Binnabook Magazine: Cryptocurrency News


Showing posts with label Cryptocurrency News. Show all posts
Showing posts with label Cryptocurrency News. Show all posts

Elon Musk says Tesla to accept dogecoin as payment for merchandise

 Tesla Inc (TSLA.O) will accept meme-based cryptocurrency dogecoin as payment for its merchandise such as the "Giga Texas" belt buckle and mini models of electric vehicles, Chief Executive Officer Elon Musk said in a tweet on Friday.

The move, which sent dogecoin prices 14% higher, comes a month after Musk said Tesla would test out the digital token as a payment option.

Musk, a vocal proponent of cryptocurrencies, has heavily influenced prices of dogecoin and bitcoin, and at one point had said the company would accept bitcoin for purchasing its cars before axing plans.

Tesla's merchandise, which also include the recently launched "Cyberwhistle" and "Cyberquad for Kids", are a hit with its fans, and usually sell out within a few hours of listing.

Tanzania Set To Launch Its Digital Currency

 According to a statement issued by the Governor of the Bank of Tanzania, Florens Luoga, the African nation is reportedly making plans to issue its own central bank-issued digital currency (CBDC).

Tanzania Prepares To Launch Its CBDC

As many African nations continue to tap into the digital currency initiative, Tanzania may be finally ready to follow suit too.

According to a report by Bloomberg on Friday, Florens Luoga revealed that Tanzania may be taking a cue from Nigeria by fast-tracking its plans to roll out its own CBDC. Luoga insists that plans are ongoing for the launching of the digital shilling — Tanzania’s currency since 1966.

But Tanzania will not be in a haste to launch the CBDC. According to the governor, the country is presently planning to research more deeply into digital currencies, as part of its efforts towards launching properly. All things being equal, the success of the current plans would mean that Tanzania would become one of the pioneering African countries to roll out a CBDC.

Who’s Next To Issue Out A CBDC?

It looks like quite a good number of industry experts are predicting China to be the next major economy to launch its CBDC. The central bank of China had started its digital currency testing since April 2020 and is planning an even bigger trial during the Beijing Winter Olympics in 2022.

But Luoga insists that Tanzania’s drive to launch the digital shilling was informed by Nigeria’s successful launch of its own CBDC, the eNaira. Nigeria successfully launched the eNaira last month, becoming only the second CBDC to be fully accessible to the public, right after Bahamas — which launched its own central bank digital currency, back in October 2020.

Meanwhile, at the moment, cryptocurrencies remain banned in Tanzania following a directive from the country’s apex bank in November 2019, declaring the digital assets ‘unrecognized by local law’.

El Salvador to Build a Bitcoin City in 2022

In a rock concert-like atmosphere, El Salvador President Nayib Bukele announced that his government will build an oceanside “Bitcoin City” at the base of a volcano.

Bukele used a gathering of Bitcoin enthusiasts Saturday night to launch his latest idea, much as he used a an earlier Bitcoin conference in Miami to announce in a video message that El Salvador would be the first country to make the cryptocurrency legal tender,

A bond offering would happen in 2022 entirely in Bitcoin, Bukele said, wearing his signature backwards baseball cap. And 60 days after financing was ready, construction would begin.

The city will be built near the Conchagua volcano to take advantage of geothermal energy to power both the city and Bitcoin mining — the energy-intensive solving of complex mathematical calculations day and night to verify currency transactions.

The government is already running a pilot Bitcoin mining venture at another geothermal power plant beside the Tecapa volcano.

The oceanside Conchagua volcano sits in southeastern El Salvador on the Gulf of Fonseca.

The government will provide land and infrastructure and work to attract investors.

The only tax collected there will be the value-added tax, half of which will be used to pay the municipal bonds and the rest for municipal infrastructure and maintenance. Bukele said there would be no property, income or municipal taxes and the city would have zero carbon dioxide emissions.

The city would be built with attracting foreign investment in mind. There would be residential areas, malls, restaurants and a port, Bukele said. The president talked of digital education, technology and sustainable public transportation.

“Invest here and earn all the money you want,” Bukele told the cheering crowd in English at the closing of the Latin American Bitcoin and Blockchain Conference being held in El Salvador.

Bitcoin has been legal tender alongside the U.S. dollar since Sept. 7.

The government is backing Bitcoin with a $150 million fund. To incentivize Salvadorans to use it, the government offered $30 worth of credit to those using its digital wallet.

Critics have warned that the currency’s lack of transparency could attract increased criminal activity to the country and that the digital currency’s wild swings in value would pose a risk to those holding it.

Bitcoin was originally created to operate outside government controlled financial systems and Bukele says it will help attract foreign investment to El Salvador and make it cheaper for Salvadorans living abroad to send money home to their families.

Concern among the Salvadoran opposition and outside observers has grown this year as Bukele has moved to consolidate power.

Voters gave the highly popular president’s party control of the congress earlier this year. The new lawmakers immediately replaced the members of the constitutional chamber of the Supreme Court and the attorney general, leaving Bukele’s party firmly in control of the other branches of government.

The U.S. government in response said it would shift its aid away from government agencies to civil society organizations. This month, Bukele sent a proposal to congress that would require organizations receiving foreign funding to register as foreign agents.

Nigeria 2023 Election: Possible APC Presidential Candidate

 With the 2023 presidential election fast approaching, there is a likelihood that the ruling All Progressives Congress (APC) will zone its ticket to the South. The general feeling in the party is that the North cannot be considered again, having had its fair share of two terms of eight years. In this report, TEMIDAYO AKINSUYI lists some powerbrokers in the party who have their eyes set on succeeding President Muhammadu Buhari whose tenure expires in May 2023.

Asiwaju Bola Tinubu

The ‘Jagaban’ as the former Lagos state governor and APC national leader is called by his teeming supporters is a major force to reckon with in the ruling party as far as the issue of 2023 presidency is concerned. There has been allegations and counter-allegations that there is a pact or gentleman’s agreement amongst founding leaders of the APC that President Muhammadu Buhari who was first elected in 2015 will handover to Tinubu in 2023. None of them has come out to confirm or deny this claim.

Even though Tinubu is yet to state whether he will contest or not, several political groups, the principal one being the South-west Agenda for Asiwaju 2023 (SWAGA ’23) has been canvassing support for him across the country.

Prof. Yemi Osinbajo

If there is any candidate best qualified to succeed President Muhammadu Buhari in 2023, then it is Osinbajo, a loyal, sound legal expert with versed knowledge of economic matters. Many youths in the country are rooting for Osinbajo because of his age (he will be 66 in 2023). Others also believe that having understudied the president in the last six years, he has a clear vision of the programmes of the administration and will continue with it if he becomes president.

