Crypto Pirates

Senator Ted Cruz of the United States stated that one of the reasons he is optimistic about bitcoin is that it is not centrally controlled and is decentralised. He went on to say, "China recently banned bitcoin because they can't control it, which is exactly why Elizabeth Warren despises bitcoin." 

Senator John McCain of the United States is bullish on Bitcoin

U.S. During the Conservative Political Action Conference, U.S. Senator Ted Cruz of Texas spoke favourably about bitcoin. Thursday. (CPAC), which was founded in 1974, is described on its website as "the world's largest and most influential gathering of conservatives." 

During his speech at the event, the senator stated the following: 

One of the reasons I'm so optimistic about cryptocurrency, particularly bitcoin, is that it is decentralised and uncontrollable. 

"Let me give you an incredible example," he went on. "Because Justin Trudeau stated that he does not like truckers, your assets will be frozen." So the court went to try to halt the crypto distribution to the truckers." 

Senator Cruz began by reading aloud a letter sent to the Ontario Superior Court Justice by Nunchuck, a Bitcoin wallet company. On February 18, the court ordered the company to reveal and freeze information about the Freedom Convoy's movements. 

The Nunchuck team explained in their letter to the court that it is a "self-custodial, collaborative-multisig Bitcoin wallet." The company told the court that it is "a software provider, not a custodial financial intermediary," citing its status as "a software provider, not a custodial financial intermediary." 

We are unable to "freeze" the assets of our users. They are immovable. We have no knowledge of our users' assets' "existence, nature, value, and location." This is the process of designing. 

The letter concludes with the company pleading with the court to "look up how self custody and private keys work." 

Senator Cruz exclaimed, "That is spectacular," as he put the letter back in his jacket pocket. 

Senator Cruz also mentioned being in charge. According to him: 

China recently banned bitcoin because it is difficult to control, which is exactly why Elizabeth Warren despises it. 

"The Chinese Communists and Elizabeth Warren, they both want to control you, your assets, your savings, your speech, your life, your children — every decision — they want to control," he said. 

Senator John Cornyn of Texas owns Bitcoin. In February, he stated that he purchased bitcoins ranging in value from $15,001 to $50,000. 

Senator Warren has repeatedly criticised bitcoin, citing environmental and investor safeguards as justifications. She has urged the Securities and Exchange Commission (SEC) of the United States to use "full authority" to regulate cryptocurrency trading.

Support us!

The crypto industry has been rightfully buzzing over the last month about the forthcoming Bitcoin (BTC) halving event, which is set to take place in a little more than two weeks. To begin with, it's unquestionably one of the most — if not the most — anticipated crypto events of 2020. However, because to the COVID-19 pandemic, many analysts are dubious whether the event will have a significant impact on Bitcoin's financial future. 

It's intriguing to note that, whilst many different traditional assets have had their prices plummet significantly since the beginning of March, Bitcoin has mainly been able to withstand the massive amount of adverse pressure that has come its way and maintain its worth above $7,000 level. In fact, on April 23, the top cryptocurrency had a pre-halving pump, which saw the asset's value surpass $7,500. 

What are the prospects? 

While all of the aforementioned factors point to a positive future for Bitcoin as an investment vehicle, it appears as if the level of uncertainty may be much higher than in previous halvings. 

Cointelegraph contacted Scott Freeman, co-founder of JST Capital, a financial services firm focusing in the digital asset market, to gain a better grasp of the situation. He stated that after speaking with numerous people working throughout the industry, including miners and institutional buyers, the one consistent message he has heard is that the halving will most likely be a non-event in terms of Bitcoin worth movement: 

"The halving has been on everyone's radar for a long time, and as such, the impact on markets should already be incorporated into the value of BTC." The halving may have an impact on some miners' income, but we anticipate that at this point, each miner has already made changes to their business models." 

In a similar spirit, Meltem Demirors, the chief strategy officer of digital asset administration firm CoinShares, joked with Cointelegraph that, like the rest of the economy, the Bitcoin rally around the halving has been postponed until further notice due to the ongoing coronavirus situation. She did, however, add that her firm has observed a number of significant trends that have pushed up demand for digital property. According to Demirors, 

"We see demand in the form of increased usefulness for Bitcoin outside monetary theory and an increasing amount of institutional interest, while new derivatives markets are increasingly raising costs." 

