their current state. Many analysts believe that increased adoption of cryptocurrencies as a means of paying for goods and services will put them in front of a wide range of consumers while also positively impacting the public’s perception of the technology.

Of Those Who Own Crypto, There are Plenty of “HODLers”

While taking a closer look at the small portion of the surveyed group who actually own cryptocurrencies, a surprising amount of them are hodlers.

The report explains that “over 1 in 3 have never checked the value of their cryptocurrency since purchasing,” and that approximately 40% of crypto owners plan on holding their digital assets for a minimum of three years, while 50% have already sold a portion, or all, of their holdings.

Another key point is that of those who have purchased crypto, 31% of them purchased it as a “gamble” that could pay off handsomely, while 30% purchased it to diversify a wider investment portfolio. Only 4% purchased in fear of missing out – or “FOMO.”

While considering the fact that most of the general public have virtually no knowledge about cryptocurrencies, it is abundantly clear that the markets have a long future of growth ahead of them.

Featured image from Shutterstock.

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Lent Starts Today, What Should Bitcoiners Give Up About Cryptocurrencies On Ash Wednesday?

Cryptocurrency traders have since undergone a chastening Wednesday, having initially given it its own title which proved more synonymous with the …
Lent-Starts-Today-What-Should-Bitcoiners-Give-Up-about-Cryptocurrencies-on-Ash-WednesdayLent-Starts-Today-What-Should-Bitcoiners-Give-Up-about-Cryptocurrencies-on-Ash-Wednesday

Celebrating And Surrendering For Lent? Here Are Five Things To Consider Putting On The List

Cryptocurrency traders have since undergone a chastening Wednesday, having initially given it its own title which proved more synonymous with the market as it behaved. Titled ‘Flash Wednesday’ as opposed to its more faith-affiliated name – Ash Wednesday – thanks a lot due to the dramatic decline of 5 percent that Bitcoin experienced over the course of the same day.

Was this down to a bearish reversal that day? Not exactly, it was more down to a glitch which occurred on the analytics website CoinMarketCap.com. To the more superstitious, this would be seen as some kind of religious retribution, but glitches can just happen. There is no greater hell than having inaccurate price forecasts for Bitcoin Maximalists, but really the recent glitch is nothing compared to the years of support and publicity which CoinMarketCap has afforded Bitcoin.

Now, I’m not the kind of person that goes about giving credence to things like a Crypto-based divine providence, but there is a certain spirituality or, at the very least, philosophical underpinning to some or a large percentage of cryptocurrency maximalists that are out there.

But as someone who has been nominally involved in the cryptocurrency market over a number of years, enough to understand the philosophy behind it, but not enough to plant my flag firmly in one. It’s with this in mind that there are a few things that we may benefit from forsaking for the next 40 days at the very least. Those are 40 days in which you can prove just what kind of approach you have towards cryptos – either you’re an overzealous kind or one that can balance passion with steadiness.

5 Things To Consider Forsaking For Lent – 2019 Edition

  • ICO’s and Their Go Nowhere White Papers

I do have to confess that I have been enthused in many instances with an ICO and its associated white paper. But the amount of times that this thinking has translated to action is very few and far between.

This is made all the easier a cross to bear when considering just how vast the metaphorical ocean is when it comes to these white papers; they’re proving as ubiquitous via the internet as a bible is in hotel rooms.

With so many fluttering around, it makes it an easier habit to drop for 40 days if not more, these were easier sells when the market was a bullish one: there were optimism and a feverish enthusiasm to get on the shop floor of what was believed to be a game-changing project.

I’ve been practicing with this by talking about them with my peers, some of which are far more experienced than myself. In all honesty, the first thing being freed up is going to be time. Making for more time and often money to push into the classic personal whitepaper – written biographies and books.

  • The Alt Punt, and All the Sour Notes They Generated

I think I have been relatively lucky in some of the predictions that I’ve had over the last few years, seeing the market surge upwards to hit billions in the plural by the time we reached 2016. In some instances, however, the winners out there have not just been down to bullishness, it has often been down to conservative trading and holding wherever possible.

But one of the things that have annoyed me are the coins that are all hype, hot air and the kind of coin that is so inflated that you could push a pin through it and hear the air blow out.

Staying clear of alternative coins out there the preach the earth and have no ground of their own is an easy thing to steer clear of.

  • Pursuing Across Heaven and Earth the Illustrious Satoshi Nakamoto

Are there people out there that have marauded the halls of cryptocurrency, and blockchain conferences across the world? There certainly are plenty of those people out there that have aimed to have a presence at them, but this is more down to projecting themselves or a broader company as a brand.

How many out there can say they did the same to pursue an individual? That number of attendees drops dramatically. So there will certainly be less time spent at every cryptocurrency or blockchain conference in order to make an appearance in order to meet specific icons. Maybe less time doing this and more time doing what can be done remotely.

  • Being ‘That’ Guy at Various Events and Conferences

Luckily, I have never been this kind of person because, quite honestly, I am not an outspoken person, and very laconic in my opinions for good reason. But you have probably seen this kind of person at conferences, often smelling too much of a particular kind of cocktail, oversaturated with a liberal dosage of cologne to let you know that he has a six-figure income (somehow).

He’s the kind of person who made a huge ‘score’ thanks to his god-like call on a particular ICO, and he some kind of partner in crime. So even if you haven’t had some first-hand experience with this kind of person, you’ll be better equipped to side-step this often uncomfortable encounter.

  • Believing that the Securities and Exchange Commission Will be Coming to a Decision Soon [It Won’t be]

Patience is a virtue, and for good reason. A lot of us have been waiting on tenterhooks in order to benefit from the resultant decision of the Securities and Exchange Commission. But since the swatting down of the Bitcoin Exchange Traded Fund as proposed by the Winklevoss Twins back in March 2017, with an interesting level of speed that makes Facebook look like a protracted battle.

There are even more that also wished for crypto advocates to run for some kind of political office to help push some sense and reasoning into the governments of the world. So while we’re waiting on the decision of the SEC on this particular occasion, the words needed are ‘patience’ and ‘skepticism,’ because that’s what it’s drawing at this moment in time.

So, here we have it, there are now 40 days between those that have chosen to do something about Lent. And for those that have decided on the whole ‘Lent’ thing as a trivial matter as a whole, at the very least, I hope that it has given you some pause for thought about these particular facets of the cryptocurrency world.

Today’s BTC, ETH, XRP and BCH Price Analysis: Latest Cryptocurrency Coin Chart Predictions