Category Archives: beincrypto.com

4 On-Chain Metrics Show the Bitcoin Price Is Primed for Bullish Explosion

Amid recent macroeconomic extremes, Bitcoin has maintained a quiet stance, almost eerie for its HODLers. Nonetheless, its hashrate and accumulation are soaring — what could this mean for its price?
Bitcoin has been consolidating in a narrow range between $18,800 and $20,200 since the mid-Sept price fall. In volatile markets like cryptocurrency, similar quiet periods of consolidation are rare. 
Recent Glassnode findings show that the current BTC price action resembles both pre-crash November 2018 and pre-rally March 2019. Despite price downturns, mining and accumulation statistics are improving. Let’s look into what this means for the health of the network.

Sponsored

Sponsored

Bitcoin hashrate makes new ATH 
Last week, the Bitcoin hashrate made a new all-time high of 242 exahashes per second.
Source: Glassnode
In the chart below, we can see that Bitcoin’s longer-term, slower hash ribbon was once again overtaken by the faster ribbon, indicating improved mining conditions in late August. Since the price saw no major uptick during this time, the rise in hashrate was likely due to more efficient mining hardware and more mining rigs working in general.
Source: Glassnode
Historically, these hash ribbon moving average swaps precede price gains. Historically, when the hash-rate drops and subsequently recovers, major BTC price bottoms have been made. 

Sponsored

Sponsored

Is a price bottom in?
Apart from the hashrate, Bitcoin accumulation levels also reached a 7-year high. CryptoQuant data shows that 6-month-old and older Bitcoins now make up 74% of the realized cap. During the 2019 and 2015 bottoms, this score sat at 70% and 77%, respectively.
Source: CryptoQuant 
Lastly, for the first time in this cycle, the percentage of supply in loss has reached the 50% level.
CryptoQuant data shows that the price bottoms during previous cycles normally occur when the percentage of supply in loss reaches 50% or more.

Sponsored

Sponsored

Source: CryptoQuant
The current data shows the highest percentage of losses at 52% on the daily chart, 50.4% on the weekly (7DMA), and 48% on the monthly (30DMA). 
While quite a few metrics suggest that BTC should be near a bottom, the overall momentum will likely still depend on macroeconomic conditions as well as its correlation with the Nasdaq and S&P 500. Disclaimer
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Sponsored

RELATED NEWS

Bankrupt Celsius Network Finalizes Dates for Auctioning of Assets

According to a court filing, Celsius Network has set dates for the auctioning of assets. The sale hearing will take place on Nov. 1.
Bankrupt cryptocurrency lending firm Celsius Network has set dates for the auctioning of assets, according to a filing submitted to the U.S. Bankruptcy Court for the Southern District of New York on Oct. 3. The auction will be held on Oct. 20 at 10 AM Eastern Time.
The sale hearing will be held on Nov. 1, and the filing says that a large number of participants are expected. As such, it states that there may be a delay in the waiting room before admission to the hearing is offered. Regarding the rules of the Zoom meeting, the filing says,

Sponsored

Sponsored

“When parties sign in to Zoom for Government and add their names, they must type in the first and last name that will be used to identify them at the Hearing. Parties that type in only their first name, a nickname or initials will not be admitted into the Hearing.”
The development is a move forward in the case, which has been dragging on for months. There have been several notable incidents even in recent weeks, including the resignation of now-former CEO Alex Mashinsky. Leaked audio obtained by CNBC shows that Celsius plans to create an IOU cryptocurrency to pay customers.

[embedded content]

Celsius bankruptcy; one of many in 2022
2022 has been marked by several bankruptcies brought on by the crypto winter earlier in the year. Three Arrows Capital, Voyager Digital, and the collapse of TerraUSD have all roiled the market.
Voyager filed for Chapter 11 bankruptcy in July 2022 and has since been working on returning funds to customers. FTX acquired those assets for $1.4 billion, adding to the rumor that it would purchase Celsius’ assets.

