Bitcoin News Roundup for Oct. 6, 2020 - Cryptocurrency ...

testing battle ground

/beermoney is a community for people to discuss **online** money-making opportunities. You shouldn't expect to make a living, but it's possible to make extra cash on the side for your habits/needs.
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In the news • How to make wealth with bitcoins cryptolocker.

submitted by btcforumbot to BtcForum [link] [comments]

In the news • How to make wealth with bitcoins cryptolocker.

submitted by btcforumbot to BtcForum [link] [comments]

Cross-off another valid butt use-case: Ransomware

Older report from Dell but I just came across it while trying to build a list of strong use-cases for butts: http://www.secureworks.com/cyber-threat-intelligence/threats/cryptowall-ransomware/
"Based on post-mortem data collected by researchers, CryptoWall has been less effective at producing income than CryptoLocker. Both malware families accepted payments via Bitcoin, with 0.27% of CryptoWall victims and 0.21% of CryptoLocker victims paying ransoms in bitcoins. CryptoLocker also accepted MoneyPak, and an additional 1.1% of victims paid ransoms using pre-paid MoneyPak cards. As of this publication, CryptoWall has only collected 37% of the total ransoms collected by CryptoLocker despite infecting nearly 100,000 more victims. CryptoWall's higher average ransom amounts and the technical barriers typical consumers encounter when attempting to obtain bitcoins has likely contributed to this malware family's more modest success. Additionally, it is likely the CryptoWall operators do not have a sophisticated "cash out" and laundering operation like the Gameover Zeus crew and cannot process pre-paid cards in such high volumes."
TL;DR fiat beats butts even in the realm of ransomware. So I'm back to just claiming it's only marginally useful for drugs.
submitted by attempt_at_reason to Buttcoin [link] [comments]

So I recently heard of a new type of malware called cryptolocker which encrypts all your files on your computer so you're basically held hostage until you pay in money or Bitcoin. Any ideas on how to prevent this from happening?

submitted by now_im_toast to NoStupidQuestions [link] [comments]

"I don't have an iPad because the file management sucks and Apple is nickel and dimming us all. Now, what's a cryptolocker? Can you fix this thing for me? What's a bitcoin?

submitted by NEDM64 to applecirclejerk [link] [comments]

Telefónica hacked with Cryptolocker. They have to pay a ransomware in Bitcoin

Telefónica hacked with Cryptolocker. They have to pay a ransomware in Bitcoin submitted by peque2 to Bitcoin [link] [comments]

So if you get a cryptolocker virus, how are you supposed to pay them if so many ask for Bitcoin as payment but you don't have any?

submitted by now_im_toast to NoStupidQuestions [link] [comments]

Putting $400M of Bitcoin on your company balance sheet

Also posted on my blog as usual. Read it there if you can, there are footnotes and inlined plots.
A couple of months ago, MicroStrategy (MSTR) had a spare $400M of cash which it decided to shift to Bitcoin (BTC).
Today we'll discuss in excrutiating detail why this is not a good idea.
When a company has a pile of spare money it doesn't know what to do with, it'll normally do buybacks or start paying dividends. That gives the money back to the shareholders, and from an economic perspective the money can get better invested in other more promising companies. If you have a huge pile of of cash, you probably should be doing other things than leave it in a bank account to gather dust.
However, this statement from MicroStrategy CEO Michael Saylor exists to make it clear he's buying into BTC for all the wrong reasons:
“This is not a speculation, nor is it a hedge. This was a deliberate corporate strategy to adopt a bitcoin standard.”
Let's unpack it and jump into the economics Bitcoin:

Is Bitcoin money?

