Crypto Guides, Knowledge & Insights

70% of Seychelles Songbird NFTs Sold Some Three Weeks After Launch

Using NFTs to Fund Conservation Efforts　　A total of $7,000 in revenue was realized from the token sales and more funds are likely to be realized once the larger-denomination NTF tokens are sold. Nature Seychelles says funds raised will be used to bolster efforts to save the endangered regional magpie-robins. According to Wikipedia, the Seychelles magpie-robins are medium-sized birds that are found in Seychelles Cousin Island Special Reserve.　　According to the NGO, the Nature Collectibles NFTs — which are a digital likeness of 59 endangered songbirds — were recently launched by Nature Seychelles in partnership with the International Union for Conservation of Nature (IUCN) and the Swiss-based NGO, Porini Foundation. The NFTs represent a new fundraising initiative that seeks to support ongoing efforts to protect a songbird that was on the brink of extinction back in 1970.NFT Sales Gain Global Interest　　Meanwhile, in its August 13 blog post, Nature Seychelles gives a breakdown of the denominations of the NFTs that are sold out and those that are still on sale. The blog post explains:　　According to an analysis from Porini Foundation, the smaller denomination NFTs costing USD10, USD50 and USD100 sold out soon after the launch and were trailed in the following weeks by

2021-08-25Deep Dive

Coinbase users angry with customer support after funds disappear from accounts

Coinbase is under fire for terrible customer service following reports of users’ accounts being hacked and drained of funds. 　　According to a Tuesday investigation by CNBC, thousands of customers across the country have lodged complaints against the company.　　The outlet stated that it had interviewed numerous Coinbase customers who claimed hackers had drained their accounts, with the issue exacerbated by the exchange not responding to support requests:　　“Interviews with Coinbase customers around the country and a review of thousands of complaints reveal a pattern of account takeovers, where users see money suddenly vanish from their account, followed by poor customer service from Coinbase that made those users feel left hanging and angry.”　　　　One Coinbase client, Tanja Vidovic, claimed to have lost nearly all of her $168,000 in cryptocurrency holdings after receiving a number of password change security alerts in April. Attempts to contact Coinbase by phone were fruitless, Vidovic said.　　Another customer told the outlet that after logging in to the Coinbase app in March, almost $35,000 in various crypto assets had disappeared from their account. Coinbase’s Regulatory Response Team eventually emailed the victim stating that transactions on the blockchain are irreversible, adding that Coinbase’s insurance policy does not cover theft from individual accounts.　　In

2021-08-25Deep Dive

Chainalysis releases DeFi Adoption Index with U.S. leading the way

The U.S. is leading the way in decentralized finance (DeFi) adoption, according to a new report from Chainalysis.　　Chainalysis released its DeFi Adoption Index on Tuesday, tracking which nations have demonstrated the highest grassroots adoption of DeFi protocols. The findings indicate that adoption is moving quickly in places with high-income populations that have already taken an interest in the cryptocurrency space.　　Chainalysis ranked nations in three categories: on-chain DeFi value received, on-chain retail DeFi value received and on-chain number of DeFi deposits. The first two are weighted to compensate for each nations wealth per resident to mitigate disparities between nations with wealthier and less wealthy populations.　　Chainalysis ranked 154 countries with these metrics. The U.S., Vietnam, Thailand, China and the United Kingdom rounded out the top five slots.　　Countries with the largest institutional and professional markets are driving the most DeFi adoption, according to Chainalysis. This is because DeFi remains the realm of the crypto insider, according to their research,　　“DeFi adoption...has primarily been powered by experienced cryptocurrency traders and investors looking for new sources of alpha in innovative new platforms, even when we weight our index to favor grassroots adoption,” reads the report.　　Chainalysis released its Global Cryptocurrency Adoption Index for 2021 last week. It

