Tuesday, October 25, 2022

Cardano Daily Discussion - October 26, 2022

Hello everyone,

Welcome to the Cardano Daily Discussion!

The standard sub rules apply here (see sidebar), with the exception that price discussion is allowed in this thread, though we encourage you to try not to make this the focus and talk about the project itself. Please ask questions, help others and be civil - be sure to get involved in Project Catalyst too!

If you're new, please make sure you're read through the newbies guide and share it with others (use the ?newbies comment command to reference it).

⚠️ Scam Warning ⚠️

Please read the Cybersecurity guidelines for Cardano Users.

There are ongoing giveaway scams on youtube and many scammers lurking in Cardano's social channels impersonating ambassadors/moderators/official staff contacting users via direct messages.

For example, searching 'cardano' on youtube and sorting by most recent upload date shows several giveaway scams running (all videos in screenshot are scams):

Ongoing 'giveaway' scams on Youtube

The youtube scams are automated; use stolen footage usually of Charles Hoskinson and are restreamed so to appear to be 'live'; appear to have many watchers (which are bots); use bought hacked channels and are edited to appear like official channels.

Do not be fooled!

To be clear:

  • ⚠️ There is no such thing as a Cardano giveaway
  • ⚠️ Never share your seed phrase with ANYONE
  • ⚠️ Never send ADA to someone promising to send you more ADA back
  • ⚠️ You will never be contacted by ambassadors/moderators/staff

Please report scams on the Cardano Fraud Detection Bureau.

⚠️ Scam Warning ⚠️


Ep04- OneLife – Companion Guide For BBC’s “The Missing Cryptoqueen” Podcast

https://www.newsbtc.com/wp-content/uploads/2022/10/BTCUSD\_2022-10-25\_19-01-51-460x256.png

What does a OneLife-produced event look like? Is the organization that supports the OneCoin community competent enough to produce a beauty pageant? The answer to those questions might surprise you. For this fourth episode, Jamie Bartlett and Georgia Catt go into the lion’s den. They go to Bucharest, Romania, and assist the Miss OneLife coronation. Apparently, the event had some of “the world’s most famous brands as sponsors.” However, as it happens with everything Dr. Ruja related, things are not what they seem.

This episode’s guest star is Christi Calina, who’s a OneLife “independent marketing associate” and one of the event’s producers. Since the man’s ghosting them, Jamie and Georgia ambush him at a OneLife event in the same city. The conference “looks like the real deal, just like OneCoin,” Jamie evaluates. There, they get access to the Miss OneLife event and things take a turn for the mysterious.

Remember, you can download episodes directly from the BBC, or listen to “The Missing Cryptoqueen” through Apple, Spotify, or iVoox.

About “The Missing Cryptoqueen’s” Episode Four – “Miss OneLife”

In this episode, Jamie and Georgia go through the charges against Konstantin Ignatov, Dr. Ruja’s brother. They contain some of the FBI documents about the case and include emails between Dr. Ruja and “other top leaders” of the OneLife organization. In those, the people allegedly discuss how the scam works in detail. If those are real, there’s no doubt that OneCoin was a very deliberate scam from the very beginning. They even discuss how to fake the mining of the cryptocurrency, and give reasons to use a familiar term like “mining” to fool their clients.

In those emails, Dr. Ruja discusses a possible exit strategy and proposes they could “take the money and run and blame someone else for this.”

Later on, the FBI claims Dr. Ruja is “directly associated with significant players in the Easter European organized crime.”

It’s important to know that OneCoin disputes all of these allegations. We included part of their denial in the quotes section. We also included concrete information about Dr. Ruja’s disappearance and a new factor that might explain why she fled at the time she did. 

BTC price chart for 10/25/2022 on Bitstamp | Source: BTC/USD on TradingView.com

The Miss OneLife Beauty Pageant

Our heroes go into the eye of the storm. They can barely enter the premises because everyone in the OneLife organization knows exactly who they are. They don’t blend in. Everyone is “smartly dressed.” Bottles of Moet and cigars abound. The production is slick. A stage comes down from the ceiling and Jamie loses his mind. In the end, they both admit that the OneLife organization can throw a hell of an event. It was boring, though. And it doesn’t look like any cryptocurrency-related event that the podcast host has ever attended. 

