Welcome to the latest edition of Cointelegraphs Nifty Newsletter. Keep reading to stay up-to-date with the latest stories on nonfungible tokens. Every Wednesday, the Nifty Newsletter informs and inspires you to dig deeper into the latest NFT trends and insights.

In this weeks newsletter, read about why Meta decided to wind down its nonfungible token (NFT) tools on Instagram and Facebook, and check out the metaverse greenhouse full of dynamic, breedable NFT flowers. Find out more about Binance NFTs addition of Polygon network support to its marketplace and, last but not least, Nifty News highlights the new artificial intelligence (AI) tools that can bring security and transparency to the NFT market, and why German regulators are considering a case-by-case approach to NFTs.

Tech giant and Facebook parent company, Meta, said its scrapping its NFT features across its social media platforms, Facebook and Instagram. This comes only 10 months after the integrations first launched.

Stephane Kasriel, the head of commerce and financial technologies at Meta, revealed the news in a tweet on March 13. He said the company is winding down its NFT support and will focus on other ways to support creators, people, and businesses while prioritizing monetization and connecting with fans.

Continue reading

On March 8, the Heterosis project introduced collectible, breedable and dynamic NFTs of digital flowers. After the initial mint of the NFT flower, users can look into the greater catalog of flowers available and breed flowers to create a hybrid species.

According to the projects announcement, when a new flower trait is discovered, it spreads across the entire population, just like the diversification in nature works. All flowers will be held in a metaverse greenhouse, designed as a digital rendition of Londons National Gallery.

Continue reading

Binance NFT the NFT arm of the cryptocurrency exchange announced that it had added support for the Polygon network to its marketplace.

The move continues the expansion of Binances NFT ecosystem. The new integration allows Binance NFT marketplace users to trade NFTs on various blockchains, including Ethereum, BNB Smart Chain and Polygon, via their Binance accounts.

Continue reading

The Federal Financial Supervisory Authority of Germany (BaFin) said its not yet ready to assign a classification to NFTs and suggests classifying them on a case-by-case basis.

The regulators said NFTs dont meet the criteria to be considered securities, though they could be in the future. However, regulators also gave the example of an NFT containing documentation of exploitation rights or ownership, like a distribution commitment, which could be considered an investment.

Continue reading

Fragmentation and the lack of standardization in the NFT space have led to confusion for users between different marketplaces. Diverse collections and inconsistent pricing methods complicate transactions.

As AI and machine learning become more available, they could benefit users in the NFT space by detecting security threats, providing users with a safer and more trustworthy experience.

Continue reading

Thanks for reading this digest of the weeks most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.

Original post:

Meta scraps NFTs on Instagram and Facebook: Nifty Newsletter, March 814 - Cointelegraph

An electrifying live discussion with Rutherford Atayobo, the brilliant Chief Operating Officer behind SinVerse a groundbreaking metaverse game built on the blockchain that boasts an edgy R-Rated Mafia theme. SinVerse has taken the Web3 universe by storm, captivating the hearts of thousands with its unparalleled immersive and interactive gaming experience that surpasses all others.

In this dynamic conversation, Rutherford will regale us with his insights and experiences on the development and success of SinVerse, sharing stories of the challenges and opportunities that come with building a metaverse game on the blockchain. Have a great read as we dive into the future of gaming and blockchain technology with one of the most innovative leaders in the industry.

Hello, I am Efe Rutherford Atayobo, co-founder and COO of Sinverse, the first R-Rated Mafia Metaverse built on Web3. As an entrepreneur, innovator, and blockchain ecosystem developer, I have been actively involved in the Web3 ecosystem since 2015 . Since then, I have also founded Manilla Finance, Vanilla Network and Cabbie, three highly innovative and scalable web3 projects.

1. Can you describe the background and experience of the team at Sinverse?

Sinverse is led by a team of four co-founders with a diverse range of skills and expertise. Marouane Fikri has extensive experience in economics, tokenomics, and marketing. Constantine Ene has a strong background in Game Development, Artificial Intelligence, Machine Learning, and Augmented Reality. And I, as the founder of Manilla Finance and Cabbie, have managed a technology hub in Web2 & Web3 development. We also have a strong background in the gaming industry, having grown up during the inception of the first 8-bit video game, Nintendo. At Sinverse, we believe in a flat organizational structure that empowers every team member to contribute to the success of the project.

2. What is the plan for Sinverse in the next five years?

As the COO of Sinverse, I am proud to say that we have ambitious plans for the future. Our goal is to become a leading player in the metaverse space by building a decentralized, immersive, and user-friendly platform. We aim to continue developing and expanding our platform, attracting a large and engaged user base, generating significant revenue from activities such as gaming and commerce, and offering investors an outstanding return on their investment. We have already partnered with other projects to build their businesses in our metaverse, such as Kucoin and Caasha, who are coming to Sinverse to build their financial infrastructure in the financial district. Our vision is to create a metaverse where players can carry out crypto-based transactions right inside our platform and drive adoption of Web3 gaming.

3. How does Sinverse aim to impact the future of Web3 gaming?

At Sinverse, we believe that gaming and blockchain technology are a natural fit, and we are on a mission to create a new type of gaming experience that is more immersive, social, and secure. By combining blockchain technology and gaming, we hope to drive the adoption of Web3 gaming and provide a model for other companies to follow. Our platform is decentralized and owned by users, which will empower game developers and users alike, creating a more equitable and democratic gaming ecosystem.