However, two factors militating against Osinbajo is the fact that he has no political base. But for the controversy over a Muslim-Muslim ticket in APC in 2015, he couldn’t have been considered as Buhari’s running mate then. With the likelihood of Asiwaju Bola Tinubu, his benefactor running in 2023, Osinbajo stands no chance at all because it is likely that the Presidency may not endorse him. Analysts believe that the cabals are yet to forgive him for ‘taking the shine off the President when he acted on his behalf. It is also believe that he is yet to be forgiven for sacking the Director-General of the Department of State Service (DSS) , Lawal Daura in 2018 following the invasion of the National Assembly.

Kayode Fayemi

Fayemi is another leader who has the capacity to lead the country in 2023. The Ekiti state governor who is serving out his second term also has a huge followership among Nigerian youths. When he lost his reelection in 2014, he was handed the task conducting the presidential primary of the APC where he served as the Chairman of the APC National Convention Committee. He received accolades over the seamless manner in which the primary which produced President Muhammadu Buhari as the candidate was conducted. The President later appointed him as Minister of Mines and Steel Development, a position he resigned from in 2018 to contest for the Ekiti governorship election.

However, some of Fayemi’s critics especially in the APC believed that his position as the current chairman of the Nigerian Governors Forum has gotten into his head, making him challenge some leaders of the party who made him who he is today. Also, he is facing a herculean task of reconciling the APC factions in his home state of Ekiti, many of whom are plotting to stop him from installing a successor in next year’s governorship election.

Rotimi Amaechi

Analysts believe that Amaechi, a former two-time Speaker, two-time governor and current Minister of Transport is another force to reckon with when looking for likely presidential materials in 2023. Others also believe that Amaechi, a former chairman of the Nigerian Governors Forum also has the needed experience to continue from where President Buhari will stop in 2023, especially on his achievements in the rail sector, a critical programme the current administration has pursued vigorously.

However, being a blunt and fearless politician who says his mind without caring whose ox is gored, others believe he lacks the temperament needed of a leader of a country like Nigeria. There are others who believe that his being blunt is an asset as Nigeria needs a honest leader who will tell them the truth always.

Dave Umahi

When the Ebonyi state governor defected from the Peoples Democratic Party (PDP) to APC in November 2020, many believed it was because he has ambition to succeed President Buhari. Till date, Umahi has not publicly said whether he is interested in the race or not.

In a recent interview, he said the chances of the South-East region producing the nation’s presidency in 2023 is in God’s hands.

Babatunde Fashola

The current Minister of Works and Housing is also another potential presidential material. Well-read, articulate and broad-minded, Fashola, a Senior Advocate of Nigeria shone brilliantly during his tenure as governor of Lagos state between 2007 to 2015. It was believed that President Buhari desired him as a running mate in 2015 but since that was not possible due to the Muslim-Muslim ticket controversy; he made him the most important minister in his cabinet with three portfolios as Minister of Power, Works and Housing. The President only removed the Power ministry from him because many believed the challenges in the power sector alone is enormous for one man to handle.

Recently, the emergence of some viral posters from a group, “The Nigeria Project 2023”, allegedly presenting Fashola and the Governor of Borno State, Prof. Babagana Zulum as presidential and vice-presidential candidates respectively went viral with many people attesting that they are both good pairs.

However, in a statement issued by his spokesperson, Mr Hakeem Bello, the minister distanced itself from the group, saying he has never met with them.

“Ordinarily, the poster and the various social media reports almost instantly orchestrated on its account would have been ignored as the handiwork of mischief-makers. However, it became necessary to issue this disclaimer for two key reasons.

“The first of such was to answer with a strong negative to the numerous inquiries from right-thinking and well-meaning Nigerians on whether the Honorable Minister had been contacted or if the groups had his consent in issuing the invitation.

“Without equivocation, no individual or group has contacted the Honorable Minister for or on behalf of The Nigeria Project 2023,” the statement read.

It stated that the minister is currently focused on leading his dedicated team in the Ministry of Works and Housing to deliver on the mandate of President Muhammadu Buhari for an expanded and upgraded road transport infrastructure, and affordable housing nationwide in order to achieve economic growth and prosperity for the citizenry.

“Secondly, is the fact that entities unknown to a political party cannot present candidates on behalf of such a political party. As a ranking and loyal member of the ruling All Progressives Congress (APC), the individual and groups cited as promoters of The Nigeria Project 2023 are unknown to the APC and the Honorable Minister,”.

In view of this, the minister urged members of the public to be wary of the antics of unsolicited individuals and support groups whose real intentions remain questionable. “Every support possible should be given to the efforts of the current administration under the leadership of President Muhammadu Buhari to deliver a better nation for all,” it said.

Shortly after Fashola’s disclaimer, another group, Fashola/Zulum Presidency Support Group, issued a statement saying the Minister should be President Muhammadu Buhari’s successor in 2023, saying with the current level of developmental projects scattered across the country, Nigeria needs continuity devoid of bitter politics and political witch-hunting.

The group stated that it would be of disservice to Nigeria and Nigerians if gains recorded during the Buhari-led administration were allowed to be eroded by another crop of leaders who do not understand the dynamics of the country and what it means to effectively manage the nation’s diversity assume leadership positions.

The group’s National Convener, Barrister Abayomi Medemaku, said that with Fashola’s vast experience and his blend of knowledge across all walks of life, he is better positioned to take the mantle of leadership and continue from where Buhari stops in 2023 and consolidate on his achievements.

Speaking during the group’s launching of Fashola/Zulum Presidency Support Group, Medemaku stated that he was convinced that Nigeria Project 2023 was worth investing in and that the group has began mobilising for the actualisation of this mandate.

According to him, Fashola and Zulum are the ones who can inspire hope in the young. There words is their bond. They are not after personal aggrandizement. They have given a new meaning to loyalty and dependability.

“We want to sell our candidates to their parties. The duo of Fashola/ Zulum can salvage our nation from it drowning state, thus we took it upon ourselves to mobilize for them. We sampled people’s opinion and the sampling tallied with our conviction. A Fashola/Zulum Presidency we believe if actualized will drive the Nigeria Nation forward. Fashola (SAN)and Professor Babagana Umara Zulum will turn Nigeria around for good. We have seen in these two men persons who share good visions for Nigeria and whose vision are selfless and heroic”.

It however remains to be seen if Fashola will listen to the demands of those asking him to vie for the presidency in 2023 or not.

The argument out there is that Fashola has no political base but his loyalists have argued that it won’t be an issue if he has the backing of President Buhari as all the political machinery in the party will work for whomever the president supports.

Source: Independent Ng

China Says All Crypto-Related Transactions Are Illegal

 China Says All Crypto-Related Transactions Are Illegal

China’s central bank said all cryptocurrency-related transactions are illegal and must be banned, sending the strongest signal yet on its determination to crack down on the industry.

All cryptocurrencies, including Bitcoin and Tether, are not fiat currency and cannot be circulated on the market, the People’s Bank of China said on its website. All crypto-related transactions, including services provided by offshore exchanges to domestic residents, are illicit financial activities, the PBOC said in the statement.

