Category Archives: Cryptocurrency

The attack against the Ronin Network in March was quickly speculated to be one of the largest cryptocurrency hacks of all time. Approximately $540 million was stolen from the cryptocurrency and NFT games company in a combination of USDC and Etherium, with $400 million of the stolen funds owned by customers playing the game Axie Infinity.

This attack was the latest in a string of thefts perpetrated against crypto and should be a jolt to both the digital asset and cybersecurity communities to bring the security of cryptocurrencies into line.

A History of HeistsThe current vogue of large-scale crypto heists goes as far back as the 2014 Mt. Gox hack (another cryptocurrency exchange built around a game, Magic: The Gathering), which went into bankruptcy after losing $460 million of assets.

However, the trend has been gathering pace. In the months leading up to the Ronin Network attack, cybercriminals stole nearly $200 million worth of cryptocurrency from the crypto trading platform BitMart, attacked 400 Crypto.com users, and orchestrated NFT-related scams, to name but a few incidents.

There is often an uncomfortable tendency to see these attacks as something that takes place in isolation in a remote part of the Internet whenthey actually have a huge impact on thousands of people. Axie Infinity, for example, has millions of players around the world, and in the wake of the Ronin Network attack,regular users reported losing tens of thousands of dollars. In some cases, this was their livelihood, with many players in the Philippines playing to win digital assets as a full-time job.

Crypto Goes MainstreamThis demonstrates how digital assets have become more deeply ingrained into our society since the Mt. Gox hack. Cryptocurrency is now used by a far broader cross-section of the population (13% of Americans traded crypto in 2020), major companies now accept it as payment (such as Tesla), and nations have integrated cryptocurrencies into their economies.

El Salvador famously became the first country to adopt Bitcoin as an official currency in 2021, but many countries are now looking to join the party. The UK, for example, recently announced its intention to become a "global hub" for the crypto industry, proposing new regulations for stablecoins and even an NFT backed by the Royal Mint. President Bidens Executive Order on Digital Assets, released in March, also acknowledged the growing role of cryptocurrencies in the US economy.

The Knock-on Effects of a HackAs digital assets become deeply ingrained into our lives, the attacks against them have wider societal impacts. For example, crypto is the currency of choice for cybercriminal activity and the Dark Web, including ransomware attackers, malware operators, scammers, human traffickers, dark-net market operators, and terrorist groups.

Their vulnerability and the ease in which they can be laundered therefore contributes to the coffers of cybercriminals. An analysis of wallets controlled by cybercriminals suggested that at least $8.6 billion of cryptocurrency was laundered in 2021. There is also evidence of stolen cryptocurrencies funding hostile nation-states, with North Korean groups reported to have stolen $400 million of cryptocurrency last year, potentially to offset financial sanctions.

This criminal activity also creates a burden on law enforcement around the world. In 2021, the Department of Justice launched the National Cryptocurrency Enforcement Team (NCET), focusing specifically on crime involving digital assets. In one single seizure this year, the task force obtained 94,000 Bitcoin ($3.6 billion), demonstrating the scale of the illegal market it is trying to tackle.

Security and RegulationFirst, crypto companies need to improve their cybersecurity fast. The Ronin Network admitted that it took six days to notice that a hacker had exploited a security flaw and stolen $540 million worth of cryptocurrency. This level of security is unacceptable. If these organizations are asking users to trust them with assets, they must provide the security to protect them. If they dont invest in security, the attacks will continue and users will very quickly lose confidence in these platforms.

Second, the increasing severity of these attacks supports the argument that crypto companies require greater regulation. Regulated financial institutions cannot afford to get away with the loss of millions in assets. Of course, attacks do happen, but regulations hold the security of regulated institutions to a sufficient standard that losses are mitigated. When these standards are not met, there are consequences put in place by the regulators.

We have to eliminate the perception that crypto hacks are inconsequential, only affecting those at the margins of society. They are not: Thousands of people are affected directly, with ever more joining the cryptocurrency world every day. Moreover, with cryptocurrencies funding the criminal community, these hacks will increasingly impact everyone whether you directly engage with digital assets or not.

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Crypto Hacks Aren't a Niche Concern; They Impact Wider Society - DARKReading

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The Fed said 46% of American adults who used crypto as an investment last year had annual income of $100,000 or more.

