You have probably read dozens of articles dedicated to this subject before, and likely skipped even more. So why write another one, let alone read it? The short answer is times have changed. Well, times always change. Still, the point is that we may be amidst a paradigm shift in the cryptocurrency space right now even if we don’t feel it yet.submitted by Stealthex_io to StealthEX [link] [comments]
Such a fundamental change is possible due to a confluence of several factors. Some of these factors are external and therefore not related to crypto. Others are internal and represent the value-oriented nature of cryptocurrencies. It just happened that all of them got activated under specific conditions at a certain point in time, which is today, give or take.
Economic woes in a post-Covid-19 WorldYou wouldn’t be far from the truth if you claimed that we haven’t yet pulled through the pandemic, to begin with. Unfortunately, it only makes matters worse unless you are a cryptocurrency investor and don’t care for the rest of humanity. Anyway, the damage has been done, and nothing can change that. We are now entering the phase that is technically called “competitive devaluations” and colloquially known as currency wars.
You could also argue that if it didn’t happen at the peak of the coronavirus pandemic, it is not going to happen now. The sad truth is that we are only starting to feel the real pain. Even the deadly coronavirus doesn’t take over the body instantly, while it takes some time on the scale of a few months up to a couple years for the economic disease to spread through the fabric of society, evolve, and then erupt with inflation rates shooting through the roof, among many other nasty things. Please take your seat.
The world reserve fiat, the American dollar, is sinking like Titanic, slowly but surely. We can’t say the same about less lucky currencies, though. We won’t dwell on the Venezuelan bolivar and Zimbabwean dollar as they are altogether beyond redemption, but fiats like the Brazilian real and Russian ruble are also balancing on the brink of another landslide devaluation, which they have seen many in the past. Sharp minds in the cryptocurrency space have been telling us about this development for ages. It all looked like a remote possibility in some distant future that as we felt deep down wouldn’t have a chance to come up in our lifetime.
As it stands, we were wrong, and the events described are now starting to unfold right before our own eyes. In a strange twist of fate, large-scale cryptocurrency adoption is about to occur along with them, but not through some technical breakthroughs and innovation, or even the much-hyped DeFi, but primarily through the failure of conventional financial systems based on fiat currencies. Rest assured, the top dogs in the cryptocurrency pit are well aware of this dynamic, and they are not going to wait any longer.
Grayscale Investments, a multi-billion dollar company behind a host of cryptocurrency trust funds, started to frenziedly buy up bitcoins a couple weeks ago. All in all, it acquired over 17,000 BTC adding to its already quite impressive stash of Bitcoin, now totalling almost 450,000 coins under its management. Love it or leave it, but it amounts to 2.4% of all bitcoins mined to date, including lost, burned, or left for dead as dust in Bitcoin wallets. In essence, it means that their effective share is way higher.
But while Grayscale definitely sits at the top of the cryptocurrency investment chain, it is not the only company that went on a buying spree lately. MicroStrategy, a company largely unknown to the wider public, suddenly got religion and swapped over $400 million of its capital into 38,250 BTC. Even Barry Silbert, CEO of Grayscale, commented on this feat in his tweet.
Twitter, by StealthEX
So whenever there is a hint at price correction, someone comes out of the shadows and picks up a handful of bitcoins from the market propping up the price.
Why are they doing this? You already know the answer.
Paradigm shiftIn different words, all that cryptocurrencies had to do was to last long enough until fiat started to fall apart. It does now, and paradoxically such times are also times of great opportunity, Baron Rothschild’s way. The world’s largest cryptocurrency exchange, Binance, has been pushing its cryptocurrency payment card since April when it acquired Swipe, a firm focused on crypto-to-fiat payment cards. At the time of the acquisition Swipe already supported 20 cryptocurrencies and fiat transactions in major currencies.
