Daily Archives: February 9, 2022

A cryptocurrency or crypto, is a virtual currency secured by cryptography. It is designed to work as a medium of exchange, where individual ownership records are stored in a computerised database.

The defining trait of a cryptocurrency is that they are not issued by the government agency of any country making them immune against any interference and manipulation from them.

Latest Developments regarding Cryptocurrency in India The Cryptocurrency and Regulation of Official Digital Currency Bill 2021 is likely to be introduced in the winter session of the Parliament. It is a bill that would regulate Cryptocurrency in India. On December 7 2021, Finance minister Nirmala Sitharaman asserted that the the proposed Central Bank Digital Currency will not boost cryptocurrency in India.

This article will further discuss the details of cryptocurrency within the context of the Civil Services Examination.

In simplistic terms, Cryptocurrency is a digitised asset spread through multiple computers in a shared network. The decentralised nature of this network shields them from any control from government regulatory bodies.

The term cryptocurrency in itself is derived from the encryption techniques used to secure the network.

As per computer experts, any system that falls under the category of cryptocurrency must meet the following requirements.:

Get the latest information on Cryptocurrency at 8:58 minutes on the video provided below

The first type of crypto currency was Bitcoin, which to this day remains the most-used, valuable and popular. Along with Bitcoin, other alternative cryptocurrencies with varying degrees of functions and specifications have been created. Some are iterations of bitcoin while others have been created from the ground up

Bitcoin was launched in 2009 by an individual or group known by the pseudonym Satoshi Nakamoto. As of March 2021, there were over 18.6 million bitcoins in circulation with a total market cap of around $927 billion.

The competing cryptocurrencies that were created as a result of Bitcoins success are known as altcoins. Some of the well known altcoins are as follows:

Today, the aggregate value of all the cryptocurrencies in existence is around $1.5 trillionBitcoin currently represents more than 60% of the total value.3.

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Cryptocurrency has the following advantages

Cryptocurrency- Download PDF Here

Cryptocurrencies have the following disadvantages.

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Cryptocurrency: Definition, Advantages & Disadvantages

State legislatures for the past few years have been exploring ways to regulate and take advantage of the growing interest in cryptocurrencies. This year, two states in the West have captured national attention for proposals that would allow tax payments in digital currencies.

A bill before the Arizona Legislature would amend state law to include Bitcoin as legal tender to pay debts, public charges, taxes and dues. And a proposal in Wyoming isnt limited to a specific currency, but it would only apply to payment of local sales and use taxes.

Both proposals face potential legal and political hurdles. But Wyoming has gone further than any other state in passing laws to accommodate cryptocurrency adoption, and backers of the proposal there believe it will be the first state to take a significant step in the realm of tax payments, Politico reported.

A National Conference of State Legislatures summary shows 33 states considered proposals last year dealing with digital currency. And Wyoming has been on the forefront in establishing the groundwork to take advantage of digital currencys growing popularity and potential.

For the last four years, Wyoming has done profound legislation that has achieved global attention with its groundbreaking concepts, state Sen. Tara Nethercott, R-Cheyenne, who sits on the states Select Committee on Blockchain, Financial Technology and Digital Innovation Technology, told the Wyoming Business Report.

The states Republican U.S. Sen. Cynthia Lummis, one of the more vocal crypto champions in Congress, plans to introduce a comprehensive bill this year that would cover everything from how digital assets are taxed and categorized to consumer protections, Bloomberg recently reported.

Colorado is also trying to stake its claim in the cryptocurrency industry. Nasdaq.com reported last year that Gov. Jared Polis, a Democrat, told a gathering of digital currency supporters that his state would be thrilled to be the first state to let you pay your taxes in a variety of cryptos.

Colorado is and will be the center for blockchain innovation in the United States, attracting investments and good jobs and innovators in infrastructure, digital identity, (and) individual data security in the private and public sector, he said, without giving details on how that ambitious plan would roll out.

Local leaders around the country are also looking for opportunities to cash in to create jobs and finance public projects, according to The New York Times.

Cryptocurrencies are decentralized digital currencies that can be used to buy and sell products. Owners often have a digital wallet that allows them to buy or sell coins through digital exchanges. The wallets are often online, or theyre stored offline on a hard drive.