Meanwhile, 29% of crypto investors had incomes of $50,000 or less, according to the Economic Well-Being of US Households in 2021 report.

Overall, 11% held crypto as an investment, 2% used it to buy something, and 1% used it to send money to friends or family.

Close to half of US cryptocurrency investors in the US last year had high incomes, the Federal Reserve said in a report Monday.

According to the report on the Economic Well-Being of US Households in 2021, said 46% of American adults who used cryptocurrencies only as an investment made $100,000 or more annually, while 29% of investors had an income of $50,000 or less. The Fed's prior report didn't include data on crypto usage.

Overall, 11% of US adults held crypto as an investment, while 2% used it to buy somethingand 1% used it to send money to friends or family.

The findings coincide with last year's massive crypto rally, which saw bitcoin soar as high as $69,000. But the sector has been slammed this year amid a sell-off in risk assets overall.

While investors made up a larger share of crypto users, the Fed reported that roughly 60% of those using cryptos for payments made less than $50,000 annually, compared to 24% for those making $100,000 or more.

And those using cryptos for payments were less likely to have access to mainstream financial tools: 13% of these users did not have traditional bank accounts and 27% lacked credit cards.

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Nearly half of US cryptocurrency investors last year had six-figure incomes, the Federal Reserve says in a new report - Yahoo Finance

Crypto Crash News and Top Cryptocurrency Prices Today: The global crypto market cap has crashed again to $1.26 trillion, a day after showing some signs of recovery. For the last several days, crypto market cap has been stuck in the $1.24-$1.31 trillion range, indicating the struggle to break beyond this barrier.

On Monday, the global crypto market cap had jumped to $1.31 trillion, rising 3.66% over the last day, as several top crypto prices also witnessed upward movements. However, Mondays crypto gains have vanished over the night, data on CoinMarketCap at the time of writing (May 24, 7.30 am) shows.

The global cryptocurrency market volume over the last 24 hours increased 37.22 percent to $84 billion. The total volume in DeFi was $9.62 billion, which is 11.46% of the total crypto market 24-hour volume. Stable coins volume was $73.70 billion, which is 87.74% of the total crypto market 24-hour volume.

Bitcoin price fell below $30,000 again, decreasing by over 3 percent in the last 24 hours. Meanwhile, Bitcoins dominance as top crypto asset also decreased by 0.36% to 44.22% over the day. Overall Bitcoin price has decreased by 2.44% in the last 7 days. At the time of writing, Bitcoin price was $29,227.

The crypto market struggled to stay in the green as sellers dominated the market to open the week. Tether has paid $10 billion in withdrawals since the crypto market which indicates large-scale liquidations across the crypto market by the investors to recalibrate their portfolio, Shivam Thakral, CEO, BuyUcoin, said.

The crypto market is expected to stay in a bear phase for some time and most the investors will stay in a wait and watch mode, he added.

Edul Patel Co-Founder and CEO of Mudrex, said, Bitcoin and other cryptocurrencies rallied on Monday after a well-known fashion brand Balenciaga announced to accept crypto payments but fell later in the day. BTC is currently trading at US$29,200, which is the lowest since January 2021. It is likely that BTC may break below the current level testing its support once again.

Since April, BTC has been on a bearish consolidation due to several macroeconomic factors and Terras collapse adding to it. It seems like investors and institutions have paused and are a little hesitant to return to the market, Patel added.

Several top crypto prices have dropped in the last 24 hours. Take a look:

Ethereum (ETH): Ethereum price decreased by 2.17% as it once again dropped below the $2000 mark to $1985 in the last 24 hours. In the last 7 days, ETH price has decreased by 2.50%. It is currently ranked second largest crypto asset in terms of market capitalisation.

Binance (BNB): Binance Chain coins price increased by 1.89% to $325 in the last 24 hours. In the last 7 days, BNB price has increased by 8.26%. It is currently ranked as fourth biggest crypto asset in terms of market capitalisation.

XRP: XRP coins price decreased by 2.33% to $0.4106 in the last 24 hours. In the last 7 days, XRP price has decreased by 4.38%. It is currently ranked as 6th biggest crypto asset in terms of market capitalisation.

ALSO READ | Will crypto rise again in 2022 after crash?

Solana (SOL): Solana price decreased by 4.66 to $49.71 in the last 24 hours. In the last 7 days, SOL price has decreased by 9.06%. It is currently ranked as 9th biggest crypto asset in terms of market capitalisation.