Sponsored

Sponsored

The fall of Three Arrows Capital was another major incident in the market, with a liquidation ordered in court in June 2022. Creditors alleged that the founders pulled funds out before the collapse.
FTX is on a roll with purchasing assets
FTX’s streak of purchasing assets from bankrupt companies has been making headlines. Sam Bankman-Fried has said that the goal of buying assets is to make a profit but to get the money back and recompense the customers. Meanwhile, a court filing showed that Bankman-Fried’s Alameda Research was ordered to give Voyager $200 million to pay off a loan.

to be clear — in Voyager, our bids are generally determined by fair market price, no discounts; goal isn’t to make money buying assets at cents on the dollar, it’s to pay $1 on the $1 and get the $1 back to customers.If we were to get involved in Celsius, it would be the same.— SBF (@SBF_FTX) October 2, 2022

FTX is also rumored to make a bid for Celsius’ assets. Bankman-Fried made it known that the company has billions to help the crypto industry, with the intention of helping customers and preventing a further destabilization of the digital asset industry.

Sponsored

Sponsored
Disclaimer
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Sponsored

RELATED NEWS

zkSync Nearing 2.0 Launch to Boost Layer-2 Ethereum Scaling Options

Layer-2 solutions provider zkSync is gearing up for its highly-anticipated 2.0 mainnet launch, which will accelerate scaling and security for Ethereum.  
The zkSync 2.0 mainnet is expected to be deployed around Oct. 28, heralding advanced scaling options for Ethereum-based tokens.
On Oct. 3, the team tweeted that the first production zkEVM zkRollup is getting closer while highlighting a number of recent partnerships.

Sponsored

Sponsored

zkSync is a scaling platform that uses zero-knowledge rollups to batch transactions and increase throughput. A zkRollup processes a lot of the transaction data off the root chain by producing cryptographic proofs that enable users to prove it possesses specific data without revealing the details of that data (hence the ‘zero-knowledge’).  

25 Days to zkSync 2.0 on mainnet. The first production zkEVM zkRollup is getting closer, and we continue to be excited by the wave of projects joining the zkSync mission. Here are another five updates from our fast-growing ecosystem. #jointhemission🧵(1/7) pic.twitter.com/eTYdGG1Jrq— zkSync (@zksync) October 3, 2022

The future of Ethereum scaling is zkRollups
Matter Labs, the firm behind the development of zkSync, aims to get closer to solving the blockchain trilemma with the 2.0 mainnet launch. The inherent problem with blockchains is the issue of increasing two of three properties — security, scalability, and decentralization — without sacrificing the remaining one. Ethereum is currently very secure and decentralized, but it lacks scalability.
Speaking to The Block last week, Matter Labs’ Chief Product Officer Steve Newcomb defined what made a good scaling solution stating that there are five key elements.

Sponsored

Sponsored

“Having a generalized ZK-rollup, being EVM compatible, working with solidity, being truly open sourced, being correctly decentralized, and having good tokenomics.”
Ethereum co-founder Vitalik Buterin has previously stated that he believes zkRollups will be the future of layer-2 scaling. This is due to the speed at which users can move funds between layer-1 and layer-2.
The zkEVM engine will power the zkRollup and it has been touted to be capable of 100,000 transactions per second when running in conjunction with Ethereum sharding which is expected to be rolled out late next year.
zkSync 2.0 will also ship with an on-and-off-ramping product called Ramp. Covering more than 150 countries, Ramp offers a range of payment methods, including credit and debit cards, bank transfers, and Apple Pay.

Sponsored

Sponsored

Although no details of a zkSync token airdrop have been officially announced, many industry observers are expecting it to happen.
Layer-2 ecosystem outlook
zkSync is currently the sixth largest layer-2 ecosystem with a total value locked of $52.7 million, according to L2beat. It is some way behind industry leaders Arbitrum and Optimism, which have a joint market share of around 80% and TVL of $2.36 billion and $1.43 billion, respectively.
The TVL of the entire L2 ecosystem has reached $4.65 billion, a fall of 3% over the past week and 37% since its all-time high in April.
Disclaimer
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Sponsored

RELATED NEWS

Crypto Daddy: The Hottest Male Thirst Traps in Crypto in 2022

Crypto daddy alert: Hotties can be few and far between in such a nerdy sector like crypto. Usually populated by greasy crypto bros and the nouveau-riche, the sexy ones are hard to find. But relax, we got you.
Crypto Daddy 1: Craig Sellars
This hottie is a blockchain innovator and a founder of Tether. He is the inventor of the stablecoin. Tether itself is the world’s most-traded cryptocurrency. Now Sellars acts as an informal advisor to the stablecoin since he jumped ship in 2016. He claims to have invented the NFT in 2015 at vAtomic Systems, along with Eric Pulier.
Currently he works as the Chief Technologist of Bitcoin’s Omni Layer. He has a degree in Computer Science from the Georgia Institute of Technology. Yes Sir, you can speak code to me all day long.

