Daily Archives: September 24, 2021

Thecryptocurrency market is witnessing a turbulent time in 2021. On the one hand, El Salvador has adopted Bitcoin as a legal tender, whereas the US SEC is planning to sue Coinbase Global, a cryptocurrency exchange platform.

So, 2021 has been highly volatile so far for Bitcoin and other cryptos. Bitcoin was hovering around $28,000 in Januaryand reached a peak of more than $63,000 in April. And since then, it has moved between $29000 and $48000 (currently). The recent price correction has again echoed those magical words buy the dip. Should you really should buy the dip?

Hope versus reality

The crypto market is volatile. Now, the underlying assumption or the hope to buy the dip, whether in the stock or crypto market, is that prices would ultimately rise. And you tend to make more returns by investing at a lower entry point for a possible upside in prices. But that does not always apply to all cryptos. Remember that stock or crypto prices often fall for all the wrong reasons.

Since thecrypto market is still at a nascent stage, there is no long-term historical data to decipher its price movements, and we cannot tell with certainty how far the prices can go up after every correction. Though short-term data suggests that crypto prices have gone up after previous crashes, there is no guarantee that it will keep on happening, and that too for all the cryptocurrencies in circulation.

So, should you not buy the dip?

The assumption behind buying the dip is that you have sufficient cash/ surplus available. If you look at the stock market crash of the year 2008, a few investors bought and averaged out their investments when the BSE Sensex crashed to 15000 levels. It dipped more, and some brave heart souls again bought at 12000 levels. Do you know how many lucky souls were left to buy when it further crushed to less than 9000? Overall, by the end of 2008, the BSE Sensex had dropped after touching more than 20,000 to less than 9000.

I dont suggest not buying the dip, but it is essential to be cautious. My advice: invest money you can afford to lose and avoid the trap of averaging or buying the dip because it is nothing but timing the market, which is futile.

Follow the 5 percent Rule

Keep your crypto investments under 5 percent of your overall net worth. If your crypto investments are below the 5 percent limit, you can buy on dips subject to available surplus. Remember that this 5 percent is not a standard rule but is designed to keep your hard-earned money safe from a highly volatile asset class. You can always increase your allocation on the basis of your risk profile. I suggest you dont break this rule until we get the regulatory clarity on this and let the overall crypto market also mature with time.

Be a HODLer

HODL is an acronym for 'hold on for dear life' to encourage investors not to sell their crypto investments under panic and be genuine long-term investors. You don't want to become a long-term investor for the wrong reason, meaning when you invest in the crypto market to make quick money in the short term, and the market falls. Make sure you don't become a long-term investor for this reason.

Create your crypto index, find the next bitcoin!

Similar to the stock market, where you have large-cap, mid-cap, small-cap, and penny stocks, the crypto market also has hundreds of tokens to choose from. Remember that not all cryptocurrencies are equal, and you need to stick to those with use cases and the projects you understand and believe in. You can create your crypto index, consisting of Bitcoins, Ethereum, Cardano, XRP, Binance coin, and more, but do not invest in any coin blindly, do your research well and stick to your risk profile.

Avoid FOMO

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Should you buy the dip in Bitcoin and other cryptocurrency prices? - Moneycontrol.com

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Want to better understand all the hype behind NFTs? Or get in on the trend and start trading cryptocurrencies? Though this world may seem intimidating, you can get a well-rounded education on the world of NFT and Cryptocurrency from the comfort of your couch with The Complete NFT & Cryptocurrency Wealth Building Masterclass Bundle. This bundle gives you access to six info-packed courses for the low price of $29.99, making each valuable course on these potentially lucrative topics just $5.

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If youd like to know the difference between Bitcoin, Ethereum, and Altcoins, this course is for you. Rated 4.6 stars from former students, youll go from an amateur to a cryptocurrency expert in no time. It serves as an A-Z guide to cryptocurrency trading and is the perfect pick for beginners.

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Understand NFTs and cryptocurrency with this affordable training guide - New York Post

Roughly 14% of the U.S. population owns cryptocurrency. This translates to 21.2 million U.S. adults ... [+] who own cryptocurrency.

