Ethereum and the reasons for its recovery in 2022

The second digital currency by capitalization faces a year marked by its competition against Bitcoin and the "killers of Ethereum" at a crucial moment for the virtual currency in its passage to the "merger" expected this year. A before and after in which experts see an upward journey, after rising exponentially, but falling behind in the final part of the year among cryptocurrencies.

Comparisons are hateful, no doubt, but it seems inevitable that the first and second cryptocurrencies on the market in the blockchain universe are continually being compared. Experts point out that already in 2021, and despite the fact that it continues to be number two in the ranking by capitalization in the crypto market, amid growing volatility , Ethereum's performance has been better than that of Bitcoin.

The common opinion is the abysmal distance that continues to exist, especially as Ethereum development takes hold, because the adoption of blockchain technology in financial technology companies is gaining ground and especially the NFTs, the popularity of non-fungible tokens, which are it extends to sports, the media and games, as well as culture in general, with the case of art.

That is its added value that is gaining exponential ground to Bitcoin. It is a new world, as everyone recognizes that it can also make a real qualitative and quantitative leap in 2022 and be reflected in Ether, penalized from its highs by more than 21%, despite its development and revaluation of 418 % last year, with a capitalization of less than half a billion, 454,450 million, the 18th asset in the world.

Its fall, which persists in the last week above 3% and corrected by the advances of the same amount of yesterday and in the last month, with cuts that border on 5%, endorse its consolidation in recent times pending events . Specifically awaiting The Merge , the merger in that expected step in 2022 on its path 2.0 from the proof of work to the proof of stake, in a combination between the main Ethereum network development with that of Beacon Chain, which It will give you more scalability, if everything goes according to plan in this first part of 2022.

The US stock exchange and the rest of the "Free Market"

The US Government and it's corrupt officials were colluding with each other since the very beginning. They all are aware of what they did and what they continue to do. The US CEC and DTCC is infiltrated by current citadel employees(one you are and citadel employee, you are always on their bankroll). The same is said about the politicians, as you can see that they are paid very well for very few public speaking. They have all colluded with each other. That is why in an unprecedented event ensued on January 27, 2020, they prevented the buying GME and kept the sell button so people would mass panic sell. They knew that the securities (Short Swaps) were in trouble because it was backed by the federal reserve. 

The MOASS will not be just GME going tits up, but also: some other stocks. Can't name because of the censorship of this subreddit. These greedy fucks are not only fucking with one basket but others as well. The marijuana stocks have been heavily manipulated and I think they are in a swap of their own. I'm speculating but there must be more baskets.

These Swaps baskets are designed to bring the company to bankruptcy so their competitors can buy what ever assets they want. For example Trade patents and the like.

That's why you see new CEO being brought,  hired for almost dead companies. These CEO's then pillage the companies. Look at the ex CEO of Sears and how he handled that company. This has been happening all around the world including in the Canadian Stock Exchange.

All these hedge funds are colluding with each other, including the Federal government and reserve, in the name of pure greed. Fuck the American Tax payey. The rich don't pay there fare share so I guess they figured they can get away from fucking them more.

For example a stock in Vancouver that is being heavily manipulated is Netcoins(Digital Brokage), a direct competition of Coinbase. Coinbase is backed by these hedge fund because they are using coinbase to print fake tokens from bitcoins. This is another method these fuckers have been gaining capital. They have been manipulating the market to the extent of the federal reserve. This is why Powell is printing as much fake money as they can, while he still can. 

I think the Biden adminstration is aware of this and is trying to prevent a total economic collapse, they have been kicking the can down the road and getting ready for the MOASS, then an economic recession or depression worse than the 2008 recession but with different securities. 

