Crypto currency
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One day, a Crypto Currency will be very prevalent. Not sure if its one of these but there are many others in the works for approval. The one that hits will be the newest Goldmine for investors.
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14,136 Posts
Ripple.... what about Night Train.
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5,158 Posts
Hopefully so Mike figured I'd dabble with some and get my feet wet
Hey ripple moon shine Rocko
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9,620 Posts
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... I have a dear friend who bought into it @ $200, 3.5 years ago, he believes it's here to stay but not at these levels...
... He says there are other Crypto Currencies other than Bitcoin at lower cost that may be ready to go higher...
... at my age there isn't any reason to get involved when my finances are in order, crypto seems to be a pyrimad scheme to me... C22...
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... I have a dear friend who bought into it @ $200, 3.5 years ago, he believes it's here to stay but not at these levels...
... He says there are other Crypto Currencies other than Bitcoin at lower cost that may be ready to go higher...
... at my age there isn't any reason to get involved when my finances are in order, crypto seems to be a pyrimad scheme to me... C22...
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9,620 Posts
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... todays ransoms are paid through Crypto Curencies... C22...
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... todays ransoms are paid through Crypto Curencies... C22...
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67,033 Posts
Reminds me of the Dutch tulip mania. I don't think in the long run any of them can work, governments need to control their currency and will take whatever steps that are necessary to do away with competing currencies not under some governments' control.
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5,158 Posts
There is a big opportunity in the underground market and when you don't want a paper trail leading to your doorstep. That itself makes it appealing and would be successful if trusted and secure. The more it becomes accepted by reputable banks and vendors the more value it will gain. Today's growth in online shopping versus retail stores is no secret and I will always use paypal when given the option to use it versus credit card to avoid possible cc fraud. Now imagine when crypto currency becomes an accepted form of payment and the appeal it will have.
I first learned about bitcoin playing on an online poker site and one of the cash out options that they gave perks for were using bitcoin.
Time will tell if this becomes the new way or a total bust but i got a couple of coins just in case
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9,620 Posts
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... we had a prob sometime ago with Paypal when red flags shouldve been raised,me stick with Credit Cards, Amex, Visa...
... BITCOIN today at $11,500 down $8000 from its peak just 10 days ago... C22...
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... we had a prob sometime ago with Paypal when red flags shouldve been raised,me stick with Credit Cards, Amex, Visa...
... BITCOIN today at $11,500 down $8000 from its peak just 10 days ago... C22...
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67,033 Posts
And that is exactly why any government worthy of the name will take steps to prevent its use. Once criminals start using it the public will scream and governments will find ways to ban its use.
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67,033 Posts
https://finance.yahoo.com/news/get-ready-2018-cryptocurrency-crime-wave-2-145635242.html
2018 could be the year of cryptocurrency hacks.
With bitcoin recently pushing past the $19,000 level (despite crashing hard on Friday) and a slew of other cryptocurrencies like ethereum, litecoin and Ripple making rapid price gains in its wake, it's never been a more bullish time for digital currency investors. But there is always a price to be paid for such success and in this case cryptocurrency's massive surge in popularity is likely to trigger an epic wave of crime.
Already on December 4th, the SEC announced it shut down an initial coin offering (ICO) for allegedly defrauding investors of $15 million. However, while fraud is an inherent risk of cryptocurrency, as wallets, exchanges and ICOs all take place with little to no legal or regulatory oversight, it is hacking which presents a far more serious threat for investors because it is so widespread and so difficult for the average person to avoid.
Hacking has been a recurring problem for this industry from the very beginning. In fact, a report last year from the US Department of Homeland Security found that 33% of bitcoin exchanges were hacked between 2009 and 2015, and one-off scams and attacks on individual investors have been occurring throughout that time as well.
