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How to Remove Scammers from the ICO Market? Review of ILP Funding
market is developing by leaps and bounds. If for the whole of 2017 all start-ups attracted a little more than $3 billion, then just for 5 months of 2018 this figure reached 13.7 billion. This method of collecting investment is fairly simple and very convenient for all parties. But it has a downside: the fact is that along with honest teams in the market there are a lot of scammers who simply take money from trusting investors. An unprofessional investor has a much higher probability of getting trapped than getting a profit. The ICO market does not have any administrative control, regulatory rules and verification. In this article we will talk about one of the options for solving this problem, namely ILP funding.
This alternative to IPO in the crypto world (and not only) was first proposed by the international company Tokenote. The abbreviation ILP stands for Initial Loan Procurement. To eradicate fraudulent schemes, all participants (both borrowers and creditors) undergo a procedure for verifying the identity through a digital ID. Only after this the borrower can create
, and creditors (investors) make investments. Directly crowdfunding takes place on the Blockhive platform, where internal currency is the HIVE token. The main idea of the developers is the modernization of the ICO market and the elimination of its main shortcomings.
Combining the simplicity of the ICO and the legal responsibility of the parties.
Clever contracts in this concept are signed by means of a digital signature, so they have legal force, and then they are stored in the blockchain.
All procedures meet the necessary requirements of international law
, therefore ILP provides for prevention of money laundering schemes. This is achieved through verification and authentication of all participants in the process.
One of the main differences between ILP and ICO is
. The fact is that within the ICO, start-ups, in pursuit of initial investments, can release an unlimited number of tokens, creating a glut in the market. In ILP, there are loans, not tokens, so the problem of inflation is solved by itself.
Due to the fact that investments are fixed in the legal field under the guise of loans, they
. This is a huge plus, as in our time in many countries there are quite impressive taxes on the cryptocurrency.
, as investors derive their profits from the company’s real revenues, rather than from the artificial increase in the price of tokens.
ILP funding need not necessarily be related to cryptocurrencies
, this method of attracting investments is much more universal than ICO (private companies, government structures, etc.).
This method of issuing digital credits can potentially have a great future, since ILP is as simple as ICO, but it has a much greater range of functions, and is also in the legal field. For this reason, ILP is unlikely to be prohibited even in such countries as China, where
The ICO market is certainly one of the most highly profitable investment instruments in our time, but due to the lack of regulation, there are a lot of scammers here. A novice investor has virtually no chance of succeeding in this field. ILP is one of the solutions to the problem of fraudulent schemes in this area.
John McAfee’s Ex Treasurer Stole Millions of Dollars From the Company
What Are Bitcoin Mixers and How to Stay Incognito with Their Help?
A Google Play Scam App Tried to Sell Fake Ethereum for €335 per Coin
Blockchain Transactions: How Do They Work and How to Track Them?
John McAfee’s Ex Treasurer Stole Millions of Dollars From the Company
According to John McAfee and his team, the former employee of his company stole about 60 million dollars in crypto. The amount of losses actually varies between 50 and 100 million due to the market volatility. The ex treasurer, Luke Jenkins, has supposedly committed the crime together with his girlfriend Gemma.
, the top conspirators in the theft of over $62 mil in tokens from us, are trying to unload the stolen tokens. They are using
and HitBTC. Nearly every other exchange is cooperating with us.Why these 2? Are they also involved?
Jenkins’s girlfriend Gemma reacted to McAfee’s tweet rather jokingly and denied all the accusation.
https://twitter.com/GemCrypto/status/1033037872201428993
McAfee’s team is still investigating the incident and is trying to track the stolen assets.
John McAfee has recently launched his own site with crypto exchange rates and market capitalization data
What Are Bitcoin Mixers and How to Stay Incognito with Their Help?
The vast majority of people that are not really into cryptocurrency topics believe that all transactions on the
network are anonymous. But actually this statement does not correspond to reality. It is worth noting that you can still send Bitcoins relatively anonymously. In this article we will tell you what are the ways to do this, and how to use them correctly.
How to make anonymous transactions on the Bitcoin network?
We have already published a detailed article on how the
work. But in order for this article to be an autonomous one, let’s briefly go over the main aspects:
– the time of a Bitcoin transaction depends on the workload of the network and the specified commission, Plexcoin Current Value
– transactions are carried out by recalculation of wallet balances, data on it are entered in the public register, afterwards it is not possible to
– all users have the opportunity to track a Bitcoin transaction, and though there are no names in the register, you can not call those financial transactions anonymous anyway.
How, then, can you leak info by carrying out bitcoin transactions?
