Daily Archives: September 7, 2021

Crypto Market Is ‘Development Vector’ of Nation’s Digital Economy, Ukraine President Says

Crypto Market Is ‘Development Vector’ of Nation’s Digital Economy, Ukraine President Says

President of Ukraine Volodymyr Zelensky has highlighted the importance of launching a legal digital assets market in his country during a working visit to the U.S. The Ukrainian head of state met with top investors including from the cryptocurrency industry.

President Zelensky Highlights Importance of Ukraine’s Virtual Assets Market

Speaking to venture capital funds and Silicon Valley accelerators, Volodymyr Zelensky praised the opportunity to discuss the prospects for the development of the IT sector and innovations in Ukraine. In his opening remarks at the event, quoted in a press release, the Ukrainian leader emphasized his country has made a “real breakthrough in the digital sphere” and a “huge leap towards creating a digital state” over the past year.

Crypto Market Is ‘Development Vector’ of Nation’s Digital Economy, Ukraine President Says

At a meeting with representatives of the Stellar Development Foundation, the president expressed hope that in the near future the institution will find more opportunities to expand its activities and team as well as to eventually establish an R&D center in the East European nation. “After all, Ukraine is now the best magnet with blockchain and crypto specialists in Europe,” Zelensky remarked, further emphasizing:

And one of the vectors of development of Ukraine’s digital economy is the launch and development of a legal innovative market for virtual assets.

Earlier this year, Ukraine’s Ministry of Digital Transformation signed a memorandum of understanding with the foundation aimed at supporting the ongoing efforts of the Ukrainian government to develop a legal framework for the country’s expanding crypto space. The agreement also covers Stellar’s participation in building the infrastructure for the Ukrainian national digital currency.

Ukrainian Minister of Digital Transformation Mykhailo Fedorov, who was part of the delegation, noted that Ukraine has one of the world’s largest blockchain developer communities and is working to become an attractive jurisdiction for both local and foreign crypto companies. He added that the country is also modernizing its payments market which will allow the National Bank of Ukraine to issue the digital hryvnia.

The current administration in Kyiv has maintained a generally positive attitude towards the crypto and blockchain industry but is yet to adopt comprehensive regulations for its activities. A draft law “On Virtual Assets,” which was recently revised, is expected to be adopted by the end of this year.

In July, government officials and business representatives produced a roadmap to transform Ukraine into a leader in cryptocurrency integration. A central part of the new strategy is the plan to develop the country’s virtual assets market within the next three years.

Do you expect Ukraine to become a leading crypto friendly destination in Europe? Let us know in the comments section below.

Demand for Crypto Mining Rigs in Vietnam Rises With Bitcoin Prices, Report Reveals

Demand for Crypto Mining Rigs in Vietnam Rises With Bitcoin Prices, Report Reveals

Higher cryptocurrency prices recently have restored interest in digital coin minting in Vietnam. Crypto mining is once again seen as an investment opportunity with other options being limited by the ongoing coronavirus pandemic that has been affecting the Asian country.

Vietnam’s Sales and Prices of Crypto Mining Rigs Spike in September

Demand for crypto mining equipment has increased in Vietnam following the market recovery that saw the price of BTC moving back above the $50,000 threshold, Vnexpress reported. Prices of hardware used to mint bitcoin, ethereum, and other cryptocurrencies have also risen as many Vietnamese miners are now looking to buy mining components.

Speaking to the online newspaper, Quang Thuan, owner of several crypto hardware shops in Ho Chi Minh City, noted that a few months ago the mining rig market was gloomy after the leading cryptocurrency fell below $30,000 in July. However, he revealed that his sales have tripled earlier this month compared to the August volumes.

Two key factors have facilitated this recovery, according to Le Hung, administrator of a Vietnamese crypto mining group with 80,000 members. “First, Bitcoin, Ethereum and other cryptocurrencies have simultaneously seen price hikes, and miners have started to make profits,” he said in a conversation with the Vietnamese news outlet, further elaborating:

Second, the pandemic (Covid-19) has prolonged, reducing investment options, and so more people have opted for coin mining.

A crypto entrepreneur from Vietnam’s southern province of Dong Nai provided more insight about the funds needed to start a mining business right now. “It cost me nearly VND3 billion ($130,400) to set up this mine,” said Ngoc Van who recently established an ethereum mining facility. “All rigs are new and stable. I hope I can recoup the investment in six months,” he added.

