Now if we all want to make Bitcoin the standard. Right now sure you can use Bitcoin to buy goods and services with. However all goods and services value and price are based by some sort of Fiat.

How do we go about to determine Good and Services value entirely on Bitcoin?

over FIAT

this could take a very long time to make happen.

What methods do you think this could happen?

Can anyone make digital coins? I don't know. What's its circulation mechanism? And who's her guarantor? I don't know.

That's how a pedestrian says on a street in Cairo, echoing questions that many might think of. But what if governments make these coins? The verse may turn.

In general, most countries in the world deal with popular digital currencies, such as Bitcoin and Ethereum.

https://www.nwscoin.com/2022/03/bitcoin-and-her-sisters-why-do-most.html

https://www.youtube.com/watch?v=VuXCwm2EwUU hurraaaaaaaaaaa

It's almost as though everyone using Android phone or iphone mostly is a Yahoo boy as we all know it, why are young guys not involving in productive hustling any longer?? Is this really the way forward?

This topic have taken the center stage of my thought we have seen how countries around the world are gradually opening the economy to adopt bitcoin and as a result a lot of government policies are already underway to develop a framework that allow regulation of the bitcoin ecosystem which have made me to wonder on this topic. Can a decentralized currency like bitcoin ever get regulated?

Here are the terms for Round #2. Just like for the previous round, only members of the three lowest ranks can guess the words today. Tomorrow, everyone else can participate. You can get information on the current round on post #2 in this thread as well.


1.   block reward
2.   cryptography
3.   ponzi scheme
4.   genesis block
5.   _ u _ p _ l _                          (one word, 7 letters)
6.   _ _ n _ l _ _ y                       (one word, 8 letters)
7.   m _ _ _ l _     _ _ e _             (two words, 10 letters)
8.   _ _ _ u _ _ b _ l _ _ _            (one word, 12 letters)

* Today, 25 October, only members ranked Newbie, Jr. Member, and Member can guess the words.

Investment scams in Australia cost investors more than 70 million Australian dollars ($50.5 million) in the first six months of 2021, with crypto scams contributing to more than 50% of the losses, according to Scamwatch data.

As reported by the Australian Competition and Consumer Commission (ACCC), Scamwatch data shows a 53.4% increase in investment scam-related reports, which is set to exceed $101 million by the end of this year.

Based on the 4,763 reports received in 2021 alone, ACCC deputy chair Delia Rickard stated that 2,240 of the complaints were related to cryptocurrency scams and mainly attributed to Bitcoin (BTC).

Rickard said that scammers lure investors into using fake trading platforms with celebrity endorsements that promise high profitability. While the trading platforms initially allow investors to withdraw some profits using other victims’ assets, the scammers eventually stop unwary investors to withdraw their investments. “Be wary of investment opportunities with low risk and high returns. If something sounds too good to be true, it probably is,” she added.

Bitcoin-related investment scams in Australia have already exceeded $18.5 million, a steep increase of 44% compared to the total losses of nearly $12.8 million in 2020.

Other types of scams plaguing Australian investors included Ponzi scams, imposter bond scams and romance baiting scams.

Major publicly-listed Bitcoin mining firm, Riot Blockchain, has reported record revenues for Q2 2021.

In its Aug. 23 quarterly financialreport, the U.S.-based firm reported $31.5 million in mining-related revenues for the three-month period — up roughly 1,540% from its Q2 2020 revenue of $1.9 million.

The surging mining revenues drove a record quarterly net income of $19.3 million. By contrast, the company suffered a $10.6 million net loss for the second quarter of 2020.

Riot held $195.4 million worth of cash and Bitcoin holdings as of June 30, 2021. As of July 31, the firm’s unaudited BTC balance stood at 2,687 BTC (approximately $132.6 million).

The firm also reported a 38% increase in the total number of BTC it mined compared to the previous quarter, with Riot generating 675 BTC compared to 491 BTC in Q1.

Riot Blockchain CEO, Jason Les, attributed the firm’s bumper results to its early April acquisition of Whinstone U.S. — the single largest BTC mining facility based in Texas, stating:

“Riot is aggressively expanding its capacity at Whinstone, which is expected to provide the critical infrastructure necessary to successfully execute on driving continued growth for the company.”
During the second quarter, Riot initiated a 400-megawatt expansion at Whinstone with four buildings totaling around 240,000 square feet which are currently under construction. Riot purchased the facility for $650 million.

In April, Cointelegraph reported thatRiot’s Bitcoin production had jumped 80% compared to pre-halving levels. The firm continued its expansion, purchasing afurther 42,000 Antminers from Bitmain in that same month.

