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Trader Confesses Cryptocurrency Addiction Led to Criminal Charges, Hospital Treatment – Featured Bitcoin News

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One Brit shared his story of how his cryptocurrency addiction led to a criminal complaint and taken him to a hospital for addiction treatment. He lost over a million dollars of other people’s money trying to replicate his previous success in cryptocurrency trading.

Crypto addiction on the rise, one hospital treats over 100 crypto addicts

One Brit shared his story about how his cryptocurrency addiction turned him into a criminal, the BBC reported. Referred to as Jake in the publication, it was pointed out on Sunday that he is currently under treatment at one of the few hospitals in the UK that treats people obsessed with gambling for the value of cryptocurrencies. His identity will not be revealed as he is still being treated at the hospital.

Jake lost millions of pounds trading cryptocurrencies. He first bought Bitcoin in 2015, but his addiction problem only started a few years ago. “I can pinpoint the exact moment when it became a problem,” he said. “I had used up the amount I had set aside, but I entered a trade and was ready to risk the last amount I had.” He continued:

In the end, I got pretty much back what I lost in a single trade. The feeling was absolutely euphoric.

This euphoric feeling, coupled with problems in his marriage and personal life, quickly turned him into a crypto trading addict.

At the time he was working in a job where he was responsible for millions of pounds of other people’s money. He soon started trading his clients’ money in hopes of replicating his previous success in trading cryptocurrencies. He shared, “The first time I took it, I lost everything in about 20 minutes one night. The market moved very quickly and I liquidated everything. “

Jake was charged with embezzlement, but with the help of his family was able to repay his employer £ 1.5 million. He is now being treated for his addiction.

There are no statistics on the number of people with severe addiction to cryptocurrency trading. However, Tony Marini, the senior advisor at the Bitcoin Addiction Clinic at Castle Craig Hospital in Peebles, said that there are more and more addicts to be seen in Scotland. In the past few years, the clinic has treated over 100 people for cryptocurrency addiction.

While there are people who have lost money trading cryptocurrencies or to crypto scams, there are also those who swear that cryptocurrency saved them from financial ruin, especially during the coronavirus pandemic.

Cameron is a freelance musician who was seriously injured by the Covid-19 crisis and subsequent lockdown, the publication said. He said the situation was “devastating” for him as “gigs ended, schools closed, all my sources of income were completely gone”. He decided to invest in cryptocurrency when the lockdown hit last March. “It’s been a really great year with these assets appreciating so much that I won’t have any more financial worries, at least in the short term … It was such a relief.”

What do you think of people with crypto addiction? Let us know in the comment section below.

Photo credit: Shutterstock, Pixabay, Wiki Commons

Disclaimer of Liability: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or approval of any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Docker Changes Free-Tier Service Policy Due to Cryptocurrency Mining Abuse – Bitcoin News

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Docker, a popular cloud computing integration solution, is making changes to its free service due to the abuse of cryptocurrency mining. The service discontinued its “autobuild” function due to abuse by malicious actors to mine cryptocurrencies on their servers. This is a modus operandi that now affects multiple cloud platforms for continuous integration, including GitHub, GitLab, and Microsoft Azure.

Docker needs to make changes to its free tier services

Docker, a popular CI cloud service, is making changes to its service policy due to crypto mining abuse. The cloud computer continuous integration service announced last week that it would no longer provide its autobuild functionality for its free service. Docker announced this in a blog post, stating that attacks have increased over the past few months and are affecting their paying customers. The team stated:

In April we saw the build hours increase by double our usual usage and by the end of the month we had already disabled ~ 10,000 accounts due to mining abuse. The following week we had another ~ 2200 miners spin up.

Docker is extremely popular software that enables applications to run in compartments. This means that a package has all of the libraries needed to run the app. This new restriction affects some users who have used the autobuild function for free. The Docker team stated that while it wasn’t an easy decision, it was the only action they could take to curb the abuse.

While Docker is a notable platform to be affected by this new type of attack, it is by no means the only one. Several providers of continuous integration cloud-based are now facing similar attacks and are also investigating countermeasures.

Cloud computing in the crosshairs

Companies such as GitHub, GitLab and Microsoft Azure that offer cloud computing services are also affected by these attacks. The attackers hijack the continuous integration services by adding code to the apps that changes their original function. The virtual machines that are created to compile apps are repurposed to mine cryptocurrencies for their lifetime, which affects the performance of these services.

