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Which cryptocurrency is best to buy today?

+1 vote

Cryptocurrency is a risky business and as a beginner, I have many questions. There are over 1500 cryptocurrencies in the market which makes the investment in the cryptocurrencies even more confusing. 

Does anybody know which cryptocurrency to invest in for a higher return?

Bitcoins are gaining popularity at a faster pace but will anybody make it clear to me that who decides the price of these bitcoins?

posted Aug 10, 2018 by Julia Hendon

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Difficult to say which cryptocurrency to invest in right now as there is so much uncertainties around  the crypto and there are more and more cases of theft and cheating. However experts do believe that the future of money is crypto currency only. My suggestion is that you explore more and see global trends on the crypto before investing in any one of them.

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0 votes

The Egyptian government has been called out in a new report that suggests they are not only spying on and censoring their citizens’ internet but also using them to mine cryptocurrency. 

Government Mining Cryptocurrency Covertly

The Citizen Lab, an interdisciplinary laboratory at the University of Toronto, published a report on Friday strongly suggesting that Egypt has been mining cryptocurrency secretly on its citizens’ computers. The report explained that Sandvine/Procera Networks Deep Packet Inspection devices were used “to covertly raise money through affiliate ads and cryptocurrency mining in Egypt.”

Report Shows Egypt Covertly Mining Cryptocurrency on Citizens' ComputersSandvine Corporation was acquired in September of last year by private equity firm Francisco Partners, which bought Procera Networks in 2015. Sandvine and Procera Networks then merged and have been producing a website-filtering software called Packetlogic which the report says “may have been used by government-linked entities in both Turkey and Egypt to inject spyware.”

In addition, the Lab also found that the software is installing at least one cryptocurrency mining script, Coinhive, which is readily available for mining the privacy-centric cryptocurrency monero (XMR).

Detection method

Through a process that began with scanning all of the IP addresses in certain countries, the researchers found DPI devices called middleboxes  that intercept traffic on Turk Telekom’s network between the public and various unencrypted websites.

These devices were “used to redirect hundreds of users in Turkey and Syria to nation-state spyware when those users attempted to download certain legitimate Windows applications,” the researchers elaborated. In Egypt, the team found more than just spyware, stating:

We found similar middleboxes at a Telecom Egypt demarcation point. The middleboxes were being used to redirect users across dozens of ISPs to affiliate ads and browser cryptocurrency mining scripts.

Installing Mining Scripts

Telecom Egypt is the country’s primary telephone company with a fixed line subscriber base of over 6 million. It is 80% owned by the Egyptian Ministry of Communications and Information Technology.

Report Shows Egypt Covertly Mining Cryptocurrency on Citizens' ComputersThe researchers named the Egyptian revenue-generation scheme “Adhose”. The report explained that Adhose has two modes: the spray mode and the trickle mode. The former “redirects Egyptian Internet users en masse to ads or cryptocurrency mining scripts whenever they make a request to any website” and the latter “targets some Javascript resources and defunct websites for ad injection.” The report revealed that the scheme has been running by the same entity “since at least October 2016.”

While scanning a group of 5,702 IP addresses in January that belonged to 4 of the 17 ASNs present in Egypt, the team concluded:

Of these 5,702 IPs, 5,443 in four ASNs returned the advertising redirect, for an injection rate of ~95%.

The Citizen Lab sent letters to Sandvine and Francisco Partners summarizing their findings in February. In its reply, Sandvine claims that the report is “false, misleading, and wrong.” However, the lab says, “We emphasized that we were confident in our research findings, which two independent peer reviews confirmed.”

0 votes

Aussies lost $2.1m to cryptocurrency 'scams'

$800k more than first thought.

Australians lost at least $2.1 million to cryptocurrency-based scams last year such as by paying ransoms in virtual coins or being lured to invest in fake initial coin offerings.

The number is an upgrade on previously released figures, though the loss numbers may be inflated by the peak in value of cryptocurrencies in December last year.

Back in February, it was revealed that Aussies lost almost $1.3 million to Bitcoin and Ethereum-related scams in 2017.

But there was ambiguity at the time over the extent to which these losses were due to ransoms demanded by attackers as part of ransomware campaigns.

The Australian Competition and Consumer Commission (ACCC) said at the time that some losses were recorded against “other” buying and selling scams, without elaborating.

A formal data release today shows that some of the reported losses came from fake coins and purchases made through brokerages rather than directly through an exchange.

“Examples of cryptocurrency scams in 2017 include fake ‘initial coin offerings’ which, like initial stock offerings, purport to be the launch of a new cryptocurrency,” the ACCC said in an annual scam report released today. [pdf]

“Others capitalised on the general confusion about how cryptocurrency works and instead of people discovering how to directly buy cryptocurrencies, many found themselves caught up in what were essentially pyramid schemes.

“A number of reports showed that victims entered into cryptocurrency-based scams through friends and family who convinced them they were onto a good thing, a classic element of pyramid schemes.”

The $2.1 million in total losses was likely to be conservative, the ACCC said, not least because some people who are scammed are simply too embarrassed to report it.

Financial regulators have taken a keen interest in the initial coin offering (ICO) space this year.

The Australian Securities and Investment Commission (ASIC) said recently it would update its guidance for companies considering raising funds by issuing digital coins or tokens.

ICOs have fast become a favoured method to raise money compared to alternative routes such as venture capital.

ASIC noted there was a "certain level of opportunism” in the ICO space “because it is seen as an easy, low regulation, low cost option [to raise funds] which could lead to immature businesses coming to market".

In the United States, its equivalent regulator SEC last week set up a fake ICO of its own in a bid to tip off cryptocurrency investors to the warning signs of a potentially bad investment.

Still, the $2.1 million figure is likely to have been somewhat inflated by the booming value of cryptocurrencies at the end of last year.

“As the value of actual cryptocurrencies increased, so too did the scam losses in what people thought were real investments,” the ACCC said.

“Between January and September 2017, about $100,000 was reported lost per month to scams which had a cryptocurrency angle.

“However, in the month of December 2017, reported losses to [the ACCC’s] Scamwatch exceeded $700,000 and the average reported loss had jumped from $1885 in January [2017] to $13,205.”

+1 vote

The United Nations Children’s Fund (UNICEF) has launched a new fundraising program meant to help finance the needs of protecting Syrian kids. Called Gamer Chaingers, it uses cryptocurrency mining as a method to raise funds without asking for monitory donations.

People who wish to participate in the innovative UNICEF program can visit its website, download the mining software and receive simple instructions on how to operate it. 

 According to the displayed statistics on the site,   the program already has 249 mining participants   as of the time of this writing.

 The website explains to those unfamiliar with the   field that: “Today, humanitarian collections often   solicit the same people with the same methods,   but cryptocurrencies and their revolutionary   approach are an opportunity to raise funds differently. Have you heard of Bitcoin? Ethereum is the same, except that you can more easily ‘mine’ the Ethereum coins via your computer and that money will go directly into the UNICEF wallet.”