In response to the news, Riot's shares bounced by 7.6% on Monday to $36.93 from Friday's close of $34.32.

It is almost impossible for the Taliban to change, I live in an area full of Islamic groups so I have a good experience about the nature of their thinking, these Islamic extremists have a rigid mentality and a wrong understanding of Islam and their heads are like rocks that cannot be changed, they may change sometimes to reach their goals but soon They return to their true nature. Thinking about changing these Islamic extremists is like thinking about removing a mountain from its place. This is impossible. Their thinking is limited, their minds are rigid, and their hearts are hard as rock. They have no mercy, so I don't think they have changed and I don't think they will change one day.

As the crypto markets continue on their bullish course, astute traders are taking advantage of market movements to generate crypto trading profits. But what is the best way to trade crypto?

Join us as we explore the fundamentals of fiat-to-crypto and crypto-to-crypto trading – and discuss which one may be the most sensible option for you in the current market climate!

Fiat-to-crypto: an on-ramp for newcomers
Fiat-to-crypto trading is the primary avenue for new participants who are entering the crypto markets. Buying bitcoin (BTC) with dollars, euros, pounds or other forms of fiat is typically how newcomers enter the world of digital asset investing.

More advanced traders will typically deposit fiat currency on exchanges, such as Binance, Gemini, Kraken or others, and trade the most popular cryptoassets against fiat currency. Cashing out then usually involves withdrawing fiat currency from the exchanges via bank transfer.

In light of the general upward performance of leading cryptoassets, most notably BTC and ethereum (ETH), investors who went from fiat-to-crypto and stayed in crypto fared well over the past five to ten years.

As a result, fiat-to-crypto has established itself as the primary way of investing in digital assets. 

However, when it comes to riding the wave of a bull market, crypto-to-crypto trading may be a better alternative.

Crypto-to-crypto: how pros trade market cycles
In today’s global economic climate – where money printers are running louder and faster than ever – and fiat currency is losing its value against cryptocurrency, some experts believe that crypto-to-crypto is the only way to trade digital assets, especially if you are looking to profit from market cycles.

Crypto-to-crypto trading refers to converting one digital asset for another to take advantage of market opportunities while keeping crypto as your trading capital.

Typically, the digital assets that traders will hold their trading capital in will be BTC, ETH, or a stablecoin, such as tether (USDT), USD coin (USDC) or DAI.

Crypto-to-crypto trading: the benefits
Experienced traders who want to capitalize on new opportunities in the burgeoning decentralized finance (DeFi) market or take bets in the altcoin market are better served by remaining in the crypto sphere as this provides them more flexibility and an array of benefits. The benefits of crypto-to-crypto trading include:

an ability to move funds quicker;
increased fund security via decentralized trading;
yield-generating opportunities for overnight/dormant funds;
the opportunity to capitalize on DeFi investments.
If you are holding funds in crypto, you can quickly execute a new trade when the opportunity arises. There is no need to wait for a bank transfer to clear or for a card payment to settle.

Trading crypto-to-crypto typically means using decentralized exchanges (DEXes), such as Uniswap, to convert one digital asset to another. The use of DEXes increases fund security as you keep control over your assets while you trade. Conversely, when trading fiat-to-crypto, you will have to store funds on (potentially vulnerable) centralized exchanges, which is why many professional crypto traders prefer to remain in the crypto sphere and use DEXes.

When you hold your trading capital overnight in crypto – as opposed to in fiat – you have the option to store your funds in a yield-generating protocol that will, most likely, generate more yield than your bank account. In turn, this enhances your trading revenues.

Additionally, when trading crypto-to-crypto, you have the ability to seamlessly move funds in and out of various DeFi protocols to maximize yield. Centralized fiat-to-crypto exchanges typically do not offer this option.

Crypto-to-crypto trading: the drawbacks
Despite all its potentially profit-generating advantages, crypto-to-crypto trading also has drawbacks. They include the following:

this is a form of trading that is only advisable for advanced, crypto-savvy traders and investors;
you risk losing funds due to code vulnerabilities in DEXes and DeFi protocols;
a fiat off-ramp will – eventually – still be necessary at some point.
Unfortunately, crypto-to-crypto trading is an experienced trader’s game. Unless you are comfortable with managing and storing your funds yourself and interacting with smart contracts, you may well struggle in the world of DeFi.

While fund security is higher when using decentralized exchanges instead of centralized exchanges, code vulnerabilities in decentralized trading protocols pose a serious risk for crypto-to-crypto traders. Therefore, it is advisable to stick to audited, established decentralized finance protocols. However, as history teaches us, even audited protocols can be compromised.

