Reasons to Be Bullish About Bitcoin & Other Cryptocurrencies, According to Prominent Economics Professor

Panos Mourdoukoutas, an economics professor at the University of Pennsylvania, has argued that there are “a couple of signs” that the current cryptocurrency market rally could be “sustainable.”

Mourdoukoutas, who earned his Phd from the Stony Brook University, noted in a Forbes post (published on February 21st) that digital asset prices may continue to increase because the latest market rally “extended to the entire cryptocurrency chain.” Mourdoukoutas pointed out that the value of “only seven cryptocurrencies out of the top 100” depreciated in the past week.

Commenting on the recent surge in cryptoasset prices, Michael Noel, the CEO of Blockchain Consultants, remarked: 

Interestingly, it appears that the momentum behind the recent Bitcoin rise comes more from fiat and stablecoins than from other cryptocurrencies. This move from fiat currencies shows at least some consensus that BTC value, is better long term than in traditional currencies.

Bitcoin Usage Has Been "Really High Recently"

Noel added that the latest digital asset rally may also be partially attributed to increased enterprise interest in the crypto market. Established financial service providers and organizations including Western Union, the leading money transfer company, has been working closely with crypto firms such as American fintech Ripple Labs - in order to expedite cross-border payments.

Nasdaq, the world’s second largest stock exchange, recently introduced a new bitcoin (BTC) and ether (ETH) tracking index. Meanwhile, Mastercard has been working with crypto payments solutions provider, Stellar - in order to make it easier to send money globally.

Bitcoin acceptance rates also appear to be increasing as Mati Greenspan, the senior market analyst at eToro, a leading social trading platform, revealed recently that BTC usage has been “really high recently.” Additionally, Greenspan mentioned that Google searches about bitcoin and other cryptocurrencies have picked up again.

JPMorgan Coin May Have Helped Legitimize Crypto Industry

Jeff Ramson, the founder and CEO of PCG Advisory, Inc., a company “dedicated to adding value in the small-cap, micro-cap and blockchain/cryptocurrency marketplace”, remarked:

Each day we are hearing of more well-known fiduciaries, banks, funds, etc. investing into crypto/blockchain infrastructure, and I believe Bitcoin is the proxy for most who want to have exposure to the crypto asset class, while these markets develop.

Ramson continued: “While not significant to the price of Bitcoin, in reality, [the introduction of JPMorgan’s own cryptocurrency or coin] has also given additional credibility to the space, which is helping with the price of Bitcoin; and I believe, this acceptance will help sustain the crypto asset class for the long run.”

'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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