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Lil Pump already seems very familiar with the weed industry, but now he’s TCOB when it comes to CBD and THC … as the face of a new cannabis company. The “Be Like Me” rapper is adding to his resume by teaming up with the brand, Smoke Unhappy…
Police in southwestern Michigan are warning residents to be vigilant after a patron reported finding razor blades on a gas pump handle.
Lil Pump is joining his buddy Quavo in the grillz department … because he just threw down a truckload of cash on some matching chompers. We’re told Lil Pump plunked down 6 figures on a new set of custom grillz … spending a whopping…
In the past week or so, a number of publications, including cryptocurrency websites, but also “reputable” mainstream outlets, have given stage to a “Kremlin economist” with a bold prediction – Russia will invest billions in bitcoin to tackle U.S. sanctions, possibly triggering a new bull run as early as next month. The claim was quoted in multiple reports, although never double-checked or substantiated.
Moscow Said to Dump Billions Into Bitcoin
The statements came from Vladislav Ginko, a lecturer at the Russian Presidential Academy of National Economy and Public Administration (Ranepa). Last week he told the Australian online edition Micky that new U.S. sanctions will push Moscow to diversify its cash reserves and there are limited options by which they can do so. One of them is to replace part of the $ 466 billion saved by the Central Bank of Russia with cryptocurrency. He insisted that Russia’s elite is also being forced to dump U.S. assets and currency and “invest hugely into bitcoins.” The expert economist stated categorically:
U.S. sanctions may be mitigated only through Bitcoin use.
Ginko further suggested that the first wave of significant Russian government investment into bitcoin, “worth billions of dollars,” could come within the next few weeks. “I believe that Russia will start diversifying its reserves with bitcoin in February, when the U.S. Congress will introduce new sanctions,” he said. The economist also shared his opinion that the Russian government is not against cryptocurrencies and noted that President Putin has referred to fintech as a key driver of the country’s economy.
Toward the end of the interview, Vladislav Ginko admitted that much of his work recently has been focused on persuading Russian officials that bitcoin is the best way to alleviate the effects of tough U.S. sanctions and prove to various stakeholders of Russian society the need for investing central bank money into the “heavily oversold bitcoin.”
Some ‘Exclusive’ Reports
The report was promoted by the Australian media outlet as exclusive, although Ginko has been actively spreading his views and forecasts on social media and in conversations with many journalists. A number of other crypto and mainstream media outlets, including Fortune, have quoted Micky’s report. However, Britain’s Daily Telegraph newspaper has published its own article, posting additional information – again, unconfirmed by an official government source from Russia.
The Russian expert is quoted as saying that Moscow is ready to invest as much as $ 10 billion in the world’s most popular cryptocurrency as part of its de-dollarization efforts and in order to prevent interruptions of U.S. dollar payments for Russian oil and gas. Another unverified claim by Ginko, which has been quoted by The Telegraph, is that the cryptocurrency industry now accounts for 8 percent of Russia’s GDP.
In the meantime, Micky has come out with another article on the same topic, claiming to have obtained documents from Australian crypto OTC brokerage Lupo Toro reportedly showing “large and unusual increase in the volume of OTC bitcoin purchases placed by Russian nationals.” The so-called “Moscow Files” have been published under a title starting with “The Putin Pump?”
Clickbaiting With Bitcoin
Crypto prices did not see much pumping during a bearish 2018, but this didn’t diminish the spate of hyperbole-laden headlines. The cryptocurrency is a very convenient target for alarmists, attention-seekers, and clickbaiters. Bitcoin does not have a CEO and can’t complain about fake news, so the mainstream media simply doesn’t care about the actual facts. In this particular example, Russia’s Billions, Shift to Bitcoin, Ditching the Dollar, and Putin’s Pump have been an irresistible choice of words for many online editors. A reply to Barry Silbert’s tweet linking The Telegraph’s article sums it all up very well:
This is what happens when journalism becomes shitposting. ANY PROOFS? What’s wrong with reporters these days?
Russia does seek ways to decrease its dependency on the U.S. dollar. It has increased its holdings of the euro, Chinese yuan, Japanese yen, and has discussed the introduction of a common digital currency within the Eurasian Economic Union (EAEU) and BRICS. But according to one real government official, Moscow is not looking at bitcoin. Elina Sidorenko, chair of the crypto working group in Russia’s parliament, recently noted that “there’s not a bit of common sense” in Ginko’s statements.
“The Russian Federation, like any other country in the world, is simply not ready today to somehow combine its traditional financial system with cryptocurrencies … The implementation of this idea in the next at least 30 years is unlikely to be possible,” she commented. Sidorenko believes the only way to use digital assets at the state level would be to create an international cryptocurrency as a unit of account between countries. A convertible “cryptoruble” has its supporters in the Moscow corridors of power as well – it fits in Russia’s “Sovereign Democracy” concept better than any decentralized crypto.