Finally, once it’s time to cash out (and pay tax on your profits), you will still need a crypto-to-fiat off-ramp. So staying entirely in crypto is essentially impossible – unless, that is, your tax office accepts crypto payments!

The takeaway
Fiat-to-crypto is the preferred on-ramp – and investment method – for newcomers and long-term HODLers. So, if you are looking to buy and HODL bitcoin or ethereum, for example, turning your local currency into a cryptoasset probably makes sense.

Conversely, if you are looking to actively trade the crypto market, deploy yield-maximizing strategies in the DeFi markets and exploit trading opportunities in the altcoin market, crypto-to-crypto arguably makes more sense because of the agility and flexibility this way of trading provides you.

It may be recalled that the apex bank along with some observers had expressed concerns that inexperienced investors could lose their meagre savings gambling on a highly speculative asset. “Small retail and unsophisticated investors also face high probability of loss due to the high volatility of the investments in recent times,” the bank said, as it sought to clamp down on the trade. Bitcoin experienced a similarly wild upswing in 2017, only to then plunge 80 per cent from its peak.

Nigerians turned to bitcoin when the government froze the bank accounts of leaders of the EndSARS protests against police brutality that swept the country last autumn. Supporters began donating to the cause using bitcoin, a practice that was encouraged by the likes of Twitter chief executive Jack Dorsey.

The frenzy over digital currencies prompted the central bank to reiterate 2017 guidance prohibiting local banks from serving customers with crypto accounts. In a memo this month defending its decision, the bank argued that cryptocurrencies were prone to use by criminals, drug traffickers and terrorists. But the central bank’s message “had the opposite effect the CBN wanted it to have”, said Ibukun Akinnawo, who hosts an investment club for mostly Nigerian 9-to-5ers on the social networking app Clubhouse and has invested in digital currencies. “People were now really wanting to talk about crypto.”

Yele Bademosi, the founder of Bundle, a Nigerian crypto and cash payments app, said volumes on his exchange remained high after the central bank ruling because people relied on peer-to-peer markets. He said the CBN crackdown could push crypto the way of the Nigerian naira, the local currency in which there is a thriving black market. “It’s going to look a lot more like the parallel market FX situation,” he said.[\Quote]
Source link:
https://thenationonlineng.net/bitcoins-to-be-or-not-to-be/

BitConnect is one of the most famous alleged scams in the history of cryptocurrency, and while the project shut down in 2018 after raising some $2 billion from investors, regulators are still chasing the alleged perpetrators. The United States Securities and Exchange Commission (SEC) filed suit this May, and this week, the agency revealed that it has reached a settlement with some of the involved individuals.

The SEC announced yesterday that it has secured a settlement of 190 Bitcoin—worth $9.25 million as of this writing—and more than $3.5 million in cash from defendants Joshua Jeppesen, Michael Noble (a.k.a. Michael Crypto), and Laura Mascola. As a result, the United States District Court for the Southern District of New York entered a judgment against Noble and final judgments against Jeppesen and Mascola.

Jeppesen is currently responsible for the bulk of the settlement, including the 190 Bitcoin and about $3.04 million, plus he will provide information and access to the Bitcoin wallet in question and pay a $150,000 penalty. Mascola, a reserve defendant, will pay just over $576,000 in disgorgement and prejudgment interest.

Meanwhile, Noble’s contribution has yet to be finalized: he will owe disgorgement, prejudgment interest, and a civil penalty in amounts still to be determined by the court. He is cited as offering and selling unregistered securities through the BitConnect scheme, while Jeppeson represented the firm at conferences and interacted with promoters. Mascola, Jeppeson’s fiancée at the time, was charged with unjust enrichment, according to the SEC.

As a result of the judgments, both Noble and Jeppesen are prohibited from participating in future digital asset offerings, either directly or indirectly. The wider investigation against BitConnect’s promoters is still ongoing, however, as fellow defendants Trevon Brown (a.k.a. Trevon Jones), Craig Grant, and Ryan Maasen were not included in this settlement.

BitConnect launched in 2017 was widely considered to be a Ponzi scheme, promising significant returns to investors and rewarding those who brought other investors into the program. It even used a pyramid-like diagram to explain the scheme to prospective investors, and its BCC token reached a peak market cap of $2.6 billion at a price above $400 per token.

Regulators began circling in late 2017, however, and BitConnect closed down in January 2018 following cease and desist orders from regulators in both Texas and North Carolina. The price of the token collapsed soon thereafter and fell below $1, effectively wiping out the market and leaving investors with near-worthless digital assets.