While some retailers accept virtual currencies and support state efforts to help the innovation grow, no states currently allow for taxes to be paid in crypto. Ohio was the first to announce businesses could use Bitcoin to pay tax bills in 2018. But the service lasted less than a year before it was declared illegal and shut down.

And some observers see the efforts in Wyoming and Arizona as little more than symbolic stunts to push volatile digital currencies into mainstream acceptance.

The Arizona bill declaring Bitcoin as legal tender has a particularly high hurdle to clear as the Constitution restricts the power of states to issue their own money.

Arizona could certainly pass a law like this and the state government could choose to accept Bitcoin as payment for Arizona taxes, but this would not change the legal treatment of Bitcoin as property from a federal tax perspective, Preston Byrne, a Washington, D.C.-based attorney who specializes in the blockchain technology used by digital currencies, told gobankingrates.com.

Wyomings more narrowly focused proposal would face more of a political than legal battle, said Rohan Grey, research director of the Digital Fiat Currency Institute, a San Francisco-based trade group that represents government bodies and financial institutions.

He told Politico that as the federal government gears up to more extensively regulate cryptocurrencies, Congress could simply pass a law banning the practice.

There is also concern among global financial regulators about displacing a national currency, which could undermine the ability of national governments and central banks to regulate the economy.

While support and skepticism toward digital currency cuts across the political spectrum, partisan lines are appearing in Congress, Slate.com reported. It detailed examples of Republicans in both the House and Senate having a more favorable approach toward innovative digital technology than Democrats and encouraging the Federal Reserve and Treasury Department to take a friendlier stance toward Bitcoin so that China doesnt get ahead in the sector.

Among the broader populace, however, partisan divisions arent so stark on the issue of cryptocurrency, the article noted. A recent Morning Consult poll found that 9 percent of Democrats and 9 percent of Republicans believe that there are too many cryptocurrency regulations. Conversely, 26 percent of Democrats and 19 percent of Republicans believe that there arent enough cryptocurrency regulations, a 7-point gap that Morning Consult characterizes as fairly narrow when it comes to opinions on financial laws.

And some observers say its the support of that broader populace that supporters of the Wyoming and Arizona proposals want to capture, as media reports continue to cast a wary eye on the cryptocurrency craze.

Broad appeal might be difficult to garner in Arizona, where the cryptocurrency legislation is sponsored by Republican state Sen. Wendy Rogers, who was recently singled out by the Anti-Defamation League for her extremist views and racist rhetoric. But Wyomings proposal is backed by the Merchant Advisory Group, a trade group for retailers that includes giants such as Amazon, Walmart, and Home Depot. For retailers, part of the appeal would be convenience, said Wyoming Rep. Ocean Andrew, the sponsor of the bill.

He was quoted on the website Moneyandmarkets.com, where columnist Shawn Ambrosino hopefully writes that debates over the bills like those in Wyoming and Arizona are what the cryptocurrency movement needs to go mainstream.

Just like we saw with the cannabis market, the moment states start accepting these digital currencies as legal tenders, he predicted, it starts catching on like wildfire.

Contributing: Herb Scribner

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Can you pay taxes with cryptocurrency? Where is crypto accepted as payment? - Deseret News

As concerns rise and hearings are held in the US about the cryptocurrency industrys effect on the environment, its time to address blockchains poor sustainability record. The first port of call should be changing how transactions on the blockchain operate a move which could cut its energy usage by 99.99%.

A cryptocurrency is a digital representation of value that, unlike traditional money, isnt issued by any central bank or agency. Cryptocurrencies are powered by blockchain technology, which allows the exchange of virtual coins like bitcoin and ether.

Cryptocurrency mining is the process of creating new coins by solving complex mathematical problems. The mining process also validates transactions on the cryptocurrencys network, proving that theyre genuine.

Crypto transactions are validated in two main ways: using either a proof of work or proof of stake mechanism.

Proof of work requires miners around the world to compete to complete a maths puzzle. The winner is rewarded with a predetermined amount of cryptocurrency and the ability to validate their transaction.

