The reason for the crash of Bitcoin

We all knew a time when 1 Bitcoin was worth more than $13,000 and then it suddenly collapsed and is now only worth $6,000.

People never seem to know or understand the reason for this drop and I will explain it to you.

Developers have generated a total number of bitcoins since the beginning, and since it has become valuable, there has been a need to generate more of it. Did you not understand everything? Let me explain better.

So, imagine that from the very beginning, Bitcoin developers first generated 10,000,000 Bitcoins. Now these 10,000,000 bitcoins are circulating among individuals, so when 10,000,000 bitcoins were already owned by individuals around the world, their value began to increase.

Now the developers saw that their cryptocurrency became more valuable, but fewer people owned it, so they had to create more of it for more people to own.

And what is the best way to generate more bitcoins?

If

1 Bitcoin = $13,000.

Then

10,000,000 Bitcoins = $130,000,000,000.

So there’s $130,000,000,000 on the Internet.

Then the idea came to the mind of the developers!!

Let’s crash the price of BitCoin, use the remaining amount to generate more BitCoin.

This is:

Since BitCoin has made $130,000,000,000 online, lower the price and get more.

I mean

1 Bitcoin = $13,000 now

1 Bitcoin = $6,000

So 1 BitCoin can generate 2.2 BitCoin.

Now the question arises, where is the newly generated bitcoin?

It’s all over the internet!!!

It’s on every website you visit.

It’s in every social media platform.

It’s anywhere in the world!!

It is in North America.

It is in South America.

It is in Africa.

It is in Asia.

Her in Europe.

It is scattered everywhere!!!

All you need to do is start mining.

Now how to start mining this cryptocurrency?

There are many programs for mining bitcoins, I recommend Web’Miner.

It is a software developed by the Chinese organization “Soft Tech Geeks”. I use it a lot, I mine anytime I want, and I earn a lot from it.

Someone will say, why is he sharing this now?

Some will say, if it’s so easy, why not just Maimu? So you can have it all to yourself.

Well, the developers are smart, they limited mining. The idea was not for one person or a certain group of people to have it.

The idea was that everyone around the world would have this cryptocurrency.

If you need help with Bit Coin mining, you can contact us

SOFT TECHNIQUES

softtechgeeks@gmail.com

thank you

A brief introduction to blockchain – for the common man

Crypto what?

If you’ve tried diving into this mysterious thing called blockchain, you’d be forgiven for jumping back in horror at the sheer opacity of the technical jargon often used to frame it. So, before we get into what cryptocurrency is and how blockchain technology can change the world, let’s discuss what blockchain actually is.

Simply put, a blockchain is a digital ledger of transactions, similar to the ledgers we’ve used for hundreds of years to record sales and purchases. The functions of this digital accounting are essentially largely identical to traditional accounting in that it records debits and credits between people. This is the basic concept of blockchain; the difference is who keeps the ledger and who verifies the transactions.

In traditional transactions, a payment from one person to another involves some intermediary who facilitates the transaction. Let’s say Rob wants to transfer Melanie £20. He can either give her cash in the form of a £20 note or use a banking app to transfer the money directly to her bank account. In both cases, the bank is the intermediary that verifies the transaction: Rob’s funds are verified when he withdraws money from the ATM, or they are verified by the app when he makes a digital transfer. The bank decides whether to proceed with the transaction. The bank also keeps a record of all transactions made by Rob and is solely responsible for updating it whenever Rob pays someone or receives money into his account. In other words, the bank keeps and controls the ledger and everything goes through the bank.

It’s a big responsibility, so it’s important that Rob feels he can trust his bank, otherwise he wouldn’t be risking his money with them. He needs to be sure that the bank will not cheat him, lose his money, rob him, or disappear overnight. This need for trust underlies almost every major behavior and aspect of the monolithic financial industry, to the point that even when the banks were found to be irresponsible with our money during the 2008 financial crisis, the government (yet another intermediary) chose to bail them out. rather than risk destroying the last shreds of trust by letting them crumble.

Blockchains work differently in one key aspect: they are completely decentralized. There is no central clearinghouse like a bank, and no central ledger maintained by a single entity. Instead, the ledger is distributed across a wide network of computers called nodes, each of which stores a copy of the entire ledger on their respective hard drives. These nodes are connected to each other through a piece of software called a peer-to-peer (P2P) client, which synchronizes data across the network of nodes and ensures that everyone has the same version of the registry at any given time. .

When a new transaction is entered into the blockchain, it is first encrypted using the most advanced cryptographic technology. Once encrypted, the transaction is converted into something called a block, which is basically a term used for an encrypted group of new transactions. This block is then sent (or broadcast) to a network of computer nodes, where it is verified by the nodes and, after verification, transmitted across the network so that the block can be added to the end of the registry on all computers, below the list of all previous blocks. This is called a chain, which is why the technology is called blockchain.

Once approved and posted to the ledger, the transaction can be completed. This is how cryptocurrencies like Bitcoin work.

Accountability and withdrawal of trust

What are the advantages of this system over a bank or central clearing system? Why would Rob use Bitcoin instead of regular currency?