Binance.com, by StaelthEX
For European users the Binance card was officially made available in August, and the exchange plans to enter the US market soon. Given its dominance in the crypto arena, it wouldn’t be unreasonable to expect the surge in the cryptocurrency use as a means of payment thanks to this. It is unlikely that people would spend their precious bitcoins, but the packmaster is not the only member of the pack that Binance handles. Cryptos like Litecoin or Bitcoin Cash can easily become currencies of choice to use with Binance debit cards.
But what truly makes it a game-changer is the current turmoil in the global economic affairs which may turn out to be a once-in-a-lifetime chance for crypto to pick up where fiat currencies leave, or fail, to be exact. On the other hand, it may be a natural development after all, set in stone by the very first Bitcoin transaction and cemented for good when it got confirmed. Now things start to arrange themselves to fit their preordained layout. We have taken our time.
As cryptocurrencies are not internally linked to, or tied by, the lunatic policies of monetary authorities, that is to say, no central bank can ask or force miners to mine more bitcoins, we have the first element in place in the layout for the cryptocurrency mass adoption to occur at the most basic level. In fact, it has always been there, so we just had to wait until the two other elements arrived, even though it took longer than most of us were ready to wait.
The second required element in the grand picture of cryptocurrency adoption is the change in attitude toward wealth evaluation. So far the vast majority of people involved in crypto, including its most die-hard supporters, valued their cryptocurrency holdings in fiat terms. Without doubt, it was the US dollar, regardless of your home currency. But when fiat collapses or enters a long period of runaway inflation, people will be ready for a dramatic change in their approaches toward capital assessment as well as spending habits.
And here comes the most important part where Binance hits the nail on the head. If you are unable to effortlessly spend crypto in your everyday life, the first two components cannot trigger this change in attitude on their own. We need this third element to make use of what has existed and take advantage of what has come around. In a way, what Binance did, and what its competitors are no doubt going to do as well if they don’t want to miss out on the opportunity, appears to be the part that snugly snaps into place when we finally get there.
With Binance payment card, you can “buy the things you love with crypto”. So now the ball is in your court to support the full-scale cryptocurrency adoption coming up. Kidding aside, with fiat turning into trash by leaps and bounds all over the globe, this looks like a very enticing payment option for both the crypto purists and the unbanked. We have seen quite a few such cards in the past, but Binance seems to be adamant on making its variety really popular and actually usable. And then you can ride volatility waves to your financial benefit.
If Binance succeeds, that may herald a new era of cryptocurrency adoption, a breakthrough of sorts after so many years of stagnation in this department.
Repercussions and ramificationsIt is not like only we, traders and investors alike, see these trends. Governments are also taking notice and paying close attention. They can’t remove cryptocurrencies and they can’t help inflating their national currencies. However, they can still crack down massively on this and similar endeavors, trying to nip them in the bud. We don’t know yet what Uncle Sam is going to say but some muslim countries have been quite vocal in this regard.
For example, Egypt has issued a fetva which prohibits bitcoin transactions as being against Sharia, an Islamic religious law. Another mostly Islamic country, Indonesia, has banned the use of cryptocurrencies as a means of payment. Russia, although not Islamic yet, is hellbent on effectively outlawing most cryptocurrency operations despite passing earlier a law on digital assets which is essentially neutral to crypto.
To conclude, we must be aware that once things get serious and governments see that their monetary supremacy is being threatened, that they can no longer play their favorite game of inflation tax, they will leave no stone unturned to prevent mass use of crypto as an alternative means of payment. And cryptocurrency payment cards are hands down one of the best tools available for this use on a down-to-earth level, groceries and whatnot.
Now you know what their target will be.
And don’t forget if you need to exchange your coins StealthEX is here for you. We provide a selection of more than 300 coins and constantly updating the cryptocurrency list so that our customers will find a suitable option. Our service does not require registration and allows you to remain anonymous. Why don’t you check it out? Just go to StealthEX and follow these easy steps:
✔ Choose the pair and the amount for your exchange. For example BTC to ETH.
✔ Press the “Start exchange” button.
✔ Provide the recipient address to which the coins will be transferred.
✔ Move your cryptocurrency for the exchange.
✔ Receive your coins.
