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Peter Brandt Likens Holding Tether to Holding ‘Nigerian Trinket’ Calls them Fools 



Commodities trader and author Peter Brandt compares holding the stablecoin Tether with holding naira. According to him, those who hold Tether are holding an unstable asset like the Nigerian Trinket. 

Peter said it is fools that are holding their wealth even overnight in the Tether stablecoin.  He went further making jest of those who condemn the US dollar as a fiat currency yet hold tether.

It’s no doubt Tether has been involved in various controversies even including it’s sister firm Bitfinex such as market manipulations, printing of new coins, lack of transparency etc.

Despite the controversies, Tether being the first stablecoin has continued to show strength and remain even relevant in the crypto industry. 

But to Peter Brandt, whoever holds his wealth in Tether should sleep well because their wealth “will sit overnight with a patch-work of exchanges not subject to regulatory authorities and for whose financial strength you know little about.”

Peter Brandt’s statement presents some interesting topics of discussion about cryptocurrency exchanges and Tether. Consumer protection is a priority for regulators in granting regulatory licenses to businesses, however, not all exchanges where Tether is listed are regulatory compliant. Also, Tether itself not being transparent in an industry that takes pride in trust is somewhat inconvenient. 

It’s no doubt the Naira has continued to fall in value against other fiat currencies. The inflation rate continues to run its course in the country thus weakening the purchasing power of the most populous black nation on the planet. 

Over the past 6 years, the naira has lost over 50% of its value and this was even made worse with the global economic shutdown as a result of the coronavirus pandemic.

Though the government is implementing measures to protect the wealth of its citizens, at the moment, the case is still better than that of Venezuela. 



17 year old Twitter Hacker owns $3.3M in bitcoin



A 17-year-old guy from Tampa, Florida, in the United States has been considered as the ringleader of the July 15 Twitter hack. He, alongside two other guys were said to have allegedly launched the attack on the high profile accounts. The alleged 17-year-old twitter hacker has been reportedly said to own $3.3M in Bitcoin. Although, it was reported that more than three people seems to have been involved in the attack.

Clark was arrested on Friday as he was seen as the ringleader of the “CryptoforHealth” Twitter Hack. A number of high-profile accounts were hacked. These accounts promised to double the money of users who sent cryptocurrencies.

Court pegs Bail at $725,000
Tampa Bay times reported on Sunday that the attorney representing Clark said his client owned 300 bitcoins at the Hillsborough County Courthouse on Saturday. 300 bitcoins is equivalent to $3.3M as at the time of this publication. The court set the bail at $725,000 at Clark’s first appearance in court on 1st August.

Clark was accused on 11 counts of fraudulent use of Personal information, 17 counts of communications fraud. He was as well accused on one count of illegal access into an electronic device and another count on Organized fraud.

The two accomplices were also charged to a court in California. Clark’s attorney argued his bitcoins were acquired legitimately but the prosecutors are of different argument. It was reported that in an investigation last year, over 400 bitcoins were seized from Clark but 300 were later returned. Clark’s attorney took a stand that the bitcoins wouldn’t have been returned if they weren’t acquired legally.

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The Ethereum DeFi Space Is Here to Stay although Scammers are Making DeFi Daunting For Investors



The Ethereum DeFi Network has been experiencing a favourable boom since its inception some five years ago. It is arguably the second biggest decentralized wealth-creating network in the Cryptocurrency industry. Other DeFi spaces have also seen progressively high returns on investment and high interest rates.

This very attractive advantage of the DeFi space has drawn both smart investors and swindlers to the otherwise financially inclusive space. Just recently, there was a report to the effect that a serious DeFi exit scam took place this previous weekend on an Ethereum-based DeFi.

A member of the Asian Business Development Team at MakerDAO, Doo Wan Nam, disclosed that an allegation has surfaced that a fraudulent exit scheme recently took place on the “Asuka DeFi”

Doo Wan Nam released a thread in which he alleged that a South Korean Media, the systems analyst who programmed the “Asuka Finance” escaped the chain with a whopping $64,000 sum of crypto.

Jong Chan, who happens to be the programmer behind the DeFi had enticed unknowing preys into investing huge sums of money into The Asuka Defi via Telegram, KakaoTalk (a poplular South Korean chatting site) and Discord. He exaggerated the returns on their investments and particularly ensnared unsuspecting victims by showing the high yields they would get from their investment.

