Belgian investors lost 12M to crypto and forex scams last year

Losses due to crypto scams are on the rise in Belgium.

Belgium’s financial watchdog has reported scammers stole up to $12 million from investor in the country using fraudulent ads.

In an Oct. 5 warning from the Financial Services and Markets Authority (FSMA), the watchdog estimated that investors in Belgium had lost at least 10 million euros — roughly $11.8 million at the time of writing — between May 2019 and September 2020 to fraudulent platforms, including those dealing with cryptocurrencies. The FSMA reported that such platforms scammed victims using fake advertisements on social media featuring pictures of celebrities, directing them to provide information to bad actors.

“These platforms often use very aggressive methods to try to persuade you to invest ever larger sums,” the financial watchdog stated. “They will also try to persuade you to let them take control of your computer remotely so as to be able to make certain payments.”

For investors in Belgium, scammers’ methods include contacting people by phone after being convinced to give up their contact details and offering to manage their assets. Fraudsters dangle “promises of high yields or even guaranteed returns.”

Though the FSMA’s estimate also included fraudulent platforms offering investments in binary options, foreign exchange market products, and contracts for differences, it may represent a surge in the number of crypto fraud cases across Belgium.

Cointelegraph reported in May that Belgium’s economic inspectorate reported $3.2 million in losses due to cryptocurrency fraud in 2019. The country’s Federal Public Service reported $2.5 million losses to crypto scams the year prior to that.

Belgian authorities have taken preventive measures to tackle the problem. In February, the FSMA blacklisted more than 140 crypto-related fraudulent websites. However, the FPS estimated that investors in Belgium typically lose about $152 million to such scams each year, with most incidents going unreported.

 

written by Turner Wright

https://cointelegraph.com/news/belgian-investors-lost-12m-to-crypto-and-forex-scams-over-the-summer

 

Chris Corey

Payments firm Rocketfuel Blockchain sues co-founder over expired patents

The blockchain payments company said it unknowingly owns patents that expired before these were transferred to them.

Blockchain payments company Rocketfuel Blockchain is suing its co-founder for allegedly misrepresenting patent applications and defrauding the firm.

In a complaint filed with the Central District Court of California, Rocketfuel claimed its co-founder and former treasurer Joseph Page hid the fact that patents he transferred to the company had expired. The company is seeking damages of at least $5.1 million.

According to Rocketfuel, Page transferred patent applications to the company in March 2018, thereby relinquishing his rights to the patents. These patents were for several payment processes for Rocketfuel’s blockchain platform, including cryptocurrency user interface systems.

B4MC Gold Mines acquired Rocketfuel in June 2018. When B4MC took over the company, and started doing business as Rocketfuel, Page said the patents were being examined by the United States Patent and Trademark Office (PTO). Page and other shareholders sold their shares in Rocketfuel, and he received five million shares of the newly acquired firm worth approximately $45 million.

A year later, Page resigned from the board. He demanded shareholders of Rocketfuel raise 4 million euros in capital to develop the technology described in the patents or pay him 100,000 euros and transfer the intellectual property back to him.

But Rocketfuel alleged the patent applications had expired, and the company could no longer revive them. Three of the five patents Rocketfuel now owned were considered abandoned between 2014 and 2017.

The company said Page admitted the patents expired in June 2019 but said this was due to Rocketfuel’s inability to raise capital to use the technology. However, the company said Page let the patents expire because he failed to pay additional filing fees and did not respond to other PTO requests.

Rocketfuel said if it had known it couldn’t use the patents, it never would have gone through with the acquisition. They claim Page assigned the patents to Rocketfuel, and sought shares of stock in exchange, despite knowing these patents no longer had value for the firm.

No court date has been set for the case. Cointelegraph could not find contact information for Page.

 

written by Emilia David

https://cointelegraph.com/news/payments-firm-rocketfuel-blockchain-sues-co-founder-over-expired-patents

Chris Corey

History And Timeline Of Digital Marketing Online

History And Timeline Of Digital Marketing Online

Markethive Header History of Digital Marketing

Where have we been and where are we heading?

Let's travel back in time and check out the history and timeline of digital marketing and how we got to where we are now in 2020, also where we are heading in the future. This year has seen a remarkable change in habits and a tremendous leap in users online. 

Everything from social catch-ups on Zoom, even viewing your favorite sports game from your lounge chair on the Zoom platform as a part of the live audience at the game’s venue. 

Also, corporate working from home, more recently-unemployed looking to work from home to earn a buck, and an ever-increasing number of traditional offline businesses now have a presence on the net adopting digital marketing strategies.

Pretty much everybody has a connection to the internet in some form or another. Grandmas and grandpas are being urged to get online for their banking needs and grocery deliveries. So, of course, every time you go online, you experience digital marketing where someone is trying to sell you something albeit directly or indirectly. 

It’s fair to say businesses just can’t thrive now without online marketing to help generate sales. All businesses, big and small are increasingly moving online with a direct-to-consumer approach that reaches a huge worldwide audience more easily and takes advantage of an unlimited marketplace.

On a global scale, digital advertising spend was projected to hit $336 billion in 2020, pre- COVID, now adjusted to $332.84, but as you can see by the graph, stronger times are just ahead. 

Worldwide digital ad spending will make up 62.6% of the total media spend by 2024.