Follow us on Medium, Twitter, Facebook, and Reddit to get StealthEX.io updates and the latest news about the crypto world. For all requests message us via [email protected].
The views and opinions expressed here are solely those of the author. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Original article was posted on https://stealthex.io/blog/2020/10/06/cryptocurrency-adoption-a-breakthrough/
The thing is, making an argument that China is shady is that: an argument. I mean, geez: Hong Kong. Enough said. So long as they're being civil about it, it's actually what this Sub is for.Is this all fair to me, a cooperating member? If moderation and volunteering time is such a great issue, it would be a good step to take a backseat and discuss this in a rational non-prejudiced and less authoritarian manner. Why not allow others to take part and aid in moderating that subreddit?
Do you mention anything related to China or their products in your post? If so, it's fair game, and we expect everyone to conduct themselves like rational adults.
I'll check out the reports, but if they're conducting themselves along the lines of our sidebar rules, I (obviously) won't be taking any action. But I also hope that you don't get drawn into arguments that might end up earning yourself a time-out. We're somewhat patient, but at the same time, we can't spend too many man-hours tending a particular subscriber too much. Our time is volunteered and there are 600K+ subscribers. It's not fair to them.
“…I am upset I have lost so much money… this is what happened… someones messages me on Telegram telling me it alright, I had just lost money. But they say … If I wanna make a profit invest in this coin. So I do. It is great! because you know what ?! it begins to go up up up. I am excited, someone was nice enough to help me out. Such cool. I put more and more money into this altcoin. I mean I believe in the tech, the ideas and the situation is just amazing.… I mean I am making tons of money on my initial investment. It wont stop groing up this is fantastic. I make everything I have into it. With these gains I am going to come out on top. Lambos and all that. Then poof… I have feeling. Maybe I am get scammed this seems all too good to be true. I look at my messages from "the tipper friend" at times I feel like I am talking to a different person, it doesnt seem like the same person. They said oneday they bought some coin it for $.50 and just now they said they actually got it for $1.00. That I should hold and not sell… I have this weird feeling, but I am making increase. By the time it $8.00 I could not believe it. I asked "the tipper" you know he is like my best friend right now, I ask if I should sell, he reminded me to not sell no matter what, do not do it. If you do it you have weak hands, you must hold... but then everything began to drop right after their big annoucement. I wasnt worried I knew they were gonna go back up. He said so… But then Asia banned thing happened and the market just crashed I lost half of everything I owned in that… it hit me… maybe I can help them out maybe do work for them on the side… I mean I want the coin to go back up… I can help build website… my friend laughed at me… he say I work for them now, they give me the money they took from me… ha whatever… well… I ended up helping out and…. To me it felt me I felt trapped. I felt like I owed them something... only to come to find out that whatever just happened was planned maybe and I have this hope if I help out maybe it will go back up.. but it never did…”<I think its a true story… maybe exaggerated some. You will find these if you ask around. The reality is real, scammers do exist. What is happening in these situations is that often a large group of people are gathered together to hear about a new “coin taking off” one by one they are pulled into a telegram channel. In fact it “the boom” may have already started and the tech seems legitimate enough, you will quickly be blinded by the quick jump in price. If you were in their shoes, you should be asking one question…. ”How did their ICO go? Was it profitable or not?”. Because if it was not, more than likely they are gonna do something whatever it takes to take profit to get their tech started… What you see happening also is that tech that may be great oneday… Remember that “oneday” could be 1-3 years from now. Story of NEO… Rags to Riches.