Doo Wan Nam explained that Jong Chan cunningly towed in millions of dollars while artfully raising the value of Asuka. At the planned time, he pulled out $64,000 worth of crypto from the Ethereum-based DeFi pool. Jongchan went all out and out by extinguishing his keys plus the means of minting more coins on the chain. He left millions of dollars worth of Asuka in the pool without giving the unsuspecting victims the ability to drain the pool.

NewsBTC revealed that as at August 2, 2020, about $4.21 billion worth of crypto had been tied in blockchain-based finance Apps. This figure has topped the last figure reported 90 days ago with $1 billion.

This news may be quite daunting for many investors using the blockchain network talkess of would-be investors, nevertheless, it appears that these unscrupulous elements will not stop the paradigm-shifting technology that is Decetralized Finance systems. Many Blockchain enthusiast believe that this promising technology will not stop developing even if it is interrupted by hackers, scammers and conmen.

Spencer Noon, an investor who is also the Head of DTC Capital has described on the 3rd of August that all roads are going forward for the technology that is DeFi. When talking about the cryptocurrency-centric fund dubbed Electric Capital which just rallied about $110 million fund concentrated on DeFi, he stated that:

“My read on #DeFi after speaking with instl investors, fund mgrs, OTC desks, and FOs over the last few wks: The herd is coming. They’re excited about DeFi but new to it, so they’re buying $ETH first. Once positions are set, I expect them to move up the risk spectrum to protocols.”

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5 Simple Ways to Buying Your First Bitcoin



Cryptocurrencies and the blockchain space have been gradually gaining spotlight in different industries and countries for the past years, and many people are so fascinated by them—especially bitcoin.

With bitcoin (BTC) being in the finance and technology world for more than a decade now, you probably know someone who owns fractions of it. If you’re among those folks who want to buy bitcoin and explore its fascinating uses, it’s about time for you to get your crypto adventure started!

But first, let’s take a quick look at what bitcoin is and how it works.

Bitcoin in a nutshell

In 2009, this leading cryptocurrency was created and introduced by a pseudonymous person or a group of people—no one knows for sure—under the name Satoshi Nakamoto. Bitcoin works like traditional currencies, which can be used as payment for various purposes, but in a digital form. At its most basic level, bitcoin is like digital cash.

How to buy bitcoin?

After learning a little bit about bitcoin, let’s now go over the quick and easy steps to buying your first bitcoin. It might seem complicated and overwhelming at the beginning, but set aside your worries—in reality, buying bitcoin is easy!

  1. Have your funds ready

At the time of writing, BTC’s price is at over 10500 USD. You probably think that there’s no way you’ll give out such a massive amount as this in an instant—don’t worry we feel you. In reality, buying bitcoin isn’t always that expensive. In fact, you can buy only fractions of it. You can buy amounts from as low as 10 USD, 50 USD, to 75 USD and above—it completely depends on you and the marketplace from which you’ll buy.  

  1. Get a secure and reliable bitcoin wallet

Earlier, we mentioned that bitcoin works just like cash—but digital. This means it doesn’t have a physical representation, unlike government-issued bills and coins stored in wallets or purses. This currency exists and runs through the power of technology, which means you’ll need a digital wallet instead.

A bitcoin wallet is a digital wallet you can use to store, receive, and send BTC funds. It comes in different forms, and one of them is a BTC wallet that you can access through the Internet or on your smartphone. Mobile wallets are ideal for those who want to access their bitcoin funds on the go and use them for nearly instantaneous payment transactions and money transfers.

You’ll be surprised to see thousands of cryptocurrency wallets online, and it’s crucial to go for secure and reputable ones. We’re talking about your bitcoin funds here, and you’ll surely want to keep them safe!

There are some peer-to-peer (P2P) bitcoin marketplaces that offer a bitcoin wallet for free. Among these exchanges is Paxful, which entitles you to a free bitcoin wallet  upon creating an account on the platform. 

  1. Scout for a reputable bitcoin marketplace

There are thousands of cryptocurrency exchanges and bitcoin marketplaces where you can buy bitcoin, but there are a few essential things to consider when choosing one. These include:

  • Transaction fees. This varies per marketplace, the purpose and type of the transaction—withdrawal or deposit, and the payment method.
  • Payment options. You wouldn’t want to convert or transfer your fiat money many times to buy BTC, so it’s best to choose a marketplace that has most—if not all—payment methods you will need.
  • Excellent safety and security features. This is among the most important things to consider when choosing an exchange. Look for marketplaces with high levels of security and have features that will keep you and your funds protected and secured. This might include KYC protocols, escrow services, and two-factor authentication, among others.
  • Reliable customer support. It’s also important to know whether an exchange has a 24/7 customer support service that you can reach out to and promptly respond to your queries or concerns.

