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CZ Opines That the Recent Crypto Ban in India Will Bring About a Global Adoption

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CZ Opines That the Recent Crypto Ban in India Will Bring About a Global Adoption

Changpeng Zhao, Binance’s CEO in a tweet on June 7, 2019, stated that the proposed draft bill in India seeking the ban of cryptocurrencies will help to push the adoption of cryptocurrency and specifically, privacy coin. A number of cryptocurrency enthusiasts have also been quick to agree with the CEO.

Media Outlet Informs of Draft Bill to Ban Cryptocurrency in India

Bloomberg Quint on June 7, 2019, reported that India has proposed a draft bill which targets the ban of cryptocurrency in the South Asian country. According to the media, if the bill is approved into law, anyone found holding, selling, or trading crypto assets will face between one to ten years in prison. In the same vein, they will be fined thrice the profits made from their trade or the loss encountered by the system.

While the news has stirred a lot of controversy in the cryptocurrency space, several comments have been made in its regard. Changpeng Zhao (CZ), for instance, gave his stance when he said if India goes ahead to ban this asset class, then it will drive up the adoption of cryptocurrency globally.

On consideration, this goes contrary to what others may be expecting since blocking access to cryptocurrency in a region that accounts for 17.74% of the total world population could potentially impact on its price. Like others have pointed out, no one likes to be told what they can and cannot do and as such, it will only pique their interest. As a Twitter user stated, “There is a Buddhist proverbthe best way to control someone is to let them roam free”

News About Crypto Ban in India Yet Unproven to be True

Despite CZ’s tweet, a number of people have pointed out that the news emerging from India is yet to be proven to be true. According to them, the government is still framing guidelines to determine how it will regulate the crypto space.

Another user, Shalini (Indian CryptoGirl) while responding to CZ’s tweet said the best way to know the country’s decision pertaining to cryptocurrencies is to wait for the supreme court’s notice. Shalini also noted that while the news may have come from a reputable media outlet, anonymous sources were quoted and as such, it is a clickbait that is meant to spread FUD (Fear, Uncertainty, and Doubt).

CZ, on the other hand, made another tweet agreeing that the news is aimed at creating FUD, however, his comments were made as a way of stressing the point. In his own words: “But can’t waste an opportunity to stress the point: The more restrictions you add, the more people want freedom / #crypto.”

John McAfee Also Comments on Potential Crypto Ban in India

Apart from CZ, other members of the space that have aired their views regarding the potential ban include John McAfee, founder of McAfee Associates and Bitcoin proponent as well as Tony Vays, a cryptocurrency enthusiast. According to McAfee in two tweets which he has deleted:

“The war has begun. An entire nation wishing to free itself is now punished for using the instrument of freedom.”

“If there ever was a time for Anonymous to step up to the plate, that time is now!”

Cryptocurrency

40% Of Bitcoins Are Stored On Wallets With A Balance Of Over 1000 BTC

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40% Of Bitcoins Are Stored On Wallets With A Balance Of Over 1000 BTC

Over the past few years, several “warning bells” have started to sound for all Bitcoin maximalists. Seems like the decentralization of the main cryptocurrency is more like a myth and has neither part nor lot in ability-status congruence. According to some experts of the industry, 40% of all Bitcoins are stored on cryptocurrency wallets with a balance of 1000 BTC or more.

Who Controls Bitcoin?

According to data published by digital asset strategist/director at VanEck Gabor Gurbacs, there are only 3 wallets that own 100000 BTC and more and 115 that own 10000-100000 BTC. The main part of them is cryptocurrency exchanges with millions of users.

If we exclude some factors that could affect the accuracy of the results, in particular, remove wallets belonging to exchanges, we can get the following result.

The results are presented below on the chart of the Lorentz curve. A straight blue line demonstrates the complete equality in the distribution of coins, that is when each person gets an equal amount of BTC. The red curve under the line corresponds to reality – the ratio of the number of wallets to the number of all coins have already mined. As we can see, the first 25 % of the holders don’t own a few percents of Bitcoins. But the tiny part of the particularly well-to-do holders accounts for most of the existing coins.

lorenz curve

Source: trustory.io

That is the diagram indicates the “unfairness” of the cryptocurrency distribution. Although it simply indicates the difference in the social status and condition of industry participants.

