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At least five cryptocurrencies have recently been hit with a 51% attack, a vulnerability users used to scoff at.
At least five cryptocurrencies have recently been hit with a 51% attack, a vulnerability users used to scoff at.
Connections between the gaming industry and cryptocurrencies have become a lot more apparent over the years. It seems there is a bright future ahead for both industries, although the bonds between gaming and cryptocurrency are still relatively loose. StreamLabs is changing that by incorporating cryptocurrency donations into its product. Cryptocurrency Donations on Twitch One has […]
Connections between the gaming industry and cryptocurrencies have become a lot more apparent over the years. It seems there is a bright future ahead for both industries, although the bonds between gaming and cryptocurrency are still relatively loose. StreamLabs is changing that by incorporating cryptocurrency donations into its product.
One has to commend the StreamLabs team for taking a gamble by introducing support for cryptocurrency donations. There is a risk associated with introducing cryptocurrency support, even though it doesn’t cost any money or much effort to integrate such currencies. Whether or not this venture will prove successful remains to be seen.
To put all of this into perspective, StreamLabs is a very powerful platform in the world of video streaming. While most people may know it from its use on the Twitch platform, StreamLabs is also used on other platforms such as YouTube Live. It offers a complete package for anyone looking to get into the streaming industry these days, and it also allows streamers to receive donations in a convenient manner.
By adding cryptocurrency donations to its offerings, StreamLabs is embarking on a rather interesting course. While it is true that cryptocurrencies have become a lot more appealing to the mainstream since mid-2017, their volatility is still considered to be a nuisance at best. Even so, consumers enjoy exposure to various cryptocurrencies.
Additionally, one has to keep in mind that most people view Bitcoin, Ethereum, and others as investment vehicles first and foremost. They are hardly used as proper currencies, although that situation will come to change with the help of StreamLabs. By adding support for Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, donating cryptocurrency to Twitch streamers can be done in real-time without any friction. It is still up to individual streamers to enable these options, though.
It is not the first time cryptocurrency donations have come to the Twitch ecosystem either. Up until now, it was possible to achieve a similar goal by using 1UpCoin, which is a third-party solution. That particular solution has support for Nano, and also supports StreamElements for anyone who isn’t using StreamLabs at this time. Competing solutions are always a good thing, for rather obvious reasons.
Whether or not this will be a significant driver of cryptocurrency adoption remains to be determined. It is another notch in the belt for the supported currencies, as they all struggle for traction when it comes to being used as proper currencies. Initiatives like these can potentially expose a lot more people to cryptocurrency, assuming enough streamers decide to enable this option.
Ripple Labs has continued to accrue attention grabbing headlines through substantial charitable acts and continuing discussion regarding the status of XRP as a security. Despite being labeled decentralized by Ripple Labs and most of the Ripple communit…
Ripple Labs has continued to accrue attention grabbing headlines through substantial charitable acts and continuing discussion regarding the status of XRP as a security. Despite being labeled decentralized by Ripple Labs and most of the Ripple community, the network and token distribution suggest the network remains largely centralized.
Exchanges are an important cog in the machine that is cryptocurrency. Despite their centralized nature, consumers and speculators rely heavily on these platforms on a daily basis. For Bitfinex users, there was a slight scare on Tuesday when trading was halted for a short while. Another Issue for Bitfinex Although cryptocurrency exchanges have seen their fair […]
Exchanges are an important cog in the machine that is cryptocurrency. Despite their centralized nature, consumers and speculators rely heavily on these platforms on a daily basis. For Bitfinex users, there was a slight scare on Tuesday when trading was halted for a short while.
Although cryptocurrency exchanges have seen their fair share of issues throughout the years, it seems some problems will persist. In the case of the Bitfinex trading platform, its popularity is also the root cause for some of the problems the company has had to deal with. Addressing these issues will not be easy by any means.
On Tuesday, the company was forced to suspend all trading activity for a while. As one would expect, this decision sparked a lot of debate and confusion regarding what was going on exactly. In most cases, such developments mean the trading platform in question has run into major issues of some kind.
