Daily: Crypto Markets Rally! Pyramid scheme operators sentenced

Boxmining

19.3K views 711 7 years ago

Description

The markets continue to push up with Ethereum, Ripple, Bitcoin cash and EOS taking the lead. 2 Pyramid scheme operators were sentenced in South Korea for scamming 20M. Speaking & Meetups in Dubai Fu...

The markets continue to push up with Ethereum, Ripple, Bitcoin cash and EOS taking the lead. 2 Pyramid scheme operators were sentenced in South Korea for scamming 20M. Speaking & Meetups in Dubai Futurama Conference: https://goo.gl/Ujxa55 (use promo code BOXMINING for a 20% discount) 👍🏻Subscribe to my YouTube Channel: https://www.youtube.com/c/boxmining 👑Recommended Exchange - Binance: https://goo.gl/joe55C 🔒Hardware Wallet: https://www.ledgerwallet.com/r/428b 📲Mobile Wallet: https://enjinwallet.io/ 💻PC / Mac Wallet : https://www.exodus.io/ ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬● Telegram groups: Telegram Discussion Group: https://t.me/boxminingChannel Telegram Announcements: https://t.me/boxminingChannel ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬● ♨️Social: Telegram announcements: https://t.me/boxminingChannel Community Forums: http://forums.boxmining.com Steemit: https://steemit.com/@boxmining Twitter: https://twitter.com/boxmining Facebook: https://www.facebook.com/boxmining ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬● 💰Buy Bitcoin Through Coinbase: https://goo.gl/h1bw5v Track ICOs graphically: https://icotracker.org 💪Donations: Bitcoin : 13EvsPm3YhiCPGksQQdvQUFtsbF8FoU6Cz Ethereum: 0x58d98516363D2A5f93CE6aB4A4a909599C3EEC3a Website: http://boxmining.com I'm not a professional financial advisor and you should always do your own research. I may hold the cryptocurrencies talked about in the video.

AI Analysis

The cryptocurrency markets are showing strong upward momentum, with the overall market cap pushing higher. Key news topics include the sentencing of crypto pyramid scheme operators in South Korea, a government scientist debunking claims of Bitcoin's widespread use in illicit activities, major investment firms lobbying the SEC for token exemptions, Walmart's exploration of blockchain for payment data, and the South Korean exchange Bithumb launching its own token.

Here's a breakdown of the key developments and insights:

* Market Rally Continues: The cryptocurrency market cap is steadily climbing, now reaching $374 billion. A significant price surge, particularly in Bitcoin, initiated this rally last Thursday, with prices generally pushing higher on Thursdays and Fridays. This week's gains are concentrated among the top 10 cryptocurrencies, with Ethereum up 10%, Ripple jumping 20%, Bitcoin Cash seeing an 18% increase, and EOS gaining 15%. This contrasts with previous days where significant gains were often seen in smaller, more volatile "outlier" projects.

* Pyramid Scheme Operators Sentenced in South Korea: Two individuals in South Korea were sentenced for operating a cryptocurrency pyramid scheme that defrauded investors of nearly $20 million. Pyramid schemes have been a persistent problem in the crypto space, with past examples including BitConnect, Bitcoin Trust and Savings, and more recently, "Proof of Weak Hands." These schemes thrive because many people don't take the time to understand the underlying technology, making it difficult to distinguish legitimate projects from scams. Pyramid schemes inherently offer no long-term value; they rely on a continuous supply of new investors ("suckers") to pay off earlier ones, eventually leading to a massive collapse when the new money runs out, similar to what happened with BitConnect. The strong advice is to conduct extensive research into any project, and if a project promises "free money" or "guaranteed returns," it's a red flag – there's never a free lunch in cryptocurrencies. The hope is that as more people educate themselves about the technology, they will be less susceptible to such schemes, though they are unlikely to disappear entirely.