Digital Ad Spend

 

The Rise In Digital Marketing

Digital Marketing is an umbrella term for promoting and selling services or products using online strategies as outlined in this article which is beneficial for all types of business and allows companies to; 

  • Reach their target audience wherever they are.
  • Use data to observe their online behavior.
  • Use analytics to understand which marketing messages to send them.

These digital marketing elements outlined in the infographic help you reach your customers wherever they are, engage with them, and encourage them to purchase something from you. You create brand awareness, generate leads, convert new buyers, build trust, and increase sales.

digital marketing infographic

Marketing has always been about connecting with your consumers and potential buyers in the right place, at the right time. Currently and into the foreseeable future the best place to meet them is where they are spending time – on the internet. 

Digital marketing is also referred to as 'online marketing', 'internet marketing', or 'web marketing' however, the term digital marketing has grown in popularity over time. 

Digital marketing is constantly evolving, with new technologies making it faster and easier to master especially for small businesses and marketers, but where and when did it all start? 

Let’s go way back and visit the history and timeline of digital marketing with some of the more major milestones in technology.  

 

Digital Marketing Became A Thing 30 Years Ago

The term “digital marketing” was coined back in 1990 and considered integral to technology development and advancement on the whole. 

One of the first key events took place back in 1971, when Raymond Tomlinson, a computer programmer from New York, USA, implemented the first email program on the ARPNET system, even before the internet launched. 

Tomlinson sent his first test email on a system that was able to send mail between users on different machines that previously could only be sent to others using the same computer. 

He was inducted into The Internet Hall of Fame in 2012 which stated "Tomlinson's email program brought about a complete revolution, fundamentally changing the way people communicate".

1990 – Web 1.0 Was Invented

This was a memorable year with the new terminology of digital marketing and that same year, Tim Berners-Lee who invented the World Wide Web in 1989, wrote the first web client and server in 1990. Classed as Web 1.0, it was limited to read-only. Meaning the early web allowed us to search for information and read it but very little user interaction or content generation. 

 

1993 – The First Clickable Banner Ad Was Born

The very first true, linked, clickable, paid advertisement on the WWW was from a website called the Global Network Navigator, (GNN) which in 1993 sold a clickable ad to a Silicon Valley law firm. 

However, the first to do rotating banner ads was pioneered by HotWired in October 1994 and the internet has not been the same since. Despite users’ aversion to online ads, particularly pop-ups, the business models of most websites still revolve around advertising. 

Advertisers will spend $52.1m on banner ads in the U.S. this year, according to Statista, with a projected annual growth rate of 7.9% resulting in a market volume of $71.5m by 2024. 

Those ads may annoy some users, however, they help fund many digital publishers. This is what helps keep platforms predominantly free for users. Banner ads were cutting-edge 26 years ago and gave birth to the internet ad industry.


The first banner. Image credit: Wired Formerly Hotwired

AT&T paid $30,000 to run a dedicated placement for this banner for 3 months in Hotwired. It initially got a 44% click-through rate. The metrics in those days consisted of a person manually counting the clicks and the first Web analytics tool was a highlighter pen. 

1994 – Yahoo Hits The WWW Scene

Yahoo, AKA ‘Jerry’s Guide to the World Wide Web”, named after its founder Jerry Yang, launched and to its success, received nearly a million hits within the first year. The human-edited Yahoo Directory provided for users to surf through the Internet became their first product and the company's original purpose. 

This set the tone for comprehensive changes in the digital marketing world, which led to companies to start optimizing their websites to obtain higher search engine rankings.  

Over the years, Yahoo evolved, then in 2000, they made what they thought was a strategic move in the history of search, when they partnered with Google. They let Google power their organic results, so in every Yahoo search result it displayed “Powered By Google”. 

At the time, Google was not well known, so essentially Yahoo introduced their largest competitor to the world and Google became a household name. 

Also in 1994, the first blog was created by Justin Hall of Swarthmore College. Soon after blogs became an opportunity for brands to connect with consumers. The original term was “weblog”, and shortened to “blog” in 1999.

 

1995 – LookSmart Comes Onboard

LookSmart was founded as Homebase in 1995 in Melbourne, Australia by husband and wife Evan Thornley and Tracy Ellery. The original concept of Homebase was to build a female and family-friendly web portal.  

On 28 October 1996, the company launched its LookSmart search engine. At launch, the search engine listed more than 85,000 sites and had a "Java-enhanced" interface.

These days, LookSmart is a search advertising, content management, online media, and technology company. It provides search, machine learning, and chatbot technologies as well as pay-per-click and contextual advertising services.

 

1996 – Alexa Internet Launches

Alexa Internet was founded in April 1996 by Brewster Kahle and Bruce Gilliat and has an interesting history. Alexa was founded as an independent web analytics company in 1996 and acquired by Amazon in 1999. 

The evolution of Alexa has seen its claim to fame being a key metric known as Alexa Traffic Rank also simply known as Alexa Rank. It is also referred to as Global Rank by Alexa Internet and is designed to be an estimate of a website's popularity.

The Alexa Traffic Rank can be used to monitor the popularity trend of a website and to compare the popularity of different websites.

This was also the year that the phrase, “content marketing” was born at a discussion for journalists and the American Society for Newspaper Editors, and quickly became one of the most pivotal terms in digital marketing.

 

google 1998

1998 – Google Was Incorporated

Starting out as a project in 1996, by Larry Page and Sergy Brin. They theorized about a better system that analyzed the relationships among websites. They called this algorithm PageRank which determined a website's relevance by the number of pages, and the importance of those pages that linked back to the original site. 

