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1  Bitcoin / Bitcoin Discussion / Growing emergence of Bitcoin and cryptos in Tanzania on: June 14, 2021, 02:54:08 PM
Bitcoin has came a long way struggling to rise and facing criticism of government and bankers around the world who think of it and cryptocurrencies as bubble but now it is changing around the globe.Bitcoin has gained quite a popularity and countries like El Salvador has adopted it as legal tender and other countries are also on the same path.

There is one such country who has opposed and put a ban on usage of Bitcoin and other cryptos in 2019 and that country is Tanzania.On November 12,2019 the central bank ,Bank of Tanzania issued a public notice restricting residents from trading into virtual currencies.



The possible reasons they gave it for such ban on virtual currencies was as follows:

Quote
Although the BoT has not expressly stated its reasons for banning the use of cryptocurrency, the most common reasons advanced for banning cryptocurrencies in other jurisdictions are as follows:

 Virtual currencies are traded on unregulated exchanges, and customers who lose money on such exchanges have no legal redress.
Cryptocurrencies have no underlying assets and their value is speculative in nature. This may result in high volatility, exposing users to potential losses.
Cryptocurrency transactions and accounts are not connected to real-world identities, a phenomenon known as ‘pseudonymity’. Experts argue that this could promote money laundering and fraudulent activities.

But now after 2 years they have gained some lessons and considering to reverse their decision taking example from El Salvador,Iran and others.This is so because the new Tanzanian President "Samia Suluhu Hassan" has asked the banks to work on the use of cryptocurrencies. Here is what she has to say of this statement.
Quote
We have witnessed the emergence of new journeys through the internet...My call is to work on that development (cryptocurrencies)

The main crypto is Bitcoin in this market and they all have focus on making it assest class as many countries are joining the list soon.

Tanzania is a small South African country roughly with a population of 62 million and 49 licensed banks in operation there.So countries are ready to accept the fact that Bitcoin and other top altcoins can boost their economy and now realising it's true importance.

So who is next ?
2  Bitcoin / Bitcoin Discussion / Iran also wants to legalize crypto on: June 11, 2021, 12:20:06 PM
Just after El Salvador has made Bitcoin as legal tender in the country and making Bitcoin as reserve assest some other countries are also planning the same.As per the latest reports the next nation to join the list is Iran.They are planning to introduce legal framework for cryptos although the Bitcoin mining activities are suspended there just for four months due to electricity blackout.

Iranian President "Hassan Rouhani" has asked his government to start working on a framework to regulate cryptocurrencies like Bitcoin.He has warned residents also against unprofessional or scam projects and to stay away from them as he addressed the economic board meeting.

How will Bitcoin help them?Here are some of the facts:

Quote
The US has imposed CAATSA (Countering America's Adversaries Through Sanctions Act) on the country, preventing American companies from doing business with sanctioned entities. However, the economic sanctions place Iran in a spot since companies allied to the west are bound to avoid it, creating a ripple effect that severely affects Iran's international trade.
The country also stands primarily disconnected from the global banking system as trade via the American dollar is restricted. It's widely known that the dollar is the de facto international currency and exerts maximum purchasing power. With such extreme conditions, Iran has open-heartedly welcomed the cryptocurrency revolution.

With nearly 4.5% hasrate of Bitcoin mining Iran is one of the best place for miners along with cheap electricity and how amazing it is if government also allows usage of Bitcoin and other cryptos giving them legal status.They are solving their economic Conditions as well with Bitcoin which is main motive of most of the countries.

Source : Iran to legalize crypto like Bitcoin

So it's a another boost for btc becoming mainstream and adopted by government around the globe.

3  Bitcoin / Bitcoin Discussion / Best Bitcoin rap battle I have listened on: June 05, 2021, 01:26:31 PM
 Music is one of the way through which a strong message can be conveyed to a community and how revolutionary it was in the case for black people that started #blacklivesmatter trend on social media platforms and they gain what they deserve through the medium of rap and hip hop music.

There are some music videos and paradoies about bitcoin also but there is one rap which just hit me when I listened to it.It is a rap battle between federal government and Sathoshi Nakamoto face to face(not real ones obviously but role play) in front of audience to confront about their inventions fiat and Bitcoin.