Thankfully, it seems this particular incident was not linked to a hack or other mishap affecting the company. Instead, its servers were the target of another DDoS attack. Anyone who has kept close tabs on the cryptocurrency industry will know how common DDoS attacks are, especially when it comes to specific exchanges.
Bitfinex is currently under extreme load. We are investigating the issue and will keep you all up to date as we learn more.
— Bitfinex (@bitfinex) June 5, 2018
One of the Bitfinex infrastructure service providers had to deal with a denial of service attack, but it seems the issue was resolved fairly quickly. The attacker’s identity remains unknown at this time, and it’s also unclear why this provider was attacked in the first place. While trading on Bitfinex was suspended, the Bitcoin price fell by slightly over 2%, further confirming the feeble state of this market today.
It is important to note that this DDoS attack did not disrupt Bitfinex accounts or user balances whatsoever. It only impacted the trading operations themselves, which is why the company was forced to suspend all trading for a brief while. Thankfully, it seems all users can now trade on Bitfinex once again without any major problems, although this may not necessarily be the last DDoS attack against a cryptocurrency firm, either directly or indirectly.
It will be interesting to see how Bitfinex and its service providers address issues like these moving forward. Centralized exchanges will always remain a critical problem in this industry until decentralized cryptocurrency trading becomes the new normal. Until then, cryptocurrency trading platforms will need to beef up their DDoS protection, among other things.
Startup DFINITY claims to be carrying out the largest airdrop ever.
Startup DFINITY claims to be carrying out the largest airdrop ever.
A lot of exciting developments are taking place within the TRON ecosystem. Ever since the team announced the launch of the mainnet, there has been an increased focus on bug bounty hunting. The TRON Foundation’s bug bounty program recently increased its reward to as much as $10 million. It’s a big step in the right […]
A lot of exciting developments are taking place within the TRON ecosystem. Ever since the team announced the launch of the mainnet, there has been an increased focus on bug bounty hunting. The TRON Foundation’s bug bounty program recently increased its reward to as much as $10 million. It’s a big step in the right direction for this altcoin.
In the world of cryptocurrency, a lot of bugs are commonly discovered after a project has launched. In virtually all cases, those bugs are discovered by criminals who exploit the weaknesses to their own benefit. With this in mind, it is only natural that new bug bounty programs are taking center stage in the cryptocurrency industry. So far, only a few projects have actually taken the necessary steps in this regard.
TRON is a relatively new altcoin. Even so, its developers know all too well how important security measures are. There is no reason to take any of these issues lightly, as the last thing the TRON Foundation wants to see is a major disruption of its to-be-launched mainnet. The bug bounty program maintained by the TRON Foundation is getting a lot of attention for this reason.
With the bug bounty reward having been increased to $10 million, a very important step has been taken toward securing this cryptocurrency’s future. The rewards will still be aimed at eliminating any technical issues which may arise prior to the launch of the TRON mainnet on June 25. This doesn’t mean all bugs need to be identified prior to that date, but the team is hopeful that most major issues can be resolved by then.
The TRON Foundation’s Justin Sun commented:
We take the security of our platform very seriously. We are looking for developers who specialize in global network security to help make TRON MainNet one of the most secure public blockchains in the industry and provide a stable infrastructure for future DApps to be deployed on the MainNet.
This bug bounty reward cap increase should not be underestimated by any means. TRON’s testing of its mainnet began on May 31 with bug bounty rewards of up to $100,000. Increasing that amount by a factor of 100 is a pretty big deal, especially in the world of cryptocurrency. With TRX migrating to a fully independent blockchain, having all their ducks in a row is of the utmost importance to the developers.
One can only hope that no severe issues are discovered affecting TRON. Even so, any validated issues and their associated fixes can net bug bounty participants up to $10 million per discovery. No technology is safe from harm, regardless of how thoroughly it has been vetted internally. A fresh set of eyes on existing code can make a big difference in this regard.