Cardano (ADA): Cardano tokens price decreased by 4.07% to $0.5171 In the last 24 hours. In the last 7 days, ADA price has decreased by 8.02%. It is currently ranked as 8th biggest crypto asset in terms of market capitalisation.

Popular memecoin Dogecoins (DOGE) price decreased by 1.9% in the last 24 hours. DOGE is currently ranked 10th in terms of market capitalisation. The price of DOGE at the time of this report was $0.08397.

Meanwhile, prices of Polkadot (DOT) and Avalanche (AVAX) decreased by 0.34% and 5.93 per cent in the last 24 hours respectively. DOT and AVAX are currently ranked 11th and 13th on CoinMarketCap. Polygon (Matic) price decreased by 3.27% to $0.6463 in the last 24 hours. It is currently ranked 17th on CoinMarketCap.

(Cryptos and other virtual digital assets are unregulated in India. They are considered extremely risky for investment. Please consult your financial advisor before making any investment decision)

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Crypto Crash Update 5/24: Top cryptocurrencies fall again; Bitcoin, Ethereum, Solana, Cardano in the RED - The Financial Express

Cryptocurrency is an umbrella term that refers to digital currencies built on the blockchain. Cryptocurrencies have grown in popularity among the general public due to their ability to be traded for potentially lucrative returns.

Furthermore, many cryptocurrencies include powerful utility features such as smart contracts, cross-platform interoperability, and lightning-fast transaction speeds.

However, some aspects of cryptocurrency, such as its relatively high volatility and unpredictability, can elicit a cautious and measured response from existing and potential investors alike.

There are also cryptocurrencies whose value fluctuates infrequently and are known for their stability when compared to others such as Bitcoin, Ethereum, and others. These coins are known as 'StableCoins.'

This list of the most stable cryptocurrencies is sorted by market cap because it is regarded as a true indicator of the value and worth of stablecoins because the majority of them are pegged to the USD with a value of one.

Tether

Tether (USDT) is one of the crypto market's oldest stablecoins. It was first introduced in 2014. Tether is also the fourth most valuable cryptocurrency in terms of market capitalization, as well as one of the most stable cryptocurrencies.

USD Coin

USD Coin (USDC) is also pegged one to one to the USD. It was launched in 2018 and is managed by Circle and Coinbase through the Centre Consortium, which they co-founded.

Binance USD

Binance USD (BUSD) is a stablecoin offered by Binance, the world's largest crypto exchange. The New York State Department of Financial Services has approved the use of BUSD (NYDFS).

TerraUSD

TerraUSD (UST) is a stablecoin that Terra provides. It is intended to track the value of one US dollar, so it is pegged at one to one. TerraUSD is the 31st most valuable cryptocurrency in terms of market capitalization.

Dai

Dai (DAI) is a stablecoin that differs from the others on the list. Dai is backed by ether tokens and is pegged to the USD. Dai was introduced by MakerDAO in 2015 and is the 36th most valuable cryptocurrency by market cap.

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Cryptocurrency: Which is the most stable and why? - Marca English

In 2009, someone known only under the moniker Satoshi Nakamoto released what went on to become the first cryptocurrency. Bitcoin is a form of decentralized, digital currency, which exists solely online as ones and zeroes, and is completely untraceable, and unregulated by any central authorities (banks, governments, etc.).

In the years that followed, Bitcoin went from what many considered a passing fad, or worse a waste of money, to one of the most popular investment options in the world. Today, there are very few people who are completely unfamiliar with the crypto market, and not just in Europe and America too. Cryptocurrency has made the rounds around the world, and has become embraced in Asia, Africa and South America. In fact, in 2021, El Salvador became the first country to accept Bitcoin as legal tender in the country.

In the dozen years since Bitcoins invention, the crypto has become accepted in the mainstream, and this acceptance has led to quite a bit of changes in various industries. In this article, we are going to take a look at a few industries on which crypto has had a major impact.

The iGaming Industry

The gambling industry has changed quite a bit in the 21st century. For one, the vast rise in popularity of online casinos like uudetkasinot.com, has made it so gambling games are a lot more accessible to most folks. This availability makes it much easier for gamblers to play their favorite games much more frequently, as these websites are often times accessible through any electronic device.

