John McAfee No Longer Promoting ICOs Due to Threats From the SEC
June 20, 2018
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The crypto evangelist and antivirus mogul, John McAfee recently tweeted that he’ll no longer be promoting initial coin offerings (ICOs) due to threats from the SEC.
Due to SEC threats, I am no longer working with ICOs nor am I recommending them, and those doing ICOs can all look forward to arrest. It is unjust but it is reality. I am writing an article on an equivalent alternative to ICOs which the SEC cannot touch. Please have Patience.
McAfee revealed back in April that he charged $105,000 per tweet in order to promote crypto projects. When asked if McAfee felt responsible for pump and dump schemes which occasionally follow a few of his endorsements he stated “absolutely not”.
In May, McAfee made an announcement that he will release his own fiat currency backed by cryptocurrency. This currency would be redeemable for face time with him of up to 100 minutes of his personal time from any location in the world. He goes on to state that the promissory notes will be connected to a blockchain utilizing tokens.
McAfee has also hit recent headlines where he announced earlier in June that he would run for the 2020 presidential election as a way to serve the cryptocurrency community. He stated in one of his tweets
Cryptocurrency adoption has gotten a new dimension now that Yahoo Finance has integrated the buying and selling of Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) on its platform. At the moment, Ripple’s XRP, Stellar XLM, Bitcoin Cash and a host of others do not have buy and sell options on the platform.
A crypto enthusiast, Pompiano who made this revelation was elated saying the cryptocurrency adoption virus has just started.
This is no doubt a giant stride for the cryptocurrency community as observers have posited on several occasions that crypto acceptance in all strata will result in massive price increase and not the Bitcoin ETF been campaigned for in recent time. Data used on the platform is pulled from CryptoCompare.
Meanwhile, it is still surprising while Ripple and Bitcoin Cash which rank ahead of Litecoin were not included. With the latest development, there is hope for crypto lovers that there is light at the end of the tunnel, but some are displeased for the one-sidedness of Yahoo Finance which failed to initiate the idea based on the coin ranking in the cryptomarket.
While there may be future addition to the number of cryptocurrency with buy and sell options, other crypto still have presence on the platform on the platform.
Cryptocurrency needs to be accepted by all and sundry to get to the desired point crypto lovers truly desire.
Governments comment about cryptocurrency has truly affected the adoption of the innovation. This has made the likes of John McAfee to see governments’ condemnation of crypto as unnecessary and unjust.
He proffered solutions to government’s stiff policy on crypto:
“What can we do? Take action. Write your Congressman; it sounds silly [but] while they are still in power, make them work. Go into your bank and demand that they allow crypto transactions. If they say no, ask them to recommend a bank that will. Demand the credit card companies to allow crypto payments.”
However, with the problem of hyperinflation being faced by countries like Venezuela, cryptocurrency still has a chance to stay.
The notorious torrent index site The Pirate Bay has resumed using users’ CPU to mine Monero (XMR) on their website.
On July 4th, The Pirate Bay added a disclaimer at the bottom of their website which stated:
“By entering TPB you agree to XMR being mined using your CPU. If you don’t agree please leave now or install an adBlocker”
The Pirate Bay conducted a one-day trial back in September to test out mining Monero using visitors CPU’s. The website utilized a tool called Coinhive which allowed developers to include a simple script which would then use the website user’s CPU to perform mining which utilizes a significant portion of resources. Since October, The Pirate Bay has started using crypto-mining alongside advertisements on their website.
Although several users have claimed that they do not mind mining to support the website and viewed it as a healthy alternative to obstructive advertising, The Pirate Bay has been criticized for using resources without the consent of the user and has then suspended mining. Crypto-mining via the browser can cause a decrease in performance and can subsequently heat up the computer. It could also affect the longevity of the CPU.
Although there have been websites which use tools like Coinhive as a legitimate alternative to advertising while limiting the amount of CPU resources they use, Crypto-mining malware has become a lucrative option for hackers. Government websites, Automobile manufacturer Tesla and sites like Politifact have all fallen victims to such attacks. Users are advised to install extensions such as NoCoinand uBlock Origin to protect themselves from such malicious scripts.
Kaspersky Lab, a Russian cybersecurity firm, stated that there has been a significant shift from ransomware-related attacks to crypto-mining malware. The report stated that there has been a decline of 30% in ransomware whereas crypto-mining related malware increased by about 44.5% in a single year.
It is believed that the reason for such a massive shift was the fact that crypto-jacking was more discrete and profitable compared to ransomware leading to a massive increase in crypto-mining malware targeting both PC’s and mobiles.
In a similar research conducted by McAfee, an American cybersecurity company, it was revealed that crypto-mining related attacks increased by 600 percent in the first quarter of 2018 alone. Steve Grobman, CTO of McAfee, stated “With the rise in the value of cryptocurrencies, market forces are driving criminals to crypto jacking and the theft of cryptocurrency.”
Kaspersky Labs recently released a cyber security report that notates a significant decline in ransomware as compared to the growing increase of crypto jacking in a recent report published on June 27.
The report seeks to answer the question, “who wears the new threat crown within the cyber crime world”. Crypto miners were recently able to gain popularity due to their discrete and modest way of making money utilizing user’s computer processing power.
According to the Kaspersky Lab report, which compared data from April-March of 2017 with data from April-March of 2018, a 30% loss in the amount of ransomware was found as opposed to a 45% gain in the amount of crypto mining attacks. The total amount of internet users affected by these crypto mining attacks are up to around 2.7 million.
Instead of using a one off payment achieved with ransomware, cyber criminals are now employing secret mining software that can benefit from stable and continuous flow of cryptocurrency funds.
Another cyber security report released this week from McAfee Labs notates that the use of crypto malware rose 629% in the first quarter of 2018, compared to the previous quarter in 2017.
The Kaspersky Labs report also notes that newer ransomware is requesting funds in Bitcoin, in exchange for unlocking infected computers. This being a significant change as opposed to fiat currency requests which was the typical means of payment last year.
Google, the $828 billion search engine behemoth, has unbanned crypto-related ads, allowing regulated companies to utilize its platform to advertise their products. In March, Google executive Scott Spencer stated that cryptocurrency investments have potential to cause harm
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