But if prices continue to rise, it will incentivize many more attacks. After all, cryptocurrency cyber heists are now extremely lucrative, with the opportunity to make tens of millions of dollars from a single attack. This will likely entice more hacking groups to expand their operations beyond traditional revenue streams - "banking Trojans," "ransomware," "carding," etc. - to take on cryptocurrency investors as well. Cybercriminals go where the money is and right now the money is definitely in bitcoin.
View photos
Source: Yahoo Finance
More
The problem for investors is that there are so many ways a criminal can attack their cryptocurrency savings, and very little they can do to stop them. To make matters worse, there is no FDIC insurance for cryptocurrency - which means losses due to theft or fraud are unlikely to ever be recovered or reimbursed.
Over the years, hackers have targeted the cryptocurrency exchanges, digital wallets, ICOs, DAOs (Decentralized Autonomous Organization), mining companies, virtual private servers and hosting services, and more. In fact, on December 7th, a bitcoin mining company called NiceHash was hacked, leading to more than $60 million in losses for its customers.
Here are a few other examples:
2017: Tether hacked for $31 million
2016: Bitfinex hacked for $77 million; The DAO hacked for $50 million
2014: Mt. Gox hacked for $450 million
2012: Linode hacked for $200,000; Bitfloor hacked for $250,000
What these attacks demonstrate is how insecure many of the organizations are that play a key role in the cryptocurrency market (in addition to its 2016 hack, Bitfinex was also briefly shut down on December 12th by a distributed denial-of-service, or DDoS, cyber attack), but it also shows just how difficult it is for any company to protect the integrity of digital currency accounts.
However, the attacks on cryptocurrency institutions only tell half of the story. At the same time cybercriminals are trying to backdoor digital wallets and steal from exchanges, they are also targeting investors directly.
A recent report by Chainalysis estimates that as much as $225 million has been stolen from cryptocurrency investors this year alone, taken through phishing attacks that targeted initial coin offerings. As of now, there is a 10% chance that investors who participate in an ICO will be scammed - not by a phony ICO (as has been alleged in the PlexCorps case), but by hackers impersonating an official ICO and tricking people into submitting their payment credentials to them instead.
View photos
A notice announcing that service is unavailable is displayed on the website of Slovenian cryptocurrency mining firm NiceHash, which said it had suffered a hack of its Bitcoin wallet, in photo illustration December 7, 2017. REUTERS/Chris Helgren
More
Recent news reports have also highlighted the threat of "phone-porting," in which a hacker is able to hijack a person's bitcoin account by first stealing their phone number. There has also been a substantial rise in a new type of malware that targets cryptocurrency. Dell SecureWorks estimates this type of malware, referred to as "cryptocurrency-stealing malware," or CCSM, increased by 1,123% between 2012 and 2014. One specific malware strain, called CryptoShuffler, is believed to have stolen over $160,000 in bitcoin from individual investors this year.
Investors need to understand these risks. When it comes to the security to their cryptocurrency accounts, they are largely on their own. If they fall for a phishing email or their computer is infected with CCSM, they could lose everything. There are no guarantees, no backups. The same is true if an exchange, a digital wallet or a mining company are breached by hackers.
There are a few security measures individuals can take to better protect their accounts, like installing antivirus with anti-phishing support, setting up a firewall, protecting Internet connections with a VPN, adding two-factor authentication and password managers to safeguard logins, and using hardware wallets to store the cryptocurrency. However, in an age when even well-resourced corporations and government agencies struggle to contain the hacker threat, no one will ever be 100% safe. Those who invest in cryptocurrency need to be prepared for losses.
While cryptocurrency fraud has been happening for years, the rise in prices virtually guarantees that we will see more sophisticated cybercrime groups get into this market within the next year. Investors need to be more aware of these threats and take the proper security precautions to lower their risk.
2018 could be the year of cryptocurrency hacks.
With bitcoin recently pushing past the $19,000 level (despite crashing hard on Friday) and a slew of other cryptocurrencies like ethereum, litecoin and Ripple making rapid price gains in its wake, it's never been a more bullish time for digital currency investors. But there is always a price to be paid for such success and in this case cryptocurrency's massive surge in popularity is likely to trigger an epic wave of crime.
