A hack of Nintendo may have compromised 160,000 users, but the company says that there was no breach of databases or servers.
The digital age is upon us, especially in regards to gaming. Gamers now download games instead of trekking to a brick-and-mortar store and playing online with others is considered a vital feature. Of course, such reliance upon being online can lead to security issues. Such is the case with Nintendo, who suffered unauthorized access on some accounts, leading to the possibility of 160,000 users having their accounts compromised.
In an official post, Nintendo provided an update on the breach of security. The company stressed that there is “no evidence pointing toward a breach of Nintendo’s databases, servers or services. As one action in our ongoing investigation, we are discontinuing the ability to use a Nintendo Network ID to sign in to a Nintendo Account. All other options to sign in to a Nintendo Account remain available.”
The gaming giant is recommending that all users enable 2-step verification to enhance account security. The company states it is also contacting users affected by the security breach to change their passwords for their Nintendo Network IDs and accounts.
However, the company is not offering any more details on the security breach. They only state that “in order to deter further attempts of unauthorized sign-ins, we will not reveal more information about the methods employed to gain unauthorized access.”
At least the security breach is far different in scale of the one that impacted the PlayStation Network and Xbox Live back in 2014 during the Christmas holiday. At that time, the Lizard Squad hacker group launched DDoS attacks against both networks, causing them to shut down and ruin the holiday for an estimated 160 million gamers.
Nintendo Switch Production Ramping Up
A more positive development for gamers is that the Nintendo Switch is having its production go into overdrive. The popular gaming platform has been out of stock at retailers, leading to exorbitant prices on Amazon and eBay. Many people were looking to buy the gaming platform after being forced to self-quarantine at home during the ongoing coronavirus pandemic.
Over 52 million units of the Nintendo Switch have been sold over the last three years. The company has issued reports that a full 22 million units will be manufactured this year. While it may be too late to enjoy playing games like Animal Crossing: New Horizons or Mario Kart 8 right now, this upcoming summer and fall should see plenty of stock once again hitting retailer shelves.
Images courtesy of Nintendo and YouTube/Nintendo.
‘Bulls have won’ — Bitcoin whale clusters suggest BTC trend reversal
Bitcoin (BTC) whale clusters indicate that the price could be in a short-term trend reversal after BTC’s recovery beyond $10,700. In the past two days, BTC price rose by nearly 6% from $10,135 to $10,755 across major exchanges.
Whale clusters form when large investors accumulate Bitcoin and do not spend or move their holdings for significant periods of time. This typically indicates that whales expect BTC price to increase in the near term.
The hourly map of Bitcoin whale clusters. Source: Whalemap
Whalemap, an on-chain analysis firm that tracks whale activity, identified $10,407, $10,570, and $10,667 as whale clusters. In the short term, the three levels are likely to serve as potential support areas if BTC remains above $10,700.
Bitcoin market sentiment is turning optimistic
According to the analysts at Whalemap, Bitcoin can remain in a bullish trend as long as it defends $10,407.
The analysts emphasized that the trend suggests “bulls have won,” as the market sentiment improves from the recent upsurge. They explained:
“Feels like bulls have won. Many supports below at $10,407 and $10,570 and volume profile support at $10,500. Should not be going below $10,407 to stay bullish.”
An interesting irregularity in the recent Bitcoin rally is that it has decoupled from gold, as Cointelegraph reported. While gold dropped slightly by 0.32% in the last 24 hours, BTC rallied above $10,700.
Willy Woo, an on-chain analyst, said decoupling indicates that the momentum of Bitcoin is strengthening. He said:
“Bitcoin will decouple from traditional markets soon, but driven by its internal adoption s-curve (think startup style growth) rather than changes in perceptions as a hedging instrument by traditional investors.”
Atop the various technical factors buoying the uptrend of Bitcoin, the current fundamentals project a positive near-term outlook.
Earlier this week, data from Glassnode showed that the number of small Bitcoin addresses abruptly plunged in September. Despite this, the analysts at Glassnode noted that the data is not concerning and does not impact network fundamentals. They explained:
“The recent drop in #Bitcoin addresses holding ≥ 1 $BTC is of no concern and has no relevance regarding network fundamentals. This was merely an exchange doing inhouse cleaning, and merging a bulk of small UTXOs in separate addresses into a single one.”
