Litecoin Scammers Posing as Currency's Founder Continue to Damage Crypto Confidence
LOS ANGELES, February 21, 2018 /PRNewswire/ --
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USA News Group - Cryptocurrency has been hot property in recent months, but as everyone knows, where money flows so do scammers. A recent scheme by Litecoin scammers is further eroding confidence in these currencies as phishers looking to steal Litecoin pose as the company's founder on Twitter.
Companies heavily invested in cryptocurrencies that are directly impacted by their value include SBI Holdings Inc. (OTC: SBHGF), and Eastman Kodak Company (NYSE: KODK).
It's little wonder that the hackers are out in full force. There are now over 1384 cryptocurrencies open to security breaches and fraud. The top 10 currencies following the popularity of Bitcoin by trading and volume include NEM, Monero, Zcash, and Ethereum Classic, an offshoot of Ethereum.
One of the major challenges that have faced the growth of crypto is its unregulated and decentralized nature, which leaves various platforms susceptible to theft and other losses. Regulators say investors seeking growth opportunities should consider companies that are regulated by the major stock exchanges.
Recent companies on a fast track in the emerging markets include NRG Metals Inc. (TSX: NGZ) (OTCMKTS: NRGMF), Edgewater Wireless Systems Inc. (TSX.V: YFI) (OTCQB: KPIFF) and QMC Quantum Minerals Corp. (TSXV: QMC) (OTC: QMCQF).
Investors can find individual reports and filings on these companies regularly filed with the exchanges, as well as verified online resources. These stocks offer a balance of innovation and opportunity for new markets, but are backed by security and regulatory compliance.
LITECOIN'S TARGETED SCAM SEEKING NOVICE INVESTORS
Litecoin may not be front-of-mind for crypto investors in the same way as Bitcoin or Ethereum, but events relating to its existence provide great examples of the problems that face all of the cryptocurrency space.
Litecoin was founded in 2011 by an ex-Google employee named Charlie Lee. Like Bitcoin, the currency has seen some impressive price growth numbers, but is currently at a small fraction of the earlier currency's market cap.
As crypto scams go, one of the most popular formats involves social media promotions. Litecoin investors have seen their fair share of scam attempts. While blockchain technology is relatively safe and only a small fraction of hack attacks succeed, crypto transactions are anonymous, hence getting a refund on lost funds is almost impossible.
HARDLY WORTH THE RISK
Investing in cryptocurrency seems like a perilous adventure given the range of other risks that investors have to face.
Litecoin went through a similar price surge and dramatic correction that Bitcoin suffered in December and January. Reaching a peak of $346 on December 19 after rising from $77.5 at the end of November, the currency then crashed to about $154 by February 10 2018.
The volatility demonstrated in this movement reinforces the risk that investors are exposed to. With no regulatory framework to protect them, and little information on the underlying mechanisms, investors are left at the mercy of supply and demand forces, which are notoriously unpredictable.
Many governments are expected to structure cryptocurrency legislation in the near future, providing the litmus test to see if the crypto industry will thrive or collapse in the new environment.
What seems almost certain is that the boon investors experienced in the second half of 2017 will not be replicated again.
The air of skepticism that the plummeting of Litecoin value precipitated, as well as continuing security concerns over currencies, make the whole environment toxic for most investors. Pundits are sounding the call that while crypto remains outside the control of financial institutions, it is advisable to stay clear of Litecoin and instead invest in conventional stocks with government backed regulation.
LISTED PUBLIC COMPANY ALTERNATIVES
NRG Metals Inc. (TSX: NGZ) (OTCMKTS: NRGMF)
NRG Metals Inc. is an exploration stage company focused on the advancement of lithium brine projects in Argentina. NRG Metals is evaluating the 3,287-hectare Hombre Muerto North lithium project ("HMN") in the province of Salta, which is located at the northern end of the prolific Hombre Muerto Salar, adjacent to FMC's producing Fenix mine and Galaxy Resources' Sal de Vida development stage project. The company has also discovered lithium on its 29,000 hectare Salar Escondido project in Catamarca province where the company recently completed the drilling that proved the Company's conceptual model of a buried lithium brine target.
Edgewater Wireless Systems Inc. (TSX.V: YFI) (OTCQB: KPIFF)
Edgewater Wireless develops and commercializes leading edge technologies and intellectual property for the communications market. The company delivers advanced solutions designed to meet the high-density, high quality of service (QoS) and high-reliability needs of service providers and their customers. Leveraging over twenty (20) patents, Edgewater's WiFi3™ is redefining WiFi technology with its wide-band, multi-channel radios for OEMs and high-capacity Access Point solutions.
QMC Quantum Minerals Corp. (TSXV: QMC) (OTC: QMCQF)
QMC Quantum is on course in a well-known region in Manitoba, Canada with very favorable mining logistics for hard-rock lithium. A predecessor to QMC drilled 25 holes into the Company's Cat Lake/Irgon Dike between 1953 and 1954 and reported a historical resource estimate of 1.2 million tonnes grading 1.51% Li20 over a strike length of 365 meters and to a depth of 213 meters. QMC Quantum Mineral's geological team agree with the accuracy of those historical drill results and are moving rapidly to bring the resource estimates to a modern, accurate reading with a goal of producing or selling the lithium.
For a more in-depth look into the listed public companies you can view feature reports at USA News Group: http://usanewsgroup.com
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