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Ranked as the 13th best digital currency, Monero recently became part of the crypto jacking stir. In a recent uproar of these growing cases in the cyber world, Coin hive was being implemented for the unauthorized mining of the Monero cryptocurrency.

monero cryptocurrency

In a recent report by the cybersecurity researcher, Troy Mursch explains in detail how this malware hacked nearly 400 web pages in no more than 3 months. These web pages included a lot of government and educational sites as well.

Crypto Jacking

The term, crypto jacking has been in circulation for quite some time now. The hacker or the group of hackers uses the victims or the visitors’ processing and the computing power to mine the cryptocurrencies without their consent. The hackers scramble and steal the data and information from the users’ web-based applications. They would then manipulate victims to pay them any digital coins for the decryption of the data.

Crypto jacking is seriously affecting many websites and object them to mine cryptocurrencies according to the hackers need.

Coinhive- The Crypto Jacker?

According to the research report by Troy Mursch, an outdated version of Drupal has been the root cause of this interjection. Drupal is an open source and free content framework management software. The outdated version of this software in the CMS system, provided with the favorable environment for this malware, Coinhive to penetrate the system. As most of these sites were governmental institutions and educational sites, the integration of this malware into their JavaScript and usage of the computing power was not readily detected. But to the surprise, most of these sites domains were hosted on web pages like Amazon.

On its own, Coinhive is not malicious, but when encrypted and compromised with a ‘crypto jacking’ code, it forces the system to mine Monero without the knowledge of the target. UNICEF runs the same malware to raise funds for their work. But they use it with the consent and knowledge of their users. Which is definitely the right way to use the malware for which it was created.

There are a number of web pages using the same method and process to offer users to donate their system power to mine cryptocurrencies. The process is only performed with the consent and permission of the users. Projects like Bail Bloc and Salon are offering to mine these coins but just with the consent of the operators.

Affected by Coinhive

In an official statement, Troy Mursch has extensively mentioned a list of all the web pages that were affected by the malware so that all the users and visitors can be fully aware of the subject. Among these nearly 400 above websites included,

  • San Diego Zoo
  • The Government of Chihuahua, Mexico
  • The National Labor Relations Board
  • A U.S Federal Agency
  • Lenovo
  • The City of Marion, Ohio
  • The University of Aleppo
  • The Ringling College of Art and Design
  • UCLA’s webpage for Atmospheric and Oceanic Sciences Program, and many more in the list of this 400.

With this detection of extensive, without the consent mining of these Monero (XMR) cryptocurrencies, it is hoped in the future that these practices could be detained. Coinhive is just an application like many others. It is just misused and wrongfully being implemented and practiced by the hackers.

Subsiding this dilemma, there has been an extensive negative dropping of Monero in its already established and flourished market. The reasons and causes still remain undetectable.

The Market Affect

With the slight rise in the market, all the majority of the digital world is floating in the red zones. Still not being able to maintain the pace with the Dollar. Monero XRM has been no different than the trend. Keeping the flow awaken, XRM shows a trivial downfall recently.

Despite its top 20 peers, XRM has been seen floating little weak during the month. For a period of a month, it just managed to collect a rise of 32%.

On a collective period of two months, there has been a collective drop down of -15% of the currency. Despite the reckoning, its top 20 peers still managed to rise gradually with the Dollar.

Keeping eyes on the occurring trends, Monero is facing the same dip for the current week too, continuing the same flow up to -7%.

With its fall of -3% against the dollar collectively, the currency has fallen seemingly for -1.37% against the Bitcoin.

After hitting its record price of $490 per unit against the dollar in January 2018, Monero is being traded at $222.68 currently.

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Crypto Market Crashes At New Year – Bad News For Investors?

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The crypto market encountered an intense drop this Friday and Saturday. Coins were losing value with only three of the main twenty by market capitalization showing a development of more than 10 percent: Cardano, Qtum, and Neo.

Main Story:

Bitcoin also dropped from a Friday high of $15,266 to as low as $12,350 on Saturday. The previous two weeks have been extremely unstable for the first cryptocurrency, as it has accomplished an all-time high of $20,000 on Dec. 17, 2017, just to hold it for a single day and then losing around 32 percent of that value during the following couple of days.