4. When is Sinverse planning to launch, and what is your go-to-market strategy?

As the COO of Sinverse, I can tell you that we are currently in the process of developing our platform and engaging with the community. While we have not yet announced a specific launch date for the full game, our alpha demo is available for gamers to play and we have received an enviable turnout from blockchain gamers. Our go-to-market strategy is to leverage our partnerships and network to build awareness and attract users to the platform. We also plan to incentivize users to join and participate in the platform through rewards programs and other mechanisms.

5. Why did Sinverse choose to build its platform on Binance Smart Chain, and what is the competitive edge of BSC?

We chose to build our platform on Binance Smart Chain (BSC) because it is a blockchain platform that is designed for high-speed and low-cost transactions, making it well-suited for gaming and commerce. Additionally, BSC has a large and active community, which can help to provide support and promote adoption of the Sinverse platform. By building on BSC, we believe that we can provide a competitive edge to our platform and deliver a high-quality user experience.

Continue reading here:

A deep dive into the fastest growing R-Rated Metaverse Game SinVerse - ZyCrypto

Arbitrum foundation announced the date for the $ARB token airdrop & DAO governance and 12.75% of community allocation to be distributed on March 23. ARB holders will vote on decisions governing Arbitrum One & Nova networks.

Arbitrum announced to launch of its much-awaited DAO governance and its native $ARB token on March 23.

Today The Arbitrum Foundation is extremely excited to announce the launch of DAO governance for the Arbitrum One and Arbitrum Nova networks, alongside the launch of $ARB. https://t.co/TB3wG0QK0v

According to the Arbitrum Foundation, the launch of $ARB marks the evolution of Arbitrum into a decentralized autonomous organization (DAO). Thus, $ARB holders will be able to decide on key decisions governing Arbitrum One and Arbitrum Nova - networks that provide faster and cheaper transactions on the Ethereum blockchain.

The total circulation of $ARB will be 10 billion. A total of 56% of those tokens will be controlled by the arbitrum community - 11.5% will be distributed to the Arbitrum community, and 1.1% will be distributed to DAOs operating in the Arbitrum ecosystem. Arbitrum DAO will control the distribution of the remaining community tokens through a treasury.

The other 44% of Arbitrum's circulation will go to Offchain Labs - the firm that built Arbitrum. All investor and team tokens are subject to a 4-year lockup, with the first unlocking happening in one year and periodic unlocking throughout the next three.

The Arbitrum Foundation and Offchain Labs worked closely with Nansen throughout the past several months to develop eligibility criteria $ARB token airdrop. They developed a point system based on various metrics of network usage.

Users of both Arbitrum One and Arbitrum Nova both received points. Moreover, early users of Arbitrum One (before Nitro) received more points. Users with three or more points are eligible for the airdrop. However, points were also deducted from users who engaged in Sybil-linked usage patterns.

You can check the point system and discover more about the eligibility criteria here.

Users who want to be part of Arbitrum's governance but do not wish to vote on-chain actively can participate passively through delegation.

Furthermore, Arbitrum included a second mechanism in the form of DAO airdrops, as a way of extending token distribution to new and infrequent users. In accordance with this, only Arbitrum projects with DAO treasuries are eligible.

Among the exceptions to the DAO airdrop was the inclusion of the Protocol Guild, an organization that represents the Ethereum core developers and contributors.

The ARB token will only be used for protocol governance, unlike ETH, which is used to pay Ethereum (and Arbitrum) fees.

The DAO governance in Arbitrum is self-executing, which means its votes will directly effect and execute on-chain decisions without the involvement of an intermediary. The voting process requires a minimum of 2137 days to pass before a proposal can be executed, ensuring users are given time to react to any changes.

Additionally, the Arbitrum Foundation established the Arbitrum Security Council, a 12-member multisig of highly regarded community members that would monitor the security of the chains and can act rapidly when a vulnerability is found. At some point, the DAO can also retire the Security Council if it decides the chain no longer needs its protection.

The Arbitrum foundation also announced the launch of Arbitrum Orbit, a platform for developers to easily and permissionlessly create their own Layer 3 (L3) blockchains. Additionally, Arbitrum Orbit L3 chains will support Arbitrum Stylus, which allows developers to build chains in C, C++, Rust, as well as Solidity.

The Arbitrum DAO will be able to authorize additional Layer 2 chains on Ethereum, regardless of whether they are governed by $ARB, ensuring full community control of Arbitrum.

The Arbitrum One platform was upgraded to Nitro in August. Moreover, a few months ago, Arbitrum announced that ten independent institutional validators had signed up to validate the platform.

The community is exited with the recent announcement.

Congrats to the team, this is huge.

You took your time but you delivered.

According to L2 Beat, Arbitrum has $3.63 billion in TVL in its Ethereum rollup network, Aribtrum One.

Arbitrum is an Ethereum layer-2 network that enables developers to build and deploy highly scalable smart contracts at low cost. You can use Arbitrum chains to do all the things you do on Ethereum use Web3 apps, deploy smart contracts, etc., but your transactions will be cheaper and faster. The flagship product for the team, Arbitrum Rollup, is an Optimistic rollup protocol that inherits Ethereum-level security.