Former basketball star Dennis Rodman’s trip to a summit in Singapore may be sponsored by PotCoin
Former basketball star Dennis Rodman’s trip to a summit in Singapore may be sponsored by PotCoin
Rather than acting as a currency, which was Satoshi’s vision, is Bitcoin now behaving more like a traditional safe-haven asset?
Rather than acting as a currency, which was Satoshi’s vision, is Bitcoin now behaving more like a traditional safe-haven asset?
Back in January 2015, Bitcoin developer Mike Hearn launched a BTC-powered crowdfunding application called Lighthouse, and cryptocurrency enthusiasts were very excited about beta version release. Following the launch, Mike Hearn had left the Bitcoin community because he predicted BTC was headed for serious scaling issues, and he was upset with the Core development team’s willingness […]
The post Mike Hearn’s Crowdfunding Project Has Been Resurrected — Meet Lighthouse.cash appeared first on Bitcoin News.
Back in January 2015, Bitcoin developer Mike Hearn launched a BTC-powered crowdfunding application called Lighthouse, and cryptocurrency enthusiasts were very excited about beta version release. Following the launch, Mike Hearn had left the Bitcoin community because he predicted BTC was headed for serious scaling issues, and he was upset with the Core development team’s willingness to compromise. Since then the Lighthouse project was left behind and forgotten, and much like the variety of revived applications coming back to the crypto-ecosystem, the Lighthouse platform is seeing a revival by using Bitcoin Cash.
Also Read: IMF Says Bitcoin Could Create Less Demand for Regular Debt-based Fiat Money
A few years ago Bitcoin developer Mike Hearn designed an application that specialized in creating a platform that uses smart contracts to fund projects, and many bitcoiners at the time were looking forward to the project. For instance, the well-known entrepreneur Olivier Janssens donated $40,000 to Hearn’s Lighthouse project. However, since Hearn had left over the scaling dispute, the project was soon forgotten and left to collect dust. Now an anonymous developer, with help from the team at Cryptonize.it has brought the Lighthouse project back to consciousness.
News.Bitcoin.com spoke with Ari from Cryptonize.it about the Lighthouse.cash project and he told us his team has been helping the anonymous developer become compatible with the Bitcoin Cash network and get a gallery going which was a missing feature when Hearn had left the project.
“So you can make your project, export it and distribute it yourself, upload it to servers that are made available (we’re making the first one available), and you can get it up on centralized galleries which can help you promote your project to a certain demographic or help you in presenting your project in an attractive manner instead of a file,” explains Ari.
The plan is to actually compete with Kickstarter and Indiegogo so we have a couple of features we’re planning on adding, and lighthouse.cash will develop to be a gallery. Mike planned for these galleries to pop up and compete so we’re trying to make that happen.
Right now Ari says the platform is not fully launched just yet but visitors can take a peek at the website. He explains that both Cryptonize.it and Cashpay have pledged their resources towards helping the anonymous developer in order to get it off the ground. “We’re also setting up Toshi’s Fund which will be used to fund Lighthouse further,” explains Ari.
“We’re getting a few projects together on Lighthouse.cash so everybody can go through all of its current functionality like pledging to a project, making a project, revoking etc., then we’ll put it online I suspect a couple of days — After all the testing is wrapped up,” Ari emphasizes.
The Bitcoin Cash community overall seems pleased with the idea that someone is resuscitating Hearn’s Lighthouse project. So far over the past six months, many projects once designed to work with BTC and left behind have been revived and modified to work with the Bitcoin Cash network.
What do you think about the Lighthouse.cash project? Let us know in the comment section below.
Images via Shutterstock, Twitter, and Lighthouse.cash.
Why not keep track of the price with one of Bitcoin.com’s widget services.
The post Mike Hearn’s Crowdfunding Project Has Been Resurrected — Meet Lighthouse.cash appeared first on Bitcoin News.
The world of cryptocurrency has seen some interesting innovations. Especially when it comes to making this form of money more accessible, a lot of work is being done. A company called Layer has come up with a concept known as TROVE, which will undoubtedly generate some interest among crypto enthusiasts around the world. TROVE in […]
The world of cryptocurrency has seen some interesting innovations. Especially when it comes to making this form of money more accessible, a lot of work is being done. A company called Layer has come up with a concept known as TROVE, which will undoubtedly generate some interest among crypto enthusiasts around the world.
