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2022-06-16 17:58:32 Billionaire, Bill Gates, mocks cryptocurrency, NFTs

Microsoft co-founder, Bill Gates, has launched another attack at the cryptocurrency community and Non Fungible Tokens (NFT) operators, mocking the digital assets as a sham driven by the greater fool theory in the investment market, without adding any value to the world.

The greater fool theory is the purchase of overvalued assets by an individual, with hope that there will be another investor willing to acquire the asset at a higher price, before the value depreciates in the hands of the last investor holding it.

Gates said cryptocurrencies and NFTs don’t add value, mocking the Bored Ape Yacht Club NFT collection by stating expensive digital images of monkeys would improve the world immensely.

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2022-06-12 12:41:05 Do Kwon Denies Cashing Out $2.7 Billion Before Terra Crash

Following several reports of the claim that Terra founder, Do Kwon, cashed out $2.7 billion ahead of the Terra crash, the crypto developer has shared a post on Twitter denying those claims.

"This should be obvious, but the claim that I cashed out $2.7B from anything is categorically false."

The claims that Kwon cashed out $2.7 billion in LUNA and UST reserves became widespread when a Twitter thread by @FatManTerra detailed the purported facts of how Kwon and Terra’s influencers artificially maintained the liquidity while draining money.

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2022-06-10 12:03:32 Jack Dorsey, Jay Z launch Bitcoin Academy to educate people about cryptocurrency

Jack Dorsey, head of Block, and rapper Jay-Z have joined hands to launch a Bitcoin Academy at a housing complex in Brooklyn, US. The financial education programme will be free for residents living at the Marcy Houses of Brooklyn, the place where Jay Z grew up.

The academy aims to provide financial education to empower the community, and the course emphasises Bitcoin as a path to financial freedom. The academy will feature free in-person and online classes by Lamar Wilson, who runs the content site Black Bitcoin Billionaire, and Najah J. Roberts, the founder and CEO of Crypto Blockchain Plug.

The classes will run twice per week, starting in late June through September. The programme participants will be provided smartphones, MiFi devices and a one-year data plan. There’s also a weekend program called "crypto kids camp".

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2022-06-02 18:02:28 TOP_CRYPTO_NFT_DEFI pinned a photo Open / Comment

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2022-05-30 17:30:31 Terra LUNA has been resurrected after its $40 billion collapse. It's already crashing

A new version of the collapsed luna cryptocurrency is already live on major exchanges — and it's gotten off to a bad start.

After reaching a peak of $19.53 on Saturday, luna dropped as low as $4.39 just hours later, according to CoinGecko data. It has since settled at a price of around $5.90.

Analysts are deeply skeptical about the chances of Terra's revived blockchain being a success. It will have to compete with a host of other so-called "Layer 1" networks — the infrastructure that underpins cryptocurrencies like ethereum, solana and cardano.

many investors burned by the debacle are unlikely to trust Terra a second time, experts say. Vijay Ayyar, head of international at crypto exchange Luno, said there's been a "massive loss in confidence" in the project.

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2022-05-29 13:34:44 New Record Highs for Shiba Inu Buying Pressure

A huge drop of more than 30% occurred in Shiba Inu around two weeks ago at the same time as Bitcoin plummeted below the $29,000 barrier. The token came dangerously close to putting a “zero” in the indexes, but it was able to avoid doing so as the market began to recover.

Despite this, investors are continuing to build up their holdings of cryptocurrency. On Coinbase, trading activity for SHIB has reached new heights as a result of 77% of investors placing it on “buy” and just 23% keeping it on “sell.”

Since March, SHIB’s purchasing pressure has been unable to exceed the 70% threshold. Nevertheless, the token achieved this milestone yesterday, hitting 77%. The most recent time that the trading volume of SHIB surged to 90% was in September of last year, only a few days before it skyrocketed by 1,000% in October.

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2022-05-24 21:44:04 Coinbase makes history as the first crypto company on the Fortune 500—just in time for the crypto winter

Crypto has finally arrived on the Fortune 500. It just happened to get there during the crypto winter.

Coinbase Global made history Monday when it became the first cryptocurrency company to break into the Fortune 500.

Although the company has recently struggled to meet analyst expectations amid a widespread crypto crash, the San Francisco-based cryptocurrency exchange had a significant 2021 that propelled it to number 437 on Fortune’s list of the biggest U.S. companies.

Coinbase jumped into the spotlight when it went public through a direct listing in April 2021, less than a decade after it was founded.

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2022-05-17 18:54:53 China makes comeback in Bitcoin mining despite government ban

While the US extended its leading position as the dominant location for Bitcoin mining, China has reemerged as the second-largest locale despite a government ban on the activity last year.

The US accounted for 37.84 percent of global hashrate, a measure of computing power used to extract the digital currency, between September 2021 to January.

Following the mining ban in China last year, the country has seen a sudden surge in activity through “covert mining operations and has “re-emerged” as a major mining hub grabbing 21.11 percent of global hashrate, according to the CCAF.

“This strongly suggests that significant underground mining activity has formed in the country, which empirically confirms what industry insiders have long been assuming,” CCAF wrote in the report.

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2022-05-16 17:30:15 Bitcoin has no future as a payments network: FTX’s Sam Bankman-Fried

Cryptocurrency exchange FTX’s founder Sam Bankman-Fried has said that bitcoin has no future as a payments network and criticised the digital currency for its inefficiency and high environmental costs, the Financial Times reported on Monday.

“Proof of stake networks will be required to evolve crypto as a payments network as they are cheaper and less power hungry. I don’t believe bitcoin has to go as a cryptocurrency, and it may still have a future as an asset, a commodity and a store of value such as gold,” Bankman-Fried added.

Bitcoin touched its lowest since December 2020 last week, after the collapse of the stablecoin TerraUSD.

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