Category: Cryptocurrency News

Cryptocurrency News and Public Mining Pools

As smart contracts are immutable how can large DeFi platforms raise their fees to make a profit once, let’s say a trillion, is locked in there? What is under token holders’ control so that they have any power? Can’t users just stick to the old implementation?

I want to understand the power dynamics of these platforms. In web2 if Facebook rolls out a new feature we can either adopt it or leave the platform, we don't have any other choice. That gives them tremendous power as they can keep binding us to use their platform. That is of course what we…
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Crypto games aren’t passive income if they require 6 hours of my times a day. That’s called a job

When I open my Twitter and scroll around the new tweets from people, I keep seeing all those passive ways of earning crypto with some play to earn cryptocurrency games. And in the comments you see someone explaining how they amassed a grand with just 6 hours of hard farming a day in the game…
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The Metaverse for REAL beginners / How to describe to your dad what the Metaverse is

… so that he really understands. It'll make those Sunday dinners with your folks a little easier. ​ https://metaverse-writer.io/the-metaverse-simplified/ submitted by /u/ApocalypseDaddy [link] [comments]

Binance.US awarded money transmitter license in Puerto Rico

The new license from Puorto Rico further strengthens Binance CEO Changpeng Zhao’s vision to be licensed everywhere.

Beanstalk Farms offers plea deal to perpetrators of $76M exploit

Beanstalk Farms offered a whitehat bounty to exploiters and outlined its plans moving forward should it be unsuccessful in its plea.

Could Netflix Tumble Down The Crypto Market?

On Tuesday, the crypto market looked good in comparison to Netflix (NFLX). The shares of the world’s leading streaming company fell 27% to $256 in after-hours trading reaching 2019 levels after announcing a massive loss of 200,000 subscribers in the first quarter of 2022. This translated to roughly a $40 billion loss in half an hour. This is the first time the company loses customers since 2011 and is expecting to lose 2 million more in the current second quarter. NFLX is already 63% down from its All-Time High and over 40% this year.   “For those wondering how long a miss like this can sting: A reminder that $FB is still down ~33% since it disclosed Facebook’s user growth hit a ceiling,” Bloomberg’s Brian Chappatta noted. Analyst Michael Nathanson of MoffettNathanson LLC told Bloomberg that “It’s just shocking,” adding, “Everything they’ve tried to convince me of over the last five years was given up in one quarter. It’s such an about-face.” Will Crypto Follow? The news site further reported that “Disney fell as much as 5.2% in extended trading after Netflix reported its outlook, while Warner Bros. Discovery Inc., the owner of HBO Max, declined as much as 2.8%. Shares of Roku Inc., the maker of set-top boxes for streaming, dropped as much as 8.3%.” Many have wondered if this could drag down the crypto market as well. An economist noted that the last time a sharp shed like this happened for Netflix (Jan 22, 2022), “it triggered [an over] 30% 4-day crash across crypto.” However, he added that he doesn’t think this will be an issue this time. “It’s now an idiosyncratic event.” The reason why many do not think this scenario will repeat is that the previous case was highly related to the macroeconomics –the general stock market sell-off over fear related to interest rate hikes in the U.S.–, while this time the indicator seems to be specific to the company’s declining demand. Related Reading | Bitcoin Nosedives Below $38k As Tech Stocks Take A Beating, Pandemic Gains Disappears Back in January, the company admitted that the competition is “affecting marginal growth some.” Now, besides the increasing competition, they stated that the bad performance in Q1 was partly due to a large amount of customers who share their passwords, estimating 100 million households that use the service technically for free. They also pointed out macro factors, ” including sluggish economic growth, increasing inflation, geopolitical events such as Russia’s invasion of Ukraine, and some continued disruption from COVID are likely having an impact as well.” Netflix completely missed their forecast for a 2.5 million growth in subscribes as well as Wall Street’s estimate, which also expected them to add that many users in the first quarter of 2022. In contrast, the anti-crypto propaganda that calls it “too volatile” and “too risky”, claiming that investors need protection from it, is looking weak and pale today. Around January 27, after the first big Netflix plunge of the year, Bill Ackman had reported that his hedge fund purchased more than 3.1 million shares of the company. That makes his position currently 387.5M down. Related Reading | Majority Of Crypto Holders Will Hold Through An 80% Crash, New Survey Shows “Somebody Always Knows” The second big thing that contrasts with crypto is that the industry is often called a fraud scheme, but to some analysts, this NFLX scenario is giving signs of insider trading. The Twitter account Unusual Whales noticed that “the most active hot chain before close” was $NFLX with $300 put. “And the top floor trades were all bearish.” This means that traders with put options probably made a lot of money. Which sounds like they knew something would happen. Similarly, the account also noted that “A trader took a huge $NFLX put position, buying +100k at ~$2 ask 7 days ago. The position had 4500 volume that day, 41 volume the day before, expiring in a month. Likely made 1000%.”

