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We are not threatened by Libra, We are the only "REAL" Social blockchain- Steemit shades Facebook.

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Steemit the blockchain based social media platform has stated they are not threatened by ww cryptocurrency the Libra. This was made known in Youtube Video by Steemit Head of Communication Andrew Levine. In the same video, Andrew pointed out that the Facebook Libra is a validation of the ingenious idea and decision made over three years ago to build the Steemit social blockchain.


According to tweet, Steemit calls itself the only “REAL” social blockchain thus telling Facebook and everyone that it remains the first ever and only actual social blockchain and that Facebook attempt to get onto the blockchain and cryptocurrency industry is in fact a move out of fear of the disruptive power of the technology.

 Facebook Libra is a validation of Steemit

Comparing Facebook Libra to the Steemit cryptocurrency, Andrew pointed out that the Libra will feature fee charges whereas the Steem cryptocurrency is fast and feeless. The Libra is a centralized cryptocurrency which is will be controlled by massive corporation but the Steem cryptocurrency is one that promotes freedom, privacy etc.

Andrew speaking on the whole Facebook Libra, he said “…because a company as rich as Facebook is afraid of the disruptive potential of this technology that is why they are trying to figure out how to use, not to benefit ordinary people like you are me but themselves, their bottomline and few other massive corporations. But we believe in people that is, we believe in decentralization, we believe in people will see what Facebook is doing and what we are doing and come to the right conclusion about the type of future that you want to be part of.”

 
As the world continues to learn of the incredible ways blockchain technology can be applied to our various everyday activities, products and services to make life easier, Facebook has decided to hop upon the moving train. The decision to get onboard cryptocurrency started in 2018 with the unveiling of its native cryptocurrency and wallet the Libra and Calibra respectively via the Libra whitepaper in the first half of 2019 just few weeks ago. The announcement sparked a significantly felt rally in the price of bitcoin and altcoins with bitcoin crossing upwards to $13,000.
 
While the price of Bitcoin and other cryptocurrency saw a rise, many crypto believers were expressing their concerns with the privacy issues of Facebook and wondering how the social media giant will be able to protect user financial data as it has failed miserably in time past.
 
Steemit is a blockchai based blogging and social media which rewards users with the steemit cryptocurrency for publishing and curating contents. It is a private firm based in New York City and created by Daniel Larimer in 2016. It currently accommodates over one million users.
 
Andrew puts forth a question which everyone will need to answer. With Facebook Libra, “is that really a future people are asking for? What is your answer?

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Blockchain News

Cypherpunk Ditches its Investment in Monero and Ether to Purchase BTC 

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A Canada-based investment outfit dubbed Cypherpunk Holdings recently ditched its store of value in two different Altcoins, Monero and Ether and stashed its gains from both into Bitcoin BTC.  

Cypherpunk Holdings revealed on Thursday the 26th of November,  2020 that its store of BTC is now worth 276.479 BTC. Its Bitcoin holdings rose from  72.979 BTC to its current 276.479 BTC estimated to be the remainder for the second quarter of 2020. This stands as a whopping 279% increase.

The holding company liquidated their investments in the privacy coin dubbed Monero, and Ether, one of the most valuable cryptos. They in turn used the money they got to buy more and more BTC. 

Cypherpunk also used monies obtained from the private placement of CA$505,000 which is approximately USD 400,000, a deal closed on the 27th of August to buy BTC. 

Cypherpunk is not the only company that took the BTC route, publicly quoted companies like MicroStrategy and Square have diversified their investments into BTC in 2020.

These trends suggest that BTC is a worthy store of value and an alternative hedge for inflation. 

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China Nabs 102 Masterminds and Accomplices of $4B PlusToken Ponzi Scam

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The Chinese police department recently confiscated cryptocurrencies valued at billions of dollars held by the PlusToken Ponzi scheme (Scam perpetrators) in China. 

The Jiangsu Yancheng Intermediate People’s Court revealed via a court ruling the list of the cryptocurrencies seized by the country’s police department.

The following is an outline of the cryptos:

  1. ETH- 833,083 
  2. XRP- 487 million 
  3. EOS- 27.6 million
  4. DASH- 74,167
  5. DOGE- 6 billion
  6. BTC- 194,775 
  7. BCH- 79,581 
  8. LTC- 1.4 million
  9. USDT- 213,724

The seized crypto assets are worth about $4 billion as at press time.

The court pronounced that:

“The seized digital currencies will be processed pursuant to laws and the proceeds and gains will be forfeited to the national treasury.”

Thanks to the timely seizure of crypto assets, many more unknowing victims would have been defrauded.

The price of BTC has continually been on a constant dip as scammers continue to illicitly sell the asset at frivolous prices.

It is not known yet what the Chinese government would make of the confiscated cryptos. It is hoped that these seizures will not be sold frivolously or at once, as this may just perpetuate the fall in the price of BTC thereby advancing the efforts of the scam operators.

All the masterminds and accomplices of this fraudulent scheme, totalling a whopping 109 suspects have been arrested by the Chinese police department.

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Russia to Change the Face of the Crypto Market and Protect Crypto Traders

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It appears that Russia is headed towards protecting crypto users as the Prime Minister of Russia, Mikhail Mishustin brought the issue of protecting crypto users to the fore on Thursday, 26th of November, 2020.

The Prime Minister admitted the government’s “growing interest in this relatively new tool.” According to him, the Russian government is set to supervise the Crypto Market so as to support it to scale in a “civilized direction”. This way, Crypto users will be able to preserve their “rights and interests” as they navigate their way through the Crypto sector.

Mishustin emphasised that this move will adequately prevent scams and illicit “shadow schemes”.

According to the Russian prime minister, Russia’s Tax Legislation will be modified in a way that will regard crypto assets as actual property. This way, the holders of crypto assets will be able to obtain redress in court should they suffer scams and other illegal perpetuations. 

As at press time, Russia’s Ministry of Finance has made recommendations to the Tax Code, a body of legislations that govern how taxable persons are levied in Russia. One of the recommendations is the duty to register the amount of crypto a holder has when his crypto holding hits a particular threshold. 

Severe penalties have also been recommended for persons and organisations who are not compliant.

The present Prime Minister was elected the head of the Russian terrain very recently. Prior to this time, he had been running the nation’s  federal tax agency for about a decade.  

As at the time of writing this piece, Russia still has no concrete and wholesome legal blueprint as regards cryptocurrencies in its landscape. Nevertheless, the country is still making do with the recently signed legislation by President Vladimir Putin.

This new law regulates the disbursement of digital securities and designated crypto as a taxable asset.

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