I didnt plan to write about Gemini, the large, well-respected cryptocurrency exchange, on the same day that China announced its ban on trading of Bitcoin and digital assets. This piece is also in the wake of the new Securities and Exchange Commission (SEC) chair, Gary Gensler, calling for heightened regulatory scrutiny of this space and prognosticators portending the demise of this asset class.

It's apropos that this coincidentally happened. Bitcoin and the crypto sector has a history of wild, volatile swings. The professionals in this area have become accustomed to the jarring ups and downs. They take the long-term view, and dont worry too much about the daily gyrations.

The history of Gemini can be traced back to a volatile situation. Undeterred by Mark Zuckerberg allegedly taking advantage of fellow Harvard classmates Cameron and Tyler Winklevoss, by running with the Facebook concept and cutting them out of the project, the twin brothers ultimately proved themselves as successful businessmen.

The Winklevoss twins accepted a multimillion-dollar settlement in the matter and used some of the proceeds to buy bitcoin, ether and to build the Gemini Trust Company in 2014. The cryptocurrency exchange and custodian provides customers the platform to buy, sell, trade and store digital assets. It is regulated by the New York State Department of Financial Services.

The company is built upon the belief that digital assets and blockchain technology offer the power to change the world. They are mission-driven to achieve this goal. The crypto exchange is working toward wider acceptance. Its Gemini Pay mobile app is accepted at about 30,000 retailers. It offers interest on digital assets and is rolling out a branded credit card with Mastercard with a 300,000 waiting list.

Jonathan Tamblyn, the director of talent at the exchange, has his work cut out for him. Hes actively searching for over 200 people to join the company. His needs run the gamut. They range from software engineers to compliance, marketing and business development.

Tamblyn says that job seekers dont need to have crypto-related experience. He looks for people who are interested and passionate about this new and fast-growing asset class. Since the company is still relatively new, there is a large amount of upside potential for employees. Possessing an entrepreneurial mindset is important, as the company will keep innovating with new products and services.

The head of talent acquisition has a refreshing and progressive take on hiring and retaining people. While most human resources professionals want to be the point person for rsums and introductions, Tamblyn says that candidates who are interested in working at the company should reach out to a manager directly. This is a welcome change. A job seeker could then cut through all of the red tape and get right to the decision makers.

As the organization is dynamic and entrepreneurial, it understands that workers may elect to leave after gaining a few years of experience. Tamblyn is realistic about this, recognizing that young, motivated people want to learn, build knowledge and a network of cohorts and then pursue challenges at other places. Theres no hard feeling, as he understands that this mentality is a shift from past generations when it was de rigueur for workers to remain at the same corporations for decades.

Noah Perlman, a long-time Wall Street legal and compliance professional and former Assistant U.S Attorney, is the current chief operating officer at Gemini. He said about the study, "This new research signals a valuable and welcome diversification of crypto's investor base. A broader set of participants establishes a positive long-term evolution of the market."

Perlman added, "Trading platforms that prioritize security and smart regulation, while making it simple for anyone to use, make cryptocurrencies accessible and attractive. We believe digital assets are a strategic part of a well-rounded portfolio and providing crypto education will help remove barriers to entry."

A career in the digital asset space wont be a smooth ride. According to a statement from the Chinese government, it appears that cryptocurrencies and related transactions are now considered illegal in China. The Peoples Bank of China claims that this is needed for national security and social stability. The government cited money laundering and illegal activities, among other reasons for the crackdown.

John Paulson, the billionaire who famously made a fortune shorting the market during the housing bubble in 2008, which led to the financial crisis, said in an interview that cryptocurrencies are in a bubble and a limited supply of nothing. He added, Cryptocurrencies, regardless of where theyre trading today, will eventually prove to be worthless. Once the exuberance wears off, or liquidity dries up, they will go to zero. I wouldnt recommend anyone invest in cryptocurrencies.

Bloomberg reported that the Biden administration intends to nominate Saule Omarova, a vocal cryptocurrency critic, to head a key banking regulatory agencythe Office of the Comptroller of the Currency.