While Vietnamese miners can purchase graphics processing units (GPUs) and assemble their own rigs, they can also buy fully assembled mining machines, including rigs from China, where an ongoing crackdown on the industry has closed numerous mining farms. “On average, a rig is sold for VND30 million ($1,300),” said another owner of a hardware store in Ho Chi Minh City.

According to Ngoc Van, however, the best-selling devices are equipped with video cards produced by the leading graphics chip manufacturers AMD and Nvidia, and are more expensive. The prices of these rigs vary between 80 and 100 million Vietnamese dong at the moment, or $3,500 – $4,400. That’s around 5 million dong ($220) higher than in mid-August.

Demand for Crypto Mining Rigs in Vietnam Rises With Bitcoin Prices, Report Reveals

Vietnam is yet to properly regulate cryptocurrencies and related business activities. In May this year, the government in Hanoi commissioned a research group for that purpose and the Finance Ministry said it’s conducting an in-depth study of the matter. Cryptos are not recognized as a means of payment and the State Bank of Vietnam has previously issued warnings about the risks of owning, trading, and using them.

According to data from Statista released in February, the country had the second-highest rate of cryptocurrency use among 74 surveyed economies, driven by remittances, Vnexpress noted. A poll conducted by Finder in 27 countries showed last month that Vietnam holds the highest percentage of crypto ownership.

Do you think Vietnam will eventually recognize cryptocurrencies more broadly and comprehensively regulate bitcoin-related activities? Tell us in the comments section below.

WUSD: The Next Generation Stablecoin for DeFi

WUSD: The Next Generation Stablecoin for DeFi

PRESS RELEASE. Within the DeFi space, Wault Finance has demonstrated its revolutionary nature by developing multiple innovative products. The protocol is one of the fastest growing projects in the DeFi sector, providing users a variety of yield farming and staking opportunities.

Now, Wault intends to expand its ecosystem with the development of its stablecoin WUSD. WUSD is a next-generation stablecoin that uses an innovative model to ensure that it holds its peg to the dollar and is designed to provide use-cases for holders. This article will explore the key features of the stablecoin.

Commerce-backed stablecoin

WUSD is different from other stablecoins that are fiat-backed or algorithmic stablecoins. In WUSD’s case the stablecoin is backed by crypto-assets within a sustainable mechanism.

The stablecoin is backed by USDT and Wault Finance’s native token WEX at a ratio of 9:1. This means that 90% of WUSD is collateralized by USDT deposits and the remaining 10% from WEX. This ensures the stability of the stablecoin and guarantees that holders do not lose more than 10% of their capital in the worst-case scenario of extreme volatility.

WUSD’s process is as follows. When a trader deposits 1000 USDT to purchase WUSD, 900 USDT is deposited by the smart contract to WUSD’s Treasury, and the remaining 100 USDT is used to buy WEX tokens. The two tokens are held in the Treasury, and the protocol deploys a portion of that to generate yields to reinforce the Treasury. This ensures that WUSD is always backed by enough collateral, while also earning yields in the background to reinforce the Treasury. The buyback and lockup on WEX also raises its price, creating a positive cycle for the ecosystem.

When the user wants to exchange their 1000 WUSD for USDT, the WUSD is burnt from circulation, and the user receives back 1000 USDT, with 100 of it bought back from WEX according to the market price. This Treasury, along with the following stability mechanisms, ensures that WUSD keeps its peg to the USD and prevents risks associated with internal minting and burning of a governance token.

WUSD Stability Mechanisms

Wault has also deployed four different stability mechanisms that ensure WUSD maintains its peg. This includes the Treasury, WSwap Emissions Support, WSwap Trading Fees Support, and WUSD Staking Support.

The WUSD Treasury ensures collateralization, and the additional stability mechanisms reinforce the Treasury. 15% of the trading fees from WSwap, one of the top DEXs on BSC and Polygon goes towards the treasury.

If WUSD moves off-peg, a portion of WEX emissions goes towards the Treasury, supporting it so that arb bots can return WUSD to peg, a guaranteed outcome as long as the Treasury is full.

WUSD staking is also a major way that Wault intends to maintain the peg of the stablecoin. Wault intends to incentivize early holders of WUSD with WEX emissions. The emission rate will serve as a stability mechanism for WUSD peg. If the peg shifts from $1, emissions will rise and fall to modulate the incentives for staking WUSD. At the moment, WUSD-BUSD staking on Wault earns 34% APR, a very high yield for stablecoins in DeFi. The WUSD-BUSD pool has already amassed up to $40 million TVL since its recent launch.

