Kik might not be the only messaging app to support cryptocurrency payments if Facebook’s latest dream comes true.
According to people close with the matter, the social media behemoth is looking to develop a cryptocurrency that enables WhatsApp users to transfer money to each other, reports Bloomberg .
Apparently it’s going to be a stablecoin pegged to the US dollar too. Hopefully, that will help address any potential volatility to ensure that transfers hold their value long enough for the recipient to turn them back into spendable fiat. It also might mean that this stablecoin will only be available in the US, but we’ll have to wait and see.
It’s going to be a long time yet until we see the coin in the wild, as Facebook is only just beginning to develop the concept and strategy for the cryptocurrency, the report states.
Indeed, we will have to wait a while longer to see exactly how this comes to life; but given Facebook’s recent hires we shouldn’t be all that suprised to see Facebook stepping out into the world of blockchain and cryptocurrency.
I got a $50 cryptocurrency mystery box 6 months ago, it is worth $13 today
At the height of the blockchain rush last year, we saw a new unusual phenomenon crop up : cryptocurrency mystery boxes.
The concept was pretty simple. You pay a fee to receive a USB stick loaded with a random selection of cryptocurrencies – five, to be exact. No need to register on exchanges, install wallets, or choose tokens to invest in: you essentially pay extra to avoid this “hassle” and get straight to HODLing .
The initiative aimed to raise awareness of blockchain tech and serve as an easy way for rookies to get into cryptocurrencies – and perhaps earn them some quick cash in the process.
While there was a bevy of startups with similar offerings, we got our mystery box from a company called CBlocks. Back in January, its mystery box options varied from an entry $100 level (for a USB stick packed with $50 worth of tokens) to a premium $525 tier (for a USB stick with $500 worth of cryptocurrency).
CBlocks was courteous enough to send us an entry-level box free of charge. (It appears CBlocks has since discontinued its mystery box offerings and is currently accepting registrations for a new unannounced product. We can’t vouch for the new service, but be aware that the blockchain space is rife with scams .)
Shortly after reviewing the mystery box, I ditched the USB stick in a pile of gadgets, and never looked at it again. Until today.
Six months later, we are finally here to give you a rundown of our experience using the cryptocurrency mystery box.
Doing the math
To remind you , the box came packed with $8.28 worth of Lisk, $7.72 worth of Monacoin, $11.39 worth of Loopring, $8.02 worth of Electroneum, and $12.78 worth of OmiseGo. Six months later, we have $1.82 worth of Lisk, $2.72 worth of Monacoin, $2.91 worth of Loopring, $0.91 worth of Electroneum, and $5.31 worth of OmiseGo.
Or to sum it up, we started with a total of $48.21 (I had already suffered minor losses by the time I got to look up my CBlocks balance for the first time) and ended up with a measly $13.70.
Here is what this breaks down to:
Lisk – 78 percent loss ( $6.46 lost)
Monacoin – 65 percent loss ($5 lost)
Loopring – 74 percent loss ($8.48 lost)
Electroneum – 89 percent loss ($7.11 lost)
OmiseGo – 58 percent loss ($7.47 lost)
Overall – 73 percent loss ($36.30 lost)
As you can see, Electroneum has suffered the biggest drop in price, marking a staggering loss of 89 percent since January. By contrast, the best performing coin in my mystery box was OmiseGo – though it also registered a pretty hefty loss at 58 percent.
In all fairness, it is not only the coins in my mystery box that took a dive in 2018. Indeed, the entire market has been going through a rough patch this year.
Another point to dredge up is that CBlocks never advertised its mystery boxes as a way of making a quick buck. Instead, it hyped it up as an easy way of getting into cryptocurrencies – though this certainly wasn’t our experience with the product.
Getting familiar with cryptocurrencies
As you could probably gather by now, the mystery box did little to increase my interest in cryptocurrencies.
True, it did expose me to a selection of coins I might have otherwise never bothered to look into, but it never really encouraged me to seek a technical understanding of these currencies beyond the marketing writing.
So if you were hoping that a $100 investment in randomly selected coins will turn into a legitimate hobby, you might be better off taking your time and actually doing your own research.
The final verdict
As I remarked in my original review , CBlocks is a fairly effortless way of getting your hands on some digital currency and exposing yourself to new tokens (despite some security concerns associated with shipping and packaging). The bad thing is that mystery boxes do little to instil genuine interest in blockchain.
So if you were hoping that randomly investing in cryptocurrencies will make you love the technology… it might be time to reconsider your approach.
It turns out HODLing can only get you that far.
Romanian duo convicted in US for using cryptocurrency malware-mining to steal millions
Two Romanian residents have been convicted of infecting over 400,000 individual computers with malware in order to mine cryptocurrency and steal victims’ data to sell on the dark web.
Bogdan Nicolescu, 36, and Radu Miclaus, 37, were convicted by a US jury following a 12-day trial of conspiracy to commit wire fraud, conspiracy to traffic in counterfeit service marks, aggravated identity theft, conspiracy to commit money laundering, and 12 counts each of wire fraud.
The majority of the 400,000 computers Nicolescu and Miclaus hijacked reportedly belonged to US residents
Nicolescu and his co-conspirator Miclaus, who pleaded guilty to the charges, operated the criminal operation from Bucharest (Romania).
Their operation began in 2007 with the creation of proprietary malware, which was then distributed using malicious emails purporting to be legitimate entities such as Western Union, Norton AntiVirus, and the IRS. The malware would then be surreptitiously installed onto their computer when recipients clicked on an attached file.
The malware would then harvest email addresses from the infected devices, and send malicious emails to those recipients.
When individuals, whose computers had been infected, visited websites such as Facebook and PayPal, or others, the defendants would intercept the request and redirect the computer to an almost identical website they had created.
They would then proceed to steal account credentials and use stolencredit card information to fund their criminal infrastructure, which included renting server space, registering domain names using fake identities.
The would also use the funds to pay for Virtual Private Networks (VPNs), which helped them to further conceal their identities.
Nicolescu and Miclaus also injected spoof pages into legitimate websites, making victims believe they were receiving and following instructions from licit websites, when they were actually following the defendants’ instructions.
Overall, the men placed over 1,000 fraudulent listings for automobiles, motorcycles and other high-priced goods on eBay and similar auction sites. The photos of the listed items were infected with malware, which redirected computers that clicked on the image to fictitious webpages.
The defendants made headlines in 2016 after Reuters reported they had been extradited to the United States to face charges that they operated an online fraud scheme in which they stole at least $4 million.
Nicolescu and Miclaus’ sentencing has been set for August 14. The men will appear before Chief Judge Patricia A. Gaughan of the Northern District of Ohio.
The news comes after 12 Romanian citizens were extradited to the US for selling fake cars on eBay in exchange for Bitcoin, as previously reported by Hard Fork in February.
Did you know? Hard Fork has its own stage at TNW2019 , our tech conference in Amsterdam. Check it out .
