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Indian Express
5 days ago
- Indian Express
Despite ‘Bitcoin-like encryption' promise, Elon Musk's XChat isn't secure as you think
Last week, Elon Musk announced that the latest version of the X (formerly Twitter) app is getting a new Direct Messaging feature called XChat. The new functionality, which Musk says is built using a 'whole new architecture' brings tons of new features like vanishing messages, ability to share files, audio and video calling and encryption. XChat comes a few days after the Elon Musk owned social media platform, previously known as Twitter, temporarily paused message encryption to make 'some improvements'. And while Musk did say that XChat is 'built on Rust with (Bitcoin style) encryption.' On its support page, X said that when users enter a Chat for the first time, it creates a 'private-public key pair' that is unique to each user, with the private key stored on X servers when they enter a PIN. XChat's method of storing chats may sound secure, but according to crypto news site Coindesk, experts say that while cryptocurrencies like Bitcoin do have digital signing capabilities, the blockchain itself has no encryption and that there is no such thing as 'Bitcoin style encryption.' This means that unlike messaging platforms like WhatsApp, Telegram and Signal, which make messages completely unreadable by anyone other than the receiver and sender, XChat's security mechanism may not be as secure. The X help page does mention that messages on the platform are stored in an encrypted format, and can only be 'read by the user'. This may sound like End-to-End encryption, but the company does say that it currently does not 'offer protections against man-in-the-middle attacks,' which means if someone at X was to compromise an encrypted message, no one would know. 'XChat looks to be just another centralized platform where users have zero control over their data,' said Matthew Hodsgon, the CEO of messaging platform Element, which is used by the United Nations, US military and NATO said in a statement to The Register. Currently, there are concerns about XChat's encryption methods, but maybe we will get more details when X releases its whitepaper 'later this year.'
Entrepreneur
22-05-2025
- Business
- Entrepreneur
Bitcoin Hits a Record High. Here's Why.
If you are kicking yourself for not buying Bitcoin when it was valued at about $100, prepare to kick yourself even harder. Bitcoin hit over $111,00 in overnight trading, according to the CoinDesk Bitcoin Price Index. Ryan Lee, chief analyst at Bitget, told Coindesk that he believes Bitcoin could hit $180,000 by the end of the year. He believes the negative economic news is a driving force. "Moody's recent downgrade of the U.S. sovereign credit rating to Aa1 is another key macro catalyst, sparking renewed interest in BTC and ETH as hedges against fiat risk. BTC's ability to hold above $103,000 amid volatility highlights the market's shift toward crypto as a strategic reserve asset," Lee said. Related: Why Gold and Bitcoin Are the Go-To Safe Havens in 2025 Alexander S. Blume, founder and CEO of Two Prime, says it is all about supply and demand. "The OTC supply may be drying up, driving up prices," he told Coindesk. OTC, which stands for "over-the-counter," involves trading either directly or through broker-dealers rather than on a centralized exchange, according to Investopedia. Blume continued: "This would not be reflected in exchange trading volumes or the derivatives market. If this is the case, get ready for a wild ride, as more demand is coming on board with a competitive bitcoin corporate treasury environment and, perhaps, a less elastic OTC spot market." What makes Bitcoin valuable? Cryptocurrency expert Mark Sgambelluri explains that Blockchain makes it so that every Bitcoin can only be held by one person at a time, making it an asset. "Just like a Van Gogh is valuable because it is one of a kind and copies of it are worth nearly nothing, especially digital copies, each Bitcoin is intrinsically valuable because it can not be replicated, so it allows a digital asset to take on astronomical value," he wrote for Entrepreneur. "It is most similar to digital gold — gold is valuable because of its set supply and because you can transfer it. Bitcoin has a set supply and is even more easily transferred and stored."
Khaleej Times
20-05-2025
- Business
- Khaleej Times
Bitcoin holds at $103,000 after hitting four-month high
Bitcoin started the week on a positive note on Monday, rising above $107,000 — the highest since January 24, according to CoinDesk data —before pulling back to $102,000. At the time of writing, the world's largest cryptocurrency was trading around 3 per cent lower to around $103,000. The price action has raised concerns among traders about a potential bull trap, especially as momentum indicators show early signs of exhaustion. 'Despite continued positive corporate and institutional flows in the form of spot Bitcoin Exchange Traded Funds (ETFs) and Meta Planet's accumulation, bearish sentiment appears to be gaining ground in the short term,' Manish Chhetri, analyst at FXStreet, wrote in a note. CoinGlass data shows that BTC's long-to-short ratio falls to 0.94, the lowest level over a month. A ratio below one indicates that a larger number of traders are betting on the asset price to fall. Despite the retracement, the largest cryptocurrency continues to trend upward, forming higher highs and higher lows within an ascending consolidation channel, while its market dominance rose above 64 per cent, Coindesk data shows. There's a bullish bias in the options market, too. 'Deribit data shows a heavy concentration of call open interest above $100,000, particularly at the $110,000, $115,000 and $120,000 strike prices for May 30, when $8 billion in notional value expires. Call options, which give holders the right to buy BTC at a specific price, are typically used to bet that the price will rise to or above that level,' Coindesk said in a report. Bitcoin continues to show resilience as it consolidates around the $103,200 mark, following an overnight rally that briefly touched $107,000. Although the cryptocurrency was unable to sustain gains beyond this level, holding firm just under 6 per cent below the recent high is being viewed by analysts as a bullish sign. 'It's only a matter of time until we see a new all-time high,' said Simon Peters, Crypto Analyst at eToro. 'Bitcoin finding support at this level is encouraging as we look ahead to key industry events.' Market participants are now turning their attention to Bitcoin 2025, one of the world's largest cryptocurrency conferences, set to take place in Las Vegas from May 27 to 29. The event is expected to draw significant attention with a powerful lineup of speakers, including US Vice President JD Vance, MicroStrategy Chairman Michael Saylor, Senator Cynthia Lummis, and David Sacks, the White House's AI and Crypto Czar. With speculation mounting, the crypto community is eagerly anticipating updates on the US government's potential plans to expand its Strategic Bitcoin Reserve, along with possible announcements regarding the GENIUS Act and a proposed regulatory framework for stablecoins.