Experts disagree about Bitcoin's future due to market uncertainty. 

Historically, a Bitcoin halving event is usually accompanied by a lot of market buzz or fanfare, which invariably helps push the currency's value upward. However, things are very different this time around. 

Cointelegraph contacted Jose Llisterri, co-founder of Interdax, a crypto exchange platform, to further assess the flagship cryptocurrency's future. He discovered that the value of the Bitcoin–US dollar pair has tended to approach its all-time high 16 months after each of the previous having occurrences. "If this trend continues, a new all-time high may be reached anytime around or around September 2021," he noted. 

Not only that, but Llisterri also stated that after this future occasion, only the most environmentally friendly miners would be allowed to operate, as the halving will virtually double their operational prices in a single day. Furthermore, if inefficient miners close down, a positive problem adjustment for the remaining miners can be seen, implying that revenue margins will undoubtedly improve as well. He continued, saying, 

"What's different this time is that there's now a steady derivatives market, so the impact of miners accumulating might not be as strong as it was during the bull runs in 2013 and 2017." Futures and perpetual swaps allow purchasers and miners to hedge their holdings or speculate on bitcoin's long-term worth path, allowing for true worth discovery." 

In this regard, Ivailo Jordanov of 7percent Ventures, a United Kingdom-based venture capital firm, feels that as a result of the ongoing fiscal stimulus, an increasing number of people have been looking for property that is scarce in nature. According to him, the Bitcoin halving will exacerbate the scarcity factor, making crypto more appealing to the general public. 

Similarly, Trent Barnes of ZeroCap, an Australia-based digital property and foreign exchange options firm, believes that due to the number of variables that are currently in play, it is difficult to provide an accurate forecast of how Bitcoin will perform in this current economic environment, including: 

"We expect strong short-term volatility following the halving, both on the upside and on the downside." Longer term, we expect value to rise in accordance with the stock-to-flow model. I wouldn't be surprised if it flew under most people's eyes; in the meantime, the astute buyers will continue to accumulate." 

Finally, Fredrik Johansson, the founder of Libonomy – a blockchain ecosystem governed by artificial intelligence — feels that in the past, halving events were frequently accompanied by a lot of media excitement, exposing people to Bitcoin. However, most buyers and crypto enthusiasts are already well-versed in Bitcoin, so irrational monetary growth is unlikely this time. 

Pundits believe that the information provided by Google Tendencies is worthless. 

According to Google Trends, searches for the term "cryptocurrency" have decreased by nearly half since June 2019. However, experts such as Neel Popat, the CEO and co-founder of bitcoin funding platform Donut, believe that such data is somewhat limited in its overall reach, as there are a number of distinct indicators that may be used to evaluate shopper interest in cryptocurrency: 

"Within the ecosystem, new development areas like to 'DeFi' are generating a lot of interest." Many people get more thrilled when there are events and price spikes, so if one occurs after the halving, that is the perfect storm for public curiosity." 

Similarly, Emre Tekisalp, the head of enterprise development at O(1) Labs — the creators of the Coda protocol — told Cointelegraph that, contrary to what Google Trends might suggest, interest in cryptocurrency as a method of payment and fuel to power the modern-day digital financial system has grown significantly among the general public, as well as among governments and numerous establishments all over the world: 

"The introduction of central bank digital currencies (CBDCs) will eventually raise public awareness of decentralised alternatives such as Bitcoin and Ethereum." 

Finally, Nick Hill, vice chairman of business development at asset management firm Invictus Capital, feels that because of the massive stimulus packages implemented by governments all over the world, discussions about how money is created in the first place have resurfaced. This, in his opinion, will invariably prompt people to discuss cryptocurrency once more, as well as how this distinct asset class might serve as a bulwark against unrestricted money creation by central banks. 

Bitcoin investor confidence may increase. 

With traditional commodities such as oil and shares plummeting in recent months, with the worth of the previous reaching an all-time low on April 20, it's worth considering whether or not market confidence in connection to Bitcoin and the crypto trade in general will rise in the coming months. 

