Crypto Megathread V15 - Where the hits keep on coming!

[meauneau]

You could easily setup a central system for gold exchanges that you do with crypto without using 0.5% of the world's electrical power to make digital tokens. The reason gold doesn't have a similar system is that currencies tend to be stable and there are entire digital banking systems already in place. Crypto ,in my opinion, is a solution to a problem that doesn't really exist. Crypto would have made more sense prior to the digitalization of currencies. No one has explained why cryptocurrency needs to exist. No one with wealth even stores their wealth in currency so inflation while under reported, its impact on not poor people is grossly overstated.

Crypto isn't only digital money, it is all of finance digitised and available to everyone everywhere. It makes the whole space less reliant on trust, transparent and more fair. How is this not of value? People will be able to protect their property from corrupt governments and avoid boom and bust cycles or at least see them coming thanks to blockchain/dlt tech. Also, people in 3rd world countries who don't have access to banks or insurance will have these services and will be able to invest in synthetic assets and so on so they will have a chance to play the game. There are a lot more things that crypto/blockchain/dlt can do/solve and so on. If all you can see is digital money with funny names then you are NGMI.

 

[POWER2]

AfriCrypt Founders Deny Stealing Worth $3.6B of Bitcoin

Today, AfriCrypt’s founders deny stealing the billions of investor funds, asserting they went into hiding because of death threats. Raees Cajee, the co-founder of the South African crypto investment platform further reveals that the platform lost $5M from hackers.

It can be recalled, the Cajee brothers made it into headlines when they went missing a few days ago. The brothers were accused of disappearing with 69,000 Bitcoin worth $3.6 billion of investor funds. Previously, they notified the users about the hacking incident via email and they already shut down AfriCrypt’s website.

Of note, AfriCrypt was founded in 2019 by the Cajee brothers – Ameer (17) and Raees (20). Speaking with The Wall Street Journal on June 28, Raees sought to counter the accusations against AfriCrypt and its founders.

Furthermore, Raees said they went into hiding after receiving death threats from ‘very dangerous people’. He also rejected the claims that the $3.6 billion funds is missing, asserting the firm only managed $200 million during its peak last April. Thus, only $5 million in investor funds are unaccounted for after the hack.

Hanekon Attorneys, the law firm representing AfriCrypt’s customers, alleges that Cajee brothers transferred the money to various dark web tumblers to prevent the funds from being traced.

Meanwhile, John Oosthuizen, lawyer representing the Cajee brothers, told the BBC,

They maintain that it was a hack, and they were fleeced of these assets.

According to the WSJ, there’s a separate group of investors seeking AfriCrypt’s liquidation right now. Lastly, the brothers plan to make an appearance on July 19 for a court hearing regarding their claims.

 

[meauneau]

Bitcoin Banco Group Leader Arrested for $300M Crypto Fraud

Brazilian authorities arrested Claudio Oliveira, leader of the Bitcoin Banco group. Police arrested the self-proclaimed “Bitcoin King” in connection with a $300 million embezzlement scheme.

According to an official police press release, the arrest was made after a three-year investigation. The operation code-named Daemon involved over 90 federal police officers. Also, the investigation revealed that the group engaged in scams and theft. Notably, the police opened the investigation after the group suspended client withdrawals and reported that 7,000 BTC had gone missing.

In addition, the group filed for judicial recovery in an attempt to avoid filing for bankruptcy. However, authorities soon discovered that the group was not meeting its obligations under judicial recovery. Instead, the group was focusing on attracting new clients. Thus, the group was acting without registering or complying with Brazilian regulations.

Also, the investigation revealed that Oliveira had committed similar crimes in the US and possibly some European countries. The investigation also exposed some of the “Bitcoin King” accomplices. As such, apart from Oliveira the Brazilian police also made four temporary arrests, twenty-two searches, and several seizure warrants.

Prior to this, Brazil has been relatively crypto-friendly. In fact, the country launched the first South American crypto exchange-traded fund (ETF) earlier this year. The ETF is Bitcoin-based and on the Brazilian Stock Exchange B3.

However, the arrest comes at a time when world governments are tightening regulations for crypto business. So far, popular crypto exchange Binance has fallen victim to several complaints. Most recently, Thailand filed criminal charges against the exchange for operating in the Asian kingdom without a license.