The answer is trust. As mentioned earlier, in the banking system it is very important that Rob trusts his bank to protect his money and handle it properly. To ensure this, there are huge regulatory systems that scrutinize the actions of banks and ensure that they are fit for purpose. Governments then regulate regulators, creating a sort of multi-layered system of checks and balances whose sole purpose is to help prevent mistakes and bad behavior. In other words, organizations like the Financial Services Authority exist precisely because banks cannot be trusted on their own. And banks often get it wrong and misbehave, as we’ve seen too many times. When you have a single source of power, power tends to be misused or abused. The relationship of trust between people and banks is awkward and fragile: we don’t really trust them, but we don’t think there is an alternative.

On the other hand, blockchain systems don’t need you to trust them at all. All transactions (or blocks) on the blockchain are verified by nodes in the network before being added to the ledger, meaning there is no single point of failure and no single channel of approval. If a hacker wanted to successfully forge a blockchain ledger, he would have to hack millions of computers at once, which is nearly impossible. It would also be virtually impossible for a hacker to take down a blockchain network because, again, he would need to be able to shut down every single computer in a network of computers distributed around the world.

The encryption process itself is also a key factor. Blockchains such as Bitcoin use intentionally complex processes for their verification procedures. In the case of Bitcoin, blocks are verified by nodes that deliberately perform a series of time- and CPU-intensive calculations, often in the form of puzzles or complex math problems, meaning that verification is neither instantaneous nor accessible. Nodes that allocate a resource to validate blocks are rewarded with a transaction fee and a reward in the form of newly minted bitcoins. This has the function of incentivizing people to become nodes (because processing such blocks requires quite powerful computers and a lot of electricity), as well as handling the process of generating – or minting – units of the currency. This is called mining because it requires considerable effort (in this case by a computer) to produce a new commodity. It also means that transactions are verified in the most independent way, more independent than a government regulated body such as the FSA.

This decentralized, democratic and highly secure nature of blockchains means that they can function without the need for regulation (they are self-regulating), government or other opaque intermediary. They work because people don’t trust each other, not against each other.

Let that be understood for a while and the excitement around blockchain starts to make sense.

Smart contracts

Where things get really interesting is the application of blockchain outside of cryptocurrencies like Bitcoin. Given that one of the core principles of a blockchain system is the secure, independent verification of a transaction, it’s easy to imagine other ways in which this type of process could be valuable. Not surprisingly, many such applications are already in use or in development. Some of the best:

  • Smart Contracts (Ethereum): Probably the most exciting blockchain development since Bitcoin. Smart contracts are blocks of code that must be executed in order for the contract to be executed. The code can be anything as long as a computer can execute it, but in simple terms it means that you can use blockchain technology (with its independent verification, architecture and security) to create a kind of escrow system for any transactions. . As an example, if you’re a web designer, you can set up a contract that checks whether a new client’s website is up and running and then automatically allocates funds to you as soon as it does. No more chasing and billing. Smart contracts are also used to prove ownership of assets such as property or art. The potential to reduce fraud with this approach is huge.
  • Cloud Storage (Storj): Cloud computing revolutionized the Internet and led to the emergence of big data, which in turn ushered in a new revolution in artificial intelligence. But most cloud systems run on servers stored in co-located server farms owned by a single organization (Amazon, Rackspace, Google, etc.). This creates all the same problems as the banking system, in that your data is controlled by a single, opaque entity that represents a single point of failure. The distribution of data in the blockchain completely removes the problem of trust, and also promises to increase reliability, since it is much more difficult to destroy the blockchain network.
  • Digital Identification (ShoCard): Identity theft and data protection are two of the most pressing issues of our time. With vast, centralized services like Facebook storing so much data about us, and efforts by various governments in developed countries to store digital information about their citizens in a central database, the potential for our personal data to be misused is dire. Blockchain technology offers a potential solution to this problem by wrapping your key data in an encrypted block that can be verified by the blockchain network every time you need to verify your identity. Applications for this range from the obvious replacement of passports and IDs to other areas such as password replacement. It can be huge.
  • Digital Voting: Highly relevant after the investigation into Russia’s influence on the recent US election, digital voting has long been suspected of being unreliable and highly vulnerable to tampering. Blockchain technology offers a way to verify that a voter’s vote has been successfully submitted while maintaining their anonymity. It promises not only to reduce electoral fraud, but also to increase overall voter turnout as people can vote from their mobile phones.

Blockchain technology is still in its infancy, and most applications are far from mainstream. Even Bitcoin, the most recognized blockchain platform, is subject to enormous volatility, a testament to its relatively new status. However, blockchain’s potential to solve some of the major problems we face today makes it an extraordinarily exciting and enticing technology. I will certainly be watching.

Risks of Bitcoin

Bitcoin Risks Investors Need to Know

Risk one is the volatility of bitcoins

Everyone knows how volatile Bitcoin is, and those who invest in it will see a sharp fluctuation in the value of this cryptocurrency. If you can’t handle the ups and downs of bitcoin, investing in bitcoin is not for you. There is little to be gained if losing your capital causes you to lose sleep. I cannot stress enough the importance of using your discretionary money to play the cryptocurrency market.