Page and Brin originally nicknamed the search engine “Backrub”, because the system checked backlinks to estimate the importance of a site. After much funding, Google was incorporated and launched in 1998, based in a garage.

In the same year, Microsoft launched the MSN search engine, and Yahoo introduced Yahoo web search.

 

Veretekk Automated Marketing 1998

1998 – Veretekk Launches  – Automated Marketing

Marketers needed an edge to reach out to potential customers so a new technology arose as marketing automation. 

Thomas Prendergast built the first automated marketing system in 1994 and was the foundation of Wavefour, which was one of the many firsts. It included a self-replicated website, self-replicated PDF (a formatted receipt to print out sign and fax or mail-in), the first read-write to a server database, the first autoresponder email system, the first remote broadcasting system, and all incorporated into the first Automated Marketing system.
 
Launching in 1998, this system poured new customers and evolved into a service called Veretekk, a standalone Application Service Provider with “Aweber” like email systems, lead capture portals, and Internet Marketing training that ran for nearly 20 years. It was private labeled to hundreds of companies and built a verifiable database that numbered into the hundreds of millions and produced revenues in excess of 5 million.

From 2003 onwards, many automated marketing platforms followed suit such as Eloqua, Salesforce, and later in 2006 came Hubspot and Marketo to name a few. This gave rise to SaaS or Software as a Service. 

The company Veretekk has since been re-built from the ground up to include Blockchain technology and cryptocurrency, combining an inbound marketing platform, social network, and digital media broadcasting platform. Now called Markethive, it’s known as the first next-generation Market Network on Blockchain.

inbound Marketing Comparison

This also saw the birth of the term “Inbound Marketing” derived from automated marketing with a focus on content marketing which is proven to bring credibility and integrity to any organization and be considered a trusted source. 

 

2000 – Google Launches AdWords

Google’s AdWords program is a service that provides advertisers with advertising campaigns managed by Google. For those who want to manage their own campaigns the AdWords self-service portal was introduced soon after. 

Google then launched its AdSense program, originally named content targeting advertising in March 2003. It’s a program through which website publishers of content sites serve text, images, video, or interactive media advertisements that are targeted to the site content and audience. 

These advertisements are administered, sorted, and maintained by Google and generate revenue for the publisher on either a per-click or per-impression basis. Today over 11.1 million websites use AdSense.

 

2002 – Linked Is Launched

Reid Hoffman founded LinkedIn in December 2002 – making it the first-ever business-oriented social networking platform. It’s primarily used for professional networking, job posting by company, and by job seekers.

As of 2015, most of the company's revenue came from selling access to information about its members to recruiters and sales professionals. Since December 2016 it has been a wholly-owned subsidiary of Microsoft. 

 

2003 – Myspace Launches

Myspace, an American social networking service was the largest social networking site in the world from 2005 to 2009, reaching more than 100 million users per month. In June 2006 Myspace surpassed Yahoo and Google to become the most visited website in the United States

Myspace has had a significant influence on technology, pop culture, and music. It was the first social network to reach a global audience and it played a critical role in the early growth of companies like YouTube. However, in April of 2008, Myspace was overtaken by Facebook in terms of the number of unique visitors. 

 

2003 – The Genesis Of WordPress

b2/cafelog, more commonly known as b2 or cafelog, was the precursor to WordPress with an estimated 2,000 blogs installed as of May 2003. WordPress then became its name and is a joint effort between Matt Mullenweg and Mike Little. 

WordPress was originally created as a blog-publishing system but has evolved to support other types of web content and plugins assisting publishers to increase their reach across the internet. 

By October 2009, WordPress was enjoying the greatest brand strength of any open-source content management system. As of June 2019, WordPress is used by more than 60 million websites which include 33.6% of the top 10 million websites. 

WordPress is one of the most popular content management system solutions in use.

Wordpress Markethive plugin

 

2004 – Web 2.0 Is Introduced, Then Came Facebook

The terminology, Web 2.0 was initially invented in 1999 by Author and web designer, Darcy DiNucci, who also predicted the influence it would have on public relations. However, it was in 2004 that it became popularized when introduced by Tim O’Reilly and Dale Dogherty at the O’Reilly Media Web Conference. Web 2.0 was the start of a participatory or social web. 

The same year “TheFacebook” founded by Mark Zuckerberg, became a thing, initially for the students at Harvard which later that year expanded to many other colleges across the USA. But it was in 2005 the name changed to just Facebook and started to take hold globally in 2006 when it opened to the public. 

Google also released Gmail on April 1, 2004. It started as a beta release and didn’t end its testing phase until July 7, 2009. 

 

2005 – YouTube Hits The Scene

YouTube was the brainchild and founded by Steve Chen, Chad Hurley, and Jawed Karim, all were early employees of Paypal. Karim said the inspiration for YouTube first came from Janet Jackson's embarrassing wardrobe malfunction in 2004 at the Super Bowl

The very first video of “Me at the zoo” with founder Jawed Karim, was uploaded on April 23, 2005. Then YouTube offered the public a beta test of the site in May 2005. At the time of the official launch on Dec. 15, 2005, YouTube didn’t have much recognition as Vimeo was already operational as it launched in 2004. 