Website | Docs | Twitter | Blog |

Follow us on Twitter and Instagram to keep up with all the latest news for BNB Chain and crypto.

If you need tools and strategies regarding safety and crypto education, be sure to check out the Tutorials, cryptonomics explainers, and Trading Tool Kits from BSC News.

Want the latest DeFi secrets delivered directly to your inbox every week from a leading industry expert? Instantly learn about strategies that could have you earning APYs of up to 69,000% with DeFi Maximizer. Sign up today and enjoy a 25% discount off of your first month!

Looking for a job in crypto? Check out the CryptoJobsNow listings!

Read the original:

Binance US to Delist HNT Token Ahead of Helium Migration to Solana - BSC NEWS

Ethereum is one of the most popular platforms in the world of cryptocurrency. However, several projects have emerged that are aiming to overtake Ethereum as the leading smart contract platform. These projects, which are often referred to as Ethereum Killers, aim to offer more advanced features, better scalability, and improved security compared to Ethereum.

The term Ethereum killers emerged in 2016/2017 as blockchains such as Cardano rose with the potential to compete with Ethereum. When EOS emerged in 2018, it brought forth something new fast speed and efficiency and an astonishing $4.1 billion raised in funds during the EOS Initial Coin Offering, which was the highest amount ever amassed by a single ICO offering until that time.

Today, EOS is one of the foremost competitors for Ethereums dominance of blockchain technology.

Can there be an Ethereum Killer? The short answer is yes, but its complicated. Despite Ethereum being a powerful platform, it has some major limitations in scalability and transaction fees.

As the popularity of Ethereum continues to grow, these problems become more and more pronounced, leading many developers to look for alternatives that could offer better performance than Ethereum.

Ethereum killers include projects such as EOS, Cardano, Solana, and TRON. Each of these platforms has its own unique features that outshine Ethereum. For instance, EOS has faster transaction times and higher performance than Ethereum.

The blockchain trilemma of scalability, security, and decentralization is something that Ethereum Killers will have to tackle.

The trilemma states it is impossible to optimize all three aspects on a blockchain. Ethereum Killers must prioritize one or two of the aspects and sacrifice the other (s), as there is no way to make all of them work together.

As the technology continues to grow, we can expect projects to continue emerging with the potential to overtake Ethereum as the leading smart contract platform.

It remains to be seen which project or projects will emerge victorious in this race for blockchain supremacy.

There are several factors that set Ethereum apart from its competitors, which make it the most popular smart contract platform in the world. These include:

1. CommunityEthereum has the largest and most active community in the world of cryptocurrency, with millions of users around the globe who have a passion for the project.

2. Developer SupportEthereum has a large, vibrant development community that is pushing forward advancements and innovations to improve the platforms capabilities.

3. Smart contract pioneerEthereum was the first platform to harness smart contract technology, which has revolutionized the way we run applications and opened up a world of possibilities.

4. PopularityEthereums popularity has surged in recent years, with many enterprises and startups building their applications on the platform.

5. ResilienceEthereum has shown its ability to withstand market volatility and is still one of the most valued cryptocurrencies in the world.

These factors, combined with its robust network and wide-reaching community, make Ethereum a formidable opponent for any up-and-coming challenger.

Here are some of the most prominent Ethereum Killers:

Cardano is a third-generation cryptocurrency launched by none other than Charles Hoskinson, one of Ethereums original co-founders.

Differentiating itself from its predecessors, Cardano has taken a research-intensive approach to development, allowing for detailed peer review and intensive testing prior to implementation.

With smart contract capabilities, the platform is primed and ready to become a major player in the crypto space. Whats more because of its tech stack, its believed that Cardano offers enhanced scalability compared to Ethereum. It looks like an exciting time ahead for this impressive crypto project.

Solana is a new but promising smart contract platform that has boasted impressive theoretical speeds, scalability, and low transaction costs since its launch in 2020.

While the project remained stable since its launch, the blockchain has suffered network-wide outages.

However, the incidences have not shaken investors confidence in the platforms scalability claims. This is an indicator of Solanas viability in extreme scenarios; there are few other projects can show similar elasticity amidst technical difficulties of such magnitude.

Avalanche is an impressive fresh development in the blockchain technology world. Combining three chainsX, P, and Cit has created a powerful tool that fulfills the same functions as Ethereum but much more quickly and at lower costs.

This trio of burly assassins allows for token creation, handling of smart contracts, and proof-of-stake validation all within the same system.

Avalanche is a revolutionary force in blockchain technology, allowing users to benefit from faster speeds and more cost efficiency.

Polkadot (DOT)s ability to link different blockchains together and make them communicable makes it stand out among competitors in the crypto space.

Making communications easier across blockchains means developers dont need to start from scratch when transferring value on them.

This accessibility enables investors to make more informed decisions, rather than trading on the currency itself; investors will now be able to trade on technology, its longevity, scalability, and cost savings capabilities.

Polkadot looks set to take over from Ethereum as the go-to blockchain technology, given claims it can solve scalability and cost issues.

Tezos has made a tremendous splash in the world of blockchain technology, making its mark as a major player.

Its smart contract capabilities make it a great venue for issuing projects and digital assets, and its dApp development potential puts it on the map.

