Crypto price volatility could wipe you out, but here’s what can destroy you!

March 13, 2018 12:38 pm

Crypto investors are constantly on edge as the volatile currencies while promise financial independence also threaten to bankrupt those who plow heavily in them.

Lately Bitcoin has been hovering in the $9,000 range, so previous volatility that took it to $20,000 in December 2017 and back to $6000 weeks later seems to have subsided a bit.

But there is an evil more sinister side to the technology that threatens every one of us.

And whether investor or not, typical businessman or web surfer, it just on’t matter.

You are going to be used, and deceived and there is little you can do about it.

Related: Mine Crypto in Bahrain and lose big, mine in Saudi and double your money

Shut crypto down now! 

In a recent article, Forbes revealed that hackers who are sneaking cryptocurrency transaction processing software onto corporate networks, personal computers, and other devices is the most dangerous threat of 2018.

“The implications of illicit cryptomining are profoundly frightening,” said Forbes.

“It’s positioned to run amuck, taking over computers, networks, data centers, and cloud environments around the world.”

Forbes said the only way to stop this is to “slay this beast.”

“We must make all cryptocurrency as we know it today illegal.”

Warning: Cryptos will die but not before spiking by 200% end 2018

The issue lies with permissionless blockchain (aka open, or public) where anyone can create an address and interact with the network, purchasing coin, selling coin, or mining coin.

“The problem with permissionless, public blockchains is that anybody can sign up as a miner, which means that there’s nothing stopping criminals from doing so,” said Forbes naming tax evasion, money laundering, funding terrorism or other illegal activity not directly related to cryptocurrency.

“But the most nefarious of all criminal motivations is illicit cryptomining.”

Sitting at home or at work, or computers and networks are getting infiltrated without us knowing or suspecting it and in ways the malware industry is not prepared to deal with.

Cryptomining uses a software that technically isn’t malware and any computer with processor cycles to spare will do.

“As long as the compromised computer can reach the Internet, the threat actors can cash in on their mining activity,” said Forbes.

“The most devious aspect of illicit cryptomining, however, is the fact that it can run undetected indefinitely until, of course, it brings your entire network to its knees.”

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Crypto tweet wars

Launched in 2011@bitcoin which had been tweting basic cryptocurrency tips and news, has lately been sending incendiary messages to its more than 800,000 followers attacking Bitcoin.

“Indeed, for several months, the current @bitcoin administrator has arguably been promoting bitcoin cash instead of the original cryptocurrency, posting content that, at the very least, seems subversive to today’s mainstream view of technical development,” said coindesk.

“Still, the recent tweets aren’t just happening in isolation, coming at a time when Twitter has seen a dramatic uptick in cryptocurrency scams across the platform broadly, from fraudulent verified accounts to a general increase in copycat accounts.”

RoBhat Labs co-founder Ash Bhat, who makes social media tools to identify bots and propaganda, told CoinDesk that he believes the social media giant is failing to protect its user experience from manipulative campaigns and bots.

“You essentially have voices and opinions being amplified that don’t represent the human user base. From Twitter’s bottomline perspective, this is horrendous.”

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Essentially twitter likes the attention it is getting from crypto talk, real or not.

And the problem isn’t unique to bitcoin.

According to Coindesk, other cryptocurrency communities, such as those that have formed around ETH, XRP, NEO and other large cryptocurrencies, border on spams when promoting their products.



Hadi Khatib
By Hadi Khatib
Hadi Khatib is a business editor with more than 15 years' experience delivering news and copy of relevance to a wide range of audiences. If newsworthy and actionable, you will find this editor interested in hearing about your sector developments and writing about it.