Sponsored

Sponsored

Source
Crypto Daddy 2: Eric Pulier
This hottie says he invented the NFT. He is an entrepreneur, philanthropist, author, columnist, technologist, public speaker, and founder of over fifteen companies.
In 2015, Pulier thought the world would be better with NFTs. He saw beyond the art and says he “proposed non-fungible tokens on blockchains that would come alive with 3D graphics, animation, sound, and programmability. This NFT would move seamlessly between AR & VR, change state based on external events, be redeemable and collectable, and help usher in the future of online engagement and commerce.”

Sponsored

Sponsored

He named this first NFT a “Vatom” – short for “virtual atom.” This was the first smart NFT. And can we please go back to this name? Vatom is so much sexier a name than NFT. Sexy – like Pulier.
Pulier has raised over a billion dollars for ventures he has started. How about you spend some of your crypto on me, Mr Pulier?

Crypto Daddy 3: Roger Ver
This guy is known as “bitcoin Jesus”… and that’s one step up from an actual Jesus. He’s a little bit controversial, which obviously makes everything sexier. Ver invested early into Bitcoin, and Bitcoin-related startups, and become an evangelist for the crypto. He now prefers to push Bitcoin Cash as he says it matches the original purpose of the “Bitcoin White Paper.”

Sponsored

Sponsored

He is a native of Silicon Valley. When he was young, he sold fireworks on eBay. Because of this, he has that sexy bad boy vibe… he pleaded guilty to a felony charge related his fireworks antics. Ver actually found himself in the slammer for 10 months then moved to Japan. He renounced his U.S. citizenship in 2014. Now he travels on a Saint Kitts and Nevis passport. He serves as the CEO of Bitcoin.com. And can serve as my Bitcoin Daddy too, the position is definitely vacant.

Crypto Daddy 4: Arthur Hayes
Okay another bad boy, I think I see a theme here. But still, even if someone is a bit of a crim, it doesn’t make them less of a thirst trap. Look at the arms, then forever hold your peace.
Hayes is a graduate of the Wharton School of Business at the University of Pennsylvania. Known as a banker, entrepreneur, and businessman, he co-founded BitMEX with Ben Delo, and Samuel Reed.

Sponsored

Sponsored

Hayes got caught up in Bitcoin in 2013, after seeing the Satoshi Nakamoto white paper. After that, he co-started BitMEX in 2014.
BitMEX was accused of being involved in illegal and nefarious activities. Hayes and his co-founding mates were indicted by the U.S. Department of Justice in 2020 for an illegal operation. BitMEX, in the end, agreed to pay a $100m fine to settle the issue. For his part, Hayes was sentenced to two years’ probation. And then he had six months of home confinement. He should have let me know; I would have visited. He’s currently worth over a billion dollars. Hot and rich, just how I like it.

Crypto Daddy 5: Leigh Travers
Leigh Travers is the CEO of Binance Australia. He is a silver fox executive who has spent a lot of time in the digital asset industry. Before joining Binance Australia, Leigh was the Director of DigitalX Limited. It is the world’s first publicly listed blockchain tech company. He also has that Aussie accent that sounds more like an Eastern Sydney shoreline, like Bronte Beach, rather than like something dragged in from the outback.

Sponsored

Sponsored

Yes indeed he can shower his crypto all over me, and immerse me in that fine Australian accent.

