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Bill Gates Claim That Cryptocurrencies and NFTs Are Driven by Sentiments

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Bill Gates has denied any involvement with NFTs or crypto, claiming that he is skeptical of the hoopla. On Tuesday, the billionaire discussed digital assets at the Climate 2022 conference’s TechCrunch sessions.

Gates sarcastically ridiculed the Bored Ape Yacht Club NFTs, which have generated huge excitement and celebrity appeal, with different big names from various industries coming on board.

 “Obviously, expensive digital images of monkeys are going to improve the world immensely.” 

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Bill Gates believes that crypto is based on a greater fool theory

Bill Gates resumed his discussion of cryptocurrencies and NFTs, stating that the market is driven solely by sentiment. “As an asset class, it’s built entirely on the bigger fool hypothesis, which states that someone will pay more for it than I do.”

The greater fool theory is a behavior in which people purchase assets with the expectation that someone else will pay more for them later. When purchasers are no longer prepared to pay a higher price for an asset, demand for the asset tumbles, leaving the holder with zero value.

Bill Gates has been a prominent critic of cryptocurrencies in general, claiming that it lacks genuine value at one point. The philanthropist believes that the value of cryptocurrency is defined by other people’s willingness to pay a particular amount. He claims that crypto is nothing more than user-generated hype.

Meanwhile, key cryptos are still moving in the red, indicating that the crypto market is on its way to slaughter. As the value of Ethereum has fallen, the floor pricing of NFTs has also fallen significantly.

According to CoinMarketCap, the NFT Index, which provides a summary of eight prominent NFT collections, is down 30% for the week. On Tuesday, BAYC NFT momentarily fell below $100,000, a level it hadn’t seen since August 2021.

With trading activity at NFT marketplace OpenSea up 173 percent in the last day, more individuals may suddenly perceive NFTs as a bargain amid the crypto crisis.

PayPal CEO Explains How Cryptocurrencies Will Redefine the Financial World

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PayPal CEO Dan Schulman has reaffirmed his belief in Bitcoin, cryptocurrency, and the technology that underpins it. The CEO discussed the future of finance, digital assets, and how the two will blend in the next phase of the digital economy in a recent interview with CTech.

On March 29th, Schulman will take part in Axis Tel Avin’s event.

Over 50 investors, who head venture capital funds and representatives from firms worldwide, will debate financial innovations at this event.

In an interview with CTech, Schulman expressed his enthusiasm for the potential of Crypto and distributed ledger technology to transform the banking sector. Price action and short-term speculation about the price of BTC and other cryptocurrencies, according to the CEO, should be discarded.

In response to the objections, he stated:

“I think the initial things that everyone thinks about Crypto, buying and selling it, and what the price of bitcoin is going to be tomorrow, that’s the least interesting part about digital currencies to me. That is thinking about digital currencies as an asset class. To me, the real exciting thing about digital currencies is what kind of utility can they provide in payments.“

CBDCs (central bank digital currencies) is a contemporary financial world trend, according to Schulman. These financial institutions, which include economic behemoths like China and the European Union, are on the verge of developing digital assets or are already doing so.

In this regard, the PayPal CEO believes that combining traditional and Crypto assets would revolutionize finance. He stated,”

The intersection of CBDC, stable coins, digital wallets, and increased payment utility via cryptocurrencies is not only fascinating, but I believe it will redefine much of the financial world in the future.

PayPal’s crypto strategy

According to CTech, big corporations such as Amazon, P&G, GM Ventures, and Garmin Konnect-Volkswagen will attend the conference. Many of the attendees may be interested in learning how to integrate cryptocurrency into their business model best.

With a rise in demand from individual and institutional investors, the industry has expanded to a $2 trillion market size in less than a decade. Although some executives, developers, and investors believe the surge is due to a financial bubble, others see potential.

PayPal has been working hard to integrate Bitcoin and other cryptocurrencies into its platform since 2020. Paypal recently added a digital asset cash-out feature. Although it’s only available in a few regions right now, it has stated that it plans to expand to its millions of users.

Investment legend Charlie Munger slams cryptocurrencies; Fearful of rising markets

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American billionaire investor, businessman, and former real estate attorney Charlie Munger dismissed the growth of cryptocurrencies, saying that he would never invest in them. He further says that the current climate international market is crazier than the dot-com bubble era two decades back.

Speaking during the Sohn Hearts & Minds conference, the 97-year old highlighted the investment problems in a world of high valuations. Munger is currently the vice-chairman of Berkshire Hathaway.

He finds the current investment situations a “little more extreme” than what he saw in his decades of experience in the field. 