Other countries that have flagged Binance for non-compliance include the Caymen Islands, the UK, Canada, and Japan.

You should do like the girl in you AV for not posting links. You probably already do.

 

[POWER2]

Crypto isn't only digital money, it is all of finance digitised and available to everyone everywhere. It makes the whole space less reliant on trust, transparent and more fair. How is this not of value? People will be able to protect their property from corrupt governments and avoid boom and bust cycles or at least see them coming thanks to blockchain/dlt tech. Also, people in 3rd world countries who don't have access to banks or insurance will have these services and will be able to invest in synthetic assets and so on so they will have a chance to play the game. There are a lot more things that crypto/blockchain/dlt can do/solve and so on. If all you can see is digital money with funny names then you are NGMI.

Corrupt governments can seize crypto stored in exchanges, which is where most of the currency is stored, moved and sold

1. Any government can ban crypto currency, levy taxes, make it illegal to hide or make it illegal to use
2. Lack of regulation means more scammers
3. Most of the world's crypto currency is owned by the same people who control most regulated currency
4. Billionaires invest in crypto, so that normal people will. They leverage the supposed value of crypto to do business in real currency
5. Crypto exchanges pay their employees in real currency. Nuff said.
6. No one in a third world country can afford to own, much less use crypto currency.
7. If you spend crypto currency on anything, you risk losing value. You spend $30,000 on a car and a week later that same crypto is worth $40,000. You lost $10,000.

 

[POWER2]

You should do like the girl in you AV for not posting links. You probably already do.

 

[meauneau]

Corrupt governments can seize crypto stored in exchanges, which is where most of the currency is stored, moved and sold

1. Any government can ban crypto currency, levy taxes, make it illegal to hide or make it illegal to use
2. Lack of regulation means more scammers
3. Most of the world's crypto currency is owned by the same people who control most regulated currency
4. Billionaires invest in crypto, so that normal people will. They leverage the supposed value of crypto to do business in real currency
5. Crypto exchanges pay their employees in real currency. Nuff said.
6. No one in a third world country can afford to own, much less use crypto currency.
7. If you spend crypto currency on anything, you risk losing value. You spend $30,000 on a car and a week later that same crypto is worth $40,000. You lost $10,000.

Not your keys not your crypto. People will learn to take custody of their own assets.

The rest also applies to fiat currency.

 

[POWER2]

Not your keys not your crypto. People will learn to take custody of their own assets.

The rest also applies to fiat currency.

Repeating what you've heard someone else say doesn't make you sound savvy. It makes you sound like a sheep. If you have to store your DIGITAL currency on a device with no internet access to keep it from being stolen, it's not a currency. If you have to convert it into fiat to spend it safely, it's not currency. Currency is mobile and ready to use, instantaneously, every moment of every day.

1. Any government can ban crypto currency, levy taxes, make it illegal to hide or make it illegal to use
2. Lack of regulation means more scammers
3. Most of the world's crypto currency is owned by the same people who control most regulated currency
4. Billionaires invest in crypto, so that normal people will. They leverage the supposed value of crypto to do business in real currency
5. Crypto exchanges pay their employees in real currency. Nuff said.
6. No one in a third world country can afford to own, much less use crypto currency.
7. If you spend crypto currency on anything, you risk losing value. You spend $30,000 on a car and a week later that same crypto is worth $40,000. You lost $10,000.

 

[TeTe]

Thank you china for creating sale prices and mining opportunities in the rest of the world.

Maybe next year when the Chinese are done hoarding Bitcoin and come up with a new regulation to crash the market... We can do it all over again... Just like every other year for the past eight years.

 

[meauneau]

Repeating what you've heard someone else say doesn't make you sound savvy. It makes you sound like a sheep. If you have to store your DIGITAL currency on a device with no internet access to keep it from being stolen, it's not a currency. If you have to convert it into fiat to spend it safely, it's not currency. Currency is mobile and ready to use, instantaneously, every moment of every day.

1. Any government can ban crypto currency, levy taxes, make it illegal to hide or make it illegal to use
2. Lack of regulation means more scammers
3. Most of the world's crypto currency is owned by the same people who control most regulated currency
4. Billionaires invest in crypto, so that normal people will. They leverage the supposed value of crypto to do business in real currency
5. Crypto exchanges pay their employees in real currency. Nuff said.
6. No one in a third world country can afford to own, much less use crypto currency.
7. If you spend crypto currency on anything, you risk losing value. You spend $30,000 on a car and a week later that same crypto is worth $40,000. You lost $10,000.

