Bitcoin News in Review: Dogecoin Botnet, Bitcoin Documentary, Vericoin, and More

Journalist:
June 23, 2014

It’s the end of the week, which means it’s time for another Bitcoin News in Review, where we take a look at some of the biggest stories of the week on CryptoCoins News. This week was relatively uneventful. besides the Bitcoin in the Beltway event, but there were still some interesting happenings, including a hacker mining 500 million Dogecoins, an upcoming Bitcoin documentary, an interesting altcoin, and more. Keep reading for this Bitcoin News in Review.

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Hacker Creates Dogecoin-Mining Botnet

Altcoins like Dogecoin are easier to mine than bitcoin, which has a much higher difficulty.

Network-attached storage (NAS) devices aren’t designed to be powerhouses, but rather barebones computers with smartphone-grade CPUs. As the name suggests, NAS devices act as servers, and as such, these devices are terrible for mining cryptocurrency. However, with a large enough number of devices mining simultaneously, it’s still possible to make a profit, and that’s just what one hacker did. Known only as “folio,” the hacker hijacked hundreds and hundreds of Synology devices to create a Dogecoin-mining botnet, earning him/her a whopping 500 million DOGE (~$200,000 USD). Affected users can visit the Synology forums for discussion and instructions on how to remove the rogue process.

“As early as February 8th of this year, computer users began to notice their Synology Network Attached Storage (NAS) boxes were performing sluggishly and had a very high CPU usage… To date, this incident is the single most profitable, illegitimate mining operation.”

-SecureWorks, a subsidiary of Dell

Coined – Coming Soon to a Theater Near You

Two filmmakers hope to create a crowdfunded documentary on cryptocurrency.

Coined: The Story of Cryptocurrency” is a Kickstarter-funded documentary that will discuss the personal stories behind the rise of bitcoin, Dogecoin, and other cryptocurrencies. The project’s leaders include veteran filmmakers Adam Cornelius and Chris Higgins. Although the technical aspects of cryptocurrency are impressive, they can easily become boring for the average audience. To avoid this, the filmmakers have decided to focus more on personal stories that the audience can connect with. Coined currently has about 9% of its required funding on Kickstarter, so check out the project if you’d like to support it. Coined will feature exclusive interviews from Josh Wise (Dogecar driver) and Billy Markus (creator of Dogecoin). Of course, Satoshi Nakamoto will be absent from this film.

Vericoin: One of the More Unique Altcoins

If an altcoin doesn’t offer something unique, it may quickly die out.

It’s crazy how many altcoins there are. Anyone can create one, and as a result, the market is flooded with new altcoins every day. This makes it difficult for any one altcoin to stand out unless it does something truly unique. That’s where Vericoin comes in. Vericoin can be used anywhere bitcoin is accepted, can be sent via SMS, has an interest rate it pays to users, and more.

Disclaimer: Neither I nor Clay Gillespie, the article’s author, own any Vericoin.

Why Dogecoin’s Price May Rebound

Dogecoin price has dropped quite a bit.

In response to the 500 million Dogecoin-mining botnet and lack of much good news, the price of Doge has dropped. However, there are a few reasons why the price could rise once again. Dogecoin has one of the most active communities for an altcoin, Dogecoin is actively marketed, and more. Read all the reasons and a more in-depth analysis here.

Bringing Bitcoin to the Dragon’s Den: Bitcoin in the Beltway

CCN’s Josiah Wilmoth was able to attend the Bitcoin in the Beltway event in Washington D.C. this weekend. At the D.C. event, speeches and lectures were delivered in wonderful fashion, announcements were made to an enthused and receiving audience, and the “capital of Democracy” got a taste of true Bitcoin zeal. Some headlines from the event include Overstock promising to go international by September 2014 and Vitalik Buterin calling the Bitcoin Foundation’s approach to the Ghash problem “recklessly conservative.

That’s it for this week’s Bitcoin news highlights. Be sure to follow us on Facebook and Twitter to get the latest cryptocurrency news.

Neil Sardesai @@neilsardesai

I enjoy keeping up with the latest stuff in science and technology and have been following Bitcoin for a few years now. I also occasionally post cool stuff on twitter.