Tanner Philp, the head of business development at Kik — a social media messaging platform — told Cointelegraph that it has been extraordinary to see market confidence remain high in relation to Bitcoin despite the entire insane bearish pressure that the global finance sector has seen over the last few months: 

"I believe the capital flight in Bitcoin and crypto, in general, is less associated with the halvening and more so a requirement for people to determine money positions in the midst of a pandemic." In my opinion, crypto will continue to be kept as a speculative asset for the foreseeable future, but in order to become a multi-trillion dollar asset, it must move beyond that for use as a currency. "I believe the trade is progressing in that area." 

In terms of whether or not purchasers have been more knowledgeable about Bitcoin, as well as crypto know-how in general, it's rather evident that since the initial coin offering bubble of 2017, people have become more mature in the way they assess many altcoins and different associated crypto options. 

Nonetheless, despite the fact that awareness is more than ever before, digital currencies are still a long way from widespread use. Nonetheless, many experts believe that in times of calamity — such as the current one — new businesses and technologies might arise, and so now could be an excellent time for cryptocurrency to demonstrate its benefits and attain universal use. 

On the subject, Andy Ji, co-founder of Ontology — a public blockchain and distributed collaboration platform — believes that, while Bitcoin's dizzying price highs in late 2017 and subsequent drop gave people the impression that the asset is subject to uncontrollable volatility, Bitcoin has recently reverted to a more normal pattern of development that has been relatively unaffected by outside market fluctuations: 

"Over the preceding twelve months, there was a heightened awareness among inhabitants of the potential of Bitcoin, its key characteristics, and the Bitcoin-powered routes customers can explore." Every month, new swaths of sophisticated digital funds consumers emerge, bolstered in part by the increased use of crypto and blockchain know-how more broadly amongst businesses with family names."

Support us!

Since Russia's offensive began on Thursday, millions of dollars have poured into NGOs and hacktivist groups to bolster the Ukrainian opposition.

Cryptocurrencies have arisen as a crowdfunding technique at a time of war, among the instability in global markets and commodity prices as Europe's first all-out conflict in the postwar period unfolds. 

While bitcoin has yet to live up to its promise of becoming a currency that can be used to buy a cup of coffee, it has shown to be a censorship-resistant means of transmitting enormous sums of money anywhere in the world, including Ukraine. 

Bitcoin donations to Ukrainian NGOs and volunteer groups have risen in the aftermath of Moscow's attack yesterday. 

According to the most recent data from blockchain analytics firm Elliptic, a total of $4.1 million in cryptocurrency has been raised since Thursday, with $3 million in donations made on Friday alone. 

Come Back Alive, a Ukrainian NGO that supports the armed forces, received roughly $400,000 in bitcoin yesterday. 

The current batch of crypto donations follows hundreds of thousands of dollars in recent weeks from various Ukrainian organisations and hacktivists to assist oppose Russian belligerence. 

During the second part of 2021, donations began to pick up again, with Come Back Alive raising $200,000 and Ukrainian Cyber Alliance receiving $100,000 in cryptocurrency. The Myrotvorets Center, a separate organisation, raised $237,000. 

Donations have been used to buy military equipment, medical supplies, and drone-based reconnaissance, as well as a facial recognition tool to identify Russian mercenaries and spies. 

"Cryptocurrency is increasingly being used to crowdfund war, with governments' tacit sanction," said Elliptic's principal scientist, Tom Robinson. 

What distinguishes crypto from other privately wired monies is that it enables organisations to circumvent banking institutions that could otherwise block payments to a single country, allowing for cross-border donations. 

"Cryptocurrency is particularly well adapted to international fundraising because it disregards national borders and is censorship-resistant — there is no central authority that can halt transactions, for example, in reaction to sanctions," Robinson explained. 

Other organisations supporting the Ukrainian resistance have asked for donations in cryptocurrency, such as non-fungible tokens (NFTs). Help Ukraine, an Ethereum-based token project, has been donating Ether to a fundraiser named Support Ukrainian Sovereignty, which has gathered $281,769 so far and has promised to give monies to various Ukrainian NGOs. 

While donations to Ukrainian war-effort organisations or hacktivist groups are not illegal or in violation of any sanctions, organisations such as the Myrotvorets Center have pointed to instances where at least one of their PayPal accounts, intended to fund a facial recognition programme, was seized due to "terrorists and Russians" complaints. 

