Tag: crypto bubble

x42: The Cryptocurrency Gem You Don’t Want To Miss

By Spencer Kellogg | @Spencer_Kellogg

Open. Feeless. Infinite. Those are the three words that greet users of the x42 Protocol, a new cryptocurrency that launched in the late summer months of 2018. In the world of cryptocurrency, manufactured hype and speculation often cloud the true viability of new projects in the nascent marketplace. x42, however, appears to have all the trappings of a strong, working product for innovation and finance.

x42 is a decentralized cryptocurrency that promises zero fees and infinite scalability. The coin can be transferred privately in an instant and the platform itself acts as a creative authoring hub for launching an assortment of applications ranging from indie game developers to large-scale business models. Maintained by the blockchain, x42 provides a flexible entry for entrepreneurs and amateur content producers alike to create, maintain and execute smart contracts and customizable side blockchains.

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A technology based on the Stratis cryptocurrency, x42 smart contracts are written in the common language C# and provide builders with a framework to launch their own blockchain applications and projects. Utilizing the Breeze Wallet, x42 transactions are private and untraceable ensuring anonymity for core community users. The project is growing in interest every day and their Discord channel boasts over one thousand users already.

At this moment, the x42 team is focusing on releasing tiered nodes and an entry-level master node is available by purchasing and holding 1,000 coins in the x42 core wallet. x42 protocol employs Proof of Stake (POS) and rewards users who stake coins in the wallet with a payout every 1-3 days. x42 coins can be purchased at the Start-Ex cryptocurrency exchange.

Unlike many cryptocurrencies that utilized ICO’s during the crypto gold rush of 2017, the x42 team used a traditional launch that included a pre-mine of 25% of their full coin supply (42 million coins). The rest of the coin supply will be printed by the year 2030. This incentivizes users to hold their coins in a wallet and receive staking benefits. Block rewards are 20 coins per block until the block number 550,000 is reached (likely October of 2019) at which time the reward will reduce to 5 coins per block. For more information on coin supply and market cap, check out CoinGecko’s page for x42.

The use cases for x42 are impressive in their diversity. Developers have suggested that the platform can be used to create casual gaming infrastructures like Ethereum’s wildly popular CryptoKitties or to build more sophisticated tech like Maps or Virtual Reality applications. x42 can also be used to uphold contracts via a modeled reputation system or to even remotely control small and large-scale equipment for businesses.

x42’s combination of feeless, private transactions and a smart contract platform that can create and execute decentralized applications make it an interesting project to purchase and hold for the future. The team is active on several social media platforms and they have, so far, achieved every stated goal in a timely and professional manner. With less than 600 followers on Twitter, this is still very much the early stages for the x42 project and a good opportunity for speculators and tech-interested investors alike to join a budding project in its infancy.


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Cryptocurrency Market Shows Life, Adds $40 Billion in 2 Days

By Ryan Lau | @agorisms

Over the past several months, the cryptocurrency market has slowed. Its peak market cap of $830 billion has fallen dramatically, losing over two thirds of its value.

However, over the past several days, it is beginning to show life again.

On July 2, Bitcoin finally saw growth after it reached a 12 month low in value. As of June 29, the cryptocurrency had fallen as low as just over $5800 USD. Yet, the value, as of July 3, has soared back to $6658 USD.

This shows nearly a 15% increase in Bitcoin in just four days, which averages to slightly under 4% a day.

Of course, since the cryptocurrency’s fall from a January high of nearly $20000 USD, it has jumped up by these percentages a number of times. Despite this, some investors believe that this rally is longer term.

Sustainable Cryptocurrency Market Gains

As Bitcoin rose, the cryptocurrency market as a whole also saw considerable gains in volume. In the past 48 hours, it has added $40 billion dollars in total volume. As part of this, Bitcoin’s volume rose to $4.6 billion.

Other coins, such as Bitcoin Cash, Cardano, and Ripple, have also risen in value and volume over the same span. Ethereum also showed strong recovery, bouncing from $400 to $467 USD.

Because of the increase in both volume and value, many expect this growth to continue. Some market estimates place a short-term value of Bitcoin at slightly over $7000 USD. If this occurs, it will represent a 21% payout since the cryptocurrency reached its low.

Smaller cryptocurrencies have yet to see the same rebound and uptick in volume. Yet, the market trend suggests that they may soon see similar looking gains, as demand for crypto increases.