Wault is also working on new partnerships to establish additional pools and use-cases for the stablecoin, and is making headway in doing just that with its ecosystem of partners.

Finally, WUSD is coming to Polygon, launching on Wault’s cross-chain platform there.

Future developments

Wault has so far been able to become one of the top DEXs on two different blockchains. During the highs of the crypto bull run, Wault hit over $1.5 billion in TVL. In addition, the team behind the project has made significant strides with the timely release of products in recent months.

Wault has revealed that it aims to continue building integrations to expand to more blockchains. There are also plans to launch a lending platform to expand the current DeFi products on its protocol. Wault is busy supporting the ecosystem as well. Wault recently launched a Moon Fuel Grant Program to support new projects, as well as a Scholarship Program to support low income gamers to make a living through play-to-earn games. To learn more about Wault Finance, visit its social networks below:

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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com 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 the press release.

Standard Chartered Report Structurally Values Ethereum at ‘$26K to $35K’

Standard Chartered Report Structurally Values Ethereum at '$26K to $35K'

A report published by the British bank Standard Chartered indicates the company’s analysts are bullish about the crypto asset ethereum. The bank’s analysts think that bitcoin could reach $175K and said “structurally, we ‘value’ ethereum at $26,000-$35,000.”

British Bank Publishes ‘Ethereum Investor Guide,’ Formulates the Economic Case for Ethereum’

The British multinational banking and financial services giant Standard Chartered has published a report on the two leading cryptocurrencies. In fact, the report is called the “Ethereum Investor Guide” and was written by Geoff Kendrick, Christopher Graham, and Melissa Chan. The report goes into various factors including “structural considerations” like what the “economic case is for Ethereum.”

The Standard Chartered research report notes that “ETH and BTC share many characteristics,” but the Ethereum blockchain has things like smart contracts, decentralized autonomous organizations (DAOs), decentralized finance (defi), non-fungible token (NFT) assets, and initial coin offerings (ICOs). Despite the myriad of applicable use cases Ethereum offers, the bank does say there could be a greater risk than it would be with bitcoin (BTC).

“While potential returns may be greater for ETH than for BTC, risks are also higher,” the three Standard Chartered researchers said.

Standard Chartered: Proof-of-Stake Shift Has ‘Obvious Environmental Advantages’

In addition to the NFTs, DAOs, defi, ICOs, and other applications, Standard Chartered’s report highlighted the upcoming Ethereum 2.0 transition. “The shift has obvious environmental advantages,” Standard Chartered’s researchers stressed. “As it removes the need for excessive computer power to be used in ‘mining.’ The switch from [proof-of-work (PoW)] to [proof-of-stake (PoS)] is expected to be gradually phased in during H1 2022,” Kendrick, Graham, and Chan said.

Standard Chartered also discussed subjects like “sharding,” “from EVM to eWASM,” and the overall supply of ether. It also notes that scaling Ethereum and the ETH 2.0 rollout is a difficult task. “ETH 2.0 is complex,” the writers insist. “[And] a comprehensive upgrade to an already complex platform. The complexity is compounded by the fact that both ETH 1.0 and ETH 2.0 are running in parallel for a protracted period,” the researchers state.

The Standard Chartered report also takes into consideration the “regulatory landscape,” and “competitive landscape.” It mentions blockchains that are competing with Ethereum in the world of defi, NFTs, and decentralized applications (dapps). “Separate ecosystems already exist and may continue to challenge Ethereum in niche areas,” the report emphasizes. Moreover, “regulatory concerns related to Ethereum will be very different to those than Bitcoin,” the bank’s report concludes.

What do you think about the Standard Chartered report about Ethereum and other competing networks? Let us know what you think about this subject in the comments section below.

Bitcoin Price Dive-Bombs on the Same Day El Salvador Adopts the Crypto Asset

After touching a high of $52,956 on Monday evening, the very next day the price of bitcoin slid to a low of $42,900 at around 11 a.m. (EST). Bitcoin is currently trading for prices between $46K-$47K per unit and down 8% during the last 24 hours.

