Tag: Bitcoin

Why Blockchain and Bitcoin Are Becoming a Part of Life

Mason Mohon |@mohonofficial

The Bitcoin naysayers live their life in glee these days, happy that cryptocurrency is finally dead! Well, dead again. Clearly, if something can die multiple times, its death carries far less weight. Cryptocurrency, along with Bitcoin, is in a continuous cycle of death and resurrection. In the short term, this makes it a scary investment. In the long term, though, Bitcoin has a lot of potential and is likely to become a part of the dominant social order. It will do this along with its underlying technology: blockchain.

Continue reading “Why Blockchain and Bitcoin Are Becoming a Part of Life”

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Quadriga Cryptocurrency Loses Password to $190 Million

Ralph Tiberius Augustus | Brazil

The value of our digital belongings is starting to overlap with the value of our physical goods. An example is the ever-growing popularity of cryptocurrencies such as Bitcoin, Litecoin, Ethereum, etc.

Continue reading “Quadriga Cryptocurrency Loses Password to $190 Million”

The Yellow Vests Are The New Face Of Bitcoin

By Spencer Kellogg | Spencer_Kellogg

Paris is still burning. While the American public (by way of the American media) has largely been kept in the dark about the intense protests that have engulfed France and other parts of continental Europe, the severity of the situation continues to escalate.

This week, the Yellow Vests called for French citizens to withdraw money from their banks. This action would essentially create a run on the financial system of France and potentially starve the Euro. Officials are calling this their ‘worst nightmare’. In anticipation of the event, some French banks have resorted to limiting bank withdrawals to €150 while others are not allowing customers to access their accounts at all.

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Though a ‘nightmare’ for government officials and the banking elite, a run on the banks would be a rising flare for those that believe firmly in the transformational economic and liberty prospects of cryptocurrencies like Bitcoin. After all, Bitcoin was birthed from the smoldering ashes of the 2008 Financial Crisis and saw its first massive bull run during similar protests across Europe in 2012.

Gilet Jaunes protestor Tahz San has been credited with first introducing the idea of neutering the state’s power by attacking the coffers of multinational banking centers. San posted the following on social media:

“For Act 9, we will scare the state legally and without violence. (…) We all know that the powers of the country are not in the hands of the government but in those of the banks. If the banks weaken, the state weakens immediately. (…) Saturday we will all vote by withdrawing our money to impose the RIC (Referendum citizen initiative) urgently. The operation is scheduled for Saturday, January 12 at 8 am It will be reproduced the following month in case of failure.”

Protestors have called for the bank run to occur on Saturday, January 12st.

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Across France, more than half of all speed enforcement cameras have been destroyed. Leaders in the movement have cited the cameras as a money grabbing measure that adversely affected the poor in France. This comes days after fashion icon Dior moved their Paris show after protestors caused millions of dollars of damage to the Champs-Elysees storefront in November.

The proposed run on banks comes after Prime Minister Edouard Philippe suggested a crackdown on public protests earlier this week. In essence, pulling money from the banking system of France is the last form of legitimate political protest without the introduction of physical violence.

Bitcoin was created for days and weeks and months like the ones we have witnessed in France. It is the greatest destabilizing tool against the weaponized and centralized modern states of power and luxury. Though the protestors began with the simple hopes of overturning an unreasonable fuel tax, they have arrived at the point where real action against purveyors of the empire must be taken.

For now, the Yellow Vests are the face of Bitcoin.



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The Dark Overlord Hacker Group Leaks 9/11 Files for Bitcoin

By Jack Parkos | United States

Hacking group The Dark Overlord (who was removed from twitter) had announced that they had files relating to the September 11th terrorist attack that would “burn down the deep state”. The group demanded ransom money in Bitcoin, or else they would release unclosed information about the attacks.

The law firm that was hacked allegedly paid the group a fair amount of money, however, after they contacted law enforcement, The Dark Overlord became agitated. The group has now switched from ransom to crowdfunding via the cryptocurrency Bitcoin.

The data breach has become a bigger issue as the first round of information has been leaked to the public. The group has claimed this leak is only the tip of the iceberg and that more files with more information are to come. Each new set of information will be in different sums the group calls “checkpoints”.

So far, the documents are legal documents with the majority being related to insurance. It appears that the documents are information from insurance companies following the attack, with more information to be leaker in future dates. Much information about the leaks, as well as links to the files, are being removed from social media.