In proof of stake, cryptocurrency owners validate blockchain transactions based on the number of coins they stake. In other words, cryptocurrency owners are required to put up their own cryptocurrency as collateral for the opportunity to successfully approve transactions.

Proof of work is more secure than proof of stake, but its slower and consumes more energy. The mining activities of pioneering blockchains like Bitcoin are based on proof of work and thus use enormous amounts of energy. But switching transactions to proof of stake has the potential to dramatically cut emissions.

Although renewable energy is now being used to power some cryptocurrency activities, that energy could surely be put to better use elsewhere: for example, to power homes or businesses. Instead, if blockchain transactions were verified through proof of stake a move that Ethereum is planning to make their energy consumption could be reduced to 0.01% of its original value.

The estimated power needed to run the Bitcoin network across the world is an extraordinary 7.46 gigawatts (GW) per year. For comparison, in 2020 an average-sized nuclear plant produced around 1GW of electrical power in a year. The energy required for just one bitcoin transaction could power the average US home for more than 70 days.

As the US committee heard, a bitcoin transaction adds around 400kg of CO to the atmosphere (assuming its powered by an energy mix typical of the UK, of which around two-thirds comes from fossil fuel).

Read more: Crypto countries: Nigeria and El Salvador's opposing journeys into digital currencies podcast

Together, Bitcoin and Ethereum mining operations emit more than 70 million tonnes of CO into the atmosphere. Thats the same as the annual exhaust emissions of over 15.5 million cars. One cryptocurrency mining firm is even seeking to restart operations at two coal-fired power plants in Pennsylvania to generate more energy.

The main concern raised by the US committee was that, given the potential for a dramatic increase in cryptocurrencies value, their required energy consumption and environmental impact is likely to keep growing.

This is partly thanks to the boom in related markets like decentralised finance (DeFi) and non-fungible tokens (NFTs), which are largely based on the Ethereum blockchain.

DeFi is a financial system using blockchain technology to let users make transactions and investments without going through a central mediator, while NFTs are unique pieces of digital media stored on the blockchain.

Although DeFi only launched in 2017, its value already hit 85 billion in November 2021. And NFTs total sale value grew from 74 million in 2020 to 29.6 billion in 2021.

Also, since NFTs are most commonly created on the Ethereum blockchain which uses proof of work to verify transactions it takes a lot of energy to create one. And as NFTs feature prominently in the growing metaverse, their energy demand is only set to increase.

Read more: How Covid broke supply chains, and how AI and blockchain could fix them

It sounds contradictory, but adopting blockchain technology could actually have a positive effect on the environment over the long term. This is because it could allow companies to automate many of their complex payment systems, reducing the number of commuting employees and resulting in fewer transport-related emissions.

While the extent of this transformation is very hard to predict, its becoming clear that as blockchain technology grows, its benefits will too. For example, as developments in blockchain continue to break new ground in business and finance, were seeing cryptocurrency accelerate financial inclusion for those whove historically been excluded from participating in formal financial systems.

As more businesses enter the metaverse, governments and regulators should aim to ensure that environmental implications are minimised without stifling innovation. Requiring blockchains to adopt proof of stake would be a good start.

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Cryptocurrency, NFTs and the metaverse threaten an environmental nightmare heres how to avoid it - The Conversation UK

India has the second highest cryptocurrency users in the world, according to a report by Chainanalysis

The popularity of cryptocurrency seems to show no signs of slowing down. Now, data suggests that investors in India also have embraced cryptocurrency. According to a new report by Chainanalysis, the boom in cryptocurrency in India has resulted in a tremendous rise in the number of users in the country. In 2021, India recorded the second-highest number of cryptocurrencies users around the world, the report stated. The report, released in 2021, shows that India is second only to Vietnam in the number of cryptocurrency users.

In addition to the rise in the number of cryptocurrency users, the report by the industry research firm also shows that the country's crypto market grew by 641 per cent in the year. While Pakistan comes third in terms of the number of cryptocurrency users after Vietnam and India, it saw the most growth at 711 per cent. The report also noted here that while India, Vietnam, and Pakistan all have high levels of grassroots cryptocurrency adoption, they're quite different in terms of the raw transaction value.