With notable projects launched on Tezos in areas like fashion, music, gaming, and art, the platform shows no signs of slowing down soon. Unlike other networks which rely on proof-of-work consensus mechanisms, Tezos was one of the first to employ the more efficient proof-of-stake (PoS) system. Tezos remains at the forefront of innovation for years to come.

Binance is one of the leading cryptocurrency exchanges in the world. It has made a name for itself by introducing innovative technology and features.

One such innovation is its Binance Smart Chain, which is built on similar foundations to Ethereums blockchain but comes with extra functions more suited to advanced crypto traders.

The blockchain allows developers to connect with their audience and potential investors via the Binance trading platform. Of course, because of its centralized system, Binance has seen its fair share of criticism but it continues to be one of the most popular platforms.

Fantom is a very new and innovative smart contract platform. It uses a unique consensus mechanism, called the Lachesis Protocol, that allows for high-throughput transactions, making it one of the fastest networks available today.

The networks throughput can handle up to 10,000 transactions per second, which makes it an ideal option for decentralized applications. Fantom is also notable for its low transaction fees, allowing developers to create dApps and apps at a fraction of the cost compared to other platforms.

The platform has already seen significant success, with prominent projects such as Klaytn launching on it. Fantom looks set to remain an important player in the crypto space for years to come.

Aptos, also known as Aptos Labs, is a web3 startup focused on building a powerful layer-1 blockchain.

Far from being a new entity, developers who worked on Diem found the company, Metas prior blockchain initiative. This provides their project with an invaluable base of experience and knowledge.

To achieve their goal, the team is using elements that were developed for the former Diem chain and Move language, a unique Rust-based programming language developed by Meta. The network also implements Block-STM (parallel execution engine), to process more than 130k transactions per second with low costs for usersmaking it one of the most efficient and cost-effective projects in the space.

Algorand is one of the leading smart contract platforms available. It is famous for its scalability, security and decentralization. Unlike other networks, Algorand does not require miners for verification of transactions, which makes it a much faster network than others.

The platform also uses an innovative consensus algorithm called Pure PoS (Proof-of-Stake) which is far more energy efficient than other networks.

Algorand has seen a lot of success with projects such as Synthetix, Kava, Chainlink, and many others launching on the platform. The network continues to be one of the top contenders in the space and looks set to remain so for years to come.

There can be an Ethereum killer. Ethereum is one of the few blockchain platforms that has gained traction in the mainstream market. However, its scalability and transaction fees are becoming problematic.

For now, Ethereum will remain one of the most popular blockchain platforms in the world. But, the future is unpredictable and new projects will challenge Ethereums dominance. Only time will tell which platform will become the ultimate Ethereum killer.

Until then, we can only wait and see how it plays out.

Follow this link:

Ethereum Killer: How Do Projects Outshine Others for Top Spot ... - Cryptopolitan

Late last year Forbes initiated an investigation into various transfers from Binance into various hedge funds between August 2022 to December 2022.

The main questions are, does Binance still have control of these funds, and could this end up the way of FTX?

Forbes Investigation

With Binance essentially self-regulating until international and national laws are fully established with regard to the crypto industry, it is mainly down to trust that the big players are performing as well as they say they are and, more importantly, are as liquid as they say they are.

The Findings

Records on blockchain show $1.2 billion of b-USDC being directed to Cumberland DRW, a crypto trading firm, with other collateral moving to Alameda, Justin Sun, and crypto services company Amber Group. The total amounted to $1.8 billion over five months.

Binances response has been lackluster, to say the least, with the b-USDC, a wrapped version of USDC on BNB Smart Chain not controlled by Circle, staying the same supply on-chain after.

What Does This Mean?

The worst-case scenario for this is that Binance fails to maintain backing for its BNB Smart Chain-wrapped assets, exposing its users to significant risk.

Some theories revolve around Binance loaning counterparties the funds backing various Smart Chain assets, in a similar vein to the dire financial practices that led to the downfall of FTX and the loss of billions of dollars of customer funds.

Time will tell if Changpeng Zhao will respond to this.

Ignoring The Doom And Gloom

With news such as this, it is essential to hedge bets and look at how the market will react. Currently, as hedge funds sit with empty accounts waiting to gain capital to reinject into the market, narratives are shifting, and AI technology is sitting at the forefront of the following bullish market movements, regardless of how hedge funds or exchanges may fall.

Avorak is one crypto starting to make waves in the space; with a full suite of machine-learning technologies applicable to both retail and commercial ventures, companies and personal investors alike are moving in. The revenue stream is set to begin in early 2024, with AVRK being the credit to use the Avorak products. A percentage of all revenue is set to be redistributed live to AVRK holders, a feat impossible with regular finance industry practices.

Jumping on this project in the early stages of its ICO will undoubtedly put a hedge against any issues Binance, Circle, or any of the hedge funds may have and will likely put most buyers at the top of the gainers lists when AI truly becomes the market-leading sector for investment.

Want to learn more about Avorak AI?Website: https://avorak.aiWhitepaper: https://avorak-labs-and-technology.gitbook.io/avorak-a.i-technical-whitepaper/

Disclaimer: The statements, views and opinions expressed in this article are solely those of the content provider and do not necessarily represent those of Crypto Reporter. Crypto Reporter is not responsible for the trustworthiness, quality, accuracy of any materials in this article. This article is provided for educational purposes only. Crypto Reporter is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Do your research and invest at your own risk.

