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I don’t really know, that’s why I tell everyone to be very careful when investing in a new asset class.  I view my investment as a hedge in case the dollar crashes or we do cancel the Fiat currency.  With many larger Financial firms taking a stake in large quantities of BTC and other Altcoins the acceptance appears to be gaining.  I am also trading some of these coins as they spike.  

 

Everyone will need to do their own DD to decide if Crypto Currencies make sense for their financial situation.   Imo, it’s the future and it isn’t going away, too many benefits as more Currencies offer real utility and value.  It is only a matter of time before Governments across the World develop their own Currencies. I’m sure there will be more regulation and clarity as well.  We are in the 1st or 2nd inning of this adventure.  Things change daily so I’m not getting too crazy with my investments.  I’m learning daily and sharing some of the articles I read for others who are interested in learning.  

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Google busts firm running a $1.2 million Bitcoin scam

Google busts firm running a $1.2 million Bitcoin scam
Photo by Lindsey LaMont on Unsplash

Photo by Lindsey LaMont on Unsplash

Tech giant Google rescinded the license of a Philippines business running a scam involving Bitcoin and gift cards over the weekend, according to local reports.

Bitcoin scam, busted

A Cebu-based call center business, Sykes, was confirmed by Google to have its partnership license revoked after a few employees were caught running a gift card scheme into Bitcoin, the firm said.

“We are constantly assessing our business needs and have decided to shift this business to another vendor in the Philippines,” a Google spokesperson said in a statement sent to Newsbytes on Sunday.

Sykes employees were found to have illicitly obtained over P60 million ($1.2 million at current rates) using Google gift cards and converting those to Bitcoin to avoid detection. No time frame was specified.

27PHILIPPINES-web3-master675.jpg Call centers are fiercely popular in Cebu, where the Bitcoin scam happened. Image: Cebu Call Centers

The firm in question, Sykes, is a Florida-based entity that admitted the occurrence but claimed to have clamped down as soon as they learned of the scam. The firm said in a statement it took “swift action on those employees in accordance with company policies.”

Sykes did not mention filing or working on a criminal charge against the employees. Google did not confirm the same at press time.

Meanwhile, the firm dismissed a viral post that said over 300 Sykes employees in the Philippines were involved in and lost their jobs due to the incident. Instead, it said all employees who were not “directly” involved in the mishap were transferred to other company accounts immediately.

“While there have been business changes that may have impacted some groups, we have ensured that all our hardworking employees are reassigned to other programs.”

Call center scammers turn to Bitcoin

The report marks one of the first instances of a scam involving Bitcoin and call centers. Last year, a similar incident was conducted in India with police eventually arresting over 78 individuals in connection with a Bitcoin crime.

As per reports at the time, Indian workers used an American accent to dupe US citizens, stating their social security accounts had been compromised with a small Bitcoin payment (from $50 – $5,000) required to revert the accounts.

The scam took place across three Indian call centers and was said to have siphoned “millions of dollars” by US authorities.

Seems like while Bitcoin is world-changing for some, it’s just another tool for scammers.

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VC: Chainlink’s and Band’s 20% price jump bodes well for DeFi bull run

VC: Chainlink’s and Band’s 20% price jump bodes well for DeFi bull run
Photo by Warren Wong on Unsplash

Photo by Warren Wong on Unsplash

Like the rest of the crypto market, coins pertaining to the decentralized finance space have faced a strong pullback over the past few days. Take Maker (MKR), for instance. CryptoSlate data indicates that the leading Ethereum-based coin has shed 9.5 percent in the past 24 hours.

There are cryptocurrencies that are strongly outperforming the pack, though. Two of these are Chainlink (LINK) and Band Protocol (BAND), which both have registered 20 percent gains in the past 24 hours alone after a strong retracement.

VA9S05q7 Chart of LINK’s price action over the past 24 hours. Source: LINK/USD chart from TradingView.com

A fund manager in the space says that this recovery bodes well for the decentralized finance space, which in turn bodes well for the rest of the crypto market.

How LINK and BAND moving higher shows there are good things to come for Ethereum DeFi

Both LINK and BAND have surged higher by around 20 percent in the past 24 hours after both facing a strong retracement from the highs they experienced last week. LINK experienced a 30 percent correction while BAND experienced a 40 correction drop.

Kelvin “Spartan Black” Koh, a partner at the crypto fund The Spartan Group and a former Goldman Sachspartner, said on Aug. 22, amid the move higher in these assets, that this trend bodes well for the DeFi market:

“Oracles led the previous leg of DeFi rally on the way up and then on the way down. If today’s move in $LINK and $BAND is any indication, the next rally for the broader DeFi space should follow.”