Additionally, the report cited possible reasons behind the surge in the number of users based on comments by industry experts. For instance, Joel John, Principal at LedgerPrime, said that it could be the ease of crypto investments that has encouraged more people to warm up to it. Investing inequities in India is a long, painful process that requires you to sign lots of documents. It takes about three to four days. Investing in crypto takes less than an hour, Joel John was quoted as saying.

Meanwhile, Krishna Sriram, Managing Director at Quantstamp, was cited in the report as saying, Tons of Indian developers, fund analysts, and independent freelancers working for overseas employers have started requesting to be paid in cryptocurrency.

The rise in the number of cryptocurrency users comes at a time when Finance minister Nirmala Sitharaman has said that the government will bring clarity on formalisation of cryptocurrency soon. In the budget for 2022-23, the government has announced that virtual digital assets would be taxed.

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India Recorded Second-Highest Cryptocurrency Users In World In 2021: Report - NDTV Profit

CHICAGO, Feb. 8, 2022 /PRNewswire/ --With over 1,700 locations now in the United States, RockItCoin today announced the next phase of its growth strategy with the launch of cryptocurrency ATMs in Bogot, Colombia, featuring a premiere installation at the El Retiro Shopping Center.

Our greatest impact will be our commitment to customer service and educating the Colombian crypto community.

"We have had great success in the United States and will continue expansion efforts domestically and internationally," said Michael Dalesandro, CEO and founder of RockItCoin (www.rockitcoin.com). "With the continued global acceptance and adoption of cryptocurrency, RockItCoin will expand its offerings to grow with this ecosystem".

"We've seen tremendous response to our domestic networkand are focused on providing Colombians with the same inclusion and instant access to the crypto community,"said Ben Phillips, president of RockItCoin. "But we intend to be more than a simple retail solution. Our greatest impact will be our commitment to customer service and educating the Colombian crypto community." RockItCoin offers live agent support to its customers.

The featured RockitCoin Bitcoin ATM (Calle 81 #11-95 Local 3 204, Cl. 81, Bogot, Cundinamarca, Colombia), is set in one of the highest-profile shopping centers in the South American city and is in a prime destination for retail, dining, and culture in one of the most bustling commercial areas ofBogot.

Dalesandro said much like its RockItCoin network in the United States, RockItCoin services abroad will offer users privacy, simplicity, availability, security, and choice, delivering cryptocurrency to customers' wallets as quickly as possible.

"From RockItCoin's beginnings, we have made it our commitment to bring cryptocurrency to the masses," explained Dalesandro. "Expanding internationally is just another step towards this goal. Colombia is just the beginning."

Founded by Dalesandro and Phillips in 2015, RockItCoin is a leading crypto blockchain company based in Chicago, Illinois, and operates a nationwide network of over 1,700 cryptocurrency ATMs. The company also offers digital trading services through its website or mobile app, along with large-scale crypto trading management services. More information is available by visiting http://www.rockitcoin.com and following RockItCoin on Facebook, Twitter, and Instagram.

Contact: Nick McGuire

nick@rockitcoin.com | 312-971-9476

View original content to download multimedia:https://www.prnewswire.com/news-releases/rockitcoin-lauches-internationally-with-the-installation-of-cryptocurrency-atms-in-colombia-301475135.html

SOURCE RockItCoin

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ROCKITCOIN LAUCHES INTERNATIONALLY WITH THE INSTALLATION OF CRYPTOCURRENCY ATMs IN COLOMBIA - Longview News-Journal

Photo: Quinten Jacobs (Shutterstock)

Even as cryptocurrency becomes more and more mainstream, the wild ride that Bitcoin and other cryptocurrencies are always on scares off a lot of people. Its one thing to imagine you were hip enough to buy Bitcoin when it was worth a few bucks, its something else entirely to pony up thousands of dollars only to see it magically transform into hundreds of dollars.

There are still compelling reasons to invest in crypto, of course. Bitcoin and Ether and other crypto coins have shown a tendency to gain back value after falloffs, making every dip a potential opportunity. And the potential for cryptocurrency to someday become a truly anonymous currency has vast appeal for manyplus, the list of stuff you can buy using Bitcoin and other currencies is growing.