This latest harsh directive, which sent Bitcoin dropping as much as 5.5% on Friday, comes as global markets grow increasingly concerned over a debt crisis involving property developer China Evergrande Group. The Chinese government may also be responding to signs that miners are disguising their activities to stay in business.

Vijay Ayyar, head of Asia Pacific with cryptocurrency exchange Luno in Singapore, said that while the Chinese government has made similar statements in the past, it is “a slightly nervous environment for crypto with the recent SEC comments and overall macro environment with the Evergrande news. So any comments of this nature will cause a sell-of in risky assets.”

The nation’s economic planning agency also said it is an urgent task for China to root out crypto mining, and the crackdown is important to meet carbon goals.

Investors should expect “knee-jerk price reaction as China takes the wind out of Bitcoin’s sails,” said Antoni Trenchev, co-founder of crypto lender Nexo. “The recent rebound from just below $40,000 has likely run its course for now.”

Bitcoin, ether, other crypto Asset Crashes

 El Salvador on Tuesday became the first country in the world to accept bitcoin as legal tender, despite widespread domestic skepticism and international warnings of risks for consumers

Bitcoin prices plummeted from more than $52,000 per coin, over 17% to $42,000, before recovering about half of that loss after El Salvador became the first country to adopt Bitcoin as legal tender on Tuesday. However, the rollout stumbled in its first hours and El Salvador President Nayib Bukele said the digital wallet used for transactions was not functioning.

Tuesday’s selloff is the most significant break in the rebound that had lifted Bitcoin almost 75% since late July. Overall cryptocurrency market value fell about $300 billion in the past 24 hours, according to tracker CoinGecko.

The world's largest cryptocurrency staged a small recovery as Bitcoin prices today were at around $46,757, down 11%. Meanwhile, other digital coins followed the lead with ether fell over 11% to $3,471 whereas dogecoin and cardano prices plunged 15% and 12% to $0.26 and $2.5 respectively. Stellar, XRP, Uniswap also crashed in the range of 15-20% over the last 24 hours.

Social media platforms were very cautious over the weekend that a plunge could occur following El Salvador’s big day," Edward Moya, senior market analyst at Oanda Corp., wrote in a note, as reported by Bloomberg. Some investors likely bought in anticipation of the nation implementing its Bitcoin law Sept. 7 and then moved to “sell the fact," he said.

According to experts, bitcoin was still in the bull market as long the price stayed above the $43,000 level.

Billionaire Mike Novogratz, chief executive officer of Galaxy Digital Holdings and a long-time cryptocurrency bull, told Bloomberg the market for digital coins was running strong over the last eight weeks and became overbought. Interest from individual investors spiked on the back of large institutions jumping on board the crypto wagon, he said.

David Gerard, author of “Attack of the 50 Foot Blockchain," told the Associated Press that Tuesday’s Bitcoin volatility likely had little to nothing to do with El Salvador. “My first guess was shenanigans, because it’s always shenanigans," Gerard said via email to AP.

“Bitcoin basically doesn’t respond to market forces or regulatory announcements," Gerard said. “That sort of price pattern, where it crashes hugely in minutes then goes back up again, is usually one of the big guys burning the margin traders." Because Bitcoin is so thinly traded, it could also have been a big holder making a large sale to have cash, thus sending the market for a ride, Gerard said.

Cryptocurrencies representations

Shiba Inu Can Make Investors Turn 'Millionaires' by 2030

Patience is a virtue of a few. Billionaire investor Warren Buffet once said, ''Our favorite holding period is forever.'' He explained further; ''If you don't feel comfortable owning a stock for 10 years, you shouldn't own it for 10 minutes.''

Despite losing $23 billion during the stock market crash in 2008, Buffet still held on to most of his assets and stayed strong through the long term. The value of his stocks has now more than tripled making him the seventh richest man in the world.

Buffet did not pull out his assets with fear in 2008 and this attitude of 'holding on' makes him an ideal investor as he zipped past through the ''financial Pearl Harbor''.

Buffet is a prime example that holding on to stocks for the long term would deliver enormous results even after the market crashes, but remember when it rises, your assets could grow tenfold from the invested amount leading to life changing fortunes.

Shiba Inu Investment Advice

More than half a million people have invested in Shiba Inu and majority of them have purchased millions and billions of coins at affordable prices as SHIB is trading presently for less than a cent.

Financial experts predict that Shiba Inu could reach the 1 Cent mark post 2030 as the current decade makes it impossible to reach that milestone due to the global economic uncertainties conditioned by the Covid-19 pandemic.

Will All Shiba Inu Investors Turn Millionaires?

Investors who have purchased millions and billions of coins have a realistic chance of turning millionaires when Shiba Inu reaches $0.01. However, unfortunately, not everyone will turn out to be millionaires. But why, you may ask? Well, here's the catch!

An investor would go through several ups and downs from 2021 and beyond, as the crypto market is nothing but a mean roller-coaster ride that would drag investors down a filthy hole in the harshest way possible.

Not everyone is mentally capable of riding the crypto market and majority of investors who have invested want to see 'instant results', and that is closely next to impossible.

Investors after placing their money on SHIB, check the prices hysterically every hour of the day and this unruly habit builds up mental pressure when they see the coin slipping during the trade, which would eventually make them to pull out their assets in a few years down the line.

Most of the current holders would eventually sell their holding before 2025, as they're unwilling and have no patience to reach 'to the moon' and miss out on making generational wealth.

By the year 2025, more than half of the present investors would have sold off their holdings being frustrated that the coin isn't reaching their desired goal and would miss out on a life changing moment due to impatience, but would reap the rewards if they held on for a few more years.

Shiba Inu, in reality can make every investor a millionaire if they 'hold on' to the long term until it reaches the 1 Cent mark and the simple trick to achieve this - is to read the first paragraph of this article again.

Shiba Inu Coin Cryptocurrency Bone Leash Token


Hackers Demand $70M in Bitcoin After Kaseya Ransomware Attack

 Hackers were on Monday demanding $70 million in bitcoin in exchange for data stolen during an attack on a US IT company that has shuttered hundreds of Swedish supermarkets.

Researchers believe more than 1,000 companies could have been affected by the attack on Miami-based firm Kaseya, which provides IT services to some 40,000 businesses around the world.

The FBI warned Sunday that the scale of the "ransomware" attack -- a form of digital hostage-taking where hackers encrypt victims' data and then demand money for restored access -- is so large that it may be "unable to respond to each victim individually".

Sweden's Coop supermarket chain was among the most high-profile victims, with "a majority" of their 800 stores still closed three days after the hack paralysed its cash registers, spokesman Kevin Bell told AFP.

Coop is not a direct customer of Kaseya's, but its IT subcontractor Visma Esscom was hit by the attack.