It can be also be said that DeFi rallying has a positive effect on the rest of the cryptocurrency market.

Although it is hard to tell what exactly transpired, analysts attribute Bitcoin’s leg higher at the end of July and the start of August to strong maturation in the DeFi sector, which sparked an influx of interest in the cryptocurrency market. 

On-chain and social trends suggest Chainlink and Band Protocol have further to rally

Both LINK and BAND have fundamentals suggesting they will continue their ascent.

For Chainlink, the asset has seen a spike in daily active addresses, implying an increase in investors in the market. Blockchain analytics firm Santiment reported in regards to the chart below:

“$LINK hit an all-time high yesterday in daily active addresses. This came in tandem with an #altcoin decline that sent it down to $13.49. Now back at $16.10, the classic bullish divergence that formed from an ATH in DAA is coming to fruition.”

Image

The same company noted just hours later that BAND has seen a strong uptick in social sentiment, presumably due to a number of recent partnerships. An uptick in social media activity for a cryptocurrency normally indicates there is an increase in the number of investors looking to purchase said asset.

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47 minutes ago, Pitcher said:

I don’t really know, that’s why I tell everyone to be very careful when investing in a new asset class.  I view my investment as a hedge in case the dollar crashes or we do cancel the Fiat currency.  With many larger Financial firms taking a stake in large quantities of BTC and other Altcoins the acceptance appears to be gaining.  I am also trading some of these coins as they spike.  

 

Everyone will need to do their own DD to decide if Crypto Currencies make sense for their financial situation.   Imo, it’s the future and it isn’t going away, too many benefits as more Currencies offer real utility and value.  It is only a matter of time before Governments across the World develop their own Currencies. I’m sure there will be more regulation and clarity as well.  We are in the 1st or 2nd inning of this adventure.  Things change daily so I’m not getting too crazy with my investments.  I’m learning daily and sharing some of the articles I read for others who are interested in learning.  

 

thanks for the answer. I do see financial firms and banks taking a stake, but you can't trust them. They will bail before the average person gets word of a change in law or policy... It seems they always have inside info. 

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1 minute ago, Johnny Dinar said:

do see financial firms and banks taking a stake, but you can't trust them. They will bail before the average person gets word of a change in law or policy... It seems they always have inside info. 

 

Banks are in the business to make money whether we like it or not.  There is no doubt in my mind that many of the BTC that were bought are to trade and probably sell at the top and short back down.  I’m doing the same thing with my BTC using my experiences of trading the last 20 years.   They will also use some of those coins to sell to their customers .  

 

Like I said in the earlier post we are real early in this adoption of Crypto Currencies and there will need to be better security, more regulations so people don’t get burned and just overall more clarity.  When I read about Facebook developing their own currency you know Aaple. Amazon and Google probably will as well as the big Chinese Companies.  If their isn’t some kind of clarity all I see is a big cluster and no one will know who to trust.  

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Regulation of Cryptocurrency Around the World

 

 

https://www.loc.gov/law/help/cryptocurrency/world-survey.php

 

 

 

 

 

 

 

 

 

 

 

 

 

Guide To Cryptocurrency Tax Rules

 

William Baldwin Senior Contributor

Feb 9, 2020,09:52am EST

 

 

 

 

 

https://www.forbes.com/sites/baldwin/2020/02/09/guide-to-cryptocurrency-tax-rules/#2befdace3974

 

 

 

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14 minutes ago, md11fr8dawg said:

Hey Pitcher, did you subscribe to this guy's wbesite. If so, what do you think? Is it worth it? Thx. 

 

No, I didn’t subscribe, I watch these videos for general information.  Everyone has an agenda and wants to sell their information which we can get for free if you are willing to do some research.  

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Major crypto firm expects Polkadot (DOT) to become a top 3 blockchain

Polkadot (DOT) price has increased by 200% in less than eight days and top crypto analysts believe the blockchain has a lot more to give.

2 hours ago
 

Major crypto firm expects Polkadot (DOT) to become a top 3 blockchain

Spartan Black, a major cryptocurrency fund based in Asia, believes Polkadot (DOT) has more fuel left in the tank and could soar into the top-3 list of biggest cryptocurrencies by market capitalization.

Currently, the popular protocol is listed as the sixth largest cryptocurrency by market capitalization at CoinGecko.

Since listing on Binance eight days ago, the price of DOT soared by more than 200% and many analysts believe the price could rise significantly higher. 

DOT/USDT daily chart. Source: TradingView.com

DOT/USDT daily chart. Source: TradingView.com

There are several favorable factors buoying the sentiment around DOT. The protocol does not directly compete against the Ethereum Network, it scales rapidly, and as a result, could offset the issue of high fees on Ethereum.

