Category: Blog-new

In a recent interview with Business Insider, Steve Wozniak, co-founder of Apple, emphasised his trust in Bitcoin, labelling it as having “pure gold mathematics.” Despite his enthusiasm for Bitcoin, Wozniak expressed scepticism regarding other cryptocurrencies and NFTs, highlighting potential risks for users.

Bitcoin’s Solid Foundation

Wozniak’s confidence in Bitcoin stems from its robust mathematical underpinnings. He equates its stability to gold, emphasising the importance of these calculations in safeguarding its value. While Wozniak didn’t delve into technical specifics, his endorsement aligns with Bitcoin’s reputation as a secure and enduring “store of value.”

“Bitcoin is the only digital gold that has this mathematical nature. It’s pure gold mathematics.” – Steve Wozniak.

Caution Amidst Crypto Diversity

While championing Bitcoin, Wozniak cautioned users exploring other cryptocurrencies and NFT projects. He expressed concerns about the motivations of project founders, suggesting the potential exploitation of early-stage users.

Unicorn: A Unique Perspective

Wozniak, a judge on the Unicorn Hunters TV show, showcased a more positive outlook on Unicorn, a cryptocurrency featured on the program. Unicorn aims to address volatility concerns and protect holders from inflation, presenting itself as an opportunity for broader participation in the startup world.

“Unicorn is not just words and talks; it’s real financial strategy,” said Steve Wozniak.

Despite his optimism for Unicorn, Wozniak refrained from explicitly comparing its underlying technology to that of Bitcoin. His involvement in the cryptocurrency space, coupled with his measured endorsement of specific projects, provides nuanced insights into the evolving crypto landscape.

Key Takeaways for Crypto Users

Wozniak’s perspective is a valuable guide for crypto users navigating the dynamic cryptocurrency market. Understanding the unique attributes and potential risks associated with different cryptocurrencies becomes increasingly crucial as the industry matures. Crypto users are encouraged to approach the market discerningly, considering the diverse landscape shaped by technological nuances and varying project intentions.

Note:

This article is intended to provide insights into the opinions expressed by Steve Wozniak, co-founder of Apple, regarding cryptocurrency, specifically Bitcoin. Readers must understand that the article does not endorse or support any cryptocurrency. The views expressed by Wozniak are personal and represent his individual perspective on the subject.

Readers are strongly advised to exercise caution when exchanging cryptocurrencies. Coinsdrom, as an online exchange, does not provide  financial advice. This article should not be construed as such. Coinsdrom strives to provide informative content, but users should independently assess the opportunities and risks associated with cryptocurrency.

In a recent revelation, SlowMist, a leading crypto security analytics company, has exposed a sophisticated phishing scam organised by Chinese hackers. The scammers ingeniously employed a cloned version of the Skype video app, taking advantage of China’s restrictions on international applications. This deceptive move targeted crypto users actively seeking banned apps like Telegram, WhatsApp, and Skype on third-party platforms.

The Elaborate Scheme

SlowMist’s analytical team meticulously examined the counterfeit video app, identifying a version discrepancy (8.87.0403) compared to the official version (8.107.02.215). Further investigation unveiled an altered signature, indicative of malware insertion, and a modified version of the Android network framework, “okhttp3.” This modified framework posed a significant threat to cryptocurrency users as it accessed images from diverse directories on the device.

Phishing Tactics

The attackers deployed a well-established phishing strategy, embedding the fake video app with malware to compromise crypto wallets and steal funds. Once installed, the deceptive app requested access to internal files and images. Unsuspecting users, perceiving it as a routine permission request from a social application, inadvertently granted all requests.

Exploiting Trust

Upon gaining permission, the malicious video app surreptitiously uploaded sensitive data, including images, user device details, identity documents (driver’s licence, passport, and national ID), and phone numbers, to the hackers’ backend. The app actively collected images and messages, scanning for keywords like Tron (TRX) and Ether (ETH) to detect crypto wallet transfers. Upon detection, the destination address would be automatically replaced with a predetermined malicious one.

Notable Patterns

SlowMist highlighted the similarity of this phishing scam to a previous fake Binance (BNB) hack case in November 2022. The team uncovered specific cryptocurrency addresses associated with the scam, including Tron and ETH addresses. 

Counteraction and Prevention

In response to the threat, SlowMist’s analytics team took proactive measures. Testing for ongoing activity on the fake Skype app, they discovered that the address replacement was no longer effective, indicating the shutdown of the phishing interface backend. The platform promptly sourced and blacklisted all cryptocurrency addresses linked to the scam.

While SlowMist’s swift actions contribute to the ongoing battle against fraudulent operations, such as phishing scams, all crypto users are advised to exercise caution. This latest incident serves as a reminder of the evolving tactics employed by cybercriminals in targeting crypto users. It underscores the importance of remaining vigilant in the ever-changing landscape of digital security.

In the cryptocurrency market, a phenomenon known as “altcoin season” has started to capture the attention of users and experts. This term refers to a period when alternative cryptocurrencies (altcoins) outperform the leading digital currency, Bitcoin. Recent market data suggests that such a season might be on the horizon, with notable shifts in Bitcoin dominance and promising indicators across various metrics.