The same people that are in power are still using the same corrupt methods to maintain power and rob the American Tax payers. The same banks the caused the 08 collapse will cause the next meltdown

Hopefully this time, the corrupt fucks get heavy jail time for their crimes against humanity and the world. Because the US currency is the main currency, this shit trickles down across the world

Did You Know in 2021? Bitcoin surpassed $1T in market value for the first time ever on February 19. This event helped to ensure the narrative that BTC is really digital gold.

https://i.redd.it/ynnktdli6s981.jpg

P4S | PlexStory Inc| Resellers Plan | Plex Appbox | Plex Share | Google TD Shares|Automatic | website | 10GPS | Remux | 4K | Anime | Kids Tv | 27k+M | 10k+T | Automated invoice

Locations - USA (Live) - Middle East (Upcoming) - Europe (Currently Live) - CDN enabled.You can choose your CDN relay , multiple services worldwide Join us via this website: - https://billing.vpnsaga.com/ Services - Plex Share - Plex Appbox Shared - Dedicated Reseller Appbox - IPTV (included PPV events) (VPN app for android user included) - Google Drive Share - Website disguised as VPN provider. Library - 10k + Tv Shows. - 27k + Movies. - 1500 + 4K Movies - 400+ 4K Tv - 800+ Anime -Few foreign films and tv. Total around 2k ish Payment options: - Bitcoin/Bitcoin Cash/Etherium/Litecoin/Dash/XRP/USDT - Paypal Resellers Information(sell my products direcly on your website) - All you have to do is just order my services like normal ! - You buy my service for X amount and up charge it to your clients for X amount ! - You get a dedicated server with a specific amount of appbox.additional appbox can be installed on request - You can sell appbox,plex shares or both as per your wish Information You May Want To Know - Instant scans - We have limited amount of spots. - Auto Requests enabled on appbox - We use GPU for transcoding. - Transcode allowed besides 4k Content. - Instant Setup DISCORD https://discord.gg/QZm8UmQjhY Limited slots.Once we hit our user limits,you will not be able to sign up

Scam Extortion email sent by my own mail.utoronto.ca to myself?

Hey all, so I actually graduated a few years ago and happened to randomly check my outlook after ages to see the following two sus emails sent by my own UofT email to itself?? Has anyone else received stuff like this?

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Subject: You have outstanding debt.

Hello there!

Unfortunately, there are some bad news for you.Around several months ago I have obtained access to your devices that you were using to browse internet.Subsequently, I have proceeded with tracking down internet activities of yours.

Below, is the sequence of past events:In the past, I have bought access from hackers to numerous email accounts (today, that is a very straightforward task that can be done online).Clearly, I have effortlessly logged in to email account of yours (removed).

A week after that, I have managed to install Trojan virus to Operating Systems of all your devices that are used for email access.Actually, that was quite simple (because you were clicking the links in inbox emails).All smart things are quite straightforward. (^~^)

The software of mine allows me to access to all controllers in your devices, such as video camera, microphone and keyboard.I have managed to download all your personal data, as well as web browsing history and photos to my servers.I can access all messengers of yours, as well as emails, social networks, contacts list and even chat history.My virus unceasingly refreshes its signatures (since it is driver-based), and hereby stays invisible for your antivirus.

So, by now you should already understand the reason why I remained unnoticed until this very moment...

While collecting your information, I have found out that you are also a huge fan of websites for adults.You truly enjoy checking out porn websites and watching dirty videos, while having a lot of kinky fun.I have recorded several kinky scenes of yours and montaged some videos, where you reach orgasms while passionately masturbating.

If you still doubt my serious intentions, it only takes couple mouse clicks to share your videos with your friends, relatives and even colleagues.It is also not a problem for me to allow those vids for access of public as well.I truly believe, you would not want this to occur, understanding how special are the videos you love watching, (you are clearly aware of that) all that stuff can result in a real disaster for you.

Let's resolve it like this:All you need is $1750 USD transfer to my account (bitcoin equivalent based on exchange rate during your transfer), and after the transaction is successful, I will proceed to delete all that kinky stuff without delay.Afterwards, we can pretend that we have never met before. In addition, I assure you that all the harmful software will be deleted from all your devices. Be sure, I keep my promises.

That is quite a fair deal with a low price, bearing in mind that I have spent a lot of effort to go through your profile and traffic for a long period.If you are unaware how to buy and send bitcoins - it can be easily fixed by searching all related information online.

Below is bitcoin wallet of mine: (removed)

You are given not more than 48 hours after you have opened this email (2 days to be precise).