The most recent fall is the continuation of that trend and there seems to be no recovery in sight as of yet.

Ripple, which has quite recently displaced Ethereum as the most elevated altcoin by market capitalization, has comparably dropped by 20 in the past two days. In spite of experiencing a powerful surge this week, it hasn’t been able to evade the “crypto slaughter.”

Luckily for holders of Ethereum, its drop has been less prominent. A tumble from $769 to $685, constituting only 11 percent loss of value, looks substantially more favorable to the performance of Bitcoin and Ripple. Particularly if you think about the slight recovery of 2.22 percent over the last few hours.

Overall, 2017 has been a good year for Ethereum, as it rose from $8 to over $750.

Other cryptocurrencies such as Dash, Monero, Litecoin, Bitcoin Cash, etc. have also suffered major drops over the weekend. However, the year 2017, for the most part, has been positive for the vast majority of cryptos and the crypto-growth in 2018 is expected to continue in the similar fashion.

 

News Credit: cointelegraph

Image: Google images

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Bitcoin – puzzling rise of the bitcoin

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Bitcoin info: An insane rise in the value of the bitcoin is providing a new discussion to the technology world.

A number of people are really wondering about the origin of it, they are puzzled by this phenomenon? surprise how it is physical? how they withhold on it? how bitcoin works? or whether a new bubble like this, is on its way?

Whereas others count that the currency change brings the sans regulations.

If we look back, one Bitcoin was at the value of $0.003 in 2010. Whereas, its value in 2017 raises to $2500. Clearly, means that one bitcoin is equal to the 2500 US dollars. By multiplying the perspectives bitcoin’s value is 879,999 times.

 So, which thing people buy in actual????

On another side, people think about the hoarding of the bitcoins.

One of the trader’s point of view is, “Of course, you can spend bitcoins to purchase items at places where they are accepted. But a lot of traders are buying on speculation because the supply of bitcoin is limited”.
All we know that there is 21 million total supply of the bitcoins and 70% are mined already from the internet. And, a sharp increase of the bitcoin is associate it with “bubble” word.

Billionaire Mark Cuban already admit that it has a worth, it has a value in blockchain technology. And named it as a bubble early in this month.

Few of them relate this bitcoin hype to the “Tulipmania. A well-known episode in Dutch history 1636-1637.  Where the value of tulip bulb was pushed by the gamblers to rapid heights.

Unfortunately, the bubble burst and bulbs price crashed. The main reason for this crash was, no existence of the fundamental value of a bulb.

But, in the case of the bitcoin, you are free to spend your coin and get goods and services. This scope is continually expanding. Traders of the bitcoin are the well-wisher of this technology and claims that bitcoin’s attractiveness directly lies in its potential.

Furthermore, it is possible that fiat money also doesn’t have original value but it is controlled by the different sources. That is a reason for long-term investment.

Japanese government legalized the bitcoin, it is a live example that cryptocurrencies are making their ways into the mainstream.

Bitcoin is not only one cryptocurrency, which is available with the limited supply. In fact, there are more than 900 digital currencies available on the internet. Whereas, cryptocurrencies are basically decentralized digital money, which is not created by any government or central bank.

Additional tag: Bitcoin stock market

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Bitcoin Hacked 2017, Who To Blame?

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Bitcoin trading was started since 2010 which is the source of Bitcoin’s universal myths or discussions. When a Bitcoin exchanged gets hacked, financial media considers this hack a result of the flaws of cryptocurrencies. Until now, Bitcoin protocol has never been hacked. Due to its next level encryption, hackers do not attack Bitcoin directly. Instead, they manipulate the weaknesses of Bitcoin exchanges.

Are Bitcoin Exchanges Vulnerable To Hacking?

According to the report of the U.S Department of Homeland Security, one-third of Bitcoin exchanges were hacked between 2010-2015.

