Bitcoin [BTC]: Elon Musk reveals holding only 0.25 BTC; recommends Satoshi Nakamoto for a Nobel Prize

The CEO of Tesla, Elon Musk, has stoked the excitement of the cryptocurrency realm for the second time this week after he informed the world about the number of Bitcoins he held. He also expressed his gratitude to the creator of the digital currency and for early ‘hodlers’ of the same.
Musk’s tweet was in response to a report about the praise he heaped on cryptocurrencies, during a podcast released earlier this week. In the tweet, the Tesla CEO revealed the number of Bitcoins he owns, adding that he held no other cryptocurrency in his portfolio.
He tweeted:
“That said, I still only own 0.25 BTC, which a friend sent me several years ago. Don’t have any crypto holdings.”
Additionally, while replying to the aforementioned tweet, Musk also dismissed the long-standing rumor that he is the real Satoshi Nakamoto. However, he suggested that the person behind the pseudonym deserved a “Nobel Prize.”
His tweet read:
“Whoever owns the early BTC deserves a Nobel prize in delayed gratification.”
Earlier this week, Musk spoke in favor of Bitcoin and Ethereum on ARK Invest’s FYI podcast. He lauded the structure of the top cryptocurrency and acknowledged Ethereum as well. However, he also confirmed that Tesla would not venture into the cryptocurrency industry anytime soon.
The Tesla CEO stated:
“I think that the Bitcoin structure was quite brilliant, its seems like there’s some merit to Ethereum as well, and maybe some of the others. But, I’m not sure if it would be a good use of Tesla resources to get into crypto.”
Previously, the Tesla CEO was in the headlines after he said that paper money will soon fade away and be taken over by cryptocurrencies.
In his words:
“Paper money is going away and crypto is a far better way to transfer value than pieces of paper.”
Despite the early praise for Bitcoin and Ethereum and his bold prediction that fiat will be replaced by virtual currency, Elon Musk has not added more Bitcoin reserves. Musk’s held Bitcoin reserves remain the same since he first admitted to the amount he owned, back in February.
In a 22 February 2018 tweet he said:
“Not sure. I let @jack know, but it’s still going. I literally own zero cryptocurrency, apart from .25 BTC that a friend sent me many years ago.”
The post Bitcoin [BTC]: Elon Musk reveals holding only 0.25 BTC; recommends Satoshi Nakamoto for a Nobel Prize appeared first on AMBCrypto.
Source: AMB Crypto

Tesla Creator Elon Musk Reveals His Crypto Holdings

CoinSpeaker

Tesla Creator Elon Musk Reveals His Crypto Holdings

Elon Musk is well-known for his enthusiasm about Bitcoin, recently he unveiled his crypto balances and even proposed to give the Nobel Prize for BTC HODLers.

Tesla Creator Elon Musk Reveals His Crypto Holdings

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Source: CoinSpeaker

Bullish Bitcoin (BTC) Inch Close to $4,500 as Tech Leader Says it is Better than Paper Money

 

Bitcoin prices are trending higher, up 8.1 percent in the last week

Elon Musk says Bitcoin and crypto is brilliant for value transfer

Transactional volumes high, behind recent higher highs

 
Adoption is on the rise, and it is at this juncture that Elon Musk has reasons to believe that Bitcoin is brilliant and a better tool for value transfer. As an influencer, this is bullish, and as long as prices are on the rise, we expect momentum to build up.
Bitcoin (BTC) Price Analysis
Fundamentals
Interesting days ahead. There is a full adoption wave, and that is what the community needs. While Bitcoin is fashioned to be an alternative to government-issued paper money, most corporations are reluctant to take the lead and accept it as a form of settlement for customers willing to use the global coin. Tesla is a public listed company, but the founder Elon Musk has on numerous occasions aired his two cents on Bitcoin and cryptocurrency. He continues to make comments, but the company is yet to make it clear whether they will be accepting BTC for their new, fuel-free Tesla. Considering Tesla’s objective of championing green, sustainable energy which is everything against the mechanics powering the network–energy demanding chip-sets, it is unlikely that they will quickly jump in and join other companies like Trading View for example which is accepting BTC in its purest form.
Nonetheless, the question of sustainable energy and blanket conclusions made by critics of the tech that Bitcoin is not at all power efficient continues to draw debate and is quite sticky especially if we factor in the nomadic nature of miners and their propensity to set rigs in a zone with cheap, surplus power. All the same, Elon Musk being an innovator and entrepreneur has some bullish insights on Bitcoin. He calls the rare coin brilliant and a better conduit for the transfer of value.
Candlestick Arrangement