Link:

Has Binance Lost $1.8 Billion In USDC? Is This The Next FTX? - Crypto Reporter

The crypto market seems to remain in its sloth phase for a while but even with all the ups and downs, one can have the chance to earn millions by investing in the right coin at the right time. Take a break from traditional investments and have a look at the highly rewarding meme coin universe.

Big Eyes Coin (BIG) is one of the new meme coin tokens in the crypto world. It has already raised $31.29 million and is on the path to become one of the biggest presales in the history of meme coins. It is not just a feline theme token in contrast to the popular dog coins, its uniqueness lies in the fact that the project cares for the environment. While 80% of the total supply of the tokens will be available at the launch, 5% will be deposited in the charity wallet.

Big Eyes Coin, being the cool kitty who loves fish, is keen on saving the oceans, the home of the delectable fish. It supports charities that work for ocean conservation. Sea Shepherd is a direct action ocean conservation movement that aims to protect and preserve the oceans and safeguards marine life by employing vessels that keep an eye on illegal fishing.

Big Eyes as a community token showers the members with cool rewards every now and then. It is giving away up to 5000% bonus to the investors with its new Vault Pin. One has to go the big eyes website and enter Vault Pin 819 before the purchase of the tokens and get one of the following loot boxes as a reward:

$100 gets one a Saver Tin which can give up to $1000 worth of BIG

$1000 gets one a Cutebox which can give up to $10,000 worth of BIG

$5000 gets one a Kitty Vault which can give up to $25,000 worth of BIG

$10,000 gets one a Super Saiyan Box which can give up to $100,000 worth of BIG

$100,000 gets one a Excali-Paw Chest which can give up to $1 Million worth of BIG

The great thing is, the more you spend, the more loot boxes you earn and a bigger chance for winning a stupendous amount of Big tokens.

Wownero (WOW) is a privacy-focused, decentralised cryptocurrency that was launched in 2018. It is a fork of the Monero blockchain, which means that it shares many of Moneros privacy features, including ring signatures and stealth addresses. However, Wownero has its own unique characteristics and goals. One of the main differences between Wownero and Monero is its emphasis on fun and lightheartedness. The projects website describes Wownero as a dogecoin-inspired, CPU-mineable, privacy-centric meme coin with a strong community and a focus on fun. The cryptocurrency also has a fun and whimsical branding, featuring a cartoon dog.

Wownero uses the Cryptonight-Heavy algorithm for mining, which is optimised for CPU mining rather than GPU mining. This means that anyone with a computer can participate in mining Wownero, without needing specialised mining equipment.

Wownero also has a fixed supply of 184.47 million coins, with a block time of 4 minutes. The cryptocurrency has a dynamic block size, which means that the size of each block can change based on network demand.

Safemoon Inu (SMI) is a relatively new cryptocurrency that was created in 2021. It is a decentralised finance (DeFi) token that runs on the Binance Smart Chain network. Safemoon Inu is a meme-inspired cryptocurrency, and its name is a combination of two popular cryptocurrencies, SafeMoon and Shiba Inu.

Safemoon Inu operates on a unique tokenomics model that includes a 10% fee on all transactions. Half of the fee is redistributed to existing token holders, and the other half is split between liquidity pool creation and burning tokens. This is intended to create a deflationary mechanism that will increase the tokens value over time.

SafeMoon Inu has a strong community of supporters and advocates who are actively involved in promoting the cryptocurrency and contributing to its development. This community-driven approach has helped to build a sense of community and loyalty around the token.

Big Eyes Coin (BIG)

Presale: https://buy.bigeyes.space/

Website: https://bigeyes.space/

Telegram: https://t.me/BIGEYESOFFICIAL

Go here to see the original:

Big Eyes Coin Gives Huge Rewards With Its Vault Pin While ... - Auralcrave

The collapse of Silicon Valley Bank (SVB) last week raises serious issues far more significant than the obvious ones cited by the financial press and a broad range of Washington politicians.

Chief among these are bank loans against dubious assets. That's not getting much if any attention in the news or from Washington and is likely to soon be swept under the rug, allowing needlessly risky banking practices to continue.

Before its collapse last week, SVB made loans against Bitcoin and other cryptocurrencies.

The question: why is any bank anywhere allowed to accept crypto as collateral for loans?

Bitcoin and its imitators are not money. They are not currency. They're hardly used to buy and sell, an unsurprising fact given that by design the Bitcoin system canprocess only seven transactions per secondcompared to many thousands of transactions per second for credit cards.

Indeed, except for laundering proceeds from drug trafficking as well as hiding assets from creditors, estranged spouses, and the tax police, cryptocurrencies have no use.

High-tech Ponzi Scheme

Cryptocurrencies and their cousins, Non-Fungible Tokens or NFTsare just a high-tech Ponzi scheme. Instead ofCharlie PonziorBernie Madoffpersonally running the con, the crypto scam relies on decentralized computer blockchain and "mining" of mathematical solutions.

Bitcoin's supposed inventor, who went by the pseudonym Satoshi Nakamoto, hasnever been identified. He or she has since vanished, leaving holders with a digital string worth only as much as the next fool, or crook, will pay for this imaginary asset.

