Website generates off-the-shelf cryptocurrencies (so of course NewStatesmanCoin now exists)

It's completely useless, though. Don't bother downloading it. There's no point.

Things are very weird right now for those of us living in the future. Dogecoin - a digital cryptocurrency based on a funny picture of a shiba inu - has a market cap of more than $5m. We were promised jetpacks, we got dog-themed money.

There are so many new Bitcoin ripoffs (mostly by those hoping to make a fast buck) that it was inevitable that someone would create a site that automatically generates them. Coingen, created by a reddit user called Blue Matt, lets users customise their own cryptocurrency (taking either Bitcoin or smaller cousin Litecoin as inspiration), download a wallet, and get mining.

For this, users pay a fee of between 0.05 and 0.2 BTC (roughly £30 to £122 as of writing, going by the average trading price on Mt Gox), with fees for removing Coingen’s logo or getting access to the source code. That’s a tidy fee considering you can only tweak four numerical values for each coin, and the source code for Bitcoin is open and available for free already. Perhaps Blue Matt is taking inspiration from the California Gold Rush, where the biggest profits weren’t in looking for gold, but in selling equipment like picks and buckets to prospectors.

Very Dogecoin. Much currency. So zeitgeist.

And, because why not, we’ve created NewStatesmanCoin - you can download a wallet and start mining here. That’s its rather half-hearted logo up top (we considered replacing the Queen on a pound coin with a picture of deputy editor Helen Lewis, an effort you can enjoy here).

Don’t ask what the block halving rate is, or which mining algorithm it uses - random, now forgotten, numbers were used. We can probably assume from their names that many of the other coins created using Coingen use values that are just as arbitrary: jesuscoin, arbitrarycoin, starvingartistcoin, wethepeoplecoin, silvioberluscoin, realcoin, beercoin, and the catchily-named “wake_up_sheeples_banker_owned_federal_reserve_notes_equals_more_debt”. (There are also a lot of coins with racist names on there. Really, you’ve been warned.)

NewStatesmanCoin is just a joke, but the fact there are so many people who have created their own silly coins - and paid for the privilege - is worth noting. There are dozens of alternatives to Bitcoin, a tiny minority of which have support from any kind of community, and fewer still of which have any practical real-world purpose. While there are uses for cryptocurrencies, they're niche, and not without competition from more traditional companies or other technologies. Not for nothing are people like Gigaom's David Meyer asking what the point of Bitcoin is.

Looking over the transaction volume day-by-day since Bitcoin launched, it's clear that the value of the cryptocurrency has been faster and unlinked from its growth as a medium of exchange. Speculation is still the main drive of Bitcoin value, and the entire drive of Litecoin, Namecoin, and even Dogecoin value, and thus there's surely demand for Coingen's new coins, off-the-shelf and ready to, perhaps, become the next £xm-worth market. While Bitcoin's certainly popular, it's tempting to instead think that it may be the first iteration of a concept yet to be perfected.

You don't have to tell us it's a crappy logo.

Ian Steadman is a staff science and technology writer at the New Statesman. He is on Twitter as @iansteadman.

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Marcus Hutchins: What we know so far about the arrest of the hero hacker

The 23-year old who stopped the WannaCry malware which attacked the NHS has been arrested in the US. 

In May, Marcus Hutchins - who goes by the online name Malware Tech - became a national hero after "accidentally" discovering a way to stop the WannaCry virus that had paralysed parts of the NHS.

Now, the 23-year-old darling of cyber security is facing charges of cyber crime following a bizarre turn of events that have left many baffled. So what do we know about his indictment?

Arrest

Hutchins, from Ilfracombe in Devon, was reportedly arrested by the FBI in Las Vegas on Wednesday before travelling back from cyber security conferences Black Hat and Def Con.

He is now due to appear in court in Las Vegas later today after being accused of involvement with a piece of malware used to access people's bank accounts.

"Marcus Hutchins... a citizen and resident of the United Kingdom, was arrested in the United States on 2 August, 2017, in Las Vegas, Nevada, after a grand jury in the Eastern District of Wisconsin returned a six-count indictment against Hutchins for his role in creating and distributing the Kronos banking Trojan," said the US Department of Justice.

"The charges against Hutchins, and for which he was arrested, relate to alleged conduct that occurred between in or around July 2014 and July 2015."

His court appearance comes after he was arraigned in Las Vegas yesterday. He made no statement beyond a series of one-word answers to basic questions from the judge, the Guardian reports. A public defender said Hutchins had no criminal history and had previously cooperated with federal authorities. 

The malware

Kronos, a so-called Trojan, is a kind of malware that disguises itself as legitimate software while harvesting unsuspecting victims' online banking login details and other financial data.

It emerged in July 2014 on a Russian underground forum, where it was advertised for $7,000 (£5,330), a relatively high figure at the time, according to the BBC.

Shortly after it made the news, a video demonstrating the malware was posted to YouTube allegedly by Hutchins' co-defendant, who has not been named. Hutchins later tweeted: "Anyone got a kronos sample."

His mum, Janet Hutchins, told the Press Association it is "hugely unlikely" he was involved because he spent "enormous amounts of time" fighting attacks.

Research?

Meanwhile Ryan Kalember, a security researcher from Proofpoint, told the Guardian that the actions of researchers investigating malware may sometimes look criminal.

“This could very easily be the FBI mistaking legitimate research activity with being in control of Kronos infrastructure," said Kalember. "Lots of researchers like to log in to crimeware tools and interfaces and play around.”

The indictment alleges that Hutchins created and sold Kronos on internet forums including the AlphaBay dark web market, which was shut down last month.

"Sometimes you have to at least pretend to be selling something interesting to get people to trust you,” added Kalember. “It’s not an uncommon thing for researchers to do and I don’t know if the FBI could tell the difference.”

It's a sentiment echoed by US cyber-attorney Tor Ekeland, who told Radio 4's Today Programme: "I can think of a number of examples of legitimate software that would potentially be a felony under this theory of prosecution."

Hutchins could face 40 years in jail if found guilty, Ekelend said, but he added that no victims had been named.

This article also appears on NS Tech, a new division of the New Statesman focusing on the intersection of technology and politics.

Oscar Williams is editor of the NewStatesman's sister site NSTech.