Underground CryptoTalk

02/05/2022

Here’s What is Happening in The Cryptocurrency Space Right Now

With the current issues within the cryptocurrency space, many people wonder if this is the beginning of the end. They think the current price malaise is a symptom of the web3 industry’s implosion.

Little wonder why the mainstream media portrays this and more. Historically, this has happened before on a much smaller scale. In terms of market capitalization and industry liquidity. The reason the price adjustments receive mainstream attention is because of the exponential rise of the cryptocurrency and allied technology industry.

There are a few pointers on what’s going on under the hood. Here are a few of them.

2022 is The Year of Cryptocurrency Regulation And Compliance
Since the onset of the COVID-19 pandemic in 2020 and last year, humanity started a global conversation on web3 technologies. It had to do with the role they play in humanity’s activities. Everyone wants to understand the complex yet simple industry that has taken the world by storm.

As the fastest-growing digital asset class in human history, cryptocurrencies are changing everyday lives. So much so that the state actors with something up their sleeves have banned industry activities. They try to keep control over the populations within their borders.

The word on the street is that President Joe Biden will make an executive order introducing the US Government’s stance on issues affecting web3 technologies. With the recent bans and global geopolitics, the industry is facing uncertainties. It has led to much of the decline in the value of digital assets because everyone isn’t sure of what next will happen.

As sure as rain, the United States won’t throw away the baby with the bathwater. 2022 will be the year of sweeping regulations and compliance. These shall classify web3 assets as highly speculative assets.

And they have higher levels of risk than most.

It’s not a bad thing for the space. But a good thing, as the US financial sector, will warm to this new asset class. It shall pave the way for all kinds of innovation. New financial instruments shall rule the space considering the influx of the wizards that rule the world’s financial universe. With institutional participation governed by rules, the web3 space will grow massively. Unheard values of cryptocurrency assets will show forth as financial engineers invent new means of interaction with the industry.

Emerging Technologies Shall Merge With the Web3 Space
Humanity is currently in an age where technology has taken over everything. Technology buoyed the world during the height of the movement restrictions. It has kept the world running through the emergence of the many variants that have emerged since then.

Technologies such as metaverse ecosystems, Internet of Things (IoT), Internet of Behavior (IoB), Virtual Reality (VR), Augmented Reality (AR), and many other technologies are merging with the web3 space. One reason is most of these technologies need Distributed Ledger Technologies (DLTs), cryptocurrencies, Non-Fungible Tokens, and many other segments of the industry to create virtual economies.

These economies are the next level of the internet’s evolution as the knowledge economy takes on new meaning with their rise. The best representation of how these technologies create value gets achieved through cryptocurrencies and their allied technologies. The technologies shall merge with the web3 space as their emergence provides another level of economic participation for users.

Cryptocurrency Price Levels Are at The Point of Massive Corrections
With cryptocurrency prices reaching 2021 mid-year levels, prices seek a support level for a bull run. The bull run is driven by utility, increased participation, government regulation, and an influx of innovation. The powder keg will explode anytime from now as prices find the support level and everyone gets back to living their lives with the existence of COVID and the global chaos that has ensued since then.

Historically speaking, cryptocurrency prices are known to decline sharply in the first three months of the year. In spring through summer, cryptocurrency prices continue the bull run.

Price levels at this time are setting the stage for a rally. The big guns in the markets understand this, and they aren’t fretting. They are HODLing.

Source: https://e-cryptonews.com/heres-what-is-happening-cryptocurrency-space/

11/15/2020

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06/26/2020

Lobbyist Jack Abramoff Charged in Crypto-Currency Case, U.S. Says

Jack Abramoff, the onetime Washington insider who went to prison in a lobbying scandal, was charged by the U.S. with illegally lobbying for a fraudulent cryptocurrency project.

Abramoff has agreed to plead guilty to conspiracy and violating the Lobbying Disclosure Act and faces as long as five years in prison, according to a court filing and U.S. Attorney David Anderson in San Francisco.

In separate complaints unveiled Thursday, prosecutors and the U.S. Securities and Exchange Commission alleged that Abramoff misled investors while promoting a blockchain-based digital token called AML BitCoin, through the NAC Foundation. The company’s founder, Rowland Marcus Andrade, is fighting criminal charges, Anderson said.

The two men claimed the security was an improvement on the original Bitcoin because it had encoded security features, including to prevent money laundering, according to the SEC’s complaint against Abramoff. They raised at least $5.6 million from about 2,400 investors, mostly in the U.S., from August 2017 through December 2018, the SEC said. The agency separately sued Andrade and NAC.

According to the SEC, the security features Abramoff and Andrade promoted were still early in development and required additional funds to include them in the new token.