Happy to add to this list. Open to suggestion, write to us to suggest more hotties. I will be happy to fall on the sword for humanity. You are welcome.
Got something to say about hot crypto daddies or anything else? Write to us or join the discussion in our Telegram channel. You can also catch us on Tik Tok, Facebook, or Twitter.
Opinions seen on this website should not drive any financial decisions from readers.
Disclaimer
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Sponsored

RELATED NEWS

‘Solana Is Deceptively Designed to Falsely Inflate Usage,’ Alleges Crypto Researcher

CyberCapital Founder and CIO Justin Bons criticized Solana heavily on Twitter, detailing its bad track record of downtime, failures, hacks, and scandals.
Founder and CIO of CyberCapital Justin Bons made some stark remarks on the Solana network and its native cryptocurrency (SOL) in a lengthy Twitter post published on Oct. 3.
The crypto researcher said that there was “blatant fraud” involved at the birth of SOL and discussed how there were false statements made with regard to the circulating supply of the cryptocurrency.

Sponsored

Sponsored

1/25) Solana has been marred in controversy since its foundingWith frequent downtime, failures, hacks & scandals!This is why I have put together a short & incomplete history of SOL’s skeletonsWorking our way down a colorful history of lies, fraud & dangerous trade-offs:— Justin Bons (@Justin_Bons) October 3, 2022

The entire Twitter thread harshly criticized Solana and its operations, referring to “frequent downtime, failures, hacks & scandals.” Regarding SOL’s total value locked (TVL) and circulating supply, Bons had a lot to say. The researcher said “that the majority of SOL TVL was fake” when “two devs pretended to be 10+ devs & counting the same TVL over & over,” which “accounted for 70% of SOL’s $10B TVL at its peak.”
Bons stated that the team said there was a circulating supply of 8.2 million SOL in April 2020 but that there was actually over 20 million SOL. He also referred to a third party that found an unlocked SOL wallet that had more than 13 million coins. The SOL team responded by saying that these were loaned to a market maker and promised to burn them within 30 days.
Bons provided a source that contained all of the information he discussed. He says that the history of the project points to bad behavior. Among these are lying about the circulating supply and transactions, a “deceptive design to falsely inflate usage,” and the SOL ecosystem being “complicit in ‘faking’ peak TVL numbers.”

Sponsored

Sponsored

Reputation dented by outages
Solana has experienced a number of network outages, which have made the headlines and brought scrutiny to the usability of the network. Most recently, the network was down for over three hours on Oct. 1, which occurred because a single validator created an invalid block. The manner in which the issue was fixed also drew attention, pointing to the fact that a centralized decision was made.
The Solana network also went down on Jun. 1 this year, when a transaction bug stalled the chain and led to four hours of outage. Bons stated that this was also due to centralization issues.
Then was a network outage caused by arbitrage bot spam in January 2022. Solana also experienced multiple outages in late 2021, and this track record has not done well for its reputation.

Sponsored

Sponsored

Solana NFT market grows
However, despite the series of negative incidents, the Solana ecosystem has been growing steadily. The NFT market on Solana grew to a market share of 24% in September. The month saw over $135 million in transactions, with MagicEden dominating volume with over 90% of the market.
This was despite Solana hitting an all-time low in NFT sales volume in July 2022. The ecosystem has managed to bounce back, but it remains to be seen if it will stick.Disclaimer
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Sponsored

RELATED NEWS

Top Crypto Exchange LBank at Token 2049: Successful Exhibition and Afterparty

Global crypto exchange, LBank, joinedToken 2049 in Singapore as a sponsor and exhibitor.
LBank was welcomed with open arms at the Token 2049 venue and continued to host a successful after-party.
As one of the rise-and-coming major crypto hubs, Singapore hosted a diverse crowd of crypto lovers and gave LBank the great chance of meeting many users and fans in person. 

Sponsored

Sponsored

With over 7000 attendees and 2000 companies represented, TOKEN 2049 is currently the biggest event in crypto.
The event also coincides with the Formula 1 Singapore Grand Prix, making Singapore the most exciting place to be at the moment. LBank’s team was very glad for this opportunity to connect with its Asia-based users and partners. 
LBank had the honor of exhibiting at Token 2049 and meeting many projects, partners, and media representatives at the event.

