March 5, 2019

Litecoin (LTC) Explodes, Is this the “Venezuelan Effect”?

Litecoin price surge, up 14.8 percent
Venezuela approves bitcoin and Litecoin as remittance agents
Volumes explode as Litecoin (LTC) likely to close above $50

It is only through Remesas, which has the support of the Venezuelan government and under its regulators, that users can send funds using bitcoin and Litecoin. Perhaps, this move (not trusted by many) will further help pump Litecoin, up 14.8 percent in the last day.

Litecoin Price Analysis

Fundamentals

Even though Litecoin (LTC)–like all coins may be recovering, the decision made by the Litecoin Foundation that they will be complementing bitcoin (as its silver) was strategic and is now paying dividends. Trading at around one percent of bitcoin’s value, Litecoin is proving to be a cheap cross border alternative that governments like Venezuela are recognizing. Besides, it is available in almost all exchanges across the world meaning it is liquid and suitable for merchants.

Aside from being a medium of exchange—and gravitating towards privacy, Litecoin (LTC) and bitcoin will be the two coins that users can use as agents of remittance. The Venezuelan backed crypto platform, Remesas only accept bitcoin and Litecoin.

It will run on the Patria under the direct oversight of Superintendency of Cryptoassets and Related Activities (SUNACRIP), the country’s regulator.

“Remesas is a service of the Patria Platform that allows you to send remittances to Venezuela in Cryptocurrencies. The resources sent will be available in Sovereign Bolivars in the Monedero Patria as soon as the transfer is confirmed. The cryptocurrencies that can be used to send [remittances] are bitcoin and Litecoin.”

Candlestick Arrangements

Trailing Binance Coin (BNB), Litecoin is up 14.8 percent in the last day. As a result of this upswing, our previous LTC/USD trade plans are valid. We expect this pump to continue throughout the NY Session and it is likely that Litecoin will for the first time this year close above $50.

The resistance level is critical. Because it is previous support, any close above this mark will usher bulls aiming at $70. After that happens, the bar breakout pattern of mid-Nov 2018—as mentioned in our last analysis–becomes invalid.

If not and bears reject attempts of higher highs, then we shall have a classic bear trend resumption phase as the second stage, the retest comes to an end. All the same, we are optimistic. Our first modest target is $70.

Technical Indicators

All we need is a mirror of Feb 8 bull bar. Not only does it have transaction volumes—832k versus 202k average, but it is wide-ranging. After today’s close we shall know the exact participation level but from the look, volumes are above average. If tomorrow’s bar complements today’s price action, then accompanying volumes must be above 220k averages. It will be perfect if volumes surpass 832k of Feb 8 as bulls cement their position.

Published at Tue, 05 Mar 2019 17:00:15 +0000

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Is this Google Chrome Extension Secretly Using Your Device to Mine Cryptocurrency?

With the price of cryptocurrencies reaching new highs in 2017, the incentive for nefarious actors to devise innovative methods of acquiring them is also rising. One such technique uses a program known as CoinHive to secretly mine for digital currencies on the machines of unsuspecting users. According to a post on Bleeping Computer, a Google Chrome extension that streamlines the reblogging process for Tumblr users is the latest software to become compromised in such a way.

IBTimes report that as many as 105,000 users of the software have been discovered to be secretly mining the privacy-focused digital currency, Monero. It’s believed that the choice to mine this particular coin was made due to the anonymity features embedded within its code, as well as the fact that regular computers possess sufficient processing power to successfully solve the algorithms which are required to generate additional coins for those behind the attack.

Many users of Archive Poster have taken to the google Chrome web store, lambasting the software with a series of bad reviews. One user wrote:

“Do not use this extension as it comes loaded with a cryptocurrency mining script. Once installed it makes requests to coinhive which eats up your CPU time and slows your computer down massively. Avoid.”

The developers behind the software, Essence Labs, believe that their program was hacked by someone who had targeted an ex-employee. A representative of the company spoke to PCMag:

“An old team member who was responsible for updating the extension had his Google account compromised… Somehow the extension was hijacked to another Google account. In the meantime we have alerted the users to use a safe version of the extension on a different link.”

This example isn’t the first of covert mining software targeting unsuspecting internet users. In recent months The Pirate Bay, Showtime, Starbucks, and even the UFC’s websites have all been reported to be running CoinHive software to mine cryptocurrency without their visitors’ consent.

Programs like CoinHive were intended to provide a way of monetising internet content. When used with express consent, they offer an opportunity for publishers to provide their services without relying on oppressive levels of advertising. However, examples like those listed above show how easy they make it to infect users’ machines without their knowledge. Without consent from the owner of the machine, the schemes such as the Archive Poster hack are morally suspect. Since they use large percentages of the target machines’ processing power, users might mistake the slowdowns they’ll inevitably experience to some other fault with their machine. This can understandably cause great frustration for computer users who are less experienced with diagnosing system faults.

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