“They deceived investors by, among other things, making false and misleading statements in press releases, social-media outlets, and other promotional materials regarding the status of the technology and governmental agencies’ interest in using AML BitCoin in their payment systems,” according to the SEC’s suit.

In June 2017, Abramoff arranged through a person who turned out to an undercover FBI agent to lobby a member of Congress for a legislative measure, but decided not to register as a lobbyist with the Secretary of State and House of Representatives out of concern it would have a negative impact on his client, according to a plea agreement filed in court. Abramoff agreed to cooperate with prosecutors as part of the plea.

That same year, a reality TV series called “Capitol Makeover: Bitcoin Brigade” was in production featuring Abramoff as he leads a group from AML Bitcoin in a “boot camp” that will transform the members “from techies to lobbyists ready to take on Capitol Hill,” according to a report in the Washington Post.

Abbe Lowell, Abramoff’s attorney, didn’t immediately respond to a phone call seeking comment.

In the early 2000s, Abramoff was at the center of a scandal that led to 20 convictions or guilty pleas, including two officials in President George W. Bush’s administration, a member of Congress, congressional aides and nine other lobbyists. Abramoff served 43 months in prison before he was released in 2010.

The criminal case is U.S. v. Abramoff, 20-cr-00260; the civil suit is SEC v. Abramoff, 20-cv-04190; both in U.S. District Court, Northern District of California (San Francisco).

(Updates with charges in second paragraph.

Source:
https://www.google.com/amp/s/www.bloomberg.com/amp/news/articles/2020-06-25/lobbyist-abramoff-charged-in-crypto-currency-case-u-s-says

Picture: magnolia pictures

06/20/2020

Social Media Platforms for Crypto Enthusiasts — Talk and Earn Bitcoin

Can blockchain-based social media platforms solve the current issues faced by mainstream platforms?
It’s hard for most people to imagine their lives without the use of social media, and crypto enthusiasts are no different. Since the beginning, the crypto industry has thrived on social media platforms, as they allow people to connect and share ideas.

Furthermore, the emergence of the very idea of cryptocurrencies and the blockchain can be largely attributed to social networking platforms that facilitated the rise of activist groups such as the Cypherpunks.

Therefore, it is no surprise that there is a growing number of social networking platforms built on the blockchain for crypto enthusiasts. Emerging social media platforms such as Mamby and Honest reward their users with Bitcoin (BTC) for posting on the platform. Others such as the Bitfinex exchange are building revolutionary social trading platforms that go beyond copy trading to incorporate networking platforms for specific audiences. Apart from offering cryptocurrency as an incentive to users, others such as eToro have created a multiasset social trading platform with advanced features to the benefit of crypto traders.

So, here is a list of social media sites for crypto enthusiasts who love trading, discussing technology and ideas, or simply connecting with others.

Bitfinex
On Monday, the cryptocurrency exchange Bitfinex announced the launch of the Bitfinex Pulse social network. Designed as a social trading platform with a twist, the goal of Bitfinex Pulse is to give crypto traders a leg up in the market by allowing them to collaborate and exchange ideas.

Unlike most social media platforms that focus on the interest of the general public, this platform, according to a Bitfinex representative, will focus on the niche of Bitfinex’s users and produce high-quality content for a more technically proficient audience.

Bitfinex Pulse will host insightful scoops of data that will be exchanged among the members of the platform. Although users on this platform will be able to publish and share posts, only verified participants can post publicly. In regard to how social networking platforms such as Bitfinex Pulse can maintain freedom of speech, Paolo Ardoino, the chief technology officer of Bitfinex, told Cointelegraph that:

“Freedom of speech is maintained as users are just more careful in what they write as we only allow verified users to post public pulses.”

While Ardoino identified Twitter and Reddit as the most popular social media sites for crypto enthusiasts, he also mentioned in the announcement that Bitfinex Pulse builds “on the success of the public leaderboard -- which has already created crypto icons on Twitter.”

Steemit
Avid Reddit users will find it pretty easy to transition to Steemit. Just like Reddit, the visibility of powers on Steemit is determined by the number of upvotes that a post receives. This blockchain-based social media platform is the brainchild of Ned Scott, a former financial analyst, and Daniel Larimer.

Steemit was launched in July 2016, and the platform’s native cryptocurrency, Steem coin (STEEM), is currently ranked among the top 100 cryptocurrencies. Unlike most incentivized blockchain-based platforms, Steemit rewards its users for commenting on posts or even upvoting other posts.

The Steem blockchain was designed in such a way that 75% of mined tokens are used to reward users on the Steemit platform while 15% go to those who hold Steem Power, the platform’s proof-of-stake token. However, after Steemit’s parent company was acquired by Tron’s Justin Sun at the start of the year, the platform has entered uncertain times.

