A Listed application is real-time investigated, as officials crack down on a developer believed to have used a readily available smart phone Application to secretly mine for bitcoins. A worrying prospect, as we live in a self-confessed World dominated by applications for smart phones. In all honesty, it is easy to see why; insightful, efficient and convenient Applications easily accommodate all modern living and needs. As a direct result, many of us entrust these abundant Applications with highly sensitive private and personal information. Banking details, addresses and contact details are handed over without a second thought. Well now or today, you might just want to take a reflective moment to reconsider that notion.
Sensationally, after a meticulous probe into the application by not only the Federal Trade Commission but also The New Jersey State Police both, Equiliv Investments and Ryan Ramminger, are banned from further Application developments. As a direct, castigation, Equiliv Investments must delete all sensitive and potentially damaging personal data. In addition to this, the culpable firm was handed a substantial fine of $50,000 for direct violation of the Federal Trade Commission Act. Enforced in 1914, the Federal Trade Commission Act, allows for the prevention of unfair methods of Competition and to, “seek monetary redress and other relief for conduct injurious to consumers”. The ironic thing, however, is it would take 14 million phones active all day to mine just one Bitcoin, substantially less in value, than the imposing fine.
The Application itself was developed, and then later released in 2014, made publically available through reputable App Stores such as, Google Play store. This begs, two very clear questions, can we ever really trust our deeply sensitive information to an Online Application/s? Moreover, could more be done, to see that similar Applications are not released to a wider audience? Regulation of the Industry has always been called for, and is thoroughly justified, it is Key to have recognised institutions and Laws that protect the Consumer/s wellbeing, and protects thusly, against Clandestine Threats. So in all reality, it is conceivable that we may whole heartedly entrust our Information, yet here is where, we should draw the line. It is not irrational; to think that more can be done. Prevalent screening/s should be ensured to eliminate the threat of Malware which mines for Digital Currencies. Bitcoin has emerged, as a Market front runner, since its’ Inaugural Launch, and thus, large Corporate Companies should keep up with the times, to ensure that Fraudulent Mining cannot occur. At best, many expectant users did not receive the kind of Application they had hoped for. At worst, Data Usage was squandered, running up charges, but also large amounts of data storage, battery and power were eaten up.
As a Foot Note, the Digital Currency Market and the lure of mining Bitcoins may have just created a new Illicit Market for Clandestine Mining. One, which unfortunately may be playing a part in software for many Years to come.
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