What is discretionary spending?

This is money spent on travel, food, entertainment, hobbies and sports.

You would never spend rent money or money that has been set aside for your retirement on entertainment like spending a day at the races, so you shouldn’t use that money to play the cryptocurrency market either.

Risk two – hacking

A company called “Cryptopia,” which was an online bitcoin trading platform, held funds invested in bitcoins. It was hacked and everyone who had bitcoins invested with cryptopia lost their money. There have been some sad stories involving large amounts of money lost by some individuals.

It bears repeating that you should never play cryptocurrency with funds you cannot afford to lose or put too many eggs in one basket, as many of these investors seem to have done.

Another thing I should add is that the actual amount of money lost by crypto investors is probably greatly inflated due to the rise in bitcoin prices. If someone invested $1,000 in bitcoins and it grew to $10,000 in a few years, to lose the lot. It will be recorded that this person lost 10 thousand, when in reality he lost only 1 thousand.

Risk three – Lost passwords

An Australian man is locked out of his bitcoin wallet because he can’t even remember his password. The website where he stores his bitcoins will permanently lock him out of the wallet if he makes ten failed login attempts. He made eight. He has a bitcoin wallet of more than 300,000.

The lesson here is to write down your password and keep it under lock and key in a safe place.

Another tip is to diversify your portfolio so that if something goes wrong, you don’t lose too much at once.

Risk four – government control

Governments have the ability to ban crypto trading; China has done just that. Several agencies in China have joined forces to ban what they call “illegal” cryptocurrency activity. That doesn’t mean other countries are following suit, but it just goes to show that governments do have the power to do so.

Risk five is taxation

Two things in life are certain: death and taxes. You can be sure that at some point the IRS will want a piece of your Bitcoin pie. Be it in the form of capital gains tax or an increase in the value of bitcoins. It’s worth remembering that if you’re subject to capital gains tax on your Bitcoin, you may be able to claim back tax on any capital losses. A good accountant will be able to advise you here.

Whatever form of capital gain you invest in, you must always remember that when there is an opportunity for capital gain, there is also the opportunity for capital loss. Investing in cryptocurrency is risky, so it cannot be stressed enough that the money you invest in Bitcoin should be money you can afford to lose.

What is cryptocurrency? Here’s what you need to know

Cryptocurrency is a type of digital currency that can be used to purchase goods and services. Cryptocurrencies depend on an extremely complex online ledger for secure transactions. Millions of people from all over the world have invested in these unregulated currencies to make a profit. Of all these popular cryptocurrencies, Bitcoin tops the list. In this article, we are going to delve into cryptocurrency. Read on to learn more.

1. What is cryptocurrency?

Basically, you can pay with cryptocurrency to buy goods or services online. Today, several companies have launched their own cryptocurrency. Known as tokens, they can be traded for goods and services. You can think of them as casino chips or arcade chips. You can use your real currency to buy cryptocurrency to make these transactions.

Cryptocurrencies use a state-of-the-art system known as blockchain to verify transactions. This decentralized technology is controlled by a large number of computers that are programmed to manage and record transactions. Security is the best thing about this technology.

2. What is the value of cryptocurrency?

To date, there are more than 10,000 types of cryptocurrency. And they are traded all over the world, according to CoinMarketCap reports. At the moment, the value of all cryptocurrencies exceeds $1.3 trillion.

At the top of the list is Bitcoin. The value of all bitcoins is $599.6 billion.

3. Why are they so popular?

Cryptocurrencies enjoy great appeal for a number of reasons. Some of the more common ones are listed below:

Some people believe that cryptocurrency is the currency of the future. Therefore, many of them invest their hard-earned money in the hope that in a few years the cryptocurrency will increase in value.

Some people think that this currency will be free from central bank regulation as these institutions reduce the value of money through inflation

Some proponents prefer the technology that cryptocurrencies run on, namely the blockchain. It is essentially a decentralized recording and processing system that provides a higher level of security than conventional payment systems.

Some speculators go into cryptocurrency just because it is rising in value.

4. Is it a good investment?

According to most experts, the value of cryptocurrency will increase over time. However, some experts believe that this is only speculation. Just like real currency, this type of currency has no cash flow. So if you want to make a profit, someone has to pay a larger amount of money to purchase the currency.

Unlike a well-run business that grows in value over time, there are no assets in cryptocurrency. But if the cryptocurrency remains stable for a long period of time, it will surely help you to earn big profits.

In short, this was a basic introduction to cryptocurrency. I hope this article helps you get familiar with this new type of currency.

What is Bitcoin?

Over time, Bitcoins have become a very well-known and popular form of currency. However, what is Bitcoin? The following article will examine the pros and cons of this currency that came out of nowhere and spread like wildfire. How is it different from regular currencies?