“OneCoin is still going and there’s a lot of money here,” Jamie says before fleeing the event. 

Back in London, the producers fact-check everything that happened. The famous brands that were supposedly attached to the Miss OneLife event deny sponsorship. They’ve never heard of the event. Then, they contact Forbes and the magazine denies that Dr. Ruja was ever on the cover like the organization made seem in their promotional material. Then, they check on their education claims. As it turns out, Dr. Ruja did go to Oxford and got the degree she claimed to have.

 To finish the episode off, Jamie interviews Miss OneLife UK. She gives them peripheral information, like the event’s ticketing wasn’t open to the public and one of the prizes was a gift card for cosmetic surgery. Then, Jamie mentions Dr. Ruja. She says that she heard someone important was at the event, but couldn’t remember if it was her.

Is it possible that Dr. Ruja was in attendance at the Miss OneLife event? Apparently, “she’s unrecognizable now.”

This story gets more fascinating by the minute.

Quotes From “The Missing Cryptoqueen’s” Episode Four – “Miss OneLife”

OneCoin’s statement:

“OneCoin disputes all allegations. To our claim that OneCoin is not a cryptocurrency and that its nominal price is not determined by demand and supply, but is manipulated and set internally, they said: “OneCoin verifiably fulfills all criteria of the definition of cryptocurrency, and also those of a transparent pricing that is in line with the common market”. The BBC podcast series, they say, “is based on testimonials of haters, former employees who were either fired or disgracefully dismissed for internal company violations, intellectual property theft, and other violations. Thus, the series will not present any truthful information and cannot be considered objective, nor unbiased.” 

Concrete information about Dr. Ruja’s disappearance, and a new factor that might explain why she fled:

“The FBI files also contained valuable new information about Dr. Ruja’s disappearance. “Bulgarian travel records show that on or about October 25th, 2017, Ruja flew on Ryanair from Sofia, Bulgaria to Athens, Greece.” Dr. Ruja was last seen in Sozopol, in around July 2017. That was on her private yacht, the Davina, the one we saw. On October 7th, she then failed to turn up at a OneCoin event in Lisbon. But now we know that her last known whereabouts was in fact Athens on 25th October 2017. And there’s some more clues here. 

Last week, I said that the US authorities charged Dr. Ruja in absentia in March 2019. That’s not the whole story. We’ve learned that Dr. Ruja was actually indicted on 12th October 2017, but this indictment was sealed until March 2019. It was just two weeks after that first indictment that Dr. Ruja vanished. Is it possible she could have been tipped off?”

Extra Material And Episode Credits

As you probably know if you’ve gotten this far in the series, Dr. Ruja is on the FBI’s most-wanted list. The text under her name says:

“Ruja Ignatova is wanted for her alleged participation in a large-scale fraud scheme. Beginning in approximately 2014, Ignatova and others are alleged to have defrauded billions of dollars from investors all over the world.  Ignatova was the founder of OneCoin Ltd., a Bulgaria-based company that marketed a purported cryptocurrency.  In order to execute the scheme, Ignatova allegedly made false statements and representations to individuals in order to solicit investments in OneCoin.  She allegedly instructed victims to transmit investment funds to OneCoin accounts in order to purchase OneCoin packages, causing victims to send wire transfers representing these investments.  Throughout the scheme, OneCoin is believed to have defrauded victims out of more than $4 billion.”

And finally, the episode’s credits:

Presenter: Jamie Bartlett Producer: Georgia Catt Story consultant: Chris Berube Editor: Philip Sellars Original music and sound design: Phil Channell Original music and vocals: Dessislava Stefanova and the London Bulgarian Choir

Previous Companion Guides For BBC’s “The Missing Cryptoqueen” Podcast:

Ep. 01 – https://www.newsbtc.com/news/bitcoin/ep01-dr-ruja-companion-guide-for-bbcs-the-missing-cryptoqueen-podcast/

Ep. 02 – https://www.newsbtc.com/news/bitcoin/ep02-btc-killer-companion-guide-for-bbcs-the-missing-cryptoqueen-podcast/

Ep. 03 – https://www.newsbtc.com/altcoin/ep03-onecoin-companion-guide-for-bbcs-the-missing-cryptoqueen-podcast/

Featured Image: The Missing Cryptoqueen's logo from the BBC | Charts by TradingView


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What can you do with the AlphaBatem NFT land tile?

