Monthly Archives: January 2022

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Althoughcryptocurrenciesare becoming more and more popular and profitable investment year by year, trading is still an unknown topic for many people. Therefore, it is important that the trading platform you choose is as suitable as possible for both new and slightly more experienced traders. We have adjusted the features of the CoinCasso platform so that every trader has the chance to get the best trading experience. For new users, we have prepared a specialBlockchain Academyseries in which we explain how crypto markets are working. In case of any doubts or problems, you can use the services of our support which is at your disposal 24/7.

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Bitcoin Exchange | Cryptocurrency Exchange | CoinCasso

In recent times, there has been a great euphoria about investing in cryptocurrencies. Let us first try to understand whether a crypto investment means an investment in a currency or an asset. For any instrument to classify as a currency, it must have the following features: One, it is a promissory note wherein the issuer is promising the bearer or the holder a value. Two, it is backed by a sovereign nation and, therefore, there is never a question of any default in executing the promise. Three, the printing of currency in either physical or digital form is always based on some tangible asset, like gold or a basket of goods.

From the above, its clear that cryptocurrency can never be a currency.

Can crypto then be considered an asset? An asset is something that has a tangible value. Even if its immediate utility is intangible, an asset should have some tangible benefits. The cryptocurrencies being promoted currently bitcoin, litecoin, ethereum are nothing but gaming points. Whenever a discussion on cryptos takes place, promoters talk of blockchain technology. This technology is just a technique to account for transactions and has nothing to do with cryptocurrencies, except that the cryptocurrencies digital exchange is being maintained in blockchain format. In other words, the points which are earned through a gaming application are stored and transferred through blockchain technology. However absurd it may seem, even the points earned in a game of ludo can be presented as cryptocurrency if they are stored and sold by blockchain technology by the persons monetising these points. Therefore, cryptocurrencies have absolutely no value and cannot be considered an asset. Mining and solving the nth root of an equation are euphemisms for gaming points.

While working at the CBI and subsequently, the Enforcement Directorate, I had come across frauds like multi-marketing schemes, chit funds or deposit frauds. These schemes were disguised as timeshare schemes, gold and land investments, and promised hefty returns. These pyramid schemes were carried out over a long period to evade the law. Nevertheless, fraud could still be established, the trail of funds could be traced and the perpetrators identified.

Crypto promoters have taken fraud to another level with a little scope of their getting caught as there is nothing that anyone is promising. One part is the persons or persons releasing the game or the equation from which bitcoins or cryptocurrencies are to be mined, the other is the exchanges through which these points cryptocurrencies are traded. These so-called cryptocurrencies have acceptability only as long as they are linked to the normal currency of a country. Unfortunately, millions are falling for this fraud globally. Criminals, particularly drug syndicates, will simply use the garb of crypto to siphon and launder their illegal proceeds.

Hats off to RBI Governor Shaktikanta Das for being the first among the heads of central banks to flag the issue. The alacrity of the government in bringing out a bill to ban and regulate transactions in cryptocurrencies is equally commendable. India is one democracy where both the government and the Opposition join hands on issues of national interest.

The recent aggressive promotion of cryptocurrencies on print and visual media would perhaps prove to be the undoing of their promoters. It is only a matter of time before financial fraud prevention enforcement agencies like the CBI and ED catch up with them. But millions may lose their hard-earned money by then. The advertisements and promotional activities can, in fact, be important evidence linking people with this fraud. Sensing the impending ban and investigation into crypto deals, their backers have already started developing a new jargon non-fungible tokens or NFTs.

The writer is additional director general of police, Kerala. He is a CA and has worked as SP, CBI and Special Director, ED

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The cryptocurrency deception - The Indian Express

SINGAPORE: Service providers of digital payment token (DPT), or more commonly known as cryptocurrency, should not promote their services to the general public in Singapore, the Monetary Authority of Singapore (MAS) said on Monday (Jan 17).

This includes placing any form of advertisements or promotional materials in public areas, such as public transport and related venues, public websites, broadcast and print media, and the provision of physical automated teller machines (ATMs).

Service providers should also not be engaging third parties, like social media influencers, for joint promotional campaigns to solicit new customers, said the central bank as it issued new guidelines to "discourage" cryptocurrency trading by the general public.

According to the guidelines, digital payment token service providers can only market or advertise on their own corporate websites, mobile apps or official social media accounts.

MAS strongly encourages the development of blockchain technology and innovative application of crypto tokens in value-adding use cases. But the trading of cryptocurrencies is highly risky and not suitable for the general public, said the central banks assistant managing director for policy, payments and financial crime Loo Siew Yee.