Bitcoin Price Slides Significantly After Nearing $53K

Crypto advocates watched bitcoin tumble in a very short period of time down to $42,900 per BTC on September 7, 2021. The drop was on the same day El Salvador adopted bitcoin (BTC) as legal tender in the country.

Hovering between the $46K to $47K handle, BTC’s overall market capitalization is $890 billion at the time of writing. There’s $60 billion in global trade volume across a myriad of cryptocurrency trading platforms worldwide.

Bitcoin Price Dive-Bombs on the Same Day El Salvador Adopts the Crypto Asset
BTC/USD at 12:30 p.m. (EST).

BTC is down more than 8% at the time of writing, and many other digital currency markets also saw significant drops in fiat value on Tuesday. The entire market economy of 10,000+ crypto assets slid over 9% collectively to a low of $2.21 trillion.

Ethereum (ETH) slid 9.3% and cardano (ADA) dropped by 10.3% on Tuesday morning. Neo (NEO), zcash (ZEC), and eos (EOS) were the biggest losers during the dip seeing double digit losses. Horizen (ZEN), qtum (QTUM), filecoin (FIL) lost double digits during the slide as well.

Bitcoin Price Dive-Bombs on the Same Day El Salvador Adopts the Crypto Asset
BTC/USD at 1:30 p.m. (EST).

Coins that were barely affected by the drop in value included crypto assets like fantom (FTM), near (NEAR), and solana (SOL). All three of these crypto-assets saw double-digit 24-hour returns despite the swift drop across crypto markets.

At the time of writing, there’s $242 billion in 24-hour volume across the whole crypto economy and tether (USDT) captures $122 billion of that volume at press time. Across the board, stablecoins of all flavors saw a lot more volume on Tuesday than prior days.

For now, BTC remains consolidated in the $46K-$47K region and crypto supporters are uncertain as to what will take place next.

Of course, as bitcoin prices plummeted, the economist and gold bug Peter Schiff had to throw in his two cents about El Salvador adopting bitcoin.

“Welcome to Bitcoin El Salvador,” Schiff said. “Your national ‘currency’ just lost over 15% of its purchasing power in under an hour. Get used to it. Just another perfectly orchestrated pump-and-dump by the Bitcoin whales. Too bad this time they had to sacrifice an entire nation to pull it off,” he added.

What do you think about bitcoin’s price dropping on the same day El Salvador adopted bitcoin as legal tender? Let us know what you think about this subject in the comments section below.

Golden State Warriors Point Guard Stephen Curry Asks for Advice About Cryptocurrencies

The popular Golden State Warriors point guard, Stephen Curry, asked his 15.5 million followers for some “advice” about crypto. Curry said he was “just getting started” and a great number of people shared advice with the professional basketball player.

Stephen Curry Gets ‘Advice’ From Crypto Twitter

Well known athletes, celebrities, and musicians worldwide have been getting into digital currencies and asking fans for pointers. Recently, Bitcoin.com News reported on the American rapper Busta Rhymes asking about cryptocurrencies and whether or not he should “buy in.” Former heavyweight boxing champion Mike Tyson asked his fans whether they preferred bitcoin (BTC) or ethereum (ETH). The “Legally Blonde” star, actress Reese Witherspoon, told her 2.9 million Twitter followers that she just bought ethereum. Witherspoon said:

Just bought my first ETH. Let’s do this #cryptotwitter

Now the star point guard for the Golden State Warriors, Stephen Curry, has tweeted about cryptocurrencies and is looking for advice. “Just getting started in the crypto game… y’all got any advice?” Curry asked on September 7. Of course, Curry got a lot of responses from crypto supporters shilling their favorite blockchain-based assets. One person said he should ignore what people on crypto Twitter say. “Yes. Ignore all Twitter crypto advice,” the person replied to Curry. A number of others used the opportunity to ask the Golden State Warriors star for an interview about crypto.

Microstrategy CEO Speaks Up, Tribalistic Crypto Comments and Shilling Taint Conversation

Microstrategy’s CEO Michael Saylor told Curry to direct message him if he needed. “Steph, I spent more than a thousand hours considering this question and chose bitcoin,” Saylor said. “So far, I have purchased more than $3 billion in BTC because I think it’s the future of digital property. I have posted tons of free bitcoin education on hope.com (or DM me).” Alongside commentary of people telling Curry why he should buy this or that crypto asset, bitcoin maximalists — as per usual — and those who support a variety of alternative blockchains, had to throw in tribalistic shade comments and argue in Curry’s Twitter thread.