  1. Build whatever you want
    Once you purchase your NFT land, you can start creating your own metaverse and build whatever you want — a room, a house or a garden. The possibilities are endless! You can import any assets 2d or 3d, most file types are supported. You can also fully custom-build brick-by-brick with our voxel builder implementation!

  2. Earn rewards in TIME token
    We are also getting ready to launch our TIME token. TIME will be the in-game token used in the AlphaBatem ecosystem and give users the chance to play to earn. Users will be able to generate TIME from their land NFT based on activity occurring within their metaverse, they will also generate TIME for hours spent in the metaverse personally.

  3. Gain full access to our Drag & Drop Metaverse Builder
    Once you purchase your land, you are given full access to one of AlphaBatem’s key features, which is our Drag & Drop Metaverse Builder — a metaverse creator that doesn’t require any previous coding experience. It allows users to connect, create, and manage their own metaverse within the AlphaBatem Galaxy, you can build with ease whatever you want, just simply drag and drop it into place!

  4. Set up your shop
    Set your own shop, sell whatever you like, and earn crypto. How about a shop with AR wearable NFTs? You sell them in your shop, users can wear your NFTs on their avatars in the metaverse, and crypto keeps flowing to your wallet! Options to decorate the shop and display your goods will be available through an easy drag & drop editor.

  5. Link e-commerce stores to the metaverse
    A key roadmap item will also be the opportunity to link e-commerce store pages and sell your real-world business items in the metaverse, not just digital assets.

  6. Host live events
    How about a party with your friends in virtual reality? Since it’s your own NFT land tile, you have full ownership of the land and what you do with it!

  7. Participate in the events
    Users will be able to walk around the central Oasis and explore it. Currently in development are the likes of a casino, shopping mall, events area, NFT art gallery, Cinema, Bitcoin Pizza Shop and much more. Visit the AlphaBatem’s Events Arena and attend various 3D sports games.

You can also hang out with your friends, watch blockchain horse races games and place bets on the possible winner. AlphaBatem’s University will be a place of education. You can attend seminars, meet like-minded people and broaden your horizons. You can also participate in virtual gigs and meet your friends at your favourite artist gig in the AlphaBatem metaverse.

  1. Rent your space and earn crypto
    Since you became the landowner, you can rent your space to another brand to host branded experiences and get paid for it.

  2. Advertising opportunities for businesses
    As an individual, you’ll be able to put a banner or billboard on your building, and advertisers will reward you for renting the advertising space.

AlphaBatem Labs will provide a full toolkit to enable brands & advertisers to utilise the Oasis and partner metaverse to sell and advertise their goods. We’ll provide hyper-targeted, highly granular advertising opportunities. AlphaBatem Labs will bridge the gap between traditional advertising platforms by building enterprise-grade integrations into existing advertising platforms along with building a decentralised advertising platform allowing metaverse partners to benefit from a greater variety of advertising and partnership opportunities.

  1. Showcase NFT art
    Our Art Gallery will allow users to present their NFTs or other art pieces and potentially get them on display. You could also build your own custom gallery on your land tile!

  2. Build a custom space from scratch (more advanced) or start with a template (better for newbies)
    You can create your building from scratch and place it on your plot of land, making your own unique space in the metaverse. Don’t worry if you don’t know much about coding, you’ll receive a set of buildings and other items to personalise your land. It’ll also depend on the size of the land — the bigger it is, the more variety of the buildings you’ll receive from AlphaBatem. You can also upgrade your land by combining surrounding plots of land to create larger spaces. For the serious designers out there, feel free to custom-build your own asset!

  3. Mass multiplayer capable (MMO gaming)
    AlphaBatem acts as a central hub where users can come together in a multiplayer environment across all other interconnected metaverses. Here users can interact with each other, purchase goods and services through our Shopping Mall. To support large-scale multiplayer and live events, the Alphabatem multiplayer engine has been designed to dynamically scale in a presence-predictive manner, allowing it to scale and support large bursts of players or movement by distributing workloads spatially across the environment.