Bell stressed that the situation was looking "positive compared to a few days ago", but the few hundred stores that have reopened were relying on alternative payment solutions, such as customers paying using their smartphones.

Experts believe the attack was probably carried out by REvil, a Russian-speaking hacking group known as a prolific perpetrator of ransomware attacks.

A post on Happy Blog, a site on the dark web previously associated with the group, claimed responsibility for the attack and said it had infected "more than a million systems".

The FBI believes that REvil, which also goes by the name Sodinokibi, was behind a ransomware attack last month on global meat-processing giant JBS, which ended up paying $11 million in bitcoin to the hackers.

The blog post claiming responsibility for the Kaseya attack said the hackers would post a decryption tool online "so everyone will be able to recover from attack in less than an hour" -- if they were handed $70 million in bitcoin.

Kaseya describes itself as a leading provider of IT and security management services to small and medium-sized businesses.

The company said Sunday that it believed the damage had been restricted to a "very small number" of customers using its signature VSA software, which lets companies manage networks of computers and printers from a single point.

But cybersecurity firm Huntress Labs said in a Reddit forum that it was working with partners targeted in the attack, and that the software was manipulated "to encrypt more than 1,000 companies".

Kaseya said it had "immediately shut down" its servers after detecting the attack on Friday and warned its VSA customers to do the same, "to prevent them from being compromised."

The company has released a tool allowing its customers to find out whether their own computer systems have been compromised by the attack.

- Russia-linked hackers strike again? -

In recent months numerous US companies, including the computer group SolarWinds and the Colonial oil pipeline, have been the victims of high-profile ransomware attacks blamed by the FBI on hackers based in Russian territory.

US President Joe Biden recently raised the threat in talks with Russian counterpart Vladimir Putin, and on Saturday he ordered a full investigation into the Kaseya attack.

While "the initial thinking was it was not the Russian government", Biden said, "if it is either with the knowledge of and/or a consequence of Russia, then I told Putin we will respond."

Loic Guezo, head of Clusif, a French association of cybersecurity experts, said the Kaseya attack bore a strong resemblance to last year's spectacular attack against SolarWinds, a software company.

But he added that it was unclear why the hackers were this time demanding such a massive sum of money, and suggested it may have been done with political objectives to put pressure on the Biden administration.

UK Bans Cryptocurrency Exchange Binance


The UK’s finance watchdog has banned major cryptocurrency exchange Binance from regulated trading in Britain, as the industry faces greater global scrutiny.

Binance Markets Limited, part of Binance Group, is “not permitted to undertake any regulated activity in the UK”, the Financial Conduct Authority (FCA) said in a statement published over the weekend.

The ban affects options and futures contracts related to bets on price movements of cryptocurrencies.

However purchases of cryptocurrency units, such as of bitcoin and dogecoin, can continue since they are not regarded as financial products and are therefore not regulated.

Binance Group tweeted that the FCA move would have “no direct impact”.

Founded in China four years ago, Binance is one of the world’s two biggest crypto exchanges along with Coinbase in the United States.

Cryptocurrencies have long sparked concern among central banks and regulators alike, because of their lack of oversight.

The FCA has meanwhile warned consumers once more not to be lured by promises of high returns.

Bitcoin traders shrugged off the weekend developments, sending the virtual unit up 5.47 percent to $33,981 in Monday deals.

The unit has however slumped in recent weeks after China launched a crackdown on the industry.

Bitcoin had hit a record near $65,000 in April on the back of runaway demand.

Laith Khalaf, financial analyst at stockbroker AJ Bell, said that tighter regulation was a consequence of this boom.

“Cryptocurrency is a victim of its own success because regulators across the globe are increasingly turning their beady eyes on crypto assets — and companies like Binance that offer crypto services to consumers.

“This isn’t a step change in regulation which is going to knock the crypto craze on the head, but it is part of a growing trend of regulatory intervention in crypto markets.”


Sun Token Price Crash :SUN Redenomination and Upgrade Plan

What is SUN? Tron's DeFi Token - Asia Crypto Today  will be upgraded into TRON's first one-stop platform that supports stablecoin swap, token mining and self-governance.

In the initial phase, the SUN platform will first launch 3pool swap pool to enable the swap between USDT, USDJ and TUSD. 

The platform also has many other edges like lower handling fees, low transaction slippage, and low impermanent loss while offering greater swap efficiency and security. 

Going forward, the SUN platform will shortly launch plans such as token mining and platform self-governing so as to offer more rights and benefits to the community. As a governance token for the platform, the new SUN token grants community users various rights and benefits, including platform governance, value capture and staking rewards, etc.

To accommodate the requirements of the SUN project and infrastructure upgrade, starting from May 26, 2021 (SGT), SUN will implement a token redenomination and platform upgrade plan.

While maintaining its current market cap, the old SUN tokens will be redenominated and swapped with the new SUN tokens at a ratio of 1:1000. After the redenomination,  will undergo a significant upgrade and introduce a new service - decentralized stablecoin swap.

 The SUN platform will be upgraded into TRON's first one-stop platform that supports stablecoin swap, token mining and self-governance. 

After the redenomination, the new SUN token, as a multifunctional governance token on the SUN platform (similar to the CRV token of Curve DAO and the EPS token of Ellipsis), will grant token holders various rights and benefits such as the voting and governance right in the community, value capture, staking rewards, etc..

SUN Token Redenomination Plan

The SUN redenomination plan aims to lower the entry barrier of holding SUN tokens and facilitate the growth of the SUN ecosystem. The total supply of SUN tokens will be increased from 19,900,730 to 19,900,730,000 at a ratio of 1:1000, while the market cap of SUN remains unchanged. The volume of holding tokens in all addresses will be scaled in the same ratio accordingly. Details are as follows:

After the upgrade, to differentiate between new and old SUN tokens, old SUN tokens will be renamed as SUNOLD (hereinafter old SUN tokens will be referred to as SUNOLD); the new SUN tokens will assume the SUN ticker with a brand-new logo;

The SUNOLD contract address is TKkeiboTkxXKJpbmVFbv4a8ov5rAfRDMf9; upgraded SUN contract address is TSSMHYeV2uE9qYH95DqyoCuNCzEL1NvU3S;

SUNOLD swap channel will be opened on May 26, 2021 (SGT). You can swap for the new SUN by depositing your tokens on exchanges or by yourself on-chain

El Salvador has become the first country in the world to formally adopt Bitcoin as legal tender after President Nayib Bukele said Congress approved his landmark proposal.


 El Salvador has become the first country in the world to formally adopt Bitcoin as legal tender after President Nayib Bukele said Congress approved his landmark proposal.

Latin America’s youngest president, who’s known to break from norms, said on Twitter lawmakers approved the legislation by a “supermajority.”

The 39-year-old leader has previously said that Bitcoin could boost the economy, help counter El Salvador’s low banking penetration rate and facilitate faster transfers for $6 billion of remittances a year.

