• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

Idelto

Cryptocurrency news website

  • About
  • Monthly analysis
    • August 2019
    • July 2019
    • June 2019
  • Bitcoin/Ethereum
  • How to invest in cryptocurrencies
  • News

COVID-19

Bitcoin, The Alternative To Pandemonium

25/02/2021 by Idelto Editor

Right now, America is heating up. Our mass is collectively shifting and vibrating at a higher and higher rate, as we endure abrasive alterations in our lives. Catalysts in society serve as flames that heat up the environments of people and make changes occur.

A lot of this heat is being applied by money right now. There is a large group of people who are unemployed, who were not so before the pandemic. Certain industries crumble while others prosper. A lot of this is merely the acceleration of changes that would have happened anyway, but now occurring at a much faster rate.

Monetary pressure bursts at the seams, much like steam in a container. The most vulnerable in our society, the homeless and the disenfranchised, suffer at the hands of government negligence and mismanagement. They are the cracks — the places where disaster was simply waiting to happen.

“Some of us feel the icy wind, of poverty blowing in the air.”

Marvin Gaye, “Right On”

Why must the poor always despair due to the economic woes of the wealthy? The people lining the street had no responsibility for this disaster; they simply suffered the result of an unprepared society being faced with an unexpected event.

The pandemic response has been baffling. The entire playbook has consisted of printing money, allocating scant amounts to universal basic income payments with the rest being shoved on the already dying economy that left us in this fragile position in the first place.

The money being printed is not being allocated where it should be, and this is a result of its being printed in the first place. If we were using a scarce resource as money, one which demanded a high value and was irreplaceable, we would think much harder about its use. But when one can simply wave a wand and double the amount available to themselves, it is easy to lose sight of sound financial planning.

I would specifically mention Saifedean Ammous’s reference to the economic recovery of the 1920 depression from “The Bitcoin Standard”:

“…the recovery from the depression of 1920-21, which was termed the ‘last natural recovery to full employment’ by economist Benjamin Anderson, where taxes and government expenditures were reduced and wages were left to adjust freely, [lead] to a swift return to full employment in less than a year”

Ammous Saifedean, “The Bitcoin Standard”

It isn’t conjecture to say that free markets recover faster than those injected with liquidity — it is history.

Anyone relying on the previous financial and monetary system to bail them out does not know. They do not know that this is what led us to this problem in the first place. They do not know that there is no help coming. They do not know that what they perceive as help (printing money) is actually a degenerative disease in an already afflicted economy.

So Bitcoiners must show them. Show them that indeed, there is an alternative that will bail you out. There need not be ruin. By transitioning to Bitcoin, people can immediately begin not only protecting their wealth but growing it as the dollar continually collapses via cheap credit and mass inflation.

I recall a warning I’ve seen, paraphrased as: “When money is short but they’re printing a lot of it, something is very wrong.”

When money is long and they cannot print it, something will be very right. 

This is a guest post by Casey. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

The post Bitcoin, The Alternative To Pandemonium appeared first on Bitcoin Magazine.

Filed Under: Bitcoin Magazine, COVID-19, deflationary, English, Money Printing, philosophy

Cape Cod’s Largest Hospital Gets Bitcoin Donations Worth $800K

23/02/2021 by Idelto Editor

Cape Cod's Largest Hospital Gets Bitcoin Donations Worth $800K

One of Cape Cod’s largest hospitals received two bitcoin donations this year totaling $800,000 in value. The Massachusetts-based not-for-profit medical centre (NPO), Cape Cod Healthcare, explained that an anonymous donor donated $400k last Friday and the NPO received a $400k bitcoin donation last month as well.

Cape Cod Healthcare Gets $800K in Bitcoin Donations

The hospital Cape Cod Healthcare (CCHC) is considered one of the leading providers of healthcare services in Cape Cod, Massachusetts. This week, the NPO told the Boston Globe staff member Anissa Gardizy that it received two bitcoin (BTC) donations worth $800,000.