Donors may not want their funds transferred to paramilitary or criminal organisations on their banking records in such cases. As a result, the anonymity provided by crypto is appealing. 

Ukraine's growing interest in cryptocurrency 

Many Ukrainians appear to be flocking to cryptocurrency as the Ukrainian central bank pushes down on digital money transactions in the absence of a statewide declaration of martial law. 

According to CoinGecko data, the trading volume of Kuna, one of the most prominent crypto exchanges in the country, had more than tripled by Friday. On Thursday morning, the 24-hour trade volume at Kuna was approximately $1.5 million, and it is now slightly around $5 million. 

Since the Russian onslaught began, Bitcoin is currently trading at a 7% premium in Kuna, showing that local demand has outpaced available supply. Tether, a US dollar-backed stablecoin, is also fetching a premium from domestic buyers. 

"We don't have faith in the government." We have little faith in the banking system. In an interview with CoinDesk, Kuna founder Michael Chobanian stated, "We don't trust the local currency." "The vast majority of individuals have no other option except to invest in cryptocurrency." 

At the national level, Kiev has also taken moves to embrace crypto. 

President Volodymyr Zelenskyy and the Ukrainian parliament achieved an agreement last week on a law to legalise and regulate cryptocurrencies, paving the way for the eventual establishment of a legal crypto market. 

Ukraine has emerged as a crypto innovation hotspot in recent years, thanks to a low tax structure, little to no red tape, and an abundance of skilled technologists.

Support us!

With sanctions imposed by the United States and other countries on Russia's financial system, as well as the risk of its exclusion from the SWIFT payments network, there may be a shift towards Bitcoin and crypto assets. 

On February 24, US President Joe Biden vowed a new round of penalties against Russian banks and financial institutions. He added that after consulting with G7 leaders, there was complete agreement on a coordinated attempt to isolate Russia from the global economy by restricting its access to key currencies. 

"We will restrict Russia's capacity to transact in dollars, euros, pounds, and yen in order to participate in the global economy." We'll make it more difficult for them to do so." 

In addition to sanctions, the country is being examined for exclusion from the SWIFT payments network. This will make it more difficult to transfer funds from abroad to Russian banks. 

Boris Johnson, the British Prime Minister, lobbied "quite hard" for Russia to be withdrawn from SWIFT, while Ukraine's Foreign Minister, Dmytro Kuleba, tweeted: 

"Anyone who now questions whether Russia should be barred from Swift must realise that the blood of innocent Ukrainian men, women, and children will be on their hands as well." SWIFT SHOULD BANN RUSSIA." 

Bitcoin is the prefered currency. 

SWIFT is a Belgian corporation that handles around 42 million messages each day for over 11,000 banks and financial institutions worldwide. It has recently been chastised for being a slow, expensive, and out-of-date method of money transfer, but it continues to be the industry standard. 

There are fears that isolating Russia from the global payment network may push it closer to China in creating its own system. 

If Russia wants to escape these onerous restrictions, the adoption of cryptocurrencies such as Bitcoin would be ripe for the taking. VanEck's Matthew Sigel, head of digital asset research, commented: 

"On the Bitcoin network, neither dictators nor human rights campaigners will face censorship." 

Bloomberg reports that Russian millionaires and oligarchs may turn to cryptocurrencies to avoid banking blockades. "If a wealthy individual is concerned that their accounts may be frozen due to sanctions, they can simply hold their wealth in Bitcoin to protect themselves from such acts," Quantum Economics CEO Mati Greenspan noted. 

Away from USD Hegemony 

Cryptocurrency can be sent from person to person without the need of banks, centralised payment networks, or third-party intermediaries. As BeInCrypto wrote on February 24, Russia has a sophisticated crypto toolkit that it can employ in such situations. 

Sahil Bloom, Vice President of Altamont Capital Management, stated that a SWIFT outage might have "longer-term second-order consequences on Bitcoin and non-fiat currencies," before adding: 

"Russia may strive to avoid the impact of the restrictions by combining its in-house system with a shift away from USD-reserve currency hegemony." 

Crypto markets have dropped 6% since the start of the week, and $200 billion has been lost since the start of the invasion of Ukraine.