The high-stakes plan to ramp up usage of the volatile currency adds to the bull case, just as the token struggles to recover from last month’s dramatic rout.

The #BitcoinLaw has been approved by a supermajority in the Salvadoran Congress.

The #BitcoinLaw has just been approved by a supermajority in the Salvadoran Congress

62 out of 84 votes!

History! #BTC��

With 62 votes, the legislative plenary session approves the #BitcoinLaw with which El Salvador adopts #Bitcoin as a legal currency.

The Legislative Assembly keep making history

El Salvador Legislative Assembly

El Salvador’s central bank President Douglas Rodriguez said in an interview with state TV on Tuesday that Bitcoin is already used in the country and “it’s not something people need to be afraid of,” while adding it won’t replace the U.S. dollar.

Bitcoin has plunged from a mid-April record of almost $65,000, hurt in part by billionaire Elon Musk’s criticism of the amount of energy needed by the servers underpinning it.

Harsher regulatory scrutiny in places such as China has also soured sentiment, and the idea that more mainstream investors will warm to it has taken a knock. But the Bitcoin faithful say these are temporary setbacks and that the virtual currency’s role will expand.

Bitcoin climbed 3% to about $34,686 as of 12:25 p.m. in London on Wednesday, reversing earlier losses. The wider Bloomberg Galaxy Crypto Index increased 2.4%.

Nigeria Central Bank to Create Digital Currency


Nigeria will soon create its digital currency, the Central Bank of Nigeria said Tuesday as the bank continues to face questions over its ban on cryptocurrency transactions in the country.

The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, said this while addressing journalists after a two-day meeting of the Monetary Policy Committee in Abuja.

He said the idea of a digital currency would soon become a reality in the country, and that the central bank has already set up its committee, which is working on the concept.

PREMIUM TIMES reported how the MPC on Tuesday retained the Monetary Policy Rate (MPR) at 11.5 per cent, voted to maintain the asymmetric corridor of +100/-700 basis points around the MPR, retained the Cash Reserve Ratio at 27.5 per cent, and left the Liquidity Ratio at 30 per cent.

Mr Emefiele appealed to bandits and others involved in criminal activities across Nigeria to drop their arms and embrace the apex bank’s Anchor Borrowers’ Programme (ABP). He said those involved in criminality can be more productive by embracing the apex bank’s scheme.

“If you want an economy to grow, the level of insecurity must be low because if there is a high level of insecurity like what we see today, the economy will suffer,” Mr Emefiele said, adding that there is a connection between security and economic growth.

“I, therefore, would like to appeal to our brothers, who decide that they want to live in bushes and forests, that they should please, begin to retreat, drop their arms and come and embrace the anchor borrowers’ programme,” he said.

“If they do so, it will help them; if they choose not to do so, they will be confronted by the security as this battle continues.

“I am optimistic before the end of the year that the security challenges confronting the country will substantially abate.”

Mr Emefiele said that “almost the whole of N300 billion has now been disbursed” from the bank’s facility designed to provide succor to households and SMEs affected by the harsh impact of the pandemic.

Nigeria exited recession in the last quarter of 2020, amid the disruption brought on the global economy by the coronavirus pandemic.

On Tuesday, Mr Emefiele said that even though the economy had exited recession, economic recovery was still fragile. He explained that there was a need for monetary authorities to consolidate on all measures taken to tackle inflation and grow output.

Commenting on the Creative Industry Financing Initiative, the CBN boss said the apex bank has disbursed N3.19 billion to 341 beneficiaries across movie production, movie distribution, music and software development.

The CBN governor also explained the need for collaboration with Nigerians abroad, through the issuance of diaspora bonds targeted at sundry infrastructure projects.

Even though Nigeria’s public debt stock was currently high, he said the MPC opined that project-specific diaspora bond issues could conveniently pay itself back without imposing a burden on government fiscal position.

This, he said, will boost foreign exchange supply and ease exchange rate pressure.

Responding to questions about cryptocurrency, the CBN governor reiterated that it has no place in the Nigerian financial system.

When asked whether the CBN had been vindicated following the crash of cryptocurrency in recent weeks, Mr Emefiele said the CBN investigated and found out that a substantial percentage of Nigerians are involved in cryptocurrency.

“Don’t get me wrong, some may be legitimate but I dare say most are illegitimate and I will corroborate that,” he said.

“Under cryptocurrency and bitcoin, Nigeria comes second right? But in the global size of the economy, Nigeria comes 27th.

“So do you think that there is some correlation? You think those countries whose economies are second and 26th will allow you to grow your cryptocurrency business to second position, if what is inside is a big deal that is going to profit everybody?” he asked.

Mr Emefiele spoke about the volatility of the cryptocurrency market, citing how Tesla boss, Elon Musk, tweeted that he was going to invest about $1.5 billion in crypto and the rates went to the highest roof.

“And he then tweeted again and raised a fee concerns and the thing plunged,” the CBN governor said.

“Elon Musk had himself decided that he will no longer deal in cryptos. And so if a man who felt it was good suddenly decides to say it’s no longer good and then you…don’t forget, those who invented crypto said it is encrypted.

“When they say it’s encrypted, it means that whatever is happening between me and you is only know to the two of us. And you know what? In case I defraud you because it is encrypted, you can’t even disclose my name and you can’t even get your money back.”

Top 7 Mistakes in crypto-What should you never try in crypto as Beginner

                                                                                                                                                                                                 What should you never try in crypto?                                                                                                                                                                                                                                           The Crypto Daily – Movers and Shakers – April 18th, 2021                                                                                                                                                                                                                                                                                                                                                                                 

Here are the Top 7 mistakes that I have seen people make over the last years. If you don’t make these mistakes you are already better than 99% of all crypto traders. However, even if people know about all of these mistakes that they shouldn’t make, everyone makes these mistakes at least 5 times before actually having internalized them.

  • Being emotional. The best trader is the trader without any emotions, that is not phased by a 200% increase or a 70% dip and just takes profits or rebuys more.

  • Not buying low and selling high. This might seem obvious, but the majority of crypto traders simply do the opposite. How do I know? Because people bought in lots of Bitcoin when it was already at $15,000 and they sold lots when it was down at $10,000 and some even sold when it was down at $7,000 making it crash to $5,800.

  • Making all or nothing buys. They either sell all of their Bitcoins or either buy all of their Bitcoins. An experienced trader only sells 10% of their Bitcoin when they have made 50% gains, another 10%, when they have made 100% gains and always sell another 10% of their Bitcoins the higher it goes. That way, they always make profits and also have money to rebuy the dips. Inexperienced traders never sell, because they become too greedy or sell everything too early.

  • Putting all of their eggs in 1 basket. Don’t only hold 1 coin, hold the best 10 coins you can find and one of them will likely make a 1,000% return and make up for the losses of all the other 9 coins.

