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The Types Of Cryptocurrency Fanatics And Who Is On Top Of The Crypto Chain

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The Types Of Cryptocurrency Fanatics And Who Is On Top Of The Crypto Chain

In the year 2009 when cryptocurrency (Bitcoin) was created by a developer called Satoshi Nakamoto, which was the first and most important cryptocurrency till know. They were designed as a reward for a process known as mining, which can know to be used for the exchange of goods and services online only. By then bitcoin was worth 1.00 USD from February to April in 2011.

As time has gone by, people become more interested in cryptocurrency as it gains popularity by cryptocurrency fans. The question here is which crypto fanatic do you belong to? Some cryptocurrency fans are just studying the cryptosystem, others are buying and selling, some are patiently waiting to be induced by crypto geeks while others are just supporting the cryptocurrency ecosystem.

Even though cryptocurrency fans are talking about the strength and weakness of crypto, others have the intention that cryptocurrency is for certain individual (young energetic males).

Since the design of cryptocurrency, it has yield alongside with global phenomena. Cryptocurrency is now all over the world especially in the world of technology.

The reasons why crypto fanatics are so much into cryptocurrency and the sudden return is quite varied from crypto nerds. Moreover, these group on individuals known as crypto fanatics can be classified into categories. But which one of them is on top of the chain?

The illegal buyers of goods and services: they are the group of individuals that buy and sell illegal goods using cryptocurrency on the black market using special browsers. Even though it is not promoted anymore but it does exist.

The cryptocurrency anarchist: these are people or group of persons that try to bring anarchy into cryptocurrency industry in relation to real money, they try to bring misunderstanding among cryptocurrency fans since it does not involve any central government activities.

Tech enthusiasts: these are a group of individuals that are into cryptocurrency technological project. It involves programmers and also protected by programmers, most of them are into cryptocurrency because of the tech behind it which is very remarkable and interesting.

At first, people were afraid to do transactions with real money but since the introduction of tech programmer, they come up with technology where transactions can be done online without the influence of a third party or the involvement of the central government. This is so, because of tech enthusiast or cryptocurrency programmers.

The get rich fans: these are individuals that are always on a lookout for the rise in cryptocurrency. These fans are also known as the maximin-pessimistic, they use an approach known as the Principle of Insufficient Reasoning, that is they have no information about the likelihood of the various states of nature in relation to cryptocurrency.

Due to this, it has attracted individuals especially those who want to be rich quickly. They don’t rely on the rise and fall in the value of cryptocurrencies but rather focus on which crypto is on top of the blockchain industry

The cryptocurrency investors: popularly known as risk takers; Most investors invest in gold for protecting one’s funds from market uncertainty, that’s the rise and fall of goods and services in the blockchain market. In real life, gold remains steady and keeps its value for a long time. Now that cryptocurrency is in the system which has dethroned gold, cryptocurrency investors are now investing in this digital asset called cryptocurrency which they believe to be safe compared to physical money or gold.

What they do is, they construct a payoff table and select a decision-making criterion on which cryptocurrency to invest on and apply it to the payoff table. They then identify the optimal decision and evaluate their solution. The return on each investment depends on the (uncertain) market behavior during the month within the year and then they invest. it is clearly seen that tech enthusiasts and crypto investors are ruling the crypto industry, which brings them to the top. Well for me, am partly a crypto enthusiast, investor and the get rich fan. So, which one do you belong to?

Bitcoin

J.K. Rowling and Elon Musk Engage in Twitter Conversation About Bitcoin

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J.K. Rowling and Elon Musk Engage in Twitter Conversation About Bitcoin


Just recently, the CEO of SpaceX – Elon Musk took to Twitter to reveal his current holding of Bitcoin. The conversation ensued during an effort to educate British author and film producer – J.K. Rowling on the subject of cryptocurrencies. Following a tweet originally referred to CoinDesk’s senior reporter – Leigh Cuen by the Orator of the Harry Potter fiction on Saturday, for an explanation to bitcoin’s operability.