What do traders expect next?
Cryptocurrency trader Edward Morra believes that the market has to move above $10,830 to confirm a bullish continuation.
If BTC rejects $10,830 and returns back below $10,500, the $9,800 to $10,830 range could cause BTC to stagnate over a prolonged period. Morra said:
“Below daily resistance, above daily support = Ranging market. Price currently at a bearish throwback at $10,830. If we move above, expect a re-test of daily resistance at $11,200. Not interested in trading chop range – Wait for expansion. Support = $9,800 – $10,100.”
Dave Portnoy Says Bitcoin is a Big Ponzi Scheme But He’ll Be Back
Just months after making a grand entrance in the cryptocurrency space, the Barstool Sports Founder Dave Portnoy reaffirmed that he’s out of the field. In a recent podcast with Anthony “Pomp” Pompliano, the controversial day trader justified his exit by claiming that Bitcoin is a giant Ponzi scheme.
Portnoy’s Controversial Bitcoin History
Portnoy has become one of the most influential and controversial faces of legacy market day trading. Earlier this year, he declared that he’s “coming to Bitcoin,” which attracted lots of attention. Even the Winklevoss twins offered their help to educate him on Bitcoin.
However, his controversy quickly followed him in the vigilant cryptocurrency field, where the community rapidly spotted his pump and dump techniques. After buying several altcoins and claiming a loss of $25,000, Portnoy said that he’s out.
In Pomp’s recent podcast, he reaffirmed that he doesn’t own any digital assets as of now. He went even further by asserting that Bitcoin is “in my mind one big Ponzi scheme.” He argued that “you get in, and you just have to not be the one left holding the bag.”
Interestingly, though, his 2020 purchase of Bitcoin wasn’t the first. He admitted that he bought about $50,000 worth of BTC during the parabolic price increase in 2017 at about $15,000. When asked if he still holds the coins, Portnoy said that he lost the hardware wallet.
Lack Of Accountability Is A Problem, But I’ll Be Back: Portnoy
One of the most notable features regarding Bitcoin has been the anonymity of the creator – Satoshi Nakamoto. Although the pseudonym is well-known and disputed, and some people claim to be Nakamoto, the true identity remains a mystery to this day.
Portnoy believes that this is a problem. He argued that if he ends up losing money or being scammed, he prefers to know who’s the person behind the entire operation. With Bitcoin, though, this “lack of accountability” raises concerns that he’s not comfortable with. Nevertheless, he noted that he’s planning to get back into BTC:
“I’ll get back. I’ve been saying that I’ll be back into Bitcoin. I don’t know when, but I’ll be back.”
He argued that the community and mostly the memes attracted him the most in the first place, and it’s what he misses the most.
China’s Blockchain-Based Service Network (BSN) Integrates Tezos
- The popular blockchain company Tezos has become the last integrated network into China’s ambitious Blockchain-based Services Network (BSN).
- Developers can employ the Tezos protocol through BSN’s global public city nodes and portals for a “simplified development and deployment experience.”
- All three global public city nodes, namely Hong Kong, California, and Paris, have integrated with the Tezos Blockchain in both mainnet and testnet.
- Developers wanting to utilize the Tezos blockchain need to set up an account on BSN’s website and head towards the “permissionless services” section.
- Upon choosing the preferred public city node, developers need to “create a new project” and “choose the chain” (mainnet or testnet).
- After seeing the new project’s creation based on the Tezos blockchain, the next step is to insert Project ID, Project Key, and Access Address from the Project List.
“All APIs provided by Tezos can be accessed in similar ways, and the original data format will be returned.”
- China’s BSN was released earlier this year after some delays prompted by the COVID-19 pandemic. It enables developers to build applications, smart cities, and even digital economies on top of it without participants having to design a new network from scratch.
- Prior to Tezos, BSN integrated other popular blockchain companies starting with Chainlink’s oracle.
- BSN also integrated the Chinese-based platform NEO to accelerate the adoption of the blockchain technology in the country.
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