Bitcoin is a digital currency, it is not printed and never will be. They are conducted electronically, and this is also not controlled by anyone. They are produced by people and businesses, creating the first ever form of money known as cryptocurrency. While conventional currencies can be seen in the real world, Bitcoin works through billions of computers around the world. From Bitcoin in the United States to Bitcoin in India, it has become a global currency. However, the biggest difference from other currencies is that it is decentralized. This means that no specific company or bank owns it.

Who created it?

Satoshi Nakamoto, a software developer, suggested and created Bitcoin. He saw this as a chance to have a new currency on the market free from central authority.

Who is printing this?

As mentioned earlier, the simple answer is no one. Bitcoin is not a printed currency, it is a digital currency. You can even transact online using bitcoins. So you can’t produce unlimited bitcoins? Not at all, bitcoin is designed to never “mine” more than 21 million bitcoins in the world at once. Although they can be broken down into smaller amounts. The hundred millionth part of a bitcoin is called a “satoshi” in honor of its creator.

What is Bitcoin based on?

Bitcoin is mainly based on gold and silver for normal use. However, the truth is that Bitcoin is actually based on pure mathematics. It also has nothing to hide as it is open source. So anyone can look at it to see if it works as they claim.

What are the characteristics of Bitcoin?

1. As mentioned earlier, it is decentralized. It is not owned by any particular company or bank. Each Bitcoin mining software makes up a network and they work together. The theory was, and it worked, that if one network goes down, the money still flows.

2. Easy to set up. You can create a Bitcoin account in seconds, unlike the big banks.

3. It’s anonymous, at least in that your bitcoin addresses are not linked to any personal information.

4. It’s completely transparent, all transactions using Bitcoin are shown on a big chart known as the blockchain, but no one knows it’s you because there are no names associated with it.

5. Transaction fees are negligible and compared to bank fees, the infrequent and small fees charged by Bitcoin are close to zero. It’s fast, very fast. Wherever you send the money too, it usually arrives within minutes of processing.g. It is non-disputable, meaning that once you send your bitcoins, they are gone forever.

Bitcoin has significantly changed the world and the way we view money. Many people wonder if it is possible to live off Bitcoins. Some even tried to do it. Despite this, Bitcoin is now a part of our economy, a unique kind of currency, and it is not going away anytime soon.

Fear not, China is not banning cryptocurrency

In 2008, after the financial crisis, a paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” was published, detailing the concepts behind the payment system. Bitcoin was born. Bitcoin has gained world attention due to its use of blockchain technology and as an alternative to fiat currencies and commodities. Touted as the next best technology after the Internet, blockchain offers solutions to problems we have been unable to solve or ignored for the past few decades. I won’t go into the technical side of this, but here are some articles and videos I recommend:

How Bitcoin Works Under the Hood

A gentle introduction to blockchain technology

Have you ever wondered how Bitcoin (and other cryptocurrencies) actually work?

Fast forward to today, February 5th to be exact, the Chinese authorities have just introduced a new set of regulations banning cryptocurrency. The Chinese government already did this last year, but many of them went through foreign exchanges. It has now enlisted the all-powerful “Great Firewall of China” to block access to foreign exchanges in an attempt to prevent its citizens from conducting any cryptocurrency transactions.

To learn more about the Chinese government’s stance, let’s go back a couple of years to 2013, when Bitcoin was gaining popularity among Chinese citizens and prices were skyrocketing. Concerned about price fluctuations and speculation, the People’s Bank of China and five other government ministries issued an official notice in December 2013 titled “Bitcoin Financial Risk Prevention Notice” (link in Chinese). Several points were noted:

1. Due to various factors such as limited supply, anonymity, and lack of a centralized issuer, Bitcoin is not an official currency but a virtual commodity that cannot be used on the open market.

2. All banks and financial institutions are prohibited from offering Bitcoin-related financial services or engaging in Bitcoin-related trading activities.

3. All companies and websites offering Bitcoin-related services must register with the necessary government ministries.

4. Due to the anonymity and cross-border nature of Bitcoin, organizations providing Bitcoin-related services must implement preventive measures such as KYC to prevent money laundering. Any suspicious activity, including fraud, gambling and money laundering, should be reported to the authorities.

5. Organizations that provide Bitcoin-related services must inform the public about Bitcoin and the technology behind it and not mislead the public with misinformation.

In simple terms, Bitcoin is classified as a virtual commodity (such as in-game credits) that can be bought or sold in its original form, rather than exchanged for fiat currency. It cannot be defined as money – something that serves as a medium of exchange, a unit of account and a store of value.

​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​ from 2013, it is still relevant to the Chinese government’s stance on Bitcoin, and as mentioned, there is no sign of a ban on Bitcoin and the cryptocurrency. Rather, Bitcoin and blockchain regulation and education will play a role in China’s crypto market.

A similar message was published in January 2017, which again emphasized that Bitcoin is a virtual commodity and not a currency. In September 2017, the boom in Initial Coin Offerings (ICOs) led to the publication of a separate notice entitled “Financial Risk Prevention Notice of Issued Tokens”. Soon after, ICOs were banned and Chinese exchanges were investigated and eventually shut down. (Hindsight being 20/20, they made the right decision to ban ICOs and stop pointless gambling). Another blow was dealt to the Chinese cryptocurrency community in January 2018, when mining faced a major crackdown due to excessive power consumption.