It is important to point out that TROVE has nothing to do with the free-to-play video game which was released a few years ago. Instead, this is a new product designed for cryptocurrency enthusiasts. It takes the concept of hardware wallets for Bitcoin and altcoins to a whole new level, Whether or not it will gain any traction is a different matter altogether.
TROVE is a wearable device, similar to a smartwatch. Rather than tracking one’s health, movements, and so forth, the product is designed to store cryptocurrencies in a safe and secure manner. Moreover, it is done in such a way that consumers can carry their holdings on their person at all times.
Whether or not that is something cryptocurrency enthusiasts are actively looking for remains to be seen. Wearables have not yet made a major impact in the financial sector, let alone when it comes to Bitcoin and other cryptocurrencies. Even so, TROVE is designed to manage digital currencies for daily spending and trading purposes. That in itself is pretty remarkable, although it remains to be seen how people will respond to this new piece of hardware.
Under the hood, TROVE stores cryptocurrency on the hardware unit itself to avoid funds from being stolen by hackers. Unlocking one’s holdings requires a biometric method of authentication which is based on the user’s heartbeat pattern. It’s a very remarkable approach that takes device security to a whole new level, although it remains to be seen if the technology will work as advertised.
Once a user authenticates his or her identity, TROVE will communicate with their smartphone via Bluetooth. It is the smartphone companion app which will be used to manage and transfer funds accordingly. There is no complex recovery seed to contend with, as everything is based on the biometric authentication method. Not having a fail-safe may not be the best of ideas, though, but it is certainly a different take on things.
For the time being, TROVE has not received any official release date, nor has any pricing information been made available. All things considered, this seems to be a very unique device which will undoubtedly appeal to some consumers who are getting involved with cryptocurrency. Having more options to store one’s holdings in a safe and secure manner is never a bad thing.
German online car exchange Auto1 partners with Allianz and Deutsche Bank to create a blockchain-based loan and refinancing platform
German online car exchange Auto1 partners with Allianz and Deutsche Bank to create a blockchain-based loan and refinancing platform
Canada’s Quebec province has announced that it will be suspending all approvals for new digital currency-mining projects so officials can consider deeper restrictions and potential energy price hikes.Bitcoin and …
Canada’s Quebec province has announced that it will be suspending all approvals for new digital currency-mining projects so officials can consider deeper restrictions and potential energy price hikes.
Bitcoin and cryptocurrency-mining operations in Canada are largely powered by Hydro Quebec. Representatives of the company are asking that the total amount of energy made available to digital currency miners be limited to 500 megawatts. While this is enough energy to run a “single aluminum smelting plant,” it’s a small portion of the 17,000 megawatts miners in Quebec originally asked for.
The enterprise is also asking for respective price increases on all energy consumed by cryptocurrency miners. This is to guarantee that Hydro Quebec maximizes its annual revenue while being able to maintain present power rates for residents and standard businesses.
In a statement, Hydro Quebec Distribution President Eric Filion explained, “We are asking the province’s energy board to quickly determine how much it should charge digital currency miners, and how much energy should be allocated to the industry while addressing the need to maximize revenues and job creation.”
Since early January, Canada has been a serious hotspot for cryptocurrency mining projects from China, South Korea and neighboring regions looking to take advantage of the country’s low energy prices and stable government. According to spokesman Marc-Antoine Pouliot, many of these miners are rewarded with the energy they need to mine digital currencies in exchange for investing in Hydro Quebec’s transmission network, thus boosting the company’s reputation and position in Canada’s power sector.
But problems are forming on the horizon. Hydro Quebec now says it doesn’t have the energy sources it needs to power every project that comes its way.
“We won’t be able to power all the projects that we’re receiving,” Pouliot explains. “This is evolving very rapidly, so we have to be prudent.”