Gensler, the newly installed head of the SEC, is emerging as a crypto critic. While the industry doesnt consider digital assets as securities, it looks like he disagrees and plans to assert his authority over this sector. In a new interview with the Washington Post, Gensler said that he doesnt believe the crypto market has a long-term future, stating, History tells us that private forms of money dont last long.

Over the years, this industry has weathered many storms, including hacking, claims of harming the environment and tax avoidance. In the face of adversity, this marketplace keeps moving forward with new ideas and projects. Despite the challenges, this still represents an exciting growth opportunitywith some turbulence along the way.

Jack Dorsey, the CEO of Twitter and Square, believes bitcoin is the answer to the worlds problems.

At a conference in July, the chief executive touted bitcoin as the solution to world peace. Dorsey stated, Elon [Musk] said it earlier. We have all these monopolies of violence, and the individual doesnt have power. The amount of cost and distraction that comes from our monetary system today is real, and it takes away attention from the bigger problems, some of the bigger problems that Elon is trying to solvelike getting us to multiplanetary humanity. All these distractions that we have to deal with on a daily basis take away from all those bigger goals that affect every single person on this planet, increasingly so. It may sound a little bit ridiculous, but you fix that foundational level and everything above it improves, in such a dramatic way. Its gonna be long term, but my hope is definitely peace.

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Bitcoin And Cryptocurrency Exchange Gemini Is Growing Fast And Aggressively Hiring - Forbes

The Biden administration took action on Tuesday to crack down on the growing problem of ransomware attacks, expanding its use of sanctions to cut off digital payment systems that have allowed such criminal activity to flourish and threaten national security.

The Treasury Department said it was imposing sanctions on a virtual currency exchange called Suex, in the administrations most pointed response to a scourge that has disrupted U.S. fuel and meat supplies this year, when foreign hackers locked down corporate computer systems and demanded large sums of money to free them.

The illicit financial transactions underpinning ransomware attacks have been taking place with digital money known as cryptocurrencies, which the U.S. government is still determining how to regulate.

The Treasury Department said Suex had facilitated transactions involving illegal proceeds from at least eight ransomware episodes. More than 40 percent of the exchanges transactions had been linked to criminal actors, the department said.

Ransomware and cyberattacks are victimizing businesses large and small across America and are a direct threat to our economy, Treasury Secretary Janet L. Yellen said in a statement.

The department offered few details about Suex, declining to say where the company was based or what kinds of transactions it dealt with, though a Russian computer executive confirmed on Tuesday that he was the founder.

Treasury officials did say that while some virtual currency exchanges are exploited by criminals, Suex was facilitating illegal activities for its own gain.

Cybersecurity experts see exchanges as a weak point for ransomware gangs that otherwise operate wholly in the ether of the internet, all but untouchable by law enforcement. But the exchanges are an interface with the real world used to cash out cryptocurrency and public-facing companies that are vulnerable to financial sanctions.

Vasily Zhabykin, a graduate of a prestigious Russian university that trains diplomats, said by telephone on Tuesday that he had founded Suex to develop software for the financial industry. He denied any illegal activity and said it was possible that the Treasury Department had mistakenly targeted his company.

I dont understand how I got mixed up in this, he said in a brief interview. Suex, which is registered in the Czech Republic, was mostly a failure and had conducted only a half dozen or so transactions since 2019, Mr. Zhabykin said, adding that he had three employees.

Russia is believed to be home to the most sophisticated ransomware groups, where they seem to operate with impunity. Other countries such as Iran and North Korea host the groups, cybersecurity experts say.

Over the past decade or so, key technologies came together in a tool kit for the ransomware industry: malware to scramble victims computers, routers that render communication anonymous and digital currencies for payments.

A weak point, according to a study of ransomware published in 2019 in The Journal of Cybersecurity, is exchanges: the businesses that convert digital currency into cash, where criminals lurking in the digital world eventually have to make an appearance to be paid.

Many exchanges have popped up in Russia in recent years, often leasing office space in Moscows financial district alongside banks. Russia pivoted from trying to ban digital currencies outright to enacting regulation this year allowing ownership.