"DPT service providers should therefore not portray the trading of DPTs in a manner that trivialises the high risks of trading in DPTs, nor engage in marketing activities that target the general public.

Examples of digital payment tokens are cryptocurrencies like Bitcoin. A digital payment token service includes the buying or selling, or providing a platform to allow people to exchange such tokens in Singapore.

The definition of such services will also be expanded to include the transfer of digital payment tokens and provision of custodian wallet services for such tokens when the amendments to the Payment Services Act take effect, said the central bank in a press release.

Digital payment token service providers include payment institutions, banks and other financial institutions, as well as applicants under the Payment Services Act.

So far, MAS has granted four firmsthe licence to provide digital payment token services out of a pool of about180 applicants. They are local fintech firm Fomo Pay, Australian cryptocurrency exchange Independent Reserve, local bank DBSs brokerage arm DBS Vickers, and Singapore-based cryptocurrency payments provider Triple A.

Singapore's regulations of digital payment token service providers are geared primarily towards protection against money laundering and terrorism financing. Digital payment tokens are not subject to consumer protection measures.

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Cryptocurrency service providers should not promote their services to public, says MAS as it warns of 'high risks' - CNA

Rio de Janeiro, one of the largest cities in Brazil, will invest part of its Treasury in cryptocurrencies. The announcement was made by the mayor of Rio, Eduardo Paes, during Rio Innovation Week. The plan is to turn the city into a cryptocurrency-friendly hub, and there are other tax incentives that will also be put in place to achieve this objective, according to reports.

Rio de Janeiro, one of the biggest cities in Brazil, will reportedly put some of its funds into cryptocurrency investments, according to statements from mayor Eduardo Paes. The mayor made the announcement during a joint lecture with the mayor of Miami, Francis Suarez, at the Rio Innovation Week, an event that deals with the modernization of the city.

Paes declared:

We are going to launch Crypto Rio and invest 1% of the Treasury in cryptocurrency.

Suarez, who also launched Miamicoin, a cryptocurrency for the city of Miami, stated this same development in Miami created opportunities for investors while offering crypto tax incentives. He declared:

We created a tsunami of opportunity. Many cities in the United States were raising taxes, and we lowered them. We understood that we could be at the forefront of innovation and we invited creators here.

Following in the footsteps of Miami, Paes is also planning to establish tax incentives and discounts for users who pay with bitcoin. Finance Secretary Pedro Paulo explained they are looking into offering a 10% discount for users paying certain taxes with bitcoin. However, he also stated that study of regulations to apply these changes effectively is necessary.

Chico Bulhes, secretary of the economic development and innovation team, stated that these tax incentives were focused on attracting more companies involved with cryptocurrency from other regions of the country. Bulhes remarked:

We already have tax incentives approved, we already have a percentage of 2%, and we want to focus a lot on the Porto region for the arrival of these new actors as well.

Regulation of cryptocurrency in the country is an ongoing matter, with a recent bill being approved for discussion by the Senate this year. The bill, identified as 2.303/15, could make bitcoin currency in Brazil as its main proposer, Deputy Aureo Ribeiro, stated last year.

What do you think about Rio de Janeiro investing in cryptocurrency? Tell us in the comments section below.

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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.

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Rio De Janeiro to Invest 1% of Its Treasury in Cryptocurrency Bitcoin News - Bitcoin News

The cryptocurrency space is tailor made for scams. If anyone believes that this Kerala ICO is an isolated case, is living in delusion. Whether you are against crypto or are an enthusiast or you are simply disinterested in it, such frauds should alarm you. In fact it should alarm you more if you are an enthusiast.

Most of us who have any interest in business have by now heard of a company called Theranos. About 2005 onwards, Theranos claimed to have a revolutionary blood testing technology that could do over 200 types of tests from a single drop of blood. The company was valued at over $10 billion and was widely considered to be at the vanguard of a complete disruption of medical technology by Silicon Valley startups. Traditional medical testing leaders

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The cryptocurrency space is tailor made for scams: The scams everyone must know about - Economic Times

Elon Musk and Jeff Bezos may have a new competitor when it comes to who holds the crown for the world's richest individual.

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Changpeng "CZ" Zhao, the co-founder and CEO of the world's largest cryptocurrency exchange Binance has just jumped some places on the world's wealthiest individuals list. According to a report from Bloomberg, Zhao's latest net worth valuation is $96 billion, which places him under some prominent figures such as Oracle founder Larry Ellison at $109 billion and Steve Ballmer, LA Clippers owner, and former Microsoft CEO, at $112 billion.

Notably, Bloomberg writes that Zhao's $96 billion net worth is likely far higher as the valuation didn't include the earnings or Zhao's current cryptocurrency holdings. Binance gave a statement to Bloomberg that explained that due to the constantly changing dynamic in the cryptocurrency space, it's difficult to give an accurate estimation. Anyone involved in the cryptocurrency space understands this volatility that Binance is mentioning.