The Cryptocurrency Market in U.S. Cities

Clearly, there has been a rapid increase of cryptocurrency market recognition since just one year ago. As this continues, demand not only rises for coin ownership, but for work opportunity. in fact, first quarter 2018 blockchain jobs on the freelance site upwork.com rose a staggering 6000%.

While some, like those on upwork.com, seek employment in blockchain, many others are finding another way to join the market.

Throughout U.S. cities, Bitcoin ATMs are beginning to appear. As of mid-June, over 2,000 of the machines existed in the United States, with almost 100 in the state of Michigan.

For a fee of 7 to 8 percent, consumers may purchase the cryptocurrency in order to hold, invest, or trade.

Generally, the machines exist in low income areas. Of course, many families with lower incomes do not have bank accounts. As an alternative, they may use these ATMs as a cheap alternative means of storing money.

Some even view the machines as an alternative to lottery tickets. With high levels of risk and reward, both are capable of bringing massive success for a small price.

Unlike a lottery, however, the cryptocurrency market shows trends that users can monitor for maximum gain. Detroit gas station owner Andy Attisha says that users of his Bitcoin ATM are doing exactly that.

“A lot of people do day trading on it,” Attisha remarked about his ATM. “I see people coming in here every day messing with the machine.”


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France Is Severely Cutting Taxes On Bitcoin

By Nick Hamilton | United States

Earlier this year, France and Germany came to a consensus that they needed to tax and regulate Bitcoin.

However, on April 26th, France turned over a new leaf. The nation cut taxes by more than half on the crypto-currency, from 45% to 19%, excluding other social taxes.

With this social contribution tax, France will tax Bitcoin at 34.5%, which is still almost a 25% tax cut.

This comes due to a change in the classification of cryptocurrency. France is now classifying Bitcoin as a capital gain, meaning that it get’s the flat tax of 19%, per French law.

At the G20 Summit in Buenos Aires last March, Germany and France both advocated heavily for regulation of the currency. The French Financial Minister, Bruno Le Maire, sent out a series of tweets on March 19th about regulating Bitcoin with other EU countries, which you can read here. However, clearly, Mr Le Maire has had a change of heart, and it definitely picked up a huge win in France yesterday.

Since the ruling yesterday, Bitcoin saw a jump to over $9k, and is maintaining that early this morning pretty nicely. The currency has been on an upwards trend lately. Thus, this tax cut could very well motivate more French to buy it, as France is one of the more economically stable states of the EU, with many citizens looking to invest in crypto-currency.

However, this is not the only means of relaxed taxation we’ve seen from the EU. Germany announced on March 1st, 2018 that they support crypto-currencies as a form of payment. This also means that the government will not tax miners that receive block rewards, due to their services being voluntary. So, even though both France and Germany have called for heavy regulation, they’ve been very lenient on taxation.

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No, Cryptocurrency Is Not “Quietly Dying Out”

By Mason Mohon | @mohonofficial

On Sunday, Russia Today posted an article titled “Is the cryptocurrency market quietly dying out?”, which was full of nothing more than explanations of recent cryptocurrency events along with market declines.

The article merely discusses recent market trends but uses a loaded editorialized headline to make it seem like crypto is dying. The recent decline and widespread burns are quite the opposite, though. The market is organic, and consumers have to take responsibility and learn for themselves.
Those who were scammed or bought Bitcoin at $19,000 may be too depressed to ever buy cryptocurrency again, but if they are wise they will see it as a learning experience. People who have been burned will now use a skeptical eye when looking towards any potential investments.
The failure of the cryptos with “broken blockchains” is just creative destruction at work. They couldn’t serve the consumers, so a better and safer technology is coming to take their place.
A decline in the price of popular currencies is not the end of an era. It is a learning opportunity, so take advantage of it and use it as such.
Note: This is not investment advice.

BIT CON: Bitcoin Tre & The Collapse of Bitconnect

By Spencer Kellogg | USA

When I first got started with Bitcoin in September of 2016 one of the first faces that I became familiar with was not Roger Ver or Charlie Lee but instead an Instagram famous, quirky black kid with dreads named Bitcoin Tre. In a world teeming with short white tech-obsessed geeks, Tre stood out like a stray asteroid that had barreled into an obtuse outer region of another galaxy. Sometimes Bitcoin Tre, (AKA The Black Logan Paul) would post pictures of his little kid or the girl that he was with but most of the time he just streamed updates about cryptocurrency to his Instagram. He seemed like he had made it and he made you think you could too. A year later, he is now persona non grata in the crypto community and investors far and wide have spent the better portion of the past week penning their own sob stories about the houses, wives and savings lost on the ugliest scam of 2018, his scam, the collapse of Bitconnect.