A “premine” distribution system, while not necessarily an indication of a scam suggests that the creators of the cryptocurrency already own a portion of the cryptocurrency before it hits the exchange.<It happens, it is normal, but in ways it is wrong, especially if you are new to Altcoins. Read More Here. Buy the dip and sell the news is true. If this user would of done that, they would have made out probably ok, so next time take profits… say it with me what goes up must come down.
|Rate (per day)||0.56||37.31|
Generated with BBoe's Subreddit Stats (Donate)
https://preview.redd.it/04m8ii3z4cd11.png?width=736&format=png&auto=webp&s=3e0f91a9fe9a8e1a18544b5fc0082eb838826b72submitted by ox3tv to u/ox3tv [link] [comments]
When I asked our production assistant "are you following FCoin," she gave me a perplexed look and replied, "what? Filecoin?" Apparently, FCoin was not on her radar. I don't fault her. Nowadays, with over hundreds of crypto exchanges around, an exchange that is barely a month old doesn't sound like something that warrants paying attention to. When I typed "FCoin" into the Google search bar, the search engine autocorrected to "pcoin." However, this exchange in its infancy has already become the focus of the Chinese crypto circle and is either writing its own legend or will eventually reveal itself as one of the biggest scams in crypto history.
I heard about FCoin for the first time on Jun 12th. Members of the Chinese crypto circle had started talking about this new entrant to the game. The new kid on the block was not only already billing itself as the biggest exchange by volume, having accumulated over 28 billion yuan within a 24 hour period on the 15th day after launch, but had even gone as far as to publicly announce that its trading volume surpassed the sum of the trading volumes of the second to the seventh biggest exchanges, including major players Binance and Huobi. The first reaction among the crypto crowd was to question the authenticity of their data. Even as I pen this article, their trading data can still not be found on popular crypto data sources such as coinmarketcap.com or Block Hero. Fake trades, that is, the trading of cryptocurrencies between two accounts owned by the same exchange, is an open secret across the exchange industry, especially in China. Everyone is doing it but no one owns up to it. Some industry insiders have told me that, in their opinion, at least 85% of the trading volume at the top exchanges is “fake,” a shocking number if there is any validity to the “allegation” in an industry that is trying to build a trustworthy reputation for itself. I was unable to find a way to independently verify the number, however when I asked Bobby Lee, the founder of BTC China, about FCoin’s trading volume, his first reaction was, "I wouldn't trust any volume numbers from cypto-exchanges.”
FCoin’s story has since evolved beyond the issue of trading volume manipulation. Soon afterwards, Huobi announced that they plan to ally with 100 exchanges and adopt the same model as FCoin. Then CZ from Binance (the world’s second largest crypto-exchange if FCoin’s numbers are to be believed) said sarcastically on Weibo, the closest thing in China to Twitter, that they are ready to work with even 1000 exchanges in order to emulate the model. Apparently, it isn’t just a story of someone cooking the trading number as the sector’s biggest players already found it a new threat.
The cryptocurrency exchange industry is evolving at a super-fast pace. Mt. Gox, remember them? They were the first-generation exchange and used to be the sole player dominating the bitcoin trading business. Their reign ended when their entire network sank after a major hack. In China, BTC China was the first to initiate the cryptocurrency exchange business, however, were surpassed by OKCoin and Huobi within a couple of years. Last year, Binance moved to the head of the class in months. On December 16, 2017, they sent out a tweet saying: “5 months to reach Number One in the WORLD.” Then Binance saw their 1st quarter earnings in 2018 surpass those of 148-year-old Deutsche Bank.
However things have since been changing even faster, with the time between events, no longer counted in months but rather in days. It took FCoin roughly one tenth of the time that it took Binance to move into the number one position, assuming their data is correct. Zhang Jian, FCoin’s founder and former CTO of Huobi, said in a WeChat group that even members of their own team were surprised that things were happening that quickly. The team had to work day and night to constantly upgrade the system, as the trading volumes the system had to handle kept growing exponentially.
Now let’s talk about FCoin’s model. What kind of magic is attracting that volume of trades? FCoin’s model is called “trans-fee mining.” They didn’t really invent it. Besides FCoin, several other cryptocurrency exchanges had made their appearance around the same time trying out that model, for example Dragonex, yet the model deployed in each case varies in the details. In FCoin’s case, users can trade cryptocurrencies and facilitate the trades by paying transaction fee like any other exchanges. However the users will receive the full rebate of the transaction fee in the form of FT, FCoin’s token. Every day, FCoin will reward dividends to all the FT token holder. The dividend is based on the transaction fee income accumulated in the last 24 hours. At the beginning FCoin took 80% of all the transaction fees as dividends to the user. Now under certain condition, the entire 100% is returned to the user.
