Bitcoin scam warning: Fraudsters copy Binance to Telegram

Bitcoin-Scam: Fraudsters are currently posing as representatives of the Bitcoin exchange Binance to allegedly celebrate the launch of their decennial exchange. The fraudsters promise to give away a total of 10,000 BTC in telegram groups and on websites. To do this, users must transfer Bitcoin in order to get five times the amount back.

Giving away 10,000 Bitcoin – that sounds too good to be true. And it is. The so-called giveaway scams always work according to the same scheme. Users should have a certain amount of crypto currencies – in the past this was always the case at Ethereum (ETH), currently fraudsters pretend to be Binance to give away Bitcoin.

The Bitcoin trader scam is quite elaborate

The Bitcoin trader scammers announce the action on a specially set up Bitcoin trader homepage: To celebrate the alleged launch of their Decentralized Exchange (DEX), they want to give away a total of 10,000 BTC. In order to participate, users simply have to transfer their BTC to a specific address and receive five times the amount back. The fraudsters even set up a transaction history, which looks as if transactions are constantly coming in and out. In addition, there is a group in the Telegram Messenger with a total of 29,000 members. Users regularly post that the system is supposed to work.

Binance warns against crypto trader scam

However, the stock exchange does not confirm the giveaway on their Twitter account. It officially says that the promotion is a crypto trader scam: “We’ve noticed that there are a number of fake telegram groups pretending to be Binance. Our official English telegram channel is t.me/binanceexchange. All other official groups can be found at binance.com/contactUsCn.ht… Tell your friends and the community that everyone is safe.

In an attached February tweet, the Bitcoin Exchange representatives say they would never give away crypto currencies in the form described above:

Scammers are impersonating official Binance accounts and tweeting to ask for deposits to specific addresses in return for gifts.

You will lose your tokens if you do this!

Binance will never ask you to send coins directly to any address for any reason. Watch it! Watch it! Scammers imitate official Binance accounts and tweet to ask for deposits at specific addresses for gifts.

You will lose your tokens if you do! Binance will never ask you to send coins directly to any address for any reason.

Stay safe!

General Motors: Patent application for blockchain use in autonomous vehicles

General Motors (GM) seems to push ahead with its blockchain ambitions. On November 29, the US carmaker filed a patent for the blockchain-based exchange of vehicle data.

The Bitcoin code technology is to be used primarily in autonomous vehicles

The Bitcoin code patent for a “system for using a blockchain database to exchange data between vehicles” was filed by GM with the US Patent & Trademark Office on November 29. In it, the automotive group describes a method with which vehicle data from road traffic can be stored on a blockchain. If implemented, this database would be open source. This means that not only General Motors vehicles can access the decentralized database, but that owners of other makes can also benefit from the service.

The project is primarily concerned with valuable geodata. The system is supposed to detect movement patterns of the vehicles and share them with other users. This could, for example, prevent congestion.

“For the interoperable exchange of information between road users, it is desirable to store location information and vehicle density in certain regions on a blockchain, it says in the patent application.

An open Bitcoin code platform

In addition to participants in road traffic, the Bitcoin code system should also be open to local authorities and authorities. They could, for example, use the GM platform to pay fines.

In particular, the system could offer interesting advantages for autonomous driving. For example, autonomously operating vehicles could use the blockchain for the automatic payment of all possible charges.

“It is desirable to have a trusted financial platform to manage autonomous vehicles. For example, the blockchain could automatically process toll and parking charges for autonomous vehicles.

GM in the blockchain bunny hole
However, General Motors is not a newcomer in the blockchain sector. After all, the Group played a leading role in the founding of the Blockchain consortium MOBI. Together with well-known companies such as Ford, BMW and Bosch, GM has since been researching blockchain applications in industry.

The goal is to make global transportation “safer, more affordable, and more accessible,” according to the corresponding press release.

Happy financial crisis! Satoshi, Bitcoin and the Lehman Brothers

The climax of the global economic crisis celebrates its sad 10th anniversary on 15 September. The major US bank Lehman Brothers collapsed. Reason enough to think up an alternative to the existing currency system. The Bitcoin story: Lehman Brothers, Satoshi Nakamoto and the Bitcoin White Paper.

The Bitcoin story is related to the financial world as the Bitcoin exchange rate is linked to the US dollar. Somehow they can’t get away from each other, although one is strictly speaking the alternative to the other. We take today, 15.09.2018, as an opportunity to tell the story of how Bitcoin was counted into the world. For the 10th anniversary of the banking crisis here is a (slightly modified)

Excerpt from the Bitcoin Profit Bible

Two Bitcoin profit pizzas worth millions. The Great Depression. The global economic crisis is in full swing – the real estate bubble in the United States has burst and other countries are following suit. But not the Bitcoin profit. On 15 September, the events reached their premature peak when the major US bank Lehman Brothers collapsed. As a result, the financial crisis forces states to save the existence of banks such as UBS or Commerzbank with large sums of money.