While turning away potential business is a hard decision, Pouliot says Quebec’s energy ministry needs time to examine the situation and set new roles for the industry before things get out of hand. Minister Pierre Moreau states that the province now aims to establish new guidelines that will bring in the “best among the companies” and push Canada to the head of the cryptomarketing arena.
The decision to halt new approvals arrives just one week after Quebec lifted a moratorium that banned energy companies from supplying electricity to cryptocurrency-mining projects. The ban was first implemented in March, though Canada later expressed concern over “missing the boat” on crypto and decided it would work with mining companies if they could set different energy prices for miners and cut off electricity to their operations once the power grid was stretched to the maximum capacity.
Pouliot stated, “Having interruptible customers during these critical periods makes it possible to connect more. [Hydro Quebec’s mandate] is to ensure the implementation of cryptocurrencies in Quebec by maximizing economic benefits and ensuring the stability of our electricity supply.”
This article originally appeared on Bitcoin Magazine.
With every second that pass, EOS investors are increasingly becoming disappointed and unloading their coin holdings. We are beginning to see that because EOS is one of the biggest losers in the last 24 hours. It could get worse because it’s poised to shed more if we don’t get official updates from EOS New York…
The post Security Audit Delaying EOSIO Mainnet Launch: EOS Technical Analysis (June 8, 2018) appeared first on NewsBTC.
With every second that pass, EOS investors are increasingly becoming disappointed and unloading their coin holdings. We are beginning to see that because EOS is one of the biggest losers in the last 24 hours. It could get worse because it’s poised to shed more if we don’t get official updates from EOS New York and Canada. These two are coordinating mainnet launch and updating the community. Otherwise, we remain net bullish anticipating positive news to propel prices above $15.
So, before their much hyped EOS mainnet initiation, Dan Larimer and Block One had let known throughout the crypto world that EOS coins would be frozen for only two days. Those two days are now over and three days later, Block Producers are haggling over which version of the mainnet to launch.
Much Hyped #EOS Official #Mainnet Still on The Launch Pad https://t.co/ww3mR19GJd pic.twitter.com/OBeYJrfqGI
— NEWSBTC (@newsbtc) June 7, 2018
It might be trivial from the plain eyes of an investor but the more the delays, the more we become pessimistic. EOS prices are likely to take a hit from this. As we can see from the chart, prices are doing fine and trading is possible at exchanges that supported EOS mainnet launch.
EOS Mainnet Launch Update: Software Validation and Security Auditing is ongoing and a process is being followed to validate community voting portals to ensure token holders are safe. Here's a good site to keep updated on the launch vote https://t.co/K90rwfTquV @go_eos #EOSLAUNCH
— EOSphere (@eosphere_io) June 7, 2018
While we can take a neutral approach and allow EOS Block Producers to iron out their launch issues, many are taking shots at EOSIO security. There is a bounty program running following 360 sirens of system vulnerabilities but that’s not the point. Critics are now pointing their fingers at Block One saying that they may have sub contracted the platform coding to a third party and this the reason why programming flaws are rampant. Just to mention, Guido Vranken smoked out 12 different weaknesses in a single day. That’s how serious things are.
Thank you. A couple more waiting to be rewarded. I think the final tally was $120K but I lost count. Took me about a week.
— Guido Vranken (@GuidoVranken) June 4, 2018
Besides, with launch delaying, critics’ assertions that EOSIO is just but another over-funded project that tries to collapse a whole spectrum of user cases into one simplistic goal is increasingly becoming true. Remember, EOS and Block One has close to $4 billion worth of ETH at their disposal and we already say what they are capable of doing in the market. Any form of dump will lead to a capitulation of ETH as we briefly saw last week.
EOS Weekly Chart by Trading View
Week over Week, EOS is up 13 percent making it the fifth most valuable coin in the world at $12.40 billion. Unfortunately such valuation without a working product shows the level of investors astounding irrational exuberance. It’s a question we keep asking: Without a working blockchain and frozen coins, will EOS prices take a hit as sentiment turn red because of launch delays?
As per our previous emphasis, the last four candlesticks before last week are likely to be long coverings. Look at it from an effort-result perspective and you quickly conclude that it took four candlesticks with low volumes to overcoming that single bullish thrust on week ending April 29. Advised by this, the only logical approach is to look for under valuations in lower time frames.
