Rich Dad Poor Dad author Robert Kiyosaki has cautioned against investing in bitcoin exchange-traded funds (ETFs). He prefers investing in actual bitcoin, calling bitcoin ETFs fake bitcoin. He recently revealed that he buys bitcoin every month and is following Warren Buffett’s strategy of buying and holding. Robert Kiyosaki Rejects Bitcoin ETFs, Advocates for Owning Real […]
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Peter Schiff Highlights Problem With Owning Bitcoin ETF — BTC Investors Respond Self-Custody Is Key
Gold bug Peter Schiff has highlighted a problem with owning spot bitcoin exchange-traded funds (ETFs). However, the issue Schiff pinpointed isn’t unique to bitcoin ETFs. This discussion has reignited calls for self-custody among crypto proponents. Peter Schiff’s Warning Prompts Self-Custody Push Gold advocate and economist Peter Schiff has highlighted a problem with owning spot bitcoin […]
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New EU Sanctions Package Preclude Russians From Owning Crypto Companies
The European Union said Russian nationals from owning or controlling crypto service providers under the bloc’s twelfth package of restrictive measures against the country. According to the EU, diamonds entering its will now have to be traced from “the mine to the finger” and this is set to be done using the blockchain.
New Package Seeks to Combat Sanctions Circumvention
The European Union (EU) announced on Dec. 18 that it had adopted a new package of economic and individual sanctions. The package now bars Russian nationals from owning or controlling crypto service providers. This ban is part of the EU’s attempt to “limit circumvention of the prohibition” on the provision of crypto-related services already imposed.
According to the European Commission (EC), the new sanctions package seeks to fulfil the EU’s key objective of finding “a just and lasting peace, not another frozen conflict.” In the document that answers key questions about the Russian sanctions, the EC insisted that the EU sanctions policy has already had the desired effect on the Russian economy.
Some of the sanctions’ successes claimed by the EC include the massive depreciation of the ruble, the increase in interest rates from 8% to 15% as well as tighter capital controls. However, some EU leaders and critics of the current sanctions regime believe the “growing trade figures for some specific products/countries” may be an indication that Russia is actively attempting or succeeding in circumventing the sanctions.
Greek shipping oligarchs now take mostly Kazakh oil out of Black Sea ports (lhs). They've exited the Baltic (rhs) – selling ships to Putin's "shadow fleet" – as they don't like the G7 cap. Their behavior goes directly against strategic interest of the EU. The EU does nothing… pic.twitter.com/Suiev9pG17
— Robin Brooks (@RobinBrooksIIF) December 20, 2023
Using the Blockchain to Trace Diamonds
Economist Robin Brooks for instance has repeatedly accused the so-called Greek shipping oligarchs of actively working to undermine the G7’s oil price cap policy. In response to the criticism, the EU has introduced a new requirement that compels those in the Russian oil supply chain to share price information for ancillary costs, such as insurance and freight upon request.
Meanwhile, the EU has through the twelfth package of restrictive measures against Russia taken steps to prevent the country’s diamonds from entering the G7 market once the ban takes effect on Jan. 1, 2024. Taking this step means diamonds will now have to be traced from “the mine to the finger” and this is set to be done using the blockchain.
“Hence the traceability system includes a mandatory registration, using so-called ‘digital twins’ of the real diamond in its rough state and issuing a certificate of its origin. The identifying information and certificate will be entered into a blockchain-based ledger,” the document explained.
What are your thoughts on this story? Let us know what you think in the comments section below.
Forget NFT Avatars, Owning and Trading NFT Colors Could Be the Next NFT Trend on OpenSea, Rarible and Foundation
In brief
- New NFT project, BitColors, wants to give users the ability to own and trade colors as NFT tokens.
- Just like with CryptoPunks, early adopters may be in for some massive ROI.
NFTs are still such a big deal
Following Beeple’s .3 million NFT sales in March, the digital art market appears to have gone into an overdrive mode. In the first half of 2021, the market for non-fungible tokens (NFTs) surged to .5 billion. Comparatively, the sales volume of the global NFT market was 8 million in 2020.
From investors spending millions of dollars on CryptoPunks to digital artists churning out new NFTs at a record pace, one could assume that the frenzy is only just beginning. However, some industry experts have argued that the NFT flame will eventually burn out. For instance, Litecoin’s Charlie Lee predicts that the value of most non-fungible tokens will eventually crash to zero as supply overwhelms demand. He wrote:
“The problem with NFTs is that they are non-finite tokens. There is zero cost to create an unlimited number of tokens.”