The indebtedness of many countries rose to dizzying heights. Companies such as General Motors filed for bankruptcy, and the American International Group insurance company was forced into emergency state ownership. In October of this year, the International Monetary Fund estimated the decline in the value of mortgages at a total of 580 billion US dollars.

The Bitcoin profit by Satoshi Nakamoto

The following month, on November 1, 2008, an encrypted email from a certain Satoshi Nakamoto made the rounds in a mailing list that was to make a big Bitcoin profit: I’ve been working on a new electronic money system that is completely peer-to-peer and without a trusted third party. The paper is available on http://www.bitcoin.org/bitcoin.pdf .

In addition to the main features of his planned electronic monetary system, he added a note explaining the monetary system. Here is the translated original text:

ExposĂ©: “A pure peer-to-peer version of electronic money would allow online payments to be sent directly from one party to another without the need for a financial institution to mediate. Digital signatures can already partially achieve this, but the greatest advantages are still lost: in order to prevent double spending, trust in a third party is still necessary. We propose a solution to the double-spending problem by using a peer-to-peer network. The network timestamps transactions by inserting them into a continuous chain of hash-based proof of work. This chain then represents an immutable protocol.

The longest chain not only serves as proof of the order in which the processes took place, but also proves that the greatest amount of computer processing power was applied to it. As long as the majority of computing power is controlled by nodes that do not cooperate to attack the network, they will generate the longest chain and depend on attackers. The network itself needs only a minimal structure. Messages are delivered according to the best-effort principle and nodes can leave and re-enter the network at will by accepting the longest proof-of-work chain as proof of what happened during their absence – Satoshi Nakamoto

BISON from Sowa Labs: “User-friendly access to the crypto market”

Dr. Ulli Spankowski, co-founder, Managing Director and CEO of Sowa Labs, spoke with BTC-ECHO. Sowa Labs is working on the mobile application BISON, which is intended to make trading in crypto currencies suitable for the masses. In cooperation with Boerse Stuttgart, it is an attempt to present the crypto trade to the German public in a user-friendly way. BISON uses artificial intelligence (AI), among other things, for this purpose.

How did you get Sowa Labs and how did Sowa Labs get Bitcoin formula?

I got to know my founding partners at Sowa Labs in 2010 through an EU research project about Bitcoin formula. We worked together on algorithms that extract and automatically evaluate information from Internet news and social media to support investment decisions. As an economist, I had little experience and contact with artificial intelligence and self-learning systems. For my co-founders it was exactly the opposite: they had hardly any contact with the financial world. So it was a perfect match, we just had to start up, says onlinebetrug about Bitcoin formula.

The idea for BISON came about through contact and cooperation with the Stuttgart Stock Exchange, which also dealt with the subject of crypto currencies.

“We want to make buying and selling crypto currencies as easy as possible”.

What need did you see in the Bitcoin trader market and how do you try to respond to it?

At Sowa Labs we have been working with the Bitcoin trader market since the end of 2014. First of all, we were interested inonlinebetrug analysis on crypto currencies, because there is a lot of talk and speculation about this topic on the net. We have noticed that the market is very non-transparent and only accessible to an audience with an affinity for technology. There are virtually no solutions that open up an uncomplicated path into the crypto world. And that, although crypto currencies and the technologies behind them are exciting, also for a broad mass audience.

This is exactly why we are developing BISON: We want to offer everyone interested a simple and user-friendly access to the crypto market. There will be no more complicated technical processes or lengthy registration procedures. The user can simply download the app, register, create an account or connect and off they go. We take care of the complicated rest.

Does the Bison user have control over his private keys?

We want to make buying and selling crypto currencies as easy as possible. In order to address a wide range of customers, we reduce the technical hurdle to a minimum. BISON therefore takes care of the creation and secure storage of crypto wallets. This means that customers are not provided with private keys. The crypto currencies are also stored at BISON. Although it will be possible to pay out to your own wallet at a later date, this is not intended to be a primary function. Our focus is on acting as uncomplicated as possible.

The Litecoin Boom: New Investment Opportunity?

Litcoin recently receded into the background for most users of crypto currencies. As a Bitcoin descendant, the currency didn’t seem to be a big feature. And in the then Bitcoin Crash, the Litecoin exchange rate also dropped enormously. But suddenly it looks completely different…

From approx. 2.01$ on 15.06 the price rose in less than a month to more than four times 8.18$ on 10.07. Within five days it doubled from 4.01$ (05.07) to 8.18$ (10.07, in the morning).

Phase 1: Extreme boom
The first phase is characterized by an almost surreal increase of the Litecoin price. At first the price rose to approx. 5$ and reached a high of 5,20$.

The English-language portal newsBtc regards the share price as overvalued. The analysis of the 240-minute chart showed that the price in dollars was much too high.

Bitcoin news about the trading volumes

The enormous increase shows a large increase in Bitcoin news. It is noticeable that very small volumes were traded before the boom and that the trading margins (minimum and maximum price) were close together.

