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Cryptocurrency

Why IS Crypto Crime Taking Over The Crypto Community?

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WHY IS CRYPTO CRIME TAKING OVER THE CRYPTO COMMUNITY?

As technology grows, it moves alongside with crypto crime.

The first stolen cryptocurrency (Ether) occurred in Argentina which led to the first criminal sentence. Since then, crypto crime has been an issue in relation to the crypto economy.

In 2018, the rate of crypto crime increased but its effects on the large market were just the tip of an iceberg.

Analysis done by Chainalysis in January 2019 shows that crypto crime has decreased over the past years with only 1 percent of all Bitcoin transaction in 2018.

In the crypto ecosystem, Hackers are the main issue. Hackers generate billions of dollars in support of criminal activities, scams, and fraudsters also targeting an individual’s investment and darknet in full support of illegal activities which tarnishes the image of the crypto society.

Whenever hackers hack a cryptocurrency, they waste no time in cashing out after the attack which makes it difficult to track all of their transactions.

Crypto crime in relation to cryptocurrency has a high impact on society negatively to be precise. Unfortunately, crypto coins are the main mode of payment for crime activities. Which makes it even harder to trace perpetrators.

Nowadays, Wallets are been generated for cryptocurrency which serves as an offshore bank account used by crooks, drug dealers and scammers which has slown down economic activities. This often affects society when converting cryptocurrency to dollars.

Cryptojacking shows a clear indication that crypto crime is taking over the crypto space in a sense that hackers intend to use someone’s else computer power (electricity) to mine cryptocurrency by getting the victim to click on the malicious link. Which cause financial loss to the society and the state as a whole.

Crypto crime controls the society in diverse ways both online and offline. Monetary loss from crypto crime has a high impact on cryptocurrency society.

As people find ways and means of protecting themselves, crypto criminals also develop new ways of keeping the illicit flow of their illegal activities. Which is a serious issue on ecosystem?

Crypto crime has taking advantage of the Internet by attacking information meant for modern society using the computer as a tool. Crypto crime involves blockchain fraud, hacktism, silk road, anonymity, cryptocurrency scam etc.

Officials of Law enforcement finds it difficult to fight these crimes. in this case, affecting society by costing billions of dollars annually to protect society.

Cryptocurrency investors are the most victimised within a society. They fall as a victim to crypto crime including computer viruses, identity theft and credit card fraud. They feel annoyed, angry, cheated, anxious and mostly blame themselves for being attacked.

In spite of what they go through after being attacked, most people within a society won’t change their behavior toward crypto crime unless they become a victim.

As time pass by, crypto crime has become business for crypto criminals driven by personal interest, billions of dollars have been discovered. Half a billion are nowhere to be found. More will be stolen without trace which is a threat to crypto society. So, a time will come where crypto crime will take over the crypto ecosystem. Am not predicting, but base on the activities that are still going on shows a clear indication that crypto crime is at its peak and will one day take over.

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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