Prices are correcting, but the path of least resistance is up. At spot rates, BTC is up 8.1 percent in the last week and trading above $4,000 according to data streams from BitFinex. Because our trade conditions are live and traders can fine-tune their entries in lower time frames with the first target at $4,500, fitting stops should be around $3,500–$3,800 zone. Like in our previous emphasis, once prices edge past $4,500 or Dec 2018 highs, it is likely that BTC prices will expand towards $5,800–$6,000 at the back of strong volumes.
Technical Indicators
In the secondary volumes charts, participation is on the rise. Since recent higher highs are at the back of strong volumes–37k, it is clear that bulls are in charge unless of course there are counter moves with equally high liquidation volumes.
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Elon Musk: Cryptocurrency is the future; paper money will soon fade away

The CEO of Tesla and cryptocurrency enthusiast, Elon Musk, has once again spoken in favor of decentralized currency, stating that a day could come when it will eventually replace paper money.
In a recent episode of ARK Invest’s FYI podcast hosted by Tasha Keeney, “On the Road to Full Autonomy With Elon Musk,” the Tesla CEO spoke about the developments underway at Tesla and about cryptocurrencies, with reference to the future of finance and technology.
When asked about the topic of cryptocurrencies, Musk was taken aback, stating, “Crypto, seriously?” with the interviewer referencing Musk and Twitter’s Jack Dorsey’s recent chatter about the decentralized currency realm.
Musk stated,
“Bitcoin and Ethereum scammers were so rampant on Twitter I decided to join in and I said at one point I want to buy some Bitcoin. Then my account got suspended cause obviously there was obviously like some automatic rule that if you try to sell bitcoin or something and I was just joking.”
In late October, Musk tweeted out, “Wanna buy some Bitcoin?” which sent the cryptocurrency community into a tizzy, many users excited at the prospect of a fruitful collaboration between the Tesla CEO and others such as Binance’s Changpeng Zhao.
Following a campaign by Twitter that deleted several bogus accounts for “coordinated manipulation,” and promotion of cryptocurrency scams, Musk lauded the website’s efforts and went on to state,
“At this point, I want ETH even if it is a scam”
When asked about Jack Dorsey’s prediction that the internet will soon see a native currency in Bitcoin, Musk replied stating, “That’s interesting.”
He added,
“ I think that the Bitcoin structure was quite brilliant, its seems like there’s some merit to Ethereum as well, and maybe some of the others. But, I’m not sure if it would be a good use of Tesla resources to get into crypto.”
Musk added that one of the main downsides of cryptocurrency is the “energy-intensive” nature of production, referring to the mining process. With reference to the same he said,
“There has to be some kind of constraints on the creation of crypto. But it’s very energy intensive to create an incremental Bitcoin at this point.”
When the topic switched to the nature of Bitcoin transactions, the interviewer stated that cryptocurrencies are not widely used for retail-goods like pizza and coke. To this, Musk replied, “maybe for Coke,” referring to the recreational drug that was sold for Bitcoin on marketplaces like the Silk Road, a smudge that the cryptocurrency world is still reeling from.
Towards the end of the podcast, Keeney referenced the dire financial situation in Africa, where currency restrictions prohibit citizens from converting their currency and forcing them to, at times, go through the US dollar. In light of the same Musk replied,
“It bypasses currency controls. Paper money is going away and crypto is a far better way to transfer value than pieces of paper.”
Despite Musk’s positive stance on cryptocurrencies, his appreciation for the structure of top coins like Bitcoin and Ethereum and his affirmation that eventually decentralized currency will takeover paper money, the Tesla CEO clarified that his company will not start selling Bitcoins anytime soon.
The post Elon Musk: Cryptocurrency is the future; paper money will soon fade away appeared first on AMBCrypto.
Source: AMB Crypto