The decisive moment
Apparently the rise in Litecoins’ share price is also related to the Greek crisis. The beginning of the boom happened around the same time as the announcement of the election results, when the Greeks voted not to accept the reforms of the EU any longer.

As with the Bitcoin, the issue is probably one of currency flight. Greeks save their money by buying in foreign currencies.

Phase 2: Great volatility (08.07.2015)
The Litecoin price fell from approx. 5.38$ to 4.41$ (approx. 18 percent loss). The current events show how volatile Litecoins currently are on the market. After a short time, however, it calms down again. In the end, it reached the entry price again.

It seems that the price continues to withstand the overvaluation. The price reacts shakily, but remains higher due to the massive volume.

Phase 3: Journey to the Moon (09.07)
The Litecoin covers a long way and continues in the upward direction: Since yesterday it gains another 18 percent and now rises to 6.15$.

Apparently, the high volume pushes the previous day’s high further upwards.

Everything a Bitcoin formula?

So far there are no reasons that speak for the enormous Bitcoin formula upward trend: https://www.forexaktuell.com/en/bitcoin-formula-scam/. The phenomenal increases of the crypto currency rates are not based on a rational explanation, the risk thus becomes higher.

Phase 4: Indecision (10.07, morning)
The Litecoin breaks all boundaries. From 2$ to 8$ the price literally explodes, but it doesn’t take long until the bubble bursts. Since yesterday’s rise was also not based on any new influences, this seems to be only about market psychology. That means: sooner or later the mood will change.

Until the early morning, the price rose to a high that comes very close to the record. With 8$ however the bubble seems to burst slowly. Then the price falls. Within shortest time the descent ends with only 5$ in the late morning (approx. 12 o’clock). Afterwards, the price remains constant between 5 and 6$, until it goes further down in the late evening and the price moves from 5,30$ to 4,35$. (22:30 hrs)

Phase 5: The future
Rarely have we seen such exciting price movements in Litecoin as last week. It is a psychological game between investors, followers and people who are betting on the crash. The trigger seemed to be the progressive rise in the price due to the currency flight from Greece, which set off the avalanche.

For these reasons it is practically impossible to give a reliable forecast for the next days & weeks. Since it seems to be more about psychological behaviour than real external factors, both options are open.

Possibility 1:

The Litecoin price continues to rise. It is – as the large trading volumes also suggest – a matter of panic sales that have initiated and driven the descent. In the long run it will settle down in the middle

Possibility 2:

The past few days have been a veritable peak that will disappear completely into thin air. The price drops back to its approximate level of two weeks ago and levelled off at around 2 dollars. However, this possibility seems very unlikely if you look at the strong counteracting forces.

Blockchain for the revolutionization of international payment traffic

The blockchain seems to be made for use cases from the financial sector. By eliminating third parties, it offers enormous savings potential, which Bitwala would also like to take advantage of. The Berlin-based company wants to revolutionize global money transfers, among other things. Instead of long waiting times of more than one week for money transfers, Bitwala enables money transfers in a few minutes by using digital currencies. This is done by the customer paying the amount in his country of origin, exchanging the corresponding amount in Bitcoin, transferring it to the destination country and exchanging it there for the local Fiat currency. The fact that Bitwala excludes central interfaces such as the SWIFT network from the international money transfer process means that a small fee of 0.5% can be charged. This technological innovation has given the Berlin team, which now has 15 employees, great growth potential: In 2018, Bitwala expects a volume of 500 million euros for international money transfers. But that’s not all: The startup is now even starting up with Deutsche Bank. While the latter supports 38 currencies for international money transfers, Bitwala already supports money transfers in 30 different currencies. By the end of the year, however, they would like to catch up with Deutsche Bank.

Where is the blockchain in Germany?

One question that also BTC-ECHO keeps asking itself is the question of the progress of blockchain technologies in Germany. At the Distribute 2017, a separate discussion round was dedicated to this question, to which some of the speakers were invited. In the past, there was repeated criticism that German regulation prevented innovation. On the other hand, the discussion partners on the distribution side were of the opinion that the following three challenges in particular caused difficulties for blockchain distribution in Germany:

Regulation relevance

On the other hand, one should also look from the well-known scepticism at actual implementations – it was mentioned, for example, that Deutsche Bahn alone already employs six to seven people who deal solely with blockchain technology.

So has the blockchain arrived in the corporate context? Yes, according to the participants. The blockchain is still a technology that makes many things possible, but offers few use cases that can already be used in practice. This is primarily an organizational problem – at the senior level of companies, it is difficult for managers to justify dealing with blockchain technology. This is closely related to the “cannibalization of business” as discussed in the discussion. Since the blockchain eliminates many tasks through its disruptive power, it also gets rid of certain processes from certain services. Companies would therefore not always be interested in using blockchains because they would replace existing business models and deprive many parties of their raison d’ĂȘtre.