Following periods of bear pressure, we saw bullish reversals last week and it’s because of that technical formation that we anticipate prices to pick up this week. While we remain cautious to buy or sell because of that fundamental delay, setting short term resistance and supports at last week’s high low would be more prudent.
EOS Daily Chart by Trading View
Honestly, EOS prices have been all over the place this week. Yes, June 2 bullish candlestick has some bearing on price action and is our guide for increasing buy positions this week. So, for that projection to go through then we must see some moves above $15 or June 2 high. It’s that simple. If not and assuming prices edge lower, closing below $12 then we shall change our skew and trade in line with May 11 bearish candlestick.
The post Security Audit Delaying EOSIO Mainnet Launch: EOS Technical Analysis (June 8, 2018) appeared first on NewsBTC.
Well, there are hopes of altcoins appreciation today if we depend on what’s happening in the 4HR chart of EOS and Stellar Lumens. We shall focus on EOS and their respective events today meaning any green light of their mainnet launch is a big plus. As such we expect prices might clear $15 over the…
The post EOS Outperforms, Gains $600 Million in the Last 24 Hours: Litecoin, EOS, IOTA, Stellar Lumens and Tron Technical Analysis (June 8, 2018) appeared first on NewsBTC.
Well, there are hopes of altcoins appreciation today if we depend on what’s happening in the 4HR chart of EOS and Stellar Lumens. We shall focus on EOS and their respective events today meaning any green light of their mainnet launch is a big plus. As such we expect prices might clear $15 over the weekend with EOS buyers aiming for ATHs at $23.
Let’s have a look at these charts:
EOS Daily Chart by Trading View
Things are steaming at EOS and with every “No-Go” vote, there is a negative impact on price action. Well, until there is a security clearance after fixing all P0 bugs, odds are mainnet launch will be put off-Again! That also means your EOS coins would continue being frozen while you see their value slide at mainnet supporting exchanges.
We're still a no-go for launch, as the crucial testing stages of the #EOS #mainnet continues, with a primary focus on #security
. To learn more, check out the "#EOS Launch Tracker" from @eosauthority: https://t.co/WDfAFICMNd #eosio #EMLG pic.twitter.com/DEXWlFrQlj
— EOS Vancouver (@EOS_Van) June 7, 2018
On to the charts, EOS is up four percent in the last 24 hours. However, it’s still trading within June 2 high-lows. As visible from the chart, the consolidation continues meaning our initial trade plan remains valid. Unless there are breaks below or above critical support and resistances at $12 and $15, we remain neutral. However, despite all this, any positive announcements from EOS Canada and NY would surely be supportive of price.
Litecoin Daily Chart by Trading View
We can be as upbeat as we want but Litecoin is truly tempered. It has been there before and even if the cryptocurrency bubble burst today, Litecoin will still trade the day after. Of course some projects would go under leaving behind “really true projects” as Zhang insist. That I agree.
Price wise, bears are still rejecting higher prices. As visible, yesterday’s candlestick didn’t have enough momentum to push LTC prices above June 4 candlestick. That candlestick has some bearing on this coin’s price action and should we see some any form of higher highs crashing resistance then buyers can begin loading. If not and sellers increase their dump pushing prices below $115 then we recommend selling in line with yesterday’s trade plan.
Stellar Lumens Daily Chart by Trading View
In the last 24 hours, Stellar Lumens is one of the top performers in the top 10. It’s still perched at position seven with a market cap of $5.54 billion. Well, since we saw modest gains, we shall wait and see what happens today. Buyers should follow through and overcome resistance at 30 cents if at all they are in charge. Otherwise, any form of lower lows below 27 cents would invalidate our five day trade position.
Tron Daily Chart by Trading View
There are more than 100 TRX tradable pairs and they keep increasing. Recent announcement is that of a Taiwanese exchange listing TRX/TWD pair for their customers. It’s easy to judge how Tron is positioning itself as a go-to platform where investors anywhere in the world can easily buy or sell their coin holding.