Sponsored

Sponsored

“It was good to see everyone face to face, as most of the time we communicate online. We are really looking forward to working with LBank soon ” a partner said. 
On September 29th, LBank hosted a successful “LBank & Friends” Afterparty for people to have a chance to socialize after the main conference. The event, which was co-hosted by Encryptus and MetaBell, saw a diverse gathering of friends from all corners of the industry, with more than 300 people attending. 
LBank’s exhibition at TOKEN 2049 came alongside LBank’s current brand upgrade, including airdrops and other events.

Sponsored

Sponsored

This was the first time the exchange used its new logo and brand material in an offline conference. “Token 2049 is the best opportunity to show our new logo and share our future plans. One can’t ask for a more friendly, energetic space than this” said a representative from LBank. 
About LBank
Established in 2015, LBank is one of the top crypto exchanges. It offers specialized financial derivatives, expert asset management services, and safe crypto trading to its users.
The platform has over 7 million users from more than 210 regions across the world. It is a cutting-edge growing platform that ensures the integrity of users’ funds and aims to contribute to the global adoption of cryptocurrencies.
Start Trading Now | Telegram | Twitter | Facebook | LinkedIn | Instagram | YouTubeDisclaimer
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Sponsored

RELATED NEWS

MakerDAO ‘Endgame Plan’ Could Impact Curve’s $860M 3pool, Here’s How

Leading DeFi lending platform MakerDAO has proposed an ‘Endgame Plan’ to make the protocol more resilient, but it could severely impact its stablecoin and liquidity pools.
In late August, MakerDAO co-founder Rune Christensen proposed what he termed an ‘Endgame Plan’ to make the network more resilient to regulatory pressure.
The move was largely in response to the U.S. Treasury Department’s move to sanction Ethereum mixing service Tornado Cash. There have emerged two primary paths for the future of crypto networks, according to Christensen: the path of compliance or the path of decentralization.

Sponsored

Sponsored

He wants to take MakerDAO down the path of resilience and decentralization, but it could have a major impact on the DAI stablecoin and DeFi protocols that are heavily reliant on it, such as Curve Finance.
Three MakerDAO Endgame strategies
The Endgame Plan proposes making DAI a free-floating asset, initially collateralized by real-world assets (RWA). There will be a three-year period when DAI remains pegged to the dollar, during which the protocol doubles down on RWA to accumulate as much ETH as possible. This increases the ratio of decentralized collateral.
The plan proposes three different collateral strategies called Stances. These range from high exposure to RWA to zero exposure. More exposure enables faster growth but at the expense of resilience, and the Phoenix Stance, which is the endgame, has no RWA exposure, is highly resilient, and sees DAI moving away from its USD peg to become free floating.

Sponsored

Sponsored

Source: forum.makerdao.com
The protocol would be put into the Pigeon Stance initially to accumulate ETH to make DAI resilient to authoritarian threats against the RWA collateral. It will then move into a transition phase called the Eagle Stance after it reaches 75% decentralized collateral from ETH accumulation. Finally is the Phoenix Stage with no seizable RWA collateral.
Essentially, Christensen wants to move the protocol away from being collateralized by centralized assets such as USDC and to a more decentralized model which is resilient to third-party threats. It is a tricky balance, and the evolution of DAI could have some other impacts elsewhere in the industry.
The Curve effect
Curve Finance uses DAI and other stablecoins to generate DeFi yield opportunities. One of its most popular farms is 3pool which is a high liquidity pool for efficient stablecoin trading and arbitrage. It would be heavily impacted by a free-floating DAI.

Sponsored

Sponsored

On Oct. 3, Crypto Risk Assessments reported that a drop in DAI price could result in traders using 3pool to exit DAI positions resulting in a buildup of the asset in the pool. Arbitrage bots could also take advantage of the situation between the three stablecoins in the pool (USDT, USDC, and DAI), draining the former two so the third accumulates.
The Curve 3pool may need to be restructured if DAI eventually becomes free-floating. There is currently $861 million in the pool split evenly between the three stablecoins. It has just over $40 million in daily volume.   Disclaimer
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Sponsored

RELATED NEWS

Biden to Speed up Crypto Regulation as UN Warns of Induced Recession

The Biden administration has urged Congress to accelerate the rollout of a regulatory framework for crypto and digital assets as a United Nations report warns of a Fed-induced global recession.
The pressure is mounting in the United States to speed up its crypto regulation process, and officials have warned that further delays could put investors at risk.
According to the Financial Times, the U.S. Financial Stability Oversight Council issued a report on Oct. 3 urging lawmakers to come to an agreement on regulating crypto spot markets. Officials close to the congressional negotiations said they were still “months away” from passing legislation, meaning that nothing is likely to happen this year.