Another telling statement recently came from the chairman of the parliamentary Financial Markets Committee, Anatoly Aksakov. No one is going to ban Bitcoin in Russia, he said. His main concern was that if crypto holders are pushed against the wall by the state, they will revert back to investing in the U.S. dollar. The legislation on digital financial assets the State Duma is about to adopt on second reading in February will simply not mention cryptocurrency at all – a decision that reflects Putin’s own admission that “cryptocurrency is something that goes beyond national borders.”
It seems that anyone who thinks Russia will fully embrace Bitcoin doesn’t know Russia very well, and anyone who thinks Russia will completely ban Bitcoin doesn’t know Russia enough. In the end, Russia may decide to treat Bitcoin like Snowden: we didn’t want you here but since you’ve come, you can stay and do your thing. And of course, we don’t want you to harm the interests of “our American partners.”
Misunderstanding, underestimating, and most often misinterpreting Russia remains a common mistake, as the following video humorously conveys:
JUST IN: Vladimir Putin talks about cryptocurrency pic.twitter.com/eP85oNRVL9
— størm (@stormXBT) January 15, 2019
Sadly, the case of “Kremlin economist” Vladislav Ginko won’t be the last time that mainstream media is badly wrong about Russia – or about Bitcoin.
Do you think Russia will invest in bitcoin, and if so, do you expect Moscow to officially admit it? Share your thoughts on the subject in the comments section below.
Images courtesy of Shutterstock.
The post Clickbait Media Uses Bitcoin and Russia to Pump Headlines Again appeared first on Bitcoin News.
You can tell an altcoin is close to death when its price soars. That may sound like a contradiction in terms, but that’s what can happen to crypto assets when they’re in the throes of death. With low liquidity and thin volume, exchange-listed altcoins are prey to manipulators who will send them skyward one final time for a quick profit.
Also read: Bitcoin History Part 7: The First Major Hack
Pump and Dumps Are the Swansong of Dying Altcoins
Holders of paragon (PRG) woke up to a pleasant surprise this morning: their coin was up 6,800% overnight. The project has effectively been dead for months, with the SEC ruling in November that Paragon must refund investors who participated in its token sale. News that the worthless token had mooned overnight was thus greeted with astonishment by PRG holders. At 7 a.m. EST on Jan. 1, paragon was trading for over $ 10, having been changing hands for just $ 0.30 the day before.
On closer inspection, however, it became clear that the Paragon project wasn’t enjoying a new lease on life. It had not been let off the hook by the SEC, nor had it announced a major partnership that had set the coin’s price rocketing. Rather, paragon had become the latest moribund coin to be subjected to a pump and dump. It had taken just $ 27,000 of trading volume on a single exchange, Yobit, to propel PRG to double-digit dollar prices, and then back down almost to where it began hours earlier.
P&Ds and 51 Percents Herald the Beginning of the End
The final indignity of dying coins, it appears, is to be fraudulently manipulated to enrich insiders one more time. As other tokens that launched during 2017’s ICO mania die off like paragon, they risk succumbing to the same fate. As for Proof of Work coins that are also in the process of dying quietly, there’s another means of manipulation – the 51 percent attack. In a blog post published on Jan. 1, prominent bitcoiner Nic Carter performed a post-mortem on 15 cryptocurrencies whose demise he’d predicted at the start of 2018.
Of the projects he successfully called out, two had their demise hastened by 51 percent attacks – Verge and Bitcoin Gold. As Carter acknowledged, it is virtually impossible for a cryptocurrency project to die out entirely, as there will always be residual trading volume and someone willing to pay a rock-bottom price in the hope that the asset will return to its former glories, just as paragon fleetingly did today. Even for those coins that are artificially coaxed back into life, however, the movement merely reaffirms that they are on the way out and destined for an entry on Deadcoins.com. Paragon is already there.
Do you think exchanges should be more proactive in delisting low-volume altcoins? Let us know in the comments section below.
OP-ed disclaimer: This is an op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com does not endorse nor support views, opinions or conclusions drawn in this post. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. The opinion editorial is for informational purposes only.
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The post Pump and Dumps Are the Final Indignity for Dying Coins appeared first on Bitcoin News.
A report compiled by researchers from Tel Aviv University, The University of Tulsa, and the University of New Mexico has found nearly 5,000 advertisements for cryptocurrency pump and dump signals on social platforms Discord and Telegram posted during the first half of 2018.
Nearly 5,000 Ads For Crypto Pumps Posted to Discord and Telegram in First Half of 2018
A report examining the prevalence of advertisements for cryptocurrency pump signals across Discord and Telegram has found the phenomenon to be “widespread and often quite profitable.”
The authors collected five-minute interval price data for “nearly 2,000 coins across 220 cryptocurrency trading exchanges from Coinmarketcap” from mid-Jan. 2018 to early July 2018. “Pump data” was then obtained through “collecting messages posted to hundreds of dedicated Discord and Telegram channels using their APIs and manually labeling messages that signaled pumps,” and “consistently mapped to the trading data.”
In total, the researchers found 1,051 pump signals advertised on Discord and 3,767 ads on Telegram pertaining to more than 200 different cryptocurrencies.
The report asserts that the “proliferation of cryptocurrencies” and “changes in technology” have aided those who wish to conduct pumps, with a large number of the roughly 2,000 cryptocurrencies currently trading being “illiquid” and “characterized by very low trading volumes on most days, with occasional volume and price spikes.”