Below is the list of actions that you should not attempt doing:> Do not attempt to reply my email (the email in your inbox was created by me together with return address).> Do not attempt to call police or any other security services. Moreover, don't even think to share this with friends of yours. Once I find that out (make no doubt about it, I can do that effortlessly, bearing in mind that I have full control over all your systems) - the video of yours will become available to public immediately.> Do not attempt to search for me - there is completely no point in that. All cryptocurrency transactions remain anonymous at all times.> Do not attempt reinstalling the OS on devices of yours or get rid of them. It is meaningless too, because all your videos are already available at remote servers.

Below is the list of things you don't need to be concerned about:> That I will not receive the money you transferred.- Don't you worry, I can still track it, after the transaction is successfully completed, because I still monitor all your activities (trojan virus of mine includes a remote-control option, just like TeamViewer).> That I still will make your videos available to public after your money transfer is complete.- Believe me, it is meaningless for me to keep on making your life complicated. If I indeed wanted to make it happen, it would happen long time ago!

Everything will be carried out based on fairness!

Before I forget...moving forward try not to get involved in this kind of situations anymore!An advice from me - regularly change all the passwords to your accounts.

​

​

Subject: Do You Do Any of These Embarrassing Things?

I am sorry to inform you but your device was hacked.

That's what happened. I have used a Zero Click vulnerability with a special code to hack your device through a website.A complicated software that requires precise skills that I posess.This exploit works in a chain with a specially crafted unique code and such type of an attack goes undetected.You only had to visit a website to be infected, and unfortunately for you it's that simple for me.

You were not targeted, but just became one of the many unlucky people who got hacked through that webpage.All of this happened in August. So I’ve had enough time to collect the information.

I think you already know what is going to happen next.For a couple of month my software was quietly collecting information about your habits, websites you visit, websearches, texts you send.There is more to it, but I have listed just a few reasons for you to understand how serious this is.

To be clear, my software controlled your camera and microphone as well.It was just about right timing to get you privacy violated. I have made a few pornhub worthy videos with you as a lead actor.

I’ve been waiting enough and have decided that it’s time to put an end to this.Here is my offer. Let’s name this a “consulting fee” I need to get, so I can delete the media content I have been collecting.Your privacy stays untouched, if I get the payment.Otherwise, I will leak the most damaging content to your contacts and post it to a public website for perverts to view.

You and I understand how damaging this will be to you, it's not that much money to keep your privacy.

I don’t care about you personally, that's why you can be sure that all files I have and software on your device will be deleted immediately after I receive the transfer.I only care about getting paid.

My modest consulting fee is 1650 US Dollars to be transferred in Bitcoin. Exchange rate at the time of the transfer.You need to send that amount to this wallet: (removed)

The fee is non negotiable, to be transferred within 2 business days.

Obviously do not try to ask for help from the law enforcement unless you want your privacy to be violated.I will monitor your every move until I get paid. If you keep your end of the agreement, you wont hear from me ever again.

Take care and have a good day.

Is something about to go down on January 6th?

So I used to think r/The_Bogdanoff was the funniest conspiracy subreddit of all, but now I'm scratching my head. The twins just died several days apart as of January 3rd, supposedly of covid-19. January 3rd also happens to be the official birthday of Bitcoin, which you people claim was invented by the twins. And this happens on the same day as this weird movie showtime glitch which seems to have predicted a global cyber attack on the 6th. Were the twins benevolent ET's who came here to help tear down the matrix? They certainly look like aliens. Is something major about to happen on the 6th which involves them? Did they fake their deaths so they could return to the mothership in preparation for WW3, while also signalling to the Bog pillers that they're right? I feel crazy talking about this but my spidey senses are tingling. The 6th is also the 666th day since the WHO declared covid a pandemic. Also, it was supposed to be the first full day of the 5g rollout. I feel all these events are connected somehow. Any thoughts?

💬 Revuto Monthly General Discussion Thread - January 2021

Welcome to the Revuto General Discussion Thread!