Polkadot’s market cap is at $5.6 billion so what will fuel further growth?

DOT has seen meteoric growth in recent weeks in terms of both valuation and projects. Data from PolkaProject shows there are 197 projects in the Polkadot ecosystem already.

Apart from having strong technologies, Polkadot also has arguably one of the most decorated developers within the smart contracts space. 

Gavin Wood created Polkadot in 2016 and is a key figure behind the development of Ethereum’s solidity programming language and Parity Technologies. Wood also played a key role in the growth of the Ethereum Network over the past four years.

The combination of an active community, a growing number of projects in the ecosystem, and Wood’s involvement appear to be driving the demand for DOT.

Spartan Black’s Kelvin Koh predicted in mid-August that DOT would hit $5 based on the market capitalization of Cardano. Within weeks of the prediction, DOT surpassed $5, rising to as high as $6.57. At the time Koh said:

“If ADA’s market cap is $3.8B, then Polkadot should be worth at least $5B i.e. $5 per DOT.”

As a follow up prediction, Koh said that he expects DOT to become a top three cryptocurrency on Coingecko and CoinMarketCap. He stated:

“Another prediction: within a year DOT will be Top 3 market cap on Coingecko/CMC.”

Not competing against Ethereum is an important factor

Ethereum has been by far the most dominant smart contracts blockchain protocol to date. It has a valuation of $43 billion, followed by DOT at $5.6 billion.

Polkadot does not directly compete against Ethereum and as Koh explained, the long-term prosperity of DOT should not result in a decline of Ethereum.

Blockchains, like Polkadot and Cosmos, which enable multiple blockchain networks to exist on their protocols, are structurally different from Ethereum. Koh explained:

“I believe in a multi-chain world interconnected by bridges. Polkadot and Cosmos will not replace Ethereum. Also wouldn’t rule out chains like Near, Solana, AVA, TRON and others seeing development activity.”

If Polkadot, along with other smart contracts protocols, can co-exist with Ethereum, it raises the chances for long-term survivability.

Major exchanges have already listed DOT after its major denomination change, showing support for the cryptocurrency. Even U.S. exchanges, including Kraken, listed DOT quickly after its launch.

Blocktown Capital’s Joseph Todaro said:

“Kraken listing Polkadot before Coinbase and Binance US has been a massive win. If you are in the US and want DOT exposure Kraken is where you have to go.”

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Here is another Project that has utility to watch.  Let it come down before buying if it works for you. I had it at .31 but couldn’t pull the trigger.  I will keep tracking it.  

 

Aave (LEND) becomes first Ethereum DeFi token to hit $1 billion valuation

Aave (LEND) becomes first Ethereum DeFi token to hit $1 billion valuation
Photo by IRVING MARTINEZ on Unsplash

Photo by IRVING MARTINEZ on Unsplash

A year or two ago, most decentralized finance (DeFi) protocols and their respective tokens were unknown. Save for Maker (MKR), there were few crypto assets in the top 20 to 50 actually representing this revolution in finance.

But due to innovation, better education, a search for yields, and more, DeFi is becoming mainstream in the crypto market.

Aave’s LEND cemented this trend just the other day when it became the first asset tied to this space to reach $1 billion in valuation.

LEND becomes first Ethereum DeFi asset to hit $1 billion

Just 12 months ago, many thought that Aave was a project on the decline, with its native LEND token trading around $0.01.

But, after a strong rebound in product with the rollout of Aave, LEND has surged. According to CryptoSlate data, LEND recently surmounted a market capitalization of $1 billion.

As Ryan Watkins of Messari noted, this makes LEND the “first DeFi asset to break into the club” of crypto assets with a market cap greater than $1 billion.

CryptoSlate market ranking data suggests that a number of other DeFi altcoins are close to surmounting the pivotal $1 billion milestone. These include OMG Network (DeFi focus, not DeFi exclusive), Maker, and Synthetix Network Token.

The strength in the price of the Ethereum-based asset has been attributed to Aave’s ability to find product-market fit, according to venture capitalists.

As reported by CryptoSlate previously, DTC Capital’s Spencer Noon remarked on the matter:

“One of the best signals of PMF in #DeFi is if a project can succeed w/o extra incentives (liquidity mining). @AaveAave doesn’t have LM yet it’s still one of the biggest beneficiaries of new yield farming activity. At $1.26B TVL and only $759M mcap—the fundamentals are so strong.”