During the wide-ranging talk with Hedge fund Caledonia’s Dr. Mark Nelson, Munger said that the high stock prices are becoming a problem for investors to outperform the markets. He seemed highly dismissive of cryptocurrencies as he said that China took the right decision to ban them.

“I’m never going to buy a cryptocurrency. I wish they’d never been invented. I think the Chinese made the correct decision, which is to simply ban them. My country has made the wrong decision.”

said Charlie Munger

Munger praises China for the crackdown on cryptocurrencies

Munger went on to say that he wants to make money by providing people with things that add utility to their life, not things that are bad to them. He said that the developers who are building cryptocurrencies are thinking about themselves, not about their customers.

Mr. Munger also stated that he is still a supporter of China, though he added that practically every capitalist is less enthused about the country than they were a year ago. Munger, on the other hand, was pleased with China’s crackdown decision and strict action on “exuberant capitalism.”

He kept on praising the crypto opponent country and said, “they are acting in a more adult fashion than we are.”

He also talked about the relationship between the United States and China, saying that it would be insane for both countries to not reach an “acceptable relationship.”

Google Finance Adds ‘Crypto’ Tab featuring Bitcoin, Litecoin, Ethereum, Bitcoin Cash

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Times are definitely changing for Bitcoin and the crypto industry as the bull market continued to heat up.

Crypto has been in the limelight for quite some time. But thanks to the massive institutional capital, the space has finally received the much-needed legitimacy. In the latest development, Google Finance has added a crypto-dedicated field.

Google Finance is essentially a data site maintained by the tech giant, hence this development is crucial for the digital currency ecosystem. This was first reported by ‘Documenting Bitcoin’ which also revealed that the ‘crypto’ is placed right at the top of the page among five default markets such as the US, Europe, Asia, and Currencies.

Here, the users of the platform can compare the aforementioned markets. The tool offers a rundown of real-time as well as historical data for Bitcoin [BTC], Ether [ETH], Litecoin [LTC] and Bitcoin Cash [BCH] with just a click.

However, the information for other top cryptocurrencies such as Cardano [ADA], XRP, Binance Coin [BNB], Polkadot [DOT] was not available yet on Google Finance’s website.

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The latest move by the website which focuses on business news and financial information hosted by Google is no less than a milestone. It is indicative of the industry’s growing mainstream presence and demand for the latest information on the top coins in the market.

Crypto has come a long way

The industry has now entered mainstream usage. It is important to note that Google’s parent, Alphabet, owns one of the world’s most famous platform YouTube.

This video streaming platform had previously come under severe criticisms for banning virtual currency-focussed educational and news content. Several channels of prominent news platforms have been subjected to suspensions that have subsequently.

However, Google Finance’s move to enable users track the performance of various cryptocurrencies is a positive step as the asset class continued to witness massive investments from big institutional players and corporations.

Bitcoin, Ether Will Soon Be Accepted For Tax Payments in Swiss Canton Zug

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Just a few years ago, cryptocurrencies were viewed merely as assets that paved the way for illicit activities. Even though many authorities still continue to denounce digital assets, the ones in support of these assets have witnessed an increase. Currently, there are many instances that indicate that cryptocurrencies will soon find a prominent position in the global economy. A piece of recent news from Switzerland stands as substantial proof of the same.

Taxes In Crypto

On Thursday, one of the states of among the 25 others of the Swiss Confederation, the canton of Zug announced the acceptance of prominent cryptocurrencies, Bitcoin [BTC] as well as Ether [ETH] for tax payments. The announcement further revealed that the Zug administration had collaborated with Zug-based crypto-financial company Bitcoin Suisse. This initiative, however, will commence from February 2021.

Speaking about the canton’s latest move towards technological innovation, Heinz Tannler, the Finance Director pointed out the necessity for the inclusion of crypto in everyday life. He added,

“As the home of the Crypto Valley, it is important to us to further promote and simplify the use of crypto currencies in everyday life. We can make one by being able to pay tax debts with Bitcoin or Ether big step in this direction.”

Zug would reportedly be the first Swiss canton to accept cryptocurrencies for tax payments. The canton’s official website further highlighted that both individuals, as well as companies, could utilize this forthcoming change. Citizens who would wish to pay taxes via crypto are required to let the tax administration beforehand. Soon after this, the taxpayers would be given a QR code via email. To prevent any sort of impact on the payments considering the volatile nature of cryptocurrencies, the Finance Director further stated,

“We are not taking any risks with the new payment method, as we always receive the amount in Swiss francs even when paying in Bitcoin or Ether.”