– by paying for goods with Bitcoins and mentioning the real delivery address;
2. How to make anonymous transactions on the Bitcoin network?
There are several ways to make a transaction more anonymous:
use encryption services for IP addresses (VPN, proxy, TOR etc.);
do not pay in Bitcoin for those goods on the Internet, where you need to enter the physical address of delivery;
Third-party developers who are not related to Bitcoin network support have come up with ways to make a transaction and “not leak” the address of the wallet. The most popular method to remain incognito is to use the so-called “Bitcoin mixers”. These are special Internet services that act as a mediator and mix the transaction (break it into an unlimited amount of parts), and eventually send it to the recipient’s wallet. The larger the amount is, the more parts the transaction can be divided into, and, correspondingly, made even more anonymous.
It should be noted that confirmation of the Bitcoin transaction may not occur when using such resources, as Bitcoin mixers are very often closed. You can use them only at your own risk.
Also, in order to perform an anonymous BTC transaction, you can use certain applications that you can find in Darknet (the “dark” part of the Internet where illegal activities are usually performed).
For obvious reasons, we will not advise you to use a certain Bitcoin mixer, since there are simply no reliable and durable ones. Until the July of 2018, coinmixer.se was quite a popular service, but now it is closed, and such a trend is traced in most of these services. The interface of all these resources is pretty much the same, so we will only mention the basic steps and some nuances that must be taken into account when working with them:
create a new transaction on the official site of the resource;
enter the wallet addresses (yours and the recipient’s), specify the number of coins and the delay time (it is very important to understand that the longer the delay is, the more secure and anonymous the transaction will be);
then you need to choose the method of sending funds to the service account;
as a confirmation of the transaction you need to save a special guarantee letter.
Plexcoin Current Value , after this, you must be patient and wait for the operation to be completed.
The main disadvantage of this kind of services is the dependence of users on third parties (owners of mixers). In fact, in order to use the Bitcoin mixer services, it is initially necessary to transfer coins to their wallet. That is, you can not independently follow the Bitcoin transaction during its execution. You have to trust the service and hope that it will not close, and its creators will not disappear with your money.
Thus, transactions in the Bitcoin network are not anonymous by default, if you have the desire and certain resources, you can easily track them. But anonymization of the financial operations with BTC is possible, for this you can turn to the special services – Bitcoin mixers. They mix your transaction among hundreds of thousands of others for a fee, about 1-3% of the total amount, after which it will be almost impossible to track it. But you need to understand that such services are not entirely reliable, and transactions take a long time to be completed.
A Google Play Scam App Tried to Sell Fake Ethereum for €335 per Coin
to their authors, fraudsters also try out new ways to steal money from naive crypto lovers. This time the criminals developed a fake application on the Android service Google Play Store.
What scammers did was absolutely insane: they put up their app with the logo of Ethereum on it and tried to convince users that by buying this app they would receive 1 Ethereum coin. The scam app cost €335 (mind you, the current price of ETH in euro is 246.35).
Crazy as it seems, there were still people that fell for it, about 100 users downloaded the app. Luckily, the app has been blocked and deleted, so there would be no more victims.
Blockchain Transactions: How Do They Work and How to Track Them?
, published an article “Bitcoin: A Peer-to-Peer Electronic Cash System” in 2008 and introduced a fundamentally new way of exchanging money. From that moment on, the need for a third party, like a bank or other financial institution, simply disappeared. In fact, this has become a new financial revolution.
Today we will talk how blockchain transactions are conducted from a technical point of view, how reliable they are, what features they have and how they can be tracked.
We should start with the fact that Bitcoin is the first ever completely digital currency. Unlike electronic money, it does not exist even as a digital file. It is a huge stream of data about all the transactions that have ever been conducted.
is presented in the form of a giant accounting book, which is available to all network participants.
Each transaction is not stored separately, the information is placed in the blocks. Different networks have different block sizes, for example, until recently one block in the network of Bitcoin “weighed” 1 MB. But the BitMEX
that after the introduction of the new SegWit protocol, the average size of one block has increased to 1.06 MB, and some have reached 2 MB.
In order to obtain a new block, there are different mechanisms for consensus. The most widespread ones are:
PoW (proof of work). Here, the miners need to solve a complex cryptographic equation. After that, a new block is added, for which the system rewards the finder with a certain number of coins.
PoS (proof of stake). This mechanism involves adding a new block to a user who has a certain number of coins. The more coins a user has, the more likely he/she will generate a new block.
Each subsequent block stores information about the previous one. Another important feature of blockchain is its decentralization, since information is simultaneously stored by all participants of the system (miners, master nodes). Thus, after the block is added to blockchain, it can not be changed or deleted.