In 2016, we were all still on Poloniex and Tre would point his camera at the slate-colored charts to explain his strategies or show newcomers what it looked like to participate in the exploding world of online crypto trading. For beginners like me, Tre came off as a benevolent guy who was ready to help make you rich. By the beginning of 2017, Tre could be seen daily promoting high-interest returns on BTC loans through a project called Bitconnect. Whether out of an innate skepticism or because I was overwhelmed by the hundreds of other cryptocurrencies to research, I never did look up Bitconnect. When it launched into the Top 20 of CoinMarketCap this Fall (Bitconnect CoinMarketCap) I felt sick to my stomach. Bitconnect? That thing that Tre was always shilling, the project that had scam written all over it, had hit pay dirt and I didn’t own one of them! Only two months later, after the closure of Bitconnect (Bitconnect Ponzi Scheme), Tre’s close ties as chief promoter of the maligned project has made him the center of critique and anger throughout the community.

At its heart, Bitconnect was a lending platform that allowed passive income by providing Bitcoin loans through the Bitconnect platform. A user could send their Bitcoin to the Bitconnect platform, make a trade for Bitconnect tokens (BCC) and then lend out those tokens to other users at an interest rate of more than 40% a day over the first two years of operation. Tre gloated regularly about his returns but for most of us, something never quite added up. By the time Carlos Matos snorted a mountain of cocaine and dropped his worst Steve Ballmer impression on the cryptocommunity (BITCONNNECCTTT), the writing was clearly on the wall for any reasoned investor. At its height, Bitconnect garnered a $2.5 Billion market cap and an ever-increasing amount of scrutiny with many users in the cryptocommunity warning newcomers of the platform and roundly calling for its delisting from CoinMarketCap.com. After American securities regulators sent cease and desist letters to Bitconnect in early January, the market was sent spiraling and within a week the valuation of the service had dropped dramatically to less than $150 Million sending investors and speculators into a feeding frenzy of blame and anger that sat Bitcoin Tre front and center.

A cursory glance at Tre’s output (Bitcoin Tre Youtube) will tell you most of what you need to know about Tre: he doesn’t know what the hell he’s talking about. His stylized youtube channel mixed with his singular personality in the Bitcoin world is reminiscent of other hype men like Michael Suppo “Suppoman” (Suppoman Youtube). As a result, for as long as I’ve followed Tre, he has been dogged by claims that he is a scammer by some while others simply poke fun at his hyperbolic and constant uploads of crypto hype thinly disguised as analysis. When the bottom fell out, many in the community pointed their vitriol directly at the man who could be seen every day pumping up speculators on the Bitconnect project. In his rambling, crazed, “final rant” on Bitconnect (TRE BITCONNECT RANT), Tre stumbles his way, awkwardly looking out the window, through a half-assed non-apology to the people who followed his advice and invested tens of thousands of dollars into his pet hype project only to see their money burnt to a crisp in a span of less than 72 hours. Some have given Tre the benefit of the doubt but I find it hard to believe this is one simple little mistake. For example, in the video information from the above link, you can see Tre promoting another alleged scam with a link to the lending platform Davor which has been routinely called out on Twitter in recent weeks for its shady dealings.

I still remember the first days I spent using Circle App to try and exchange USD for BTC. In those days, Bitcoin Tre was one of the first on-ramps, socially, that I knew of in the mysterious world of crypto. Even then, before he became a 24/7 Bitconnect shill, there were detractors and ‘haters’ who would flood the comment section of Tre’s videos with accusations of cons and scams. As a noob, it was difficult to tell the truth from fiction and Tre himself had suggested that he was being blacklisted and attacked because of racial and social differences in the majority whitewashed cryptocommunity. While the community is defiantly white ivy league types, I knew his appeal was a falsity. As the infamous Ben Shapiro quote reads “Capitalism only care about one color – green” and Bitcoin Tre’s appeal to SJW tendencies did little to quiet the skeptics. In the world of high-risk anyone can become a millionaire. While dreams are made every day, more suckers are born every minute. Crypto con men lure new investors and speculators into the dim alleys of crypto while receiving kickbacks and dark bounties for promoting projects that stalwart crypto investors wouldn’t touch if it was given away.  In a space that is littered with false promises and moon projections, new investors should be wary of those who seek to take advantage of their hard earned money with promises of glory. Before you buy your next asset, recognize that people like Bitcoin Tre are piranhas that swim in the muddy waters of the crypto boom and you’re their next target.