CCHC’s senior vice president and chief development officer, Christopher Lawson, said the donor wished to remain anonymous and sent an email last month asking the hospital to accept BTC donations. Lawson said the donor had helped CCHC before the two crypto donations, and had just recently asked if the hospital would accept his BTC gift.

Lawson told Gardizy that before accepting the donation, the administration had to see if the hospital could deal with transactions sent in cryptocurrency.

“Before we responded, Lawson said. “We had to make sure there were not any issues. It required a good amount of research,” he added. “My office probably spent a week or two doing our best to learn who else was doing this.”

After getting approval from CCHC’s finance department and the hospital’s CEO Mike Lauf, the firm launched a donation address. Lawson said that because the donor gave the $800k worth of bitcoins to the hospital, he will be free from paying taxes on the funds.

“It makes it an asset that is attractive to donate,” Lawson stressed. “You get maximum impact on the value, and any gains you get, much like stock, you don’t pay the tax,” the hospital administrator added. Lawson did detail, however, that the CCHC finance team immediately converts the donations to dollars.

Mainstream Acceptance

The first $400k donation was sent on January 28, 2021, and the following month on February 19, the donor sent another $400k worth of bitcoins. CCHC’s senior vice president said that other NPOs could also set up bitcoin donation support in order to accept the crypto asset.

“I’m really excited. We are coming out of a period during COVID when donations were hard to come by for a lot of folks,” Lawson emphasized. “This lets people know that we have the capability of accepting these cryptocurrencies in donation, and we have the infrastructure in place.” Back in May, Cape Cod Healthcare furloughed more than 600 employees.

“It is not widespread but it is becoming more mainstream,” Lawson concluded. “People are accumulating these assets, and they are looking at opportunities to donate them,” he added.

What do you think about the two bitcoin donations totaling $800k sent to Cape Cod Healthcare? Let us know what you think about this subject in the comments section below.

Filed Under: Bitcoin, bitcoin donation, Bitcoin Donations, BTC, BTC Donation, Cape Cod Healthcare, CCHC, Christopher Lawson, Coronavirus, COVID-19, English, hospital, Mike Lauf, News, News Bitcoin, NPO

IMF Representative of Nigeria Calls for Caution Over the Use of Cryptocurrencies

20/02/2021 by Idelto Editor

The International Monetary Fund (IMF) resident representative for Nigeria, Ari Aisen recently discussed the Central Bank of Nigeria (CBN) directive that targets crypto entities. In remarks made during a special virtual press briefing, Aisen repeats some of the CBN’s claims that cryptocurrencies were being used “for illegal transactions such as money laundering and drug trafficking.”

CBN Acting in the Interests of Financial Sector Stability

According to a report, Aisen, who says that other central banks have taken similar action, believes that “some care should be taken” concerning the use of cryptocurrencies. In an apparent justification of the directive, Aisen suggests that the CBN only wants a solution that will be “in the interest of the payment system and the sustainability of the financial sector.”

However, during the same briefing, Aisen also calls on Nigerian monetary authorities to consider the “unification of foreign exchange rates.” While the CBN maintains the naira’s exchange against the US dollar at 380:1. The parallel market, on the other hand, offers a significantly higher rate of 475:1.

Meanwhile, by maintaining an overvalued exchange rate, the Nigerian government is able to easily meet its obligations. Yet, on the other hand, this overvalued exchange rate is partly blamed for the plummeting monthly cross-border remittances into Nigeria. According to Nairanalytics, remittances, which are a vital foreign exchange source, dropped from the high of $2.05 billion in January 2020 to just $54 million by September of that year.

Tale of Two Exchange Rates

In the meantime, in his remarks, Aiesen attempts to convince the CBN to move towards the unification of the exchange rates as well as the transparent management of this resource. The resident representative is quoted saying:

It would be useful to unify rates to allow the currency fluctuate as well as to make forex more accessible to those in need.