If youre new to crypto, you might not realize that you need a place to store your coins once youve bought them. Cryptocurrency is just decentralized computer code, and yes, you can store that code in an exchange like Coinbase or Robinhoodbut storing your crypto in public exchanges puts your funds at risk, because if the exchange is compromised (or collapses), all you can do is wave sadly as your coins fly away, never to be seen again. A better bet is to put your crypto in a cryptocurrency wallet.

There are more than 17,000 cryptocurrencies in existence, which is...a lot. There arent quite as many wallet choices for storing your crypto, but you still have some decisions to make.

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A cryptocurrency wallet isnt a place where your coins go, its just a place where your public and private keys intersect. They work in essentially the same basic way, using a public and private key system. When you send money to the public key, it posts that transaction on the blockchain associated with that particular cryptocurrency. Thats the public, unalterable record that governs the cryptocurrency. Then, in order to access the crypto in the wallet, you need your private key. Its important to note that no matter where you store your crypto, if you lose your private key, you are what scientists call shit out of luck (SOL).

There are two basic kinds of crypto wallets: Hot wallets, which are software-based and connected to the Internet, and cold wallets, which are not connected and are often hardware (as in, a physical dongle or drive). Hot wallets are slightly less secure but lend themselves to daily transactions. Cold storage has that extra bit of security in that even if hackers know how to steal your crypto, theyll need physical access to the wallet to even try (and even if they actually steal the physical wallet, without your private key your money is safe). But the downside of a cold wallet is the delay and trouble involved in accessing your crypto.

In fact, the ultimate cold wallet is whats known as a paper wallet, which is just thata piece of paper with your public and private keys printed on it. Theyre not very convenient, and if you lose the paper youre screwed, but on the other hand, no one has invented a way to beam a piece of paper over the Internet. Some investors use both hot and cold walletshot to make daily moves, cold to store coins long-term.

If you decide you want a cold wallet, your best choice is probably the Ledger Nano X. It works with more than 1,800 kinds of crypto coins and is easy to use. You can connect it to your computer either via USB or Bluetooth, making it a convenient cold wallet. The Nano X balances solid security with an interface that is easy to navigate and use, so you can spend more time staring in horror as your crypto position craters and less time trying to frantically figure out how to sell it all before its too late.

If the ease of transactions and being free from a physical object is important to you, a hot storage wallet is your answer. Which wallet you choose depends on what youre looking to accomplish:

There are close to a hundred crypto wallets on the market right now, so you have a lot of choices. If youre just figuring this stuff out, you can start with Coinbase Wallet and transfer everything over if and when you decide a different wallet is needed. Ultimately, choosing a wallet offered by a reputable, well-established company is the key first step.

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How to Choose the Right Cryptocurrency Wallet - Lifehacker

Vevey, Switzerland, Feb. 08, 2022 (GLOBE NEWSWIRE) -- What is the Purpose of this Token?

Fear, Uncertainty and Doubt

While typically it is the death of most tokens, they have chosen to embrace the darkness.

Sometimes you must flip the script.

Join them as they harness it for good and stonks. Heres their message:

We wanted to create a token with no bullshit. No over the moon promises. No weightless NFT marketplace promises, no Metaverse. Just an ERC-20 Token with a vision and a community built from the ground up. Our team has spent years in this space; watching, buying, learning. We have come to the conclusion that what this community needs is a good old fashion runner. A team that works to spread exposure of the token. Videos, Memes, Custom stickers you know, the fun stuff! Things everyone can share and laugh at or with (your choice). We have also noticed one theme above all FUD.

It is essential to us. We want to embrace this FUD. Let it carry us to the highest peaks. How do you deal with criticism? You embrace it. This token is FUD. This community is FUD. Come spread the Fear, Uncertainty, and Doubt that crushes so many and watch us fly.

What is FUD? Fear Uncertainty and Doubt. FUD is generally used as a strategy to influence peoples perceptions to think negatively about a situation. Using dubious or even false information to manifest fear. Whales, media outlets, hedge funds, venture capital firms etc. commonly use FUD to gather a stronger market position or to time your buys in at lower positions.