Early participants in Ponzi schemes profit mightily if they cash out while the gullible souls who get sucked in later wipe out. That is what happened to SVB, America's 16thlargest bank, which was big on crypto loans.

Many Bitcoin "investors" have already been wiped out as the "market cap" of Bitcoin plummeted from nearly $1.3 trillion in 2021 to about $389 billion on Friday,down almost 70%.

Why do banking regulators allow our federally insured and regulated banks to make loans using magic internet money as collateral? That's a crazy policy, no different than allowing banks to accept buckets of ice cubes in winter as collateral, even though they melt come spring and evaporate in summer

Silicon Valley Bank is just one of many federally insured financial institutions that accept crypto currency as collateral for loans. Some banks will loan you 90% of the seemingly value of your crypto, though 50% loan-to-value is more common and that appears to be the standard at SVB based on its web pages.

Zero Interest Crypto Loans

All sorts of financial news outlets offer advice on borrowing against crypto. These includeNerdWallet, and the increasingly nave and unreliableForbes.People with crypto can evenborrow at zero interest. Gadzooks!

For a sober look at the big risks of crypto loans readInvestopedia's essay.

In the wake of the second largest bank failure in history, you should be deeply concerned that for more than four decades we have failed miserably at regulating banks. That history contrasts with the period from 1935 until voters abandoned the moderating and successful New Deal banking rules in favor ofReaganomics.

We took a wrong turn when theprudent New Deal banking regulationsin effect from 1935 were killed by Reaganomics, which re-regulated banks to reduce regulations and increase the risk of financial institutions failing. (There is no such thing asderegulation, only new regulation, which in our time on terms typically means regulations favoring corporations, including banks, over customers, financial prudence, and public safety.)

Congress's Role

What we need now are Congressional hearings to examine the reasons that cryptocurrencies can be collateral for bank loans.

Contactthe White Housein writing via the hypertext link or call 202-456-1111 to demand a ban on crypto as loan collateral. Call 202-456-1111.

Even if you don't own Bitcoin or its growing list of alternatives this story matters to you for multiple reasons.

Your money is only insured up to $250,000. Any money above that isn't insured. That means if you're a trustee of a nonprofit, for example, and it's got $1 million in the bank you or the organization you help lead is at risk of being wiped out in a bank failure.

The federal government is covering all deposits for SVB and atSignature Bank in New York, which failed Sunday. But that doesn't mean it always will. During an earlier banking crisis nonprofits with more than the guarantee then in effect of $100,000 lost their deposits above that sum, which got very little news coverage at the time.

If people want to buy crypto, they should be free to do so. But they should not be allowed to put our bank deposits and investments at risk by using these digital tokens as collateral for loans. After all, it's your, and my bank deposits, along with those of businesses, nonprofits, and our governments that the banks use to make loans, so it's not like we don't have a deep interest in blocking crypto of any kind as collateral for loans.

See the article here:

How Bitcoin and other magic internet money loans endanger your ... - Salon

Bitcoin created its business late in 2019 with its automatic networking on the internet with the introduction of blockchain technology. Satoshi Nakamoto decided to engage with the investors by identifying the markets needs.

The digital currency-oriented unit is stored in the blocks of Technology for the ordinary individual who struggles to visit the banks. The option of cryptocurrency needed to be prepared for the affluent investors who can significantly profit from the currency.

Bitcoin was more of a comfortable unit that entered the market to provide more significant assistance to thousands of middle individuals. Immediate Edge the unit is sufficient to make their astonishing journey in digital money seamless.

However, today the currency is more known for having a balanced reform in the market. It is a functional unit purchased and exchanged due to its repetition. The continuous investment allows the other investors to focus on the unit and the currency from the safe digital platform.

The units storage is quickly done with 200 percent of the authentication, providing a perfect mixture of storage and supply. In the central time, some people want to know about the original way and ideology for a solid investment.

Cryptocurrency becomes a part no for an extended period if purchased from a platform that provides investment benefits and a safe opportunity to sell the currency in the future.

A few interesting points require a knowledgeable understanding to minimize the risk and buy the currency. The manual classification is vast, but the digital comes out as an alternative with a better way to turn the bright table and provide sufficient funding.

The Paramount advantage of having a risk-free investment is the easy storage and Purchase. A currency that is associated with the digital wallet of any user requires exploration of different options.

Usually, only some individuals have the details about the investment and the strategies data reformed. The essential part of cryptocurrency depends on how the investor looks toward the effectiveness of the Purchase of the unit.

Therefore, knowing about every part of the unit and the stages to build successful steps helps generate belief in the profits. The digital coin protects the individual from Bureaucracy and provides the entire ecosystem with protection.

Another affected part of the Purchase or trade of cryptocurrency is the availability of the exchange, which is a wise option for beginners. The unit is a resource for many people, and reputable companies work as an agency for the investors to provide security and measures to diffuse all the barriers.

The critical system of cryptocurrency depends on the percentage of investment the investor makes. Typically, people buy the unit from an online exchange, which is a more comfortable option for networking.

However, the exchange reputation and the rates are essential because they can increase the expense and make the entire cost of the digital Purchase expensive.

Another point that requires attention for the investor is knowing about the wallets available for the exchange in integration with digital security.

Money becomes a part of individual life when it is floated in the most comfortable place and available in a seamless wallet to utilize anywhere. Bitcoin wallet is available online and offline, connecting users as per their requirements to the internet.

