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Bitcoin [BTC] declared official currency of Sweden for ‘fun’, says hacker

Priya

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Source: Unsplash

Bitcoin [BTC], the largest cryptocurrency by market cap, was recently in the news due to its association to the Swedish Government Party, Swedish Social Democratic Party. Earlier this week, the Twitter account of the Democratic Party was compromised, with the hijacker changing the display name of the handle to “Bitcoin Democrats”, according to a local news portal.

Along with this, the hijacker also made several claims via the Twitter handle. This included the resignation of the Prime Minister, Stefan Löfven and the replacement of the national currency, from Swedish Krona to Bitcoin. The Tweet read, {Translated from Swedish}, “We have abolished the Swedish krona and replaced it with Bitcoin, time to buy!”. The hijacker further stated that Sweden was the first country to officially accept Bitcoin as its currency.

Now, another news portal, Trijo News, reported that five people were involved in this hijack, and these hackers gained control over the account by exploiting the account password reset function with the help of Twitter’s support service. The hackers apparently created a new domain similar to the party’s name, which was later used to host an email under the democratic party’s name.

Then, the hijackers contacted Twitter’s customer service, disguised as  Stefan Löfven, and requested them to reset the email ID of the party’s official handle. When asked for an official document, the hackers sent a fake one that they claimed “looked like a joke”; was, however, verified by Twitter.

Source: Trijo

Source: Trijo

Further, the hacker stated they hijacked the party’s Twitter account as a “fun thing”, adding that they wanted to try this method after learning about it. The hacker said,



“You see, it’s clear that hacking no longer is defined as rooting a server to acquire state secrets. Hacking nowadays is staying one step ahead of technical support […] I just find socialism wrong. I’ve always had a survival of the fittest-instinct kinda, and whoever can’t make their own money is just being lazy”

Diydude2, a Redditor said,

“I generally think script kiddies who pull stunts like this are silly and stupid (why would you open yourself up to “computer crimes” charges just to do something like this?) but I have to admit this is a pretty good tag.”

Sillymackor1, another Redditor said,

“Taking this again since the alt right showed up and tried to do some damage control and silence the facts: The hackers made right wing extreme comments, and promoted a nazi-party. So not someone you want as an bitcoin ally.”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

XRP

Has XRP decoupled from Bitcoin? Is it due to immense pressure from manipulators?

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Hash XRP decoupled from Bitcoin? Is it due to immense pressure from manipulators?
Source: Unsplash

Opinion: Bitcoin, the first cryptocurrency, has had over ten years to grow. However, other altcoins did not have the liberty, due to which Bitcoin exerts its dominance over almost all altcoins in the ecosystem, be it Ethereum, XRP, or Cardano. The price of altcoins generally tends to rise if Bitcoin’s price surges rapidly. The same can be said about the downtrend as well, which is why altcoins are said to be coupled with Bitcoin.

However, the recent buzz on crypto-twitter is that XRP is on the verge of decoupling from Bitcoin. A Twitter user @XRPMOONSHINE tweeted:

“DO ME A FAVOR OPEN UP A BTC/USD CHART AND AN XRP/USD CHART. THEY HAVE DECOUPLED AND ARE MOVING DIFFERENTLY.”

In a very general sense, the comparison of the price change of XRP and BTC gives a crude understanding of whether the prices have actually decoupled or not. Hence, the daily chart attached below shows the price of BTC and XRP against the US Dollar and extends from August 2018 to April 2019. The price of XRP seems to be following a lag from the price of BTC and do not necessarily mean that it has decoupled.

However, there are timeframes where the price of XRP has moved completely unrelated to that of Bitcoin. For example, the meteoric rise of XRP from September 18 to 22 was far higher than the price pump of BTC over the similar timeframe; but the drop of XRP from November 18 to December 16 was exactly the same as that of BTC’s.

Furthermore, XRPMOONSHINE suggested that XRP price was being manipulated. He tweeted:

“It is being manipulated to keep it from rising. For example look at XRP/BTC pair. Keeping it under the down sloping resistance from .80 in September. Thats what I mean by Suppressed, Although im expecting a fairly large move to the upside before 4/24/19.”

The “idea” of the price of XRP being manipulated is not unpopular within the XRP ecosystem as Peter Brandt, a famed trader, suggested the same in one of his tweets.

Brandt tweeted:



Conclusion

XRP may have started to decouple from Bitcoin, but it surely hasn’t decoupled completely. The notion that XRP is being manipulated to keep its price below certain levels can also not be confirmed without proof.





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