Although there is no official explanation for the crackdown on cryptocurrencies, capital controls, illegal activities and protection of citizens from financial risks are among the main reasons cited by experts. Indeed, Chinese regulators have imposed tighter controls, such as restrictions on withdrawals and regulation of foreign direct investment, to limit capital flight and ensure domestic investment. The anonymity and ease of cross-border transactions have also made cryptocurrency a favorite vehicle for money laundering and fraud.

Since 2011, China has played a crucial role in the meteoric rise and fall of Bitcoin. At its peak, China accounted for more than 95% of the world’s bitcoin trading volume and three-quarters of its mining operations. With the intervention of regulators overseeing trade and mining operations, China’s dominance has been greatly reduced in exchange for stability.

With countries like Korea and India following their lead in cracking down, the future of cryptocurrency is now being cast in shadow. (I’ll repeat my point here: countries regulate cryptocurrency, not ban it). There is no doubt that in the coming months we will see more countries join in taming the booming crypto market. Indeed, some kind of order was long overdue. Cryptocurrencies have experienced unprecedented price volatility over the past year, with ICOs happening literally every other day. In 2017, total market capitalization rose from $18 billion in January to an all-time high of $828 billion.

Still, the Chinese community is in surprisingly good spirits despite the crackdown. Online and offline communities are thriving (I personally attended quite a few events and visited some firms) and blockchain startups are popping up all over China.

Major blockchain firms such as NEO, QTUM and VeChain are attracting a lot of attention in the country. Startups like Nebulas, High Performance Blockchain (HPB) and Bibox are also gaining a significant amount of traction. Even giants like Alibaba and Tencent are also exploring the possibilities of blockchain to improve their platform. The list goes on and on, but you get my point; it’s going to be HUGE!

The Chinese government is also using blockchain technology and has stepped up efforts to support the creation of a blockchain ecosystem in recent years.

China’s 13th Five-Year Plan (2016-2020) envisioned the development of promising technologies, including blockchain and artificial intelligence. It also plans to strengthen research on fintech applications in regulation, cloud computing and big data. Even the People’s Bank of China is also testing a blockchain-based digital currency prototype; however, since it will most likely be a centralized digital currency with encryption technology, its acceptance by Chinese citizens remains to be seen.

The launch of the Trusted Blockchain Open Lab and the China Blockchain Technology and Industry Development Forum by the Ministry of Industry and Information Technology are among other initiatives by the Chinese government to support blockchain development in China.

A recent report titled “2018 China Blockchain Development Report” (English version at the link) by the China Blockchain Research Center details the development of China’s blockchain industry in 2017, including the various measures taken to regulate cryptocurrency on the mainland. A separate section of the report highlights the optimistic outlook of the blockchain industry and the massive attention it has received from VCs and the Chinese government in 2017.

In summary, the Chinese government has shown a positive attitude towards blockchain technology, despite its application to cryptocurrencies and mining. China wants to control cryptocurrency, and China will get control. Repeated control measures by regulators were aimed at protecting citizens from the financial risks of cryptocurrencies and limiting capital outflows. At the moment, it is legal for Chinese citizens to hold cryptocurrencies, but they are prohibited from transacting in any form; hence the ban on exchanges. If the market stabilizes in the coming months (or years), we will undoubtedly see a revival of the Chinese crypto market. Blockchain and cryptocurrency go hand in hand (except on a private chain where a token is not needed). So countries can’t ban cryptocurrency without banning blockchain – an amazing technology!

One thing we can all agree on is that blockchain is still in its infancy. There are many exciting developments ahead, and now is definitely the best time to lay the groundwork for a blockchain-enabled world.

Last but not least, HODL!

ICO Token Valuation and Misplaced Emphasis on Blockchain Technical Experts and ICO Advisors

Statistics could no longer be ignored. Most ICOs are scared and on the sidelines once the tokens hit the crypto exchange, after the frenzy and “FOMO” that attends the crowdsale is over.

Most observers who follow the ICO phenomenon agree that the trend of the last few months is that ICOs lose value after the crowdsale, and many buyers wait in vain for the “moon” they were promised once the cryptocurrency goes public. portal

However, what is not discussed is the main reason why we are seeing this phenomenon and that crowdsale participants, including the rating companies that most of us rely on to make our choices, must be doing it wrong when choosing which ICO has the most value. , or has the greatest likelihood of increasing in value after the crowdsale is complete.

​​​​​​While there are many reasons that can be legitimately cited for this phenomenon, there is one fact that I believe is more responsible than most of the other controversial reasons: the valuation of ICO tokens and the inappropriate emphasis on “blockchain experts”, “ICO advisors”. ” or “technical gimmicks” for erc20 tokens.

I have always believed that the need for blockchain technical experts or ICO technical advisors is overstated or even completely irrelevant when a project is judged by these criteria, unless the project is trying to create an entirely new coin concept. For most ERC20 tokens and cryptocurrencies, the really important factor should be the business plan behind the token, as well as the management antecedents and profiles of the team leaders.