However, as history denotes YouTube is a hit and in 2006 Google acquired the video-sharing platform for $1.65 billion in Google stock. Today, YouTube accounts for 2 billion users worldwide.

2006 – Growth In Search Engine Traffic 

By 2006 there were considerable advancements in the digital marketing space. Search engine traffic grew to approximately 6.4 billion in the month of March alone.

Microsoft also introduced Live Search to compete with Yahoo and Google.

Twitter also launched in 2006 and created by Jack Dorsey, Noah Glass, Biz Stone, and Evan Williams. Dorsey explains,

“…we came across the word 'twitter', and it was just perfect. The definition was 'a short burst of inconsequential information,' and 'chirps from birds'. And that's exactly what the product was.”

So although classed as a social media, Twitter is more of a microblogging platform and information network. Furthermore, statistics demonstrate that Twitter users spend 26% more time with ads than users of other social media platforms.

Twitter Jack Dorsey Founder

 

2007 – Automation Marketing Became More Widespread. 

As the pace of the World Wide Web increased, so did the marketing climate and more companies and marketers came onboard utilizing marketing automated software that replaced conventional marketing processes. 

These tools automated the tasks of lead segmentation, marketing campaigns, and the ability to provide customers with personalized information. Its development during the 1990s and 2000s, changed the way brands and businesses use technology for marketing as digital platforms became increasingly incorporated into marketing plans and everyday life. 

 

2010 – Instagram Launches

The photo and video sharing platform was created by Kevin Systrom and Mike Krieger, in 2010  After its launch, Instagram rapidly gained popularity, and was acquired by Facebook in 2012. Instagram users are spending an average of 28 minutes per day on the platform in 2020.

A large portion of those users (around 200 million) visit at least one business profile a day, indicating that Instagram has become a focal point in the digital marketing arena. 

Although praised for its influence, Instagram has been the subject of criticism, most notably for policy and interface changes, allegations of censorship, and illegal or improper content uploaded by users.

Also noteworthy, the digital marketing industry saw a substantial rise in 2010, with the digital media growth of an estimated 4.5 trillion online ads served annually, and digital marketing expenditure experienced a 48% growth.

 

2011 – Google’s Panda Algorithm launches.

First released in February 2011, Google Panda brought a major change in Google’s search engine ranking algorithm. The name "Panda" comes from Google engineer Navneet Panda, who developed the technology that made it possible for Google to create and implement the algorithm.

It aimed to lower the ranking of “low-quality sites” and rank “higher-quality sites” near the top of the search results. Google Panda affected the ranking of an entire site or a specific section rather than just the individual pages on a site.

Panda’s updates were rolled out once a month in the first 2 years, and consequently influenced the ranking and traffic which negatively impacted some sites that upset a few people, to say the least. In some cases, it forced companies to change names, business models, fire employees, and even go out of business altogether. 

Google stated in 2013 that future updates would be integrated into the algorithm which would make it less noticeable and continuous.

 

2012 – Saw The Launch Of Zoom 

Zoom is a video-telephony software program that launched a beta version on September 10, 2012, that could host conferences with up to 15 video participants at the time. In January 2013, version 1.0 of the program was released with an increase in the number of participants per conference to 25. 

By the end of its first month, Zoom had 400,000 users, which rose to 1 million by May 2013. Due to the COVID-19 pandemic Zoom experienced an exponential gain in users of 2.22 million in 2020.

On one day in March 2020, the Zoom app was downloaded 2.13 million times. In April 2020, Zoom had more than 300 million daily meeting participants. On August 24, 2020, Zoom experienced widespread outages for several hours before service was restored.

However, this year, Zoom has been at the center of some controversy with its attendee tracking feature, sharing personal data, shady techniques, and lack of transparency. It is recommended you “Zoom” at your own risk. 

 

2014 Long Form Content more prominent

 

2014 – Upsurge In The Amount Of Smartphone Users

Reportedly, 2014 saw a rise in the number of mobile users, to 4.55B which is 70% of the global population, with smartphone users reaching 1.75B. 

2014 also saw the launch of the Facebook messenger app and not long after came the Apple Watch. 

 

2015 – Markethive, The Genesis of The Next Generation Market Network  

Markethive, (previously Veretekk), was trademarked and incorporated in mid-2015 and opened the doors to a private Beta phase for Veretekk founders and users. The company then went into full public Beta launch in January 2016. 

Over the next couple of years, while operating as an inbound marketing platform and social network, Markethive methodically worked on creating its primary vision of being a decentralized Blockchain driven Social Market Network integrating cryptocurrency forming an entire ecosystem for aspiring entrepreneurs, marketers, companies, small business, and commercial artists. 

January of 2019 saw the launch of the Markethive Coin (MHV) within the Markethive ecosystem. Now it is possible to earn coins on every task and activity performed, whether it be facilitating your business with the inbound marketing tools or engaging on the social media platform.

Markethive is a sovereign entity offering transparency and self-sovereignty on all levels including autonomy, privacy, and security to its users as well as financial well-being. A community-focused culture of collaboration is the fabric of Markethive and proving to be a much-needed resource in the online world today. 

Markethive Wallet App

By years end of 2020 will be the launch of the Markethive wallet app and exchange which will open the floodgates bringing in the millions who are looking for a genuine way to earn and conduct their business in the online space that in many ways has become a jungle and cesspool of fraud, scams, data harvesting, political bias, and dystopia. 

