Dutch bank announces crypto storage – January 23

Current Bitcoin Price: $3591 (as of 9:00 AM PST)

Bitcoin has fallen just a tenth of a percent today, while both XRP and Ethereum have fallen closer to an entire percent. Bitcoin Cash, for a change, is in the green — in fact, it’s shot up more than 5% over the last 24 hours despite an indifferent market.

For most other cryptocurrencies, it’s one or two percent in either direction. The big exception in WAVES, ranked 21st by market cap, which has surged more than 20% today — making Bitcoin Cash’s impressive gains seem like child’s play in comparison.

Top Bitcoin & Crypto News Stories for 23rd January 2018

Dutch bank announces crypto storage

Most of us can agree on one thing: cryptocurrencies are great. The decentralized frameworks of these internet monies are giving us control over our finances like never before, but this control — and the associated responsibility — has left many investors shying away from an otherwise attractive investment.

Cryptocurrency custodial services have long been in-demand, even for the retail investors who’d rather a bank store their investment. Today, an announcement from Dutch bank ABN AMRO suggests this will finally become a reality; what’s more, their cryptocurrency storage services will come with insurance for an impressive 6000 EUR of funds!

Coinbase scam email circulates

This market is rid with scams, and a number of them involve the impersonation of cryptocurrency exchanges like Coinbase, the world’s most popular exchange.

Another Coinbase-impersonating scam email has surfaced, in which the fraudster writes:

“Over the next seven days, Coinbase will be running scheduled maintenance across our platform that may cause movements on all Coinbase-supported blockchains… During the process we recommend our customers to move their funds in the private old storage wallets we provide.”

Risk of “fake stake” attacks explained

Most cryptocurrencies use a Proof-of-Work (PoW) consensus mechanism, where users have to solve tough cryptographic puzzles to earn the right to suggest a modification to the blockchain. A long-proclaimed alternative, Proof-of-Stake (PoS) requires users to hold a certain amount of currency instead — reducing the risk of 51% attacks and general network-wide energy consumption.

A recent Medium post details one of the biggest concerns of PoS consensus — which has already been implemented in a handful of major cryptocurrencies — which would allow malicious attackers to slow down an entire network with just a fraction of tokens.