The finance writer Frances Coppola said “don’t” to Curry’s tweet and the Human Rights Foundation’s Alex Gladstein remarked: “Consider making small gifts in Bitcoin to charities that you care about and support with the condition that they can’t spend it for 4 years.” Numerous people commented on the fact that Curry had a Bored Ape Yacht Club (BAYC) non-fungible token (NFT) as his Twitter profile picture. While some loved the BAYC profile pic, others showed distaste for the NFT picture.

“Take the silly ape off your profile, it’s like waving around and idiot flag,” the well-known bitcoin artist dubbed ‘Fractal Encrypt’ wrote. “Next do intense research and learn about the Bitcoin vs. sh**coin dichotomy,” the artist added. In contrast to comments like that, NFT fans shilled their favorite BAYC NFTs and told the professional basketball player to look into other NFT collections.

With all the tribalism, the shilling of coins and different NFT collections, probably the best advice Stephen Curry got from Twitter was to “Ignore all Twitter crypto advice.” At the time of writing, that specific reply to Curry has close to 20,000 likes and hundreds of retweets.

What do you think about the NBA star from the Golden State Warriors asking for advice about crypto? Let us know what you think about his recent tweet and the mixed replies in the comments section below.

Matrixport Launches ‘BTC-U Range Sniper’ — Returns Up to 200% for Accurate Predictions

The financial asset services platform Matrixport has introduced a variety of new products since the firm raised $100 million in a Series C financing round during the first week of August. Following the launch of the company’s “ETH2.0 Staking Earn” earning service, Matrixport has introduced another service product called “BTC-U Range Sniper” which allows traders to earn high returns when bitcoin values move within a specified price range.

Matrixport Launches Ether Staking and Range Sniper Bitcoin Product

The Singapore-based Matrixport has been unveiling a number of new products after the company revealed it raised $100 million last month. On August 25, the startup launched its “ETH2.0 Staking Earn” earning service, which provides ethereum (ETH) staking at a “low threshold.”

The product allows customers to “earn yield from ethereum lock-up rewards, while simultaneously benefitting from additional token rewards, mining revenues, and better liquidity from related [decentralized finance (defi)] projects.” On September 6, Matrixport revealed another new service called the “BTC-U Range Sniper.”

BTC-U Range Sniper participants can earn annualized returns “between 6% to 200% in either USDT/USDC or BTC” depending on the price of bitcoin (BTC) at the time of settlement.

There are three ways Range Sniper traders can settle. Either by earning a 6% APY minimum if the settlement price is above the given range, or if it is below the given range, “the principal will be converted to BTC with a minimum guarantee of 6% APY.” Lastly, if the chosen settlement price is on point and falls within the range, an investor can earn up to 200% in USDC.

Matrixport Executive: Range Sniper Allows People to ‘Ride Bitcoin’s Innate Volatility’

John Ge, co-founder and chief executive officer at Matrixport, explained that the Range Sniper product can be beneficial, like stablecoins. “Stablecoins are an important fiat on-ramp pathway and have been a great entry point for the crypto-curious,” Ge remarked.

“However,” the Matrixport executive added, “many stablecoin holders now desire to accumulate BTC whilst earning higher yields. ‘BTC-U Range Sniper’ is a user-friendly crypto investment product where we empower users to continue to earn attractive stablecoin yields or ride BTC’s innate volatility to accumulate more BTC.”

Matrixport calls itself a “one-stop crypto financial services” company and the startup details its services clear “$5 billion in monthly trading volumes.” The company competes with a number of exchanges that offer crypto options and perpetual swap products like Deribit, Okex, Ledgerx, and CME Group.

The exchange Deribit commands the top position, as far as bitcoin (BTC) options open interest and volume is concerned, according to Skew Analytics. However, Matrixport owns the derivatives exchange Bit.com, which is often the second or third largest options provider on a monthly basis with Okex.

What do you think about the BTC-U Range Sniper concept? Let us know what you think about this subject in the comments section below.

Guardian Link Announces Partnership With BeyondLife.Club, Launching Amitabh Bachchan’s NFT Collection

PRESS RELEASE. No-code NFT platform Guradianlink.io announces its strategic partnership with Beyondlife.Club, an exclusive platform for artists, brands, and celebrities from different fields of entertainment.