Bitcoin Suisse is not new to the crypto-verse. The platform made its way into the market back in 2013 and has been a prominent platform of the “Crypto Valley.” The CEO of Bitcoin Suisse, Arthur Vayloyan also commented on its latest collaboration and said,

“The combination of trading technology and payment transactions with cryptocurrencies enables us to offer the taxpayer a good user experience and to offer the canton of Zug a mature service.”

Previously, Ohio created a buzz after it announced that it would accept crypto for tax payments. However, only two companies were paying taxes through crypto and the website was eventually taken down.

Common Cryptocurrency Myths You Shouldn’t Believe

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Blockchain and crypto are concepts that are difficult for many people to understand. Because of this, there are many misunderstandings when it comes to their use and what they are. Let us debunk some of the most common cryptocurrency myths.

Common Crypto Myths

They Don’t Have Any Value

The first cryptocurrency myth is that cryptocurrencies are not physical objects, existing only on computers as lines of code. But that does not mean they have no value. There are plenty of services that accept Bitcoin and other coins.

The price of crypto is a different matter, as it is hard to establish a fixed value. Their prices are more volatile than that of traditional fiat currencies.

But as cryptocurrency users believe in their inherent value, this system will continue to exist.

Bitcoin and Blockchain Are the Same

Blockchain is the base on which all cryptocurrencies rely to function and it is distributed ledger that uses cryptography to record the ownership of an asset such as Bitcoin. Blockchain is basically the platform on which the cryptos are created.

While most cryptos work on a blockchain, the technology can be used for various other purposes, such as hosting dapps or smart contracts. There are also many different types of blockchains and coins, but the two terms are not interchangeable.

They Are Illegal Digital Money

In certain countries, such as Bolivia, Russia, Algeria, Ecuador, and Trinidad, the use of cryptos is illegal, but EU nations, G7 nations, and the USA have all recognized crypto as legal tender.

Cryptocurrencies Are All the Same

There are thousands of cryptos in the crypto space, and while some have the same role, there are plenty of differences between them. For example, Bitcoin was designed to serve the purpose of currency and be used as payment. Ripple was created to facilitate remittance transfers at a higher speed. BAT was launched to enable online advertising. Monero uses a number of privacy implementations to provide anonymity. There are many other coins that have different features and were designed to serve distinct roles either within or outside their blockchain.

They Are Not Secure

The structure of a blockchain prevents any entity from modifying the information in the blocks that have already been added to the chain. Any attempt of alteration would be detected by the network, which makes it harder to compromise.

They Are Only Used in Illegal Purposes

While there have been and still are many criminal cases in which cryptocurrency has been used to bypass authorities, more and more exchanges are using mandatory KYC (Know Your Customer) procedures when trading to decrease the possibility of illicit crypto use.

They Are Not Accepted as Payment

Since the first Bitcoins were made in 2009, cryptocurrencies have come a long way. More and more big companies, such as Microsoft, Dell, Newegg, and Expedia, have already integrated Bitcoin payments for their services. And not only that but other platforms are broadening their list of available cryptos.

A platform that accepts a wide variety of cryptos is the online crypto sportsbook and casino 1xBit. Here crypto owners can start gambling or betting by using any one of the over 20 different digital assets supported by this online casino.

The registration process is fully anonymous, as the crypto casino does not ask for any personal data, not even an email address. An account number and password are generated for you by the online sportsbook with just the click of a button, and that is it. You will then be able to fund your multi-currency account with any crypto you want. Payouts are fast, and there are no transaction fees to worry about.

What’s more, new users are eligible to claim a welcome bonus of up to 7 Bitcoin, which can be collected through 4 initial deposits where the bonus reward is between 1 and 3 BTC.

VIP members can benefit from a cashback reward that can be as high as 11% of any bets made, regardless if they win or not. The percentage of the cashback depends on how high your status is on the crypto casino.

Crypto owners can easily use their digital funds to bet and gamble anonymously on 1xBit, where plenty of bonuses and promotions are waiting for them.

Russia’s Proposed Crypto Ban Opposed by Ministry of Justice

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Russia’s proposed ban on crypto, which seeks to restrict all crypto-related activities within the Russian Federation, has suffered yet another setback following a negative review by the government’s vital arm.

Russia’s Ministry of Justice challenged the newly proposed bill seeking to ban cryptos on 16 June, exactly seven days after Russia’s Ministry of Economic Development also issued a scathing criticism of the bill. The new bill was proposed by the legislators back in March, but it is believed to be the original idea of the nation’s central bank.

