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Bitcoin for Corporations- Michael Saylor Expects an ‘Avalanche’ of Firms to Own Bitcoin – Finance Bitcoin News

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Jamie Redman

This week the firm Microstrategy held an event called “Bitcoin for Corporations” which looks at concepts like macro strategy, corporate playbooks, and legal considerations toward bitcoin. Prior to the event, Microstrategy CEO and bitcoin bull, Michael Saylor, said “professionals from more than 1,400 firms” would join the event. At the conference, Saylor was bullish on bitcoin as usual and said he expects “an avalanche of companies” to join the crypto economy.

Microstrategy’s Bitcoin for Corporations Event

On February 3 and 4, the firm Microstrategy (NASDAQ: MSTR) held an event called “Bitcoin for Corporations,” which aims to entice corporate entities to get into the leading crypto asset. In 2020 and into 2021, there’s been a major expansion of the M2 money supply as estimates believe 25-30% of all USD in existence was printed last year. This has led to a number of firms exchanging cash and bonds for bitcoin (BTC) in order to protect the company from devaluing fiat.

Bitcoin for Corporations- Michael Saylor Expects an 'Avalanche' of Firms to Own Bitcoin

Microstrategy executive, Michael Saylor, wholeheartedly believes in bitcoin, as the firm has sparked a trend of companies adding BTC to their treasuries. This week, news.Bitcoin.com reported on Saylor predicting a massive shift in investor interest from gold to bitcoin. That same day, Microstrategy announced that the firm had purchased another $10 million worth of BTC. The business intelligence (BI) company now holds an aggregate total of 71,079 BTC, worth $2.6 billion using today’s exchange rates.

Bitcoin for Corporations- Michael Saylor Expects an 'Avalanche' of Firms to Own Bitcoin

The day before Microstrategy’s corporate virtual conference, Saylor said that 1,400 firms would be joining the event. “If you are interested in the legal considerations firms face while integrating bitcoin into their corporate strategy, you are not alone,” Saylor tweeted. “We have professionals from more than 1,400 firms joining us tomorrow for this discussion. There is still time for your legal team to attend,” the executive added.

Michael Saylor: ‘You’re Going to See an Avalanche of Companies in the Coming 12 Months’

During the event on Wednesday, participants could learn about how preserving wealth is extremely difficult in 2020 and beyond. Moreover, capital costs have jumped significantly, and the virtual conference gave participants a great overview of bitcoin-based corporate strategies and operational considerations. While speaking at the event, Michael Saylor said he expects big things for bitcoin and expects a herd of firms to join the growing bitcoin treasuries list.

“The reason we’re having this conference is to help everybody else figure out what they should do,” the executive said.

The Microstrategy CEO also added:

The simple solution is [to] convert some of that cash into bitcoin— We did it, Square did it. You’re going to see an avalanche of companies in the coming 12 months also converting their balance sheets into bitcoin because it’s a scarce digital safe-haven asset.

During the day, Saylor’s avalanche quote was shared on forums and across the Twitter-sphere, as scores of community members want more institutional investors to join the bitcoin space.

Microstrategy certainly started a trend in 2020, getting numerous publicly listed and private firms to add BTC to their balance sheets. According to bitcointreasuries.org, 1,233,038 BTC, or 5.87% of the entire supply is held by corporate entities. That’s approximately $46.5 billion worth of bitcoin held in treasuries, leveraging BTC exchange rates at 9:30 p.m. (EST) on February 3, 2021.

What do you think about Saylor saying that he believes an avalanche of companies will add bitcoin to their balance sheets? Let us know what you think about this subject in the comments section below.

Tags in this story
1400 firms, 71079 BTC, Avalanche, balance sheets, Bitcoin, Bitcoin (BTC), bitcoin treasuries, BTC, companies, Corporation, Finance, michael saylor, microstrategy, microstrategy bitcoin, Microstrategy treasury

Image Credits: Shutterstock, Pixabay, Wiki Commons, Bitcoin for Corporations Event, Twitter,

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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Philippine Crypto Exchange Demands Users Return Bitcoin Bought at $6,000 Following System Error – Exchanges Bitcoin News

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Jeffrey Gogo

Philippine crypto exchange Pdax recently suffered a costly technical failure – one that led to bitcoin trading at 300,000 Philippine pesos (around $6,000) – a discount of 88% to its current price.

In the melee, some users managed to buy at these ridiculously low prices and quickly moved the bitcoin (BTC) away from their exchange wallets before the error was detected, local news outlet Bitpinas reported. The actual amount of BTC hoarded at the $6,000 give-away price is not clear.