Sponsored

Sponsored

Both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have been grappling for authority to regulate digital assets, the former wanting to class them as securities which would be a huge step backward for the industry.
However, the FSOC’s report suggested inter-agency cooperation to close any loopholes that allow operators to find favorable regulations. It stated:
“Some crypto asset businesses may have affiliates or subsidiaries operating under different regulatory frameworks, and no single regulator may have visibility into the risks across the entire business.”
Recession warning from the UN
The regulatory push comes as a damning United Nations report claims central bank monetary policy could cause a global recession.

Sponsored

Sponsored

On Oct. 3, the United Nations Conference on Trade and Development (UNCTAD) issued a report stating that world economic growth will slow to 2.5% in 2022 and fall to 2.2% in 2023. Its slowdown will cost the world around $17 trillion, with developing countries being hit the hardest, it stated.
Central banks such as the Federal Reserve have been aggressively raising interest rates “threatening to cut off growth altogether and making life much harder for heavily indebted firms, households, and governments,” it added.
U.S. rate hikes are hitting poorer households and economies the hardest. Around 90 developing countries have seen their currencies weaken against the dollar this year, with a third of them being hit by more than 10%, it reported.

Sponsored

Sponsored

Weaker currencies generally mean less money available for investments, including crypto. On the flip side, failing fiat could result in a pivot to crypto assets as a hedge against their own currency’s devaluation.
Good for America, bad for the world
A strong dollar exacerbates the cost of living and food and energy crisis as it increases the price of imports in developing countries.
“This year’s interest rate hikes in the United States, for example, could cut $360 billion of future income for developing countries.”
The report concluded that large multinational corporations with considerable market power “appear to have taken undue advantage of the current context to raise markups to boost profits,” at the expense of the world’s poorest nations.
Disclaimer
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Sponsored

RELATED NEWS

John McAfee is the Creator of Bitcoin: TikTok Influencer Makes Wild Claim. Or is it?

John McAfee is the creator of Bitcoin. This is the remarkable claim of a TikTok influencer who calls himself Harry the Soul Coach.
He says, “John McAfee is the creator of Bitcoin. If we go back and look at his past, he created internet security software McAfee in 1987. So he had backdoor access then.”
The influencer goes on to say that he thinks McAfee is still alive.

Sponsored

Sponsored

John McAfee and Conspiracy Theories
While there have been some very wild suggestions about who created Bitcoin, this one might just get traction, especially for conspiracy theorists.  
There are multiple interviews on YouTube with McAfee, which do demonstrate that he had a very solid knowledge of the blockchain, and always did.
However, also shows that he also seemed to like doing interviews as the LSD microdose kicked in. It probably wasn’t as micro as he planned a few of those times.

Sponsored

Sponsored

One very interesting interview was conducted by Tom Shaughnessy of Delphi Media.
McAfee says during the interview, “Blockchain is the first technology that has not come from the bowels of the government or a black program from within the military. It’s not from IBM, Microsoft, Apple, Samsung or some other corporation. And the technology, by and large, has been open source – it’s available to anybody. This is a defining moment in the evolution of the human mind. The first application for the blockchain was cryptocurrency. And the first application of cryptocurrency was Bitcoin, which has far, far outlived its life expectancy. But it has no privacy. You can’t put smart contracts on that blockchain.”

Criminal Elements
It is because of this, McAfee claims, that criminals were so fast to use it. “For years, Bitcoin was what people on the dark web accepted for payment. Criminals are always the first to accept new technologies. I mean, good God Almighty, when the telephone came out, who were the first adopters? The mob! They had nationwide phone system so that they could coordinate nationwide criminal activity. So, bank robberies increased tenfold in the early 30s!”