  • Putting all their coins on 1 wallet. Have your coins distributed through exchanges, online wallets, cold wallets and paper wallet, so that if one gets hacked or you lose it, you don’t lose it all.
  • Invest more that they can afford to lose. If you put more money into crypto than you can afford to lose, you also become much more emotional and make bad trades. It’s a vicious cycle. Instead, only put 10%of your whole networth maximum into crypto.

  • Buying coins that are hyped without any substantial improvement in tech. Examples are: EOS, Tron, Bitcoin, Litecoin. EOS is worse than Elastos, but has a 20x higher market cap, only through hype and also possibly through artificial pumping by the EOS team. It is extremely centralized with 21 voting nodes and Elastos offers a lot more functionality for dapps and is even more scalable. This is why EOS will drop in price significantly soon while Elastos will go up. Tron should only be worth a few hundred million but is worth billion, because Justin Sun was thought to have a partnership with Alibaba even though he only attended the same university as Jack ma.

Bitcoin plunged almost 30% to $31,000, wiping out more than $500 billion in value from the coin’s peak market value

 The crypto bubble that inflated Bitcoin’s value past $1 trillion and added billions to nonsense digital tokens overnight is bursting.

Bitcoin plunged almost 30% to $31,000, wiping out more than $500 billion in value from the coin’s peak market value. It has erased all the gains it clocked up following Tesla Inc.’s Feb. 8 announcement that it would use corporate cash to buy the asset and accept it as a form of payment for its vehicles. Ethereum, the second-biggest coin, sank more tha 40%, while joke token Dogecoin lost 45%.


Bitcoin is now down more than 50% from its record of almost $65,000 set in April. Fueling the volatility is Tesla CEO Elon Musk, whose social-media utterances have whipsawed the crypto community. A statement from the People’s Bank of China on Tuesday reiterating that digital tokens can’t be used as a form of payment added to the selloff.

The selloff dominated market chatter on a day when equities also were tumbling and the Federal Reserve was set to release minutes from its latest meeting. Critics had warned for weeks that the moves in crypto assets were unsustainable and that any sign of a selloff would lead to a rout.

Chart-watchers pointed to key technical levels that have failed.

“From a technical standpoint, the indicators are flashing red," said Ipek Ozkardeskaya, senior analyst at Swissquote in Gland, Switzerland. “The next important support level stands near $37,000, then the $30,000 mark. There is a chance that we see a pullback to these levels and even below, at least in the short run."

Cryptocurrency-linked stocks also dropped, with Coinbase Global Inc. falling 5.2% in U.S. premarket trading and Marathon Digital Holdings Inc. slumping 12%.

Then there’s Musk.

With his often cryptic Twitter posts moving millions, the Tesla chief has become a Svengali-like character in the world of crypto. Bitcoin embarked on a multi-month rally following Tesla’s February announcement, soaring to its $64,870 peak, in large part due to the company’s embrace.

Wiped Out

At the time, Tesla’s acceptance was hailed as a watershed moment for the coin, with many in the crypto world seeing it as yet another step in its evolution.

All that’s been wiped out after Musk sent investors into a tizzy following a mass of head-spinning tweets that started last week when he criticized Bitcoin’s energy use.

Tesla would suspend car purchases using the token, he announced, calling recent energy-consumption trends “insane." Over the weekend, after insinuating his EV company might have sold its Bitcoin holdings, he sent out tweets clarifying that it hadn’t. All of which had traders scrambling.

“Realistically, it is not the first time Elon Musk’s tweets have been erratic and, frankly, wrong," said Ulrik Lykke, executive director at crypto hedge fund ARK36. “The crypto markets are extremely emotionally driven and their participants are prone to overreacting to events they perceive as negative."

China Bans Financial Institutions From All Cryptocurrency Business Transactions


 China government has placed a banned on financial institutions and payment companies from providing services related to cryptocurrency transactions, and warned investors against speculative crypto trading.

Under the ban, such institutions, including banks and online payments channels, must not offer clients any service involving cryptocurrency, such as registration, trading, clearing and settlement, three industry bodies said in a joint statement on Tuesday.

“Recently, crypto currency prices have skyrocketed and plummeted, and speculative trading of cryptocurrency has rebounded, seriously infringing on the safety of people’s property and disrupting the normal economic and financial order,” they said in the statement.

China has banned crypto exchanges and initial coin offerings but has not barred individuals from holding cryptocurrencies.

The institutions must not provide saving, trust or pledging services of cryptocurrency, nor issue financial product related to cryptocurrency, the statement also said.

The statement also highlighted the risks of cryptocurrency trading, saying vitural currencies “are not supported by real value”, their prices are easily manipulated, and trading contracts are not protected by Chinese law.

The three industry bodies are: the National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China.

Cryptocurrency is still under pressure following tweets from Tesla CEO Elon Musk

 Cryptocurrency is still under pressure this morning following tweets from Tesla (NASDAQ:TSLA) CEO Elon Musk that rattled the market over the weekend. Bitcoin (BTC-USD) is down 8% to about $45,000, but it's off its lows today of just below $43,000. Ethereum (ETH-USD) is off 9% to around $3,500, with earlier lows nearing $3,100. Dogecoin (DOGE-USD) is down 5.5% to about  $0.45 having hit $0.59, earlier. "To clarify speculation, Tesla has not sold any Bitcoin," Musk tweeted just before 2 a.m. ET. A Twitter war broke out over the weekend between Musk and bitcoin fans, with Musk suggesting Sunday that Tesla has already or intends to unload its $1.5B in bitcoin holdings.

Musk was "taking on all comers on Twitter over the weekend and caused some chunky gyrations across the coins," Chris Weston, head of research at Pepperstone Group, writes in a note, according to Bloomberg. Musk began Sunday afternoon by making fun of MicroStrategy's (NASDAQ:MSTR) Michael Saylor, and things devolved from there. At one point, Musk pointed out that he's the guy behind PayPal (that's arguable), and how dare Bitcoiners try to tell him how money works. That provoked the natural response that Bitcoin is the anti-PayPal (decentralized vs. centralized).

Musk's outsize influence: The Tesla chief executive has found himself, and his huge social media following, as one of the arbiters of cryptocurrency sentiment of late. His mentions of Dogecoin have led to buyers flocking to the meme crypto that was started as a joke and he dubbed himself "Dogefather" in a promo tweet for his appearance hosting Saturday Night Live, which led to intense interest about how the coin would be worked into any sketches. He sent shockwaves through the crypto world last week when he said that Tesla would no longer be accepting bitcoin as payment because of his concerns about the amount of energy used in mining coins. Bitcoiners pointed out the fallacy in Musk's reasoning, noting mining has nothing to do with bitcoin transactions and everything to do with securing the network. He later expressed his confidence, saying "I strongly believe in crypto."