But the problem goes beyond free tiers. An engineer at CodeShip, a cloud platform, said in an interview with The Record that:

Sometimes they pay the low fees on our accounts, which are much cheaper than renting directly from AWS, and mine cryptocurrency at maximum capacity.

While the problem persists, larger companies can afford to handle the additional performance hit. However, small businesses are likely to be forced to combat these attacks with countermeasures like the one launched by Docker.

What do you think of Docker changing its policies due to mining abuse? Let us know in the comments section below.

Photo credit: Shutterstock, Pixabay, Wiki Commons

Disclaimer of Liability: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or approval of any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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bitcoin price: Top cryptocurrency prices today: Bitcoin, Polkadot, Ethereum surge up to 16%

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NEW DELHI: Major cryptocurrencies traded higher on Tuesday after investor confidence was boosted by Tesla CEO Elon Musk’s tweet over the weekend. Led by Bitcoin and Polkadot, all of the top 10 digital tokens saw an increase of up to 16 percent.

After another weekend of wild price swings, the crypto market got its mojo back after Musk pared criticism of its market influence, saying Tesla had sold Bitcoin but may have resumed transactions with it. Investors eagerly await Tesla’s next earnings update – due next month – for any disclosure of changes in its position.

The crypto market rose sharply as Tesla announced purchases in digital Numero Uno tokens, while the virtual currency market collapsed

to use. Tesla’s U-turn on cryptos wasn’t the only trigger, however. Around the same time, the Chinese government took action against institutions dealing with cryptocurrencies.

“Bitcoin is the market leader and the dominant asset. It has managed to keep the crypto community, financial institutions and banks interested in the asset as the volume has held the position and has not decreased much. This is the result of banks, MNCs and, in some cases, even governments seeing the potential of the asset, “ZebPay told Trade Desk.

“A highly anticipated event, the Ethereum Protocol Upgrade Proposal (EIP-1559), which promises us to provide an improved transaction process and streamline the user’s experience by reducing transaction costs and making the determination of fees much easier and simpler Being made less stressful and wasteful is also due very soon, “she added.

“We can see a consolidation in the markets. Trading volumes remained low. This consolidation was well anticipated and could continue for the whole month. The sell-off had very little trading volume, which is a positive sign for the crypto market, ”said Edul Patel. CEO and co-founder of Mudrex.

Crypto shopping cart: Quick Glance (Source: coinmarketcap.com, data as of 9.30 a.m., ACTUAL on June 15, 2021)

  • Bitcoin: $ 40,518.56, up 4.32 percent
  • Ethereum: $ 2,595.23, up 4.82 percent
  • Tether: $ 1.00, up 0.07 percent
  • Binance Coin: $ 373.65, up 4.22 percent
  • Cardano: $ 1.58, up 2.54 percent
  • Dogecoin: $ 0.33, up 1.74 percent
  • XRP: $ 0.89, up 2.16 percent
  • Polkadot: $ 25.26, up 16.785 percent
  • USD coin: $ 1, up 0.04 percent
  • HEX: $ 0.092, up 6.09 percent

Note: price change in the last 24 hours

Tech View of Giottus Cryptocurrency Exchange


Cardano (ADA)


Everyone is talking about Cardano at crypto town and has gained incredible amounts after one of the founders discussed its roadmap through 2025. Cardano will grow into one of the most sophisticated ecosystems in the crypto space in the coming years. This news is very bullish for Cardano and the market has reflected it on its charts.

ETMarkets.com

Cardano recently broke trendline resistance of a falling wedge pattern. It is expected to test the trendline resistance of a huge ascending channel, a short-term bullish pattern. ADA remains bullish and will remain so until it is on the channel. Once broken down, it can hit multiple lows. But when ADA breaks and exceeds $ 2.45, new highs can be formed.

All of these moves remain dependent on the movement of Bitcoin, which broke out of its downtrendline this week and appears to be targeting $ 43,000 as the next resistance.

Main stages

Support: $ 1.25, $ 1.16, $ 0.96

Resistance: $ 1.87, $ 2.0, $ 2.45

Binance Coin (BNB)

Binance Coin (BNB) has risen parabolically since late 2020 and recorded a more than 60 percent correction after the crypto crash in May 2021. It is the native coin of the Binance exchange.