Russia’s proposed crypto ban criticized by both the public and government bodies

The Russian central bank is known to be anti-cryptocurrencies and does not support the use of digital currencies. After being revealed, the new proposal seeking to prohibit individuals from using the country’s necessary facilities to run any crypto-operations was met with some cruel reviews from the Russian cryptocurrency community. 

Notably, the proposal seeks to bar Russians from utilizing the country’s infrastructure to conduct, run, or operate any crypto-related activities. However, individual people will be allowed to inherit digital assets or receive them due to the counterparty’s bankruptcy procedure. Additionally, cryptocurrencies can be seized like any other property by a court order.

More clarity required

According to Russia’s Ministry of Justice, the bill does not clarify the justice system on what to do with confiscated digital assets. Under normal circumstances, marshals sell the confiscated assets through auctions, but with crypto transactions being prohibited in the country, this will be impossible. 

Instead of the standard procedure, the Russian Ministry of Finance proposes that a government agency be assigned to assist Russians in selling their cryptocurrency holdings overseas. Meanwhile, Anatoly Aksakov, the sponsor of the draft bill while speaking to Tass news agency, stated that the draft bill on digital securities is already finalized. It is only awaiting to go through the final reading.

FBI Warns Rising Cryptocurrency Scams During COVID-19 Pandemic

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The coronavirus pandemic tends to bring out the best of so many people as individuals, governments, and companies come together to fight COVID-19. And there are the cybercriminals taking advantage of paranoia and the need for information to spread malware and defraud victims.

As cybercriminals continue to exploit the COVID 19 pandemic, the FBI is advising that people be alerted to a spike in COVID-19 related cryptocurrency fraud schemes. The widespread acceptance of cryptocurrency by business and its growing popularity have contributed to the spike in crypto scams. In a warning published on its website said :

“Fraudsters are leveraging increased fear and uncertainty during the COVID-19 pandemic to steal your money and launder it through the complex cryptocurrency ecosystem”

According to the FBI, people should be watchful about cryptocurrency fraud schemes such as blackmail attempts, work from home, paying for non-existent treatments or equipment, investment scams.

With the current COVID-19 situation, traditional methods of blackmail are coming with a twist. The scammer may threaten you to release your personal information or secrets and infect you and/or your family with coronavirus unless payment is sent to the Bitcoin wallet.

The FBI warns about the Money Mule Scheme in work from home scams, where criminals trick their victims into illicit money laundering by asking them to send donations or receive money on behalf of someone who pretends to be in need.

Scammers may try to sell online products claiming to prevent COVID-19 and accept payment in cryptocurrencies for products that do not actually exist. Many of the COVID-19 scams are attempts by corporations and individuals to sell goods that they say to prevent or cure the novel coronavirus that has already killed more than 100,00 people all over the world.

To Stop Scams Involving Cryptocurrency

The FBI advises

  • Verify that a vendor/charity is legitimate and accepts cryptocurrency before sending payments/donations.
  • Conduct extensive research on potential investment opportunities.
  • Do not use your personal bank accounts for work-from-home business-related activity or provide your bank account information to someone who is not named on the account.
  • Contact law enforcement before paying out blackmail and/or extortion attempts and before converting your money into cryptocurrency to pay them.

 

Since the end of February, phishing emails have increased by more than 600 percent as cybercriminals try to capitalize on the fear and confusion caused by the COVID-19 pandemic, according to reports.

The confusion, diversion and, weakness that results from crises spells space for criminals. Epidemic coronavirus is no exception. When some of you are at home, practicing social distance and regular hand washing to stop the coronavirus, note that scammers are always busy trying to trick people.

It is the duty of the person to protect themselves and their loved ones from being scammed by staying alert and contact the law enforcement immediately if you think you have been a victim of a coronavirus scam.

Microsoft Files Patent for New Crypto Mining System Using Human Activity

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Tech giant Microsoft is planning to develop a cryptocurrency mining system that allows people to mine digital currencies using human body activity data. This will banish the use of specialized cryptocurrency mining equipment.

On March 26, the global corporation published a patent with the name “Cryptocurrency system using body activity data.” According to well-detailed documentation, the latest crypto-mining method would use the data obtained from an individual’s body activity, using the latest proof-of-work system.. The patent reads:

“Instead of massive computation work required by some conventional cryptocurrency systems, data generated based on the body activity of the user can be a proof-of-work, and therefore, a user can solve the computationally difficult problem unconsciously.”