2021-08-25Deep Dive

Japan’s Financial Services Agency Considering Stricter Crypto Regulations

Japans Financial Services Agency (FSA) is considering whether it should introduce stricter regulations on crypto assets to better protect consumers.　　Japans first regulatory framework requiring registration for cryptocurrency exchanges was introduced in 2017. The agency then strengthened regulations on cryptocurrency exchange operators in 2019 following a massive theft the year before. However, the agency believes that operators have not taken sufficient progress regarding money laundering and price volatility.　　Last month, the government agency set up a section to oversee digital and decentralized finance, in addition to a panel of experts. However, as early as next summer, the agency plans to draw up measures that ensure the stability of cryptocurrencies in a way that does not hamper their development.　　Japans crypto issues　　Based on all the recent crypto news out of Japan, its no surprise that authorities are taking a closer look. Last week, Japanese crypto exchange Liquid Global announced a security breach affecting their warm wallets. The hacker managed to steal roughly $80 million in BTC, ETH, TRX, and XRP.　　In light of events like this still occurring, FSA Commissioner Junichi Nakajima said he is unsure whether access to cryptocurrencies should be made easier. “We need to consider carefully whether it is necessary to make

2021-08-25Deep Dive

Pompliano: Western Union leaving Afghanistan is why the world needs Bitcoin

Bitcoin-bull Anthony Pompliano said “get out and get away” to people invested in legacy money transfer firms.　　The comment came in response to Western Union‘s decision to suspend its services in Afghanistan, following Kabul’s takeover by the Taliban last week.　　Instead, Pompliano raised the point that people can use Bitcoin for money flow at zero cost through the Lightning Network (LN).　　More critically, Bitcoin has the added benefit of being uncensorable. In situations of uncertainty, as seen in Afghanistan at present, it can make the difference between life and death.　　Move Bitcoin for free？ You can with the Lightning Network　　Speaking on CNBC, Pompliano was asked how quickly traditional money transfer firms, such as Western Union, could lose market share or become irrelevant due to Bitcoin and the LN.　　In response, Pompliano said he didnt have a timeframe for when that would happen. But he did sell the Bitcoin proposition by saying the LN allows the instant transfer of small amounts globally, and in some cases, at zero transaction cost.　　“when you look at something like Bitcoin, it allows, through the Lightning Network, anyone to send pennies, literally pennies, anywhere in the world completely for free with instantaneous settlement.”　　The zero transaction cost was in reference to using

2021-08-25Deep Dive

Economist Convinced Bitcoin Has Failed As Money Courtesy Of Its “Naive Monetary Policy”

Natasha Che, an economist and crypto observer has opined that Bitcoin fails as money because of its “naïve monetary policy.”　　Che, who has expressed skepticism for Bitcoin in the past when she stated that Bitcoin could never become the global reserve currency or the “currency of anything” for that matter due to its deflationary bent, has recapitulated her stance in a recent thread on Twitter.　　“…Many people think government printing too much is evil, so a fixed money supply must be good. The reality: a money that cannot expand would crush the economy and put us all in poverty,” she starts off and goes on to explain why a deflationary monetary policy and an expanding economy do not go together.　　The Economist cites a theoretical economy in which there exists one hypothetical product (a Twinkie), one currency (a dollar), and one hypothetical producer (Alice). The price of one twinkie is equal to $1. Assuming the cost of producing the Twinkie, inclusive of hiring labor, is $0.5, and Alice makes one twinkie a year, she will make $0.5 from its sale. In the event that the productivity of Alice increases, allowing her to produce 2 twinkies with the same amount of resources, in an

2021-08-25Deep Dive

PayPal Mafia Goes Full USD Bear Jacket: What Does it Mean for Crypto

Peter Thiels Palantir is preparing for enhanced inflation by buying gold, instead of bitcoin – what does this mean for the crypto industry？　　Palantir says its preparing for a black swan event with its massive gold purchase this month. Bloomberg reports the company also accepts bitcoin and gold as payment, but no one has paid in either.　　The Peter Thiel cloud computing company is also interested in accumulating bitcoin, Per a recently report:　　“The company spent $50.7 million this month on gold, part of an unusual investment strategy that also includes startups, blank-check companies, and possibly Bitcoin. Palantir had previously said it would accept Bitcoin as a form of payment before adding precious metals more recently. A spokeswoman for Palantir said no one has yet paid in either Bitcoin or gold.”　　Palantir Technologies (PLTR) disclosed in its Aug 12 earnings report that the big data analytics and intelligence firm had just recently purchased $50.7 million worth of 100-ounce gold bars.　　At the time Palantir made the purchase, the spot price of gold, the current average market price for an ounce, was anywhere from $1,813 at most during that period on Aug 1 to $1,718 at the lowest spot price during that time on Aug 7.　　If