Instead of sending private messages to moderators, feel free to use this thread to ask a quick question, share your thoughts, ideas, suggestions, and concerns regarding Revuto. Please refrain from posting low-quality comments like referral links in the comments of this thread and stay respectful towards each other. We do not allow inappropriate comments or behavior towards other members, communities, or projects. Repeated attempts to spread FUD will result in a ban. For more info about the rules of this subreddit, please check out our Anti-FUD and Anti-Spam Policy.

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Low-quality posts and/or posts including referral links will be removed without warning.

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Revuto is a crypto-powered solution for subscription payments!

Revuto is a European Fintech startup leveraging next-gen crypto and DeFi technology to offer clients a superior subscription management experience. Revuto’s flagship product is the Revuto dApp, a decentralized mobile application that enables users to actively manage their subscriptions from a single dashboard. The Revuto dApp, built on Cardano’s scalable infrastructure, will supercharge your digital assets, giving them the utility of fiat currency with the permissionless benefits of cryptocurrency. At this stage, all subscription payments with Revuto will be made using actively managed Revuto Virtual Debit Cards supporting fiat currencies, and REVU tokens. Later, Revuto will broaden its product offering by adding support for other recurring payments such as utilities, cable and cell phone bills, or gym memberships. 🏋🏻‍♂️

Moreover, in the latter phase, Revuto will also acquire a payment processor license, allowing it to further reduce friction in payments, eliminate third-party dependencies, and ultimately increase profit margins. Furthermore, by paying their subscriptions through the Revuto dApp, users will have the opportunity to earn rewards, receive cashback, and apply for microloans paid out in crypto.

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Download the Revuto app:

📲 iOS - https://apps.apple.com/us/app/revuto/id1550940719

📲 Android - https://play.google.com/store/apps/details?id=com.revuto.dev

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Using the Revuto dApp you can:

• Add subscriptions ✅
• Enable and disable subscriptions in a couple of clicks ✅
• Block, Snooze, and Approve subscription charges as they occur ✅
• Pay and subscribe for goods and services using tokens such as ADA and REVU ✅
• Stake REVU to unlock additional features and earn rewards ✅
• Earn cashback in REVU for subscriptions you enable ✅
• Receive REVU tokens for every friend you refer ✅
• Issuing Revuto Virtual Debit Cards ✅
• Topping up the Revuto Virtual Debit Card with debit/credit cards ✅
• Topping up the Revuto Virtual Debit Card with REVU tokens ✅
• Send and receive REVU tokens in REVU wallet ✅

…plus a whole lot more.

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Revuto already received the Best DeFi Setup Award at the Global DeFi Investment Summit. Another recognition, and another praise for our hard work on building the DeFi ecosystem to become the best DeFi payment processor on Cardano! Revuto was also named as the Fastest Growing Consumer Product in Crypto for 2021 at the World Blockchain Summit (WBS) in Dubai. The award for the Fastest Growing Consumer Product in Crypto for 2021 was given to our co-founder Josipa on the main stage, and it is an important validation of all the work we are doing behind the scenes.

👉 https://www.investing.com/news/cryptocurrency-news/revuto-gets-award-of-fastest-growing-consumer-product-in-crypto-for-2021-2644864

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Revuto stands out from the competition because it is the first subscription management service to incorporate cryptocurrency payments. Using the Revuto dApp, users will be able to pay for their subscriptions using the Cardano-native REVU token. With Cardano’s Plutus smart contract platform’s arrival, users will be able to acquire the Cardano-native EURR stablecoin either by minting it as a loan using REVU tokens as collateral or by directly purchasing it on the open market.

👉 Check out this post to learn more about Revuto, and understand how does the Revuto app work.

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Our non-custodial Cardano wallet within the Revuto app is now available to Android & iOS users!

The Revuto Wallet is a simple and secure cryptocurrency wallet that will support all Cardano-based tokens, while by default including REVU and the EURR stablecoin. We’ve barely scratched the surface in terms of detailing the problems Revuto solves, the utility it brings to online payments, and the benefits to you of getting in on the ground floor.