This is all part of the Web 3.0 or 3rd generation internet which has started to emerge as a movement away from the centralization of services.  Markethive was built for the little guy and gal in mind, at little to no cost to join, utilize all the facets of an inbound marketing platform and social network, build their business relationships, and get paid for doing so, all while enjoying free speech, privacy, and autonomy in a collaborative environment. 

Sound like utopia? Pretty much is! 

Markethive Infographic

 

Staying At The Forefront Of Technology

So there you have it… Technology has come a long way over the past three decades with no signs of it slowing down any time soon. The successful company for the long term will need to have an innovative culture and be tuned in to the fast-paced, ever-changing technology and behaviors in this revolutionary world.    

One thing is for certain, content marketing, along with email marketing integral to inbound marketing which is a prescribed marketing strategy under the digital marketing umbrella is crucial to the success of any organization, large and small. 

Statistics show that:

  • Content marketing costs 62% less than outbound marketing and generates 3x as many leads
  • Content marketing has lower up-front costs and deeper long-term benefits than paid search.
  • Small businesses with blogs generate 126% more leads than those without blogs.
  • Content marketing rakes in conversion rates 6x higher than other methods.
  • 87% of B2B marketers say email is one of their top free organic distribution channels.
  • 80% of B2C businesses believe email marketing increases customer retention. 

We have evolved into a more human approach towards marketing and advertising. Even  Google’s search engine is adopting that approach with their latest algorithm in 2019, BERT, that helps better understand the context of words in searches and language a bit more like humans do. 

At the height of the automated, inbound marketing boom in the mid-2000s, not only was it expensive but overwhelmingly complicated for many businesses to integrate. Larger companies would have it done for them, but what about the little guy and gal? 

Enter Markethive, the complete Market Network. 

 

ecosystem for entrepreneurs

 

 

Deb Williams
A Crypto/Blockchain enthusiast and a strong advocate for technology, progress, and freedom of speech. I embrace "change" with a passion and my purpose in life is to help people understand, accept, and move forward with enthusiasm to achieve their goals. 

 

 

Chris Corey

How will the US presidential election affect the price of Bitcoin?

There may be fireworks.

As the 2020 U.S. presidential election draws near, two crypto traders on Twitter shared their predictions for how Bitcoin's price could react to the event.

"If we have a clear winner and an easy transition of power, I do not see much of an impact on the price per coin," trader "BigCheds" told Cointelegraph. "On the other hand, if we have a close and/or contested election, we should see a bounce in risk-off assets like gold and Bitcoin."

The election is a summation of 2020's wild year, with a number of other factors also remaining at play. "This election year is certainly different considering what we have seen in the past due to the pandemic and the global economy taking a toll," Twitter trader "CryptoWendyO" told Cointelegraph. "With an event like Covid, one would assume that Bitcoin would pump due to financial market uncertainty, however we are not seeing that," she said.

Crypto Twitter has been filled with political talk in the weeks leading to November's presidential election. The event arrives at the tail end of a year featuring pandemic scares, business shutdowns and economic troubles.

"Tensions are high especially with the election," WendyO said. "Markets need money coming in to flourish and I’m not certain that will happen right now as the middle class is holding on to their capital," she added.

Government stimulus money plays into the equation as well, with the current administration failing to reach a decision on further economic support. Mainstream markets and crypto both reacted to news that the president had decided to delay further stimulus talks until the election is over.

"After the election as we will get more of an idea when the economy will open up I believe we will see a change in Bitcoin price and I'm hoping it's bullish but we must pay attention to current price action as well," WendyO explained, subsequently pointing out Bitcoin's struggle to decisively break and hold above weekly chart resistance levels.

In the short term, Bitcoin's price recently broke back above $11,000, shining a ray of optimism.

 

written by Benjamin Pirus

https://cointelegraph.com/news/how-will-the-us-presidential-election-affect-the-price-of-bitcoin

Chris Corey

This Boring Project Will Turn All Other Blockchain Into Layer 2 Of Bitcoin

This Boring Project Will Turn All Other Blockchain Into Layer 2 Of Bitcoin

This Boring Project Will Turn All Other Blockchain Into Layer 2 Of Bitcoin
Whether you are a Bitcoin Holder or not, you would have to spend 5 minutes getting to know this project that may change Bitcoin’s future.

Suppose you are not only a holder, but also a Maximalist. In that case, congratulations, the Bitcoin you love is about to regain everything it has lost (for example, Bitcoin Dominance). BoringDAO is a project whose name may sound boring, but some of the most exciting work is currently going on. BoringDAO is a cross-chain compatible, decentralized asset protocol, and its most important product is bBTC (BoringBTC). They provide Bitcoiners the access to all the different Defi.

We Need Programmable Bitcoin

Even though scalability and safety allow Bitcoin to become the most popular cryptocurrency, a programmable Bitcoin is still what the community has long expected. The community is eager to use $BTC to participate in the MakerDAO’s collateral or be freely exchanged with other Cryptos in the Uniswap. There are already some pioneers in the ‘race’: WBTC & renBTC. According to the latest data (03/10/2020, https://debank.com/ranking/btc), the number of WBTC on Ethereum has reached 92,583, while renBTC is 23,855. Even though the TVL seems relatively high, compared to the total number of Bitcoin (18,505,343), it only occupies 1/154 of the total $BTC. In other words, even if the APY is 100%-10000% in DeFi, merely less than 0.6% of Bitcoin enters the Ethereum network through the above two gateways.