Elon Musk Believe Bitcoin is Better Than a Paper Money, Calls it ‘Quite Brilliant Structure’

Tesla CEO, Elon Musk is the latest high profile to get bullish on Bitcoin – During an ARK Invest’s podcast on Feb 19, 2019, Musk called ‘Bitcoin’s structure is quite brilliant’.
Founder of Tesla and SpaceX discussed his interesting views on Bitcoin and cryptocurrency. His belief on bitcoin and cryptocurrency at large is that ‘crypto in terms of value transfer is far better than a piece of paper’. He says;
“It [cryptocurrency] bypasses currency controls. … Paper money is going away. And crypto is a far better way to transfer values than a piece of paper, that’s for sure.”

With a strong belief on bitcoin, Musk also discussed the downside of cryptocurrencies – in a similar context, he says ‘Bitcoin is computationally energy intensive’. Addressing the ‘energy’ as pitfalls of digital currency, he doesn’t think the adoption of crypto for his own company would be a clever choice. While Musk is sure on Bitcoin due to its fluid ability to route around trouble’, he has also confirmed that his company is not; While asked,
“Just to clarify, Tesla’s not going to start selling bitcoin? Elon Musk Confirmed “No we are not,
Adding that, Musk told ARK Invest’s Cathie Wood
“It’s very energy intensive to create bitcoin at this point,”
During a podcast, Elon Musk has also recalled how scammers mistreated his profile on Cryptocurrency scams. Earlier his twitter account was used to circulate the promotion of crypto giveaway scams which he recalled and stated that
“Bitcoin and ethereum scammers were so rampant on Twitter I decided to join in and I said at one point wanna buy some bitcoin?” Musk said. “Then I got my account got suspended cause obviously there was like some automatic rule that if you try to sell bitcoin or something and I was just joking.”

Who is at @TylerFlorence and why is he pretending to be Elon Musk giving away bit coin. But needing one first to confirm the account? pic.twitter.com/eUoSg0VwEn
— Stuart🍸JSA⚠️ (@Stuart63JSA) October 11, 2018

What’s your stake on Musk’s view? Let us know in a comment below.
The post Elon Musk Believe Bitcoin is Better Than a Paper Money, Calls it ‘Quite Brilliant Structure’ appeared first on Coingape.
Source: CoinGape

Market Review: Latest on Amazon (AMZN), Apple (AAPL), and Tesla (TSLA) Stocks

CoinSpeaker

Market Review: Latest on Amazon (AMZN), Apple (AAPL), and Tesla (TSLA) Stocks

Encouraging signs on the U.S./China trade talks sent stock prices sharply higher pushing the Dow index up. Here’s what we know about Amazon (AMZN), Apple (AAPL), and Tesla (TSLA) stocks.

Market Review: Latest on Amazon (AMZN), Apple (AAPL), and Tesla (TSLA) Stocks

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Source: CoinSpeaker

Binance CEO Advocates Elon Musk’s Name to Take the Bitcoin Lightning Torch

CoinSpeaker

Binance CEO Advocates Elon Musk’s Name to Take the Bitcoin Lightning Torch

Many prominent personalities and Bitcoin enthusiasts have recently proposed Elon Musk to take keep the fire going for the ongoing Lightning Torch experiment. Musk has yet to respond.

Binance CEO Advocates Elon Musk’s Name to Take the Bitcoin Lightning Torch

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Source: CoinSpeaker

Tesla (TSLA) Stock Drops by 0,3% After It Acquires Maxwell Technologies for $218 Million

CoinSpeaker

Tesla (TSLA) Stock Drops by 0,3% After It Acquires Maxwell Technologies for $218 Million

The latest announcement for Maxwell acquisition comes to ramp up the production of Tesla Model 3 cars to meet the new orders coming from the Chinese mainland.

Tesla (TSLA) Stock Drops by 0,3% After It Acquires Maxwell Technologies for $218 Million

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Source: CoinSpeaker

Tesla Expands into China: Is it Time to Buy TSLA Stock or Not?