Another major change, is the embracing of bitcoin on the part of most casinos, both online, and land-based. Brick-and-mortar casinos the world over have begun accepting crypto trades in exchange for chips, and many have even begun to offer crypto-based withdrawals. The same is true for online casinos, some of which have specialized in nothing but Bitcoin deposits and withdrawals. These so-called Bitcoin Casinos (or Crypto Casinos) are becoming all the rage in the gambling world.

The Shopping Industry

Another major industry, which has experienced a massive change thanks to bitcoin, is the shopping industry. Shopping outlets all over the United States (and the world in general) have decided to accept different cryptocurrencies, though Bitcoin remains the most popular.

One industry that has especially embraced crypto, is the online shopping industry, with online shopping websites like AliExpress embracing payment from many different cryptocurrencies, most notably Bitcoin, Ether, etc.

The Tech Industry

It wont come as much of a shock to some of you, to hear that the tech industry has been hugely changed by Bitcoin. After all, cryptocurrency has its roots in computer programming and economics. Tech giants, like Microsoft, have begun to dabble in the crypto market, and some have decided that cryptocurrency might even be the way of the future, and thus have begun to accept crypto-based payments. On top of that, many tech companies have seen major success in the past decade, as theyve made blockchain design and maintenance their top priority.

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The Impact that Cryptocurrency Has Had On Various Industries - FinSMEs

Bitcenter

London, May 23, 2022 (GLOBE NEWSWIRE) -- Bitcenteris offering its services with the help of qualified crypto experts and trained professionals who help the users to learn before they invest in the world of forex trading and cryptocurrency. The main aim ofBitcenteris to make crypto trading safe and secure for its users. The increasing buoyancy of people in cryptocurrency is good but the investment grows when it is safe. Without safety, the users not only lose the money but also feel disheartened and never trade again in cryptocurrency.

2020 and 2021 were the most vibrant years in the history of cryptocurrency and forex. Because the trust and interest of people touched the highest possible percentage. Last year a global increment of 100% has been observed in forex trading and cryptocurrency. This sudden rise in crypto adoption certainly needs safe and sound platforms for people through which they can invest their money without being afraid of fraud and also get proper support from experienced professionals in the crypto world.

There are many platforms that you can use for trading your money in cryptocurrency and forex. But only a few platforms offer useful features and make the overall trading experience amazing for both the newbies and the regular users. Among these few platforms,Bitcenter is one of the most accepted and favorite trading platforms that instantly got the attention of users because of its uncanny features and tools for trading.

Bitcenter: the most reliable platform in terms of security

With more than a hundred thousand positive reviews Bitcenter is ruling the hearts of countless customers as the most trusted website for forex and crypto trading. And now it is coming to the top as a leading platform for crypto investors in the United Kingdom. Most of the new investors do not know about the working principles of crypto and forex. They have investment money that they have earned with hard work and now want to increase their investment by trading in forex. Having no prior knowledge, they get scammed and lose their money most of the time. That is why everyone needs a trusted and safe solution with a reasonable amount of knowledge and communication with experts to gain useful knowledge of cryptocurrency trading.

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Bitcenter has appeared intending to ensure that every new user gets the best professional advice from erudite experts and communicates with trained crypto professionals before investing their money. Scams and frauds in crypto trading are common and they discourage the new users from investing their money and trading cryptocurrency in any form. Those who truly want to enter the world of crypto and forex but are afraid of being scammed or fooled by unauthorized platforms should choose Bitcenter. Because according to the business reviews on the website it has been estimated that around 90% of the customers think Bitcenter is the most protected and scam-free trading platform to date.

After providing perfect security for the user investment Bitcenter offers plenty of other features that most trading platforms lack. Among these were the features include 45 different methods for payment and quick withdrawals and trustworthy and active customer care that also offers instant communication with trading experts. The most spoken feature that has also a major role in making Bitcenter a world-famous platform is the sixteen languages communication system. And to your surprise, you can get a real-time experience by creating your free trial account of $10,000 without investing or submitting any penny to the platform. The sole purpose of this trial account is to teach new users and give them a vital understanding of crypto and forex. And after you learn and gain the confidence you can start your trading by putting your money.

The information provided in this release is not investment advice, financial advice or trading advice. It is recommended that you practice due diligence (including consultation with a professional financial advisor before investing or trading securities and cryptocurrency).