A South Korean exchange ‘Bithumb’ was hacked last month with 30,000 customer’s data on it. The hackers were able to steal $1million worth of bitcoins. As a result, the price of Bitcoin dropped about 3.5% during the following two days of the event.

Bithumb revealed that employee’s computers which provide the access to customer’s data were targeted during the attack.

In August 2016, Hackers successfully took 120,000 Bitcoins, worth $65million from Bitfinex exchange. In that case “Hot wallet” feature was the weak link. These frequent Bitcoin exchange hacks are no doubt concerning, but this should not be a reason to dismiss Bitcoin usage.

For example, if a diamond jewelry shop is successfully robbed, it’s not the diamonds’ fault, rather the security management that was hired by the owner. Same is the case with the Bitcoin code users.

Why Has Bitcoin Itself Never Been Hacked?  

Bitcoin codes use a network security protocol known as SHA-256. SHA: Secure Hash Algorithm. This is the prime reason why Bitcoin is known as a cryptocurrency. SHA-256 is widely used by the government and financial sector of the Bitcoin and was designed by the National Security Agency.

Crypto experts and programmers believe that SHA-256 is unbreakable by the currently available technology. Chris Wilmer, founder of Blockchain-Focused said, “Bitcoin itself, and most of the other cryptocurrencies, have never been hacked or even really had any downtime.”

Due to the fact that Bitcoin uses SHA-256, and that its transactions are broadcasted to the network for confirmation, Bitcoin is the securest form of currency ever created.

Just think about it, if you have fiat money and it gets stolen or snatched by someone, it becomes incredibly difficult to trace it. In addition, a stolen bag exposes your data including bank’s check book, debit/credit card to untrusted parties and takes a whole lot of months to resolve the issue.

Besides, credit/debit is an old fashioned payment system. Considering the tools available these days, hackers could get an easy approach to this old form of digital money.

Today, the Credit card breaches have become a daily routine. The hits at Target Corp. (NYSE: TGT) and (NYSE: HD) occurred a couple years ago. Neiman Marcus and Wendy’s Co. (Nasdaq: WEN) breach is another example which just happened in 2016. The most recent ones are Chipotle Mexican Grill Inc. (NYSE: CMG), Arby’s Restaurant Group, and Kmart Corp, which happened in 2017.

Whereas, bitcoins are safe at your Bitcoin exchanges and provide maximum security against breaches. Don’t let one or two incidents define the whole currency and start your Bitcoin venture right now!

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Why Gibraltar Officials Are Considering to Regulate ICO Tokens As Commercial Products?

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Some new details have been provided by the government of Gibraltar about its strategy to regulate the ICOs (initial coin offerings) in a white paper. According to the paper, most of the tokens are not considered as securities under the EU law. Government officials and regulators are anxious due to the classification of ICOs and tokens, and in the major countries like China, they are considering to ban the whole blockchain use cases.

blockchain use cases

What does the whitepaper say?

Certainly, it’s also stated in the paper that;

“In many cases, [tokens] represent the advance sale of products that entitle holders to access future networks or consume future services.”

On the other hand, the document also argues that these tokens are not securities but, commercial products. In the white paper, an authorized sponsor’s regime was also summarized in which every ICO issuer, distributing or selling tokens in Gibraltar will require to hire a person who could oversee the sale and make sure that it follows the regulations. Ultimately, the release comes within a long-running procedure of creating regulatory limitations for the blockchain technology within the United Kingdom crown dependency.

Officials Point of View

In February, the representative of Gibraltar Financial Services Commission and Gibraltar Finance Centre said that the execution of the sponsorship scheme was just a part of their market-driven strategy for regulating ICOs and was just an attempt to avert a one-size-fits-all strategy. According to the document, the regime is definitely going to mean the market, but not the regulators. Also, it could define what a good token sale actually looks like.

In December, a blockchain-focused bill was passed by the legislators in Gibraltar and laid the basis for an ICO bill earlier, when an advisory was also issued back in September. It is also stated in the white paper that the Gibraltar Financial Services Commission (GFSC) will;

“Authorize and supervise secondary token market operators”

Also, it will establish;

“A public register of such operators.”