The Treasury Departments action came three months after President Biden, meeting in Geneva with President Vladimir V. Putin of Russia, demanded a crackdown on ransomware operators suspected of working from Russian territory. Mr. Putin made no promises. Before the meeting, one attack had taken out Colonial Pipeline, which provides much of the East Coasts gasoline and jet fuel; another had penetrated JBS, a major U.S. meat supplier.

Attacks seemed to abate for a few months, and a major ransomware operator, DarkSide, appeared to have shut down.

But late this summer, attacks began to rise again. Paul M. Abbate, the F.B.I.s deputy director, who specializes in cybercrimes, said at a conference last week that there is no indication that the Russian government has taken action to crack down on ransomware actors that are operating in the permissive environment that theyve created there.

He added that few actions had taken against those in Russia facing indictments in the United States.

Intelligence officials report the same, and they say they believe that some Russian military and intelligence services make use of the ransomware operators to hide actions that may be conducted on behalf of the state, or at least with its acquiescence.

An attack against another food supplier was playing out on Monday, even as the Treasury Department was preparing its action. New Cooperative, a grain cooperative in Iowa, said it was part of critical infrastructure and noted that BlackMatter, a relatively new ransomware group, had promised not to attack such groups. But in responses that appeared in screenshots on Twitter, BlackMatter said it did not consider New Cooperative to be critical infrastructure. The two were in an open dispute over the definition of the category.

We dont see any critical areas of activity, the ransomware group responded.

BlackMatter demanded just shy of $6 million to decrypt the companys files. That figure declined drastically over time.

The Treasury Department said that in 2020, ransomware payments topped $400 million, four times as high as they were in the previous year. The economic damage, it said, was far greater.

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Biden is Combating Ransomware with Crackdown on Cryptocurrency Payments - The New York Times

Decentralized finance is the future. Cryptocurrency helps people live in a community without the traditional middleman expenses. It provides equal opportunities for everyone. Ider-Od, co-founder of IHC.

Mongolia is a landlocked developing country, sandwiched between two giant neighbors China and Russia, located in the center of the Asian continent, far away from seas, oceans, and most importantly, from international trading networks. It is also the 17th largest country by its territory, with a land richly endowed with natural resources. Nevertheless, its unfavorable geographical position has prevented the country from becoming an export-oriented economy and achieving sustainable economic growth. Moreover, Mongolias economy, which is the 132nd largest based on its gross domestic product, has experienced the worst setback since its economic transition in the early 1990s due to the strict COVID-19 restrictions imposed by the government over the past two years.

Five entrepreneurs, Ider-Od Bat-Erdene, Erkhembayar Byarsaikhan, Gantig Bayarmagnai, Munkhjin Otgonbaatar, and Munkh-Erdene Burenjargal, are seeking innovative solutions for achieving economic growth and alleviating poverty by making cryptocurrency the main driving force for generating and bringing wealth into the country.

Cryptocurrency is borderless. It is the key solution for countries like Mongolia for tackling economic issues. We want to empower the powerless by keeping big money, government, and federal banks in check to provide equal opportunities for everyone. Gantig, co-founder of IHC.

With over 100 billion token orders fulfilled after its launch at 11 a.m. on August 25, the Inflation Hedging Coin (IHC), a new cryptocurrency created by tech-savvy entrepreneurs, broke the internet. Within just 30 seconds, thousands of enthusiasts invested 10 million USD in the newly created tokens, making it one of the fastest-selling cryptocurrencies in the world.

IHC released 100 billion tokens with 25 billion equally placed on four different cryptocurrency exchanges: coinhub.mn, trade.mn, complex.mn, and dax.mn. IHC has a total supply of one trillion coins, of which 100 billion are now publicly owned. It took only 11 seconds on DAX, 43 seconds on Coinhub, 1 hour on Complex, and Trade for people to buy up all the available tokens, with two of the platforms crashing and overwhelmed by over 100 thousand visitors.

Based on blockchain technology, Inflation Hedging Coin aims to introduce an ecosystem of financial services, including seamless transactions. IHC founders share a vision for creating a decentralized solution to combating inflation.

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A New Cryptocurrency Has Everyone Buzzing in Mongolia 10 Million USD Within 30 Seconds - NewsBTC