U.S. President Donald Trump Bashes Bitcoin, Crypto Community Thanks Him for It

Francisco Memoria

U.S. President Donald Trump has recently criticized bitcoin and Facebook’s cryptocurrency Libra in a series of tweets. The cryptocurrency community thanked him for the free publicity.

Via the microblogging platform, Trump wrote he isn’t a fan of bitcoin or cryptocurrencies in general, and doesn’t see them as money. The U.S. President claimed the value of cryptocurrencies is “highly volatile and based on thin air.”

Trump then tweeted about Facebook’s Libra cryptocurrency, and claimed it’ll have “little standing or dependability.” He added that if Facebook or other companies are looking to “become a bank,” they’ll have to get a Banking Charter and “become subject to all Banking Regulations, just like other Banks.”

Finally, he tweeted out that the only real currency in the United States is the U.S. dollar, and that it’s currently “by far the most dominant currency anywhere in the World.”

The U.S. President’s comments come shortly after the head of the U.S. central bank, Jeremy Powell, claimed bitcoin is a “speculative store of value like gold.” Powell told lawmakers that Facebook’s plan to launch a cryptocurrency can’t move forward, unless it addresses several concerns related to money laundering, financial stability, and privacy.

Powell further added that the Federal Reserve established a working group to follow the project, and that it is coordinating with the central banks of other governments. Similarly Bank of England governor Mark Carney recently weighed in on Facebook’s Libra, claiming it must be meticulous from the very start.

Cryptocurrency Community Applauds Free Publicity

Despite Trump’s negative views on bitcoin and the cryptocurrency space in general, the cryptocurrency community applauded his tweet over the free publicity it gave BTC. The U.S. President’s tweets seemingly had no negative effect on BTC’s price.

On Twitter, many pointed out that Trump has over 60 million followers, and that through his tweets he put bitcoin and the cryptocurrency ecosystem in front of potentially thousands of new users who’ll look into what cryptocurrency is.

Some prominent members of the cryptocurrency community also replied to Trump trying to show the President some of the advantages cryptocurrencies bring to the table. Kraken CEO Jesse Powell pleaded with him not to let the U.S: fall behind on it.

The Winklevoss twins’ cryptocurrency exchange Geminin tweeted a quote from Tyler Winklevoss.

At press time, one bitcoin is trading at $11,600 after rising 1.3% in the last 24-hour period. In the last six months, the flagship cryptocurrency’s price rose over 200%.

Featured image by Gage Skidmore | Flickr | CC by 2.0

Rng Security Camera Hackers Start Demanding Bitcoin Payments From Victims

The owners of a Ring doorbell security camera in Texas have been targeted by a bitcoin extortion attempt, which they managed to thwart simply by removing the device’s batteries to shut it off. The case, nevertheless, shows Ring security camera hackers are now demanding cryptocurrency payments.

According to a report published by WFAA, spotted by Gizmodo, 28-year-old Tania Amador revealed her Ring security system was hacked by hackers looking to cash in on their access to the device, by demanding a ransom of 50 bitcoin, equivalent to around $360,000.

Speaking to WFAA Amador stated:

I was asleep and our Ring alarm was going off like an intruder had entered our home. Then we heard a voice coming from our camera.

The voice initially started claiming to be from Ring’s support team, notifying the homeowner her account had been terminated by a hacker. It soon added that if the didn’t pay the 50 bitcoin ransom, she would be terminated as well.

The situation appeared to turn worse for Amador and her partners, as the hackers managed to make it look like they were just outside her door after compromising the security camera, adding to the pressure of the situation. Their response was to reach the device and remove its batteries.

Without their batteries, the hijacked cameras simply went off and the bitcoin extortion attempt ended. Ring has notably been at the center of a controversy after various reports pf its doorbell cameras being hacked started emerging. A report by Motherboard showed that on hacking forums, software used to hack these devices is being sold for as little as $6.

This type of software is often sold on the dark web, where vendors even list Black Friday deals to appeal to their customers. Speaking to WFAA, a home security firm claimed that these security breaches were a result of third-party data breaches that include Ring account details, and not a security flaw within Ring’s security system itself.

Featured image via Unsplash.