CoinSpeaker

Tesla Expands into China: Is it Time to Buy TSLA Stock or Not?

U.S. electric vehicle maker Tesla Inc said it will start taking orders in China on Friday for a lower-priced version of its Model 3 car, as it seeks to accelerate China sales hit by trade friction between Washington and Beijing.

Tesla Expands into China: Is it Time to Buy TSLA Stock or Not?

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Source: CoinSpeaker

Tesla Stocks Fall After RBC Analysts Add Some Fuel to Firm’s Drama

CoinSpeaker

Tesla Stocks Fall After RBC Analysts Add Some Fuel to Firm’s Drama

The market valuation of probably the most renowned manufacturer of electric cars has sharply plunged after the RBK analysts rendered a ‘sell’ verdict.

Tesla Stocks Fall After RBC Analysts Add Some Fuel to Firm’s Drama

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Source: CoinSpeaker

Twitter Crypto Scammers Steal $150K by Posing as Elon Musk

Scammers plaguing a popular social media platform have successfully stolen over $150,000 in cryptocurrency.
They used the verified accounts of two prominent British businesses by posing as Tesla founder and CEO Elon Musk.
Two British Brands Targeted in Twitter Scam to Steal Crypto
British fashion and home goods retailer Matalan and the United Kingdom arm of French film production company Pathé each had their verified Twitter accounts reports the BBC. Combined the two accounts have over 100,000 followers, who became the targets of a scam aimed at stealing cryptocurrencies like Bitcoin and Ethereum.
Hackers gained access to the two highly-valuable, verified Twitter accounts, and promptly changed the account photos and names to appear as if the accounts were owned by Silicon Valley serial entrepreneur Elon Musk.
The accounts join in on an increasingly growing trend across Twitter, where scammers pose as cryptocurrency industry icons, celebrities, or tech entrepreneurs – even posing as the United States President – and offer a “giveaway” where users receive free cryptocurrency in exchange for sending a smaller denomination or the same cryptocurrency.
To further sell the scheme as legitimate, additional Twitter accounts owned by the hackers are then used to respond to the giveaway tweet, thanking the accounts for their generosity. Over 300 of the 100,000 followers between the two accounts fell victim to the scam, and were duped of their crypto assets. The total stolen according to wallet data amounts to over $150,000 in Bitcoin.
This particular instance used Musk’s likeness, suggesting the Tesla CEO was stepping down from his post as “director,” and used a fake web domain with Musk’s other company Space X mentioned in the URL. What’s worse, is that the tweets in question were approved by Twitter to be run as paid advertising, even though they were fake, from a hacked account, and were riddled with spelling errors.
Why Elon Musk? Twitter Scams Surrounding Entrepreneur Are Relentless
Cryptocurrency scammers impersonating Elon Musk refuse to give up, despite the entrepreneur recently enlisting help from Dogecoin creator Jackson Palmer and receiving a “script” that was meant to reduce the frequency of such instances. Musk had initially been impressed with the scammers, saying they had “mad skills.” However, that quickly turned into frustration.
But why Elon Musk?
While other crypto influencers and celebrities have been impersonated as part of this recurring scam, none have been the focal point as prominently or as often as Mr. Musk. The answer is simple: The eccentric and outspoken Tesla CEO uses Twitter as his personal soapbox, and the public figure seemingly has no filter, and says some of the wildest things, sometimes landing him in hot water as a result.
Back in August, Musk made a public statement on Twitter talking about a Tesla IPO that resulted in Musk being forced to step down from his post at Telsa, and had to settle with the U.S. Securities and Exchange Commission (SEC) in court for $40 million.
Musk’s tweets now have to be reviewed by a lawyer, which should cause investors to be extra skeptical over any cryptocurrency giveaways coming from Musk. It’s the outlandish comments Musk makes that makes him an easy target for scammers to impersonate.
Musk also commonly tweets about cryptocurrencies. Last month, Musk tweeted a bizarre photo accompanied by the question “Wanna buy some Bitcoin?”
Featured image from Shutterstock.
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Elon Musk Scam Pays Off For Hackers