Already on December 4th, the SEC announced it shut down an initial coin offering (ICO) for allegedly defrauding investors of $15 million. However, while fraud is an inherent risk of cryptocurrency, as wallets, exchanges and ICOs all take place with little to no legal or regulatory oversight, it is hacking which presents a far more serious threat for investors because it is so widespread and so difficult for the average person to avoid.
Hacking has been a recurring problem for this industry from the very beginning. In fact, a report last year from the US Department of Homeland Security found that 33% of bitcoin exchanges were hacked between 2009 and 2015, and one-off scams and attacks on individual investors have been occurring throughout that time as well.
But if prices continue to rise, it will incentivize many more attacks. After all, cryptocurrency cyber heists are now extremely lucrative, with the opportunity to make tens of millions of dollars from a single attack. This will likely entice more hacking groups to expand their operations beyond traditional revenue streams - "banking Trojans," "ransomware," "carding," etc. - to take on cryptocurrency investors as well. Cybercriminals go where the money is and right now the money is definitely in bitcoin.
View photos
Source: Yahoo Finance
More
The problem for investors is that there are so many ways a criminal can attack their cryptocurrency savings, and very little they can do to stop them. To make matters worse, there is no FDIC insurance for cryptocurrency - which means losses due to theft or fraud are unlikely to ever be recovered or reimbursed.
Over the years, hackers have targeted the cryptocurrency exchanges, digital wallets, ICOs, DAOs (Decentralized Autonomous Organization), mining companies, virtual private servers and hosting services, and more. In fact, on December 7th, a bitcoin mining company called NiceHash was hacked, leading to more than $60 million in losses for its customers.
Here are a few other examples:
2017: Tether hacked for $31 million
2016: Bitfinex hacked for $77 million; The DAO hacked for $50 million
2014: Mt. Gox hacked for $450 million
2012: Linode hacked for $200,000; Bitfloor hacked for $250,000
What these attacks demonstrate is how insecure many of the organizations are that play a key role in the cryptocurrency market (in addition to its 2016 hack, Bitfinex was also briefly shut down on December 12th by a distributed denial-of-service, or DDoS, cyber attack), but it also shows just how difficult it is for any company to protect the integrity of digital currency accounts.
However, the attacks on cryptocurrency institutions only tell half of the story. At the same time cybercriminals are trying to backdoor digital wallets and steal from exchanges, they are also targeting investors directly.
A recent report by Chainalysis estimates that as much as $225 million has been stolen from cryptocurrency investors this year alone, taken through phishing attacks that targeted initial coin offerings. As of now, there is a 10% chance that investors who participate in an ICO will be scammed - not by a phony ICO (as has been alleged in the PlexCorps case), but by hackers impersonating an official ICO and tricking people into submitting their payment credentials to them instead.
View photos
A notice announcing that service is unavailable is displayed on the website of Slovenian cryptocurrency mining firm NiceHash, which said it had suffered a hack of its Bitcoin wallet, in photo illustration December 7, 2017. REUTERS/Chris Helgren
More
Recent news reports have also highlighted the threat of "phone-porting," in which a hacker is able to hijack a person's bitcoin account by first stealing their phone number. There has also been a substantial rise in a new type of malware that targets cryptocurrency. Dell SecureWorks estimates this type of malware, referred to as "cryptocurrency-stealing malware," or CCSM, increased by 1,123% between 2012 and 2014. One specific malware strain, called CryptoShuffler, is believed to have stolen over $160,000 in bitcoin from individual investors this year.
Investors need to understand these risks. When it comes to the security to their cryptocurrency accounts, they are largely on their own. If they fall for a phishing email or their computer is infected with CCSM, they could lose everything. There are no guarantees, no backups. The same is true if an exchange, a digital wallet or a mining company are breached by hackers.
