SHIBA Inu coin is up on Coinbase on Tuesday, as is Bitcoin after Square CEO Jack Dorsey revealed the company is looking to get into crypto mining with that currency.
“Square is considering building a bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide,” CEO Dorsey said in a tweet on Friday.
“If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community.”
Bitcoin’s price hit a six-month-high of $62,000 after the tweet, Business Insider reported.
Both Bitcoin and Shiba Inu remain up on Tuesday, according to Coinbase.
Plus, crypto prices saw some changes after President Biden’s statement drawing attention to potential pitfalls of the currency, such as ransomware and other cyber threats.
The statement from Joe Biden read: “Cyber threats can affect every American, every business regardless of size, and every community. That’s why my administration is marshaling a whole-of-nation effort to confront cyber threats.”
Read our cryptocurrency live blog for the latest news and updates…
NEW CRYPTOCURRENCIES IN 2021, CONTINUED
The VDV token was launched in May 2021 and designed to “develop a new generation payment platform that can be integrated with the existing eCommerce industry,” so its website states.
The VDV payment system consists of the VDV token, which is built on Binance Smart Chain and designed for ecommerce payments.
NEW CRYPTOCURRENCIES IN 2021
EverGrow is expected to be the next cryptocurrency to explode in 2021.
With every transaction, it distributes eight per cent of the transaction to all token holders directly to their wallets.
The process is fully automatic and each holder will get a share in proportion to the amount of coins they own.
An additional one per cent is applied to all the sales to lower the volume of swing trading.
WHAT NEW CRYPTOCURRENCIES HAVE BEEN RELEASED IN 2021?
New cryptocurrencies are being released every month and it can be hard to keep track of them all.
In May 2021 there were 10,115 cryptocurrencies – either altcoins or tokens – according to CoinMarketCap, and this had risen to 12,282 by the start of October.
On one day alone, August 13, 2021, 21 new coins were listed on CoinMarketCap.
WHAT IS LANDSHARE?
Landshare coin premiered on August 2, 2021.
It was initially priced at just over £2.60, rising to £4.10 on August 14.
The market cap is now more than £1million.
Landshare is a DeFi platform on the Binance Smart Chain.
It offers a hassle-free alternative to traditional real estate investments.
SHOULD I PUT MONEY IN CRYPTO?
Anyone considering putting money into crypto should do their research and make sure they understand the coin first and only invest money you can afford to lose.
It’s important to bear in mind that there can be higher fees and charges on crypto than other investments, and there’s no guarantee you can convert your cryptoassets back into cash, as doing so may depend on supply and demand.
CHINA PREVIOUSLY SHUT DOWN CRYPTO EXCHANGES, PART TWO
While crypto creation and trading have been illegal in China since 2019, further crackdowns this year by Beijing warned banks to halt related transactions and closed much of the country’s vast network of bitcoin miners.
Thursday’s statement by the central bank sent the strongest yet signal that China is closed to crypto.
CHINA PREVIOUSLY SHUT DOWN CRYPTO EXCHANGES
It’s not Beijing’s first move against digital currency – in 2017, China shut down its local cryptocurrency exchanges.
Despite the war on crypto, Chinese mines power nearly 80 percent of the global trade in cryptocurrencies.
CHINA’S CRACKDOWN ON CRYPTO IS ‘BIG OPPORTUNITY’ FOR US
China’s crackdown on cryptocurrency transactions “is a big opportunity for the U.S.”, according to Pat Toomey, the top Republican on the Senate Banking Committee.
This comes as the US Securities and Exchange Commission lobbied for more regulations when it comes to cryptocurrency.
GOXX’S CREATORS
Speaking to the BBC, the two 30-something German men behind the channel explained that the idea started as a joke.
“We felt that everything keeps getting more expensive these days and building savings is super-hard to achieve with high rents to pay,” they said.
“It seems like most people from our generation see no other chance than throwing a lot of their savings on the crypto market, without having a clue what’s going on there.
“We were joking about whether my hamster would be able to make smarter investment decisions than we humans do.”
DECISION TUNNELS
The amount to be traded is determined when Goxx runs through one of two “decision tunnels”.
Depending on which tunnel he runs through, the amount he will buy or sell the cryptocurrency changes in 20 euro increments.
All of the data is rigged to a computer that makes the transactions in real-time on Goxx’s behalf.
CRYPTO-TRADING HAMSTER, CONTINUED
The four-legged financial fiend is not completing transactions himself, of course.
Instead, Goxx’s trading decisions are made inside a camera-rigged “office” attached to his regular cage.
Every day, when he enters the office, a stream is started on Twitch and a tweet is sent out to his followers notifying them that trading has begun.
The hamster then runs on an “intention wheel” that chooses one of 30 different cryptocurrencies to trade.
A CRYPTO-TRADING HAMSTER OUTPERFORMS MARKET
A hamster in Germany is trading in cryptocurrencies and has consistently been outperforming the S&P 500.
The furry animal, called Mr Goxx, has been busy working since June, thanks to a specially adapted cage.
He determines which currencies to buy or sell by running on his wheel or walking through one of two tunnels.
Mr Goxx started trading on June 12 this year.