Visit our website and follow us on our social media channels to stay updated.
https://linktr.ee/alphabatem


Taxes on Crypto VS Bitcoin Mining

According to the Internal Revenue Service (IRS), most cryptocurrencies are convertible virtual currencies. This means they can be used as a medium of exchange, a store of value, a unit of account, and in place of real money. This also implies that any profits or income generated by your cryptocurrency are taxable.

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Taxation can be complex depending on where you live. Crypto taxes can be lower in countries with lower tax burdens for trading and mining, whereas in countries with stricter crypto tax laws, the tax burden can be enormous.

Trading is a short-term event and thus taxable on the same basis, whereas Bitcoin mining is still a DCF strategy, depending on the jurisdictions in which you purchase a Miner. Regarding bitcoin mining and trading taxation, bitcoin mining is able to win the race due to the variety of available mining options, with remote mining being the most lucrative.

Learn more about taxes and how remote mining can be a preferred alternative by clicking on the below: - https://www.zionodes.com/blog/crypto-on-taxes-vs-bitcoin-mining


What Determines the Price of Bitcoin?

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Bitcoin has attracted much interest with its growing value since its inception in 2009. However, it hasn’t always been growing in value, experiencing significant ups and downs in the market. Still, despite its volatility, the crypto asset has surpassed the value of other traditional assets. 

Bitcoin has experienced significant price increases five times since its launch in 2009. So far, Bitcoin has reached an all-time high of $64,000 and increased its number of enthusiasts. On the way,  this crypto asset has had a very volatile curve and is often influenced by things such as political and economic conditions occurring in the world. According to historical data, Bitcoin has increased every year by as much as 200%. In August 2021, this asset dominated the crypto market and had a market cap figure of approximately 710,000,000,000 US dollars.

Major events such as the Mount Gox case, where a hacking incident resulted in a drop in the price of Bitcoin in 2014 or the stock market crash, explain how important events in the short term determine the price of Bitcoin. But in the long term, you can predict the price by using technical analysis, fundamentals, and looking at market sentiment. Here’s a complete guide on what determines the price of Bitcoin in the market. Check out more!

How to Analyze Bitcoin Price History

Before we jump straight into the Bitcoin data, let’s first know what methods we can use to analyze its price. As briefly explained above, there are three methods we can use: technical, fundamental, and public sentiment analysis. Each method has its own advantages and disadvantages, so it will be more accurate if done together.

  1. Technical Analysis
    Historical prices and other market data can predict future market behavior. For example, you can calculate the average market price from a 50-day period of price movement called the Simple Moving Average (SMA). You can also use the SMA in planning strategies on the price chart of your asset. For example, take the 50-day SMA for Bitcoin and divide it into weeks. From there, the price movement will be more clearly visible.
  2. Fundamental Analysis
    This uses data representing the fundamentals and underlying value of a cryptocurrency project or asset. The analysis focuses on external and internal factors to determine the value of an asset. For example, you can look at the number of day-to-day transactions of Bitcoin to assess the asset’s popularity in the market. If the number increases over a period of time, it can be an indicator that the project has value and its price can increase along with the number of transactions and users.
  3. Market Sentiment Analysis
    The use of market sentiment analysis is to predict price movements. The market sentiment to consider is the feeling or behavior of investors towards an asset. You can categorize it into bullish or bearish sentiment charts. In addition, you can also do sentiment analysis by looking at existing trends through news or trend information on Google regarding Bitcoin purchases. The Bitcoin Fear and Greed Index is one of the tools you can use in market sentiment analysis.

What Factors Affected Bitcoin Trading Initially?

After examining the types of analysis above, the next thing you can do to predict the price of Bitcoin is to study the factors that affect trading and their influence on the price of this asset. These factors have changed over time. In 2009, Bitcoin was a highly specialized asset with low liquidity. Trading this asset was done over the counter between users on BitcoinTalk or other forums who saw the value of Bitcoin as a decentralized currency. The speculation we see today in the world of Bitcoin trading has little role in determining the price of Bitcoin.

Bitcoin’s creator, Satoshi Nakamoto, mined the first Bitcoin blockchain network block in January 2009 and received 50 Bitcoin in return. He also sent 10 Bitcoin to Hal Finney a few days after the transaction. In May 2010, Bitcoin still had a price of less than $0.01. Then Bitcoin became more recognized after Laszlo Hanyecz bought two slices of Pizza with 10,000 BTC. At that time, all Bitcointalk forum users saw the transaction as something new. This trade contrasted with current usage, where you can buy everyday items easily with a Binance Visa Card.