The Nigerian government, just like its peers across the African continent, has seen its revenues drop significantly due to the effects of the Covid-19 pandemic. In addition to the dropped revenues, Nigeria is facing ongoing shortages of foreign exchange which in turn adds pressure on the local currency.

To mitigate some of these challenges, the IMF representative is advising the Nigerian government against raising taxes. Instead, Aisen urges Nigeria to strengthen the tax administration by expanding the tax base and block leakages.

What are your thoughts on the remarks that were made by the IMF resident representative? Tell us what you think in the comments section below.

Filed Under: bitcoin remittances, CBN crypto ban, Central Bank of Nigeria, COVID-19, Cryptocurrencies, Economics, English, Foreign exchange, IMF, International Monetary Fund, Money Laundering, naira, News Bitcoin, parallel market

Token-Driven Karaoke Platform Gets a Boost in South Korea as Pandemic Hits Over 2,100 Singing Rooms

18/02/2021 by Idelto Editor

Token-Driven Karaoke Platform Gets a Boost in South Korea as Pandemic Hits Over 2,100 Singing Rooms

Coronavirus-driven lockdowns and social distancing limits affect people’s way of entertaining themselves, such as going to karaoke. In South Korea, that activity is too popular, and despite the COVID-19 outbreak, the crypto industry is trying to capitalize on it.

Somesing: A Blockchain-Based Karaoke App

Per Fn News, Somesing, a blockchain-based karaoke app, already hit the 400,000 users’ milestone. The figure is significant, considering that it’s doubling the user base (195,000) for the last six months.

Karaoke’s hobby is like the norm in several Asian countries, and the coronavirus pandemic knocked down this sector heavily.

In fact, according to figures published by local media, at least 2,137 “noraebang” businesses had to shut down across South Korea since the outbreak started. The number is the lowest level ever recorded, stated the Shopping Center Information Research Institute.

“Noraebang” is the Korean name given to private singing rooms, translated into Western countries’ language as karaoke places. South Koreans have the habit of going with friends and even workmates after finishing their duties to sing in the noraebangs.

Token-Driven Karaoke Platform Gets a Boost in South Korea as Pandemic Hits Over 2,100 Singing Rooms

Somesing’s platform allows people to sing along to their favorite tunes and upload them on the app. Moreover, the app rewards active users with tokens from other users or friends according to their popularity.

However, one-half of the coins will fund the platform, such as paying for maintenance costs and copyright fees, said the company behind the blockchain app. The popularity of Somesing has been on the rise across South Korea, as it has been featured on major TV channels.

South Korean Entertainment Sector Relying on Tokenization Solutions

Other entertainment sectors have also been struggling with their businesses. Still, tokenization has been offering an alternative during these times.

Fn News highlighted a travel-based blockchain platform that doubled its user base in the last three months.

Milk relies on a token that can be used to acquire books, and people can exchange it for vouchers in e-commerce outlets such as Shinsaegae.

In the cinema industry, Moviebloc is another blockchain-powered service that offers South Korean filmmakers an alternative to showcase their work. Platform’s users can earn tokens by writing reviews and rating films, whose coins can be exchanged in domestic crypto exchanges.

What do you think about this karaoke tokenization idea in South Korea? Let us know in the comments section below.

Filed Under: Asia, Blockchain, Blockchain Applications, Coronavirus, COVID-19, English, karaoke, News Bitcoin, South Korea, tokenization

Darknet Market Joker’s Stash Retires After Raking in $1 Billion in Cryptocurrencies

14/02/2021 by Idelto Editor

One of the largest darknet marketplaces for selling identity data and stolen credit card information, Joker’s Stash retired last month after making off with a cool $1 billion in cryptocurrencies. Weeks ago, U.S. and European officials seized some of the web portal’s servers tied to Joker’s Stash site, but were unable to completely shut operations down.

Darknet Market Joker’s Stash Closes Shop

A number of reports indicate that the world’s largest darknet market (DNM), in terms of stolen credit card and identity sales, has called it quits after operating since 2014. Joker’s Stash explained in mid-January that the business would be closing shop in mid-February and it has followed through with the plan.

