BitPay’s Chief Commercial Officer: ‘Very Bullish’ on Bitcoin, Not So Sure About Altcoins

Siamak Masnavi

In a recent interview on Bloomberg TV with anchor Emily Chang, Sonny Singh, the Chief Commercial Officer (CCO) of blockchain payment processor BitPay talked about the outlook for cryptocurrencies. During the interview, Singh was asked several interesting question about the cryptocurrency market.

Calling the Bottom

"It's hard to say. I think right now, the market is looking for some defining moment, a catalyst... and right now, you are seeing rumors that somebody might do something, someone might launch a trading desk, someone might not be launching a trading desk. But I think next year you're going to see the big entrance become real, where you'd see Goldman does launch a trading desk, Fidelity does launch a Bitcoin product, Square offers Bitcoin processing for merchants, BlackRock launches an ETF. So all that would then become real, and then you'll see some adoption actually, and then you'll see the price bouncing back up again. Until then, ... up and down on rumors..."

ICOs and Exchanges

"Last year, getting you ICO token listed on Binance or Bittrex could increase your market valuation a $100 million to a billion dollars, actually... We saw run-ups when you got listed on Binance of 5x to 10x in price, actually...  So that was very powerful... Liquidity is the key to these ICOs. And now, when you are seeing the Bitcoin price drop, ICOs are no longer in favor anyway. They are down 95%. So, people aren't really trading ICOs as much anymore. People are still trading Bitcoin and the other stuff, actually... not as much as they were six months ago. But what you're seeing is that until Bitcoin... gets up to $10,000... the ICO market is going to be in a lot of trouble... and a lot of those ICOs will never make it back to where they were right month ago."

Can Crypto Industry Grow Globally If India, China, and Russia Are Concerned ABout Crypto?

"Those are the last remaining three, I would say. And China, Russia, and India have always been against Bitcoin. And India takes a different stance... than China and Russia... India says we need to analyze it more, and I think it the next year or so, you will see India open up to that. China and Russia are the big wildcards: they have a different kind of government system than India does. Who knows when they are going to do it. And China controls a lot of the Bitcoin market even still today... So, they are much more powerful than India as far as the Bitcoin market share around the world."

How the Bear Market Has Affected BitPay's Business

"We've never been more bullish actually... Business is great. We are hiring more people. We are working with several large brands around the world. No-one is stopping the implementations. Everyone is going full speed ahead. Where I think the issue is in the altcoins. Those will never come back, I believe, in the same way that Bitcoin will come back. Fidelity, BlackRock... they are not launching altcoin products. They are going to launch Bitcoin products. So, Bitcoin will rebound next year, when all these products will become mainstream-adopted... It's full speed ahead in the Bitcoin space. I can't guarantee what's going to happen in the altcoin world... there are a lot of dodgy ones out there... Bitcoin is again the leader in the space."

One example of the growth in BitPay's business, covered by CryptoGlobe, is luxury automobile retailer Post Oak Motor Cars, the first Rolls-Royce, Bentley and Bugatti dealership in America, announcing that it was going to accept Bitcoin and Bitcoin Cash for payments with the help of BitPay.

According to data from CryptoCompare, Bitcoin (BTC) is currently trading around $6,530, up 1.7% in the past 24-hour period.

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'Big Spender' Bitcoin Wallet Exploit Is an 'Issue With BTC Itself', Says BCH Supporter

Michael LaVere
  • Crypto security firm ZenGo has identified a double-spend exploit dubbed "BigSpender" which affected popular bitcoin wallets.
  • Exploit allows an attacker to cancel a bitcoin transaction without the receiving user knowing. 

A crypto security firm has identified a double-spend exploit targeting popular bitcoin wallet providers. 

According to a report by ZenGo, the security firm has discovered a double and multiple spend wallet exploit for bitcoin dubbed “BigSpender.” The report claims the exploit allows an attacker to cancel a bitcoin transaction but still have it appear in a victim’s vulnerable wallet. 

The report reads, 

The core issue at the heart of the BigSpender vulnerability is that vulnerable wallets are not prepared for the option that a transaction might be canceled and implicitly assume it will get confirmed eventually.

As CryptoGlobe reported, ZenGo found that a user’s balance would be increased following an unconfirmed incoming transaction, without a subsequent decrease in the event the transaction being double-spent. The firm outlined how an attacker could use the exploit to cancel transactions of sent bitcoin while still receiving goods and services in return. 

The security firm tested nine popular cryptocurrency wallets and found BRD, Ledger Live and Edge to be vulnerable to the exploit. All three companies were notified by ZenGo of the threat and subsequently updated their products. However, the firm noted that “millions” of crypto users may have been exposed to the attack prior to the update. 

Bitcoin Cash supporter Hayden Otto told Cointelegraph the exploit is particularly concerning for bitcoin-accepting merchants. 

He said, 

The technique is facilitated by RBF (replace by fee), a so-called ‘feature’ added at the protocol level by the Bitcoin Core developers.The issue exists if you use BTC. Wallet software can only make some trade off, which results in a worse BTC user experience, in order to try to protect BTC users.

Otto claimed the exploit was derived from “an issue with BTC itself” and had little to do with wallet software. 

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