Twice as Many Low-Cap Pumps Promoted on Telegram Than Discord
The report describes the volume and market capitalization ranking of a coin as “the most important factor in determining the profitability of the pump,” adding that “pumping obscure coins (with low volume) is much more profitable than pumping the dominant coins in the ecosystem.”
The median price increase for coins ranked within the top 75 by market cap was 3.5 percent on Discord, and 4.8 percent on Telegram. For projects ranked from 76 to 200, the median price increase was 5.2 percent on Discord and 6.5 percent on Telegram. Coins ranked from 201 to 500 saw median gains of 5.3 percent on Discord and 8.1 percent on Telegram. Cryptocurrencies ranked below 500 produced median gains of 23.2 percent on Discord and 18.7 percent on Telegram.
Of the coins ranked in the top 75 by market cap, 52 saw pumps promoted on Discord and 56 on Telegram. Among projects ranked 76 to 200, 58 were pumped on Discord and 62 on Telegram. Of the cryptocurrencies ranked 201 to 500, 75 pumps were advertised on Discord and 84 on Telegram. Lastly, 80 coins ranked below 500 were pumped using Discord, while pumps for 176 lower-capitalized projects were promoted on Telegram.
The report notes that “January-July 2018 was a period in which cryptocurrency prices and trading volume were falling significantly,” emphasizing the success of the examined pumps despite the relatively moderate gains when contrasted with the 2017 bull market.
Do you think that we will see regulators seek to crack down on pump and dumps? Share your thoughts in the comments section below!
Images courtesy of Shutterstock
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The post Almost 5,000 Crypto Pump and Dumps Posted on Discord and Telegram in 6 Months appeared first on Bitcoin News.
Actress and mother Rachel McAdams is making headlines for a recent photo shoot that features her wearing a breast pump along with Versace and Bulgari diamonds.
In our latest roundup of crypto chatter, tensions run high as Peter Schiff accuses Brian Kelly of dumping bitcoin on retail investors. The accusation surfaced after Kelly recently revealed that he is net short on BTC. Also, Vinny Lingham gives great advice to the crypto community on building for the future.
CNBC Regular Accused of P&D
Longtime gold proponent and bitcoin skeptic Peter Schiff has accused Brian Kelly Capital Management founder Brian Kelly of using his position as a CNBC regular to “pump and dump” bitcoin. In a recent video released by CNBC, Kelly casually mentions that he is net short on bitcoin.
Under normal circumstances, Kelly shorting bitcoin would not raise eyebrows in this bear market. However, Kelly’s recent comments seem to be entirely incongruent with almost every other clip of him on CNBC.
A Trip Down Memory Lane
Just watch this video of Kelly released by CNBC last August, where he heavily shills bitcoin. While referencing a BTC price that was around $ 7,400, Kelly boldly proclaims, “If you’re looking for an entry point in bitcoin this might just be the place”.
There is a huge disconnect between Kelly recommending the “completely under-appreciated” cryptocurrency markets in August and the same man sheepishly mentioning that we are “getting closer to the bottom” in the recent CNBC video.
Even more disturbing are the implications of Kelly’s actions, as he may have been shorting and dumping cryptocurrency bags on retail investors who listened to him on CNBC, which would be a massive conflict of interest. Alternatively, Kelly could have only recently taken short positions some time after he was shilling cryptocurrencies throughout most of 2018. That would imply that Kelly is unqualified to talk about cryptocurrency price movements, however, as he has been completely wrong on his predictions thus far.
Vinny Lingham on Building for the Future
In other news, Civic CEO Vinny Lingham has been tweeting advice for the cryptocurrency community to build for the future.
There is a large skill/knowledge gap between observers/speculators/traders and builders. Those who are building need to keep their heads down and continue to execute. Traders will trade & the market will judge the best projects in the long term, so ignore the short term sentiment
— Vinny Lingham (@VinnyLingham) December 18, 2018
Lingham explains that traders and speculators feed off volatility and do not care about creating value in the cryptocurrency ecosystem. He describes this profit-seeking behavior with no value creation as a skill gap for traders. Traders will trade and influence prices in the short term, but in the long run, the market will reveal the value of good cryptocurrency projects.
Quoting Jeff Bezos, Lingham explains that builders are “misunderstood for long periods of time.” Their hard work doesn’t seem to be reflected in the prices of the cryptocurrency projects that they are a part of. However, by keeping their heads down and focusing on real world adoption, builders will see the value of their work reflected in future prices.
What do you think of Schiff accusing Kelly of dumping on investors? What about Lingham’s advice for building? Let us know in the comments below.
Images courtesy of Shutterstock.
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The post Chatter Report: Schiff Accuses Kelly of Pump and Dump, Lingham Calls for ‘Real Adoption’ appeared first on Bitcoin News.
We’ve just obtained shocking new video of Lil Pump moments after tear gas was dispersed at his concert … and it’s clear the rapper felt the full brunt of the attack. You see a shirtless Pump rapping and hyping up the crowd as he stands on…