"Crypto is still in its growth stage. It is susceptible to higher levels of volatility. Any number you hear one day will be different from a number you hear the next day," Binance said in a statement to Bloomberg.

Jak Connor

Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science and space news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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A cryptocurrency CEO just became one of the world's richest people - TweakTown

As the countrys central bank and state authorities followed through on pledges to effectively wipe out crypto mining operations in China, the Cambridge Centre for Alternative Finance (CCAF) estimated the countrys average monthly share of the Bitcoin network hashrate had fallen from near 70 per cent in September 2020 to 0 per cent by August 2021.

Meanwhile, the neighbouring republic of Kazakhstan had become an obvious destination for many cryptocurrency miners forced to flee China, with an abundance of cheap electricity awaiting miners and foreign mining farm owners searching for new pastures in which to build their fortunes.

According to estimates behind the Cambridge Bitcoin Electricity Consumption Index, based on geolocational data collected from a set of cryptocurrency mining pools, Kazakhstans average monthly share of the Bitcoin network hashrate rose as Chinas vanished increasing by almost 10 per cent in two months as it jumped from 8.8 per cent in June to 18.1 per cent in August 2021.

The Bitcoin protocol per se has no preference for geography," says Professor Aggelos Kiayias FRSE, chair in cybersecurity and privacy at the University of Edinburgh.

However it rewards miners with a digital asset that is traded globally and in this way it incentivises them to find the cheapest possible electricity so they maximise their profit.

Professor Kiayias adds: For this reason, countries that offer subsides for electricity, have lax regulation and/or have cheap electricity due to natural resources can be very attractive as places to set up mining operations.

"This can lead to over reliance of Bitcoin to such countries and over exploitation of preferential electricity rates and resources which, in turn, can lead to the withdrawal of subsidies and the unavailability of resources.

Indeed, as quickly as Kazakhstan became the worlds second largest home to crypto mining behind the US, the proliferation of mining hotels, allowing people to rent space in data centres for their mining rigs, and grey unregistered miners guzzling gigawatts of electricity per year illegally across the country were blamed for a buckling national grid.

"The thing is, China was the worlds largest cryptocurrency producer, says Alex de Vries, a data scientist and cryptocurrency researcher who created his own landmark consumption indexes for Bitcoin and Ethereum at his site, Digiconomist.

"So when all the miners have to migrate, you're effectively relocating the energy consumption of a country like Argentina to somewhere else to a grid that is a lot smaller than what China is capable of offering.

The Kazakhstan Electricity Grid Operating Company (KEGOC) stated in late October that power consumption was exceeding generation due to the sharp increase in consumption by the digital mining consumers (over 1,000 MW) and higher number of emergencies at power plants.

My guess is that the government wanted to make a quick buck [off cryptocurrency mining], says Dr Luca Anceschi, Professor of Eurasian Studies at the University of Glasgow, then they discovered they couldn't manage it because they haven't got an infrastructure big enough.

For Dr Anceschi, Kazakhstan, as an energy rich nation, is facing a situation it should never have been in in the first place.

"A country like Kazakhstan does not have to be in the position it is in with its energy, he says.

"Its like if Scotland ran out of water, with all the rain we get.

When Kazakstans Bitcoin mining operations ramped up in late 2021, even some of the countrys largest, oldest data centres found themselves in a different landscape to the one they enjoyed previously.

Electricity supply grew patchier by the day amid electricity rationing for crypto mining farms, with these issues compounded further when the Kazakh government turned to internet shutdowns to try dispel uprisings and riots.

On Wednesday, 5 January, anger over government corruption, inequality across social classes, doubled Liquefied Petroleum Gas costs and complex, historic problems in Kazakhstan erupted on the streets of Almaty in a demand for change, with 164 people killed in protests across the country.

And when the Kazakh government shut down the internet, limiting online freedom of speech, access to social media and web services in Kazakhstan, Bitcoins hashrate also appeared to take a hit across several major mining pools as the countrys miners were unable to access the network initiating a flash cryptocurrency crash in which already dulled prices of Bitcoin, Ethereum and more sank even lower.

With many other miners now looking to the US for greater geopolitical, economic and energy stability for large-scale mining farms, the great cryptocurrency mining migration looks only to continue apace in states like Kentucky and Texas, thanks to their cheap energy and minimal regulation.

The Electric Reliability Council of Texas (ERCOT) says it expects energy loads to increase five-fold by 2023, with demands of crypto mining and its data centres requiring up to 5,000 megawatts of further electricity.