Our purpose is to flip the entire script on the system, what happens when the FUD is embraced?

Note: This Token was launched using our signature, and new, Tochis Fair Launch approach;

Tochis Fair Launch means quite simply upon Launch, the liquidity will be locked. The roadmap is genuine, realistic, honest, and achievable. The Tochi Fair Launch stamp certifies its made by the trustable clean conscious team of artists, Team Tochi. There wont be preloaded wallets, there wont be a fake NFT marketplace, just pure, high quality good-faith meme token action. Join us on our journey in 2022.

An ERC-20 Token developed with a robust contract featuring capabilities such as Anti-bot, Anti-sniping, Blacklisting, No mint functions, etc. The use cases are both limited and infinite. How many we will apply depends on how far the FUD travels.

Summarization:

Fear, Uncertainty, and Doubt is about to be tested by a community of thought provokers, artists, and crypto enthusiasts alike. Lots of artwork, a storyline, full video series, tailored with a clean safe contract to protect launch and sustainability.

What is the Function of this TokenFear Uncertainty and Doubt has been spoken of since the 1900s contrary to some people thoughts, this is not a new term the cryptocurrency industry has created. Regulators across the globe, the ones we rely on to make our laws, are not immune to the FUD.

Fear of changes within the typical grandfathered in financial system and the potential of crypto being unregulatable.

Uncertainty generally on how crypto even works, or how web3 as a whole works.

Doubt about if crypto is even beneficial to society as a whole.

Our purpose is to birth a re-think, that can travel through our community and eventually a wide and robust audience. Our mission statement is very simple, inspire leaders as to: Why the people they serve value crypto. Learn how blockchain technology works or build infrastructure and hire people who understand it. And flexibility, to take on a flexible approach achieving positive, even to the cryptocurrency industry, regulatory objectives.

Summarization:

This token aims to shift our global leaders approach within cryptocurrency using a multi-faceted approach. To bring insight within how cryptocurrency can actually benefit the legacy financial system, shed insight to a broader audience how crypto works, and the endless possibilities web3 provides, and lastly expand in depth how and why crypto benefits society.

Check out our socials below where youll find even more information including links, upcoming promotions, and announcements.

Website: http://www.TheFudToken.com

Telegram: t.me/FudTokenOfficial

Vimeo: Vimeo.com/TheFudToken

Twitter: Twitter.com/Fud_Token

Total tokens: 1 Billion

Reflections - No Presale / No Pre-Investors / No Developer Token Wallets / 100% Bullish

Media Details

Company Name: Fud TokenCompany Email: TheFudToken@GMail.comCity: VeveyCountry: Switzerland

There is no offer to sell, no solicitation of an offer to buy, and no recommendation of any security or any other product or service in this article. Moreover, nothing contained in this PR should be construed as a recommendation to buy, sell, or hold any investment or security, or to engage in any investment strategy or transaction. It is your responsibility to determine whether any investment, investment strategy, security, or related transaction is appropriate for you based on your investment objectives, financial circumstances, and risk tolerance. Consult your business advisor, attorney, or tax advisor regarding your specific business, legal, or tax situation.

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Newly Announced "Fud Token" Cryptocurrency - Could this be - GlobeNewswire

A sign at Meta headquarters in Menlo Park, Calif. Criminals are running rampant on social media, according to a Federal Trade Commission report. Two Berkshire County residents had their accounts hacked for use in a cryptocurrency scam.

GREAT BARRINGTON Ed Domaneys friends started calling and texting him at his downtown wine and liquor store one night to tell him a hacker had hijacked his Instagram account.

Theres been so much hesitancy on the part of the companies, mainly because they abuse personal privacy and they sell information and they dont want to rein in what has been their cash cow."

Elliott Greenblott, of AARP's Fraud Watch in Vermont, on why Big Tech doesn't protect consumers

He pulled up his personal profile. Sure enough, recent photos indicated that he had, unbeknownst to him, made a bundle from bitcoin mining, and wanted his friends to reap the benefits, too.