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Bitcenter is the safest platform for trading money in Cryptocurrency and Forex - Yahoo Finance

Switzerlands forex bank and broker, Dukascopy, today warned against a fraudulent website that have been falsely claiming affiliation with its authorized brand.

The clone entity, operating through the domain http://www.dukascoin.holds-coins.com, prompted action from the regulated company.

Dukascopy confirmed that it has no association whatsoever with the aforementioned platform and advised everyone to avoid it entirely.

The company added that dukascoin.holds is fraudulently using the name and logo of Diascopys own cryptocurrency (Dukascoin) for attracting clients/investors.

Do not trust any information to be found on the website http://www.dukascoin.holds-coins.com. This website is a clone of http://www.dukascoin.com website and its purpose is to induce individuals to reveal seed phrases to their crypto wallets. Do not provide any personal data on this website, Dukascopy said.

The forex bank stated that its taking actions against this dishonest organization.

The fraudulent brand is indeed attempting to mislead investors into thinking that it is offering a legal product by using the details of an authorized firm operating under a similar name. However, investors should be aware that the original company is not available to help in recovering funds if the unauthorized entity defrauds them.

Dukascopys cryptocurrency business was a major focus for clone firm scams as the pandemic has made people more susceptible due to concerns about personal finances. The company has been taking steps towards strengthening its cryptocurrency offering, including allowing clients to deposit and withdraw funds in digital coins, as well as enabling free internal crypto-transfers between users of mobile banking.

Dukascopy is an established forex bank and broker. Recently, the company has been a target of sophisticated tactics that mirror the genuine brokerage firms website. Last year, it warned clients to be extra vigilant to a fraudulent brand called Unitrade Enterprises Limited. The latter was a shady business that spans different sectors ranging from asset management to cryptocurrency trading.

What made the Geneva-based broker deeply outraged was a statement on Unitrade Enterprisess website saying that all their clients transactions are made through Dukascopy Bank.

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Scammers are becoming ever more sophisticated, targeting potential victims with professional looking websites. The most commonly reported thefts involved investments in forex, stocks, bonds, and cryptocurrencies.

Earlier this month, Dukascopy unveiled its financial statement for the four months ending April 30, 2022. The Geneva-based firms latest report was characterized by positive metrics in areas ranging from operating income to revenues, underpinning its guidance for the full year.

Specifically, the forex bank witnessed a surge in its revenues, which came in at CHF 10.3 million ($10.5 million). This figure is up by nearly a third from the CHF 7.9 million reported back in the same period a year ago.

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Dukascopy warns of fake website impersonating its cryptocurrency - FinanceFeeds

Cardano and Ethereum are often compared to each other

Those who follow the world of cryptocurrencies must have heard of the Cardano vs Ethereum argument. There's a frequent comparison between Cardano (ADA) and Ethereum (ETH) because both networks provide similar services. Both the Ethereum and Cardano blockchains can be used for similar functions, such as running custom programming logic (smart contracts) and creating programmes (decentralised applications). Any blockchain network's core algorithm is used to create blocks and validate transactions. The key difference is that Ethereum's Proof-of-Work blockchain is less flexible than Cardano's Proof-of-Stake Ouroboros consensus method at the present.

In 2015, Ethereum was introduced as a blockchain platform. Ether (FTH) is the platform's cryptocurrency. Cardano was launched in 2017, and ADA is the platform's cryptocurrency.

Ethereum's Proof-of-Work blockchain has a proven track record. To keep the blockchain functioning, miners perform many complex calculations. One Ether is a unit of measurement for the amount of computational power used.

Similarly, Cardano's Ouroboros has a Proof-of-Stake consensus, where miners are substituted by validators. Traditional mining consumes a lot more energy and resources than Proof-of-Stake mining.

Since its inception, Ether has evolved tremendously and is still regarded as one of the most powerful cryptocurrencies. Cardano, on the other hand, is one of the most secure digital assets due to its meticulous development. ADA had previously been on a downward trend, but it has since become relatively cheap, making it an excellent investment option for existing investors.

Cardano appears to be a decent investment in the short to medium term. It is moderately priced and is likely to appreciate in value as the DApp market increases.

Ethereum, with its high market share and the planned improvements in Ethereum 2.0, is likely to be a good cryptocurrency to own in the long run.

However, despite these factors, it is difficult to tell which cryptocurrency will have a better chance in 2022. Both have had their ups and downs, and it is difficult to anticipate whose value may fall or rise.

