Crypto Fund Manager. It ‘Wouldn’t Be Rational’ to Expect Price Surges on Positive News

A cryptocurrency fund manager has recently argued that it “wouldn’t be rational” to expect positive developments to immediately impact the price of cryptocurrencies like bitcoin at this point, at least in the short term.

Speaking to MarketWatch Anthony Pompliano, founder and partner at Morgan Creek Digital, argued that developments being made in the cryptocurrency space aren’t going to be impacting the market now, presumably as most are being done behind the scenes.

He was quoted as saying:

It wouldn’t be rational to expect these types of announcements to affect bitcoin or other cryptocurrency prices in the short term. To paraphrase Jeff Bezos, the work that is being done today will be reflected in crypto prices 2-3 years from now.

This week the cryptocurrency space saw various developments that seemingly didn’t affect crypto prices, as these recently saw a slight drop. This, at a time in which an equities sell-off saw Nasdaq have its “worst day since 2011.”

Recently, anonymous sources at the Chicago Board Options Exchange (CBOE) revealed they believe “approval confidence” for a bitcoin ETF is “high,” as the organizations seeking it reportedly resolved issues cited by the US Securities and Exchange Commission (SEC).

San Francisco-based cryptocurrency exchange Coinbase has, as reported, also recently added Circle’s USDC stablecoin to its platform, after forming a partnership with the company. The development was seen by analysts as a stamp of approval for the crypto space, although some pointed out those holding the stablecoin could see their funds get frozen, or their transactions censored.

Bakkt, the cryptocurrency platform that’s set to be launched by the Intercontinental Exchange (ICE), has also recently revealed it’s going to launch its daily bitcoin futures contracts on December 12.

These developments seemingly haven’t affected BTC’s price, as it’s currently trading at $6,470 after sliding roughly 0.5% in the last 24-hour period, according to CryptoCompare data. Most altcoins have also dropped anywhere between 0.3% and 2%.

'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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