Support us!

One of the most recent measures implemented in connection with a nationwide declaration of martial law is a crackdown on digital money transfers by Ukraine's central bank. 

The National Bank of Ukraine has ordered electronic money (e-money) issuers to halt e-money issuance and e-money replenishment of electronic wallets. The written order also stated that e-money distribution was temporarily prohibited. 

The term "electronic money" most likely refers to fiat currencies held in digital accounts via platforms such as Venmo or PayPal. 

This is one of several new rules imposed by the country's central bank as Russian forces lay siege to Ukraine. 

On Thursday, the National Bank of Ukraine issued a statement containing a slew of resolutions, including an order suspending the foreign exchange market, limiting cash withdrawals, and prohibiting the issuance of foreign currency from retail bank accounts. 

As Ukraine tightens restrictions on cash-transfer routes and Moscow unleashes airstrikes and ground troops, some Ukrainians are turning to cryptocurrencies. 

According to Kuna, a popular Ukrainian cryptocurrency exchange, domestic buyers are paying a premium for Tether's USDT stablecoin, which is pegged to the value of the US dollar. 

"We don't have faith in the government." We don't have faith in the banking system. "We don't trust the local currency," Michael Chobanian, the founder of Kuna, told Coindesk in an interview. "The vast majority of people have no other option but to invest in cryptocurrency." 

Tether, with a market cap of nearly $80 billion, is the most popular stablecoin by market cap, and unlike cryptocurrencies like bitcoin and ethereum, which have experienced significant volatility in recent weeks due to rising geopolitical tensions, tether, like other stablecoins, is generally fairly stable in value. 

However, due to increased demand, the current exchange rate for 1 USDT is approximately 32 Ukrainian hryvnia (the national currency), or $1.10. 

Ukraine's leaders have been working for months to rebrand the country as a digital currency haven. 

In 2021, Ukrainian President Volodymyr Zelenskyy signed legislation allowing the country's central bank to issue its own digital currency, and the president and parliament recently agreed on legislation to legalise and regulate cryptocurrency. 

On an official state visit to the United States in August 2021, Zelenskyy touted Ukraine's emerging "legal innovative market for virtual assets" as a selling point for investment, while Minister of Digital Transformation Mykhailo Fedorov stated that the country was modernising its payment market so that its national bank could issue digital currency. 

According to the Kyiv Post, Ukraine had planned to open the cryptocurrency market to businesses and investors prior to the Russian attack. Top state officials have also been touting their crypto street cred to Silicon Valley investors and venture capital funds, but the Russian invasion has diverted attention away from these efforts.

Support us!

The ongoing tussle between Russia and Ukraine is sparing no asset class. Just as the equity market saw massive sell offs, the cryptocurrency market has plummeted by nearly 10% over the last 24 hours. Most leading cryptocurrencies, barring stablecoins, are seeing double digit dips.

Data shows that over $200 billion has been liquidated since Russia — and its President Vladimir Putin — announced its ‘special military operation’ against Ukraine.

Which cryptocurrencies are the worst hit?

Amid the crypto market crash, Ethereum, Cardano, Avalanche and Polkadot are the worst hit, aside from memecoins Dogecoin and Shiba Inu.

The only leading cryptocurrencies that have been able to limit their fall to under 10% over the last 24 hours are Bitcoin and Terra.

Cryptocurrencies lose their sheen as ‘digital gold’

The value of cryptocurrencies have been plummeting since the New Year kicked in, sparking speculation that another ‘crypto winter’ may be in the making. Bitcoin’s price, for instance, has dropped by about 50% since November.

Russia’s moves against Ukraine seem to be making matters worse. However, the fact that the value of most cryptocurrencies are going through the wringer may not come as a big surprise to investors. Crypto markets have shown a tendency to react to traditional markets in recent times.

Rather than being an asset where investors can park their money when the global economy gets risky — whether that’s because of inflation or geopolitical tensions — cryptocurrencies are no longer being viewed as a ‘safe haven’ investment.

Support us!

A 24-year-old woman from Tennessee, a state in the United States, lost $300,000 in a crypto scam on a dating app.

Niki Hutchinson, a social media producer, inherited this substantial sum following her mother's death from the sale of her childhood home. But she has now lost everything after falling victim to a cryptocurrency romance scam last year.