Sponsored

Sponsored

McAfee goes on to say that a better alternative to Bitcoin is privacy coins like Monero.
The implication here by the TikTok influencer Harry, is that McAfee set up Bitcoin to watch what criminals were doing. Harry says, “McAfee got them all!”
Did McAfee create Bitcoin to have something on criminals? McAfee often said he could watch government operatives via his virus software. Did he create Bitcoin to watch criminals too?

Sponsored

Sponsored

As McAfee descends into anger and nonsense in the interview, he says, “Please God, let’s wake up people. Why was Bitcoin eventually worth as much as it was originally? Because it was used as a fucking currency. Nobody will use Bitcoin anymore. It’s old, clunky, slow and expensive. With zero privacy. Nobody uses it. It’s a piece of shit that the world does not understand yet.”
Okay Satoshi Nakamoto, it has been 13 years now, you are the world champion of hide-and-seek… Come get your trophy! Come out, come out, wherever you are!
Got something to say about John McAfee or anything else? Write to us or join the discussion in our Telegram channel. You can also catch us on Tik Tok, Facebook, or Twitter.
Opinions seen on this website should not drive any financial decisions from readers.Disclaimer
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Sponsored

RELATED NEWS

Markets
Technical Analysis

9 hours ago

Tether Slashes Commercial Paper, Increases Treasury Bill Holdings in Latest Portfolio Update

Tether CTO Paolo Ardoino has announced a 14.6% increase in Treasury bills and lower commercial paper holdings since June 2022.
Paolo added that Tether’s transparency report page will be updated in 45 days and that the company is working on reducing the timelines between reports.
According to attestation firm BDO Italia’s report in June 2022, 43.5% of Tether’s stablecoin reserves totaling $28.8 billion, comprised of Treasury Bills, while $8.4 million of its reserves consisted of commercial paper. Commercial paper is a short-term debt instrument issued by companies as an alternative to taking out a credit line with a financial institution. The company has promised to cut its holdings of commercial paper by the end of 2022.

Sponsored

Sponsored

Tether responds to calls for greater transparency
The latest figures surrounding Tether’s reserve composition came after the company announced in Aug. 2022 that it would release monthly attestation reports instead of quarterly.
In July, Paxos Trust, another stablecoin USDP, revealed the composition of its reserves. At the time, Paxos CEO Charles Cascarilla advocated greater transparency as the path to restoring trust in stablecoins.
Tether (USDT) is the world’s largest stablecoin with a market cap of $68 billion. USDC is the second-largest, with a market cap of roughly $47 million.

Sponsored

Sponsored

Stablecoins are a critical cog in the decentralized finance space. An investor depositing ETH into Compound, a decentralized lending protocol, could potentially lose money if the price of ETH drops. By investing in a stablecoin instead, the investor can be assured of minimal volatility.
Tether hit by court order
Tether has company has appeared unfazed, despite legal challenges and exchanges like WazirX and Binance converting other stablecoins to BUSD.
Tether was recently ordered by Judge Katherine Polk Failla of the United States District Court for the Southern District of New York to produce general ledgers, balance sheets, income, cash flow, and profit and loss statements as part of an ongoing $1.4 trillion class-action lawsuit against the stablecoin issuer. The essence of the lawsuit is that the company had minted USDT without having equivalent dollars in its reserve.

Sponsored

Sponsored

Unfazed, the company issued the following statement: “The order that was issued yesterday in the case captioned In Re Tether and Bitfinex Crypto Asset Litigation, is a routine discovery order and does not in any way substantiate plaintiffs’ meritless claims. We had already agreed to produce documents sufficient to establish the reserves backing USDT, and this dispute merely concerned the scope of documents to be produced. As always, we look forward to dispensing with plaintiffs’ baseless lawsuit in due course.” 
Tether also aggressively pursued mass adoption of Tether (USDT), launching the coin on NEAR, a layer one smart contract blockchain. NEAR became the fourteenth blockchain to adopt USDT after Ethereum, Algorand, Solana, and Tezos.
For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here
Disclaimer
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Sponsored

RELATED NEWS

Markets
Technical Analysis

7 hours ago