In general, the Lorentz curve demonstrates income unfairness in economics. The closer the curve is to the straight line, the fairer the distribution of all the funds. Its position on the chart is controlled by social programs and tax reforms.

This statistic has been criticized by some Twitter users. BlockTower Capital co-founder Ari Paul advised experts to exclude wallets with an account balance of less than 0.01 BTC from the sample. According to him, any user can create thousands of Bitcoin addresses, which then will not be used. Therefore, these purses are supposedly not worth taking into account.

That wealth is unevenly distributed is probably a normal situation. However, as well as knowledge: the one who constantly studies new areas, the first to receive various things, which then become wealthy. The example is registering the first domains in the .com zone because their further sale brought millions of dollars to the owners! Among this one occur to sex.com or casino.com

Another example is early investors. Shares of Facebook or Amazon, bought a decade ago, were considered a completely rubbish investment, but someone believed in these companies and their business model.

To get closer to the cherished percentage of the richest Bitcoin wallets it is the proper time to buy cryptocurrency. That time we will live a life!

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Blockchain

The Future Of Publishing With Blockchain, Steemit vs. Publish0x

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The Future Of Publishing With Blockchain, Steemit vs. Publish0x

Blockchain technology has seen many projects for content creators to showcase their crafts.  The emergence of platforms such as Steemit and Publish0x provide writers with a great opportunity to showcase their skills to the world. Even better, they pay them. Wow!

At this time, I know newbies are asking themselves, Steemit or Publish0x? Worry no more; I’m here to analyze both platforms. Buckle up my friend, this road might be bumpy.

Steemit

Actually, Steemit has been in business for quite some time now. The platform has grabbed the attention of most content creators but not many have been successful over there. Well, this might be due to the fact that the quality of the content might not correspond to the amount of influence you get on Steemit. I know! This is the sad truth. As a matter of fact, low-quality content may receive more earnings compared to your high-quality masterpiece.

On the brighter side, Steemit is a global community. It is quite possible to meet fellow steemians in your local town, or even better, in the annual steemfest. Sounds amazing, right? Anywhere you go all over the world; it is possible you have some Steemit friends there.

Some other good news, it is up to you to influence your earnings on the platform. Does the mention of cash excite you?

Whilst it is not possible to influence the amount you earn, it is possible to influence and improve your earnings by staking Steem earnings. Another money-making opportunity is by investing in the voting bots. Yes, it is possible to create a steady income on Steemit.

I know what I have done here. The sound of bots is a turn off to many of us. I’m not a fan of bots either. However, the fact is that Steemit has a very high number of bots. I know it is sickening but well, we have no choice.  That’s Steemit for you in short. Let’s have a look at the other one:

Publish0x

This is a brand new one. We all love our new stuff and obsessed with them. Well, Publish0x is no different from them. Most tend to love it more and I’ll give you the reasons why. But first, in this ‘brand new baby’, users get rewarded using bounty0x tokens. Now, back to why most people love it more:

Money my people! Unlike Steemit where you have to wait for seven days to get your Steem, Publish0x pays instantly. People view your content and tip you. The more readers tip you, the more money you get. This is a monopoly free platform compared to Steemit which operates in monopolies. Moreover, the minimum withdrawal amount is 156 tokens which sound fair to me.

The good thing with publish0x is that it has a referral/ambassador system. Do you know what this means? It means Publish0x will grow at a faster rate. This is a good thing because traffic brings about more tips. More tips mean more Tokens. Practically, it is much easier to make money on publish0x than Steemit.

Another positive is that readers and writers both get rewarded. I know it sounds crazy but it’s true. But come to think of it, an author without a reader is worthless. Most importantly, readers and writers are all equally as significant.

No bots on Publish0x! It’s a bot-less platform, everyone is happy.

In Conclusion

It is interesting to see how this Publish0x platform develops. It is still in beta version but making strides. On a personal view, I think Publish0x has nice and friendly features compared to Steemit. It is only a matter of time before it bumps it.

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