No.
Or rather BTC doesn't act as money and there's no serious future path for BTC to become a form of money. Let's go back to basics. There are 3 main economic problems money solves:
1. Medium of Exchange. Before money we had to barter, which led to the double coincidence of wants problem. When everyone accepts the same money you can buy something from someone even if they don't like the stuff you own.
As a medium of exchange, BTC is not good. There are significant transaction fees and transaction waiting times built-in to BTC and these worsen the more popular BTC get.
You can test BTC's usefulness as a medium of exchange for yourself right now: try to order a pizza or to buy a random item with BTC. How many additional hurdles do you have to go through? How many fewer options do you have than if you used a regular currency? How much overhead (time, fees) is there?
2. Unit of Account. A unit of account is what you compare the value of objects against. We denominate BTC in terms of how many USD they're worth, so BTC is a unit of account presently. We can say it's because of lack of adoption, but really it's also because the market value of BTC is so volatile.
If I buy a $1000 table today or in 2017, it's roughly a $1000 table. We can't say that a 0.4BTC table was a 0.4BTC table in 2017. We'll expand on this in the next point:
3. Store of Value. When you create economic value, you don't want to be forced to use up the value you created right away.
For instance, if I fix your washing machine and you pay me in avocados, I'd be annoyed. I'd have to consume my payment before it becomes brown, squishy and disgusting. Avocado fruit is not good money because avocadoes loses value very fast.
On the other hand, well-run currencies like the USD, GBP, CAD, EUR, etc. all lose their value at a low and most importantly fairly predictible rate. Let's look at the chart of the USD against BTC
While the dollar loses value at a predictible rate, BTC is all over the place, which is bad.
One important use money is to write loan contracts. Loans are great. They let people spend now against their future potential earnings, so they can buy houses or start businesses without first saving up for a decade. Loans are good for the economy.
If you want to sign something that says "I owe you this much for that much time" then you need to be able to roughly predict the value of the debt in at the point in time where it's due.
Otherwise you'll have a hard time pricing the risk of the loan effectively. This means that you need to charge higher interests. The risk of making a loan in BTC needs to be priced into the interest of a BTC-denominated loan, which means much higher interest rates. High interests on loans are bad, because buying houses and starting businesses are good things.

BTC has a fixed supply, so these problems are built in

Some people think that going back to a standard where our money was denominated by a stock of gold (the Gold Standard) would solve economic problems. This is nonsense.
Having control over supply of your currency is a good thing, as long as it's well run.
See here
Remember that what is desirable is low variance in the value, not the value itself. When there are wild fluctuations in value, it's hard for money to do its job well.
Since the 1970s, the USD has been a fiat money with no intrinsic value. This means we control the supply of money.
Let's look at a classic poorly drawn econ101 graph
The market price for USD is where supply meets demand. The problem with a currency based on an item whose supply is fixed is that the price will necessarily fluctuate in response to changes in demand.
Imagine, if you will, that a pandemic strikes and that the demand for currency takes a sharp drop. The US imports less, people don't buy anything anymore, etc. If you can't print money, you get deflation, which is worsens everything. On the other hand, if you can make the money printers go brrrr you can stabilize the price
Having your currency be based on a fixed supply isn't just bad because in/deflation is hard to control.
It's also a national security risk...
The story of the guy who crashed gold prices in North Africa
In the 1200s, Mansa Munsa, the emperor of the Mali, was rich and a devout Muslim and wanted everyone to know it. So he embarked on a pilgrimage to make it rain all the way to Mecca.
He in fact made it rain so hard he increased the overall supply of gold and unintentionally crashed gold prices in Cairo by 20%, wreaking an economic havoc in North Africa that lasted a decade.
This story is fun, the larger point that having your inflation be at the mercy of foreign nations is an undesirable attribute in any currency. The US likes to call some countries currency manipulators, but this problem would be serious under a gold standard.