Yahoo
16-05-2025
- Business
- Yahoo
Shark Tank's Kevin O'Leary sends strong message on regulations
During his address to Coindesk's Consensus 2025 conference in Toronto on May 15, Kevin O'Leary, chairman of O'Leary Ventures, a venture capital firm, had an unusual message. O'Leary called for immediate regulation to remove the "wall" impeding institutional adoption of crypto. 'I never thought I'd say this, but I want more regulation and I want it now,' O'Leary told attendees. He called attention to the stagnation of crypto assets under management (AUM), attributing that stagnation to a lack of clarity and control, which he believes has already kept major investors like sovereign wealth funds and pension plans away from crypto. However, he sees the "new sheriff in town" as a more positive sign, that being Paul Atkins. Atkins who is now the Chair of the SEC has initiated a much-needed dialogue about crypto within the SEC quarters. Under Atkin's administration the SEC has a crypto task force who will clear regulatory lines for digital assets, as per reports. Unlike Gary Gensler, who he referred to as a 'consistent' hardliner pushing enforcement, O'Leary characterized Atkins as crypto-friendly and 'willing to regulate accordingly.' Gensler, O'Leary added, had been explicit about his plans — 'He said he was gonna sue you, and he sued you. He was consistent, and you have to respect that'. Reflecting on his early run-in with the SEC, O'Leary said: 'I was on cable TV talking about debt tokenization… I get a knock on the door and it's an enforcement agent serving me a Wells notice.' A Wells notice is the SEC's warning that it intends to take legal action against a person. O'Leary is also optimistic about legislation. He anticipates that the GENIUS Act — which would limit stablecoin issuance and clarify market roles — will pass in months, followed by broader market infrastructure legislation. O'Leary also said, 'When that's determined and regulated, Katy, bar the doors — a trillion dollars will come in and Bitcoin' Sign in to access your portfolio
Yahoo
26-04-2025
- Business
- Yahoo
Robert Kiyosaki Calls ETFs ‘Fake' and Avoids Investing in Them — Should You?
Investing has historically been one of the best ways to grow your money over time. In fact, the S&P 500 has returned more than 10% per year on average, which has been proven over the past several decades. I'm a Self-Made Millionaire: Trending Now: While investing in the stock market still comes with risk, risk can also mean reward. However, not all investments are created equal, according to financial expert and 'Rich Dad Poor Dad' author Robert Kiyosaki. While the S&P 500 has a strong record of long-term growth, he has said to always steer clear of ETFs. Here's why: Kiyosaki believes ETFs are artificial and 'fake,' which he said makes them less valuable than other types of investments. 'In my opinion, ETFs are as fake as the US dollar and US bonds,' highlighted Kiyosaki in a post on X. Benzinga reported that, in Kiyosaki's view, ETFs sort of mask true market value. They're simply a byproduct of the financial system that really just benefits Wall Street rather than individual investors. Instead of giving up control over your investment, Kioyosaki's answer is to focus on three 'real' assets: gold, silver and Bitcoin (BTC). Robert Kiyosaki: Instead of ETFs, Kiyosaki considers real gold, silver and BTC as 'real' assets that offer genuine value. 'Do what is best for you…. Yet I would never buy gold, silver, or Bitcoin ETFs,' said Kiyosaki on X. 'In my opinion, ETFs are as fake as the US dollar and US bonds.' Based on the current physical gold, silver and BTC prices, his point makes a lot of sense. As per APMEX, the price of gold has recently reached an all-time high. The current price per one troy ounce of gold as of April 9, 2025 was around $3,064.30 USD. This figure represents about a 16% increase from just three months prior, and a significant 36% increase from one year prior. At the same time, APMEX indicated the price per one troy ounce of silver as of April 9, 2025, was around $30.43 USD. This figure represents about a 4.4% increase from just three months prior, and a hefty 21% increase from one year prior. Meanwhile, Coindesk indicated BTC wass valued at around $76,807 USD per coin as of April 9, 2025. Its current price represents a whopping 768% increase over the past five years alone. More From GOBankingRates 5 Luxury Cars That Will Have Massive Price Drops in Spring 2025 4 Things You Should Do if You Want To Retire Early 7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth How Much Money Is Needed To Be Considered Middle Class in Every State? This article originally appeared on Robert Kiyosaki Calls ETFs 'Fake' and Avoids Investing in Them — Should You? Sign in to access your portfolio