Twitter (NYSE:TWTR) and Square (NYSE:SQ) chief Jack Dorsey has also weighed in, but has had limited impact. Dorsey tweets that Square will "forever work to make bitcoin better" because it changes "everything" for the better in response to a report that Square had halted purchases after a $20M loss.

Frothiness: There is also an argument that Musk has given crypto holders a convenient reason to sell given the lofty heights hit. Riskier assets have faced pullbacks recently, with the Nasdaq falling for the fourth straight week, the first time that has happened since 2019. Tesla lost more than 12% last week. Bitcoin is down nearly 30% from its high in mid-April, but has still quadrupled over the past year.

Seeking Alpha contributor GS Analytics detailed Friday how Musk is a big risk for bitcoin. “If Ethereum, Dogecoin, and other current and future cryptocurrencies continue to emerge as an alternative to Bitcoin and each other, we will have an unlimited supply of cryptocurrencies to invest in,” GS Analytics writes. “They will no longer be a store of value due to this unlimited supply. This should be detrimental to the whole crypto space in the long run but its immediate impact should be reflected in the most established cryptocurrency – Bitcoin – which many investors consider as a store of value and are pricing it like it will maintain its leadership/monopolistic position in crypto space.”

Source: Seeking Alpha

Ethereum’s 27-Year-Old Co-Creator Vitalik Buterin Is Now The World’s Youngest Crypto Billionaire

 Vitalik Buterin, who spearheaded the launch of the Ethereum blockchain in 2015, has become the world’s youngest crypto billionaire at age 27. Ethereum’s cryptocurrency, ether, surged past $3,000 for the first time early Monday morning, marking a 325% rise since the beginning of this year.

 Vitalik Buterin, co-founder of Ethereum

Buterin’s ether address, which he disclosed in October 2018 as his main ether wallet, currently holds 333,520 ETH, worth $1.09 billion at the ether price of $3,278 at 1:30 p.m. ET on Monday

The ether cryptocurrency has a market capitalization of $376 billion, second only to bitcoin’s $1.08 trillion. Ether’s value has surged since the beginning of the year, largely due to the rising popularity of decentralized finance (DeFi) applications that are aiming to replace traditional financial intermediaries like banks and insurance companies. According to the data aggregator DeFi Pulse, over $72 billion is now locked in DeFi protocols, many of which are built on top of the Ethereum blockchain.

However, Ethereum is facing tough competition from Binance Smart Chain (BSC), the blockchain infrastructure developed by the world’s largest cryptocurrency exchange, which has been processing an average of more than 8 million transactions on a daily basis since late April (Ethereum is just over 1 million). Other prominent blockchains include Algorand, Cardano, Polkadot and Solana.   

Buterin was reportedly born in 1994 in the town of Kolomna, just outside of Moscow. He later moved to Canada with his family and was raised in Toronto. Prior to launching Ethereum, in 2012 when he was 18, Buterin cofounded (and wrote for) Bitcoin Magazine with Mihai Alisie, who later joined Buterin in founding Ethereum. In 2014, Buterin was awarded the prestigious Thiel Fellowship, offering $100,000 for young people under the age of 23 to pursue interests outside of academia (instead of going to college or university).

 The fellowship is funded by billionaire Peter Thiel, an early investor in Facebook and a graduate of Stanford University. A year later, the Russian-Canadian entrepreneur and the rest of the developing team launched Frontier, what they called the “barebone implementation of the Ethereum project.”

The future of blockchain technologies in financial markets

 When Satoshi Nakamoto introduced the Bitcoin (BTC) white paper over a decade ago, it was hard to imagine what role the cryptocurrency sector would play in global finance. Some argue that the invention of blockchain technology is comparable to the revolution brought on by the invention of the internet back in the 1980s. Starting as a niche space for tech enthusiasts, in just 12 years Bitcoin has become a serious player in the financial field, with its market capitalization closing in on Google, one of the world’s largest tech giants.

              Crypto-future (@crypto_nitro) | Twitter

One of the reasons for the increasing popularity of, and people’s increasing interest in, crypto lies in the fact that the technology that forms the backbone of cryptocurrency promises more financial inclusion compared with legacy finance. It is especially important for developing countries and emerging markets with fast-growing economic potential — the regions with the most promising potential for mass crypto adoption. And while blockchain cannot solve all of society’s problems, it’s the community behind this industry that should address the factors causing financial exclusion. Being decentralized in its origins and driven by the community, the crypto industry indeed greatly prioritizes diversity and inclusion, including valuing the contributions of women and the LBGTQ+ community.

The general public discourse on the crypto space still suffers from the notorious reputation of the Silk Road saga and the ICO craze back in 2017 — 80% of initial coin offerings ended up being scams. Meanwhile, by appealing to the younger generations — who will soon enough be the major drivers of the world’s economy — crypto is certainly gaining its momentum. Just last year, PayPal, the world’s largest payments processor, announced it would allow its customers to buy, sell and hold cryptocurrencies, and the demand for that service has been greater than the company expected.

Also last year, the world witnessed the rise of the decentralized finance industry, and some even argue that DeFi will complete what Bitcoin started, proving “to be the guarantee of a better, more liberated future.” DeFi has become a symptom of the real shift from centralized to decentralized services, fueling massive innovation and growth in Web 3.0 protocols and the demand for the decentralized internet. Since the old financial system has rotted and degenerated, we have witnessed an unprecedented amount of money-printing by governments all over the world amid the COVID-19 pandemic. DeFi brings forward the prospect of a paradigm shift, promising not just the democratization of money but the democratization of finance, representing a seismic shift in the way people will bank in the future.

Due to its decentralized nature, the crypto industry is not and will never be a local trend — the changes that it causes to the financial landscape are global. With central bank digital currencies, or CBDCs, being researched by governments all over the world and more institutional players — such as MicroStrategy, Mastercard, Bank of New York Mellon, Tesla and many others — entering the space, it seems inevitable that the global economy will have to accept that crypto, and the technology behind it, is here to stay. These examples also clearly represent signs that the industry is maturing.

Meanwhile, not all countries treat crypto equally: India has had a difficult relationship with the crypto space for some time already; China is leading CBDC development; the European Commission has proposed its Markets in Crypto-Assets Regulation, which has raised concerns within the crypto industry; and in the United States, while the crypto space is hopeful about new appointments in the administration of President Joe Biden, regulators are tightening the belts for crypto users. Cointelegraph decided to reach out to experts from China in the blockchain and crypto space for their opinions on the following question: What role will emerging technologies — such as blockchain, crypto and DeFi — play in shaping the future of finance in the world in general and in China specifically?

Bobby Lee, founder and CEO of Ballet:

“I think the way that blockchain and crypto have changed finance globally is by essentially introducing a brand-new asset class. Traditionally, the world only had gold and silver. After that, we had the invention of paper money, which became currency, and that was a new asset class. And then after a few more hundreds of years, the invention of stocks. Equity stocks in a company became the notion of ownership in the company, so stocks became an asset class. And of course, we've had loans and bonds. So, whether it's government or corporate bonds, that's another asset class.