The REVU token is Revuto's utility token native to the Cardano blockchain. lts purpose will be twofold:

• to serve as a governance token for the Revuto ecosystem through staking
• collateral for micro-loans on Revuto's decentralized micro-lending and borrowing platform

For users, the incentive for holding REVU tokens is ultimately to save money and pay less in crypto for subscription charges than they would with fiat money! Revuto's ecosystem is designed to be sustainable regardless of crypto market conditions. The incentive structures are set in place to create constant demand pressure for REVU tokens and give users greater flexibility in terms of managing and paying for subscriptions.

👉 Answering Questions About Our New Cardano Lite Wallet Integration

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📃 Whitepaper - Read Whitepaper

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Is it worth solving?

Data shows that today’s millennials would much rather subscribe to Spotify or Netflix than purchase a single album or a movie. The subscription model allows them to test a product and use a service without fully committing and paying the full price upfront. Free trials with cumbersome cancelation policies produce unnecessary recurring losses, and managing and paying for dozens of subscription services each month results in consumer fatigue. As subscriptions grow by 100% year on year, we’re confident they’re here to stay and become an integral part of everyone’s life. Revuto’s place in this growing economy is to filter signals from noise and offer customers a clean and pleasant subscription management experience. We believe that no one should ever again be charged for subscriptions they no longer want or use, and our primary goal is to make that happen.

Why Cardano?

Cardano’s mission, vision, and approach to building scalable, user-centric blockchain solutions are perfectly aligned with Revuto’s requirements. Cardano is the first blockchain platform to evolve out of a scientific philosophy and a research-first-driven approach. First-generation blockchains like Bitcoin were the first to offer the world decentralized ledgers for secure cryptocurrency transfers.

Second-generation blockchains like Ethereum introduced smart contracting capabilities to blockchains but are unfortunately suffering from significant scalability issues. On the other hand, Cardano is conceived as a more evolved, future-proof third generation blockchain that combines the former’s properties and evolves to meet all its users arising needs. Consequently, the Revuto team believes that Cardano will play a leading role in the upcoming digital revolution, and thus, deciding to build our decentralized platform on Cardano was hardly a choice at all.

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Revuto is launching a $2 million fund for Cardano projects, known as R Fund!

R Fund is a special crypto fund entirely dedicated to supporting projects and companies that, like us, are building on Cardano’s fast-growing blockchain.

Aiming to become one of the biggest community-builders on Cardano, Revuto is committed to the cause — and that’s why we’re putting our money where our mouth is, pledging a cool two million dollars to bootstrap fellow creators.

The R Fund offers talented builders a wealth of support — and not just financial either. As well as much-needed capital for project development, Revuto is offering:

• Support and joint marketing efforts
• Support from its own community and big user base
• Help with launching an ICO on the Revuto Launchpad
• Hackathons
• Permanent RFP (Request for Proposals)

To be clear, the R Fund isn’t about signing a check and letting a project do its thing. It’s about investing in promising companies, projects, and people that are building out the Cardano ecosystem, and providing mentorship along the way. After all, a rising tide lifts all boats.

R Fund is described as “your first ticket prior to an ICO.” To that end, Revuto is committed to investing in picks-and-shovels infrastructure and projects that can deliver superior UX to users, both those who are new to Cardano and old hands who already know what the network’s all about.

Soon, Revuto will introduce a dedicated web page for its R Fund where you’ll be able to learn more about the fund and how to apply so stay connected!

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Token Sale summary:

Interest in the REVU token sale has been overwhelming. We have sold every single REVU token reserved for the Token Sale allocation in a record time.

🔥 Early bird Tier 1: Sold Out under 10 minutes ⏳

🔥 Early bird Tier 2: Sold Out in 18 minutes ⏳

🔥 Community sale: Sold Out in 42 minutes ⏳

Revuto raised over $10m USD in the first-ever Token Sale on Cardano 🚀

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With your help, we raised over $10 million in 4 days and received 1.7m sign-ups in 3 weeks.

A really big thank you! None of this would have been possible without a strong community that has supported us from the beginning. You are the best community ever! 🙏

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📊 Final Statistics 📊

📝 more than 2,5 million sign-ups,

💰 raised $10 million in 4 days,

📝 70k users registered to our Token Sale platform,

🤳 35k users pass KYC verification,

🤑 8838 users invested.

