Scam: Android app pretends to buy Ether from Android

Scam: Android app pretends to buy Ether from Android
August 23, 2018 | Lars Sobiraj
ALTCOINS
Scam: Android app pretends to buy Ether from Android

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Scam reloaded: Security researcher Lukas Stefanko stumbled across an app at the Google Play Store that sells buyers a simple symbol for 334.99 euros. Customers should think that with this app they can buy an ETH instead of the low-resolution graphic. To make the offer look serious, the makers have apparently come up with an interesting trick.

Bitcoin Evolution shows new Trick

Almost 335 euros for a single ETH symbol, even though it is available everywhere on the net? That’s a mature achievement from the cybercriminals! ESET employee Lukas Stefanko pointed out on Tuesday, 21 August, on Twitter that it is simply not the same thing to buy an app or an ether. The 100 or so customers have probably noticed this, after only Bitcoin Evolution the symbol graphic of this crypto currency was displayed to them after the purchase. In addition, the ETH rate is currently around 245 euros. We are talking about a full difference of 90 euros, which the buyers pay too much. But instead of the crypto currency, customers receive no more than the graphic anyway.

Show image on TwitterShow image on Twitter

Lukas Stefanko
@LukasStefanko
Buying Ethereum app is not the same as buying #Ethereum.
Scam app for €335 only displays ETH logo.

08:44 – 21 Aug. 2018
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123 users talk about it
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Scam on behalf of Google Commerce Ltd.
Alleged provider of this app is “Google Commerce Ltd.”, the official operating company of the Android App Store. The source could hardly sound more serious. Since the Google Play Store opened in 2008, harmful or even abusive apps have appeared again and again at short intervals. Google apparently never did anything about it. At least nothing that would have had a lasting effect. There are still countless crypto-mining apps available today, even though they have been officially banned since the end of July.

But this is only one example of many. Stefanko found more than 20 fake apps with alleged Flash players that were downloaded over 350,000 times. Almost on a daily basis he publishes hints which Android apps should be avoided. The delivery of invisible advertisements on the device is still the most harmless variant. Some apps reload dangerous malware after installation in order to eavesdrop on the user of the smartphone from front to back. The most interesting things for criminals are of course credit card details or crypto wallets, which are managed on the move.

Has the app ever been tested?
If the app had been checked manually, the responsible employee would have immediately noticed the strange name of the seller, after all, he works for Google Commerce Ltd himself. So one thing is certain: the operators of the app store never took a closer look at the software. Otherwise the plan of the cyber criminals would not have worked out.

The users of an Android smartphone would welcome it if Google would finally show more care in dealing with the apps on offer. By the way, Twitter rightly noted that one cannot automatically assume that all users of this scam app paid the same amount. It is possible that the app was previously offered at a lower price. But that doesn’t change the fact that the Google Play Store lacks care. And also not that it has already hit the ignorant again. In addition, it is highly questionable whether the fraud victims will once again voluntarily deal with the topic of crypto currencies after this experience. Probably not.

Will the Ripple course soon be at 100 euros?

Spoiler: Probably not. If you take a look at the structure of Ripple, you can see that the price increases for Ripple are unlikely to be too high.

Which trader doesn’t know them, the enthusiastic glances into the crystal ball: Ripple will reach 100 Euro in April, the 1000 mark will come next year! The opposite of FUD is HEC: Hype, Enthusiasm and Certainty. Hype, enthusiasm and (deceptive) security are just as easy to get carried away by as their opponent. But especially with Ripple there are some reasons against a too rapid rise in the price, especially the sheer amount of circulating XRP.

Why are there so many XRP at all?
With 38.7 billion XRP, the circulating amount of ripple tokens exceeds Bitcoin’s by a factor of more than 2000. In addition, Ripple still has some tokens (about 61.4 billion to be more precise) in its hindquarters.

This high amount of existing tokens is due to the intended use cases. Unlike Bitcoin, Ripple is not aimed at the end user, but at companies such as payment service providers, financial institutions and banks. XRP, the currency itself, is rather a service provider than a means of payment: it transmits any kind of value.

The network’s infrastructure also secures 1,500 transactions per second. So Ripple is a network that wants to guarantee fast transactions. (Here only the most necessary details should be disclosed, for a better understanding we recommend our tutorial). Users then pay a fee for the execution of the transactions, which, however, is not collected directly, rather the XRP tokens are destroyed.

Pseudo-Decentralized
In the past, the company was repeatedly criticized – with a total contingent of 100 billion tokens, more than half, 61.4 billion were in the hands of the developers. By their own account, they withheld them to guarantee liquidity, trust and applicability.

To better guarantee this, they introduced an escrow system at the end of last year. To this end, they have deposited the number of 55 billion XRP in, say, a “digital bunker”. These, in turn, have been divided into 55 packages, of which they distribute a maximum of one per month. Among other things, to compensate for burnt ripples (which are only a minimal fraction of the total amount), but also to create incentives for new investors. All XRP not required for these purposes are fed back into the escrow system and kept for later.

Will the ripple price once be 100 euros?
Due to the intended use cases and in order to guarantee a high degree of liquidity and thus stability, the ripple network needs a high volume of tokens. And it is precisely this point that makes it very unlikely that the ripple rate will rise to 100 euros. (Apart from the possibility of inflation, this is not the case here).

So what would it take for a ripple to be worth 100 euros? Here are some simple calculation steps to be made.

At the time of publication, just under 38.7 billion XRP are circulating at a price of 1.01 euros, the market capitalization is 39.1 billion euros.

At a price of 100 euros per ripple, we would be at a market capitalization of 3.8 trillion (that’s 12 digits behind 3). This is about 25.5 times the amount of money of Bitcoin’s current market capitalisation.

In other words, to make a ripple price of 100 euros possible, all crypto currencies currently listed on Coinmarketcap would have to lump their money into one pot and increase 8-fold to provide enough euros to pay all existing ripples. Unlikely.

But let’s take a look out of the crypto world and look at the stock market. If one orients oneself here at the market capitalization, following enterprises (no joke!) would have to add their market capitalization, in order to come rudimentarily on 3.8 trillion euro: Apple (702.35 billion), Microsoft (584.14 billion), Amazon (543.87 billion), JP Morgan Chase (324.9 billion), Nestle (217.37 billion), Shell (241.2 billion), BP (234.1 billion), Coca Cola (166.45 billion), Boeing (166.45 billion).), Boeing (164.55 billion), Disney (136.05 billion), McDonalds (114.46 billion), SAP (112.68 billion), Siemens (102.9 billion), Loreal (102.23 billion) and Netflix (95.66 billion). Quite unlikely.

Conclusion
It is therefore above all the applicability in connection with the infrastructure of the network that makes overly large price increases unlikely. After all, Ripple competes with the usual payment processors such as Visa & Co by guaranteeing low transaction costs. Since these are calculated on the basis of the exchange rate, it is not i