Currencies are based on trust

Since the USD is based on nothing except the US government's word, how can we trust USD not to be mismanaged?
The answer is that you can probably trust the fed until political stooges get put in place. Currently, the US's central bank managing the USD, the Federal Reserve (the Fed for friends & family), has administrative authority. The fed can say "no" to dumb requests from the president.
People who have no idea what the fed does like to chant "audit the fed", but the fed is already one of the best audited US federal entities. The transcripts of all their meetings are out in the open. As is their balance sheet, what they plan to do and why. If the US should audit anything it's the Department of Defense which operates without any accounting at all.
It's easy to see when a central bank will go rogue: it's when political yes-men are elected to the board.
For example, before printing themselves into hyperinflation, the Venezuelan president appointed a sociologist who publicly stated “Inflation does not exist in real life” and instead is a made up capitalist lie. Note what happened mere months after his gaining control over the Venezuelan currency
This is a key policy. One paper I really like, Sargent (1984) "The end of 4 big inflations" states:
The essential measures that ended hyperinflation in each of Germany,Austria, Hungary, and Poland were, first, the creation of an independentcentral bank that was legally committed to refuse the government'sdemand or additional unsecured credit and, second, a simultaneousalteration in the fiscal policy regime.
In english: *hyperinflation stops when the central bank can say "no" to the government."
The US Fed, like other well good central banks, is run by a bunch of nerds. When it prints money, even as aggressively as it has it does so for good reasons. You can see why they started printing on March 15th as the COVID lockdowns started:
The Federal Reserve is prepared to use its full range of tools to support the flow of credit to households and businesses and thereby promote its maximum employment and price stability goals.
In english: We're going to keep printing and lowering rates until jobs are back and inflation is under control. If we print until the sun is blotted out, we'll print in the shade.

BTC is not gold

Gold is a good asset for doomsday-preppers. If society crashes, gold will still have value.
How do we know that?
Gold has held value throughout multiple historic catastrophes over thousands of years. It had value before and after the Bronze Age Collapse, the Fall of the Western Roman Empire and Gengis Khan being Gengis Khan.
Even if you erased humanity and started over, the new humans would still find gold to be economically valuable. When Europeans d̶i̶s̶c̶o̶v̶e̶r̶e̶d̶ c̶o̶n̶q̶u̶e̶r̶e̶d̶ g̶e̶n̶o̶c̶i̶d̶e̶d̶ went to America, they found gold to be an important item over there too. This is about equivalent to finding humans on Alpha-Centauri and learning that they think gold is a good store of value as well.
Some people are puzzled at this: we don't even use gold for much! But it has great properties:
First, gold is hard to fake and impossible to manufacture. This makes it good to ascertain payment.
Second, gold doesnt react to oxygen, so it doesn't rust or tarnish. So it keeps value over time unlike most other materials.
Last, gold is pretty. This might sound frivolous, and you may not like it, but jewelry has actual value to humans.
It's no coincidence if you look at a list of the wealthiest families, a large number of them trade in luxury goods.
To paraphrase Veblen humans have a profound desire to signal social status, for the same reason peacocks have unwieldy tails. Gold is a great way to achieve that.
On the other hand, BTC lacks all these attributes. Its value is largely based on common perception of value. There are a few fundamental drivers of demand:
Apart from these, it's hard to argue that BTC will retain value throughout some sort of economic catastrophe.

BTC is really risky

One last statement from Michael Saylor I take offense to is this:
“We feel pretty confident that Bitcoin is less risky than holding cash, less risky than holding gold,” MicroStrategy CEO said in an interview
"BTC is less risky than holding cash or gold long term" is nonsense. We saw before that BTC is more volatile on face value, and that as long as the Fed isn't run by spider monkeys stacked in a trench coat, the inflation is likely to be within reasonable bounds.
But on top of this, BTC has Abrupt downside risks that normal currencies don't. Let's imagine a few:

Blockchain solutions are fundamentally inefficient

Blockchain was a genius idea. I still marvel at the initial white paper which is a great mix of economics and computer science.
That said, blockchain solutions make large tradeoffs in design because they assume almost no trust between parties. This leads to intentionally wasteful designs on a massive scale.
The main problem is that all transactions have to be validated by expensive computational operations and double checked by multiple parties. This means waste:
Many design problems can be mitigated by various improvements over BTC, but it remains that a simple database always works better than a blockchain if you can trust the parties to the transaction.
submitted by VodkaHaze to badeconomics [link] [comments]

Cryptolocker Encrypted Files, 90 Hours left and 0.5 Bitcoin ($134) fee requested. HELP!