For some context, a non-fungible token is a crypto asset used to represent a tangible or intangible item such as an image, in-game item, real-life artwork, or even real estate. The properties and ownership of the NFT are recorded on a blockchain, allowing it to be traded as a stand-in for the item it represents.
Will Investors Lose Money?
The current NFT landscape is primarily a proliferation of a few successful collections like CryptoPunks and several others. To a large extent, these copy and paste projects do not bring anything new, instead, they rely on randomly generated avatars. Lee is right to an extent based on this argument.
On the flip side, it would be wrong to dismiss the entire NFT market on the premise of the proliferation of digital art and several CryptoPunk wannabes. That being said, the next million-dollar NFT project may not necessarily be a 24×24 pixel art image of misfits and eccentrics or a collage of 5,000 pieces. It might be something entirely out of the box.
Innovation will rule the scenes
Speaking of out of the box, a new NFT project is looking past digital art. The project, known as BitColors, features a collection of 1,000 handcrafted NFT colors. Thus they are creating a rabbit hole where users are allowed to own and trade colors.
BitColors is introducing a new angle to the NFT frenzy as there are currently no other projects like this. Considering its early-mover advantage, early adopters may be able to replicate the success of projects like CryptoPunks in the form of an exponential ROI.
Every color in the collection is handcrafted, with no artificially predetermined traits with no soul in them. BitColors users have the freedom to decide the value of each color based on their own feelings. In general, this appears to be an art project that might catch the attention of auction houses like Christie’s, Hermitage, and Sotheby’s.
Another interesting aspect of BitColors is the fact that it has kept the size of its collection at a relatively small number. With just 1,000 NFTs, the project is priming the future value of its tokens by introducing an element of scarcity.
Conclusion
NFTs are definitely here to stay. The underlying tech behind the sector packs such immense potential. Even though the rave of the moment is to try to buy an NFT at a cheap price and flip it for massive profit, the future of the sector and possible use cases will likely extend beyond what we are already familiar with. In the long run, only projects that bring something unique to the table will stand the test of time.
Image by garageband from Pixabay
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Danish Court Upholds Nordea Bank Ban on Employees Owning Bitcoin
n Nordea Bank can now officially bar its employees from owning cryptocurrencies, according to a court rulingn
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Owning Your Own 0% House Edge Casino Is as Easy as 1-2-3
Whoever said that it’s hard to own and run an online casino has never heard of ZeroEdge before, the all-new way to gamble online. ZeroEdge is taking everything that you know about online gambling and turning it on its head and the best part is that you can be part of the online gambling revolution, right now!
However, before we get into how easy it really is to own your own online casino through ZeroEdge, let’s first get some insight into the current state of the online casino industry, and why it is in steady decline.
How Conventional Online Casinos Work
The so-called conventional online casino industry works on a standard model and, regardless of how sophisticated or modern they may appear to be, they all work on exactly the same principle – the house edge.
If you’ve never heard of the house edge before, let’s break it down for you here. The house edge, also known as the house advantage, is a built-in edge that the casino has over the player in every single online casino game. This includes slots, video poker, roulette, blackjack, baccarat, poker, bingo, and any other casino game that is available at a conventional online casino. This also applies to live dealer casino games. The house edge is expressed as a percentage and can range from 2.0% up to 14% or more. The percentage essentially represents the mathematical advantage that the casino has over the player in any game, in other words, how much the game is skewed in favor of the house.
If you were thinking that this sounds pretty unfair you would be right. The fact that the casino will always win more than you gave rise to the old saying “the house always wins”, which is absolutely true 100% of the time – eventually.
How ZeroEdge is changing the Industry
ZeroEdge is the first online gambling brand in the world to offer games with a true 0% house edge, something that is causing a lot of waves within the industry. Online gamblers can now sign up with ZeroEdge to experience online casino gambling with no built-in advantage for the house. The idea is catching on and you can be part of it by owning your own 0% house edge online casino as part of the greater ZeroEdge network.
ZeroEdge is a white label online gambling platform which means that you can take advantage of the ZeroEdge infrastructure and open your own branded online casino under their domain. This gives you the fastest and the easiest way to own your own online casino and it’s as easy as 1-2-3. Here’s how:
- Visit the ZeroEdge website online
- Fill in the ZeroEdge online casino application form
- Invest in Zerocoin
Unlike conventional online casinos, ZeroEdge does not run on terrestrial currencies such as USD or EUR. Instead, ZeroEdge has created their own cryptocurrency called Zerocoin, and it’s the only way that gamblers can play ZeroEdge casino games. The beauty of this system is that, as ZeroEdge gaming becomes more popular, so the value of Zerocoin grows. This gives you more than one way to make a profit with ZeroEdge online gambling.
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