* Debunking Bitcoin's Role in Illicit Activities: A government scientist from Quebec, Remy, has released research directly countering reports from outlets like Forbes that claim Bitcoin is heavily involved in illicit trading. There has been a lot of FUD (Fear, Uncertainty, Doubt) in mainstream media linking Bitcoin to drug trafficking and money laundering. However, Remy's research indicates that only a minuscule 0.6% of funds, equivalent to just 30 Bitcoin, was possibly used for illicit purposes. This figure is comparable to the illicit use rates of traditional fiat currencies. This research is significant because it dispels the fear-mongering that often surrounds new technologies, where some attempt to associate them with negative activities like terrorism funding to prevent their adoption or growth.

* Major Crypto Investors Seek SEC Exemption: Andreessen Horowitz and Union Square Ventures, two prominent investment firms, are engaged in private discussions with the U.S. Securities and Exchange Commission (SEC). Their aim is to persuade the SEC to create an exemption for certain cryptocurrency tokens, preventing them from being classified as securities. They argue that the crypto space is highly innovative and would greatly benefit from a more relaxed regulatory oversight. This ongoing dialogue is crucial to watch, as the SEC's stance could significantly shape the future of crypto regulation and innovation in the United States.

* Walmart Explores Blockchain for Payment Data: Walmart is looking into blockchain technology, filing patents to store payment data on a distributed ledger. Enterprises are realizing that blockchain offers an excellent method for data storage because it allows for easy setup of multiple nodes, efficient data feeding, and transparent, trackable alterations. While Walmart's initial exploration might focus on private, internal blockchains, it's foreseen that they will eventually need to integrate with public blockchains to communicate information externally with partners like delivery companies or auditors. This move by a major corporation highlights the growing enterprise adoption and recognition of blockchain's utility beyond just cryptocurrencies.

* Bithumb to Issue New Token in Singapore: Following the success of Binance, which pioneered building a strong community around its exchange token, the South Korean exchange Bithumb is planning to issue its own token in Singapore. Bithumb is a major player with significant exchange volumes in South Korea. The token sale might be primarily aimed at private investors. This development is interesting as it suggests Singapore is potentially relaxing its stance on Initial Coin Offerings (ICOs), a field it had largely put a ban on in September 2017. If successful, it indicates a more open regulatory environment in Singapore, particularly for tokens not classified as securities.

Overall, the crypto market is in a positive trend, but the industry continues to grapple with the challenges of scams and regulatory uncertainty, even as legitimate research and enterprise adoption demonstrate the technology's growing potential.

Transcript

Hey everyone and welcome to Box Mining Daily where we take a look at what's happening on the cryptocurrency markets and the biggest cryptocurrency news. So in terms of news, what we have today is that two people are arrested in South Korea for running a pyramid scheme and conning almost $20 million. We also have Bitcoin is not an instrument for the black markets. This is coming from a chief scientist of Quebec and offers a counterpoint to all that FUD news surrounding cryptocurrencies. We also ...