Several hackers have been using compromised verified Twitter accounts in order to promote a fake Bitcoin giveaway by Elon Musk.
Be aware that this is a scam and you should not by any means send Bitcoin to an address that claims to be owned by Elon Musk.
The tweets have been saying that Tesla Founder is giving away 10,000 Bitcoins to the community and all you have to do is send Musk between 0.1 to 2 Bitcoins to confirm your account.
If you have a look at one of the Bitcoin addresses suggested for payment you see that over 390 transactions have been processed and they have currently received 28 Bitcoin to date. This sums up to over $135,000 at the current Bitcoin prices.

You can see the block explorer here but please, DO NOT donate! This is a scam!
However, there are still people that are donating to the scammers.
The main reason that people are falling for this scam is due to the fake accounts used to promote it have blue ticks next to their Twitter name, hooking in the gullible.
There are several well-known company Twitter accounts which have been caught up and used in the scam such as Pantheon Books and the French film company Pathe.
There are other verified accounts which have been used by the hackers which have commented under the original ‘Elon Musk’ tweet but with different names leading Twitter users to believe that this is legitimate.
One of the accounts was the Swansea City AFC Ladies account who commented saying that they had received back coins under different posts.
Whereas the hackers can change the name on accounts they can’t change the Twitter handle which is a good way to determine which ones are fake. Another indicator is that there are a few spelling mistakes within the tweet which suggests a compromised account.
Accounts which have big followers, the scammers have paid for a Twitter advertisement to promote the tweet, resulting in Twitter showing the scam tweets as promoted posts.
As stated by CBR Online:
“On accounts that have large followers such as Pathé, the scammers have paid for a Twitter advertisement to promoted the tweet, resulting in Twitter showing the scam tweets as promoted posts. Posting the scam on a hacked verified account, combined with positive replies from other compromised blue ticked accounts, shows a decent degree of organisation.”
What are your thoughts? Let us know what you think down below!

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Source: Crypto Daily

Crypto Accepted as Payment for Elon Musk’s Flamethrower, No More ETH Giveaways

Elon Musk’s The Boring Company is now accepting payments of various cryptocurrencies to purchase its handheld flamethrower and accessories.
Buy a Flamethrower with Bitcoin or Ethereum from Elon Musk
The sub-heading above reads as crazy as one of Elon Musk’s tweets, but it’s entirely true. The product pages for Elon Musk’s The Boring Company have been updated to include cryptocurrency logo icons indicating that the likes of Bitcoin, Bitcoin Cash, Litecoin, and Ethereum are accepted as forms of payment. This is alongside more traditional means like Visa, Mastercard, AMEX, and PayPal.
The Boring Company is an infrastructure and tunnel construction company founded by eccentric and controversial serial entrepreneur Elon Musk. Among the products it sells on its website includes a flamethrower and safety accessories such as gloves, propane tank refills, and in the case of an emergency situation, a 5lb fire extinguisher.
All proceeds of the sales of the currently on-sale, $500 flamethrower, will go toward funding digging tunnels to house Musk’s Hyperloop transportation system.
Musk is infatuated with many means of transportation, from underground tunnels running under Los Angeles, to energy-efficient self-driving Telsa motorcars, to his ambitious Space X project that could lead to the colonization of neighboring planet Mars. Musk also began designing a miniature submarine in an attempt to save 12 Thai boys who were trapped in a cave back in July.
Elon Musk Burning Bridges with SEC Via Twitter, What Will Scambots Do?
Musk first announced the Flamethrower via his Twitter soapbox back in December, a platform that has caused quite a stir for the Tesla and Space X founder. The quirky entrepreneur got himself into a world of trouble with the U.S. Securities and Exchange Commission (SEC) for tweeting in relation to his automobile manufacturing company Tesla.
His tweets forced Musk to have to settle with the SEC in court for $20 million in fines. The settlement also sees Musk stepping down as chairman of Tesla for three years, and includes a stipulation that all Elon Musk tweets must be reviewed and approved by a Musk-appointed lawyer.
With Musk muzzled on the popular social media platform, Twitter scambots that often pose as the Space X CEO to run their “ETH giveaway” scams might be out of luck.
In the scam, scammers pretend to be prominent figures across various industries in an attempt to steal user’s cryptocurrencies in a scheme that involves sending a specified amount of cryptocurrency to an address in return for a larger amount. Only the larger amount is never sent, and the scammers make off with investor’s assets.
After first praising the scambots for having “mad skills,” Musk hit his frustration limit and reached out to Dogecoin creator Jackson Palmer last month, imploring him to help keep the scam under control. However, now that Musk can no longer speak freely on Twitter, and with the public knowing that Musk’s tweets are filtered through a lawyer, the frequency of these scammers posing as Musk should diminish over the coming weeks – even if Musk does now have some extra crypto laying around from the sales of his flamethrower.
Featured image from Shutterstock.
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Elon Musk’s Crypto Connection Moves Further, Reaches Out to Dogecoin Founder Jackson Palmer