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Whether you participated in the REVU token sale or were one of the unlucky ones who couldn’t secure an allocation, you know that demand was high. How high? Well put it this way, we now have two million users signed up to access the Revuto mobile app. We’re grateful to our community of investors and supporters who purchased the REVU token. Demand for REVU hailed from all over the world. The most well-represented country was Turkey, with 3,600 users from the region successfully participating in the sale. 👉 Check out the complete list of registered REVU investors (by countries).

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🎤 First LIVE Revuto YouTube AMA 🎤

In case you missed the first Revuto LIVE AMA, you can check it out on our Youtube channel.

👉 https://www.youtube.com/watch?v=tG5-jQey35s

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We are confident in saying that we nailed it - these numbers speak for themselves!

🥂 Now, raise your glasses, fasten your seat belts, and brace yourselves.

WE ARE GOING TO THE MOON!!! 🚀🚀🚀

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📈 We are in process of listing on exchanges and market tracking websites 📈

On this link, you can give REVU like, and make it more visible to the rest of CoinGecko users. You can also vote for REVU integration to Blockfolio on this link. Add Revuto (REVU) to your watchlist on CoinMarketCap, and cast your vote on how you feel about Revuto on this link.

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📊 CoinMarketCap - https://coinmarketcap.com/currencies/revuto/

📊 CoinGecko - https://www.coingecko.com/en/coins/revuto

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Revuto has a veritable army behind with over 29k Revutonians on Twitter and 27k on Telegram. Join our Discord Server with more than 22k users, follow Revuto Instagram and Facebook Page.

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📰 Revuto on Yahoo Finance, multi-million blockchain funding rounds completed in 2021!

After Revuto was named as one of the most promising startups from Croatia, Revuto became a hot topic in all the Croatian mainstream media like 24sata, Poslovni Dnevnik, Tportal, Jutarnji, Bug, and many others. Business Insider, Cointelegraph, Bitcoinist, and many other leading digital media platforms dedicated to blockchain and cryptocurrencies, also published articles about Revuto.

There is immense power when a group of people with similar interests gets together to work toward the same goals. Check out our first teambuilding, where we had a chance to have a post mortem meeting on our Token sale, and to discuss plans for the next 3 months which includes our app release, new marketing plan, listing, and partnerships. This in-person meeting was valuable for the entire team and is helping us to communicate and work better on REVU.

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NFT platform is ready

As we announced, we created the NFT marketplace for all Early bird Tier 1 investors, and NFTs are integrated into the Revuto app. 📲

In case you missed: 1826 Unique Revuto NFTs for our Early Backers T1 Investors. On our NFT platform, you can see all the examples claimed by EBT1 investors. 👉 https://crypto.revuto.com/nft

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👨🏻‍🚀 The pilots are impatient and eagerly await to embark on this incredible journey. Hopefully, you’ve polished your space helmets as Revuto takes off and is ready to go beyond the moon. 🚀

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💬 Join our Telegram Group, and Discord Server to chat live with other Revuto users! 💬

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❌ Do NOT send Funds to anyone claiming to be from the REVUTO team ❌

Revuto team members will NEVER send you a private message containing any contribution address or offering any bonus. Please be on the lookout for scammers who impersonate admins and send private messages and/or emails with fake wallet addresses.

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Make sure to keep up-to-date on the latest news by following the Revuto official channels.