And what we're seeing with crypto for 12 years now is that we have Bitcoin and now a new asset class called digital currency. Now, it's called digital currency, but it really doesn't have to be used like currency. It should be just treated like a new asset class. But why do we need that new asset class?

The issue with paper currency is that people in power always want to change rules to sort of strengthen their power over and hold on the economy, and thus over the people. So, they introduce the notion of unlimited printing. And this was only introduced in 1971. We're now at the 50-year anniversary of this new kind of asset class, which has a new feature: unlimited printing. Pretty much, before 50 years ago, the U.S. dollar did not have unlimited printing because it was backed by gold. So, you couldn’t have unlimited printing, but now you can have a little bit of printing because you've uncoupled from gold. Fiat currency has changed.

And now because of its change, the world’s locomotive has introduced a new asset class called Bitcoin, which is meant to counterbalance the change in fiat currency — to give people and give the world a choice. Do you want to continue to use an asset class that keeps on printing with no limit? Or would you prefer to put your savings at value into an asset class that has a strict upper limit of 21 million units? That's what crypto is bringing to the world.

Important questions are: Who wins? Who's right? Who's wrong? I think crypto will win because of its limited issuance, strictly limited in nature. My thoughts on Bitcoin as an asset class can be read in my book The Promise of Bitcoin: The Future of Money and How It Can Work for You. Cryptocurrency is bringing to the world the notion of a new asset class. And it's also bringing balance back to the world because before Bitcoin, the most relevant form of money was currency issued by governments, what we call fiat currency, and crypto has changed the very nature of it.”

Chang Jia, founder of Bytom and 8btc:

“First of all, the digital yuan mentioned in the first article, which integrates the cutting-edge blockchain technology and cryptography technology, has started to carry out the application in several first-tier cities in China. One could say that DCEP is already serving the national economy and the people’s livelihood. The prototype of China’s future financial network is gradually emerging. Therefore, in terms of digital finance, China is in a leading position over the world.

For the world, blockchain technology has a major mission in the future, including promoting currency internationalization, trade globalization and a better structure for the world’s top-level financial system to avoid the recurrence of a financial crisis.

At present, we can perceive that Bitcoin created by blockchain technology is becoming the preferred hedging asset of mainstream finance and has reached a market value of 1 trillion U.S. dollars within a short decade.

In the long process of financial evolution, Bitcoin and other high-quality cryptocurrencies will bring a new logical switch and asset portfolio to the world from the nature of currency and finance.”

Source: Cointelegraph

Berkshire Hathaway’s Charlie Munger Envy Bitcoin massive Success -Charlie Munger interview

 Berkshire Hathaway’s Charlie Munger Finds Bitcoin 'Disgusting and Contrary to the Interest of Civilization

Berkshire Hathaway Vice Chairman Charlie Munger, Warren Buffett’s right-hand man, says he hates bitcoin’s success. “I don’t welcome a currency that’s so useful to kidnappers and extortionists and so forth,” Munger said.

 Buffett, on the other hand, dodged the question about bitcoin because he did not want to upset the sheer number of investors who are long on the cryptocurrency.

Charlie Munger Hates Bitcoin’s Success

At Berkshire Hathaway’s annual shareholder meeting Saturday, Vice Chairman Charlie Munger commented about bitcoin. The 97-year-old said during a Q&A session:

Of course I hate the bitcoin success. I don’t welcome a currency that’s so useful to kidnappers and extortionists and so forth.

Munger, who is often known as Warren Buffett’s right-hand man, added that he also does not like “shuffling out of a few extra billions and billions and billions of dollars to somebody who just invented a new financial product out of thin air.”

Berkshire Hathaway CEO Warren Buffett (left) and Vice Chairman Charlie Munger at the company’s shareholder meeting on Saturday. Source: Berkshire Hathaway Inc.

The billionaire vice chairman of Berkshire continued:

I should say modestly that the whole damn development is disgusting and contrary to the interest of civilization, and I’ll leave the criticism to others.

After Munger finished expressing his view about bitcoin, Berkshire CEO Warren Buffett quickly added: “I’m alright on that one.”

The “Oracle of Omaha” avoided answering a bitcoin question earlier, emphasizing that he did not want to comment on the cryptocurrency directly.

“We’ve probably got hundreds of thousands of people watching this that own bitcoin, and we’ve probably got two people who are short,” Buffett said, elaborating:

So, we have a choice of making 400,000 people mad at us and unhappy or making two people happy, and that’s just a dumb equation.

Munger has long been a bitcoin critic. “It’s really kind of an artificial substitute for gold. And since I never buy any gold, I never buy any bitcoin, and I recommend other people follow my practice,” he said in February. “Bitcoin reminds me of what Oscar Wilde said about fox hunting. He said it’s the pursuit of the uneatable by the unspeakable.” The Berkshire vice chairman previously called bitcoin “rat poison” and likened its trading to “trading turds.” Buffett then called the cryptocurrency “rat poison squared.”

What do you think about what Charlie Munger said about bitcoin? Let us know in the comments section below.

Young Koreans Turning to Crypto as Alternative for Creating Wealth


 Young Koreans Turning to Crypto as Alternative for Creating Wealth

Young employees in their 20s and 30s are reportedly leaving the workforce to pursue riches in crypto trading.

Bitcoin Trading now Legalised in South Korea [Updated] - Crypto Rand Group

Young South Koreans are reportedly turning to cryptocurrencies as a means of generating wealth in greater numbers , much to the chagrin of their employers.

Many of South Korea’s young workers aged in their 20s and 30s are leaving their average paying jobs to explore crypto day trading, according to a report by local news outlet The Chosun Ilbo on Tuesday.

Their goal is to escape poverty and amass enough wealth to buy a home, a dream many young people worldwide feel is out of reach.

“I face the reality of being unable to afford my own home no matter how hard I save up my salary,” said one anonymous worker cited in the report. “There is no other way than cryptocurrency investments for me to accumulate wealth.”

Some employers even threaten to block access to crypto trading websites during trading hours as employees check on price fluctuations continually throughout the day.

Many employers are experiencing an exodus in the workforce of young people who are looking to make their fortune trading amid the current crypto bull run.

This is particularly prominent in the IT industry, where professionals are quitting their jobs once their trades have brought them healthy profits.

The report cites success stories like Han Jung-soo who reportedly left his employer after three years because he accrued over $2.6 million through trading.

“This is one of the reasons that IT companies have recently rushed to give big pay rises to their staff,” laments one team leader from a startup in the south of Seoul. “Most employees of IT companies in this area invest in cryptocurrency and we’re seeing workers quit after making more profits from their [crypto] investments than their jobs.”


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