Specs:
Windows 7 Home Premium Manufacturer: iBUYPOWER Computers Processor: Intel(R) Core(TM) i7-4790 CPU @ 3.60GHz RAM: 16.0 GB Hard Drive: 1 TB
I don't have the rest of the specs on hand but please consider this request anyways, for I am in desperate need of help.
http://i.imgur.com/Sco1dZK.png
Here is a picture of what my computer desktop looks like now. A trojan virus called Cryptolocker apparently got installed on my computer, and has already encrypted most of my files and is asking for 0.5 bitcoins as ransom. It's got a timer, and is currently at around 90 hours left, so please hurry. I looked online already as to what options I have, but found that the few options I have are either unavailable, such as a system restore (due to the fact that my system doesn't have a saved restore point), or are too tedious, such as getting a personal key to decrypt each file (there are thousands). If anyone can help me that would be great, because I would really rather not pay the fee of course.
Thank you for your time,
tdawgthefirst
submitted by tdawgthefirst to techsupport [link] [comments]

How to pay Bitcoin Ransom?(cryptolocker)

Hi,
We are a company that has been hit by cryptovirus on a very crucial systemcomputer. We have involved IT security firms but they cant remove the cryptolock.
Now we have taken the decision to pay them and in wondering which way is the best?
I was thinking of making a Coinbase account and buy bitcoins and then pay them from the Coinbase account!
Is that good solution?
submitted by magicmetagic to Bitcoin [link] [comments]

US police force pay Bitcoin ransom in Cryptolocker malware scam

US police force pay Bitcoin ransom in Cryptolocker malware scam submitted by BotCoin to technology [link] [comments]

Bitcoin Ransomware CryptoLocker Targets Video Gamers

Bitcoin Ransomware CryptoLocker Targets Video Gamers submitted by wda23 to Bitcoin [link] [comments]

Cryptolocker with Bitcoin ransom infects 55 speeding cameras in Australia

Cryptolocker with Bitcoin ransom infects 55 speeding cameras in Australia submitted by bitpotluck to Bitcoin [link] [comments]

How to pay Bitcoin Ransom?(cryptolocker) /r/Bitcoin

How to pay Bitcoin Ransom?(cryptolocker) /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

/u/i_will_cut_jew: "Help! Need to buy BitCoin to unlock a CryptoLock" Bonus: "We need $800 stat. If you have it, we might be able to pay you premium via verified PayPal." Totally not a scam.

i_will_cut_jew: submitted by PixMasterz to Buttcoin [link] [comments]

Cryptolocker reached Telefonica. /r/Bitcoin

Cryptolocker reached Telefonica. /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Young Japanese Bitcoin entrepreneur has dreams dashed by statist thugs (tl;dr CryptoLocker)

The story in Japanese.
As auto-translate doesn't work, here is a copy-paste:
Ransom money request type virus, create tool storage first criminal Boy of the Tokyo Metropolitan Police Department, allegedly chased prosecutors
Lock the data in the computer, to request money, such as lifting "ransom money request type virus ' tools make stored on USB flash drive, the Tokyo Metropolitan Police Department cyber crimes Division 14, boy living in Kanagawa Prefecture (18) etc = illegal access prohibition violations alleged in Kasai referral = on suspicion of unauthorized directive electromagnetic record keeping chased that prosecutors.
First nationwide, according to the Tokyo Metropolitan Police Department had a virus creation tool, could be. I said that because the virus without specialized knowledge, these tools are available cheaply on the Internet has become a hotbed of cybercrime.
Using this tool is the boy, according to investigators, such as ransom to distribute on the net then made a money request type virus, the infected person had requested to pay for virtual currency bitcoin. I said boy "infected dozens of people told police that, pecuniary damage is not confirmed.
Prosecutors alleged the June this year, ransom suspect stored in USB memory was at home holds the money request type virus creation tool.
According to police, the boy buy with bitcoin virus creation tool on the net. In short posting on Twitter "0 Chiaki (zero take), the virus creation and distribution, and were writing.
As, the Agency in June this year, publishing house connected to the server unauthorized boy arrested on charges including unauthorized access laws. The Tokyo District Public Prosecutors Office the Kasai, on suspicion of violating the law.
To agencies of the United States himself, said requests for virus damage 4/2014-6/15 in $ 2200000000 worldwide. Japan confirmed as virus of made in Japan at the end of last year, but had increased infection.
submitted by KenYN to Buttcoin [link] [comments]

Police pay 2 Bitcoins after CryptoLocker strikes

Police pay 2 Bitcoins after CryptoLocker strikes submitted by Youre-In-Trouble to sysadmin [link] [comments]

Swansea, MA police department gets hit by CryptoLocker virus, pays ransom. "You have to buy these Bitcoins, which we had never heard of."