What Caused the Scam?

According to Dailymail, Niki was visiting a friend in California last year when she met a man named Hao through the dating app Hinge. According to reports, Hao told her he lived nearby and worked in the clothing industry.

Even after she returned to her home in Tennessee, Niki and Hao continued to communicate via WhatsApp for more than a month.

However, Niki had no idea that she would become a victim of a new type of fraud - crypto romance scams - in the midst of all of this.

When Niki told Hao she had recently inherited nearly $300,000, he advised her to invest it in cryptocurrency.

According to a screenshot of the exchange obtained by the NewYorkTimes, Hao once texted Niki, 'I want to teach you to invest in cryptocurrency when you are free, bring some changes to your life, and bring some extra income to your life.'

Finally, Niki agreed to Hao's suggestion and sent a small amount of cryptocurrency to a wallet address he provided her, which he claimed was linked to an account on a cryptocurrency exchange called ICAC. She then proceeded to send more money after her money had successfully appeared on the ICAC website.

Niki was pleasantly surprised by the ease with which she could make money by following Hao's advice, and as a result, she eventually took out a loan to continue investing after deciding to invest her entire savings on the crypto trading platform.

The Signals of Dominance

Niki first noticed red flags in December 2021, when she couldn't withdraw money from her account. Then an ICAC customer service representative told her that her account would be frozen unless she paid her taxes, which were in the hundreds of thousands of dollars!

Niki's habit of regularly texting Hao had, coincidentally, stopped by that point. Even in their previous video chat, the man only showed a portion of his face before abruptly terminating the call.

Niki's suspicion grew as she realised how long she had been duped.

"I was like, oh, God, what have I done?" she explained to the NewYorkTimes.

Niki Hutchinson is currently living with her father and attempting to catch up. She is also said to be in contact with authorities in Florida in order to track down her con artist.

She was not, however, the only victim of fraud last year.

According to FTC data, nearly 56,000 romance scams were reported to the agency in 2021, totalling a whopping $547 million in losses.

Support us!

A 24-year-old woman from Tennessee, a state in the United States, lost $300,000 in a crypto scam on a dating app.

Niki Hutchinson, a social media producer, inherited this substantial sum following her mother's death from the sale of her childhood home. But she has now lost everything after falling victim to a cryptocurrency romance scam last year.

What Caused the Scam?

According to Dailymail, Niki was visiting a friend in California last year when she met a man named Hao through the dating app Hinge. According to reports, Hao told her he lived nearby and worked in the clothing industry.

Even after she returned to her home in Tennessee, Niki and Hao continued to communicate via WhatsApp for more than a month.

However, Niki had no idea that she would become a victim of a new type of fraud - crypto romance scams - in the midst of all of this.

When Niki told Hao she had recently inherited nearly $300,000, he advised her to invest it in cryptocurrency.

According to a screenshot of the exchange obtained by the NewYorkTimes, Hao once texted Niki, 'I want to teach you to invest in cryptocurrency when you are free, bring some changes to your life, and bring some extra income to your life.'

Finally, Niki agreed to Hao's suggestion and sent a small amount of cryptocurrency to a wallet address he provided her, which he claimed was linked to an account on a cryptocurrency exchange called ICAC. She then proceeded to send more money after her money had successfully appeared on the ICAC website.

Niki was pleasantly surprised by the ease with which she could make money by following Hao's advice, and as a result, she eventually took out a loan to continue investing after deciding to invest her entire savings on the crypto trading platform.

The Signals of Dominance

Niki first noticed red flags in December 2021, when she couldn't withdraw money from her account. Then an ICAC customer service representative told her that her account would be frozen unless she paid her taxes, which were in the hundreds of thousands of dollars!

Niki's habit of regularly texting Hao had, coincidentally, stopped by that point. Even in their previous video chat, the man only showed a portion of his face before abruptly terminating the call.

Niki's suspicion grew as she realised how long she had been duped.

"I was like, oh, God, what have I done?" she explained to the NewYorkTimes.

Niki Hutchinson is currently living with her father and attempting to catch up. She is also said to be in contact with authorities in Florida in order to track down her con artist.

She was not, however, the only victim of fraud last year.