As a result, investors should exercise caution before investing.

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Ethereum Vs Cardano: Which Will Drive The Cryptocurrency Market In 2022? - NDTV Profit

Cryptocurrencies and the exchanges they trade on have been a runaway gravy train in sports in the past year, with athletes hawking them in ads, teams entering partnerships, arenas inking naming rights deals and even umpires wearing logos.

But as evidenced by last weeks crypto crash, theres a risk when investing in unregulated assets. So should famous athletes, teams and leagues be encouraging fans to buy in?

Arthur Solomon, a former executive at global public relations firm Burson-Marsteller, termed crypto endorsements by teams, leagues and athletes a disservice because its unregulated investment advice. There are professional investment advisers who are regulated by the government to give financial advice, and I believe that the FTC and other government agencies should not permit someone, just because he can hit a home run or throw a touchdown pass, to give financial advice on public airwaves, he said.

As for leagues and teams, Solomon is even more critical, calling them shameless and lumping crypto into the same category as beer and liquor and gambling commercials viewed by kids and vulnerable adults during games.

The concern critics have is not that teams and leagues will see sponsorships collapse but that the sports entities are encouraging fans to invest in a risky, unregulated market. Sports cultural commentator Bomani Jones dedicated a whole section of his HBO show to the space, which he described as a con.

People call it currency, but that is just a word they use to keep the fans off the scent, Jones said.

But not everyone sees an issue with the promotion of crypto in sports. Many athletes and teams got into crypto because its advertised as the future of money. It is viewed as the cool thing, with Tom Brady backing crypto exchange FTX in funny commercials and Steph Curry and Trevor Lawrence also backers, while Joe Burrow hypes Bitcoin.

Its new and exciting, said Doug Shabelman, CEO of Burns Sports & Entertainment, an agency that specializes in celebrity endorsement. So why shouldnt these guys want to go out and do it? You know, its something different than the usual, and theres money.

Crypto enthusiast Mark Cuban, owner of the Dallas Mavericks, doesnt see an issue.

Look at the stock market, Cuban wrote in an email. Facebook, Amazon and Apple have lost more in market cap than the entire crypto market. A ton of tech companies have lost 80 percent or more of their value. I dont see anyone questioning sponsorships by those companies.

The difference is those companies advertise to get consumers to buy or use their products, the same way potato chip brands or restaurant chains might. If their stock falls and the sponsorship goes away, it does not affect the fan who bought the underlying product.

Crypto sponsorships and endorsements are different in that they are seeking fans to put their money at risk. Still, Cuban writes, Their values go up and down depending on how they perform and how much risk investors want to take. In fact, the Nasdaq and crypto markets are pretty highly correlated. They tend to go up and down together.

While that may or may not be true, there is a risk to sports entities by closely aligning with volatile assets. Last week, the Washington Nationals, who have a $38 million sponsorship with cryptocurrency Terra, tweeted a hype video for the investment as the coin crashed. The team and Major League Baseball declined to comment.

The crypto crash, which at one point wiped out roughly $1 trillion of value, brought tales of investors losing their life savings. The crypto markets have stabilized somewhat this week, but the threat of wild volatility remains.

Will they be a reputational black eye? connected sports consultant Marc Ganis asked of crypto. This is where the teams need to balance money with risk reputational risk. The reality is that when a team signs a major sponsor or when a league signs a major sponsorship deal, there is an expectation that that is a first-tier company. And so it gets some of the credibility, some of the aura of the credibility that the league or the team has. And that gets conveyed on to the sponsor.

Clearly, there have not been such worries, evidenced by numerous sponsorships, including Crypto.coms 20-year, $700 million naming rights for the former Staples Center and FTXs $135 million deal to name the Miami Heat arena. FTX even has a patch deal for MLB umpire uniforms. There were so many crypto ads during the Super Bowl, which sold on average for over $6 million per 30-second spot, that some dubbed the game the Cryptobowl.

But while crypto is billed as the future of money, the category is more akin to an investment than a currency, though it is used in some transactions and a handful of athletes have famously converted their salaries into crypto. But even FTX founder Sam Bankman-Fried said recently that Bitcoin, the most popular crypto payment, has no future as a currency because the technological system could not handle it.