Some of his followers tangled with the hacker. They said in direct messages on the platform that they knew Ed, and that they were onto the hacker's scheme. The hacker responded with a profane insult, and from there, a struggle ensued.

I couldnt get rid of the photos, and I tried to change my password and I couldnt because the hacker had changed it, Domaney said.

Ed Domaney, owner of Domaneys Liquors and Fine Wines in Great Barrington, did not lose money, but his ordealis just a part of the latest trend in using social media to steal.

He got help from a family friend who works for Meta, which owns Facebook and Instagram. It took three company technicians to gain control of the account.

At about the same time, a similar battle was underway in Pittsfield. The Instagram user, who does not want his name used, in order to protect his privacy, also appeared to be raking it in through bitcoin mining, given posts showing his new Mercedes-Benz and a house. For two weeks, he unsuccessfully tried to wrest his account back from a hacker. He finally had to create a new one.

The hacker had stolen his account and changed his profile handle. Worse, they impersonated him, posting photos to his account of him with his daughter to advertise a cryptocurrency fraud scheme. He sent screenshots to Instagram. The company has done nothing to help has not even responded.

I sent them a dozen emails, a picture of my ID, a video selfie, he said, noting that part of the problem is that he no longer has access to the email address he used to set up the account 10 years ago.

Texting with a social media hacker who is purporting to have made a bundle through bitcoin mining.

Neither Domaney nor the Pittsfield man lost money to the thieves. Theirs is just a part of the latest trend in using social media to steal. These investment scams last year made up 37 percent of the total dollars lost to fraud initiated on social media, according to a report last month by the Federal Trade Commission, which said social media platforms have grown into a hub of criminal activity. Fortune magazine said crypto-related fraud is set to swallow social media whole.

The hacker who seized the Instagram account of a Pittsfield resident tries to lure one of his followers into a scam.

The number of people who reported that their money was stolen in a social media-based scam grew eighteenfold from 2017, with a total reported loss last year of $770 million.

The agency is warning people of this crime surge and issued a number of tips to stay safe, including using privacy settings to restrict what the public can see.

Neither Domaney nor the Pittsfield user had their two-party verification system turned on, and that likely is the reason the hacker was successful. This system sends a code to the account owner on a different device to verify the owner's identity in two steps.

Domaney also thinks he accidentally might have followed a fake account masquerading as a friend he already was following.

I must have clicked something I shouldnt have, he said.

Fraud experts say Big Tech companies largely are to blame.

Social media has become the No. 1 territory for the criminals, said Elliott Greenblott, AARP Fraud Watch Coordinator in Vermont and an Eagle contributor. It's poorly monitored and managed by companies like Facebook [Meta]. Google doesnt do a very good job, nor do Twitter and Instagram.

Greenblott said Big Tech doesnt police its platforms to protect consumers for the usual reasons money.

Theres been so much hesitancy on the part of the companies, mainly because they abuse personal privacy and they sell information and they dont want to rein in what has been their cash cow," he said.

He said AARP is focusing on people ages 25 to 49, who increasingly are victimized in fraud schemes and likely are to be victimized more than once. He said people are spending more time online during the coronavirus pandemic, and that this gives criminals more targets.

Reports of these kinds of online scams havent been reported to Great Barrington Police yet, said Chief Paul Storti, who noted that the department works with Greenblott to protect people. He the public should call the station with any concerns.

The hacker who seized the Pittsfield users account tried to ensnare his followers into a fake investment. They began by sending direct messages, asking if they would vote for him to be an ambassador in an online influencers program. If yes, the hacker would send a link to place a vote a link that might be compromising their account.

The hacker also continued to refer followers to the profile page of his mentor, Oliver George, an entrepreneur who the hacker says owns a bitcoin mining company. That account shows the purported Mr. George pensively moving through a world of luxury while wearing expensive watches.

The awful part is the lack of response from Instagram, the Pittsfield resident said.

Domaney had an easier time. His son also helped secure his account and reassure customers that his father had not suddenly changed careers.

He is NOT trading crypto, his son, Joe Domaney, posted to the business Instagram account.

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These Berkshire residents appeared to get rich with cryptocurrency, and wanted their friends to invest. Turns out, it was a social media scammer -...