According to FTC data, nearly 56,000 romance scams were reported to the agency in 2021, totalling a whopping $547 million in losses.

Support us!

Since its inception, the Pi Network token has piqued the interest of cryptocurrency aficionados who want to know how much it costs. The one-of-a-kind cryptocurrency project was introduced in 2021, and it has been dogged by numerous doubts and suspicions since then.

Pi Network was created to enable consumers to mine cryptocurrency using their smartphones.

What exactly is the Pi Network?

It's a new virtual currency and developer platform that allows people to mine Pi coins using their cellphones. Pi Network, according to the project's website, allows users to mine the digital token without exhausting the battery or having a negative influence on the environment.

Bitcoin, the world's oldest cryptocurrency, is frequently chastised for polluting the environment due to its energy-intensive mining process.

Last year, China cracked down on crypto mining operations, claiming that they were damaging the environment. Meanwhile, Tesla CEO Elon Musk has stated that the company will not accept Bitcoin as a form of payment due to environmental concerns.

As more people become aware of climate change and appear to be prepared to solve environmental issues, even bitcoin projects are considering the environmental impact of their operations.

One of the main reasons for the Pi Network's popularity among crypto enthusiasts is that it claims to be environmentally friendly.

Pi Network had a user base of over 30 million people as of December 2021, according to CoinMarketCap.

Is Pi Network a legitimate way to make money, or is it a Ponzi scheme?

Aside from features like in-app chatting, the Pi Network app currently has little utility. Furthermore, there is no method to determine the worth of the Pi coin because users are mining the cryptocurrency in the hopes of one day being able to convert the Pi coins to a real value.

Pi Network supporters frequently state on social media sites that it cannot be a Ponzi scheme because it does not ask its customers for money.

We're not implying that Pi Network is a Ponzi scheme. It's worth noting, though, that users contribute to the Pi Network app's value. Users' time and data are precious, and the app's creators must profit from it.

The app has introduced optional video adverts, which must have aided in monetising the vast and millions-strong active user base.

A Know Your Customer (KYC) process is included in the Pi Network app, which includes collecting passport information. A validated audience appears to have the potential to boost ad income.

This project is founded on the assumption that further features, such as a coin launch or listing on a cryptocurrency exchange, would be added in the future.

Users can create an account and then use the app on a daily basis by logging in. They are expected to be able to obtain digital cash by just pressing a button within the app.

It's vital to highlight that there's no requirement for proof of work, and this software encourages users to advance by bringing additional people to the network. The software allows users to earn extra Pi coins by doing so.

Multi-level marketing promoters and pyramid scheme operators frequently use such models.

Because Pi crypto is not listed on decentralised exchanges, it looks that users will not be able to profit from it. The Pi coin can't be traded, and it's also not feasible to buy or sell it.

In conclusion

Because the value of a Pi coin cannot be calculated, the most pressing concern is whether it will ever reach a point of trade where it can be converted into fiat currency.

In the cryptocurrency market, the possibilities are unlimited, and Pi coin holders can only wait to see if their dreams come true.

It is impossible to determine the true value of the Pi coin until and unless the cryptocurrency is listed on an exchange.

Support us!

While the concept of a Metaverse is intriguing, it is not necessarily prudent for businesses to invest significant resources in something that does not yet exist.

One of the most interesting breakthroughs in the crypto and blockchain industries is the Metaverse. Several brands, projects, and publicly traded companies are looking into virtual potential. However, because a fully functional Metaverse to invest in does not yet exist, many acquisitions appear to be driven by FOMO or YOLO rather than sound commercial judgement.

The Metaverse Is Exciting, But It Isn't Complete

The comming together of a virtual world and the actual world appears to be intriguing on paper. It opens up a world of possibilities for customers, brands, businesses, and everyone else. However, one must accept that, except on paper, the Metaverse does not yet exist. Because there is little or no infrastructure in place, creating a globally accessible virtual world that connects to the actual world will take time.

While the concept of a Metaverse is intriguing, it is not necessarily prudent for businesses to invest significant resources in something that does not yet exist. Staying ahead of the competition typically necessitates taking a risk here and there, but business activity as a whole tends to favour FOMO. Companies' demands to steer a stable course in COVID-19 times appear to be outweighed by the Fear of Missing Out.