And former Federal Reserve chairman Ben Bernanke told CNBC this week: Bitcoin and other currencies, cryptocurrencies whose value changes minute to minute, theyve been successful as a speculative asset. And people are seeing the downside of that right now. But they were intended to be a substitute for fiat money. And I think, in that respect, they have not succeeded. Because if bitcoin were a substitute for fiat money, you could use bitcoin to go buy your groceries. Nobody buys groceries with bitcoin because its too expensive and too inconvenient to do that.

So I dont think that bitcoin is going to take over as an alternative form of money. Itll be around as long as people are believers and they want to speculate.

So if its a speculative asset, should sports teams, leagues and players be pumping it up? Other corners of finance, from derivatives to mortgage-backed securities, which sparked the 2008 financial crisis, dont have their own sports cheering section.

The NFL, which only in March allowed team sponsorship of crypto exchanges but not currencies, says it views crypto in the larger perspective of blockchain, the decentralized digital technology that underpins crypto. On blockchain, non-fungible tokens, which are digital pictures and highlights, have traded for millions of dollars, though the market has cooled.

It is a space we want to be thoughtful and careful, said Joe Ruggiero, the NFLs senior vice president of consumer products. But the league has interest in getting into the space because it is a way to engage with fans in an interesting way, he added, citing digital commemorative ticket stubs.

To date, only the Dallas Cowboys have inked a crypto exchange deal, withblockchain.com, but other teams are busy probing the space.

The NBA allows for deals in the cryptocurrency space, including crypto exchanges, but does not allow for the promotion of specific cryptocurrencies. The league advises its teams to vet potential partners before entering into any promotional or other arrangements. These basic rules are for the WNBA as well.

Major League Soccer, which has a younger demographic and is less financially robust than its four legacy peer leagues, has been wading into the crypto space, which also includes blockchain, NFTs and exchanges. In a bid to appeal to its younger, tech-savvy fan base, the league and its teams have struck several deals, including D.C. Uniteds three-year, $18 million jersey sponsorship signed in February with blockchain tech firm XDC Network.

In March, Nashville FC announced its sponsorship deal with digital assets management firm Valkyrie Investments would be paid in bitcoin, the first MLS team to take crypto instead of U.S. dollars for a partnership. Inter Miami and the New England Revolution also have struck crypto-related partnerships.

MLS declined to comment.

Defenders of sports engagement with crypto point to a difference between backing a specific coin versus the exchanges like FTX andcrypto.com that have spent vast sums thus far. Coinbase signed a deal in October to become the official cryptocurrency exchange of the NBA, WNBA and G League.

And Cuban wrote in an email, Unless a team has Terra as a sponsor, its a non-event. Terra is the crypto the Nats promote and which crashed dramatically last week.

Comparisons are also made with the dot-com bubble burst of the early 2000s. In the lead-up to it, internet companies like CMGI and PSINet and retailers such as pets.com spent heavily on sports, only to disappear and in some cases default on sponsorship payments. Many of the crypto exchanges are well financed, so their deals for naming rights to arenas and other deals for the time being look safe.

The concern critics have, however, is not that teams and leagues will see sponsorships collapse but that the sports entities are encouraging fans to invest in a risky, unregulated market.

David Carter, a sports marketing consultant and associate professor at the University of Southern Californias Marshall School of Business, said younger sports fans might view crypto simply as part of their lives now and dont treat it with the same risk-aversion and uncertainty as older people.

A lot of it has to do with the consumer theyre trying to reach, Carter said. A team, league or sports property, you understand that and youre taking a measured risk. One persons sin category is another persons compelling revenue stream.

Jonathan Jensen, a sports marketing expert and assistant professor at the University of North Carolina-Chapel Hill, said crypto wont be the last risky category to use sports to promote itself.

After fledgling tech firms, subprime mortgage companies and cryptocurrency, Im certain there will be another emerging, new industry that will utilize sports sponsorship to prop itself up, Jensen said. Its kind of built to do that. Sometimes it works, and oftentimes it doesnt.

(Top photo of Cowboys owner Jerry Jones presenting Blockchain.com CEO Peter Smith with a jersey after announcing a partnership: Richard Rodriguez / Getty Images)

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Weighing whether cryptocurrency, sports and fans are a good combination - The Athletic

Cryptocurrency Investment Mistakes: Here are the 4 Common Mistakes To Avoid When Making an Investment in Cryptocurrency

For many novice investors, cryptocurrencies and digital assets represent a more appealing and accessible inroad into investing than more conventional investment products such as stocks, bonds, and mutual funds. Crypto traders can buy and sell digital currency through online brokers and centralized or decentralized crypto exchanges. These platforms often give them much more flexibility and have much lower barriers to entry than traditional financial institutions.