The user not only earns FT tokens, but also gains dividends simply by holding onto the FT without the heavy investment in machines and electricity that is needed to mine bitcoin. If FT’s price can be held at a certain level and the transaction fee revenue stream is stable, the user can make money if they hold onto their FT long enough. It sounds lucrative to many people. Users rushed in and kept on selling and buying, not for the purpose of changing positions, but purely to create the trade that allows them to receive or mine FT coins. Zhang said now their biggest challenge is to calculate all the dividends on a daily basis as it has now become so massive. According to their official website, about 170 BTC is distributed to users as a dividend today and the number was over 1500 BTC the day before. I guess the trading volume is pretty volatile.
During the interview with the press, Zhang Jian explained that his idea behind this new model follows Satoshi Nakanomo’s original design for bitcoin. He said his fundamental theory is to build a community to support the trading eco-system rather than simply seeking to maximize profits like other centralized exchanges. Besides receiving a dividend, the FT holder can also participate in the system’s management. Zhang gained a lot of support in the crypto circle especially from the people who made money on Fcoin. However, many questions remain.
Firstly, the question of the fake trades: Zhang Jian says that the FCoin system can prevent fake trades as they simply wouldn’t have the money to reward FT coin holders with the dividends. Although not everyone buys that answer, since some people think FCoin can still fiddle with the volume number by trading between its own accounts and give their own accounts FC coins, generating a lot of dividends, most of which is just returned to FCoin after the fact. Given that FT is not on blockchain now makes it hard to track how they are distributed. Zhang said FT will be put on the chain eventually. Still it is possible that FT is a “fake it until you make it” case. However, FCoin may not have a strong motivation to overstate the data for sustainability reasons, something which I will explain later.
Secondly, CZ from Binance said in a statement that he believes FCoin is simply another kind of ICO. The users pay FCoin the transaction fee using BTC or ETH and receive FT coins in return. At the end of the day, it is not really any different than using BTC or ETH to purchase FT. And, when I hear of valuations of FCoin at 50 billion dollar, it does seem off the wall, especially considering the firm’s short history. Upon hearing that Binance doubted the evaluation, Zhang laughed it off and retorted in return that Binance was an ICO project as well at an interview.
The third issue is sustainability. One has to question whether the transaction fee income is enough to support the run rate, and as to whether FCoin’s model, as it is currently structured, can support itself for much longer. There is a limited supply of FT coins, 10 billion in total. According to FCoin’s announcement, 51% of them will be rewarded to users through the “trans-fee mining.” At the time of this writing, FCoin’s official site indicated that more than 28 million FT had been mined the previous day. Let’s assume on average that 25 million FT are mined per day. That means, it will take only 204 days to mine all the FT needed to award users through the “trans-fee mining” program. What will happen after that? The FT holder can still receive the dividends but will no longer receive any FT coin for the transaction fee they paid. The return, in that case, will be significantly lower. This could become a cycle, with another exchange suddenly showing up with a more lucrative mining program, instigating a massive migration to the new player. And when that player runs out of tricks, the next one could come along.
That is already happening: on Jun 25th, Bit-z launched its platform token BZ and started a similar “trans-fee mining” program. They claimed that within the first 12 hours, the transaction volume had hit 27 billion yuan, if the data is to believed.
