Crypto News | NSA Tracking Bitcoin Users?

Did you know that cryptocurrencies are supposed to be anonymous? It’s right there in the name: “crypto”. Undoubtedly, many cryptocurrency users opted for cryptocurrencies after the many widely publicized surveillance scandals, especially those revealed by Edward Snowden. Well, according to Snowden himself, Bitcoin users have themselves become a target of NSA tracking.

On Tuesday, media outlet The Intercept announced that it had received classified documents from Snowden which point to the fact that the U.S. National Security Agency (NSA) is tracking the Bitcoin public ledger, apparently to analyze global internet traffic and find out who individual users are. So far, the NSA tracking efforts have led to a lot of private info being collected, primarily internet activity, device identifiers, and passwords used by Bitcoin users.

Also on Tuesday, finance ministers and central bank governors of countries members of the G-20 held a discussion on cryptocurrencies at a closed-door meeting. According to Federico Sturzenegger, governor of the Central Bank of Argentina, “the discussion was very productive”. The officials called for increased cryptocurrency regulation by July of 2018, but overall took more of a hands-off approach. In other words, yes to regulation, but no to restrictions and bans. The idea is that the regulation, whichever form it may take, should keep up with the technology’s fast pace, so as not to hinder its development. Each official will form a national task force back home to develop specific proposals on how to do that, with solutions arriving in July.

Coinciding with the G20 announcement, or perhaps caused by it, the price of Bitcoin has surged again, and is currently at $9,073.40, the highest it’s been in more than a week. However, the prices of altcoins have not been recovering quite as quickly. Many are understandably concerned, but not Tom Lee of Fundstrat Global Advisors LLC. He believes that the downtrend is over, with the company publishing a report which says that the period of readjustment will last for about five months, meaning altcoins will have a bull market mid-August to mid-September.

Perhaps CryptoKitties will be one of those altcoins that will have a great year. Even though many have been skeptical, CryptoKitties has received $12 million in funding. The funding round was led by venture capital firms Andreessen Horowitz and Union Square Ventures, who were early investors in Facebook and Twitter, respectively.

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Author: Max Rothstein

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