Cryptocurrencies Are Experiencing a Significant Drop in Value

Those who doubted virtual currency have had their worst fears confirmed: cryptocurrency’s value has plummeted 50 percent from its peak in early January, pushing Bitcoin, for example, below $7,000. Among the problems bedeviling virtual currencies are hackers, scams and Ponzi schemes. Now, the Securities and Exchange Commission and the Commodity Futures Trading Commission are scheduled to testify to the Senate banking committee about how they have been trying to corral cryptocurrency markets. Continue reading Cryptocurrencies Are Experiencing a Significant Drop in Value

VR Gaming Turns to Cryptocurrencies for Buying Virtual Assets

VR games and cryptocurrencies are joining forces. Social virtual reality company High Fidelity, co-founded by “Second Life” creator Philip Rosedale, began developing a blockchain for in-game cryptocurrency and intellectual protection in 2017. Now the company has debuted Avatar Island, a VR shopping center for avatars created by digital artists around the globe, and will accept payment in a new cryptocurrency running on blockchain. Rosedale notes that Linden Dollar for “Second Life” was one of the first digital goods currencies. Continue reading VR Gaming Turns to Cryptocurrencies for Buying Virtual Assets

Blockchain: More Than $50 Million in Virtual Currency Hacked

The Decentralized Autonomous Organization raised $160 million in Ether, a virtual currency that is an alternative to Bitcoin. The experimental project was hailed as the most successful crowdfunding effort ever, until last Friday when a hacker made away with more than $50 million. Although the hack was frozen and the project’s computer scientists plan to rewrite Ether’s code to recover the money, the project most likely will end, leaving in its wake a bigger debate than ever about the viability of virtual currency. Continue reading Blockchain: More Than $50 Million in Virtual Currency Hacked

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