It is really exciting to see how they have made a discussion about fiat and btc related issues and usages in just 3-4 minutes of rap battle so nicely.

Here is the link for the video to watch it on YouTube for you : Bitcoin Rap Battle

To get the full lyrics visit here : Lyrics

I just don't it's me who likes this kind of music battles which have a strong effect on our society or everybody else thinks so.Being a Bitcoin and music enthusiast it was one of the best for me.

Most of the newbies who want to learn about some facts about bitcoin can have a look at this video and enjoy the battle at the same time.

Who wins according to you?
4  Alternate cryptocurrencies / Altcoin Discussion / Have you heard about another meme crypto "StopElon"?? on: May 21, 2021, 02:17:38 PM
We all are aware about Musk influence on crypto market these days and he is moving the market with his tweets messing up the prices of every coin.But to counter with this situation a social community has came up with another Cryptocurrency named "StopElon".

The main objective behind this coin is stop Elon from ruining crypto market and downfall of his company Tesla.

Quote
Just like Dogecoin, STOPELON is a meme cryptocurrency. It was built with, as befits any meme currency, quite unrealistic meme-like goals.

The new cryptocurrency is currently being traded on the Binance Smart Chain blockchain.

The coin has a market cap of nearly $24.9 million while it's currently being traded at $0.0000481795 per coin. Two days ago, the coin was traded at $0.0000019.

The total STOPELON supply comprises 50 percent of coins available for purchase and 40 percent already burned and removed from circulation with 5 percent each for the developers’ wallet and marketing.


The prices have surged from US$0.0000019 to US$0.00009450, a jump of 4874% in 24 hours which shows how frustrated investors are of Musk.

You can visit their official site to check their main motive and steps and guide on how to buy this memecoin.StopElon

What are you views about this another meme Cryptocurrency set up against the market manipulator Elon Musk?
5  Bitcoin / Bitcoin Discussion / "Simpsons new prediction" on: April 13, 2021, 04:23:54 AM
Many are familiar with the comical animated show "The Simpsons" which was started in 1989 but the show is making some predictions in their episodes which come out to be true in real life.We have witnessed many instances where Simpsons prediction were accurate and some of them include

Quote
As Bambrough points out: “Over the show’s 30-year run The Simpsons have correctly predicted Donald Trump becoming U.S. president, the NSA spying scandal, Apple’s FaceTime, smartwatches, and the Disney takeover of Fox.”

In one of their episode they called bitcoin as cash of future.According to a London based expert the actual time between prediction and reality is 15.6 years.So we can see mass adoption by 2036.They all are there past predictions which came out to be true but this time they have some positive prediction in favour of bitcoin.In of their episode we can see this image:



They have shown Bitcoin with infinity sign which means the value of Bitcoin will cross all the benchmark in future.If we take into consideration the average time of 15.6 years then this price level could be achieved by 2036 which seems to be realistic somewhere.The prices are above $60k in Q1 of 2021 with many institutions investing and accepting Bitcoin.If the same pace continue then we could see this turning into reality.

What are you thoughts about this new "Simpsons" prediction?
6  Other / Beginners & Help / [Beginners Gudie for Crypto Scams] on: April 04, 2021, 10:06:54 AM
I am creating this thread to spread some awareness among the newbies related to crypto scams which are becoming very popular these days.Scammers and hackers are fooling people to get their funds in different ways and people who have no knowledge of crypto market ends up losing thier money to them easily.

Table Of Contents:

1.What is cryptocurrency scam
2.Types of crypto scams
3. Some crypto scams in history
4. Tips to avoid them

What is Cryptocurrency Scam

As it is clear from the name "scam" that something is phisshy is going around.Whenever a hacker or scammer ask users to deposit money on fake address or if people get hacked and they lost their money to fake sites or persons it is called scam.For example: You saw an advertisement claiming that you can double your coins and when you click on the link and deposit the funds over there you cannot trace them and you just became a victim of crypto scam.These types of scams are similar to normal ones in fiat but only thing is that it's tricky to judge crypto scams as they are more technical and people have less knowledge of them so they lost their funds.These types of things contribute to such scams

Watch out for anyone who:

-guarantees that you’ll make money
-promises big payouts that will double your money in a short time
-promises free money in dollars or cryptocurrency
-makes claims about their company that are not clear

Types of Crypto Scams

With growing crypto market and btc and other altcoins becoming popular the number of scams are aslo arising day by day due to profits associated with them.Hackers are finding new ways to fool people and get funds from them without their knowledge.Here we will discuss some of them briefly.Some of the scams are mentioned below:

(1)Social Media Scam

They are one of the new scams which are becoming popular these days and under this scam hackers gained access of twitter backend to hack the Twitter accounts of celebrities to and then ask for crypto donations from people to a fake address.They also tweets like "double your coins" and people who are greedy and have no knowledge of this sends funds to them which cannot be recover afterwards.





(2)Cryptojacking

Cryptojacking is when scammers use your computer or smartphone’s processing power to “mine” cryptocurrency for their own benefit, and without your permission. Scammers can put malicious code onto your device simply by your visiting a website. Then they can help themselves to your device’s processor without you knowing.
If you notice that your device is slower than usual, burns through battery power quickly, or crashes, your device might have been cryptojacked.



(3)Mining Scams

Cloud mining allows regular investors without expensive hardware to mine cryptocurrencies. There are many fake pools who will just promise high returns and in the end you will not get any return in the end and get scammed easily.The only one profiting from this will be miners not you.You rent your server space at fixed rate but you will not get any interest over them if it is fake so choose wisely.

(4)Fake crypto Exchanges

Another major types of scam in which many users fall unintentionally is presence of fake crypto exchanges which deposit users funds on thier own address and when the user base increases and they have huge funds they just vanish.Back in 2017, a South Korean fake exchange was operating under the name of BitKRK. While it looked legit and presented itself as a part of the crypto trading community, it swindled investors and buyers out of millions of dollars before it was intercepted by the South Korean financial authorities.



(5)Ponzi Schemes

Ponzi scheme is a fraudulent investing scam promising high rates of return with little risk to investors. A Ponzi scheme is a fraudulent investing scam which generates returns for earlier investors with money taken from later investors. This is similar to a pyramid scheme in that both are based on using new investors' funds to pay the earlier backers.The hackers never invest their money and people loose funds at rapid pace and when the customer grows and they can't cope up they collapse and scams are open to the public.These types of ponzi schemes have become very common in crypto world and you need to avoid such schemes.



Some crypto Scams in history

1) OneCoin:To start it off it was never a cryptocurrency (means it got no blockchain) however for years to this day it is promoted as a cryptocurrency with great success. According to unofficial sources they’ve scammed more than $19.4b out of OneCoin users. Official sources are talking about $4.9b, however, the officials are working with leaked papers that have the data from 2014 to 2017, not including the boom in 2018 and 2019.




2)Bitconnect:Everyone in crypto space knows Bitconnect. When you think of a cryptocurrency scam you instantly think of a Bitconnect. It was released in 2016 as a so-called lending platform a proper Ponzi-scheme. During the time it runs, it was promoted by huge YouTubers that were earning money through ref links. CryptoNick, Trevon James, and Craig Grant were actively promoting it. They scammed around $3M combined from their communities.



3)Pincoin and iFan:Pincoin and iFan where tho ICOs run by the same company Modern Tech. The companies were offering 48% of a profit for investors just after a month and full investment recovery after 4 months. Modern Tech was accused by several reports as being a Ponzi scheme. The founders were able to steal as much as $660M. There were many protests organized by the victims of a scam outside of their office in Vietnam.


How to avoid them

1) Never give anyone remote access to your machine. This effectively gives the scammer full access to your computer, online financial accounts, and digital life.

2)Do not reveal your 2FA security codes or password to someone in any respect.

3)Do not fall for screenshot, phisshy email asking you to deposit funds over a particular address in order to double your coins immediately (which is definitely a scam) as there is no legit site for this work.

4)Do a proper research before investing, about the exchange,ICO and check for grammatical errors in the links like fake sites don't have https or SSL certificate so have a look for it.

5) Don't be greedy in this digital and decentralised market because it will lead you to loss of funds directly.

6)Become experience and have knowledge of the market before investing blindly in any of the project.