Why? The reason is simple: people need a safer and more decentralized way. In WBTC, BitGo is the only custodian. Since BitGo is the only institution that holds users’ assets, there might be a chance of a single point of failure. In terms of renBTC, they proposed a brilliant idea: renVM. But renVM are still in the sub-Zero stage; therefore, it seems that the team manages these Bitcoin at now.

What will BoringDAO do?

BoringDAO proposed a “double pledge mechanism.” Each Bitcoin is backed by more than 200% of assets, including one real Bitcoin (multiple reputable institutions manage Multi-sig). The approximately equivalent value of ERC-20 assets is locked in the contract layer (governed by smart contracts). There is no doubt that 200%>100%, so bBTC maybe much safer. Once the underlying assets of other wrapped BTC have issues, its wrapped token will be in danger. However, in BoringDAO, even if there is a black swan event, the contract layer provides an additional protection. Many people would ask: How about the capital efficiency of BoringDAO?The answer is high.

The secret behind is our Double-Pledge mechanism:

  • BTC holders deposit BTC to mint bBTC through the bBTC Tunnel.
  • All community members pledge $BOR/other ERC-20 tokens on the contract layers (100% Pledge ratio) to build a bBTC Tunnel.

Meanwhile, the BOR community and BTC holders will help each other:

  • Pledge providers can increase the Tunnel’s capacity, enabling more bBTC to be minted through the Tunnel. In return, they can get 70% of the minting fee & burning fee.
  • Pledge providers have access to the Boring Farm, which generate high yield.

It is Incentives that Drive the BoringDAO Business

The two incentives program, Mint Mining and Boring Farm, are uniquely designed for bootstrapping and providing a use case for bBTC in the early stage.

All Blockchains Can Become Layer 2 of Bitcoin

This “boring” project’s business is very smooth: the introduction of incentives and the fair distribution allow our community to grow and prosper while maintaining security. Moreover, not only on Ethereum, this model can run on more blockchains. In the future, Bitcoin will be obtained kinds of features through BoringDAO. If BTC wants smart contracts or enter the DeFi world, then enter Ethereum. If BTC wants high performance, then enter Tron and EOS. If BTC wants anonymous transaction, then enter blockchain with Zero-Knowledge Proof.

BoringDAO is the one stop solution to all demand! These end up with a spectacular imagination: all blockchains (Ethereum, EOS, and even Libra) may become Layer 2 of Bitcoin. Don’t waste your time arguing those guys who support a larger Block. Bitcoin should adopt the safest Layer1, and BoringDAO + Layer 2 will give Bitcoin the infinite scalability. BoringDAO is the infrastructure for the next Bitcoin bull run. With it, you can use your favorite Bitcoin to pay for coffee, as well as participate in decentralized finance without selling your $BTC.

Conclusion

Today, Bitcoin dominance amounts to 60% of total cryptocurrency market cap. This means just by Bitcoin alone, over 60% of crypto’s total market cap is currently left out of the Ethereum-led DeFi world, even with the help of projects like renBTC and wBTC. If the ultimate goal of blockchain is to decentralize while interconnect everything, BoringDAO will be an important piece to the puzzle. To say BoringDAO is the infrastructure of the future is a gross understatement; BoringDAO is the future. With the leading blockchain investors like DeFiance, Hashkey, SNZ, Youbi, Altonomy, DeFi Labs and some BTC miners joining BoringDAO, and strong partners such as HashQuark, Peckshield, DODO, Band and Link, BoringDAO is ready to allow 1M BTC into the DeFi world in a decentralized and safe way.

Article Produced By
BoringDAO

https://www.coinspeaker.com/this-boring-project-will-turn-all-other-blockchain-into-layer-2-of-bitcoin/

Chris Corey

Aussie Millionaire Threatens To Sue The Guardian Over False Bitcoin Investment Ads

Aussie Millionaire Threatens To Sue The Guardian Over False Bitcoin Investment Ads


After unsuccessfully battling The Guardian Australia to seize Bitcoin scam ads from appearing on its website,

Australian entrepreneur Dick Smith has threatened to sue the media outlet.Australian multi-millionaire and electronics entrepreneur Dick Smith has threatened to sue The Guardian Australia. Smith has alleged that the trustworthy media outlet has hosted fraudulent ads with fake interviews of him promoting a phony Bitcoin scheme.

Aussie Entrepreneur Threatens The Guardian

Impersonation scams are among the most perilous threats within the cryptocurrency community. Typically, the fraudsters impersonate a famous person and run false ads claiming that he or she has invested in a particular crypto platform that generates substantial returns. In the past, some of the famous individuals that had their names implicated included Elon Musk and Justin Sun. According to a recent report, a similar thing has been transpiring in Australia. The name of local entrepreneur Dick Smith, founder of Dick Smith Electronics and Australian Geographic, has been used in numerous phony success stories. The written interviews ran on The Guardian Australia with text that Smith had made significant ROI by investing in automated Bitcoin trading bots and urged other people to join “before it’s too late.”

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Smith has been trying to fight off the fraudulent ads since the start of 2020.

However, as he has seen little-to-no success, he decided to threaten the major media outlet with a defamation suit. Smith’s legal team has requested The Guardian Australia to update its advertising algorithm to prevent such ads from appearing on its website again. The media outlet has fourteen days to provide a “satisfactory response,” or the legal team will push forward with

the defamation proceedings.