Anyone involved in the industry should know that creating an ERC20 token from Ethereum or similar tokens from other cryptocurrencies doesn’t require a lot of technical skill or an overrated blockchain advisor (in fact, with new software, an absolute tech novice can make an ERC20 token in less than in 10 minutes.

So technical information shouldn’t be a big problem for tokens anymore). A business plan should be key; level of business experience; the competence of the project managers and the business marketing strategy of the main fundraising company.

Frankly, as a lawyer and business consultant with over 30 years of experience in several companies around the world, I can’t understand why people keep looking for some Russian, Korean or Chinese “Crypto Whiz” or “Crypto Advisor” to identify the power of an ICO for what is basically a crowdfunding campaign for a BUSINESS CONCEPT…

I firmly believe that this is one of the main reasons most ICOs never live up to their pre-launch hype. In an age where there are many tokenization software, platforms, and freelancers, the disproportionate focus on blockchain expertise or technical ability of promoters is largely misplaced. It’s like trying to gauge a company’s likely success based on the ability of its employees to create a good website or app. That train has long since left the station with the proliferation of techies on freelancer sites like Guru; Upwork, Freelance and even Fiverr.

People seemed to get too caught up in the hype and technical skills of people promoting ICOs, specifically ERC20 Ethereum based tokens, and then wonder why the technically best Russian, Chinese or Korean guy can’t implement the business end of campaign after fundraising campaign funds.

Even many of the companies included in the ICO ranking seemed to assign a disproportionate amount of points to the cryptography experience of their team members, the number of crypto advisors they have, and the experience of successful ICOs on their team, rather than focusing on the core business model of being built on the collected funds

Once you realize that over 90% of cryptos and ICOs are just tokens created to raise funds for an idea, not tokens for token sake, then people’s focus will shift from technical perspectives to the more relevant work of evaluating the business idea itself and corporate business plan.

Once we move into this era of evaluation, before deciding whether to buy or invest in a cryptocurrency, we will then begin to evaluate the future prospects or value of our tokens based on sound business judgments such as:

– SWOT analysis of the company and its promoters

– Managerial competence and experience of team leaders

– The validity of the business idea beyond the creation of the token

– The marketing plan and strategy of the company to sell these ideas

– Ability to deliver basic products to the market

– Customer base of products and services that the company will create

– and a basis for predicting market acceptance

What most people don’t realize is that the potential for their tokens to increase in value after the ICO is not so much about anything technical as it is about good things happening in the company raising funds and the expected increase in the company’s valuation as it develops. your business plan and deliver your business products.

Of course, buying cryptocurrency is not buying stocks or buying securities of any company. We understand this, but tokens react in much the same way that stocks react to good or bad news about a company. The only difference is that in the case of cryptos, the effect is multiplied by 100 times.

So when a company achieves some kind of financial or business milestone, the price of its token on the exchange will go up… and quickly go down if nothing good happens. Therefore, what the company will do and how it will do after the ICO should be of utmost importance to those who do not want to see the value of its tokens plummet and stay forever.

Of course, most tokens will plummet once the tokens go public after the ICO due to those who want to make an immediate profit, but whether it ever comes back to give you the expected multi-digit profit will always depend on the criteria I already posted above. Once you’ve purchased a token, the cost of “crypto consultants” and “tech geeks” is nothing compared to the potential of your tokens to the moon.

Adhering to this reality, I think a smart crypto buyer or investor should focus less on how many crypto consultants a project has or how technically good the team is (unless the company’s core business is technical in nature) and focus more on management, marketing and the potential customer base of the company raising funds through the ICO.

In other words, allocate more points to the business and management of the ICO, rather than technical jargon that will not help your token in the market once the money has been raised!

Beware of the many forms of ransomware

Ransomware has proven to be a serious problem for companies large and small. It can attack your data in many ways and bring your business to a complete halt.

In many cases, restoring access to and use of pirated information can cost hundreds of thousands or millions of dollars.

According to the 2021 Chainanalysis Crypto Crime Report, the total amount paid out by victims of ransomware grew by 311% in 2020 to nearly $350 million in cryptocurrency (the most popular form of payment), and the problem will continue to grow.

In general, the best defense against a ransomware attack is a good attack. Understanding the different forms of ransomware can help a company prepare for an invasion. Here are some tips to help you deal with any type of cybercriminal.

First, for those unfamiliar with ransomware, it is a virus that silently encrypts a user’s data on their computer. It can infiltrate your system and deny access to key information, disrupting or halting all business activity.

After an attacker steals and encrypts data, a message may appear asking for a sum of money to restore access to the information. The victim only has a certain amount of time to pay the cybercriminal. If the deadline passes, the redemption may increase.

Some types of ransomware have the ability to seek out other computers on the same network to infect. Others infect their hosts with more malware, which can lead to stolen login credentials. This is especially dangerous for sensitive information such as passwords for bank and financial accounts.