However, the Philippine Digital Asset Exchange, or Pdax, is now demanding that users return the bitcoin or face legal action. The exchange has since locked out several of its clients from their accounts for this reason. But the traders are having none of it.

“After almost 24 hours, they sent me a demand letter and SMS, requesting me to transfer back the BTC, or they ‘may’ be compelled to take legal actions against me.” said one trader who bought at the low price and is convinced he did not violate any of the trading platform’s laws during the purchase.

Rafael Padilla, a lawyer representing one of the Pdax users being asked to return the BTC and locked out of their accounts, said:

Our client’s trade transaction was legitimate under applicable laws, decided cases, and of course according to Pdax’s very own terms and conditions/user agreement.

According to Padilla, Pdax has opted to lock users out of their accounts because it cannot unilaterally reverse the transactions.

The exchange began to suffer outages from around Feb. 16, which it blamed on “unprecedented levels of trading and volatility”. An official statement from Pdax chief executive officer Nichel Gaba claims that 95% of accounts have been restored, but several users reportedly still remain locked out of their accounts.

On Feb. 23, Gaba told a virtual press conference that: “It’s very understandable that a lot of users will feel upset they were able to buy what they thought an order was there for bitcoin at very low prices. But unfortunately, the underlying bitcoins were never in the possession of the exchange, so there’s never really anything there to be bought or sold, unfortunately.”

What do you think about the technical failure at Pdax? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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Crypto Users Claim Popular Bitcoin Paper Wallet Generator Is Compromised, Millions Allegedly Stolen – Bitcoin News

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Jamie Redman

A number of forum posts and tweets say that the website bitcoinpaperwallet.com is compromised and people have said they have lost bitcoin using the paper wallet generator. Three years ago the website domain changed ownership and ever since then losses have been reported on Reddit forums, bitcointalk.org, Twitter, and other public venues. The owner of the paper wallet generating web portal denies the platform’s codebase is compromised and claims it has been audited by a security expert.

Bitcoinpaperwallet.com Wallet Generator Site Accused of Being Compromised and Unsafe

Years ago, a website that was once operated and owned by, Canton Becker, called bitcoinpaperwallet.com was once an extremely popular paper wallet generator. However, when the website was sold in 2018, bitcoinpaperwallet.com’s reviews became very negative. The complaints continue to this day and a month ago on Reddit, a user named u/heroiclife created a thread asking people to help him shut down the website.

“Help me shut down the bitcoinpaperwallet.com scam,” the post explains.

Crypto Users Claim Popular Bitcoin Paper Wallet Generator Is Compromised, Millions Allegedly Stolen

The Reddit user u/heroiclife said he wasn’t personally affected, but he was a crypto wallet recovery service provider that heard about several cases.

“I’ve heard from customers who had their Bitcoin stolen there. It’s dumb to use a paper wallet in 2021, but not everyone knows that,” the individual said. He also asked if bitcoiners could help submit abuse complaints to Enom the domain registrar, report abuse to Linode the web host, and to flag the website on Google Safe Browsing as malicious.

Twitter is also littered with posts that say that bitcoinpaperwallet.com has been compromised. On January 3, 2021, on Bitcoin’s 12th anniversary, Dustin Dettmer said: “Just had a friend lose all his holdings using this website, which appears to be a total scam. How do we get it shut down? We should get the word out about this particular scam bitcoinpaperwallet.com,” Dettmer added.

On December 13, 2019, a Reddit user named u/maff1989 said he lost funds after getting a paper wallet inside a Christmas card.

User Claims His $700,000 in Bitcoin Was Sent to Another Wallet One Minute After Loading the Paper Wallet

A month ago, on the web portal stackexchange.com one user said he leveraged the website bitcoinpaperwallet.com offline and sent 14.5 BTC ($700k+) to the wallet’s public key. A minute later, his 14.5 BTC was sent to another wallet. “Any advice on what I can do?” he asked. “I’ve accepted the loss and the lesson (should have used the offline generator) but want to make sure this doesn’t happen to others.”

Crypto Users Claim Popular Bitcoin Paper Wallet Generator Is Compromised, Millions Allegedly Stolen

After the site was sold in 2018, some Reddit users have accused the current owner of going “rogue.” Others have said that it is obvious that the website is not producing private keys as it should. The Reddit user u/senor_curioso explains it can be tested and said:

“Yes, here is how you can prove that the current site is producing predictable keys.

