SHIBA Inu coin was down again on Wednesday, along with Bitcoin, and the dog behind the “Doge meme” celebrated a birthday on November 3.
Kabosu, the Shiba Inu behind many internet memes and the inspiration for cryptocurrencies like Dogecoin and Shiba Inu, turned 16, according to her owner.
“Today is Kabosu’s birthday,” the dog’s official Instagram wrote.
Sadly, Shiba Inu coin was down on Wednesday, according to CoinBase, and didn’t seem to be celebrating the special occasion.
Meanwhile, Bitcoin was also down as of Wednesday evening around 4:45pm ET.
Those drops come even after it was announced Burger King is giving away free coins to customers by partnering with RobinHood to give away Bitcoin, Ethereum, and Dogecoin through its app.
The promotion started this month and runs until December, a company statement said.
Read our cryptocurrency live blog for the latest news and updates…
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FAKE WEBSITES AND CRYPTO
One fairly widespread scamming technique is websites that appear to be a new cryptocurrency mining operation or investment opportunity.
These sites encourage investors to wire in money, sometimes offering investment “tiers” and promising greater returns.
But when users attempt to withdraw their cash, they are unable to and told to input even more cryptocurrency.
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CRYPTO VALUES HIT HIGH THIS YEAR
Cryptocurrency prices hit record highs earlier this year amid interest from high profile individuals such as Elon Musk and more institutional investment in the sector.
Values can be volatile though and regulators have warned that investors could lose all their money.
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EXPERTS PREDICT POLYGON’S GROWTH
How the price of Ethereum will change in the future is impossible to know for certain.
However, experts and investors have made some predictions.
Charlie Barton, an investment specialist at comparison site Finder, warned in mid-May: “The performance of Polygon has been extremely strong recently, achieving 10,000% growth in the last year.”
“It’s easy to get carried away, but such aggressive growth is highly unlikely to continue forever.”
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WHAT IS POLYGON?
Polygon is an Ethereum token that powers the Polygon Network, which aims to provide faster transactions on the Ethereum blockchain.
It was originally known as the Matic Network when it first launched back in 2017.
Polygon hit its highest ever level on May 18 when it rocketed to $2.4544.
The price has soared by around 9,200% this year – up from $0.01781 on January 1.
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MUSK TWEETS ABOUT UNIVERSITY WITH ‘TUITION’ IN ‘DOGECOIN’
On October 29, Elon Musk tweeted, “Am thinking of starting new university: Texas Institute of Technology & Science.”
He later added below that tweet on Halloween, “Tuition is in Dogecoin & u get a discount if u have a dog.”
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WHAT IS ROBINHOOD? CONTINUED
Unlike many discounted brokers, the company does not offer individual retirement accounts.
The bulk of Robinhood’s revenue comes from order flow.
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WHAT IS ROBINHOOD?
The Robinhood platform operates as a discounted brokerage that offers commission-free trading.
Specifically, users can trade exchange-traded funds (ETFs), individual stocks (including American depositary shares), and options.
You can also trade Robinhood’s stock thanks to the company recently going public at a $1.2billion valuation.
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RISKS OF INVESTING IN CRYPTOS, PART FIVE
Finally, the truth in marketing materials is a risk in investing in cryptos.
Firms may overstate the returns of products or understate the risks involved.
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RISKS OF INVESTING IN CRYPTOS, PART FOUR
Another risk of investing are the charges and fees.
Consumers should consider the impact of fees and charges on their investment which may be more than those for regulated investment products.
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RISKS OF INVESTING IN CRYPTOS, PART THREE
A third risk of investing in cryptocurrencies is product complexity.
The complexity of some products and services relating to cryptoassets can make it hard for consumers to understand the risks.
There is no guarantee that cryptoassets can be converted back into cash.
Converting a cryptoasset back to cash depends on demand and supply existing in the market.
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RISKS OF INVESTING IN CRYPTOS, PART TWO
Another risk of investing is price volatility.
Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
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RISKS OF INVESTING IN CRYPTOS
We rounded up five risks of investing in cryptocurrencies.
The first is Consumer protection.
Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements.
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WHAT ARE RED FLAGS OF SCAMS?
Gizmodo shared that other red flags of the SQUID coin being illegitimate was that the website that the creators launched was filled with spelling and grammatical errors.
The crypto’s telegram channel also did not allow comments from outsiders, and its Twitter account did not allow users to reply to posts, which Gizmodo flagged as suspicious.
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WAS THE SQUID SCAM OBVIOUS?
Gizmodo warned of the scam on Friday, but the warning did not reach everyone.
The site revealed that the largest red flag was that investors could invest in the coin, but not sell it.
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SQUID CRYPTO SCAMMERS RUN OFF WITH $2.1MILLION
After the SQUID coin launched just last week, its creators pulled the rug on the project, and cashed in the coins for real money.
