Connect with us
[crypto-donation-box]

Blockchain

Stolen Credit Card Site Closes After Making $1 Billion in Bitcoin

A long-running darknet site for stolen credit cards is closing down. Researchers estimate it has made over $1 billion in Bitcoin.

Republished by Plato

Published

on

In brief

  • Joker’s Stash, one of the longest-running market places for stolen credit cards, said it will shut down next month.
  • The site has made revenues of over $1 billion in Bitcoin, according to estimates.
  • However, researchers say the shutdown is unlikely to curb the massive stolen card market.

The operators of stolen credit cards website Joker’s Stash announced last week that they are closing the site down for good next month. The site made revenues of over $1 billion in Bitcoin—their earnings from the platform—over the past years, according to a report by darknet cybersecurity firm Gemini Advisory.

Founded in 2014, Joker’s Stash quickly went from a small-time operator of stolen credit cards to one of the biggest providers. It connected sellers with vendors of illicitly obtained credit card information, codes, and payment addresses, all of which were said to be of the “highest quality” among other similar providers on the darknet.

The stolen card market is no small business either. Research from 2019 stated that over 76.2 million stolen cards made their way to darknet markets in the second half of that year alone. Then in the first half of 2020, 43 million stolen cards were found on the darknet. Much of these were traded on Joker’s Stash, until its end.

“Joker goes on a well-deserved retirement. Joker’s Stash is closing…It’s time for us to leave forever,” read a post written by the site’s operators last week.

The “Joker’s” final post on the dark web site. Image: Gemini Advisory

Much of the Bitcoin (estimated to be over $1 billion at current rates) went to vendors for their services, Gemini Advisory said, and the remaining to Joker’s Stash’ operators—one of whom was known as the “Joker.”

Trouble in Joker land

Despite the fortunes, Gemini Advisory stated that darknet users had recently started to complain about the low-quality of stolen card info and the high amounts of cards that “did not work,” which saw the popularity of Joker’s Stash decline as a whole. The entire darknet market model—one that is wholly anonymous—is based on trust, meaning bad reviews are an instant path to unpopularity and no recurring business.

Losing customers was not the only concern for Joker’s Stash either. The US Federal Bureau of Investigation (FBI) seized its web domains and blockchain addresses last year, which even led to speculation among users that its operators were facing legal troubles at the time. However, Joker’s Stash operators regained access shortly afterward and put the site up again.

Then, in October, the Joker claimed to have caught the coronavirus and was hospitalized for a week. This caused a disruption in sales and a further dip in popularity.

Meanwhile, the end of Joker’s Stash does not mean an end of the stolen card business. Gemini Advisory said that the site’s vendors were “very likely” to fully transition to other large, top-tier dark web marketplaces.

“The underground payment card economy is likely to remain largely unaffected by this shutdown,” the firm said.

Blockchain

Bitcoin Proponents Against Elon Musk Following Heated Dogecoin vs Bitcoin Tweets

Republished by Plato

Published

on

Last week, Elon Musk and Tesla shocked the entire crypto industry following an announcement that the electric car company will no longer accept bitcoin payments for “environmental reasons.”

A Hard Pill For Bitcoin Maximalists

Giving its reasons, Tesla argued that Bitcoin mining operation requires massive energy consumption, which is generated from fossil fuel, especially coal, and as such, causes environmental pollution.

The announcement caused a market dip which saw over $4 billion of both short and long positions liquidated as the entire capitalization lost almost $400 billion in a day.

For Bitcoin maximalists and proponents, Tesla’s decision was a hard pill to swallow, and that was evident in their responses to the electric car company and its CEO.

While the likes of Max Keiser lambasted Musk for his company’s move, noting that it was due to political pressure, others like popular YouTuber Chris Dunn were seen canceling their Tesla Cybertruck orders.


ADVERTISEMENT

Adding more fuel to the fire, Musk also responded to a long Twitter thread by Peter McCormack, implying that Bitcoin is not actually decentralized.

Musk Working With Dogecoin Devs

Elon Musk, who named himself the “Dogefather” on SNL, created a Twitter poll, asking his nearly 55 million followers if they want Tesla to integrate DOGE as a payment option.

The poll, which had almost 4 million votes, was favorable for Dogecoin, as more than 75% of the community voted “Yes.”