Brain drain: India’s crypto tax forces budding crypto projects to move

Several Indian cryptocurrency projects are planning to move their bases to more crypto-friendly jurisdictions.

Nigerian Agencies Told to Stop ‘Demonizing’ Crypto Industry Players

Nigerian public and law enforcement agencies have been urged to “stop the demonization” of the blockchain and cryptocurrency industry. According to an association that advocates for the risk-based regulation of the crypto industry, financial institutions should not use a Nigerian central bank directive as basis for denying service to industry players. Risk-Based Regulation of Crypto […]

This is how rich people deal with large holdings they want to use

Someone asked about pulling tons off from exchanges, and while I will give you might copy and paste answer I gave them on how to do that. This isn't what most rich people do. What most do is they Get a loan out on their holdings. If the holdings are above a given $ value…
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The WeWay Project is Betting on Web 3.0. Is It Worth Investing in the Future?

As crypto projects increased in popularity together with the rise of token sales in the last few years, joining projects on their startup stage has become a common concept. At the same time due to its popularity and potential to earn big money, many have been swayed to enter the industry without much understanding of the risk that comes along with it. Because not only that there are more opportunities for people to attain benefits, there are also more chances for people getting scammed. A global market research that was conducted by a new and promising team of developers has shown that big companies, famous influencers and brands have joined crypto projects and have slowly entered the highly-anticipated web 3.0 world. As we may know today, web 3.0 is the next phase of the evolution of the internet. Due to the fact that the concept is still fairly new and that there are still many aspects that still need to be improved, entering this next stage of evolution is not as simple as it seems. One would not be able to enter without having a team of engineers, designers, marketers, successful NFT collection, presence in the metaverse, and so on and so forth, because there is no a full-cycle web 3.0 ecosystem that exists to help influencers, artists, celebrities and brands to monetize activities, create games, and hold events for their fans. Thus, there is no smooth way yet to enter the world to keep up with the business and trends that transform the industry of influencers today. Creating an ecosystem that could cover all of those aspects has become the main objective of one particular project called WeWay. They believe that this could be done by collaborating with influencers, to enable them to monetize NFT creation, run concerts in the metaverse, and more, in order to obtain a unique experience, gain knowledge from one another and maximize earnings. This solution would not only help influencers and brands, but also agencies who are making bridges among artists, NFT, and the metaverse. They also included in their plan to create a marketplace where everyone can mint, buy/sell NFTs, trade metaverse items, run NFT drops, as well as to provide knowledge for users about professions in the web 3.0. WeWay is focusing on four main solutions, agency, university, metaverse, and marketplace. Their first solution, agency, is a team of experts that provides a service to the web 3.0 world such as customization of commercialization and promotion for celebrities. Their job is to find anchor advantages, help integrate into the web 3.0 environment, develop a monetized model, create a project for collaboration, apart from acting as their producers. The second solution university is focusing on helping ordinary people enter the world of web 3.0 easily via educational collaborations with influencers. This would help those people who are eager to apply for NFT and participate in the WEB 3.0 but do not know how to do it yet. This solution would not only help influencers but also their followers and bring them closer to the world of web 3.0. The next in line is the Weway Metaverse, or what they also called the Weway City, one of their most ambitious creations. It is a place where all participants can interact with each other in ways that we are already familiar within the real world. This place is represented by AAA graphics, filled with improbable nature and buildings such as concert halls, where people can attend cinemas, universities, banks and real estate that you can purchase and lease, as well as futuristic events, games, and activities from famous brands and celebrities. WeWay estimated that their metaverse creation could attract more than 15 million people. Last but not least, is the marketplace, where the audience can experience interactions with their influencers like never before through collaborative activities, communicating with influencers using a new communication channel. They can purchase exclusive content or live activities in the “experience” section. The marketplace is also a place where people can trade collectibles and metaverse items such as NFT. Anyone can upload their work and offer to purchase content collaboration. Investing in media influencers is essential in the sphere due to the fact that tokenomics is supported by the mechanics of virality. As more and more socially significant figures join the project along with their followers, the value of the project and its token increases. Because of its effect on the ecosystem, the token is one of the most important instruments that keeps growing in demand. This makes the project more promising than ever before. WeWay has issued its own tokens since January 11, 2022. The listed tokens include Coinsbit, PancakeSwap, and Tidex. They have also been listed on 4 crypto exchanges, including MEXC. On top of that, the project has launched token staking with very attractive entry conditions for investors and plans to hold open draws of the coin among its audience. Today, WeWay already has a fast-growing economy and has established a partnership with big influencer companies such as Yoola, a global multi-channel network that collaborates with creators and brands to develop, distribute, license, promote, and monetize content and products. Fuad Fatullaev, the founder of WeWay stated that, This is a high-tech ecosystem operating on a blockchain and NFT basis, allowing content makers and influencers to maximize their creative power.