7th September 2021, Singapore — Influential Indian actor, producer, and TV host Amitabh Bachchan is all set to launch his first set of NFTs with BeyondLife.Club, powered by Guardian Link. The blockchain R&D company will partner with the exclusive brand platform BeyondLife.Club, owned by Rhiti Entertainment, Singapore to make the purchase of NFT art belonging to Amitabh’s legacy a reality for any individual.

Taking NFT Art Global

This sphere creates a platform for global artists, athletes, and celebrities where they launch their first-ever NFTs, an exclusive curated collection presented at a global scale. NFTs preserve information on a digital ledger (blockchain network) guaranteeing a certificate of authenticity to a digital asset, can be uniquely identified, and are trackable via the blockchain network that offers proof-of-ownership to its collectors.

NFT sales volume is experiencing huge growth in the market, with $2.5 billion in sales recorded in the first half of 2021. The extensive team of researchers at Guardian believes that now is the perfect time to enter the NFT space, as many celebrities and influencers introduce exciting new projects. Arun Pandey, MD & Chairman of Rhiti Group stated that the biggest motivation behind this venture is to empower artists, celebs & athletes globally and at the same time help the diehard fans to get their hands over the purest form of the content.

Guardian Link is a unique project and it has three core aspects that are critical to making NFTs mainstream. These three core foundations are its No-Code NFT Launchpad & Marketplace, Anti.Rip technology, and a solution called Wallet Cipher.

No-Code NFT launchpad & Marketplace Creation

The No-code NFT launchpad allows creators to mint and sell their NFTs within three minutes via their own curated launchpads. BeyondLife.Club would be the first to accelerate this. At Guardian Link, royalties remain intact even with cross-blockchain and cross-marketplaces. Guardian Link also allows NFT marketplace creation, where NFTs can be flexibly traded. It is considered to be similar to OpenSea or Rarible.

Anti.Rip Technology

Anti-Rip AI SPYDER Technology allows NFTs to be monitored across the web for duplicates, Rip-offs, and copycats that can damage the authenticity and impact the auction. The Anti.Rip AI technology is trained to extract the DNAs of NFTs from their respective decentralized file systems, including Pixel, Quantization, Geometric, Fourier transform, Filtering, and Segmentation. Guardian Link keeps a record of all NFTs, and shares information in the unlikely event of any duplications discovered with their constant surveillance. It also verifies NFTs to be authentic, offered to the buyers.

Wallet Cipher

Guardian Link’s wallet cipher observes the creator’s and collector’s wallet addresses to assure no manipulation in the price of the NFTs. Detailed real-time tracking also happens across blockchains to arrive at a trust score to be defined for their wallets. This ensures the legitimacy of the entire NFT commerce ecosystem.

Founders & Team

Leading from the front, Keyur Patel, the Co-Founder and Chairman of Guardian Link, Ramkumar Subramaniam, Co-Founder & CEO helming the project to democratize NFT commerce with astounding technology partnerships and insight into future trends. Arjun Reddy (Co-Founder & CTO), the mastermind behind many blockchain products and has this intuitive vision to bring dlt in real-world use cases, Kamesh Elangovan (Co-Founder & COO), a crypto expert who executed 50+ token launches. This blockchain-driven entity aims at protecting the NFTs using their Anti-Rip AI Engine and also to ensure royalties for creators across various marketplaces and blockchains.

Kamesh, Co-Founder & COO of Guardian Link stated that:

“We have a pioneering advantage in an exponentially growing NFT commerce ecosystem. Our groundbreaking blockchain tech is accelerating mainstream adoption of NFTs. GuardianLink will soon be a vital utility for NFT artists and collectors.”

Guardian Link is a face of intensive work methodologies, technological experts on the table, and a team of 350 crypto avengers that has developed since 2016. Their research and development belong to the arena of blockchain technology and its business on a global scale. Guardian Link’s base in blockchain technology is here to analyze and rectify the current and future issues under NFT and crypto space. The entity provides key solutions for the stakeholders and supports the journey through, to be more aware and technically equipped.

Arjun Reddy, CTO of Guardian Link had this to say:

“IMHO NFTs have so much more potential than static collectibles. We are inventing newer types of NFTs along with legitimacy frameworks for all permissioned and permissionless economies to conduct sustainable decentralized trades.”

Guardian Link Socials

Telegram | Twitter | Discord

 

Media Contact Details

Contact Name: Ramkumar Subramaniam

Contact Email: [email protected]

 

Guardian Link is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

 


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com 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 the press release.