Ease of access to crypto trading platforms has many new traders jumping at opportunities to invest, especially among the youth. However, this escalating hype coupled with cryptocurrencies price volatility can lead investors to make costly mistakes if they arent careful. Above all, its important for crypto investors to do their research and start by investing conservatively. This will help them avoid incurring hefty losses from ill-conceived crypto trades.

Losing the Keys to Your Digital Wallet

Crypto assets are most often traded through digital wallets, which are protected by a set of unique cryptographic keys. Transactions with some coins even operate exclusively through these wallets. One example is the privacy coin Monero, which can only be sent and received with a dedicated XMR wallet. Because crypto wallets are such an important part of crypto trading, its essential to always keep your wallet keys safe and secure.

Cryptographic keys are used to create and sign transactions on your chosen cryptocurrencys blockchain. Each set of keys serves as a unique identifying code for its user, preventing unauthorized parties from accessing and using your crypto wallet. Its important to bear in mind, however, that you cant recover or reset your wallet keys in the same way that you might with a password or PIN code. Losing your keys thus means losing access to all digital assets kept in your wallet.

Unfortunately, its quite common for investors to lose or forget their private keys. In fact, a lot of todays cryptocurrency remains inaccessible due to this costly error. A report from Chainalysis reports that over 20 percent of the 18.5 million Bitcoin (BTC) mined to date has been lost due to misplaced keys.

You can avoid this mistake by storing your keys in a safe place, such as on an external hard drive. Some investors even save their keys by printing them out or writing them down on a piece of paper rather than in a digital document. For extra protection, they may keep this paper on them at all times or store it in a locked vault.

Excessive Diversification

Rather than putting all your eggs in one basket, diversifying your portfolio is considered a smart financial move when dealing with traditional investing products. That said, doing so is almost a must for building a strong crypto portfolio given digital assets extreme price volatility. However, its also possible to over-diversify your cryptocurrency portfolio given the sheer number of coins available on the market today.

A crypto investor who puts money down on too many coins may find themselves holding a large number of poorly performing assets, which can lead to significant losses in the long run. Rather than buying up every coin you see, invest in coins with promising growth trajectories. At every turn, it helps to carefully research any tokens youre interested in and how theyre expected to perform under a variety of market conditions.

Mistyping Trade Orders or Addresses

Be very careful when typing out trade orders on crypto investing platforms, as investors are often prone to fat finger errors. Mistyping decimal places, adding additional zeroes, and other similar errors can cause you to lose a lot of your investment money in the blink of an eye. Thus, its in your best interest to double- and even triple-check each transaction thoroughly before confirming it.

Investors should exercise an equal amount of caution when sending crypto to other users, as theres no way to retrieve assets that are mistakenly sent to the wrong address. Unlike traditional bank transfers, transactions on the blockchain are immutable and cant be reversed. These kinds of mistakes can deal painful blows to your investment portfolio, so take your time entering your transaction details to make sure theyre accurately encoded.

Storing Your Coins Online

Most crypto investors, especially those new to trading crypto, access their coins through centralized exchanges. These platforms operate similarly to traditional banks in that they store your coins on their servers for you rather than giving you access to your own digital wallets. Because the exchange will continue to hold any tokens you own, your assets may be vulnerable to hacking operations and other cyberattacks.

Even high-profile crypto exchanges have fallen victim to attacks from cybercriminals multiple times, leading to millions of dollars worth of stolen assets that had been stored on these platforms. To protect your assets, the best option is to store them offline. Set yourself up with either a software or hardware wallet so that you can withdraw and store your coins securely after you buy them.

Investing in crypto can be an exciting and profitable venture. However, as cryptocurrencies are a fairly young asset class and are therefore highly speculative, crypto trading remains quite risky. As with more traditional assets, exercising caution and researching thoroughly before investing can help you minimize losses and make the most of your investments.

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4 Common Cryptocurrency Investment Mistakes and How to Avoid Them - CrowdWisdom360 - http://www.crowdwisdom.live