Investors who fell victim to the scam lost an estimated $2.1million.
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US SET TO ‘STEM ILLICIT USE OF CRYPTOCURRENCY’
A recent statement from President Joe Biden read: “Cyber threats can affect every American, every business regardless of size, and every community.”
“That’s why my administration is marshaling a whole-of-nation effort to confront cyber threats.”
The White House signaled that the US will gather 30 other countries to discuss responses to cybercrime.
“This month, the United States will bring together 30 countries to accelerate our cooperation in combatting cybercrime, improving law enforcement collaboration, stemming the illicit use of cryptocurrency, and engaging on these issues diplomatically,” it read.
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NO GUARANTEED RETURNS
There are no guarantees when it comes to cryptocurrencies, so when someone mentions “guaranteed returns,” they are often scammers.
There is no way to eliminate the element of risk from cryptocurrencies, although scammers may try to convince you otherwise.
Check out these other ways to spot scammers in the crypto space.
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EXPERT COMMENTS ON TETHER’S VALUE
Despite its claim to be a stablecoin, Tether has still witnessed spikes and sharp falls in price, Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, noted in May.
She told The Sun: “It has also been criticized for a lack of transparency, has had to settle US lawsuits, and trading in the currency is banned in the state of New York.”
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WHAT IS TETHER?
The Tether cryptocurrency, which is also known as USDT, was officially launched as Realcoin in 2014, but has since changed its name.
It’s described as a “stablecoin”, which is a type of cryptocurrency that aims to keep crypto values stable.
Tether aims to do this by pegging the price to a regular “fiat” currency, like US dollars, Euros or the Chinese yuan.
Tether claims to keep values steady by holding reserves in that currency in a bank.
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EL SALVADOR ADOPTS BITCOIN, CONTINUED
However, those who do not have access to technologies that can carry out Bitcoin are excluded from being required to accept it.
The US dollar and Bitcoin are now the country’s official currencies.
It’s the first time Bitcoin has been adopted as a legal tender in a sovereign nation.
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EL SALVADOR ADOPTS BITCOIN
The nation’s president Nayib Bukele passed a bill in June that stated that from September 7, Bitcoin can be used in any transaction and all businesses must accept the e-currency as payment.
The law also states that tax contributions can be paid via Bitcoin and exchanges in the cryptocurrency will not be subject to capital gains tax.
Under the new law, El Salvador will “promote necessary training and mechanisms so that the population can access [Bitcoin] transactions.”
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DECENTRALAND PRICE PREDICTIONS
Some are wondering where the price of Decentraland is headed in the future.
Patrick Moore, founder and creator of Bitcoin and cryptocurrency information website CryptoWhat, told The Sun he thinks Decentraland can surge above its recent all-time high.
“While the overall market sentiment is hot for crypto, it’s possible for MANA to reach $4 – $6 during this next bull run,” he said.
Wallet Investor thinks it will rise to $3.611 in 12 months and $7.101 in five years.
Meanwhile, Coin Price Forecast sees the price more than tripling to $11.85 by the end of the year, $22.74 by the end of 2022 and $82.27 at the conclusion of 2025.
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COULD DECENTRALAND BENEFIT FROM THE ‘MEME COIN EFFECT’?
It remains to be seen if Decentraland turns into the next meme coin of choice for retail investors, but it has lately picked up some traction from Reddit users via threads.
That’s the same crowd that has pumped up the prices this year for other crypto like Shiba Inu and Dogecoin.
Typically, meme coins gain off a social media or an internet-based joke.
Billionaire Elon Musk hasn’t gotten involved yet like he has with Dogecoin and Shiba, but that’s always a possibility.
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WHAT IS DECENTRALAND?
Decentraland is a metaverse token.
Decentraland uses “MANA,” which is an ERC20 token – meaning it’s based on Ethereum’s blockchain.
Decentraland stands out with its unique trading experience because it operates as a blockchain-based cryptocurrency that models itself as a “world owned by users.”
Users can create scenes, graphics, challenges as well as trade digital assets including LAND, estates, and avatar apparel.
“Even with how nascent this industry is, the serious Decentraland players have managed to create a significant income from buying and selling Nft items,” Patrick Moore, founder and creator of Bitcoin and cryptocurrency information website CryptoWhat, told The Sun.
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BITCOIN LATINUM ANNOUNCES LISTING ON TOP CRYPTO EXCHANGE
Bitcoin Latinum (LTNM) is gaining momentum, as it announced on October 29 that it plans to be listed on HitBTC Exchange, which is a top crypto exchange.
The official trading is expected to begin at the end of this year.
Bitcoin Latinum was developed on behalf of Bitcoin Latinum Foundation, by Monsoon Blockchain Corporation.
The cryptocurrency is expanding its global acceptance, with HitBTC exchange being the seventh exchange to list Bitcoin Latinum.
This news is republished from another source. You can check the original article here
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