Microstrategy Avoids ‘Multi-Billion Dollar Mistake’ by Choosing Bitcoin Over Gold

Microstrategy Avoided 'Multi-Billion Dollar Mistake' by Choosing Bitcoin Over Gold

Nasdaq-listed company Microstrategy has avoided a “multi-billion dollar mistake” by choosing to invest in bitcoin instead of gold. The company now holds about 108,992 bitcoins.

‘Multi-Billion Dollar Mistake’ Avoided

The Nasdaq-listed software company Microstrategy has avoided making a mistake that could have cost the company multi-billion dollars. CEO Michael Saylor tweeted Sunday:

If I had chosen gold instead of bitcoin last year, it would have been a multi-billion dollar mistake. It doesn’t help to diagnose the problem if you don’t choose the right solution.

The CEO also posted the return of gold vs. bitcoin. According to his estimation, gold returned -5.88% during the past 12 months while bitcoin returned 376.34%. In addition, the return of gold vs. bitcoin was -80% during the last 12 month period.

Microstrategy Avoids 'Multi-Billion Dollar Mistake' by Choosing Bitcoin Over Gold
Gold’s returns versus bitcoin. Source: Microstrategy.

Microstrategy has made acquiring bitcoin one of its primary goals. The company now hodls about 108,992 BTC.

Saylor said earlier this year: “Gold is dead money. Sell your gold, buy bitcoin because other people are going to sell their gold and if you wait until you’ve been front-run by all the hedge funds when they dump their gold, you’re going to be the last person out.”

In April, Saylor and Frank Giustra debated about bitcoin vs. gold. The Microstrategy CEO explained at the time that “Diversification makes no sense when there’s a cracked answer to an engineering problem.” He opined: “You will never diversify the metal in an aircraft wing, or the answer to a math problem, or the shape of the ship’s hull, or the oxygen content in a scuba tank. When the cabin depressurizes, you don’t place an oxygen mask on 10% of your family. Money is a winner-take-all competition. There is an answer. Choosing the wrong answer has dire consequences.”

Investors have been increasingly buying bitcoin as an alternative to gold. A survey by UBS, Switzerland’s largest bank, finds that central bankers see benefits in investing in cryptocurrencies like bitcoin. Among respondents, 28% see cryptocurrency as an uncorrelated asset, and “11% would consider it as an alternative to gold.”

What do you think about Microstrategy avoiding a multi-billion dollar mistake by choosing to invest in bitcoin instead of gold? Let us know in the comments section below.

14 Suspects in Cryptocurrency Investment Scam Arrested in Taiwan

14 Suspects Arrested in Taiwan Over Cryptocurrency Investment Scam

Fourteen suspects allegedly behind a cryptocurrency scam have been arrested in Taiwan. According to the country’s Criminal Investigation Bureau, the scheme has defrauded investors out of millions of dollars.

Suspects Behind Crypto Scam in Taiwan Arrested

The country’s Criminal Investigation Bureau (CIB) explained that the crypto scam allegedly defrauded more than 100 people out of about NT$150 million (US$5.41 million) over the past year. The suspects now face charges of fraud, money laundering, and breaches of the country’s Organized Crime Prevention Act, the Taipei Times reported Sunday.

Kuo Yu-chih, the CIB investigator in charge of the case, explained that a businessman with the last name Chen is believed to be the mastermind behind the fraudulent crypto scheme. He added that the scheme focused on cryptocurrencies ethereum, tronix, and tether. Chen also led the Taipei-based Azure Crypto Co., which offered cryptocurrency and other investment services.

The investigator detailed that Chen promoted crypto investments on social media, promising high earnings. He elaborated:

Chen and his staff set up websites and allegedly used photographs of pretty women to attract mainly male victims, many of whom were in retirement with substantial savings.

The attractive images drew the victims to the websites where they were persuaded to invest via interactions with whom they believed to be the attractive women, Kuo said. Chen and his staff claimed to be financial advisers specializing in cryptocurrency mining.

The bureau revealed that investigators seized ledgers containing the details of more than 100 people who invested in the scheme.

Prior to the arrests, the police monitored the scheme’s activities and online transactions for several months after receiving complaints. The bureau subsequently conducted raids late last month at the company’s office and the residences of Chen and his staff.

What do you think about this crypto scam in Taiwan? Let us know in the comments section below.