  • Save the HTML generator to computer
  • Find the long set of “testing keys” represented by eckey_test=[{,,,}]; and replace it with just a single keypair like this:eckey_test=[{pub:”MUtDQ25Td05uQ0I0Y05ZN0hFc0hja1M4Vjk5bUxFNjJKZQ==”,priv:”NUpreTZtM2lZS2FxTm1NZ2NvaEdYb2o0dXVyVTNXaXhiak54R1N4NmNlbmU3S25FWGR6″}];
  • Now load up the generator. It will generate the exact same (predictable) wallet over and over.
  • The server is giving each visitor a different set of “testing keys”. They are not being used as tests. There are being used as seeds for the random number generator, and are obviously being saved on the server so that they can be stolen later.”

Website Owner Claims Paper Wallet Generator’s ‘Servers Are Clean’ and Audited by a Security Expert

A recent report written by the author, Colin Harper, details that the paper wallet generating website is currently maintained by an individual named Sarkis Sarkissian. In the report, Sarkissian is quoted as saying that the owner has “received complaints from users who claim to have lost their bitcoin using our website.”

It seems he was available for commentary concerning the matter at hand. Sarkissian stressed, however, that the complaints were likely “resolved” or the user figured out it was “their own fault.” Harper also asked Sarkissian if he was aware of a “back door” in the bitcoinpaperwallet.com codebase.

“We have searched our source code for the issues present in those documents and we cannot reproduce the same results,” Sarkissian was quoted as saying. “Our servers and source code has been verified clean by [our security expert Jonel Richard]. He is still on retainer and continues to investigate, trying to reproduce the issue found by others,” the website’s current owner insisted.

Creating a paper wallet must be handled with great care and it’s possible that user error was involved with a number of the accusations toward the domain strewn across the web. It is always mentioned in many walkthrough guides, no matter what type of wallet generator leveraged, it should always be done completely offline. A person who attempts to create a cryptocurrency paper wallet online, while being connected to the web, is extremely vulnerable to hacking exploits.

What do you think about the website bitcoinpaperwallet.com accused of being compromised? Let us know what you think about this subject in the comments section below.

Tags in this story
Accusations, Back Door, Bitcoin, Bitcoin (BTC), Bitcoin Paper Wallet, BTC, BTC Paper Wallet, claims, Colin Harper, Complaints, crypto users, Dustin Dettmer, Exploit, Losing Money, paper wallet, Paper Wallet Generator, Reddit Forums, Sarkis Sarkissian, Stolen Bitcoin, Twitter, Unsafe, Vulnerable

Image Credits: Shutterstock, Pixabay, Wiki Commons, stackexchange.com,

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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South Korean PC Gaming Rooms Rely on Crypto Mining to Profit During the Coronavirus Pandemic – Mining Bitcoin News

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Felipe Erazo

The coronavirus pandemic has significantly hit several entertainment routines of the people worldwide, and South Korea is not an exception. PC gaming rooms had to shut down in the country, but their owners found a way to make profits during the lockdown by participating in crypto mining.

A PC Bang Owner Made Over $3,000 Worth of Ethereum in Two Weeks

According to Chosun, operators of the “PC bangs,” a common term used for the PC gaming rooms in South Korea, leverages their computers to take advantage of the pandemic-driven restrictions.

In fact, owners don’t have certainties on whether or not they can re-open their businesses, and that’s why crypto mining is now an alternative to deal with right now. Some PC bang owners in Seoul are mining ether (ETH) by relying on highly-equipped computers with top-notch graphic cards.

A 34-years-old man named Kim stated that the number of customers reduced significantly due to the pandemic, and his PC bang couldn’t be sustainable with such a situation. He’s now mining ETH with almost 36 computers.

In just two weeks, Kim claimed he earned over 3.5 million won ($3,153), given in the context in the coldest month of the year because of the winter’s peak. PC bang operator praised the current weather conditions, as he saves heating costs by mining cryptos at the same time.

Mining Remains Alive as PC Bang Owners Await a Green Light to Re-Open

Moreover, in South Korea, Chosun states that a PC gaming room’s electricity service is not charged for home use but with regular prices.

But the report states that the crypto mining fever across PC bangs might not last too long, as graphic card prices keep increasing.

However, some of the operators are confident in the current crypto bull-run, as there’s no deadline set to re-open doors for businesses like theirs. Recently, Prime Minister Chung Sye-kyun stated that although vaccinations have been slower, the government expects to achieve herd immunity by the autumn.

What do you think about this maneuver made by the PC gaming room owners? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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