search

bitcoin

Palm Beach sell signal: We originally recommended ZenCash (ZEN) in October 2017. ZenCash is a privacy coin. And it was developing a decentralized encrypted messaging system that could store and publish data, and send and receive money in total secrecy. That’s very valuable in today’s world. @gencrypto Unfortunately, on June 2, ZenCash suffered a 51% attack. That’s when malicious actors take over more than 50% of a mining network to make fraudulent transactions. This event is not exclusive to ZenCash. In recent weeks, Verge, Bitcoin Gold, and Electroneum have seen 51% attacks as well. (The recent 51% attacks targeted certain types of blockchains. However, it's generally cost-prohibitive to mount 51% attacks against most blockchains. I'll have more on this in my next Palm Beach Confidential update. But rest assured, our remaining crypto portfolio is safe from this type of attack.) @gencrypto In the case of ZenCash, the hackers were able to double-spend approximately 23,000 ZEN, worth roughly $550,000. It’s important to note here no users’ coins were stolen. But it is alarming that an attacker was essentially able to create ZEN out of thin air. That makes the remaining supply of ZEN less valuable. According to reports, the attackers covered their tracks well, and it’s unlikely the transactions will ever be reversed. Reports also revealed the attackers only needed $30,000 to complete the attack. @gencrypto In light of the news, we’ve determined it’s simply too risky to continue to hold ZenCash, which is why we’re selling today. At ZenCash’s current price of $26.64, we’re selling for a 16.2% profit. Action to Take: Sell ZenCash (ZEN).