As the price and popularity of Bitcoin grew, a small and unregulated industry joined to facilitate transactions and trading on its blockchain system. This can be seen in the exchange of crypto assets as payment systems on other market websites. The price of Bitcoin is significantly affected by the hacking of some of these websites. Some of these cases change the amount of Bitcoin in the market,cause surprising price spikes and make investors in the market hesitant to buy BTC assets.

What Factors are Affecting Bitcoin Trading Today?

Bitcoin now has more in common with other traditional assets than when it was first launched. Its widespread adoption in other industries, such as retail, finance, and politics, means that  many things influence the price of Bitcoin and trading activity related to the asset. Cryptocurrency-related investment institutions are also growing, and this has positively impacted Bitcoin. This shows that the determinants of Bitcoin’s price today differ from the factors at the beginning of Bitcoin’s development. Here is the full explanation:

  • Financial regulations are now more open to Bitcoin than ever before. As governmental knowledge about cryptocurrencies and blockchain technology increases, controls and regulations related to Bitcoin and Cryptocurrencies tend to increase. Any regulatory changes to Bitcoin and cryptocurrencies in general  impact Bitcoin price movements significantly. Note that some changes in Bitcoin’s Price are due to anti-Bitcoin regulations issued by a country and also the level of popularity in a region.
  • The state of the global economy is a major factor that directly affects the trading market and Bitcoin price movements. For example, people in countries experiencing hyperinflation will run to cryptocurrencies because their prices are not affected by inflation. For instance, with the economic crisis in Venezuela, we can see the high trading volume on LocalBitcoins, which is in the Venezuelan Bolivar. The stock market crash in 2020 also led to a bull run in Bitcoin that lasted for over a year. Bitcoin is now seen as an asset that holds value like gold. When there is no confidence in fiat currencies or an economic crisis, there is a tendency for people to buy Bitcoin assets, causing market and price swings.
  • The adoption of Bitcoin by many large corporations can also cause changes in the price of Bitcoin. Paypal, Square, Visa, and Mastercard have all supported Bitcoin, giving investors more confidence in buying the asset. Many retailers are also starting to accept Bitcoin as a means of payment. Conversely, Elon Musk’s announcement that Tesla payments could not use Bitcoin caused the price to drop from 55,000 USD to 48,500 USD.
  • However, increased speculation about the future of Bitcoin also generated more demand in the market. Increased speculation and derivatives like Bitcoin futures have also driven extra market demand. Instead of investing and holding BTC for its fundamental value, traders and speculators in the futures market are shorting BTC for profit, causing downward pressure on the price. This means that the price of Bitcoin is no longer based solely on its usefulness.

Bitcoin Price History

Since 2009, the Bitcoin price has been the subject of discussions regarding its high price volatility. The factors mentioned earlier affecting the price of Bitcoin have contributed to this volatility. Although the price of Bitcoin has experienced ups and downs, it  remains many times higher than its initial price when it was first created. 

According to CaseBitcoin, BTC assets have shown an increase of 196.7% compound annual growth rate over the past ten years. So far, there have been five significant changes in the price of Bitcoin, starting from its initial price of 1 USD to 65,000 USD in May 2021.  Here are five instances of significant Bitcoin price changes:

  • June 2011: From a price of 2.1 USD, Bitcoin increased to 32 USD within a month.
  • April 2013: After stagnating at 13 USD, the price of BTC jumped to 260 USD before dropping two days later to 45 USD.
  • December 2013: At the end of 2013, the price of Bitcoin jumped up 10 times from 125 USD to 1,160 USD and dropped again to 380 USD.
  • December 2017: After starting 2017 with a value of 1000 USD, the price jumped dramatically to 20,000 USD by the end of the year. This increase began to attract other institutions and governments interested in Bitcoin issues.
  • April 2021: As the stock and crypto markets plummeted in March 2020, Bitcoin reached a high of 63,000 USD. With the economic instability due to the Covid-19 virus, Bitcoin is seen as a store of value asset like gold.