This was echoed to a T by Kyle Samani of Multicoin Capital, who said that LEND would be the one DeFi token he would hold for the next two years if he was given a choice due to Aave’s combination of “product/market fit, token distribution, community, pace of innovation, and reasonable valuation with upside to go.”

With the rallying price and increasing support on Crypto Twitter, BitMEX chief executive Arthur Hayes, who adamantly calls Ethereum a “s**tcoin,” has said he has acquired a position in LEND.

More to come?

Kelvin Koh, a partner at The Spartan Group and former partner at Goldman Sachs, commented that there will be other DeFi tokens that enter the top 25. Most coins in the top 25 have valuations in excess of $1 billion:

“A few weeks ago I suggested one of the DeFi tokens will get into the Top 25 on CMC before yearend. $LEND is the first to do this. I expect to see at least half a dozen more DeFi tokens achieve this feat before this cycle is over.”

Aave, currently ranked #22 by market cap, is down 6.24% over the past 24 hours. LEND has a market cap of $995.61M with a 24 hour volume of $236.06M.

Aave Price Chart

 

Like what you see? Subscribe for daily updates.

 

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@Pitcher   @NEPatriotsFan1  and everyone else who holds XRP.

 

Horrible news!

 

A British company has improved upon the SWIFT system and can transfer funds between banks in 50 milliseconds.  

It just took too long to get the "clarity" on rulings from the damn government.  They gave others a chance to come up with a system that needs no "clarity".  It's just an improvement on the old system.   Even the IMF likes it.

 

I'm sick over this!

 

https://www.forbes.com/sites/tomgroenfeldt/2020/09/03/real-time-cross-border-payment-innovator-could-cut-trillions-from-global-financial-friction/?ss=enterprisetech#3cad6106d3e5

 

 

Edited by Floridian
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34 minutes ago, Floridian said:

@Pitcher   @NEPatriotsFan1  and everyone else who holds XRP.

 

Horrible news!

 

A British company has improved upon the SWIFT system and can transfer funds between banks in 50 milliseconds.  

It just took too long to get the "clarity" on rulings from the damn government.  They gave others a chance to come up with a system that needs no "clarity".  It's just an improvement on the old system.   Even the IMF likes it.

 

I'm sick over this!

 

https://www.forbes.com/sites/tomgroenfeldt/2020/09/03/real-time-cross-border-payment-innovator-could-cut-trillions-from-global-financial-friction/?ss=enterprisetech#3cad6106d3e5

 

 

A couple things..... this is potentially FUD. 
 

“The company is in early stages with a very limited launch to test the system and find any glitches to identify any operational issues. Working with Microsoft’s Azure cloud platform means that “effectively for a bank to install the RTGS system into their environment is almost as easy as if you buy a new PC you add Office 365 to it by downloading and adding your license key.” 

That said, he admitted, “any bank that wants to get involved with us has to go through a four-stage process because we what we've got to educate them into the way that our technology works.”

The company is getting encouraging feedback from a number of different sources, added Ogden.

“PWC, the global consultancy group, is leading conversations for us with a number of the major banks around the world, and there's real real solid and honest interest in trying to understand and explore where all the different benefits for this apply.”

The technology deployed by RTGS Global will allow banks to offer customers service level agreements (SLAs) for global payments 24x7x 365, something bankers have only dreamed of. It is still faster to catch a plane to Australia with a bag of cash than it is to deliver the funds electronically, he said.

 

That is Ripple’s exact phrase! (Brian Brooks of OCC just used it) 

 

They are way behind Ripple and Ripple has connected all the plumbing already. 
 

Don’t jump to any conclusions just yet. 
 

Forbes as been purchased by a Chinese company and is known to write articles that support BTC and disparage XRP. 
 

Ripple has too many in roads So far and is way ahead of this other group. 
 

But this could be totally true in which case we would not be in for the gains that we had hoped for. I will do some more research. 
 

Thanks for bringing it to my attention

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https://www.fintechmagazine.com/payment-solutions/rtgs-global-and-microsoft-reimagine-payment-networks
 

The thing missing that I can’t find is that this doesn’t provide interoperability like XRP. There is still the problem of walled gardens.

 

Finextra /Azure /Rtgs are all partners of Ripple.... so let’s do more digging 

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The biggest issue with RTGS I see from a preliminary investigation is it is NOT Blockchain... IE it’s not Decentralized. It is just a faster version of Fiat.... so it doesn’t solve all the problems our financial world is having.
 

It is just lipstick on an old pig.
Eventually China, Iran, Russia etc aren’t going to play Swift’s game and so a faster version of swift is irrelevant for global cross border remittances and a decentralized asset would be necessary similar to a gold standard  

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