The two main types of ransomware are called Crypto ransomware and Locker ransomware. Crypto ransomware encrypts various files on the computer so that the user cannot access them. Locker ransomware does not encrypt files. Rather, it “locks” the victim out of their device, preventing them from using it. If it prevents access, the victim offers to pay money to unlock their device.

There have been many high-profile ransomware cyberattacks over the past few years. These include…

“WannaCry” in 2017. It has spread to 150 countries, including Great Britain. It was designed to manipulate Windows vulnerabilities. By May of that year, it had infected more than 100,000 computers.

The WannaCry attack affected many UK hospital trusts, costing the NHS around £92 million. Users were locked out and ransoms were demanded in the form of bitcoins. The attack exposed the problematic use of legacy systems. The cyber attack caused financial losses of around $4 billion worldwide.

Ryuk is a ransomware attack that spread in mid-2018. She disabled the Windows System Restore option on the PC. Without a backup, it was impossible to restore the encrypted files. It also encrypted network drives. Many of the organizations targeted were located in the United States. The required redemptions were paid, and the amount of losses amounted to 640 thousand dollars.

KeRanger is believed to be the first ransomware attack to successfully infect Macs running OSX. It was installed in the installer of the open source BitTorrent client, also known as Transmission. When users downloaded the infected installer, their devices were infected with ransomware. The virus lies dormant for three days and then encrypts about 300 different types of files. It then downloads a file containing the ransom, demands one bitcoin, and provides instructions for paying the ransom. After paying the ransom, the victim’s files are decrypted.

As ransomware becomes more sophisticated, the techniques used to spread it also become more sophisticated. Examples:

Installation fee. It targets devices that have already been jailbroken and can easily be infected with ransomware.

Downloads for travel. This ransomware is installed when the victim unknowingly visits a compromised website.

Links in emails or social media posts. This method is the most common. Malicious links are sent in emails or online messages that victims can click on.

Cyber ​​security experts agree that if you are the victim of a ransomware attack, don’t pay the ransom. Cybercriminals can still store your data in encrypted form even after payment and demand more money later.

Instead, back up all your data to an external drive or the cloud so it can be easily restored. If your data is not backed up, contact your online security company to see if they offer a decryption tool for these circumstances.

Managed service providers can conduct a risk analysis and identify a company’s security risks for free.

Understanding the vulnerabilities of a potential intrusion and preparing to address them in advance is the best way to prevent a cyber thief from wreaking havoc on your company.

Blockchain for IoT in Business

A new horizon in data sharing

Blockchain is a shared distributed database for peer-to-peer transactions. At the core of this technology is Bitcoin, a digitally encrypted wallet to control transactions and a payment system that was introduced in 2009. This transaction management system is decentralized and usually works without intermediaries. These transactions are approved by a set of network nodes and documented in a shared ledger known as a blockchain.

The Internet of Things (IoT) is a cyber-physical network of interconnected computing devices, digital objects, and individuals with unique system identifiers. The goal of the IoT space is to serve as a single point of integration and data transfer across the Internet without the need for human or computer intervention.

There is a complex relationship between blockchain and IoT. IoT enablers can find solutions using blockchain technology. A collaborative system can develop and record a cryptographically protected data set. Such database and records are protected from alteration and theft provided they are highly secured and protected from malware. The duo can create transparency and accountability by moderating business development mechanisms. Blockchain itself can help reduce workplace mismanagement, overhead and business unpredictability through interconnected servers. A digital ledger can develop a cost-effective business and management system where everything can be efficiently shared, properly controlled and tracked. This process eliminates the need for a central management system, which essentially eliminates a lot of red tape and streamlines business processes. The commercial implementation of this innovation offers an exciting platform in the IoT and enterprise domains.

Blockchain essentially allows interconnected IoT devices to engage in secure data exchange. Companies and business entities can use blockchain to manage and process data from edge devices such as RFID (radio frequency identification) based assets, machine readable barcode and QR code, infrared blaster (IR Bluster) or device information. If integrated into business settings, IoT edge devices will be able to transmit blockchain-based records to update contracts or verify the communication network. For example, when IoT-enabled and RFID-tagged assets with sensitive geographic location and sensitive information are moved to another unassigned point, the information will be automatically stored and updated in the blockchain ledger, and the necessary actions will be taken when the system is assigned. As the product moves to different locations, the system allows interested parties to receive information about the location of the package.

To reap the benefits of a blockchain-enabled IoT framework, business organizations must adhere to four key principles:

1. Price Abbreviation

Edge devices should reduce transaction processing time and eliminate IoT gateways or Internet intermediaries in the system. As data is exchanged and information is transferred within the system, eliminating additional protocols, programs, hardware, channels, nodes, or communications reduces overhead.

2. Acceleration of data exchange

Blockchain-enabled IoT can do away with the IoT gateway or any filtering device needed to create a network between the cloud, the administrator, sensors and devices. Cutting out such a “middleman” could enable peer-to-peer contracts and data sharing. In this process, the digital ledger eliminates the additional time required for device synchronization and information processing and collection. However, eliminating the IoT gateway provides channels for malware and security breaches. A blockchain-enabled IoT network can handle this by installing features such as malware detection and encryption mechanisms.

