Scammers Are Targeting Naive Bitcoin Owners With Terribly Simple Trick

Scammers are going after naive bitcoin owners with one simple trick

  • The cybersecurity research group MalwareHunterTeam spotted a new simple scam: an app that promises naive Bitcoin-owners to double their cryptocurrency balance if they provide their Bitcoin wallet’s private key.
  • Of course, the private key is all one needs to take control of that wallet and steal the bitcoins.
  • Read more: How to Build an Ethereum Mining Rig

    Despite the rudimentary, almost offensive nature of this scam, “no doubt, some people will still far for it,” the researcher behind MalwareHunterTeam’s Twitter account told Motherboard in a direct message.

  • In any case, according to MalwareHunterTeam, the app actually doesn’t do anything other than ask for the keys.
  • If you come across this malware scam, do not give up your private key.

PSA: don’t give anyone your Bitcoin private key.
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Bitcoin is exploding in Venezuela — but not for the reason you think

#Bitcoin is exploding in Venezuela — but not for the reason you think

  • Bitcoin is exploding in Venezuela — but not for the reason you think

    As Venezuela suffers its worst meltdown in history, with inflation skyrocketing and basic necessities running in short supply, many have taken to bitcoin mining in a bid to survive, according to a report in the current issue of the Atlantic.

  • Bitcoin mining works like this : Miners use computer hardware to perform complex computations that ultimately create each new link in the bitcoin blockchain — the massive, decentralized ledger technology that underpins the cryptocurrency.
  • The Atlantic explained that a Venezuelan user who can run several bitcoin mining devices can clear about $500 a month — that is considered a small fortune enough to feed a family of four and purchase vital goods such as baby diapers or insulin from overseas.
  • But authorities have begun cracking down on mining operations, according to the Atlantic.
  • Reading the full story about the rise of bitcoin mining in Venezuela here.

Venezuela’s subsidized electricity is allowing desperate users to mine bitcoin for their basic necessities, the Atlantic reports.
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Cash is useless in Venezuela thanks to hyperinflation — so people are turning to bitcoin

  • That’s because under President Nicolás Maduro, electric power is heavily subsidized to the point that it’s essentially free, the Atlantic said.
  • Bitcoin mining works like this: Miners use computer hardware to perform complex computations that ultimately create each new link in the bitcoin blockchain — the massive, decentralized ledger technology that underpins the cryptocurrency.
  • In return, they are rewarded with bitcoin.
  • One of the key requirements to mine bitcoin is to have a large supply of power.

Venezuela’s subsidized electricity is allowing desperate users to mine bitcoin for their basic necessities, the Atlantic reports.
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Wall Street’s ‘dean of valuation’ says digital currencies are replacing gold

  • Aswath Damodaran predicts digital currencies will eventually be as important as the major paper currencies.
  • Santoli asked the valuation expert about bitcoin and other cryptocurrencies.
  • “Cryptocurrencies have taken the role of gold at least for younger investors because they don’t trust paper currencies.”
  • Damodaran defended digital currencies against skeptics who criticized “coin mining” as a misallocation of resources such as computing power and electricity:

    “If you think about it, the printing presses that run paper currencies.

  • The only reason currencies exist is for us to transact … If a digital currency can do it more efficiently than paper currency can, I think there is going to be a digital currency sooner or later that competes with the major paper currencies.

Aswath Damodaran believes digital currencies will “sooner or later” compete with the major paper currencies.
Continue reading “Wall Street’s ‘dean of valuation’ says digital currencies are replacing gold”

Wall Street’s ‘dean of valuation’ says digital currencies are replacing gold

  • Aswath Damodaran predicts digital currencies will eventually be as important as the major paper currencies.
  • Santoli asked the valuation expert about bitcoin and other cryptocurrencies.
  • “Cryptocurrencies have taken the role of gold at least for younger investors because they don’t trust paper currencies.”
  • Damodaran defended digital currencies against skeptics who criticized “coin mining” as a misallocation of resources such as computing power and electricity:

    “If you think about it, the printing presses that run paper currencies.

  • The only reason currencies exist is for us to transact … If a digital currency can do it more efficiently than paper currency can, I think there is going to be a digital currency sooner or later that competes with the major paper currencies.

Aswath Damodaran believes digital currencies will “sooner or later” compete with the major paper currencies.
Continue reading “Wall Street’s ‘dean of valuation’ says digital currencies are replacing gold”

Wall Street’s ‘dean of valuation’ says digital currencies are replacing gold

  • Aswath Damodaran predicts digital currencies will eventually be as important as the major paper currencies.
  • Santoli asked the valuation expert about bitcoin and other cryptocurrencies.
  • “Cryptocurrencies have taken the role of gold at least for younger investors because they don’t trust paper currencies.”
  • Damodaran defended digital currencies against skeptics who criticized “coin mining” as a misallocation of resources such as computing power and electricity:

    “If you think about it, the printing presses that run paper currencies.

  • The only reason currencies exist is for us to transact … If a digital currency can do it more efficiently than paper currency can, I think there is going to be a digital currency sooner or later that competes with the major paper currencies.

Aswath Damodaran believes digital currencies will “sooner or later” compete with the major paper currencies.
Continue reading “Wall Street’s ‘dean of valuation’ says digital currencies are replacing gold”

Why this early bitcoin investor dumped his entire position

Why this early #bitcoin investor dumped his entire position @SallyPancakes

  • Raoul Pal, an early investor in bitcoin (BTCUSD=X) who once argued it could be valued at $1 million, sold his entire position in the cryptocurrency as it surged to new highs.
  • Pal first invested in bitcoin in 2013 when it was hovering around $200 and he has held it ever since.
  • His thesis was based on bitcoin being a store of value, creating a “killer app” that would disrupt the payment processing business, and that blockchain technology was a true revolution.
  • “My thesis is really bitcoin is a solution looking for a problem,” Pal said.
  • Pal exited his position in bitcoin in late May.

Former hedge fund manager Raoul Pal called it possible one of “the best” trades he’s ever made.
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