In addition to that, token-related investment guidance will be also regulated by the government, which includes;

  • Generic advice
  • Product-related advice
  • Personal recommendations

The white paper also specifies that by the end of this year, Gibraltar will wrap up its blockchain-related governing. The paper also says;

“A draft Bill is expected to be ready by the end of March 2018. Draft Regulations for the promotion, sale and distribution of tokens should be ready in May 2018. The last of the three Regulations should be completed by the end of October 2018.”

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History of bitcoin

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Bitcoin is a digital currency, world’s famous cryptocurrency. Who creates Bitcoin? Its answer is not that much easy. while the identity of the creature of bitcoin is still a mystery.  In last of 2008, someone going from the username Satoshi Nakamoto, release a white paper to cryptography list. The 9-page paper was entitled” Bitcoin, peer-to-peer electronic cash system”. That day and today, we do not know the creature, is a personality or a team work???

With pseudonym creature, bitcoin asserts itself. In the meantime, Bitcoin creates a strong impact on users of the cryptocurrencies’ world.

Now, here I am going to share bitcoin price history, its origin and how its start work, and rises as a star in cryptocurrency world.

2007:

Basically, working on bitcoin concept was started in 2007. If we consider, that Satoshi Nakamoto is a legend. He starts working on this concept to provide fair and free transaction system. While he was on record as living in Japan.

August 15, 2008:

The allege originator of Bitcoin concept denies the connection with Satoshi Nakamoto. Even so, Neal Kin, Vladimir Oksman, and Charles Bry file an application for an encryption patent application.

A great silence…………………………

August 18, 2008:

18 August 2008, anonymousspeeches.com register a domain, named bitcoin. A site, allows users to join and do transactions. This was the birth of Bitcoin in the real world.

 October 31, 2008:

Nakamoto publishes the design white paper in cryptography list. Whereas, the paper includes that the bitcoin currency is going to solve the issue of currency being copied.

January 3, 2009:

The first block was mined on January 3, 2009. It was,” Block 0, the genesis block, is established at 18:15:05 GMT.

January 9, 2009:

Version 0.1 released. It includes the generation system which creates 21Million bitcoins through 2040.

January 12, 2009:

Version 0.1 of bitcoin released on this date. Compiled

with Microsoft visual studio for windows. In which, bitcoin generation system will generate 21Million bitcoin through the year 2040. In addition, at the end of this year, on 16 December 2009, 0.2 version of bitcoin released. Whereas, 0.3 version released on July 7, 2010.

0.3.13 version of bitcoin released on September 29, 2010.

A Brief Look at Bitcoin History – First Bitcoin Transaction:

First bitcoin transaction takes place between Satoshi and Hal Finney on 12 January 2009.

Born of currency exchange:

First bitcoin market established on 6 February 2010 by doing dollar as Bitcoin currency exchange.

10,000 BTC spent on pizza:

Florida programmer, Laszlo Hanyecz pay 10,000 bitcoins for pizza. That was the real-life transaction takes place in cryptography world.

Pool mins……:

On September 18, 2010, bitcoin pool mining was introduced. Furthermore, several users work together and enjoy the benefit together.

2013:

No doubt, the most important year of the bitcoin. This year, Bitcoin wrote its history. In 2013, its market capitalization reaches $1bn. China bans this technology first. But today, 80% of bitcoin transactions are processed in China and become the largest trader of Bitcoin in the world.

2014:

In 2014, first and most progressive treatment to bitcoin was held by HMRC. Who classified bitcoin as the asset or private money.

2015:

The biggest change comes from banks and industries. Most of the banks trying to change their infrastructure. Whereas, industry executives talking about Bitcoin and some of them do transactions.

2016:

Therefore, it is too early to tell you about the story of Bitcoin in 2016. It reaches heights and sometimes faces loses.

Future Prediction of Bitcoin:

As bitcoin reaches the price of gold, and compete with many more cryptocurrencies. Which makes its strength in the financial market. Looking at the Bitcoin value history, future can be easily predicted. And my prediction is that coming era is bitcoin era.

 

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