"Once Kazakhstan is done with this industry and its government tries to kick out Bitcoin miners, they will probably go elsewhere, says Mr de Vries.

"But then the next country will have the same problem.

Mr de Vries and Dr Pete Howson, Senior Lecturer in International Development at Northumbria University, recently explored the impact of cryptocurrency miners relocating from country to country and that of mining itself on vulnerable communities in countries with poor energy infrastructure and inexpensive, fossil fuel-powered electricity in a joint paper.

It brought Dr Howson to the conclusion the energy-intensive process of mining Proof-of-Work cryptocurrencies such as Bitcoin and Ethereum can be seen as parasitic, in the sense that it sort of plugs itself in to local resources.

It takes and takes until the host has to try to eliminate it through regulation, banning or violent uprising, or it kills the host because it's taken too much of the resources that it needs, Dr Howson continues.

"I think there's this idea amongst some crypto proponents that, especially with Bitcoin, mining is coming to the rescue in providing a source of income for so-called stranded energy resources that states can't find a buyer for.

But the reason that crypto and Bitcoin miners move to these locations is because they have vulnerable, poor populations, rusty infrastructure and weak regulatory regimes.

That's the reason they go there to exploit them, not help them.

Kosovo began the new year by banning cryptocurrency mining, with police seizing hundreds of expensive graphic processing units (GPUs) and application-specific integrated circuits (ASICs) in nationwide raids as the countrys Minister of Economy Artane Rizvanolli cited the potential for blackouts, while Iran introduced a second four month suspension of cryptocurrency mining operations in the country in late 2021.

Such moves are echoed throughout Central Asia and Europe where countries such as Abkhazia, Georgia and Uzbekistan have turned to crypto mining bans and suspensions to contend with increased demand for cheap electricity, while popular Scandinavian mining countries Norway and Iceland look to back Swedens push for an EU-wide ban on cryptocurrency mining.

"What it is inevitable is not that mining will be banned, says Professor Kiayias, but the fact that Bitcoin miners will seek the cheapest possible electricity and, if they are unencumbered by regulation, they will not stop at utilising any source, at any country, no matter the environmental impact.

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How the great migration of cryptocurrency mining is playing a rising role in the global energy crisis - The Scotsman

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Companies are seriously ramping up recruiting efforts for workers with cryptocurrency skills. A recent analysis from LinkedIn found that the number of job postings containing the terms bitcoin, ethereum, blockchain and cryptocurrency" grew 395% in the United States between 2020 and 2021.

Thats significantly bigger growth than the increase in listings for the wider tech industry, which saw a 98% bump in postings over the same period. The most common titles in LinkedIn listings included blockchain developers and engineers.

("The term "cryptocurrency" refers to digital currency that's underpinned by computer code rather than a central bank or other government authority. The technology behind that code is called blockchain. Some of the most popularly traded cryptocurrencies, or "cryptos," including Bitcoin, Dogecoin and Ethereum.)

LinkedIn said most of the postings were in the software and finance industries, but noted that the professional services industry (including accountants and consultants), the staffing industry and the computer hardware industry also boosted hiring for crypto-related jobs. A recent search for cryptocurrency on LinkedIns job platform turned up more than 11,000 results, including listings at major companies like PayPal and Deloitte.

And applicants are interested: An August report from the job site Indeed found that the volume of crypto-related job searches during one week last summer was 300% higher than a comparable week in 2020.

Searches for blockchain-related jobs soared 137% over the same period. Indeed also found that crypto and blockchain software development jobs are more likely to be remote compared to non-crypto software development jobs. Thats a major perk of the industry for people seeking a career that will allow them to work from home.

Cryptocurrency continued its meteoric rise into the mainstream in 2021. Bitcoin gained some 50% in value over the course of the year (though not without its characteristic volatility along the way) and notched new record highs. Experts expect that trend to continue, with some saying that Bitcoin will hit $100,000 per coin (more than double its current value) sometime in the near future. Meanwhile, altcoins like Dogecoin and Ether saw even more dramatic gains last year.

As the value of cryptocurrencies grew, so has the community surrounding the technology. People are asking for crypto gifts in their wedding registries. Investing clubs are growing more popular on college campuses, and students are increasingly interested in crypto. The mayors of Miami and New York City made headlines when they announced that they would take some paychecks in Bitcoin rather than dollars to boost the crypto industries in their cities. Some first-time homebuyers have even used proceeds from the sale of cryptocurrency investments to help fund down payments on houses.

The gist is that if youre looking for a new job this year or even just a side hustle the crypto world may have something to offer.

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Job Postings With Terms Like 'Bitcoin' and 'Cryptocurrency' Grew Almost 400% on LinkedIn Last Year - Money