Following Tesla’s announcement, the billionaire tweeted that he is working closely with Dogecoin developers to improve transaction efficiency, saying that it is “potentially promising.”

Tesla dropping bitcoin as a payment instrument over energy concerns, with the possibility of integrating dogecoin payments, comes as a surprise to bitcoiners since the two cryptocurrencies use a Proof-of-Work (PoW) consensus algorithm and, as such, face the same underlying energy problem.

Elon Musk: Dogecoin Wins Bitcoin

Despite using a PoW algorithm, Elon Musk continues to favor Dogecoin over Bitcoin. Responding to a tweet that covered some of the reasons why Musk easily chose DOGE over BTC, the billionaire CEO agreed that Dogecoin wins Bitcoin in many ways.

Comparing DOGE to BTC, Musk noted that “DOGE speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.”

Max Keiser: Who’s The Bigger Idiot?

As Elon Musk continues his lovey-dovey affair with Dogecoin, Bitcoin proponents continue to criticize the Dogefather.

Following Musk’s comments on Dogecoin today, popular Bitcoin advocate Max Keiser took to his Twitter page to ridicule the Tesla boss while recalling when gold bug Peter Schiff described Bitcoin as “intrinsically worthless” after he lost access to his BTC wallet.

“Who’s the bigger idiot?” Keiser asked.

Aside from Keiser, other Bitcoin proponents such as Michael Saylor replied to Tesla’s CEO:

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/bitcoin-proponents-against-elon-musk-following-heated-dogecoin-vs-bitcoin-tweets/

Continue Reading

Blockchain

Tesla CEO Elon Musk Explains Why ‘Bitcoin Is Actually Highly Centralized’

On Sunday (May 16), Tesla and Space X CEO Elon Musk attacked Bitcoin (BTC) for being highly centralized after podcaster Peter McCormack criticized Musk for supporting Dogecoin (DOGE) and for spreading misinformation about Bitcoin. As you probably already know, on May 12, Tesla and SpaceX CEO Elon Musk shocked the world by complaining about Bitcoin mining’s […]

Republished by Plato

Published

on

On Sunday (May 16), Tesla and Space X CEO Elon Musk attacked Bitcoin (BTC) for being highly centralized after podcaster Peter McCormack criticized Musk for supporting Dogecoin (DOGE) and for spreading misinformation about Bitcoin.

As you probably already know, on May 12, Tesla and SpaceX CEO Elon Musk shocked the world by complaining about Bitcoin mining’s high usage of fossil fuels and saying that for this reason Tesla would not be accepting Bitcoin as a form of payment until “mining transitions to more sustainable energy.”

The next day, Musk revealed that has been working with Dogecoin developers to reduce the power consumption of mining of the meme-based cryptocurrency.

In fact, as Decrypt reported on May 14, according to Ross Nicoll, one of the part-time Dogecoin developers Decrypt talked to, Musk “started talking to the developers in 2019, he has ‘encouraged them to improve the higher transaction throughput,’ provided ‘lots of advice and input,’ and shared his vast Rolodex of contacts.”

Nicoll also said (1) that the dev team he is part of is hoping to reuce Dogecoin’s power consumption; (2) Musk has been with Dogecoin’s dev team since April 2019 (when he said that Dogecoinmight be his favortie cryptocurrency); and (3) that Musk had offered to fund the team, but his offer of financial support had been rejected (just as with offers they had received from other wealthy potential backers).

Yesterday, Dogecoin supporter “@itsALLrisky” said on Twitter explained why he thinks that Dogecoin, which Musk has referred to as “people’s crypto”, is better than Bitcoin. Musk said Dogecoin would beat Bitcoin “hands down” if its developers made three improvements: 10X faster block production time, 10X larger block size, and 100X lower transaction fees.

Well, today, McCormack criticized Musk for supporting meme-based Dogecoin, which he thinks could potentially result in ill-informed investors in $DOGE suffering big losses, as well as causing harm to Bitcoin’s reputation and its ecosystem.

McCormack’s accusations angered Musk, who seemingly warned that he might just “go all in on Doge.”

Musk then went on to explain why he believes that Bitcoin is highly centralized.

