Cryptocurrency & Mining News - Page 5

Tesla and SpaceX CEO has been posted a string of cryptocurrency-related memes on his personal Twitter account, and they don't seem to be having the same effect as what they used to.

Musk took to his Twitter account to post a Harry Potter meme that shows Harry sitting in front of the mirror in Philosphers Stone. Harry asks Dumbledoor what the mirror does, Dumbledoor replies by saying "it shows us nothing more or less than the deepest, most desperate desire in our hearts." The image below that is of candle chart showing massive increases of value.

A few months ago tweets such as this would cause massive market shifts that would drive up the price of popular cryptocurrencies such as Bitcoin and Dogecoin. However, that doesn't seem to be happening anymore, or at least to the same degree of what it was in the past. Perhaps the days of Musk's tweets rocking the cryptocurrency boat have come to an end? For more recent news on cryptocurrency, check out this link here.

There are over 170 apps available on Android that are crypto mining scams, with 26 of the cloud mining apps available publicly on the Google Play Store.

Security firm Lookout found the apps, saying that they "advertise themselves as providing cloud cryptocurrency mining services for a fee". The team did a detailed analysis of the apps and found that there was in fact no cloud crypto mining going on -- shock, horror -- no, really.

Google has since removed the 26 apps that weren't actrually cloud crypto mining from the Play Store, with over 86,000 people scammed by the crypto mining apps. At least $350,000+ was lost, either through the purchase of the app itself, or through fake upgrades and other services in-app.

Bitcoin.org has been hit by an "overwhelming attack" in the form of a DDoS attack, with the attackers demanding a ransom or they'll keep the attacks coming.

Cobra is the operator of the original Bitcoin website, and said that Bitcoin.org was hit by attacks who demanded 0.5 BTC in ransom -- worth around $17,000 right now. Cobra reached out to Decrypt, and said: "It's a very overwhelming attack, it's a struggle to deal with, and I don't know how long we'll be down for".

Cobra then tweeted out: "It's a very overwhelming attack, it's a struggle to deal with, and I don't know how long we'll be down for".

Elon Musk is not shy of controversy, with the SpaceX and Tesla founder sharing and then quickly deleting a meme about fellow billionaire Warren Buffett.

The tweet was posted up on Monday and was deleted within a few hours, with Musk tweeting an image of Warren Buffett and a fake quote that reads: "Find as many coins as you can. And fast!" except he didn't say that... and that's probably why Musk deleted the tweet.

As for what Warren Buffett actually said, back in 2018 he said in regards to Bitcoin and cryptocurrency: "There's two kinds of items that people buy and think they're investing: One really is investing and the other isn't. If you buy something like bitcoin or some cryptocurrency, you don't really have anything that has produced anything. You're just hoping the next guy pays more".

"You aren't investing when you [buy bitcoin], you're speculating".

Dogecoin holders would be rejoicing at the price turnaround for their precious meme-cryptocurrency, as the coin is currently sitting in the top rankings.

At the moment, Dogecoin has surpassed $253 billion in market capitalization and is sitting in the 5th spot. Most of the coin's increase in value can be attributed to Elon Musk's vocal support for the coin on his Twitter account, as well as Snoop Dogg. It was just the other day that Elon Musk tweeted about Dogecoin causing the value of the cryptocurrency to spike 10%.

Now, Dogecoin has experienced its lows in the past weeks, as have most other cryptocurrencies. However, Dogecoin is trailing behind the big cryptocurrencies now, such as Bitcoin, Ethereum, Tether, Binance Coin, and Cardano. Since January, Dogecoin has increased in value by 2,400%. For more information on this story, check out this link here.

There's been one person who has been on top of the COVID-19 pandemic and that is Adam Gaertner, who has now launched Ivermectin Coin -- yeah a cryptocurrency based on the anti-parasitic drug that's used to treat several diseases and can be used as a COVID-19 treatment.

Ivermectin Coin has the very best intentions, with Gaertner pointing out that "The pandemic is not simply a medical matter, either; there is a very significant political angle. You might have noticed. Without total eradication, driven by the people of the world, overbearing government responses will quite surely continue. We must completely eradicate COVID".

It was this very reason why Ivermectin Coin was created -- with Gaertner adding that it is his plan to "unite all of the medical and legal groups, all the world over, with a single purpose: to eradicate this virus, starting on July 24th. The heroic efforts of many of these groups have made impacts; many are alive today that would not have been otherwise".

Dogecoin has seen a recent uptick in its value after Tesla, and SpaceX CEO Elon Musk posted a few tweets to his Twitter page.

On July 1, Musk took to his Twitter to post a play-on-words tweet that replaces the word "shark" with "doge". The tweet references the extremely popular "Baby Shark Dance" that has nearly been viewed 9 billion times since it was posted to YouTube in 2016. That tweet from Musk directly correlates to Dogecoin's price spike by nearly 10%.

The following morning Musk followed up with another tweet that was a meme referencing The Godfather and a caption that reads, "Release the Doge!". It seems that the latest string of tweets from Musk has been impactful to the price of Doge, but not as impactful as they once were. Back in April, Musk let loose a series of tweets that caused the price of Dogecoin to more than $0.40. For more information on this story, check out this link here.

During a live event, co-chair of the House blockchain caucus said that there is a growing "sentiment" in Congress that cryptocurrency users are involved in a "criminal conspiracy".

Democratic Rep. Bill Foster of Illinois, the co-chair of the House blockchain caucus, said during an Axios virtual event on June 29 that there need to be new laws written that bridge gap between what is illegal with cryptocurrencies and what is legal. Foster said, "We're going to have to establish a law between the legal and illegal regimes here."

One of the suggestions Foster made was that US regulators need to be able to identify an individual that is trading anonymously (Bitcoin and other cryptocurrencies) in case that individual is performing fraudulent transactions. Foster said that regulators must be granted the power to identify digital-asset holders through a "very heavily guarded key" and reverse transactions in Bitcoin.

As Bitcoin and other cryptocurrencies have grown in adoption and overall interest, the US government has been posed with the question of how regulation should be implemented.

Many cryptocurrency investors are against the idea of regulation as it infringes on the very principles of why the blockchain and cryptocurrencies are popular in the first place - decentralization. Having any form of regulation for cryptocurrency transactions would add a third party that traders may not necessarily trust or believe is warranted to be there. You can see where the divide currently lies and where new laws need to be written to bridge the gap.

Democratic Rep. Bill Foster of Illinois, the co-chair of the House blockchain caucus, said on June 29 that the US government regulators need to have the power to identify digital-asset holders and reverse transactions in bitcoin or other cryptocurrencies. Foster says, "You have to be able to go to a court to unmask participants under some circumstances." Foster suggests that new laws should be written that would allow a court (third-party) to identify a cryptocurrency use through a "very heavily guarded key."

Robinhood reached into its back pocket yesterday and paid a $70 million fine for "for systemic supervisory failures and significant harm suffered by millions of customers" but meanwhile, the company was stacking the walls with the cash it was making with Dogecoin.

Robinhood explained in its IPO filing that Dogecoin accounted for 34% of its cryptocurrency transaction-based revenue in Q1 2021, up from 30% in Q4 2020. Elon Musk celebrated the news with a new tweet, where he said "Release the Doge!" with a meme of the Godfather saying "You come to me at runtime. You tell me the code you are executing does not compile".

The IPO reveals that Robinhood has close to 18 million monthly active users, around $80 billion in assets under its management -- and that it bled out $1.5 billion in Q1 2021. So that $70 million fine yesterday... a drop in the bucket for Robinhood.