New malware uses Android smartphones to mine for digital currencies
Digital currencies can be purchased in their respective markets, or acquired through "mining", which can be done using any computer or smartphone and a special piece of software. Security firm Lookout has just released details on a new piece of malware called CoinKrypt that uses a botnet of Android smartphones to mine for currency.
Because mining is incredibly resource-intensive, the process can severely run down a phone’s battery, eat through a data plan by periodically downloading what is known as a block chain, or a copy of the currency transaction history, and potentially damage hardware by causing it to overheat and burn out.
Bitcoin is down but not out
Regular readers will know that I’ve had my doubts about Bitcoin. Recent events in the Bitcoin world, especially the failure of Mt. Gox, the biggest Bitcoin exchange, have caused further problems for the crypto currency. But I’m oddly cheered by these events and am beginning to think Bitcoin may actually have a chance of surviving as a currency.
Willy Sutton, who made his career robbing banks, once explained that he robbed them "because that’s where the money is". Well recent bad news in the world of Bitcoin follows a similar theme: yes there have been thefts, corruption, and a suicide, but all this is based not on Bitcoin’s failure but on its success. The wonder isn’t that Mt. Gox lost $460 million in Bitcoins but that it had $460 million in Bitcoins to lose.
Bitcoin exchange Mt. Gox is offline 'in light of recent news reports'
One of the largest Bitcoin exchanges that exists, Mt. Gox, is currently offline. It is not entirely clear what the full story behind the disappearance of the site is, as the situation is still evolving. There have been rumors of Bitcoin theft, but nothing has yet been verified. Mt. Gox vanished off the face of the internet, and initially visitors saw nothing more than a blank page but a statement has since been added to the site.
Pay a visit to the Mt. Gox website now and you'll be greeted by a message explaining that the site is currently not operational:
Cyber criminals Pony up to steal BitCoins
The Pony botnet malware has been around for a while but continues to cause problems and is moving into new areas.
Researchers from Trustwave have revealed on the company's blog that Pony malware has stolen the login credentials and digital wallets of thousands of people over a four month period.
Mac malware may be stealing your Bitcoins
The digital currency known as Bitcoin has been making a lot of news lately. It’s been banned in Russia, for one thing, but has also been introduced to the Bing search engine. That up and down news continues, this time heading in the southerly direction.
The good news here is that, for once, Windows users are safe -- or safe from this particular threat at least. Researchers at SecureMac, a company devoted to Apple security since 1999, have discovered a new form of malware that goes after Mac computers with an aim of pilfering Bitcoins from unwitting users.
Cha-ching! Microsoft brings Bitcoin to Bing!
As the world of technology evolves, so does money. People are paying for things using their smartphones and shunning cash. However, while services like Google Wallet use standard currencies, a new type has emerged from the depths of the internet -- Bitcoin.
This relatively new virtual currency is all the rage, being accepted at many businesses, including the Sacramento Kings -- an NBA franchise. If that isn't mainstream, I do not know what is. Today, Microsoft announces that it too is getting cozy with Bitcoin, by way of Bing.
Is Bitcoin the future?
There has been a lot of talk lately about Bitcoin, a digital currency that aims to provide the security of cash and is more convenient than a credit card. Just under a year ago, the "cryptocurrency" -- so named for its reliance on cryptography in order to operate -- was traded somewhere between $13–14. However, one year later, Bitcoin is now trading for over $800, with a peak somewhere in the $1,200 range.
Bitcoin’s rise to popularity has been sparked by its many advantages: it claims to be inflation-free; have low or zero transaction fees; anonymity for transactions; totally transparent transaction history; irreversible transactions (no chargebacks); protection from fraud; freedom from exchange fees; and does not require the acceptor to be PCI Compliant.
Sacramento Kings will accept Bitcoin -- first pro-sports team to do so
When it comes to sports, I am a born loser. As much as I love my favorite New York teams, they aren't exactly winners -- Mets, Knicks, Jets and Islanders. Following these teams is a quick path to depression. As bad as I am at picking teams to root for, I am probably worse at picking things to invest in.
A good example is Bitcoin -- I thought about buying some bitcoins as an investment a few years back, but convinced myself it was foolish. After all, it was risky and lacked legitimacy. While hindsight is 20/20, had I bought some, I would have made a substantial profit. Not only that, more and more legitimate businesses are accepting the virtual currency as a payment option. Today, the NBA franchise Sacramento Kings announces that it too will soon begin accepting it.
Bitcoins can now be used to buy a trip into space
Bitcoin is rarely out of the news these days. There have been stories about Bitcoin thefts, its use by cybercriminals, the first Bitcoin ATM, and most recently the virtual currency’s value soared to over $900 after the FBI told a US Senate committee hearing that it offers "legitimate financial services".
If you’re a bitcoin miner or collector, and are wondering what to do with your stockpiled virtual currency, you’ll soon be able to add "buy a trip into space" to the list of possibilities.
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