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Hidden Crypto-Jacking Adverts Shut Down By YouTube

Samantha Mitchell

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Crypto-Jacking

YoutubeFinally, YouTube has stepped in to fix serious amenability that gave the adverts an ability to consume the computer power that viewers used in mining cryptos. Those who visited YouTube in the week that ended on 27th January got notifications from their protection apps against malware. The apps warned them that an attack from a power-draining system was coming their way. Such an attack is usually controlled by a network of computers used in mining cryptos like Ethereum or Bitcoin.

A New Form Of Abuse

According to the Google’s spokesman, the entire idea of mining Cryptocurrencies via adverts is a kind of abuse that tends to violate the policies set up by the organization. He said that they have been monitoring that particular area for quite some time. The policies are executed via a multi-layered system of detection placed on all Google’s platforms and updated once a new threat is detected.

The blocking of these adverts took less than two hours before the actors were fast excluded from the YouTube platform.

What Is Cryptojacking?

Cryptojacking can be described as a process that is used by hackers to hijack other individuals’ computers and use them in mining Cryptocurrencies for themselves. Most of the digital coins that are currently on the market such as Ethereum, Bitcoin Cash, Bitcoin and a host of others are traded through a digital network that is referred to as a Blockchain. The Blockchain must stay online at all the times to enable it to function effectively. Effective mining would keep the lights on and offer the power for all the number crunching that is required to ensure that the Blockchain is up to the task. Users who are lucky to generate much power get a reward, which in this case are crypto coins.

Cryptojacking is a phenomenon used in reference to an increasing trend for using malware to mine. It has become more prevalent especially at this time when established virtual currencies like Bitcoin have continued to be in a frenzy. This is what prompted tech moguls like YouTube, run by Google, to set up teams that can prevent these abusers from causing more harm in this industry.

Hackers Continuously Changing Tactics

In its statement, Google has exclusively revealed that it is capable of pulling down mining ads just within minutes of their appearance. They are however still coming up with ways to deal with hackers who never run short of new tactics. Some of the programs that have fallen victims, in this case, are the UFC live streams, CBS Showtime as well as Moldova and Bangladesh governments. In certain cases, sites that provide free services like assisting people to download free music, TV series or films have used miners in an explicit manner to offset the costs of mining. An example of such websites is The Pirate Bay.

CoinHiveAccording to Coinhive, the organization that came up with the idea behind the first open-source mining code, the program can still be used for replacing certain ads that appear on particular websites.

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A Sudden Boom In The Cryptocurrency Market

Samantha Mitchell

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Bitocin Price Boom

Bitcoin, which is the largest Cryptocurrency in terms of market cap, has risen in its values since a market free fall period that was witnessed at the beginning of this year. This came after a financial regulator’s vote was undertaken in South Korea, and which later helped in quenching some of the strict stances it had earlier taken on the operations of these virtual coins.

No More Clampdowns

According to reliable reports, Financial Supervisory Service of South Korea through its governor, Choe Heung-Sik, has finally stated that the national government will still support virtual currencies trading, but if only done in the best manner. The sudden boom in the prices of Cryptocurrencies, especially Bitcoin could be attributed to the news that Bitcoin’s crackdown could be made easy.

Early Tuesday morning, {20th February 2018}, Bitcoin knocked a 3-week high of 9, 513.23 Euros. This was quite high based on what has been going on in the market for the past few weeks. This came with almost a 100% rise from the low of just 4,804.26 Euros that was seen at the beginning of February.

Revived Confidence

According to the Managing Director of UFX, an online brokerage firm, Dennis de Jong, the latest news could have granted new confidence to the traders and make them invest again in this market. He went ahead to note that the possible crackdown on exchange trading and the huge regulation threat has for a long time interfered with the operations of this virtual currency.

The latest reports from South Korea have, however, given the traders a new reason to purchase Bitcoin, and even other crypto coins.

Still on the stark increment, Canaccord Genuity, which is an investment service firm, also had something to say. The company said that the price history of Bitcoin has always given a hint that long periods of great consolidation are always followed by long periods of great advancements.

According to this company, buying and holding them for long terms is the only secure means of gaining from the serious appreciation of the Bitcoin price. This is due to the fact that timing it might prove to be an impossibility.

7-day Report

Just within the last seven days, the value of this world’s most used cryptocurrency, Bitcoin has gone up by almost 20.49%. This is what has skyrocketed the current virtual currency’s value to $11,135. The increase in value in the last one week has not only been witnessed by Bitcoin, other sector leaders like Litecoin, Ethereum, and Bitcoin Cash have also witnessed the same. Bitcoin Cash, which is currently valued at $1,391.43, was at $98.70 in the last one week. On the other hand, Ethereum, which is at $896.13 at the moment has a seen a 0.3% rise in the past one week. Litecoin is currently at $224.60 having moved from $199.21, which it had in the last seven days.

In a report made at the beginning of this year, the government of South Korea had exclusively revealed that it was planning to all the exchange centers for virtual currencies.