The blockchain analysis firm Elliptic detailed that the Joker’s Stash raked in more than $1 billion in cryptocurrencies during its tenure. Elliptic also revealed that the estimate was a conservative calculation based on the revenue Joker’s Stash took in during the years and all the fees.

Darknet Market Joker’s Stash Retires After Raking in $1 Billion in Cryptocurrencies
Admins from Joker’s Stash left a letter to customers that explained the operators would be retiring.

On January 15, Joker’s Stash admins said the site would go dark on February 15, but Elliptic monitored the web portal and said the DNM went offline on February 3, 2021. Joker’s Stash had a lucky run up until 2020, when reports detailed that the owner of the DNM contracted the coronavirus and had to go to the hospital for seven days.

At the time, Joker’s Stash customers started complaining and having issues with card data and identification intel reliability. Both Krebs on Security and Gemini Advisory have published reports with a comprehensive analysis on the Joker’s Stash operations.

Covid-19 and Global Law Enforcement Push the Joker’s Stash Toward the Brink

Ever since the admin caught Covid-19 and the weeks that followed, Gemini Advisory said the business saw a “severe decline” in volumes. The image below, created by Gemini shows the decline in Joker’s Stash CNP and CP data toward the end of August 2020.

But Covid-19 wasn’t the only issue Joker’s Stash operation dealt with in 2020, as the law enforcement officials from Europe and the U.S. stepped in as well. Interpol and the U.S. Department of Justice (DoJ) seized a number of its servers on December 16, 2020. But much like The Pirate Bay, Joker’s Stash set up new infrastructure on the web and operations continued until the retirement announcement.

“Joker goes on a well-deserved retirement. Joker’s Stash is closing,” the farewell letter said. “When we opened years ago, nobody knew us. Today we are one of the largest card/dumps marketplaces.”

Admins promised to leave the store’s “Stash” open for 30 more days and told people not to fall for any phony websites that could appear in the future. In capital letters, Joker’s Stash said that it would “never open again.” Joker’s Stash made it clear that customers should not trust any imposters going forward.

The hoard Joker’s Stash obtained from payment card records stemmed from firms that saw large data breaches over the years. Gemini Advisory said that Joker’s Stash data came from high-profile hacks that saw the loss of massive amounts of confidential customer data.

Merchants caught in the hacker’s crossfires include Whole Foods, Saks Fifth Avenue, Hilton Hotels, Hy-Vee supermarkets, and Lord and Taylor.

What do you think about the Joker’s Stash admins retiring after operating since 2014 and raking in $1 billion in digital assets? Let us know what you think about this subject in the comments section below.

Filed Under: Bitcoin, Bitcoin (BTC), Coronavirus, COVID-19, Credit Card Data, crypto, Cryptocurrencies, darknet, darknet marketplace, darknet marketplaces, DOJ, English, INTERPOL, Joker's Stash, News, News Bitcoin, Retire, Servers Seized, Stolen Credit Cards, Stolen Identities

  • Page 1
  • Page 2
  • Page 3
  • …
  • Page 29
  • Next Page »

Primary Sidebar

Archives

Recents articles

  • ECOMI to List OMI Tokens With BitMax
  • An Iranian Think Tank Recommends the Use of Cryptocurrencies to Circumvent Sanctions
  • Bitfarms Purchases 48,000 Bitcoin Miners, Plans to Increase Hashpower by 5 Exahash
  • Tezos Ties-Up with Wolfram Blockchain Labs to Simplify Smart Contract Deployment
  • Securing Your Bitcoin With Parker Lewis
  • xSigma DEX Launch: More Than $100M in Liquidity Pooled on First Day
  • Wasabi Wallet And Bull Bitcoin Grant Bitcoin Knots 0.86 BTC
  • An Ethereum and Web3-Compatible Sidechain Is Coming to Bitcoin Cash

© 2021 · Idelto · Site design ONVA ONLINE