The site states that the page is just for fun and does not offer financial advice.
WHAT IS NUCYPHER? CONTINUED
This allows users to share private data with a number of others in a secure way.
Holders of its token NU can stake their tokens through the network to run a node, which is responsible for creating and sending information.
Interestingly, NuCypher token is an ERC-20, which means it is built on Ethereum.
WHAT IS NUCYPHER?
NuCypher was founded by Michael Egorov MacLane Wilkison in 2015, but it wasn’t until 2019 when the public testnet for NuCypher’s network launched.
NuCypher specifically operates as a decentralized key management system that uses blockchain technology.
NUCYPHER
On Friday, NuCypher at one point exploded more than 1,100% to hit a new all-time high of $3.5819.
The gains cooled off a bit as of Friday morning, but the cryptocurrency was still up 400% at $1.52, according to CoinMarketCap.
WHAT IS HBAR CRYPTO?
Hashgraph is similar to a blockchain and was created in 2017 by American computer scientist Leemon Baird.
The Hedera Hashgraph system is a distributed ledger built on Hashgraph and was created by Baird along with Mance Harmon.
HBAR is the cryptocurrency of the Hedera Hashgraph.
The company itself expalins: “HBAR is the native, energy-efficient cryptocurrency of the Hedera public network.”
SCANT REGULATIONS
In other words, don’t invest more than you can afford to lose or into something you don’t understand.
Cryptocurrencies are also especially volatile, and their values can make large swings at no notice.
There’s scant regulation for crypto firms, so you’ll find yourself without protection if and when things go wrong.
PUSH FOR MEXICO TO FOLLOW EL SALVADOR
In early October, Grupo Elektra, a leading banking and retail company in Mexico, threw its support behind Bitcoin by introducing the Bitcoin Lightning Network as a payment method.
But Mexico’s central bank quickly shot down the plans, warning: “The country’s financial institutions are not authorized to carry out and offer to the public operations with virtual assets, such as Bitcoin, Ether, XRP.”
Many of the country’s lawmakers remain opposed to Bitcoin, despite grappling with high inflation rates due to the continued devaluation of its currency.
EXPERT COMMENTS ON TETHER’S VALUE
Despite its claim to be a stablecoin, Tether has still witnessed spikes and sharp falls in price, Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, noted in May.
She told The Sun: “It has also been criticised for a lack of transparency, has had to settle US lawsuits and trading in the currency is banned in the state of New York.”
WHAT IS TETHER?
The Tether cryptocurrency, which is also known as USDT, was officially launched as Realcoin in 2014, but has since changed its name.
It’s described as a “stablecoin”, which is a type of cryptocurrency that aims to keep crypto values stable.
Tether aims to do this by pegging the price to a regular “fiat” currency, like US dollars, Euros or the Chinese yuan.
Tether claims to keep values steady by holding reserves in that currency in a bank.
CRYPTO CASTLE? PART TWO
The therapist says Bitcoin addicts are often addicted to drugs and booze.
He said: “Commonly, people start because they want to buy stuff off the dark web. And the only way to do that is with cryptocurrency.
“The biggest problem is this cross addiction [with crypto] starting—through drugs and alcohol.”
Since 2017, Tony has treated 15 people who have been addicted to crypto.
Users travel from the likes of the United States, Dubai, Malta and the Netherlands to get treatment at the clinic.
Tony says that too many stories about Bitcoin are about people who have made fortunes – and not the traders who have gambled their lives away.
CRYPTO CASTLE?
A rehab clinic in Scotland claims to be the first in the world to treat cryptocurrency addiction.
Castle Craig, a private hospital in Peeblesshire near Edinburgh, has seen admissions for Bitcoin addicts increase by a factor of 10 in the past year.
The clinic is overseen by therapist Tony Marini who claims to be the first physician to recognise that crypto trading is very similar to gambling.
He says most addicts start by occasionally trading before frequent wins feed dopamine cravings and dreams of earning millions.
Tony told Decrypt: “If you say to somebody doing crypto, ‘so you’re occasionally gambling,’ they’re gonna go ‘no, I’m not.’
“So take out the word gambling and say ‘occasionally trading.'”
LITECOIN VS. BITCOIN, CONTINUED
Like most cryptocurrencies, Litecoin uses blockchain technology for processing and recording transactions.
While Litecoin is smaller, it is a quicker and cheaper alternative when compared to Bitcoin.
LITECOIN VS. BITCOIN
Litecoin, which was established in 2011 by Google engineer Charlie Lee, operates similarly to Bitcoin.
Mr Lee on occasions refers to Litecoin as the “silver to Bitcoin’s gold.”
The two cryptocurrencies act similarly in how their global payment operations are set up. Both are not controlled by financial institutions.
JAILED BITCOIN MINER WAS ‘ACTING OUT OF GREED’
Singh was sentenced to 13 months and two weeks in prison in a UK first.
Andrew Baxter of the CPS said: “This is a highly unusual case.”
“The overwhelming majority of times we see offenses of abstracting electricity, they are to support other criminal activities such as growing cannabis.”
“Bitcoin mining is a legitimate legal enterprise. Sanjay Singh was simply acting out of greed.”
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