“While we acknowledge that The Guardian Australia does take the fraudulent advertisements down once notified, that does not prevent [its] Australian readers from falling victim to this prolific cryptocurrency scam.” – commented Smith’s legal representative Mark O’Brien.

A Victim Story Of This Particular Scam

ABC Australia reported the story of an 80-year-old pensioner who fell for this scam during the summer of 2020. When seeing Dick Smith promoting this service, the pensioner telephoned the number listed and agreed to invest the first $500. The scammers’ phone calls started coming more frequently and offered impressive returns if the 80-year old allocated even more funds. In six weeks, the unnamed victim transferred more than $80,000. However, he saw none of the promised returns and realized it was a blatant scam. The pensioner contacted his bank to block the account and the police, where he reportedly received an answer that they were too busy to help.

Chris Corey

Trump vs Biden: 4K gold target as Brandt eyes Bitcoin big buy signal’

The upcoming U.S. election results can’t stop a fresh gold advance, one analyst says, while Bitcoin is also due fresh bullishness.

Gold will gain regardless of whether Donald Trump or Joe Biden wins the election, one analyst says as Bitcoin (BTC) targets $11,000.

In an interview with the media division of precious metals giant Kitco on Oct. 7, Frank Holmes, CEO of U.S. Global Investors, said that he was “betting on gold” for bullishness by the end of the year.

“It’s love season. It’s the seasonality of two wedding seasons in India, it’s the season of lights of Diwali, then we have Christmas, and it peaks for Chinese New Year,” he told the network.

“It’s an auspicious time for the consumption of gold, and it’s most highly correlated with GDP per capita growth.”
Gold, like Bitcoin, saw highs in August before a fall which came in line with renewed strength in the U.S. dollar currency index (DXY). The outcome of November’s U.S. election has the potential to influence USD standing considerably, but Holmes believes gold will shake off the result.

“Some are betting on blue, some betting on red, and I’m betting on gold,” he added.

As Cointelegraph reported, gold bug Peter Schiff has also painted a less-than-optimistic outlook for the dollar, arguing that a Biden win would be the worst case scenario.

Holmes confirmed that he was eyeing a $4,000 price target for XAU/USD.

Brandt focuses on weekly, daily Bitcoin price
Bitcoin has seen inverse correlation with DXY, which has managed to claw back its losses from earlier this summer. Sideways trading has mimicked the lack of progress in gold, with $11,000 remaining out of reach so far in October.

News that payments giant Square had followed MicroStrategy in buying a large amount of BTC buoyed markets on Thursday, with BTC/USD nonetheless encountering resistance at $10,940 — the site of previous rejection late last month.

For analysts, however, the move is a conspicuous sign of good things to come.

“It is a major development that a global corporation is now putting $BTC onto its balance sheet,” veteran trader Peter Brandt responded on Twitter.

“The weekly and daily charts [are] poised to flash a big buy signal.”

Discussing Square, Cointelegraph Markets analyst Michaël van de Poppe warned that “dashes” of short-term bullish behavior may remain just that — unless Bitcoin can definitively overcome $11,000 resistance.

 

written by William Suberg

https://cointelegraph.com/news/trump-vs-biden-4k-gold-target-as-brandt-eyes-bitcoin-big-buy-signal

Chris Corey

Popular Analyst Claims Bitcoin Must Break Above This Level Or Risk Going Downhill

Popular Analyst Claims Bitcoin Must Break Above This Level Or Risk Going Downhill

Bulls Brace For Fireworks As Bitcoin Breaks $10K, What's Fueling the Rally?
After opening the month of October trading as high as $10,923,

Bitcoin has dropped and has since been in consolidation between $10,500 and $10,600. Volatility has reduced significantly since then as the coin has been in consolidation and the price range has been tightening. This is however about to change. An analyst and crypto trader, Josh Rager says that volatility is about to return and Bitcoin may be breaking soon, but in which direction? According to the analyst, a break above the price range of $10,900 to $11,150 will ensure that the price goes upward in a continuing bullish trend. Otherwise, a downward movement below $10,000

may be imminent. 

“Volatility building up. Compression continues for Bitcoin with a potential break coming this week. If Bitcoin can’t break above the zone above ($10,900 to $11,150) on the next impulsive move then Bitcoin likely continues to the downside sub $10k, IMO,”

Bitcoin has managed to stay above the $10,000 level for 70 days in a row now which is a record period that the coin has stayed above this level for so long. According to cryptocurrency youtube channel Altcoin Daily, this is an indication that Bitcoin’s bullish trend remains intact despite the uneventful market conditions as the coin is gaining more popularity in countries such as Venezuela. Another analyst Timothy Peterson had predicted that Bitcoin price would soon stop going below $10,000. Although the digital asset dipped below this price momentarily during the wild price movements that preceded the current consolidation, the 70 days straight above the level could be an indication that Bitcoin has indeed conquered the $10k race.

If this is the case, Bitcoin may be breaking out within the range to ensure its upward movement when it finally does. Worthy of note is the fact that Bitcoin had gone up past $10,700 yesterday for the first time since 1 October. If the upward movement continues, this may be the return of volatility that Rager refers to, and may bring more exciting days than we currently have seen. Meanwhile, altcoins have also followed Bitcoin’s consolidation with most of the top ten in the red for the last seven days. With Bitcoin breaking upward, they may also follow suit or get affected negatively as it usually happens.