|Rate (per day)||4.05||234.57|
Generated with BBoe's Subreddit Stats
|Rate (per day)||4.05||234.57|
Generated with BBoe's Subreddit Stats
Is Binance Coin (BNB) The Next Big Coin? Bitcoin & CryptoCurrency Is The Gold Rush Of This Generation By J.K. Diego August 20, 2017 April 19, 2020 Money. Share Tweet. FOREWORD (If you’re just here to find out how to purchase Binance Coin (BNB), skip to the last section.) Guys and girls, today is the greatest time in history to be alive. Never before in history can a 15-year-old kid with ... Bitcoin has climbed back above the psychological $10,000 barrier while the altcoin markets are green. Here are your latest cryptocurrency news and prices. Bitcoin protocol changes occur by nodes mining on the network “signaling” acceptance, or showing that they would support blocks with the new protocol format. This influence empowers Bitmain to attempt to control the direction of the Bitcoin protocol development. Bitmain <3 AsicBoost. In April of 2017, around the time of the Antbleed scandal mentioned above, Segregated Witness and AsicBoost ... Binance App - Trading Bitcoin and Cryptocurrencies with ease using our crypto app. This update : ⁃ Homepage revamp. ⁃ Support Futures Calculator. ⁃ You can now convert one cryptocurrency to another. Choose from over 200+ supported pairs to convert. ⁃ Users can post trade advertisements on Binance P2P. - Improve the success rate of push. Anyone who holds a copy of the NFT will see it change as the Bitcoin donations come in. Source link Binance, one of the largest cryptocurrency exchanges by volume, is issuing a bitcoin-backed token, the firm announced in a blog post on Monday.The post Binance launches bitcoin-pegged token on ... Aug 19, 2019 - #Bitcoin and #Crypto #Gif To illustrate your articles, ideas and just for fun. #cryptocurrency #blockchain #altcoins #cryptoworld #cryply #gifs #animated #animation. See more ideas about Bitcoin, Cryptocurrency, Blockchain. News Opinion Bitcoin Venture Capitalist Expert Says That Bitcoin Price Could Fall To $3,000 The founder and partner of Morgan Creek Digital Assets, Anthony Pompilano, has reviewed his earlier predictions that the price of bitcoin will hit $50,000 by the end of the year. The review predicts that the price of bitcoin will fall to $3,000 later this year. By Ifeanyi Follow on Twitter Send an email ... Binance Charity Foundation (BCF), the blockchain-enabled charity platform and official philanthropic arm of the global cryptocurrency exchange Binance, today announced the first strategic alliance of 47 companies and organizations as founding partners to introduce ‘Pink Care Token’ (PCAT). In the frame of the period poverty campaign, the alliance aims to empower 1 million women in ... Two youngsters stand accused of paying Bitcoin to look at kids be sexually abused, tortured and murdered. Each 17, the
[index]          
Big announcement from Binance, they were just hacked for 7000 BTC. Take a listen. Article: https://binance.zendesk.com/hc/en-us/articles/360028031711 Become... Binance Charity, more commonly known as the Blockchain Charity Foundation. Is this charity really helping the world? Or does it have evil intentions? In today’s episode, part 1 in a 2 part ... One fundamental metric just reached levels not seen since just before the intense 2017 Bitcoin rally up to $20,000. Binance has completed its biggest platform upgrade in two years, it’s getting ... Is the Binance Charity Evil? Are they really feeding children? Did Justin Sun donate 3 million dollars? Did Binance really donate 10 million dollars in seed money? Today we investigate the Binance ... Bitcoin, Altcoins & Binance FOMO!? BEWARE of THIS Indicator!! MMCrypto. Loading... Unsubscribe from MMCrypto? Cancel Unsubscribe. Working... Subscribe Subscribed Unsubscribe 45.9K. Loading ... Here you can buy Cryptocurrencies: https://www.coinbase.com/join/5935a70d05fcbc0a980a2643 Here you can buy Most of the cryptocurrencies: https://www.binance.... Binance Coin has been on fire during the worst periods of the bear market in 2017. In this video I talk about why Binance coin BNB is a top pick for 2019 for huge gains and more. Is it the calm before the storm? Binance opens trading and not much has happened. But is a huge breakout coming? Let's take a look. Become a CryptosRus INSIDER to gain exclusive insight on the ... In this video I'll cover a model of expanding markets called the j-curve. If you enjoyed the video, please leave a like, and subscribe! Referenced Article: h...