Twitter scammers are getting more and more intricate to make their fraud look like it’s not fraud. This time another scam involves a couple of popular brands (and, surprisingly, not Elon Musk).
A couple of unknown crypto criminals started spreading a tweet, encouraging the community to participate in a BTC giveaway. The scammers promised to give out $30 million worth of crypto. The tweet were quickly deleted, but some members of the crypto community managed to capture it.
According to the report of South China Morning Post, Hong Kong businessman was threatened with blowing off the building where his company is unless he sends $20 000 in Bitcoin. The scheme was the same as we reported earlier:
The victim who received a blackmail is the CEO of Network Box, Michael Gazeley. He commented on the situation, stating:
“This looks like the third wave of blackmail emails plaguing the world in the past few years… I have never seen something like this, which sounds like cyberterrorism, in my 20-year career in cybersecurity.”
In addition, he claimed at first he was shocked, then he noticed that there were some grammar mistakes which helped him to understand that the email was not worth believing. It was quite clear that the main target was individual rather than bombing an office. He did not report to the police of Hong Kong as considers that email not credible.
Charles Mok, the spokesman of the IT sector in the Legislative Council of Hong Kong, was abashed by the quality of threats.
He said: “Scammers need to be smarter, they can’t just say in a spam email, ‘You need to pay me or I blow up your office’.”
As reported by the Asian Review new outlet, the Hong Kong authorities are going to restrict the crypto sector. The new set of rules will be applied towards cryptocurrencies, crypto exchanges and trading platform, token sales etc.
The reason for such drastic measures is the following:
“With less stringent rules on digital currencies than mainland China, where all crypto-related commercial activities are effectively banned, Hong Kong has become a thriving market for initial coin offerings. But growing concerns over fraud and money laundering have prompted the regulator into action.”
The new regulations will require all exchanges to have a special license, the regulators have also created a list of requirement for all token sales, for instance, a token needs to exist for at least 1 year before it can go on sale. The new regulation will take effect very soon.
Stablecoins are still rather a novelty at the cryptocurrency market, so its developers are coming up with new approaches to its main concept – being tied to something physical or fiat. Most stablecoins, like Tether and Gemini Dollar, chose an easy way – they just have a 1:1 exchange ratio with different fiat currencies, mostly USD.
However, a Singapore-based company Digix Global has created something brand new. They pegged its stablecoin DGX to gold. The official site claims:
“Using blockchain technology, we represent physical gold with DGX tokens, where 1 DGX represents 1 gram of gold on Ethereum.”
The company has only started developing, but it already has 88100 grams of gold available. The management though is planning to expand the supplies of the platform in the nearest future.
The exchange rate of Ethereum has for the first time in the history risen higher than than of the ill-fated Bitcoin Cash. According to the CoinMarketCap the value of Ethereum is almost $86, whereas the cost of BCH dropped to around $82.
The price of Bitcoin Cash has been plummeting down since the infamous hard fork. After the coin split, its exchange rate dropped to around $200 and kept falling. Soon it left the double-digit price range. The hard fork, the hash wars and the overall downward trend of the crypto market has left a large negative impact on this cryptocurrency.
Now it is hard to find a person who has never heard of Bitcoin’s existence. But the vast majority of people do not fully understand what it is and how it really looks like. In this article we will discuss the true appearance of Bitcoin, and also find out whether BTC can have physical form.
1. What does Bitcoin look like?
We briefly remind that Bitcoin is the very first cryptocurrency in the world, it was launched in January 2009. This is the first decentralized payment system in the world, in which interaction takes place exclusively between users, and does not require regulation by intermediaries. It works with the help of blockchain technology, which guarantees security of transactions.
The Bitcoin network is a chain of blocks, which store information about every coin transfer in the entire history. Each block has timestamps as well as encrypted information about the previous block. This data is stored on every miner`s computer all at the same time, thus it is impossible to change anything in the registry. So, basically, Bitcoin is just a record in blockchain.
2. Is there a Bitcoin in physical form
It is very difficult for the vast majority of people to imagine something that does not exist in the real world. Some enthusiasts have begun issuing physical Bitcoins for this reason. What is it? The actual Bitcoin coins appear in the form of physical wallets. They are intended for safe storage of coins, as well as for offline payments. There is a wallet`s address that can be found on a coin, which is publicly available, as well as a private key, which is hidden by special hologram.
The first physical coins were issued in 2011, produced by Mike Caldwell. The circulation was 3500 pieces, it is worth saying that the author mined those digital assets by himself. These coins were sold out very quickly, so in 2013, Caldwell released the next generation of physical bitcoins, which had new design.
3. What are the prospects for Bitcoin?
The first digital coin in history keeps leading position for almost 10 years and remains a powerhouse for the entire industry. The very first exchange rate of the coin was 1 dollar for 1.309.03 BTC. We remind that the coin’s rate in December last year was above $20,000, and then started falling down. Bitcoin costs about $3,300 now (according to CoinMarketCap).
No doubts, it is the biggest asset value increase in the history of mankind. Many cryptocurrency experts predict a great future for Bitcoin. Coin emission is limited, mining complexity increases every year, and users base is growing. All these factors will certainly have a positive effect on the cost of the asset in the future.
Bitcoin has one big problem that slows down its development – a small bandwidth. The network is able to perform only 7 operations per second. This It means that the more people will use the system, the longer it will take to wait for transactions confirmation takes to wait for. Sometimes it can take hours or even days.
Many people wonder: “How does 1 Bitcoin looks like?” In general, BTC does not exist in physical form, it is just a set of data stored in the blockchain. But the enthusiasts created physical analogs of coins, mostly for collectors. They are physical wallets, made in the form of coins. Bitcoin`s future is not fully defined yet, but the majority of experts believe that the peak of its popularity is still ahead.
If you still do not understand what is happening with the cryptocurrency market, in particular with the prices of all digital coins, Google’s AI gave a kind of interesting answer. By entering the search request “Bitcoin”, you may see the following card which defined Bitcoin as “a collapsed economic bubble”.
Source: Finance Magnates
In a couple of hours the definition was edited, claiming: “Bitcoin is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator that can be sent from user-to-user on the peer-to-peer bitcoin network without the need for intermediaries.”
The algorithm which aggregates the information displays the useful cards in the sidebar automatically. However, such a sentence clearly shows that the company’s AI system considers the bitcoin market as an economic bubble.
The CEO of Google Sundar Pichai explained that Google’s AI looks at every keyword based on “things like relevance, freshness, popularity and how other people are using it”.
Looking from this point of view, it means that the real reason why such a card displayed is that people downgraded Bitcoin and lost any hope in it.