Another essential thing that comes to every individuals mind before the Purchase is the amount to be transferred from one account to another to buy the unit.

The currency becomes part of your digital wallet by reading the currency and providing the bank details to the online support system. The units ownership is granted once the amount is deposited and the landing company receives the notification.

Once all the steps are prepared in the proper process, it becomes easier for the investor to become the owner of an actual unit with value in the market. Bitcoin marketing depends upon the individuals profile; people usually can afford the minor risk.

The main goal of each digital purchaser should depend upon their available funds and efficiency in the forecast of the future in cryptocurrency. Apart from this, there is nothing the individual has to worry about in digital currency.

Please note that this website does not give financial advice. This contributed article is offered for information purposes only.

You might also like

Read the original here:

Effective Methods to Buy and Trade Bitcoin - Robotics and Automation News

Cryptocurrencies have taken the world by storm, disrupting traditional financial systems and providing a new way to transact value.

The idea of a decentralized digital currency that could bypass financial institutions and enable people to send and receive payments without the need for a middleman was revolutionary.

It promised a future where individuals had control over their financial transactions, free from the constraints of government and central banks. However, despite the potential of cryptocurrencies, it took a few years before they gained mainstream acceptance.

That all changed on May 22, 2010, when a programmer named Laszlo Hanyecz made a bold offer on a Bitcoin forum. He said he would pay 10,000 Bitcoins to anyone who would order him two pizzas from Papa Johns.

Yes, you heard that right!

10,000 Bitcoins, which today is worth over 700 million dollars.

Join us as we delve into the story of Bitcoin Pizza Day and its significance in the world of cryptocurrency.

To understand the significance of Bitcoin Pizza Day, lets first take a closer look at Bitcoin itself.

Bitcoin is a decentralized digital currency that allows for secure and peer-to-peer transactions without intermediaries like banks. It was created in 2009 by an unknown person or group using the pseudonym Satoshi Nakamoto.

One of the key features of Bitcoin is that it operates on a blockchain, which is a public ledger that records all transactions in the network. Each transaction is verified by a network of users who use complex algorithms to solve mathematical problems, and once verified, it is added to the blockchain, making it immutable.

Bitcoin was primarily used by tech enthusiasts and libertarians who embraced the idea of a currency that was not subject to government or central bank control.

However, it wasnt until May 22, 2010, that Bitcoin gained its first real-world use case when a programmer named Laszlo Hanyecz made a bold offer on a Bitcoin forum.

Getting back to the story of Bitcoin pizza day, in 2009, the first successful Bitcoin transaction was done, which was 10 Bitcoin transfers to Hal Finney from the account of the pseudonym Satoshi Nakamoto.

A computer programmer named Laszlo Hanyecz from Florida decided to put Satoshis creation to the test. He wanted to see if it could be used as a real mode of payment, just like any other currency.

And he figured, why not try to buy a pizza with it?

On May 18, Hanyecz posted on the Bitcointalk.org forum expressing his interest in utilizing bitcoin to purchase pizza. To anyone who was prepared to place an order, pick them up, and deliver them to him,

And he was happy to find someone willing to trade their pizzas for 10,000 BTC. Somebody made the observation that he may sell the bitcoins for $41 on a particular exchange website, where BTC was valued at less than 0.5 cents per coin.

On May 21, Luckily, someone accepted his offer the following day, a decision that would subsequently be remembered in history.

Laszlo responded to the delivery on BitcoinTalk.org by saying, That pizza looks delicious!

I would like to inform you that, I was able to exchange 10,000 bitcoins for two pizzas, worth $40. The pizzas were prepared by Papa Johns, but Hanyecz purchased them secondly from Jeremy Sturdivant, who was 19 years old.

On the same thread, he stated, My 1-year-old daughter really enjoys pizza too! She just smears it all over her face if you give her a whole slice, but she does eventually manage to get most of it in her mouth. Laszlo took a family photo after the delivery marking one of the biggest milestones in the Bitcoin story.

At the time, 10,000 Bitcoins were worth around 40 dollars.

But Hanyecz could have profited about $690 million if he had sold all of his bitcoins at their all-time high price of $68,990, which would have bought 46 million large Papa Johns pizzas at a price of $15 each.

The incredible growth in Bitcoins value showcases its potential and the blockchain technology it is built upon.

Well, Now the question arises how did Laszlo Hanyecz make 10K Bitcoins?

Lets unfold the layers.

In the early days of Bitcoin, a group of pioneering miners worked tirelessly to extract new coins from the network. Among them was a man named Laszlo, who had been mining for an entire year before making history with a single transaction.

For creating a new block, every successful miner received 50 BTC prior to the first bitcoin halving in 2012

This means that in order to earn 10,000 BTC, one just needed to mine 200 blocks, which wasnt too challenging given that there werent enough people trying to generate them at the time.

But this isnt just a story about the rise of innovative technology and a landmark in the financial world, its a story about the power of community, the potential of a new economy, and the limitless possibilities of the future.

However, Bitcoin Pizza Day also highlights the volatility and unpredictability of cryptocurrencies. The fact that 10,000 Bitcoins were worth only $41 in 2010 and millions of dollars today is a testament to how quickly the value of cryptocurrencies can rise and fall.