Note: The intention of this thread is to compile the common types of crypto scams at one place for the beginners to read. Some part of the text has been directly copied from various online articles, the source for the same has been presented below:

https://www.livemint.com/technology/tech-news/crypto-scams-are-on-the-rise-5-ways-to-avoid-them-11588775510857.html
https://hackernoon.com/biggest-cryptocurrency-scams-whats-the-damage-4c9u32ri
https://www.consumer.ftc.gov/articles/what-know-about-cryptocurrency
https://www.investopedia.com/terms/p/ponzischeme.asp
7  Bitcoin / Bitcoin Discussion / Marvel featuring Bitcoin!!😀 on: April 03, 2021, 01:07:29 PM
 The Marvel Cinematic Universe or so called Marvles studio famous for it's superhero films and series has just promoted Bitcoin in their style in one of the episode of "The Falcon and the Winter Soldier" premiered on Disney plus.It is text message which is Bitcoin bounty.

Quote
  Power Broker, being the newest episode showed one of the characters receiving a text message that reads: Selby Dead.1k Bitcoin bounty for her killers.1000 Bitcoins is equivalent to $58.8 million.The message was received 24 minutes into the episode



It was really surprising and good news being both Marvel fan and Bitcoin enthusiast as Bitcoin is becoming quite a great topic these days and everyone is showing their willingness to adopt to the most advanced digital and decentralised monetary system.Any Marvel fan here is aslo excited from this?

8  Bitcoin / Bitcoin Discussion / The Chipotle free Bitcoin giveaway on: April 01, 2021, 04:37:11 PM
The famous US based restaurant Chipotle Mexican Grill, Inc., often known simply as Chipotle, is an American chain of fast casual restaurant's specializing in tacos and Mission burritos have announced free Bitcoin giveaway on April's fool day for everyone.No they are not accepting btc as payment instead, Chipotle is giving away $100,000 worth of bitcoin on Thursday to celebrate National Burrito Day.



This was the statement by the Chipotle:
Quote
To win, Chipotle (CMG) fans can visit the website BurritosOrBitcoin.com launching Thursday to try to guess a valid six-digit code. Each player gets 10 tries during the contest, which runs from noon to 9 pm ET. Correct guesses could win up to $25,000 in bitcoin ... or a free burrito, as Chipotle is also giving away $100,000 in food.

Quote
There will be total, 53 people could actually win the bitcoin: 50 fans will win $500 in the cryptocurrency, and 3 will win $25,000. And 10,000 fans will win one burrito.Actually they have partnered with the famous programmer Stefan Thomas who lost his Bitcoins worth $220 million recently due to lost of hard drive password and he is left with only 3 attempts provided by the wallet to get ownership of his funds back.This was interesting move on his part as he is trying new ways to get his coins back once again.

The Company claimed that although the offer is made on April fools day but it's not a prank on customer and they are giving such prizes to the winners and free burrito to customers.It is first time a restaurant is involved in crypto giveaway of such amounts and it is showing another positive signs for Bitcoins growth.
9  Bitcoin / Bitcoin Discussion / Elon Musk name once again used to fool people by hackers! on: March 18, 2021, 07:11:13 AM
Musk has been in limelight from past year from gaining huge wealth and becoming richest person on the planet with net worth of $200 billion surpassing Jeff Bezos.This happened due to instant rise in Tesla share prices and Elon became socially active on crypto related tweets promoting Dogecoin to insane pumps and adding Bitcoin in his bio.But on the other hand he is associated with some scams also not done by him but by hackers in his name like vanity address scam I mentioned here Vanity address scam to the latest ones.

New scam which has been done in his name is A Germany man lost Bitcoins worth 4 crores by depositing them on fake deposit address mentioned on Musk twiiter which was done by hacker.




The man deposited on fake address to double his Bitcoins in 30 minutes time frame without even realising that it is clear scam.Why would Musk announce such a giveaway? People just got eroded away with the greed and ends up loosing all their money.We need to first recheck everything before doing such stupid acts and act wisely.
10  Bitcoin / Bitcoin Discussion / Vanity address scam rising on: March 04, 2021, 02:30:07 PM
The idea of generating Bitcoin address with some character or string of your choice instead of generating random string of characters is known as Vanity address which was first introduced by Vanitygen who produces address taking inputs from you and giving results on that basis.The amount of time required to find a given pattern depends on how complex the pattern is, the speed of the computer, whether it is using CPU or GPU, and if you get lucky.