Article Produced By
Ponvang Bulus

Ponvang is a cryptocurrency enthusiast, investor and writer. He's particularly interested in trending issues in the crypto space both technical and financial and loves to write about same.

https://zycrypto.com/popular-analyst-claims-bitcoin-must-break-above-this-level-or-risk-going-downhill/

Chris Corey

BitMEX Now Branded A High-Risk Bitcoin Exchange Following US Government Charges

BitMEX Now Branded A “High-Risk” Bitcoin Exchange Following U.S. Government Charges


The many milestones achieved this week in the crypto community has not erased the ups and downs in the industry.

This month alone, two indictments have rocked the crypto space, and both have included two of Crypto’s high-profile personalities; Arthur Hayes and John McAfee. The arrest of the former CEO of leading cryptocurrency exchange and derivative trading platform BitMEX, along with his co-founders Benjamin Dell and Samuel Reed, has not only left the crypto-community puzzled but has now warranted industry takes to the Seychelles-based exchange.

Chainalysis labels Bitmex a “high-risk” exchange going forward

While some are still worried about how the exchange could remain afloat through the controversy, the real problem might be if and how BitMEX will bounce back, after investors pulled out their investment following the indictment of its executives. In response, popular blockchain data provider Chainalysis is labeling the exchange as “high-risk.” In an attempt to keep its users’ funds safe, Chainalysis warned its clients via email that any form of association with the “high-risk,” exchange, by transferring tokens, will warrant an alert from its Chainalysis monitoring tool. The email reads; “Any transfers from October 1 and later should be considered high risk.”

BitMEX continues to experience significant losses

This month, the exchange saw a 27% drop in overall Bitcoin value on the platform and it appears that with its executives still under arrest, coupled with warnings from these firms, investors could continue to panic while they continue to pull back on their investment. Though the aforementioned is the highest loss the exchange has seen so far, the numbers could more than double in the next few weeks. In a research by Arcane Research, Bitcoin derivatives on the BitMEX network has fallen off by 16% following the charges levelled against the firm. Like Chainalysis, Glassnode is also classifying the platform as risky. Part of the market update from

Glassnode analytics reads ;

“On Friday 2 October, the day after the announcement, BitMEX saw its largest ever day of net outflows as investors rushed to remove their funds from the now-risky platform.”

Meanwhile, the company’s executives, all of whom were arrested last week, are facing up to 10 years in jail. Two charges were filed against Arthur Hayes. The first charge is for allegedly conspiring to violate the bank secrecy act by failing to implement appropriate anti-laundering guidelines in place. The second charge from the Commodity Futures Trading Commission (CFTC) alleges that the company’s executives were “operating an unregistered trading platform and violating multiple CFTC regulations, including failing to implement required anti-money laundering procedures.”  At press time, the future of all the executives is yet to be known. So far, there’s been no statement from either of the executives since their arrest, but what is almost certain is that the next few weeks may not be the rosiest for BitMEX and its existing users.

Article Produced By
Olivia Brooke

Hi, I'm Olivia. When I'm not stressing about my multicolored Chihuahua, I'm reading up on the next big thing that Cryptocurrency has to offer.

https://zycrypto.com/bitmex-now-branded-a-high-risk-bitcoin-exchange-following-u-s-government-charges/

Chris Corey

Kyrgyzstan’s central bank suspends SWIFT to prevent capital outflow

The bank is shutting down the SWIFT network as protests rocked the country.

The central bank of Kyrgyzstan has disabled cross-border transactions on the SWIFT financial network amid widespread unrest over the country’s disputed parliamentary elections.

Aida Karabaeva, an official representative of the National Bank of the Kyrgyz Republic, announced a temporary suspension of SWIFT in Kyrgyzstan in a statement on Oct. 7.

According to Karabaeva, the bank decided to suspend SWIFT transactions in order to prevent capital outflows from the country and ensure the safety of assets. The executive claimed that the bank is planning to resume SWIFT transactions as soon as the situation in the country stabilizes:

“The measures taken are necessary to ensure security of the system and the safety of assets. The National Bank is monitoring the situation, and as it stabilizes, the banking system will resume operations in normal mode.”
Karabaeva’s statement comes in conjunction with Kyrgyzstan’s central bank recommending local financial institutions to temporarily suspend their activities due to the complicated political situation. On Oct. 7, the National Bank of the Kyrgyz Republic issued an official statement requesting commercial banks and lenders in Kyrgyzstan to halt operations:

“In order to ensure safety of the country’s financial and banking sector and to preserve assets of financial credit institutions, the National Bank of the Republic of Kyrgyzstan recommends that commercial banks and non-banking financial credit institutions suspend their work on October 7 and step up security measures until the political situation in the country stabilizes.”

These measures come amid violent protests that began on Oct. 5 in response to Kyrgyzstan’s parliamentary elections that were perceived by protestors as unfair. Following the massive protests, local electoral authorities annulled the election results on Oct. 6.

Kyrgyzstan is just another example of the traditional banking system’s imperfections in comparison to the crypto industry. In contrast to the traditional banks, major cryptocurrencies like Bitcoin (BTC) do not have a central party to decide the fate of user funds.

 

written by Helen Partz

https://cointelegraph.com/news/kyrgyzstan-s-central-bank-suspends-swift-to-prevent-capital-outflow

Chris Corey