Impressed by the simplicity in which Dogecoin is coded and the way Jackson Palmer is paving the success path with his blockchain project, Elon Musk has reached out to Palmer asking him for a solution that could stop the scam spamming’s.
Elon Musk still hunting for scam spamming solution
Elon Musk, like many of other celebrities, has been facing issues with impersonator accounts running “Crypto give away” scams in their names. It has happened to Charlie Lee of Litecoin, Vitalik of Ethereum and the latest addition to this imposter scam asking for cryptocurrency has been with Pope Francis. While Elon Musk has been pretty vocal about it a couple of time he hasn’t yet been able to find a solution.
In February 2018, Elon Musk revealed that he “literally own[ed] zero cryptocurrency,” in an apparent attempt to warn his followers not to interact with fake “Musks” on Twitter. The billionaire also noted that he has reported the issue to Dorsey multiple times to no avail. In July this year again Musk tweeted in connection to crypto scammers on Twitter being impressed by the skills as the keep on resurfacing even after numerous attempts to shut them down.
Recently, a few hours after crypto giveaway scam bots on Twitter targeted the official account of Pope Francis to promote a fake bitcoin giveaway, Elon Musk tweeted about it in a humorous way.

Any chance you can tell us anything about BFR… im willing to pay 200 ETH at this point.
— Adam McMurchie (@McMurchie) August 28, 2018

At this point, I want ETH even if it is a scam
— Elon Musk (@elonmusk) August 28, 2018

Incredibly, right after this playful tweet, a fake “Elon Musk” handle soon appeared touting a purported crypto giveaway from the Tesla founder
Being completely harassed by these scambots, Elon’s search for a probable solution took him to Jackson Palmer of Dogecoin, whose blockchain project and token have been in news for all the good reasons recently.

@ummjackson if you can help get rid of the annoying scam spammers, that would be much appreciated
— Elon Musk (@elonmusk) September 17, 2018

Update: Elon has the script… we had a good chat on how @jack and the Twitter team should definitely automate and fix this problem on their end though. 🤷‍♀️
— Jackson Palmer (@ummjackson) September 17, 2018

Palmer did oblige to Elon Musk’s requested by direct messaging him the solution.
Also, read: Decentralization Ghost begins to Haunt Gemini’ Stable Coin within Days of Launch
Dogecoin’s simplicity, supportive nature, and effective roadmap may be made Musk go to Jackson   
Dogecoin (DOGE), a coin that has been dormant for almost two years has become the investor hotspot. Created jokingly as a tipping and gifting coin four years ago, the coin resurfaced a month ago and has outperformed other coins in the market.
After its launch in 2015, many DOGE enthusiasts thought it will be an all-time hit after supporting the Jamaican team to the winter Olympic Games, supporting several water projects in East Africa and sponsoring John Wise, a NASCAR driver. This created awareness before the coin hype but post that there were no updates taking the coin to dormancy. It has been a couple of months that the coin has resurfaced to give a roadmap. The recent announcement of the Dogethereum Bridge has seen the crypto market focus its attention to the DOGE ecosystem. This announcement that took the coin out of dormancy, surprised many when its price surged by a whopping 150% between 29th August and September 1st moving from $0.003 to $0.007.
With Dogecoin finally becoming active and having a track record of being supportive, might have lead Musk towards Palmer. Hopefully, Musk will find a solution here thus ending his long-term search to get rid of scam bots.
Is there actually a solution to bring this scambots to end? If yes do share with us in the comments section.
The post Elon Musk’s Crypto Connection Moves Further, Reaches Out to Dogecoin Founder Jackson Palmer appeared first on Coingape.
Source: CoinGape