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoglobe.com/latest/2021/05/tesla-ceo-elon-musk-explains-why-bitcoin-is-actually-highly-centralized/

Continue Reading

Blockchain

ETH Developers Calculated How To Defuse The Difficulty Bomb

Republished by Plato

Published

on

ADVERTISEMENT

ETH developers calculated how to defuse the difficulty bomb because if they leave it untreated, they will slow down the network as we can see more in our Ethereum news today.

Ethereum’s encoded difficulty bomb is set to explode this summer and James Hancock as well as Tim beiko said that the ETH developers calculated the time needed to delay the bomb and this could the last time the developers need to take that action. Ethereum developers agreed on Friday how to delay the difficulty bomb ad if that is left untreated, the entire network could be slowed down. The difficulty bomb is an old piece of code that makes mining on ETH slower and less profitable over time by increasing the lag between the production of blocks.

Ethereum 2.0 switches the network from proof of work as a way of validating transactions with powerful mining computers to Proo of Stake which rewards the ones that pledge the coins to the network. It takes an average of 13 seconds to mine a block on ETH right now and without delaying the bomb, it could take more than 20 seconds to validate the block by the end of the year. Ethereum developers agreed on how many blocks were quite necessary to delay the bomb until December. The calculation for the delay was proposed by the ETH core developers James Hancock as he said:

ADVERTISEMENT

“The bomb’s always there, and we defuse it by turning the blocktime back just for the bomb.”

block time
The block time chart on Etherscan. Annotated by James Hancock for Decrypt.

He later said that the proposal will delay the bomb by 9,700,000 blocks. Tim Beiko, the ETH core developer also said that the developers dismissed a proposal to delay the bomb next spring but that won’t be necessary. The developers expected that by December, the network will update to allow the ETH 1.0 the network that relies on PoW to communicate with ETH 2.0 as the new network relies on PoS and this is known as the Merge:

“If the Merge is ready by December, we won’t need to do anything about the bomb because we will move away from mining entirely.”

If the merge plans remain unimplemented, the Shanghai fork is expected to go live and will delay the bomb once again. The Bomb has been delayed three times so far.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.dcforecasts.com/ethereum-news/eth-developers-calculated-how-to-defuse-the-difficulty-bomb/

Continue Reading
Blockchain5 days ago

Billionaire Druckenmiller says ledger-based system could replace USD worldwide

Blockchain4 days ago

First Spot: Coinbase’s App Surpassed TikTok, Instagram, and Facebook on iOS in the US

Blockchain4 days ago

Raze Network Kicks Off Testnet Phase With UI Community Voting

Blockchain4 days ago

dotmoovs Raises $840,000 From Strategic Investors and Partners

Blockchain5 days ago

The challenges with designing a CBDC, explained

Blockchain4 days ago

Casper Network’s CSPR Spot Trading Now Open on OKEx

Blockchain4 days ago

How did Internet Computer (ICP) become a top-10 cryptocurrency overnight?

Blockchain4 days ago

When dollars meet the hype: The biggest NFT hits from celebrities

Blockchain5 days ago

Uniswap flips Bitcoin on daily revenue… and it’s more impressive than you think

Blockchain4 days ago

PARSIQ Integrated Into Polkadot For Smart Triggers Across the Relay Chain

Blockchain3 days ago

US Investment Bank Cowen to Offer Crypto Custody Services

Blockchain5 days ago

Polkadot, Cosmos, Bitcoin Cash Price Analysis: 11 May

Blockchain4 days ago

From cypherpunk to state contracts: the changing face of blockchain

Blockchain4 days ago

DeFi lending platform Aave reveals “private pool” for institutions

Blockchain5 days ago

TA: Ethereum Overcame Odds With New High, Here’s Why ETH Could Test $4.5K

Blockchain4 days ago

MoneyGram to Enable Users to Buy Bitcoin and Withdraw it From Birck-and-Mortar Locations

Blockchain4 days ago

Griff Green: Doge-loving hippy hacker steals crypto before bad guys can

Blockchain4 days ago

Here are the Top DeFi Tokens With The Largest Price Jumps This Week

Blockchain4 days ago

As Elon Musk’s SpaceX Literally Sends Dogecoin To The Moon, Justin Sun Craves For Tron to Tag Along

Blockchain4 days ago

Gaming Giant Kinguin Taps Immutable X for NFT Offering

Trending