Swansea, MA police department gets hit by CryptoLocker virus, pays ransom. submitted by RamonaLittle to Bad_Cop_No_Donut [link] [comments]

This is probably a good time for us to let our friends know how to mitigate a potential CryptoLocker attack, as it reflects poorly on Bitcoin.

As some of you know, CryptoLocker has been out in the wild now as ransomware with a Bitcoin payment solution.
This aggression will not stand.
So for your less computer savvy friends and relatives (stuck on Windows), we owe it to them to educate BEFORE it happens:
1) Set up the Volume Shadow Copy service on Windows and set it to a high limit/percentage.
and/or
2) Set up a backup service. (Can someone recommend a good offline backup service for Windows? I'm partial to Time Machine and rsync as an OS X/Unix guy but those aren't available out of the box for Windows.)
submitted by GSpotAssassin to Bitcoin [link] [comments]

Telefnica hacked with Cryptolocker. They have to pay a ransomware in Bitcoin

Telefnica hacked with Cryptolocker. They have to pay a ransomware in Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Cryptolocker with Bitcoin ransom infects 55 speeding cameras in Australia

Cryptolocker with Bitcoin ransom infects 55 speeding cameras in Australia submitted by BitcoinAllBot to BitcoinAll [link] [comments]

CryptoLocker CryptoLocker Paying for Crypto Locker Ransomware $300 part 1 - YouTube BITCOIN ERREICHT LOCKER $40,000 USD (AUCH DANK FACEBOOK´S LIBRA COIN) Bitcoin Erpressung - Alles was Sie wissen müssen!

CryptoLocker malware demands bitcoin ransom Emily Spaven Oct 19, 2013 Cybercriminals are infecting people's computers with malware then demanding a bitcoin ransom for the decryption key. Bitcoin is currently consolidating within the lower-$13,000 region as bulls move to control its near-term price action. It has been struggling to break above $13,200 ever since it was rejected at this price level a few days ago. This currently marks the crypto’s 2020 high, and the selling pressure here is quite significant. If broken above, this level could spark a serious uptrend that sends ... CryptoLocker - All Bitcoin Addresses - Complete Wallet Balance . blockpath. All Bitcoin transactions and addresses for malware CryptoLocker. Go to transactions. 0; Write a reply: Login to comment. no comments (yet) There is nothing here. Submit a new text post. Submit a Bitcoin data post. Stolen Coins sadly stolen from their owners..... ===== ===== ===== features; help; changelog; contact us ... And so ever since the 2013 appearance of Cryptolocker, the first strain of bitcoin ransomware, bitcoin has become the preferred payment method for ransomware operators. CryptoLocker, Ransomware and bitcoin. Uncategorized. Ransomware malware is a new kind of virus or software program, that encrypts the data of victim’s computers, rendering it unusable until a ransom is paid to the bad guys. CryptoLocker and CryptoWall are two of the most well known versions, but there are many copycats going around that all essentially do the same thing. With this kind of ...

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CryptoLocker

O Ramsonware é um Vírus/Malware que bloqueia e sequestra seus arquivos usando criptografia em troca de resgate! Se inscreva aqui no Canal http://bit.ly/jeffe... MinerLock has created a Revolutionary Cryptocurrency Locker that can be used to protect your downloads, files, links, products, apps, and any other content you have available. https://minerlock ... Außerdem sehen wir uns an, warum der Bitcoin locker $40,000 USD erreichen soll und warum der Stablecoin von Facebook (Libra) darauf Einfluss hat. Viel Spaß! Viel Spaß! UK VICTIMS ----- MET Police is asking anyone affected by this to call 0300 123 2040 (Action Fraud). Trasactions between buyers and sellers are le... Bitcoin Erpressung - Alles was Sie wissen müssen! Wir haben uns ausführlich mit dem Thema Bitcoin Erpressung beschäftigt, den Artikel zu Video finden Sie unt...

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