Hive
The controversial acquisition of Steemit by Justin Sun triggered the Steemit community to create Hive, which, at its core, is a hard fork of Steemit’s blockchain.

This social media platform was born after a month-long power struggle with Sun in February. The controversy surrounding the platform aside, Hive is set to feature small alternations of the Steemit code to allow room for improvement in the future.

Most importantly, however, is that Hive runs on a completely independent platform and seeks to develop a decentralized social networking hub built by a community of users.

Mamby
Mamby is a social network powered by artificial intelligence that represents the new age of social networks intending to eradicate inaccurate news. With the ubiquitous spread of false information on most social media platforms, Mamby rewards users who post high-quality content. Thanks to AI, consumers are only shown content they are interested in.

On top of the fact that the platform does not come with a token sale, as is common with most crypto-centric social network platforms, Mamby rewards its content producers with Bitcoin, which is more appealing to a larger audience of crypto enthusiasts.

Therefore, a user can get as much as 0.1 Bitcoin for the views generated by a piece of content. The platform also allows users to post videos, images and text-based messages. Despite its relatively small audience, at its core this social media platform is redefining the idea of earning Bitcoin.

eToro
EToro boasts to be the pioneer of social trading websites, with a focus on copy trading. The platform was founded in 2007, and it grew rapidly thanks to its offer of stocks, foreign exchanges, commodities, and contract for difference trading. Even though other brokerages have since incorporated copy trading, where novice traders can copy the strategies of an expert trader, eToro stands out because it adds a social media element to the mix.

Add this to the fact that its trading platform supports several top cryptocurrencies — including Bitcoin, Ether (ETH) and XRP — and crypto enthusiasts get access to a social networking platform. For crypto enthusiasts who would like to learn from expert traders while dabbling in the stocks and forex markets without sacrificing their appetite for cryptocurrencies, this platform offers a way.

Narrative
Another newly launched social media platform for crypto enthusiasts that claims to improve on the Steemit idea is Narrative. This social media platform was only launched in April 2019, yet it has become a go-to platform for crypto bloggers looking for a more centralized alternative.

While decentralized platforms such as Steemit might be praised for their advocacy of freedom of speech, Narrative’s creators seem to buck this trend with a centralized platform that is designed to be censorship-resistant.

On Narrative, communities are grouped into particular niches, or tags, that users create. Those who own the most active tags are rewarded by receiving the right to elect moderators. To settle disputes, the platform features a central tribunal that makes decisions and moderates discussions.

Tradelize
Tradelize is a decentralized social network built for the trader. The platform was created by traders with decades of experience. This one of a kind social network features advanced tools that use statistics from several crypto exchanges. Just like regular social media websites, a user on Tradelize can create a profile and use the platform to enjoy other social features.

As a form of social proof, users can demonstrate the profitability of their successful tactics as well as view the history of other traders. The platform supports a multi-exchange terminal that receives data from eight crypto exchanges, providing access to a majority of cryptocurrencies. Tradelize is mostly attractive to users who are looking to interact with professional traders.

ZuluTrade
ZuluTrade is another social trading platform that competes with the likes of eToro. The platform was founded in 2007, and it allows users to connect with multiple signal providers, copy their trading strategies and read their analyses in a risk-free environment.

With its integration of more than 50 brokers around the world, users get access to plenty of signal providers. However, as much as the platform is geared for professional trading, most of its users appear to be amateur traders and there are only a limited number of cryptocurrencies supported.

Appics
Appics is a blockchain-based social media application that rewards its users for the time spent on the site with the APX token. This application comes with an approach that turns the traditional social media business model on its head. The APX token rewards both brands and individual influencers for their contributions to the platform.

Although the platform is still in its beta stage, it holds promise as earnings are not just provided for content creators but also for other stakeholders on the platform.

So far, the social media platform has amassed an extensive network of influencers and celebrities in more than 20 countries. Users with the most APX tokens in their wallets are also given a right to vote and have influence over the assigned amount of rewards.

Honest
Another platform that allows content monetization is Honest. Built on top of the Bitcoin Cash blockchain, this social media platform is more like the blockchain version of Medium. It was launched in November 2018 with the goal of rewarding creatives and freethinkers for their written content; however, the site also allows for videos and photos. Honest is a great place for engaging in discussions about cryptocurrencies, art, the economy and different technologies.

Although it’s powered by the Bitcoin Cash blockchain, content creators on the site are paid with Bitcoin for the number of upvotes a piece of content receives. While the Honest platform is still in its nascent stage, the website has a steadily growing community of members backed by an active core team of creators and developers.

DTube
Built on the Steem blockchain, DTube is the decentralized equivalent of YouTube. The platform uses an InterPlanetary File System, which is a distributed peer-to-peer network for storing and sharing data. According to the DTube website, the combination of the decentralized nature of IPFS with that of the Steem blockchain makes DTube censorship-resistant.