Crypto Market Leaders Call For Twitter to Ban ‘Scam Bots’

Crypto scam bots have become a common sight in the Twitter landscape, with many premier cryptocurrency personalities seeing an influx of fraudulent accounts commenting on their posts. This has become such a large problem that well-known cryptocurrency figures, like Binance’s CEO and Charlie Shrem, have signed an “open letter” calling for these scams to end.

What Are These So-Called ‘Twitter Scambots’?

For those who are unaware, these bots are social media accounts that are created in the guise of a celebrity, an entrepreneur, or a well-known cryptocurrency figure. Some scammers have been known to go above and beyond traditional bots, obtaining the exclusive verified check-mark to make the scam account look even more bona fide.

Once made in the likeness of a target, the bots will begin to infiltrate the comment sections of trending Twitter messages, asking users to send cryptocurrencies to a wallet address, in exchange for a substantially larger payout. Not only does the bot post a misleading comment, but it often enlists the help of other enslaved accounts to engage with the malicious tweet, making it more visible to the public.

Obviously, nothing ever comes of these payments, with many experienced Twitter users realizing that the funds offered are too good to be true. However, some naïve users, new to the crypto sphere or Twitter, have reportedly fallen victim to this method of cybercrime, losing their funds forever.

These bots have become such a widespread phenomenon that Elon Musk, currently the world’s most famous entrepreneur, has even begun to acknowledge their presence, jokingly issuing a tweet regarding the “Etherium scambots.”

Kaspersky Labs, a Russian cybersecurity firm, pointed out that this scheme was one of the “social engineering” acts of cybercrime that saw criminals net nearly $10 million last year. This figure attests to the fact that this issue has become prevalent in the community, triggering a discussion on how to counteract this problem.

“End The Hypocrisy, #SaveTwitter”

It has become apparent that cryptocurrency community members, whether influential or not, are sick and tired of this omnipresent issue. Svandis, a crypto analytics community, has become the voice of the community in the fight against these scambots, recently publishing an open letter regarding the issue that was aimed at Twitter.

The letter covers a variety of pressing topics, including the fact that the platform had purged “suspicious and dormant accounts,” but not scambots, along with the hypocrisy that Twitter was taking a part of. Svandis wrote:

“Twitter’s public stance on cryptocurrency and blockchain technologies is inconsistent and ambiguous. At a time when companies and individuals, even not-for-profits intent on educating individuals, are barred from advertising to interested participants via Twitter, it is not just hypocritical, but shameful that the company allows these spam bots and false accounts to exist and rampantly scam users, while spreading misinformation.”

Originally, the letter was only seen by a few eyes, but it started to rapidly gain traction as Binance’s CEO, Charlie Shrem, and Crypto Rand put their stamp of approval on the letter, retweeting the Medium post.

Surprisingly enough, Ethereum co-founder Vitalik Buterin, who was gone as far as to change his Twitter name to “Not giving away ETH,” has not signed the letter. However, Buterin has still been outspoken against these bots, calling for Jack Dorsey, the CEO of Twitter to amend the issue.

The Ethereum co-founder and well-known crypto personality called upon members of the Ethereum community to make a “layer two scam filtering solution,” which may consist of something like a web plugin that automatically hides scam tweets.

Despite holding a positive sentiment regarding cryptocurrencies, Jack Dorsey, the CEO of Square and Twitter, has surprisingly not addressed a problem that is near and dear to a community he appreciates.

Nonetheless, if this open letter gains enough traction, many expect for Dorsey, with the social media handle @jack to eventually address this small, yet dedicated portion of Twitter’s user base.

 

Image from Shutterstock

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