BNB is currently forming a rising wedge that can still grow until the first week of July. It will be interesting to see how BNB performs as it broke a large technical and psychological resistance ($ 350) and is being tested

100 (100 day exponential moving average). Breaking the EMA 200 and the trend line resistance of the rising wedge will be extremely bullish for the NBB.
Giottus_BNB_analysisETMarkets.com

Since the ascending wedge is inherently bearish, we cannot rule out the possibility of a bearish reversal. But it will likely bounce off the first ($ 350) or second ($ 275) big support after collapsing. Failure to bounce back from the second big support, the NBB could fall to the USD 210 level.

Main stages

Support: $ 305, $ 290, $ 275

Resistance: $ 410, $ 430, $ 475

The time is in UTC and the daily time frame is 12:00 PM – 12:00 PM UTC

(The views and recommendations in this section are the analysts’ own views and recommendations and do not reflect those of ETMarkets.com. Please consult your financial advisor prior to entering into any position in any of the above assets.)

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‘Banks should be scared’ of cryptocurrency-based DeFi

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Billionaire investor Mark Cuban is very optimistic about the future of DeFi or decentralized finance and DAOs or decentralized autonomous organizations.

“There are many financial institutions that should be concerned,” Cuban wrote in a blog post on Sunday. For one thing, “banks should be afraid,” he wrote.

DeFi applications aim to emulate traditional financial systems with cryptocurrency, while DAOs can control and monitor DeFi applications and other projects.

DAOs are similar to traditional companies or organizations, instead control is democratized within DAOs. Instead of having a centralized leader, DAOs have members who vote on decisions and rules, which are then coded into smart contracts on the blockchain.

For example, DeFi loans allow users to lend cryptocurrencies like a traditional bank does with fiat currency and earn interest as a lender. DeFi loan applications like Aave, Compound and Maker are regulated by DAOs.

The structure of these decentralized protocols is one of the things that piqued Kuban’s interest and made him think that DeFi could be a serious competitor to traditional banks.

He uses Aave as an example to explain why. (A Shark Tank star and owner of the NBA’s Dallas Mavericks, Cuba invested in Aave, which he announced during a Reddit “Ask Me Anything” in February.)

“Aave looks like a bank like its competitor Compound. But it’s not. Nowhere around,” said Cuban. “Aave is a fully automated, permissionless platform with no bankers, no buildings, no toasters, no safes, no cash, no money custody, no forms to fill out, no credit ratings.”

“Everything is controlled by smart contracts. It’s fully automated. You don’t have to get approval from anyone and it takes minutes to get a loan.”

This, of course, is part of what makes DeFi so risky. Unlike a traditional bank, there is no regulation or insurance for your money when you use DeFi. Although DeFi loans are collateralized with other crypto assets, borrowers who use DeFi protocols cannot otherwise be held responsible if they cannot effectively repay a loan.

“The old crypto adage ‘don’t put in more than you can afford to lose’ applies twice to DeFi,” reported CoinDesk. “This stuff is overly complex and a lot can go wrong.”

DeFi-related hacks stole $ 156 million between January and April, according to CipherTrace.

Another feature that draws Cubans to DeFi exchanges is the fact that they don’t necessarily have to raise a lot of capital to scale, he says. “Rather than the company’s owners, investors and their creditors raising capital for all transactions that take place, the liquidity providers (LPs) do it for them,” he wrote.

Liquidity providers are users who fund pools that enable DeFi loans or loans, among other things.

For Cuban, this makes automated financial markets like DeFi “so much more capital and operational than comparable traditional companies”.

Cuban acknowledges the risks and admits that with all of this technology there are technical details to be clarified, but still says that “this approach is the future of private banking”.

And despite the risks, DeFi has been particularly buoyant lately. DeFi Pulse currently has more than $ 60 billion locked in DeFi logs, according to DeFi Pulse.

Cuban is a liquidity provider for a decentralized exchange, he wrote in his blog post. He is also invested in a number of companies in the crypto space, including DeFi companies, and has a portfolio of multiple cryptocurrencies, including Bitcoin and Ethereum.

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Do not miss: This is the fintech that Mark Cuban says you should get to know now

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