Posts about Crypto
It's been 14 years since Satoshi Nakamoto mined the first Bitcoin block on the chain, known as Genesis Block. The year was 2009, this seems like a looong time ago for many people. For even more people, that year doesn't mean that much, because they weren't old enough to even buy a beer, myself included!
So, after 14 long years, what changed with Bitcoin & crypto as a whole?
From nothing more than a "security" coin used to buy drugs on the dark web, all the way to digital gold! People ALL OVER the world has seen the potential Bitcoin & Crypto as a whole has, and they're putting a lot of trust & money into it !
From what I've seen and talked to a lot of you guys here, the Housing Market is so monumentally high it every country that it seems impossible for us 20-30 y.o. to buy our own place to live! Inflation is also STILL out of control in many countries. THIS is where crypto has come into the scene to dominate the economic world. How, you might ask?
A fiat currency's power resides in the trust people put in it. Take the US dollar for example. It's the reserve currency of the world because USA is the most powerful country in the world. That's why people trust the dollar. But what about other currencies?
Let's take for example the turkish lira : 1000 turkish lira in 2019 would be world approximatively 140 USD, but now it's only worth 37 USD ! This is MASSIVE inflation & the turkish people have to bear the brunt of it.
So, what did turkish people do? A lot of them turned to crypto! And by a lot, I mean A LOT, approximatively 50% of them! As shown by this article:
https://i.redd.it/4es8h66v2fpb1.pngTurkish people turned to crypto to be able to hold assets and NOT lose value. Yes, it is volatile, but in the long run, when your country is decimated by inflation, it's worth it! For many people there, it's a safer asset than holding fiat currency. And I completely understand them, what would you rather hold? Turkish LIRA or Crypto?
Now, don't get me wrong, this statistic in no way could be 100% accurate but it give us a clear picture of what crypto can give to people ... hope!
Even so, you have to understand that most of the people might own maybe 50$, 100$ worth of crypto, so it's not like all of their money is in crypto, however it's a huge statistic and a perfect duel between FIAT & Crypto.
So, that's it with Turkey, let's look at another country! INDIA !
So, we have here another really interesting article about Crypto use by the people, this time in India:
https://i.redd.it/ftogb8py3fpb1.png" India has become the second largest crypto market in the world in terms of raw transaction volume, beating out the UK, Turkey and Russia. And that's despite difficulties around tax laws, according to a new report from Chainalysis.ย? "
India has a population of about 1.4B people. Billion! Most of them live a really poor life, and it's in their culture to gather gold & hold it for generations. But with these recent movements I can't help but think, what if people in India began to exchange their gold for crypto? Just imagine the money pouring into the market and the adoption process being fastened!
So, what we can see lately is that Crypto is more & more popular and tolerated around the world. Adoption is coming with teeny tiny steps. By the way, here is the 2023 crypto adoption index top 10 chart, a chart made by Chainalysis.
Lower numbers represent more tolerance" The first key takeaway here is that the Central & Southern Asia and Oceania (CSAO) region dominates the top of the index, with six of the top ten countries located in the region. As we explore in the full report, the circumstances driving adoption in each CSAO country are unique, which leads to different usage trends and breakdowns of most popular services.ย? "
So, after all of these said, I can't help but wonder, we have come sooo far in 14 years... where will we be in another 14 years? How would the crypto world look? Looking forward to your honest opinions.
As always, I'm happy to share the funny things that I encounter while I'm on my missions as a crypto bounty hunter.
This case is a little different - my client fell for an investment scam through a contact via WhatsApp and ended up losing around 32kโฌ after sending them to a fake platform in USDC. As I keep mentioning, fake platforms are mostly identical to normal platforms these days, so you need to be extra aware of the dangers that lie in the crypto space. Just check the one below and see if you can tell whether itโs real or fake.
A basic domain search quickly revealed that this domain had been created just two months ago, an unmistakable red flag. Such indicators should always be considered when evaluating the credibility of the next platform to entrust with your Bitcoin, Ethereum, or stablecoins.
On the blockchain front, the victim himself undertook tracking efforts and managed to locate the wallets holding the funds. He reached out to me for assistance in identifying the exchange associated with these wallets and for support in recovering the assets. For those interested, the fraudster initially deposited the funds into one address, subsequently split them into two different wallets, and ultimately sent them to OKX.
With the cooperation of OKX, we temporarily managed to freeze the funds, which remain pending while conducting a more thorough investigation. However, the case took a darker turn when the authorities seemed initially reluctant to grasp that the information provided by both me and the victim was verifiable through the blockchain. They even questioned the authenticity of blockchain data. Fortunately, through the victim's perseverance, the detectives eventually reached out to the exchange and secured an extension of the freeze for the duration of the investigation. I remain optimistic that once the authorities confirm the illicit origin of the funds, they will be seized and returned to the victims.
This case may have broader implications than initially apparent, as the perpetrators laundered millions of USD in Ethereum, USDT, and USDC through these accounts. Hopefully, more victims will be identified, and their funds can be returned. Additionally, this case is particularly important in highlighting how little authorities still know about the crypto space and how important it is that they receive more training to deal with these new threats and scammers.
As always, the scammers get served some Queasy Justice, stay safe and freak the scammers.
โ ๐๐ข๐ ๐ฒ๐จ๐ฎ ๐ค๐ง๐จ๐ฐ ๐ญ๐ก๐๐ญโฆ MฬฒuฬฒlฬฒtฬฒiฬฒvฬฒeฬฒrฬฒsฬฒXฬฒ ฬฒcฬฒaฬฒnฬฒ ฬฒsฬฒeฬฒrฬฒvฬฒeฬฒ ฬฒaฬฒsฬฒ ฬฒaฬฒ ฬฒtฬฒrฬฒuฬฒtฬฒhฬฒ ฬฒmฬฒaฬฒcฬฒhฬฒiฬฒnฬฒeฬฒ ฬฒfฬฒoฬฒrฬฒ ฬฒtฬฒhฬฒeฬฒ ฬฒwฬฒoฬฒrฬฒlฬฒdฬฒ? ๐ก
The most important use cases enabled through the MultiversX technology and products are:
Private digital identity
2. Unforgeable digital property
3. Digital money
4. Autonomous finance
5. Decentralized autonomous organizations
6. Metaverse worlds
7. Network states.
What is striking about each of the above applications is that they are not only compatible with strong AI tools enabling automatic and deterministic interactions, but they are also transparent and immutable, hence cryptographically secured and unforgeable by AI tools.
Source: Facebook arcstake