There are a few security measures individuals can take to better protect their accounts, like installing antivirus with anti-phishing support, setting up a firewall, protecting Internet connections with a VPN, adding two-factor authentication and password managers to safeguard logins, and using hardware wallets to store the cryptocurrency. However, in an age when even well-resourced corporations and government agencies struggle to contain the hacker threat, no one will ever be 100% safe. Those who invest in cryptocurrency need to be prepared for losses.
While cryptocurrency fraud has been happening for years, the rise in prices virtually guarantees that we will see more sophisticated cybercrime groups get into this market within the next year. Investors need to be more aware of these threats and take the proper security precautions to lower their risk.
Joined
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67,033 Posts
Believe me yet?
WASHINGTON (Reuters) - U.S. regulators may ask Congress to pass legislation to improve oversight of virtual currencies like bitcoin amid concerns about the risks posed by the emerging asset class, the head of the Securities and Exchange Commission said on Tuesday.
The comments by SEC Chairman Jay Clayton before the Senate Banking Committee are the strongest indication yet that federal authorities are mulling new laws to scrutinize virtual currency trading and investing.
Clayton, who testified alongside Christopher Giancarlo, chairman of the Commodity Futures Trading Commission (CFTC), said the agencies were coordinating with the Treasury Department and the Federal Reserve on the matter, but he added that lawmakers may have to clarify and enhance regulatory powers.
"We may be back with our friends from Treasury and the Fed to ask for additional legislation," Clayton said when asked whether Congress needed to act on virtual currencies.
The hearing followed a rout in the price of bitcoin, which has lost about half its value since the start of the year on concerns ranging from a global regulatory clampdown to a ban by some banks on using credit cards to buy bitcoin.
Senator Mike Crapo, the Republican chairman of the panel, and Democratic Senator Sherrod Brown were among the lawmakers to express worries about volatility, investor protections and the risks posed by cyber criminals in the virtual currency market.
"Between the enforcement actions brought by your agencies, the hack of the international Coincheck exchange, and the concerns raised by various regulators and market participants, there is no shortage of examples that increase investor concerns," Crapo said, referring to hackers' recent theft of $530 million from Japanese bitcoin exchange Coincheck.
Both Clayton and Giancarlo used the hearing to showcase the efforts their agencies have made to police the market and to highlight limitations in the current U.S. regulatory structure, whereby virtual currencies fall into a gray area between the SEC, CFTC, Treasury, the Fed and state regulators.
Federal legislation could help rationalize this patchwork and clarify which agency has the authority to police the underlying virtual currency cash market, the regulators said.
Clayton and Giancarlo also questioned how their respective agencies would fund increased scrutiny of the rapidly-growing virtual currency market, with Clayton saying he needed more people to staff the trading and markets division.
"Personnel is my biggest challenge at the moment," he added.
Committee members, however, did not appear to stake out a clear position on whether to pass virtual currency legislation. Crapo noted that the underlying distributed ledger technology offered "present significant positive potential" to increase investor access to financial markets.
On the Luxembourg-based Bitstamp exchange, bitcoin was 1.2 percent higher at $6,959.00 in afternoon trading in New York on Tuesday. U.S. stock markets were mixed in volatile trading after two days of heavy losses.
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When you don't want a paper trail going to your door and when there is a large potential in the underground market. If trustworthy and safe, that alone makes it desirable and would be successful. It will increase in value as more respected banks and suppliers adopt it. It is no secret that online shopping has surpassed brick-and-mortar establishments in popularity today. To prevent credit card theft, I will always choose to pay using PayPal wherever feasible. Imagine the attractiveness that cryptocurrency will have if it is acknowledged as a means of payment. With the recent surge in the price of Shiba Inu (SHIB), many investors are debating whether is it too late to invest in shiba inu, as the Is It Too Late To Invest in Shiba Inu? - Strange Brew | Cryptocurrency Opinion Leaders article is great, but still that's the type of question that you can only ask yourself...
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