Home / Crypto Currency / The 2018 Year of Cryptocurrency Challenge – Week 21

The 2018 Year of Cryptocurrency Challenge – Week 21

At the beginning of 2018, I wrote an article outlining a New Year’s resolution that I thought could help boost cryptocurrency adoption and awareness in 2018, as long as enough people were doing it. Two weeks ago was my twentieth installment of the challenge. Between then and now, there has been a ton of time to talk to people, learn, and use my cryptocurrency, all the while The Merkle has rebranded to NullTX. Let’s dive in!

A friend of mine recently moved out to the suburbs (I’m situated in the city), and I went out there to hang out with him for a bit. Between whiskey and conversation, I lost track of time. Sadly, the last train back to the city had already gone, and I didn’t want to impose on my friend. I was surprised to find out that Lyft actually would make the trip, and not for a wholly unreasonable amount. Those who have read my cryptocurrency challenge posts before know exactly where this is going.

Once my driver picked me up, we began talking about freelancing, side gigs, and making ends meet. I naturally mentioned that I write and edit for you, dear readers. He was intrigued by the idea of cryptocurrency news sites – that an entire media industry had sprung up around the nascent technology. We began discussing the merits of cryptocurrency in general, and then the (dis)advantages of certain coins compared to others. He seemed really interested by the idea of Litecoin, specifically that someone could just take the codebase of an existing cryptocurrency, adapt it to fit their needs, and publish that for the world to use. I was surprised that he had heard about the varying fees that cryptos have, and that he was able to accurately note that Litecoin was cheaper to transact with than Bitcoin.

While I wasn’t able to tip him with any Litecoin for the ride and conversation (he didn’t have the wallet downloaded), I left our discussion thinking that he was genuinely interested in looking into this further. I told him to read the Satoshi whitepaper and really learn how it all works before getting too deep into it.

I was, however, able to donate to one of my friends who streams with some Litecoin. He recently began accepting crypto on his Twitch stream (though, to my chagrin, not Dogecoin), and I wanted to show him some support. You may soon be reading an interview with him exploring why he – and other streamers like him – are beginning to favor cryptocurrency for donations instead of other methods like PayPal or Venmo.

These past few weeks have also taught me that, even with cryptocurrency’s low(er) volatility lately, there is still a lot of interest in it. This is a good thing. I’ve often said that we need to look past the spectacle of momentous price swings, and really teach the utility of blockchain technology and cryptocurrency. Once we move past speculation alone and into genuine understanding, the sensationalist headlines will calm down a bit. I believe that, more than anything else, will make the case for a more valuable coin, which is good for us all.

*

Are you also doing the cryptocurrency challenge? How is it going for you? Do you talk at length to your cab, Uber, or Lyft drivers like I do? Let us know in the comments or on Twitter!

Read more

Check Also

US Investor Files Lawsuit Against AT&T Over Cryptocurrency Theft

A U.S.-based cryptocurrency investor and entrepreneur has filed a multi-million-dollar lawsuit against telecommunications firm AT&T. Michael Terpin believes that he became the victim of a theft in which a large amount of digital currency was taken from him due to the company’s negligence. Terpin Believes He Was the Victim of a SIM Swap Fraud Michael Terpin has brought legal action against the U.S. telecommunications provider AT&T. The investor and early cryptocurrency advocate filed a 69-page complaint with the U.S. District Court in Los Angeles. During the document, Terpin claims that a large number of digital coins and tokens were stolen from him on January 7, 2018. It goes on to state that AT&T are guilty of gross negligence and fraud, which resulted in the loss of a substantial amount of cryptocurrency. According to Reuters, AT&T responded via email to the complaint by stating: “We dispute these allegations and look forward to presenting our case in court.” The filing claims that Terpin was the victim of a SIM swap fraud that was made possible by the negligence of AT&T. Such a scam involves fraudsters convincing a mobile phone provider to switch a user’s phone number to another SIM card which is under their control. Scammers can then use the number to reset login information for various accounts, allowing them to access them. Michael Terpin is the co-founder of BitAngels – an early angel group for Bitcoin investors. He also helped to set up the first digital currency fund, the BitAngels/Dapps fund in 2014. Today, Terpin is one of the Alphabit Fund’s top advisers. According to the court documents, a total of three million digital tokens were taken from Terpin. Back in January, these were worth around $23.8 million collectively. The filing also states that Terpin is seeking an additional $200 million in punitive damages. Whatever the outcome of Terpin’s court case, it illustrates the dangers of keeping large amounts of digital assets anywhere but in properly secured cold storage. The precise details of the storage of Terpin’s tokens are not currently known. However, any solution which could be comprised by SIM swap fraud is evidently not secure enough. Terpin’s missing funds join the other $1.2 billion plus of cryptos stolen from poorly secured storage solutions since 2017. The case also highlighted a need for adequate custody services in the cryptocurrency industry. This is seen by many as one of the most important steps to opening cryptocurrencies to a wider group of investors. Many do not have the technical knowledge required to set up totally secure paper wallets. Others simply shirk the responsibility of being the sole participant responsible for the safety of their digital wealth. The industry is responding, however. Already this year, NewsBTC has reported on efforts by Circle, Coinbase, and Blockchain to facilitate secure storage for large net-worth individuals and institutions. Featured image from Shutterstock. The post US Investor Files Lawsuit Against AT&T Over Cryptocurrency Theft appeared first on NewsBTC.

Leave a Reply

Your email address will not be published. Required fields are marked *

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.