Despite the fact that the Metaverse does not exist, several public corporations are keen to investigate possibilities. Unfortunately, their ultimate goal must be questioned, as not all efforts are focused on revenue, user growth, or other "conventional" options. Being a part of the Metaverse and conducting research into the subject appear to be more important than making actual contributions or providing additional benefits to users.

Walmart

One could argue that a merchant should investigate Metaverse possibilities. In late 2021, Walmart filed various trademarks for the sale of virtual goods, the creation of a virtual currency, and the introduction of non-fungible tokens (NFTs). Even if it's unclear what Walmart aims to achieve, it's critical to investigate emerging technologies. Like "Blockchain" a few years ago, "Metaverse" appears to be a strong keyword for corporations aiming to enhance stock values.

NASCAR

Sports franchises have an opportunity in the Metaverse. Allowing people from all around the world to watch live broadcasts in a virtual world would be a big social use case for this technology. Rather of attracting new fans, selling tickets and goods, or introducing new methods to watch live events, NASCAR aims to increase its knowledge of virtual technology. There is no clear and precise business plan for developing this technology [at this time], which is a clear symptom of YOLO.

Wendy’s

Wendy's approach to Metaverse is a little out of the ordinary. Despite the fact that the company began an organic effort to advertise its burgers, the campaign finished with a digital avatar entering Fortnite — amid a food conflict between Team Pizza and Team Burger — and destroying burger freezers for several hours. The initiative drew some attention at first, but it faded shortly. It appears to be a FOMO-driven endeavour, as the business hasn't spoken anything about future Metaverse exploration afterwards.

Nike, Coca Cola, Balenciaga & Gucci

These well-known brands have one thing in common: they immediately adopted non-fungible tokens in order to expand their Metaverse presence. Coca-Cola, for example, debuted virtual wearables as part of an NFT Metaverse collection honouring International Friendship Day. Furthermore, the corporation auctioned off a loot box on OpenSea with Decentraland-specific clothes. Another FOMO game, this time in the rush to introduce unique products to the virtual world, even if they have little real-world value.

Gucci's Gucci Garden multimedia experience for Roblox took a slightly different approach. It's a one-of-a-kind, interactive virtual exhibit in which avatars transform into mannequins and absorb exhibit pieces. In the end, each participant is a one-of-a-kind creation. It's an innovative take on the Metaverse experience, but it's not likely to hold people's attention for long. A little YOLO effort that could lead to more opportunities down the road.

Balenciaga has started releasing high-fashion Fortnite skins. Creating limited-edition things in the Metaverse is an intriguing option, but it goes against the Metaverse's mission statement. Rather than unifying people, exclusivity serves to further divide them. The Balenciaga virtual hub offers a virtual store where users may purchase cosmetics, virtual objects, and real-world apparel. From a marketing standpoint, Balenciaga wants to be a part of the Metaverse, but adding true value is a different story.

Since its acquisition of RTFKT, a non-fungible token studio that creates digital collectibles, Nike has taken a similar approach. Nike, like other fashion firms, has entered the digital wearable space. However, Nike has filed patents for the production and sale of virtual Nike footwear, apparel, and accessories. None of them appear to have a real-world counterpart, implying that there is no genuine "value" yet.

Disney

Disney filed a patent for a virtual-world simulator in December 2021, bringing its theme parks into a 3D environment with a high level of immersion. However, rather than becoming a part of the larger endeavour, the corporation appears to be creating its own private Metaverse. The corporation stated that its priority is for customers to be able to experience everything Disney has to offer across all products and platforms.

Furthermore, the company's properties and platforms will take centre role in its virtual environment. Although it's encouraging to see Disney recognise the Metaverse's potential, further segregation in the virtual world isn't a good thing. Time will tell whether this is a FOMO move or a serious attempt to mainstream the Metaverse.

Time will tell

Many Metaverse transactions made by large corporations and brands appear to serve little purpose other than FOMO and YOLO in order to avoid missing out on what may be an interesting technology. However, it is unclear when they will add significant benefit to the world, as no initiatives appear to be pointing in that direction. 

However, the Metaverse is still in its infancy, and most of these attempts aren't important yet due to a lack of infrastructure.

Support us!