There are many mining pools who take fees from you for you desired Bitcoin addresses as they have more computing power dedicated to the network instead of individuals computing power

It is a costly and time consuming process  :


Average time taken to crack address

But in recent time these type of scams has grown and hacker are fooling people by generating fake vanity address in name of big organisations and people to lure people to donate to that particular address as most of them don't remember full length of address as its mixture of lower and upper case and integers. A recent report states such scam

Fake vanity address in name of Elon Musk and Spacex accused of
$2 million scam


So is it profitable for hackers and how much easy it is generate such vanity address? And its cannot be done by a single individual because it's require much processing power and other things.So what are your thoughts on this?
11  Local / Off-Topic (India) / Indian Premier League on: January 25, 2021, 03:36:34 PM
I have seen many threads now for a specific season of IPL. I am just making a general thread where you can post any information of any season related to Indian Premier League .
12  Economy / Exchanges / An idea of non-custodial P2P Exchange on: November 04, 2020, 07:26:29 PM
Traditionally there was no way for P2P exchanges like LocalBitcoins to allow p2p exchange without user making prior deposit on the site. But with the recent innovation of DeFi, it is now possible to trade bitcoin on ethereum blockchain as Wrapped Bitcoin (WBTC). Similar to Tether, WBTC is also an ethereum token which represents value of bitcoin in 1:1 ratio and the adequate reserve is held by BitGo on publicly verifiable addresses.

WBTC opens the gates of Smart Contracts integration. So exchanges can now develop a solution where users don't have to deposit their bitcoins on the site first. Rather they will send bitcoin to the smart contract. After that buyer will send the fiat money to the bank account of seller. In order to release WBTC to the ethereum address of buyer, both buyer and seller have to confirm that fiat money has been received by the seller. In the case, buyer confirmed 'yes' but seller confirmed 'no', a dispute will open and exchange will come into the picture. Exchange will verify the fiat transaction and cast 'yes' or 'no' accordingly. If there will be 2 'yes' and 1 'no', WBTC will be released to the buyer's address after deducting marginal fees of exchange, while on the contrary if there are 2 'no', it will be returned to the seller's address.

What is your thought on this guys? Is this solution better than the current P2P model?
13  Alternate cryptocurrencies / Service Discussion (Altcoins) / What makes you still join the bounty campaigns? on: October 12, 2019, 02:11:02 PM
An open question to all bounty hunters. What makes you still join the bounty campaigns?

I was the regular bounty hunter in 2017 and early half of the 2018 but once 80% of my joined bounties started to turn scam without paying a penny, I dropped the idea. By looking the current situation, I can conclude that the situation has now worsen and the success rate of bounties is now dropped to further low. So my question is why you still join bounties? Are you getting paid? If yes, then which one gave you best rewards this year? Who is the best manager/s currently in bounty domain?
14  Bitcoin / Bitcoin Discussion / How was the supply of Bitcoin distributed initially? on: October 11, 2019, 07:05:09 AM
My question is, unlike today when coins are initially pre-mined and then distributed through ICO, how was Bitcoin initially distributed?
I know about mining and I am aware of the fact that mining reward was 50 BTC initially which is the good way to distribute the supply but what actually miners were mining in the start? Who were doing the transactions? How does the initial ones get the Bitcoins in their wallet?
15  Bitcoin / Bitcoin Discussion / Why not use Exchange instead of Mixer? on: October 03, 2019, 06:35:36 AM
So, Mixers provide service of shuffling bitcoins or provide addresses loaded with bitcoins along with private keys. In short, they provide service so to create anonymity between sender's and receiver's address so that no one can trace the transaction.
My question is why not use Exchanges? When we deposit funds on exchange, bitcoins get deposited on exchange's cold wallet. But when we withdraw funds, withdraw gets processed from exchange's hot wallet. So in short, it is very easy to do anonymous transfer by depositing funds on exchange and withdrawing to other addresses. Why to pay 1-3% fees on Mixers when it could be done for much less on Exchanges. Exchanges like Binance charge just 0.0005 BTC to process withdrawals.
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