🌐 Website - Visit Site

👔 Reddit - Join Reddit

💻 Discord - Join Discord Server

🔈 Telegram Announcements - Join Channel

📧 Telegram Discussion Group - Join Group

🕊 Twitter - View Twitter Account

🤳 Facebook - View Facebook Account

🎬 Youtube - View YouTube Channel

👨‍💼 LinkedIn - View LinkedIn Profile

📸 Instagram - View Instagram Profile

🎶 TikTok - View TikTok Channel

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In case you missed our recent posts:

👉 Revuto Integrates Chainlink Price Feeds For Enhanced Price Accuracy in Cardano dApp

👉 Revuto is Crushing It On Discord and Reddit

👉 Introducing Marko Rukonic, the Software Wizard Behind Revuto

👉 Micro-lending and Borrowing: A Little-Known Revuto Use Case

👉 Revuto Reveals Landmark Partnership with Skynet Trading — The Best Liquidity Provider

👉 Revuto App Update - Our Cardano Native Wallet Is Now Available For Android & iOS

👉 Revuto NFTs Are a Hot Commodity

👉 The Beauty of Revuto’s Referral Program: Share Revuto, Earn REVU!

👉 Answering Questions About Our New Cardano Lite Wallet Integration

👉 Laying Down the Law: Clarifying Our Anti-FUD and Anti-Spam Policy

👉 CEO ANNOUNCEMENT

👉 AMA Alert: CEO Vedran Takes Your Questions today at 2 PM UTC!

👉 Award for the Fastest Growing Consumer Product in Crypto for 2021 goes to Revuto!

👉 DeFi Summit Takeover in Dubai

👉 Revuto launches a Non-Custodial Wallet to deliver the best mobile experience to Cardano

👉 Addressing REVU Token FOMO

👉 Revuto is on CoinMarketCap!

👉 Revuto is Heading to Dubai

👉 Gearing Up for the Cardano 2021 Summit

👉 Revuto NFT App Integration is Coming Soon!

👉 Revuto Launches R Fund, a $2 million dollar fund for projects on Cardano!

👉 Get the Revuto App and Start Earning Rewards Today!

👉 Revuto Set for Major Announcements at Infobip Shift Conference!

👉 Celebrating 100,000 Logins on the Revuto App

👉 Join Our Discord Invite Bounty

👉 Revuto Community to Select Sticker Winners

👉 Revuto is Building a Global Movement

👉 Cardano is Gearing Up for its Smart Contract Rollout

👉 Revuto Conquers the UK Market

👉 The Safety of Your Data is Our Priority

👉 The Revuto App Has Arrived!

👉 Download the Revuto APP

👉 Revuto is Building An International Community

👉 1826 Unique Revuto NFTs for our Early Backers T1 Investors are Here!

👉 “Why Now?” — The Compelling Case for Revuto

👉 How Revuto Became the Biggest Community Builder on Cardano

👉 Revuto’s New Referral Program Coming Soon!

👉 4 Trends In the Subscription Economy

👉 While the Market Crabs, Revuto Keeps Advancing

👉 Introducing Our Compliance Gurus, the Zunic Law Firm

👉 Understanding What Makes Revuto Tick

👉 Introducing a Community-Powered Framework for Decentralizing Revuto

👉 Everything You Need to Know About the Revuto App v1

👉 REVU TOKEN BIRTHDAY - Token Generation Event (TGE)

The Ghost of Mt.Gox Part 6: Worst Case Scenario

Note:

This is the sixth in a twelve part series I'm doing on centralized exchanges. This part is going to focus on the why the collapse of Mt.Gox was so devastating and also start building the case of the issues with modern day CEXs with a story from my personal life

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Part 6: Worst Case Scenario

It is hard to articulate how bad of a scenario the Mt. Gox hack was. Not just in financial terms but in human suffering. I hope that Parts 3 to 5 have shown you how the crypto-currency space is designed to conduct some kind of Psychological Operation (PSYOP)) and this helps you understand the kind of mental stress the victims of Mt.Gox went through and are going through. There is a reason why the suicide prevention hotline was up top on r/cryptocurrency at one point

The customers of Mt.Gox lost millions if not billions of dollars each. More importantly the lives that money could have given them. It was a worst case scenario

The CEX was essentially insolvent and the BTC was just gone

200,000 BTC was eventually recovered and hopefully will be distributed as the creditors agreed. However it is nearly 8 years later and some of them are not with us

It frightens me that nearly all market participants are now in a similar position to those poor souls in 2014. Full of hopes and dreams of a promised crypto bull run that will make them "financially independent". Built on the back of a shady business that can go tits up any second. At the end of the last part I hinted at doing a deep dive into what many consider to be crypto's biggest systemic risk; USDT. But feel a lot of people who cover USDT don't cover the entire system. They are fixated on just one part of a complex web. So to try and show how complex and bad a system can get. I will tell you the tale of:

The Beverage Heist

Background:

A couple of years ago I worked as an administrator for a large resort during one of the most complex and baffling case of employee negligence and theft

Anyway this resort was divided in to three sections each with its own bar and beverage

1. Accommodation: hotel bar and restaurant used exclusively by hotel guests
2. Entertainment area: 2 restaurants, 2 bars, 1 beverage bar (no alcohol), 1 cocktail bar and a night club with a bar: Used by hotel guests and day visitors
3. Family area: with 1 beverage bar used by day visitors

The place was massive and it had separated entrances for guests but walkways for employees to get around. Because of this while one company they had different prices for beverages in the family area and other two. It cost the company $0.30 a Coke, Pepsi etc... and they sold them in the Accommodation and Entertainment bars for $1.50 and $1 in the Family. As the Family area usually got more guests so the volume of sales was higher

The beverage system was that there where 5 barmen and a beverage manager at a Central bar ( CB). Each bar operated independently and only interacted with the CB to get restocked if their stock was low and to hand in cash sales at the end of the day. A typical week was that from Friday to Sunday they would sell 2000 -5000 units of non-alcoholic beverages. On Monday there would be a stock take and at the end of the day or Tuesday morning this would be sent to our office for review. On Tuesday or Wednesday a new order for beverages would be placed to the suppliers based on the stock take and what needs replacing. Thursday a delivery is made before the weekend

The surprise check:

On a random Monday in July we decided to do a physical stock take with the barmen and the CB manager . We showed up and did the rounds with them. Took about 2hrs to 3hrs. We had blank sheets where we basically just counted how many drinks where in display fridges, the back of each bar etc.... Drove back to the town office and decided to go over them on Tuesday ( We obviously did more work, I remember the whisky and wine stuff taking ages)

So on Tuesday we started going over the stocks and we did this by entering them in a system that was linked to the pay-points at the resort. So it would automatically detect an issue. We where off by a couple thousand units (~$1000 to $1500) worth of stock. This obviously raised a big flag. Because each bar was independent and now we had missing stock across all six. So we ordered the replacement stock and decided to drive out on Wednesday to figure out what happened. As because of the size of the resort and CCTVs on the pathways it only meant that there where unrecorded sales (missing funds)

The heist

So we set up shop in the hotel managers office and started interviewing each of the barmen. It turned out that the two of the barmen had been restocking not from the CB but from the other bars. The Family sections barman had been smart enough to keep a book of all the times they had taken stock from him. It was a lot, but he had maintained his stock by getting it back from the CB later. This meant that on average 4 of the bars where fractionally stocked with the CB under stocked and 2 bars overstocked. However based on our Monday stock take all the bars where understocked based on the sales

After hours of interviews and going over CCTV footage and sales records we got it:

1. The two barmen had a deal with both the CB manager and the delivery van to purchase drinks off the van at the co at company rate
2. They would use these beverages to cover up the stock they would sell for cash on weekends and pocket the difference ( $600 - $1000) each weekend
3. Because the CB manager was responsible for sending the stock on Monday she would falsify the stock on hand
4. Their plan had been to frame the other barmen in the event of getting busted by making all the bars look bad and thus remove suspicion off their two
5. Unfortunately they got greedy and instead of being off by a couple of units they where off by thousands

Based on what the Family section barmen had written this had been going on for at least 2 years so they had stolen at least $100,000; just from beverages

Now imagine on CEXs where there are no checks and balances. You just give these people your crypto and hope they aren't sending each other your property in a complex scheme of maintaining fictitious balances.

The SEC may be the administrator who shows up and discovers that there is not enough crypto on stock. CEXs (1) sent it to CEX (2) to cover a withdrawal. The CB is just pretending to be the moral center but is involved in the shady business

However unlike me and my work mate, the SEC can't phone Satoshi to deliver more BTC for he weekend. This is the worst case scenario