J.K. Rowling subsequently received Musk’s reply among several others from Bitcoin’s advocates and cynics alike; such as the co-founder of Ethereum and Bitcoin Magazine– Vitalik Buterin, among many others. Notably, the author’s tweet drew some attention to the tune of 2,800 replies, as at the time of writing.

Furthermore, the co-founder and CEO of Tesla, Inc., emphasized that the bulky issuance of currencies by the central banks of various economies is making the digital currency – Bitcoin, more solid in juxtaposition to fiat. Musk also went on ahead to convey his views towards digital money as being positive, even though he currently owns a quarter of a Bitcoin as stated in his tweet that reads;

“I still only own 0.25 Bitcoins btw.”

Yet, Cuen replied Rowling with a reassuring statement while providing her with guides to sample use-cases of Bitcoin. Cuen stressed this in a tweet with the message;

“Hi! My D.M.s are open if you want to chat w/out onlookers. The very short version is: Bitcoin is money fueled by a community of contributors. There is no king or central bank in charge. There are countless stories we can use to explore the ethics of a world w/global currency.”

Albeit, Rowling expressed her discontent with regards to the explanations she received, as her curiosity rapidly became debased by the myriad of responses she received. She disclosed her uneasiness towards the topic in question – with a bit of sarcasm while tweeting the following;

Another noteworthy reply is that of Vitalik Buterin, who added that;

“It is a digital currency. There’s ~ 18m units of it. It is not backed by anything, it’s just valuable because it is, like collectibles. There’s a network of computers (which anyone can join) that maintains a decentralized global excel spreadsheet of how many coins each person has.”

Although, Rowling might have admitted being woozy before publishing these tweets, however, her views on the digital currencies and Bitcoin are unlikely to change when she becomes sober or in the foreseeable future.

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Ripple Sends $26 Million Worth of XRP to Jed McCaleb, XRP Army Fears Another Dump in Price

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Ripple Sends $26 Million Worth of XRP to Jed McCaleb, XRP Army Fears Another Dump in Price

Time and again, several members of the XRP community have opined that the massive dump of the crypto asset in the market has impacted on its price, negatively. Now, there are speculations for another dip in XRP’s price. The latter is after Whale Alert informed on September 7, 2019, that 100 million XRP tokens have been transferred to Jed McCaleb, Ripple’s co-founder. 

Ripple Sends XRP Worth About $26 Million to McCaleb’s Wallet

According to Whale Alert, Ripple transferred 100 million XRP valued at $26,322,440 to Jed McCaleb’s wallet. The transfer has led to the sentiment in the crypto space that XRP might tank below its $0.262 price today. Also, the opinion is due to McCaleb’s reputation for dumping huge amounts of XRP in the market.

McCaleb is Ripple’s co-founder, and in 2014, Ripple transferred 9 billion XRP to him as his share for founding the company in 2012. However, the blockchain company entered a seven-year agreement with McCaleb to control how much XRP he can sell in the market yearly.

Per the agreement, the co-founder could sell $10,000 worth of XRP per week in the first year, $20,000 per week in the second, third, and fourth years, and “750 million XRP per year for the fifth and sixth years.” In the same vein, he could choose to dump 1 billion XRP yearly for the seventh year, and 2 billion XRP yearly after the seventh year.

McCaleb’s Dump of XRP Impacts of Asset’s Market Price

Given that this is the fifth year since the agreement was made, McCaleb can choose to dump thousands of XRP tokens daily. In 2014 when he announced his plans to sell a significant part of his XRP holdings, the value of the asset declined by 40%. As such, the continuous dump of the asset has also been pointed out as one of the reasons why it is not spiking like other top cryptocurrencies.

Asides from being reputable in the XRP community, McCaleb is also a name associated with Mt Gox, one of the first cryptocurrency exchanges. He founded the platform and sold it off years before its hack. Similarly, McCaleb is the creator of Stellar (XLM), the 11th largest cryptocurrency by market cap.

Nonetheless, the crypto community has aired its views about the potential for McCaleb to release another share of XRP to the market. Crypto BitLord, for instance, said: “Wow. Another cool $26M Jed can unload at market. This shits out of control.” Another remarked that: “know, right?! Private businesses shouldn’t be allowed to exist. The name “Jed” should be banned.”

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