To initiate a mission, the server assigns an activity to the user’s gadget that is linked to the server. The gadget has a special sensor that detects the user’s human body activity. In addition, the cryptosystem verifies whether or not the activity of the body meets the requirements of the cryptocurrency system.After that, the system would reward the user with cryptocurrencies once the data has been verified.

The system encourages people to perform certain tasks

According to Microsoft, this system could be used to encourage and motivate people to perform certain tasks. Scanners can detect other human behaviors, such as cognitive alertness when reading ads that can validate the user’s blocks of digital currency.

“For example, a brain wave or body heat emitted from the user when the user performs the task provided by an information or service provider, such as viewing advertisement or using certain internet services, can be used in the mining process,” reads the patent application.

A Dutch firm back in 2017 investigated whether humans would generate enough energy to mine digital currencies. The firm found out that body heat from 37 individuals after running the test; fetched over several hours, provided just enough computing power for just eight days to mine crypt.

However, it is still uncertain if this project will be built on a dedicated blockchain network, or if the behemoth technology would build its own blockchain ecosystem. Similarly, it’s still not clear if Microsoft is going to go on with the project. In addition, in the patent application, Microsoft also emphasized that its latest project would be completely centralized.

Blockchain patents on the rise

Tech firms around the world are always experimenting with blockchain technology and digital currencies to stay ahead of their competitors. In the United States, the United States Patent and Trademark Office has issued 227 blockchain patents on its own since 2014 and last year in October.

Just recently, IBM tech company applied for a blockchain patent to create a token dubbed “self-aware token.” The project is based on a proposal that, as new payment methods emerge, it will raise questions about the ability to authorize, authenticate and coordinate transactions over a myriad of platforms.

In addition, Coinbase’s CEO, Brian Armstrong filed a blockchain patent; that comprises a method for individuals to send bitcoin using email addresses without having to pay for the transaction.

 

Alipay’s Progress in Developing the Official Chinese Cryptocurrency Amidst the Global Chaos

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If/when cryptocurrencies based on official legal tenders become the new banter of the financial market, China has the potential to top the list by being one of the early adopters. 

China introducing its own cryptocurrency based on its legal tender Yuan is one of the much-anticipated news of the cryptospace. Nevertheless, things have slowed down due to numerous reasons such as the Bitcoin crash, the current pandemic Coronavirus and much more. 

While companies are laying off employees, and people are reporting bankruptcy, Alibaba’s Alipay has been registering several patents for China’s own cryptocurrency. 

Recently, a Chinese local blog reported that Alipay has been making preparations for the central banks’ cryptocurrency.

From February 21st to March 17th, 2020, Alipay has disclosed five patents related to the digital currency of the central bank. [You can find all the patents here]

On 21st, “Method and device for executing transactions with digital currencies and electronic devices” was registered followed by “A method and device for managing accounts in digital currency” on the 25th. 

On 28th they published, “a method and device for opening a wallet in digital currency and electronic device” and recently on March 17, Alipay issued a patent on “a digital currency-based anonymous transaction method and system”. 

The Chinese central bank’s digital currency DCEP adopts a two-tiered structure and requires operating institutions to participate in the secondary issuance of digital currency. This patent revealed in the background introduction that Alipay is likely to participate in secondary issuance, which is on an equal footing with commercial banks.

The decision-makers have also stated that the cryptocurrency may not have a blockchain necessarily but will comply with the traceability requirements of the digital asset. That said, the registered patent’s most important invention is how digital currencies can be traced. 

Right, but, how?

Alipay decided to split the digital currency transactions into two; ‘transaction execution instructions’ corresponding to each participant, and priority-based execution instruction. By sorting the results of transaction execution instructions, digital currency transactions can be traced back to the entire life cycle of digital currency circulation, while concurrent processing can be satisfied, which facilitates the controlled and anonymous circulation of cryptocurrencies.

Not just this, the second patent introduces a specific form of front-end encryption machine. 

“It can be a hardware device equipped with a secure computing environment. In the secure computing environment equipped with this hardware device, the public and private key equivalent data of the central bank can be maintained. This secure computing The environment can take on some of the cryptographic operations involved in the DC / EP distribution process. “

Additionally, the patent released on 25th Feb provides a solution for the lack of supervision on crypto accounts. The patent introduces a method/device for controlling a digital currency account. Certain account restrictions will be deployed between each supervisor and the operating agency on the wallet server. This will help regulators to keep an account of the transactions. 

Lastly, the most recent patent released on 17th March is about making transactions anonymous and how the cryptocurrency would be separate from cash money. The patent describes that “digital currency is different from the electronic amount in the existing electronic account, but is the digitization of cash banknotes, which has the characteristics of a virtual entity”.