#TRON $TRX #TRX will be listed on @BitoEX_Official, you can deposit and withdraw #TRX on June,7, 2018 (GMT+8) and trade $TRX/$TWD on June,7, 2018 (GMT+8)
https://t.co/B0d0NeKRXY
— Justin Sun (@justinsuntron) June 7, 2018
When it comes to price action, we still retain a bullish stand though price movements are still very tight. As a matter of fact, after yesterday’s preview, nothing much has changed. What remains is either bullish moves complementing yesterday’s candlestick or a break below 5.5 cents confirming bears and May 28 sell candlestick. In my view, I shall reiterate yesterday’s trade plan and stay neutral.
IOTA Daily Chart by Trading View
Due to popular demand, EU and UK customers can now buy IOTA at BitPanda. Of course this is going to be IOT/Fiat pair and with less than six coins available for trading at this exchange, IOTA is going to have support and attention.
Due to popular demand, we will be adding @iotatoken to the Bitpanda platform on the 14th of June! #bitpanda #IOTA $IOTA pic.twitter.com/U8luPorjpU
— Bitpanda (@bitpanda) June 7, 2018
When it comes to price movements, sellers are pushing prices lower and $1.6 remains a solid ground due to this inaction. Well, our trade plan remains unchanged and we shall be taking a wait and see approach before initiating trades as mentioned yesterday.
The post EOS Outperforms, Gains $600 Million in the Last 24 Hours: Litecoin, EOS, IOTA, Stellar Lumens and Tron Technical Analysis (June 8, 2018) appeared first on NewsBTC.
Despite the growing popularity of cryptocurrency, scams remain one of the biggest problems the industry faces today. Indian police officials recently shut down a major cryptocurrency scam which may have defrauded users for nearly two full years. It is evident that such contraptions will need to be shut down sooner rather than later, as they […]
Despite the growing popularity of cryptocurrency, scams remain one of the biggest problems the industry faces today. Indian police officials recently shut down a major cryptocurrency scam which may have defrauded users for nearly two full years. It is evident that such contraptions will need to be shut down sooner rather than later, as they continue to tarnish the reputation of Bitcoin.
One has to acknowledge the popularity of cryptocurrency these days. Consumers all over the world are looking for reliable and convenient methods to invest in cryptocurrency without buying Bitcoin or altcoins directly. Why they prefer this approach remains a bit unclear, as cryptocurrency is all about controlling one’s own funds at all times. Trusting a third party service provider seems to be rather counterproductive in this regard.
Even so, there is a growing need for companies which allow consumers to get involved in cryptocurrencies through slightly unorthodox methods. In India, one such project was recently shut down by police officials in the city of Thane. Even though the company had operated for nearly two full years under the guise of a real estate firm, the team was actually running a major cryptocurrency scam.
According to local sources, the cryptocurrency scam may have scammed users for hundreds of crores. One crore is equal to ten million Indian rupees. As such, this company defrauded users to the tune of at least one billion rupees, or close to $15 million. That is quite a successful cryptocurrency scam in its own regard, although the investigation is still underway and these numbers remain subject to change.
During the raid on this company, investigators identified another location linked to the exact same cryptocurrency scam. It also appears some police personnel may have been involved in the scam, although that remains a bit unclear at this stage. In any event, it was a profitable cryptocurrency scam operated by The Flintstone Group, which is relatively well-known across Asia.
Anyone who invested in this particular scam was promised housing, as well as citizenship in African and Caribbean countries. The cryptocurrency which users were buying from the company would purportedly become legal tender in these regions, although it is evident that MoneyTradeCoin was never designed to become a mainstream means of payment. Considering that investors were also promised high returns on their investment alongside these other benefits, it’s not hard to see why the project was so successful.
All of this further confirms that cryptocurrency scams will continue to cause issues over the next few years. Until consumers learn to conduct proper investigation themselves, scams like this one will continue to proliferate. Unfortunately, it is still too easy for scams to attract investors from all over the world, and that situation will seemingly not change anytime soon.