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Head of Cryptocurrency Regulation Passes on

Samantha Mitchell

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South Korean Head of Cryptocurrency found dead

The head of a team that was meant to oversee Bitcoin regulation has on Tuesday 20th February been found dead at his home in Seoul, South Korea.

A Possible Case of Heart Attack

Mr. Jung Li-joon, who until his death headed the South Korea’s Economic Policy Coordination Office is said to have suffered a heart attack. Although the heart attack is said to have happened on Saturday night, his family learned of his condition the following day when they went to wake him up. The real cause of this mysterious death remains unknown until a coroner’s office report is presented to the police for further investigation.

Just towards the end of 2017, Jung Li-joon was given a new role in leading the planned clampdown that on the virtual currency. Barely a month ago, the government of South Korea brought in several measures that were meant to regulate some of the commonly used virtual currencies like Bitcoin, Ethereum, and Ripple. With the hope of lowering the suspected criminal acts that had allegedly characterized the operations of Bitcoin, the South Korean government opted to implement a crackdown on anonymous trading.

The main work of the late Mr. Jung was to bring together all the opinions from various state offices and ministries, concerning the regulation of the virtual currencies.

Effects on the Value of Bitcoin

In the month of January 2018, a sudden drop in the value of this largest cryptocurrency was felt. This is suspected to have been caused by the effects of regulating the digital coins that had been introduced in certain countries like South Korea. The value of the original digital currency went up to $19,535.70, which translates to 13991.86 Euros. That was on the 17th of December 2017, before it would come down $10,035, about 7,064 Euros on the 30th of January 2018.

Mr. Jung’s Earlier Announcements

In a move that appeared very controversial, the late Jung Li-joon stated that the government of South Korea had plans of closing all the virtual currencies exchanges that the country had. He supported the proposed closing of cryptocurrency exchanges that had been announced earlier by the country’s Justice Minister. He said that it was a measure that was aimed at dealing with the speculation in the whole market. In the lasts months of 2017, the leaders from South Korea said that they would undertake an extended period of consideration over some of the threats that this currency might have had on the market. In their statements, they had described the cryptocurrencies, especially Bitcoin as a threat to national economic stability.

According to the close associates of Mr. Jung, stress is one of the things that might have caused his sudden demise. It can be remembered that South Korea was one of the first countries that had opted to regulate the virtual currency. Ensuring that such an activity worked was definitely a heavy load for Jung Li-join who headed the team. This might have given him too much stress and contributing to his mysterious death.

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Huge Bitcoin Flaws Solved by Wall Street

Samantha Mitchell

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Bitcoin Wall Street

According to a top-ranking economics scholar, Wall Street might have finally managed to solve one of the huge problems that have been faced by the largest cryptocurrency, Bitcoin.

Bitcoin Futures is the Solution

While responding to the earlier claims that Bitcoin’s volatility could at the end, bring huge losses in the market; Professor Panos Mourdoukoutas termed that as a thing of the past. The last price fall by Bitcoin has made a section of market traders worry about the financial losses that might be felt should the currency go further down against the dollar.

The economics scholar who also doubles up as the Chair for the New York-based LIU Post Department of Economics said that by introducing Bitcoin Futures, Wall Street has stepped in to solve this problem once and for all.

Futures is a common term in the financial market, especially with the virtual currencies. It refers to an agreement to either buy or sell a particular commodity on a particular future time or date at a price that is already set. Such agreements, in regard to Bitcoin futures, are mainly dependent on the price of Bitcoin. They are also partially based on the some of the bets that speculators might think would be Bitcoin’s price in the near future.

Bitcoin Futures works a bit differently as they enable the investors to speculate on the cryptocurrency’s price without having to actually own it.

Spot Market Loses to be Taken to the Futures Market

The professor went ahead to lash out at some of the traders who have been worried about suffering huge financial losses in this market. He specifically mentioned Dunkin’ Donuts, and Starbucks and advised them to check out Bitcoin Futures.

He went ahead to clarify that any loss made in the spot market would also be repeated in the Futures market. He said that the reason why certain organizations have been talking about this virtual currency is that they are aware of the impact it will create when finally accepted as an official payment option.

Most of these companies have young consumers who adore Bitcoin, and accepting it as a payment method will definitely bring a buzz.

Bitcoin Being Discussed Everywhere

The remarks by Prof. Panos Mourdoukoutas have been made when close to 25 firms have discussed Bitcoin just within one month alone. According to data provided by FactSet analysis, 24 organizations to be specific have referred to this virtual coin in some of the conference calls that they have had.

The name of Starbucks Executive Chair, Howard Schultz appears on the list of those who have discussed Bitcoin. According to him, Bitcoin would not be a currency anytime in the future or even at present. But he had a different view on the blockchain technology. He said that in the next twenty years, this technology is set to become a central technology that will be used by various companies across the globe. He said that the reason he brought up these facts was that they always have the interest of their company and the future consumer behaviors at heart.

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