71 Republic is the Third Voice in media. We pride ourselves on distinctively independent journalism and editorials. Every dollar you give helps us grow our mission of providing reliable coverage. Please consider donating to our Patreon, which you can find here. Thank you very much for your support!

 

 

A New Type of Cyberattack is on the Rise: Cryptojacking

By Indri Schaelicke | United States

As technology continues to advance, our lives are becoming more and more comfortable. Technology allows us to spend less time and energy doing basic tasks by automating them. Perhaps the most revolutionary invention of all time is the Internet, with many services being brought into the digital realm. It is now possible to buy products online from halfway around the world and do all of our banking from web-based apps and websites, tasks that a few decades ago might have taken hours to complete in the real world. Being able to do these tasks efficiently allows us to increase our productivity as we direct our scarce resources towards other ends. However, as more services are moved online and our use of the internet increases, so does the risk of cyberattacks and fraud. A new type of dangerous cyberattack is on the rise: Cryptojacking.

What is Cryptojacking?

Cryptojacking is the use of a device’s resources and equipment to mine cryptocurrency. Hackers install software on computers, network servers, and mobile devices that remain hidden from the user’s view and mines cryptocurrency in secret. In some cases, this hidden software is loaded onto computers just like much other malware through tactics used in traditional phishing attacks. First, Cryptojacking victims receive an email that appears to be from a legitimate source, containing a link to another website. The link runs code that installs the crypto-mining script on the computer. The script then runs in the background as the user operates the laptop during their day-to-day activities.

Hackers can also make use of a victim’s computers’ resources by injecting the code into a website or an ad that is displayed on several websites. Once the victim visits that website or the infected ad is displayed in their browser, the code automatically executes. No code is stored on the victims’ computers, meaning that crypto-mining only occurs while that website running or that ad is being displayed. In either of these methods, the code uses the victim’s computer to run the code that mines the cryptocurrency computers and sends the results back to the hacker. This malicious activity harms victims by severely slowing down computer speeds and using up hard drive space. Cryptojacking is usually detected when a victim notices a significant drop in battery life and processing speed on their device.

What is Cryptocurrency?

Cryptocurrency is decentralized blockchain money that exists only online, the most notable of which is Bitcoin. It was created as an alternative to traditional money, which is issued by governments and is trackable, as well as centralized. This technology gained popularity for its potential for growth and the anonymity it offers users. Users make transactions using cryptocurrency, while others use it to make investments, which they hope will earn them a sizeable payout. While Bitcoin was one of the first to be created, several others have been invented since. The word “cryptocurrency” comes from “cryptography” and “currency”.

Mining is a process by which new coins are found and added to a blockchain. Individuals or groups who use computers to solve complex mathematical problems to discover these new coins are called miners. The mining process is what makes cryptocurrencies decentralized, as anyone can use their computer to mine. These digital monetary units are popular for the security that they provide, which is ensured during the mining process. So how exactly does it work?

Transactions that take place on a specific coin’s network are collected and bundled into a block by the miner. If the miner attempts to submit a block to the system that contains an invalid transaction, the block will be rejected, thereby ensuring the security and reliability of the coin. An invalid transaction would be when a user sends an amount that they do not have.

Once the miner has verified that all transactions in the block are valid, they must compute a cryptographic hash, a set of complex mathematical problems. This prevents fraudulent blocks from being created and therefore secures the network. Computing a cryptographic is done using a computer, which makes it much more efficient but is a significant drain on battery as the calculations require a large amount of energy. Cryptojackers attempt to economize their mining by outsourcing their energy input to victims. The block is sent to the network after the cryptographic hash is complete so that it can be checked against the coin’s consensus rules. After it is verified that the block does not contain invalid transactions and meets the consensus rules it is accepted and the block is then added to the blockchain network. The miner is rewarded for their work with a set amount of the cryptocurrency, thereby adding new coins to the system.

How Can I Protect Myself?

The easiest way to protect against cryptojacking is to install a cryptojacking blocker browser extension. These extensions block a list of domains that have been found to be associated with cryptojacking. Popular miner blocking extensions include No Coin and MinerBlock. If you prefer a more comprehensive anti-malware and cryptojacking program, Malwarebytes and similar software block crypto mining in addition to general cybersecurity.

Further reading:

Malwarebytes: How does cryptojacking work?

Mycryptopedia: What is cryptocurrency mining?

Mycryptopedia: Blockchain Consensus Algorithms Explained

Fossbytes: 7 Easy Ways to Block Cryptocurrency Mining in Your Web Browser


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