3. Building trust

Through the blockchain-enabled IoT space, devices and devices can virtually and physically transact and communicate as trusted parties. Unlike conventional business, where transactions require approval and verification, blockchain does not need central authentication or peer-to-peer recommendations. As long as the network is secured and trusted parties own the technology, the IoT space requires no additional paperwork. For example, Team A may not know Team B, may not physically meet or trust that can be verified, but stamped records of online transactions and information exchange in the blockchain ledger prove the trustworthiness of the business. It enables individuals, organizations and devices to earn the mutual trust that is vital to building a sustainable business and eliminating administrative clutter.

4. Strengthening security for IoT

Blockchain gives way to a decentralized network and technology that promises to store, process and retrieve information from billions of connected devices. This system should provide a highly secure network that is both encrypted and easy to use. A decentralized network should provide high throughput, permissions, low latency and requests. Installing a blockchain in an IoT network can regulate and moderate the exchange of data across edge devices, keeping the same secure transactions and information exchange between connected devices.

Eliminating points of failure in the IoT space

Blockchain-enabled IoT can modernize the supply chain by tracking tagged goods as they move through various points in an import store or warehouse, while enabling safe and accurate product delivery. Blockchain deployment provides accurate and detailed product validation and reliable traceability of relevant data across the supply chain. Instead of searching for papers to identify the country of origin (COO), the IoT can verify the physical proof of each product with a virtual “visa” that contains relevant information such as the authenticity and origin of the product. Blockchain can also make records of products subject to verification and help organizations track or create a history of records. It can also provide secure access to the data network for administrative records or alternative plans.

Blockchain-enabled IoT is not limited to enterprise disruption or use cases. Any business entity with an IoT footprint can increase business productivity by marginalizing costs, eliminating bottlenecks, additional loops, and single points of failure in the system through process innovation. It is in the best interests of such organizations to understand, adopt and implement blockchain into their corporate solutions.

More to come…

The start of the Fourth Industrial Revolution (4IR) Blockchain-enabled IoT now represents the most dominant innovation after the integration of transistors and computing systems. It is a disruption that heralds a “second machine age” in terms of digitization and advanced artificial intelligence (AI). Business organizations are the favorites to reap the benefits of this revolution. It will be a shame if these organizations fail to realize the potential of this mega-integration that can bring intelligence to systems anywhere and everywhere. Along with the new integration, this system also solves important adaptation challenges related to the distributed network, such as maintaining privacy and data networks, coordinating security appliances and managing intellectual property. While many technology developers are creating an open source framework to solve these problems, organizations and business actors must adopt and spread this technology to increase mobility and improve the integration of products and services.

When Will Cryptos & Blockchain Really Explode?

Every day there is more news about what can, can and should happen in the world of cryptocurrencies (CC) and blockchain. There has been significant investment, research and a lot of chatter, but the coins and projects are still not mainstream. They have not yet brought the anticipated explosive changes. Many ideas are being discussed and developed, but none of them have produced big, game-changing results. What could be needed is that major industry players such as IBM, Microsoft, and major financial services corporations continue to move forward in developing useful Blockchain applications – ones that the entire world CANNOT live without.

Financial services are a ripe target for Blockchain projects because today’s banking systems are still based on archaic ideas that have been precisely and painfully digitized, and because these systems are archaic, they are expensive to maintain and operate. Banks almost have a good reason to charge high fees for services – their systems are inefficient. These systems have many layers of redundant data, as everyone involved in a transaction must have their own version of the transaction details. And then there’s the challenge of ensuring there’s a trusted third party to clean up all those transactions—which requires even more versions of the same data. Blockchain technology promises to solve these problems as each transaction will only be recorded in ONE block on the chain and as it is a distributed database, security and integrity are built in and ensured. It may take some time to build trust in these new systems, given that Blockchain transaction verifiers are not the traditional clearinghouses that banks use and trust today. It will take time for banks to trust the new technology, and it will take even longer for that trust to trickle down to consumers.

Another company that may soon be ready to give CC and Blockchain a big push is Amazon. It looks like Amazon is preparing to launch its own cryptocurrency. It is a company with revenue the size of a large country and it can issue a digital token that will be fully convertible with other CCs as well as fiat currencies. This move will allow Amazon to:

  • issue (AMAZON) coins to reward and incentivize developers on any of its platforms
  • issue coins to consumers for in-app purchases
  • issue coins to players to purchase virtual goodies in the game
  • issue coins to regular customers as part of a loyalty program

Amazon may have the perfect ecosystem of customers and partners to make it all happen. They have about 300 million customer accounts worldwide, roughly the size of the US population, and they have 100,000 sellers on their platforms with millions of items for sale. There is hardly a more massive company than Amazon, with a huge, dynamic economy where everything is connected. Amazon’s imminent entry into the CC world may signal the widespread adoption of blockchain technology by mainstream institutions. What could be just around the corner when AMAZON coin comes into play is DISNEY coin, DELTA AIRLINES coin, CARNIVAL CRUISES coin, HOME DEPOT coin – you get the idea.

Stay tuned for updates!