Not all of crytpo tokens are currencies. They are intended to be used within the ecosystem such as in PoS blockchains. People exchange them for other currencies/fiat.

 

[TeTe]

Not all of crytpo tokens are currencies. They are intended to be used within the ecosystem such as in PoS blockchains. People exchange them for other currencies/fiat.

It's pretty obvious crypto isn't a currency unless you are actually using it in exchange for goods or services. It's an asset and is taxed as such.

 

[meauneau]

You do too much of this your brain atrophies.

 

[Rob Battisti]

What’s the deal with these two nimrods?

 

[Rob Battisti]

Also @Strychnine you in on API3 right buddy?

 

[Prefect]

Crypto isn't only digital money, it is all of finance digitised and available to everyone everywhere. It makes the whole space less reliant on trust, transparent and more fair. How is this not of value? People will be able to protect their property from corrupt governments and avoid boom and bust cycles or at least see them coming thanks to blockchain/dlt tech. Also, people in 3rd world countries who don't have access to banks or insurance will have these services and will be able to invest in synthetic assets and so on so they will have a chance to play the game. There are a lot more things that crypto/blockchain/dlt can do/solve and so on. If all you can see is digital money with funny names then you are NGMI.

Wealth is not stored in currency.

Also, without a guardian strong runs on crypto are possible and unbound. A hard run on ethereum could see its value drop until it is worthless. SInce there are real currencies in place, there is nothing that needs it to exist. How many cryptos have just evaporated?

 

[Rob Battisti]

Wealth is not stored in currency.

Also, without a guardian strong runs on crypto are possible and unbound. A hard run on ethereum could see its value drop until it is worthless. SInce there are real currencies in place, there is nothing that needs it to exist. How many cryptos have just evaporated?

*googles popular Cryptocurrencies to make an uninformed post*

 

[meauneau]

Wealth is not stored in currency.

Also, without a guardian strong runs on crypto are possible and unbound. A hard run on ethereum could see its value drop until it is worthless. SInce there are real currencies in place, there is nothing that needs it to exist. How many cryptos have just evaporated?

You say that wealth is not stored in currency because you are aware that Governments can rob that wealth by devaluing the currency. They cannot do that with bitcoin. Yes, there are thousands of scam coins that have disappeared. But there are legit projects that are going to change the world and you have no clue what is being done/worked on.

Bitcoin is not a currency, it is a store of value and more people are realising this.

Governments can print trillions of banknotes and make you lose all your money/force you to spend it before you lose it to inflation. All your criticisms of crytpo are actually criticisms of fiat.

 

[Rob Battisti]

You say that wealth is not stored in currency because you are aware that Governments can rob that wealth by devaluing the currency. They cannot do that with bitcoin. Yes, there are thousands of scam coins that have disappeared. But there are legit projects that are going to change the world and you have no clue what is being done/worked on.

Bitcoin is not a currency, it is a store of value and more people are realising this.

Governments can print trillions of banknotes and make you lose all your money/force you to spend it before you lose it to inflation. All your criticisms of crytpo are actually criticisms of fiat.

My man!

 

[Prefect]

You say that wealth is not stored in currency because you are aware that Governments can rob that wealth by devaluing the currency. They cannot do that with bitcoin. Yes, there are thousands of scam coins that have disappeared. But there are legit projects that are going to change the world and you have no clue what is being done/worked on.

Bitcoin is not a currency, it is a store of value and more people are realising this.

Governments can print trillions of banknotes and make you lose all your money/force you to spend it before you lose it to inflation. All your criticisms of crytpo are actually criticisms of fiat.

No one, normal people, stores value in commodities rather than stocks.

Crypto is a fiat currency.

 

[Rob Battisti]

No one, normal people stores value in commodities rather than stocks.

Can’t you just admit you have no idea what you’re talking about?

 

[Prefect]

Can’t you just admit you have no idea what you’re talking about?

Who has gold or silver their 401k? There is a very limited market for storing wealth in investments that don't generate wealth.