These are just some things to look for when selecting an exchange to buy bitcoin, but don’t be limited to this list. Check and compare which marketplaces will best suit your needs!

  1. Start buying your first bitcoin

After getting your bitcoin wallet and choosing a suitable bitcoin marketplace, it’s now time to buy your first bitcoin! To kickstart your crypto adventure, here’s a simple step-by-step guide on how to buy bitcoin on Paxful, one of today’s leading P2P marketplaces for trading bitcoin. But first, head on to your Paxful account and click the Buy Bitcoin button.

  • Step 1. Select a payment method.

Paxful has over 300 ways to buy bitcoin, including bank transfers, online wallets, gift cards, debit or credit cards, digital currencies, and even goods and services.

  • Step 2. Choose the currency you’ll use to buy BTC.

You can choose from the most popular currencies like GBP, CAD, EUR, USD, KES, NGN, and many more.

  • Step 3. Enter the amount you want to buy.

You don’t need to buy huge amounts, especially on your first time. On Paxful, you can buy fractions of BTC for as low as 10 USD!

  • Step 4. Search for offers.

When you click the Search for Offers button, you’ll see a list of active offers from different users. Go through every information you see regarding the trade. These will help you know the seller’s requirements for their offer. You can also visit the seller’s profile to check their credibility and trade history.

  • Step 5. Click on the Buy button.

After carefully checking all the offers and choosing the one that best suits your needs, you can now proceed with the trade. You’ll be redirected to the offer page and asked of the amount you’re willing to buy in the currency you prefer.

  • Step 6. Carefully read the seller’s offer terms.

Before proceeding to buy BTC, you must first read the seller’s offer terms and requirements, and make sure that you agree to it. If not, you can always go back to the offers page and scout for other offers.

  • Step 7. Click on the Buy Now button. 

If you agree to the seller’s offer terms, you can click on the Buy Now button and proceed to the transaction. 

  • Step 8. Complete the payment and the seller will release your BTC.

Paxful has an in-trade chat where you can directly talk to the seller for any transaction concerns or queries. Once you’ve completed the payment and notified the seller, the BTC will be released to you. Note that payment confirmation might take a few minutes!

  • Step 9. Leave your transaction feedback.

Don’t forget to give feedback to your trade partner about how the transaction went!

  1. Explore the opportunities you have with BTC

From instant payments to cheaper money transfers and a whole lot more—you’ll enjoy exploring the potentials of bitcoin. There are undoubtedly hundreds of money-making ways you can try your hand at with bitcoin, so be sure to explore to make the most of your bitcoin journey!

And that’s it! You’re done with the first step to your thrilling bitcoin adventure. Many opportunities are still waiting for you, so familiarize yourself with how it works and prepare to receive exciting outcomes!

Buy Bitcoin UTM Link:

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Tetras Capital, a New York Crypto Hedge Fund, is No More a Going Concern After Experiencing Major Losses



Tetra is a New York Cryptocurrency Hedge Fund popularly known for shorting Ethereum. It has been reported that they are winding up their investment outlet due to the losses they have experienced recently. The company has allegedly suffered approximately 75% loss since becoming existent in 2017. Their investors do not have to worry about their capital as they have put plans in place to return  same.

It is underwhelming that although the Hedge Fund is managed by Brendan Bernstein, Alex Sunnarborg, and Thomas Garrambone who have worked as investment bankers and investment analysts at the choicest companies like JP Morgan, Raymond James, Goldman Sachs, and Deutsche Bank, their fund has not managed to scale.

Considering the filing registered at the US SEC, the Hedge Fund could boast of about 65 investors who had each invested not less than USD 100,000. In fact, in times past, Tetras Capital administered assets worth USD 33.5 million.

Alex Sunnarborg once stated in a Forbes Interview that “In 2017 when we launched, we were looking to make altcoin trades. They historically have more volatility and higher betas.”

This Forbes article noted the Fund for the bearish wager they struck, i.e. shorting ethereum in May 2018. By this time, the average price of Ethereum was at an all-time high, approximately USD 700. The following year, 2019, the value of ETH went down south below USD 100. It has since scaled in value and is now priced at USD 317 as at today.

 Because a number of other Crypto funds (Adaptive Capital, Prime Factor Capital) could not rally investors and have experienced major unprecedented losses, many are no more a going concern.  This is not surprising as just in 2019, 68 hedge funds went to blazes.

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