Hey everyone and welcome to Box Mining Daily where we take a look at what's happening on the cryptocurrency markets and the biggest cryptocurrency news. So in terms of news, what we have today is that two people are arrested in South Korea for running a pyramid scheme and conning almost $20 million. We also have Bitcoin is not an instrument for the black markets. This is coming from a chief scientist of Quebec and offers a counterpoint to all that FUD news surrounding cryptocurrencies. We also have two major investment firms in the US that are having private talks with the SEC and trying to convince the SEC to give an exemption for cryptocurrencies from being classified as securities. And finally, we have the South Korean exchange Bithumb. They're issuing out their new token in a token sale as well. So all this will be covered and more in today's Box Mining Daily. I do want to say that everything covered here is my personal opinion and not financial advice. So let's take a look at the markets overall. So it seems like cryptocurrency market cap is continuing to push up. We're at $374 billion now. The jump really happened last Thursday with a major price jump in Bitcoin. And it seems like over on towards Friday and Thursday and Friday, the cryptocurrency prices do push up. So today, in terms of the biggest winners, we have Ethereum at 10% growth, Ripple 20%, Bitcoin Cash 18%. It just seems like they're on a continuous rally. EOS also taking a 15% gain today. So in terms of the large winners, it does seem to be focused on the top 10 this week instead of yesterday where we saw outliers going up 70-60%. In terms of news today, two men from South Korea have been sentenced for creating a Bitcoin pyramid scheme. So this is a cryptocurrency pyramid scheme. And we've seen quite a few of these over the past few years. For example, the biggest one of them is BitConnect. But that's not the only one. We got Bitcoin trust and savings. That's probably one of the first ones I was exposed to. And Bitcoin pyramid schemes and cryptocurrency pyramid schemes have been very prevalent in this space. It's just because people don't take the time to understand the technology. And hence, it's a little bit harder to distinguish what's a pyramid scheme from valid projects. So this has been a continuous problem. And we've seen other pyramid schemes too in recent days. For example, proof of weak hands, which is just a blatant, clear pyramid scheme and people are still buying into it. The problem with pyramid schemes is that they don't offer any value in the long run. And people will get burned because eventually it's going to run out of suckers that buy into it. And then you're going to end up with a situation of a massive collapse in the price, just like what happened with BitConnect. My hope for the future is that more people will start to learn about the technology and won't fall victim to pyramid schemes. It's not going to completely go away, but I highly encourage anyone to really do a lot of generating research into a project. And if anything smells fishy, if their whole project and their plan just sounds like free money, there is never a free lunch in cryptocurrencies. So next up, we have a government scientist from Quebec, Remy, coming out to say that, you know what? Forbes reports that Bitcoin was really involved in illicit trading. That's actually wrong. There's been a lot of fun news in the past few months about how Bitcoin was used in either drug trafficking, money laundry, etc. But actually, he did a lot of research into this to prove that this was not the case. So what he says is almost only 0.6 of the money was possibly used as 30 Bitcoin. So that's not a large number and it can be comparable to other currencies as of date. So it's really dispelling all that FUD that's being spread in mainstream media. And this happens a lot because there's a lot of fear brought in by new technology. So there are definitely people who want to associate this new technology with something that funds terrorism. So to stop it or to kind of prevent its growth. But this research came out to say that this is clearly not the case. Next up, we have major crypto investors. They're requesting a token oversight exemption with the SEC. So they're in private talks. So Andreessen Horowitz and Union Square Ventures. They're in private talks with the SEC to say, you know what? Can there be a possibility that some tokens be exempt from being classified as a security? We know that this space is highly innovative. And it could benefit from a more relaxed oversight in this field. So they're trying very hard to persuade the SEC to relax them a little bit and to have a different type of oversight for it. So this is something that's definitely very interesting to follow and to see what the response for the SEC on this is going to be. Next up, we have Walmart. Walmart wants to store payment data on the blockchain. This is a realization from enterprises that the blockchain is a really great way of storing data. It's relatively easy to place multiple nodes and for information to be fed to those nodes and then be added to blockchain. And if any data needs to be altered, well, it's done in a fashion where it's very trackable and that information is very transparent. So Walmart's coming out to say, you know what? We're going to file patents for it. Obviously, this is not the best way to grow cryptocurrency. So what I see is going to happen here is that they're going to explore blockchain technology on their own. And then when they realize they need to communicate that information to his face, for example, delivery companies or to auditors, then they'll start to need public blockchains, which are open sourced. Lastly, on the news, the Korean exchange Bitthumb, they're trying to issue out their own token in Singapore. So this is following the success of Binance. Binance was really one of the first exchanges to issue their own token and build a community around that token as well. So Bitthumb is trying to do the same thing. They're a Korean exchange. They have huge exchange volumes in South Korea. And what they're trying to do is they're trying to launch their own token in Singapore. Unfortunately, this might be geared towards private investors only. So more is to follow on this. But it also goes to show that if they can launch this in Singapore, that Singapore is relaxing its rules regarding cryptocurrencies. Because initially they were citing a ban on ICOs in 2017, September. But now it seems like they want to open that up a little bit more as long as it's not a security. For today's discussion on this channel, I would really like to explore pyramid schemes. Have you guys ever fallen victim to pyramid schemes in cryptocurrencies? And if you did, did you ever regret it? And do you feel like it was due to a lack of research? Leave a comment down below. I would love to hear what you think. Thank you guys so much for watching this video. Remember to click the little subscribe button down below. And click the little notification bell to be notified of when new videos like this daily gets released. And when live episodes happen. Thank you guys so much for watching. See you next time.