As it was mentioned above, transactions that are carried out in the network of blockchain do not require the participation of a third party. Let’s see how this happens in practice.
Let’s say you want to transfer 0.5 BTC to another person. Before the system recalculates the
balances (not transfer, namely, the recalculation), this transaction will fall into the so-called Memory Pool – the operational memory of all the miners connected to the network. After this, the blockchain transaction must be confirmed by at least 6 different miners. They (miners) should check the correctness of the transaction:
the amount of commission for each byte of information;
the physical possibility of adding a transaction to an existing block (if there is too little space left in the block, the transaction is transferred to the next one that still needs to be found).
After these actions, the data on the operation are permanently entered in the blockchain, and the coins are credited to the wallet of the recipient.
Based on the abovementioned information, it is worth highlighting a number of features that are typical for blockchain transactions:
. Since the blockchain system is a decentralized system, it is not possible to affect the data that has already been entered in the register. Therefore, it is impossible to mark the already completed operation.
Due to the absence of the center from which the system is managed, it is impossible to completely prohibit and shut down cryptocurrencies. To do this, you must destroy all the computers of miners.
. Each blockchain has its own level of anonymity, but in any case, even in pseudonymous anonymous networks, such as Bitcoin, for example, the names and surnames of users are never used for transactions.
. The network algorithm fixes the balance of all the wallets at the same time, but only a user who has a private key can make a transaction from a particular wallet. Subject to observance of elementary security rules, it is not possible to crack the wallet. You can lose your coins only because of your own fault. For example, if you send them to the wrong wallet, infect your computer or smartphone with a virus or somehow let scammers get private keys.
Transactions in the Bitcoin network can be tracked on the site
. In order to see information about a particular transaction, you need to go to this site and enter a unique transaction hash in the search bar. Then the system displays the actual information.
In this service you can also see information about a particular wallet:
the total number of coins that passed through the wallet;
the list of all addresses which there have ever been interactions with (incoming or outgoing operations);
The main problem of Bitcoin and many other coins is the speed of blockchain transactions. As for BTC, this indicator reaches a mark of 7 operations per second. Previously, when the total number of users was small, this was enough. But now, with the growing popularity of the industry, the “line” for the transaction can turn into tens and even hundreds of thousands of unconfirmed operations. You can view the current list, which is updated in real time, on
Some transactions may even freeze in the Memory Pool for a long period of time (up to 72 hours). What factors affect the speed of transaction confirmation?
. Miners confirm transactions with a larger commission in the first place.
, and it simply does not fit into the almost completely filled block. In this case, it will be automatically transferred to the next one.
Cryptocurrencies have made a real revolution in the financial sector, on a scale that we still can not comprehend. The number of blockchain transactions is growing every year. In order for everyone to be able to use Bitcoin at the same time (like Visa, for example), it is necessary to solve the problem with bandwidth.
Blockchain transactions have both their advantages: the absence of intermediaries, small commissions, anonymity, security, and their shortcomings: irreversibility, low throughput.
Crypto Scams on Twitter Can Bring Up to $100k in One Day
Crypto scammers are getting more and more inventive and come up with new ways to fool people and security systems. A cryptocurrency expert
Adam Guerbuez had a unique chance to talk to a real Twitter scammer and find out about the peculiarities of their “job”.
, Guerbuez mentioned that scammers mostly work in small groups, although the vast majority of things is handled in an automated mode. The main thing to do is to avoid the Twitter security protocol which deletes bots. Bots do not even have to be verified accounts since the naive Twitter users don’t even pay attention to it.
Afterwards, everything goes quite easily, scam messages are sent out to people, Ethereum wallet addresses are generated, and the money is transferred there. According to an anonymous scammer, the only thing done by people is the conversion of crypto into fiat.
The illegal actions usually bring ridiculous amount of money to the fraudsters: from 50 to 100 thousand dollars a day.
We have compiled for you a selection of the loudest crypto scams involving
Is It Safe to Use Crypto Exchanges and Wallets in 2018?
The cases of hacker attacks aimed at major cryptocurrency exchanges and various scams are getting more and more frequent. A lot of experts in this field start seeing an ongoing tendency in this. So why are many cryptocurrency holders losing trust in digital wallets and exchanges?
Firstly, we all remember the strange story with the bounty campaign of John McAfee’s wallet Bitfi, during which
not so long ago with the losses of about $30 million. The list goes on and on.
of the issue and conducted a survey. According to it:
40% of participants said that security is a major concern
Hopefully, the representatives of exchanges and wallets take this into consideration and upgrade their security systems and customer service so that the users can be sure their funds are well-protected.
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