Bitcoin’s Dominance Retreat

For months, Bitcoin seemed content at the $35,000 level, consolidating its position. However, the recent scenario paints a different picture. Altcoins have taken centre stage, showcasing notable price performances and causing a dip in Bitcoin dominance by almost 1.5% in just a week. This marks the most significant drop since August, signalling a potential shift in market dynamics.

Indicators Pointing Towards Altcoin Season

Several indicators are pointing toward the emergence of an altcoin season. Analysts report a substantial increase in altcoin sector market valuations since the last cycle peak. The total value locked across all chains has reached a three-month high, and even “Bitcoin Ordinals”, typically associated with meme coins and NFTs, have experienced a boost. These signs collectively suggest a growing momentum in the altcoin market.

Defining Altcoin Season

While there is no official declaration for the commencement of an altcoin season, a popular approach suggests that 75% of the top 50 altcoins, excluding stablecoins and asset-backed tokens, should outperform Bitcoin for 90 consecutive days. If this condition is met, it is argued that altcoin season is in full swing.

The crypto market recently transitioned out of the “Bitcoin season” zone. Historically, even under the best circumstances for altcoins, reaching the “Altcoin season” area has taken several months. However, major catalysts are required to favour altcoins. With the anticipation of a potential spot Bitcoin ETF approval in the coming months, the attention might remain on Bitcoin in the short term.

Bitcoin’s Response and Potential Implications

In response to the recent surge in altcызoin performance, Bitcoin set a new 2023 high, surpassing $37,000. This move coincided with rumours about negotiations between the SEC and Grayscale to transform GBTC trust into a spot Bitcoin ETF. The market is now closely observing Bitcoin’s trajectory, considering the possibility of a further ascent to $40,000.
However, a potential bearish divergence can appear, hinting at fading bullish momentum and the likelihood of a price correction. The ascending channel could be crucial in determining the future direction of Bitcoin’s price.

As the cryptocurrency market witnesses shifts in dynamics, the possibility of an altcoin season looms. While indicators point towards a favourable environment for altcoins, the market’s focus on Bitcoin and potential regulatory developments could influence the short-term narrative.

In the crypto industry, innovation is constant, and developers are constantly exploring new ways to enhance the functionality and value of their digital assets. One such intriguing phenomenon that has gained prominence recently is “coin burning.” In this article, we’ll delve into coin burning, its purposes, and the results it yields in the cryptocurrency ecosystem.

What is Coin Burning?

Coin burning, or token burning, is a process by which a specific number of cryptocurrency tokens are permanently removed from circulation, reducing the overall supply. These tokens are typically sent to a wallet address from which they can never be retrieved, effectively “burning” them.

Why is Coin Burning Done?

1. Supply Control: One of the primary reasons for coin burning is to control the supply of a cryptocurrency. By reducing the available tokens, developers aim to create scarcity, which can, in turn, drive up the value of the remaining tokens. This artificial scarcity often aligns with the principles of supply and demand, potentially increasing the token’s price.
2. Reward Reduction: Some blockchain networks, like Ethereum, employ a proof-of-stake (PoS) consensus mechanism. In PoS systems, validators or stakers are rewarded with newly created tokens. Coin burning can decrease these rewards, ensuring the supply remains in check.
3. Security and Economic Models: Coin burning can help fine-tune a cryptocurrency’s economic and security models. Reducing the total supply makes it more expensive for malicious actors to accumulate a significant portion of the tokens, thus enhancing network security.
4. Token Utility: In some cases, burning tokens can be a way to enhance the utility of a cryptocurrency. For instance, by burning tokens as a transaction fee, a network can incentivize users to hold and use the cryptocurrency for transactions.

Results of Coin Burning

Price Appreciation

The most noticeable result of coin burning is often an increase in the price of the remaining tokens. With a reduced supply, a higher demand can drive up the token’s value. This can attract more investors and traders to the cryptocurrency.

Enhanced Scarcity

Coin burning increases the perceived scarcity of a cryptocurrency. This can make the asset more attractive to long-term investors anticipating future value appreciation.

Improved Tokenomics

Adjusting the supply through burning can help optimise the token’s economic model. Developers can align the cryptocurrency’s supply with its intended use case, making it more attractive.

Stakeholder Engagement

For blockchain networks employing PoS mechanisms, coin burning can enhance stakeholder engagement. It encourages users to hold and actively participate in securing the network, as their rewards are directly affected by the reduced token supply.

Examples of Coin Burning in Cryptocurrencies

1. Binance Coin (BNB): Binance, one of the world’s largest cryptocurrency exchanges, periodically conducts coin burns of its BNB tokens. This practice has contributed to the price appreciation of BNB over time.
2. Ethereum (ETH): Ethereum has transitioned to Ethereum 2.0, a PoS blockchain. In this upgrade, ETH holders can stake their tokens and participate in network security. The rewards decrease as more users risk ETH due to the network’s deflationary mechanisms.
3. Tron (TRX): Tron’s founder, Justin Sun, has initiated several TRX token burns to reduce the supply and increase scarcity.

Coin burning is a fascinating phenomenon in cryptocurrencies, with its roots deeply embedded in supply and demand economics. By strategically reducing the token supply, coin burning can influence a cryptocurrency’s value, security, and utility. However, its impact can vary depending on the specific cryptocurrency and the motivations behind the burn. As the crypto landscape continues to evolve, coin burning will likely remain a tool blockchain projects use to shape their ecosystems and attract investors and users.