2021-08-25Deep Dive

8 Crypto Mining Apps Exposed as Fakes - And 120 More are Still in Business

Eight cryptocurrency cloud mining apps that pretended to offer crypto such as bitcoin (BTC) and ethereum (ETH) to users in return for investments into cloud-mining operations were recently found to be fakes, tricking users into watching ads and paying for subscription services, according to a recent report by US-Japanese cybersecurity firm Trend Micro.　　The discovered malicious apps “trick victims into watching ads, paying for subscription services that have an average monthly fee of USD 15, and paying for increased mining capabilities without getting anything in return,” the company said.　　The team said they had reported their findings to Google Play, and that “the apps have been promptly removed from the Play Store.”　　The eight exposed Android apps include:　　BitFunds – Crypto Cloud Mining　　Bitcoin Miner – Cloud Mining　　Bitcoin (BTC) – Pool Mining Cloud Wallet　　Crypto Holic – Bitcoin Cloud Mining　　Daily Bitcoin Rewards – Cloud Based Mining System　　Bitcoin 2021　　MineBit Pro - Crypto Cloud Mining & btc miner　　Ethereum (ETH) - Pool Mining Cloud　　An analysis of the fake crypto mining apps demonstrated that they do not show any actual crypto mining behavior. Their fake mining activity on the apps user interface (UI) is performed through a local mining simulation module which comprises a counter and some random functions, Trend

2021-08-25Deep Dive

Bitcoin, Ethereum and Altcoins Trim Gains

Bitcoin price failed to stay above the USD 48,000 support and extended its decline. BTC tested the USD 47,600 region and stayed above the USD 47,500 support. It is currently (04:00 UTC) consolidating near USD 48,000, with a major resistance near USD 48,800.　　Similarly, most major altcoins extended their decline. ETH traded below the USD 3,250 and USD 3,200 support levels. XRP broke the USD 1.20 support and it even tested USD 1.12. ADA topped near USD 2.92 and corrected lower to USD 2.60.　　Total market capitalizationBitcoin price　　After trading below USD 49,000, bitcoin price extended its downside correction. BTC traded below the USD 48,200 and USD 48,000 levels. It traded close to the USD 47,500 support and it is now attempting a recovery. It is back above USD 48,000, with a key resistance near USD 48,800. The next key resistance is USD 49,000, above which the price might retest USD 50,000.　　If there is a fresh decline below USD 48,000, the price may possibly test the USD 47,500 support. Any more losses could lead the price towards the USD 46,400 level.Ethereum price　　Ethereum price started a steady decline below the USD 3,300 pivot level. ETH traded below the USD 3,250 and USD 3,200 support

2021-08-25Deep Dive

Blockstream Enters Crypto Unicorn Club With $210 Million Series B Fundraise

Bitcoin infrastructure firm Blockstream has closed a $210 million Series B funding round to enter the aggressively growing crypto unicorn club. Blockstreams valuation grew to $3.2 billion. The funding round saw participation from iFinex, the parent company of Tether and Bitfinex along with Scotland-based investment firm Baillie Gifford.　　The Bitcoin infrastructure provider aims to expand its ASIC mining infrastructure and build new products for the crypto market using the newly raised capital. The latest funding round also comes along with the acquisition of Israeli Bitcoin mining hardware manufacturer Spondoolies. The firm would join Blockstream in developing its ASIC mining arm.　　Blockstream CSO Samson Now said the company is working towards the next leg of expansion which will include Bitcoin mining products and financial solutions. He explained,　　“we‘re kind of like blending the worlds of finance and industrial Bitcoin mining right now, but the financial aspect of our company is going to grow,” said Mow. “We’re going to have hedge fund-type products like alpha funds, essentially, Bitcoin alpha funds, and US dollar alpha funds, and other innovative things that we cant mention now.”　　 Blockstream Branded Miners to Hit Market by Next Year　　Blockstream aims to expand its Series B funding round further and collect nearly

2021-08-25Deep Dive

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