Essentially, the power to censor or promote any videos is in the hands of the users through upvotes and downvotes. This social media platform has a keen focus on visual content and allows users to upload, comment, share and watch videos while earning cryptocurrencies.

The move toward uncensored social media
Despite the frustrations that emerge from centralized social media platforms, there is no shortage of decentralized and incentivized blockchain-based social media platforms. For crypto traders and enthusiasts alike, there are plenty of websites to socialize and exchange ideas with other like-minded individuals. However, as Ardoino puts it:

“A balance between privacy and freedom of speech is really one of the most complex issues to solve, not really from a technical point of view but from a social and human point of view.”

Source:

Can blockchain-based social media platforms solve the current issues faced by mainstream platforms?

06/02/2020

Top-10 Best Altcoins to Mine in 2020
1. Grin (GRIN) – Best for GPU mining
2. ZCash (ZEC)
3. RavenCoin (RVN)
4. Monero (XMR)
5. Ethereum Classic (ETC)
6. Litecoin (LTC)
7. Bitcoin Gold (BTG)
8. DASH (DASH)
9. Dogecoin (DOGE)
10. Ethereum (ETH)

Before we start enlisting most profitable coins, let’s find out what defines crypto mining profitability:

a) Price of Cryptocurrency. The law is simple: the more expensive a coin is, the more profitable mining should be. It’s true only for short-term investments. If you’re patient enough, you can mine a promising coin and wait till the price grows.

b) Block reward & Halvings. What makes cryptocurrency mining 2020 less profitable than before is halving of rewards. The next BTC halving will take place in 2020 making it even less attractive. Make your own research to calculate whether your investment in mining equipment will be compensated by the amount of coins mined.

c) Time of block generation. The more blocks are generated by the network, the higher the chance of getting rewarded for a found block.

d) Mining difficulty and hash rate. Both GPU and CPU mining 2020 is quite challenging due to a high number of miners involved. However, it’s still possible to find a niche coin where you can make a decent profit without suffering from the competition. Find out most profitable algorithms & coins to mine on WhatToMine.com

e) Equipment efficiency. It depends on your budget and current difficulty of a coin, so choose accordingly. Theoretically, the power of mining equipment should be continuously increased, but in reality, it’s too expensive to invest in GPUs all the time.

f) The cost of electricity. This is the most important when calculating the profitability of cryptocurrency mining. You can find a list of countries with the cheapest electricity bills below.

How to Choose the Best Coin to Mine in 2020?
Even if you use the best GPU for mining 2020 and plan to mine thousands of coins, think how and where you will use them. There are a few aspects that matter:

a) The possibility of withdrawing to fiat. Find the exchange platforms allowing you to convert the newly mined coins to fiat or buy some popular tokens like ETH or BTC. Don’t forget about the exchange fees.

b) Which exchanges support the coin? When it comes to unpopular or low-quality coins, some of them can only be withdrawn to the internal wallet of crypto exchanges. Exchanges with a low level of popularity are forced to work with sh*tcoins (even if mining seems profitable) and rely on large commissions as the only way to survive. In this case, the miner will be forced to give a serious share of the earned only for withdrawal.

c) Make sure it’s legal. Some countries have pretty strict regulations concerning cryptocurrency mining. If it’s totally banned in your country – better avoid the risk. In some countries, authorities pay particular attention to the cryptocurrencies with a high level of anonymity because they serve as a perfect money-laundering tool and allow for illegal trading. Make sure you won’t have any legal issues after mining a new coin. If it seems unrealistic to mine the coin in your residence, you can always just purchase and trade crypto.

d) Now when you’ve decided which cryptocurrency to mine, evaluate the long-term use of the purchased equipment. The problem is that the complexity of mining is growing very quickly and mining equipment is always doomed to lose its value.

05/14/2018

Make sure you do not miss the 2018 event, going live shortly!

https://www.coindesk.com/events/consensus-2018/live/?wvideo=4p7h3v6o5w

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04/25/2018

Here's Why Bitcoin Is On The Rise Again!

Technological advances making for easier use, and big money investors preparing Bitcoin for better months ahead.

04/19/2018

Eiland Glover CEO at Kowala explains benefits of Stablecoins | Summit

How by different from the other such as by ?

Kowala a truly decentralized, fast, non-asset backed stable cryptocurrency focusing on value driven adoption for all.

01/09/2018

Perhaps the most widely-recognized bitcoin critic, JP Morgan CEO Jamie Dimon confessed on Tuesday that he might have made an error in judgment when he criticized bitcoin believers.

It’s 2018 and the JP Morgan CEO is turning over a new leaf, starting with blockchain technology.