It also serves as a cautionary tale for those who see cryptocurrencies as a get-rich-quick scheme.

Bitcoin Pizza Day is a significant event in the history of cryptocurrencies that should be celebrated by all crypto enthusiasts. It marks the beginning of a new era, where cryptocurrencies could be used for real-world transactions, and not just as a speculative investment vehicle.

However, it also serves as a reminder of the volatility and unpredictability of cryptocurrencies, and the importance of caution when investing in them.

So, next time you order a pizza, remember the story of Laszlo Hanyecz, and how a simple craving for pizza led to a significant moment in the history of cryptocurrency.

And also think about, would you have made the same decision if you were in Hanyeczs shoes?

See the rest here:

The Million-Dollar Pizza: An Interesting Story of Bitcoin Pizza Day - Coinpedia Fintech News

Subscribe to updates Unsubscribe from updates

Bitcoin has become the most well-known currency around the globe as the popularity of Bitcoin has inspired many other developers to develop cryptocurrencies just like Bitcoin. None of them got as high as Bitcoin has become the largest market capitalization cryptocurrency in the world. It is nothing more than a form of currency that does not have any control over the government. The transactions of Bitcoin are recorded on an independent and decentralized base known as the blockchain. All the monetary transactions of Bitcoin are recorded and stored on the blockchain network, and it also provides security to transactions through cryptographic nodes. The currency was introduced in 2009, and whoever created Bitcoin is still anonymous. A name added by other cryptocurrency developers is satoshi nakamoto. But later, he left the project in between, and some of the other developers developed Bitcoin and introduced it to the public interest. In addition, if you are looking for a reliable trading platform, you can visit BITCOINPRIME.SOFTWARE.

Bitcoin attracts many new investors and traders to join the virtual market due to its uncertain hype and regular volatile prices. You cannot predict Bitcoin prices because it is highly flammable and not regulated by any regulatory authority. The absence of government authority makes Bitcoin transactions reliable, cost-efficient, time efficient, transparent and secure as the cases of cyber hacks and frauds are regularly coming to news headlines through centralized means. But till the present time, we do not have any complaints about Bitcoin fraud or cyber hacks. Bitcoin provides security that any traditional financial institutional security system cannot challenge. Bitcoin offers several advantages if it is accepted as a medium of exchange by businesses and companies. It will take time for Bitcoin to become legal tender as the currency is still new to the market.

The top attraction of Bitcoin

Privacy

You can use Bitcoin to transfer funds anonymously from one source to another without involving intermediaries or government bodies in monetary affairs. All the Bitcoin honors are provided with multiple public keys, usually the address of the Bitcoin wallet and the information needed to execute transactions to transfer Bitcoin from one account to another. Unlike credit and debit cards, they do not require complete information about the wallet owners common name, billing and address, which means they do not need any personal information about the wallet holder to transfer funds. The only thing required to receive payments from Bitcoin is a wallet address.

Decentralization

Due to Bitcoins decentralized nature, it does not allow the government to interfere in its monetary affairs. Also, some of us prefer to avoid 3rd party interference in economic matters to transfer funds from one server to another. Also, this is an excellent choice for people who are against the system and looking forward to extra privacy. In traditional payment systems, there is always a chance of information hacks and fraud due to the presence of financial records with banks and exchanges. Also, fraudulent transactions can occur with the name of traditional trades and institutions. However, Bitcoin is a decentralized body and does not allow this kind of fraudulent transaction to take place with the help of blockchain technology.

Bitcoin value

As we all know, Bitcoin has gained hype in the last few years and is continuously gaining advertising with increasing prices. Bitcoin can be chosen over other currencies as the best or excellent store of value. There is no government rule that you cannot convert Bitcoin into something different than feet currencies. There is complete control of your Bitcoin holdings in your hand.

Low transaction fees

Whether you are investing or using Bitcoin to make and receive payments, the transaction fees of Bitcoin transfers are relatively lower than a traditional transfer. And one of the biggest problems with centralized transfers is that it takes too long to transfer funds. Using Bitcoin can help you to transfer funds in around 10 minutes which is a relatively low time. The use of Bitcoin by small-scale businesses is beneficial because they pay high fees for minimum transfers. And this leads to an increase in companies costs of up to 10%.

Security

You cannot question Bitcoin security as it uses peer-to-peer transactions, meaning no 3rd parties are involved in completing payment transfers. Only the parties involved in payments are the receiver and payment maker. Every transaction of Bitcoin is recorded on an open distributed Ledger system known as blockchain with the security of cryptographic Nodes Once the transaction is recorded on a blockchain network, the transaction cannot be altered or changed manually without private keys.

Conclusion

These are some of the top attractions of Bitcoin that lures people to invest money in Bitcoin. Also, Bitcoin has high price volatility, which gives you the opportunity to earn maximum profit out of volatility. It is possible to make maximum profit in intraday trading without holding Bitcoin overnight. On the other hand, you must be aware of Bitcoins other drawbacks, like the prices can show a bearish trend, and within a few minutes, it concerns a bullish market. Get the required knowledge before investing your money in Bitcoin and other cryptocurrencies, as it can save you from bearing losses and maximize your profit on your investments.

This post was published on March 15, 2023 7:25 pm

Originally posted here:

What is the attraction about Bitcoin? - Star of Mysore