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$65 to $0 – The 24 hours that killed TITAN!

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Everyone is well aware of the volatility that exists in the crypto markets. Rallies that mountain the prices and crashes that destroy portfolios are not unheard of. That’s what happened with TITAN. TITAN is the token that pegs the partially collateralized stablecoin IRON. IRON is backed by 25% TITAN while the other 75% is backed by the USDC. However, in less than 16 hours, the value of the token plunged to a mere $$0.000007869 at press time.

Source: CoinMarketCap

The Crash

36 hours ago the token was soaring in terms of prices. TITAN was valued at close to 10$ on June 11 and in less than 6 days, the coin jumped to peak at $65. This 84% spike was triggered by the hype generated around the coin’s mining protocol as well as promising value.

TITAN/USD Price Movement

Adding to the hype was the famous shark and crypto enthusiast Mark Cuban who talked about his involvement with TITAN. In his blog on June 13, he mentioned that he was a small LP for QuickSwap (a token DEX). He added that along with TITAN he also provides liquidity for DAI that enables QuikSwap to offer swaps between these two tokens. Naturally, fanboys saw this as the “next big thing” and rushed to pump the token. 

All of their dreams came crashing down when on June 16, the token started seeing some selling which dropped the price close to $38. During the initial sell-off, which some considered as a correction, the token made some recovery and climbed back to $50. It was after this that the coin dropped into a freefall and continued plummeting until it hit the dead-end.

The Reason

Soon after the crash many people began accusing and questioning IRON Finance and blamed them for rugging the investors. Some even accused Mark Cuban of being an accomplice to this alleged rugging, to which he responded,

“I got hit like everyone else. Crazy part is I got out, thought they were increasing their TVL enough. Than [sic] Bam.”

The truth of the matter however is less of a conspiracy crime thriller and a little more logical. Analysts held investors responsible for acting emotionally instead of rationally. The coin was immensely pumped soon after Mark’s blog and crashed just as soon. The initial sell-off was accompanied by whales dumping around $200K which triggered a panic selling in the market. Following this, IRON lost its peg, whales began flooding the market with freshly minted TITAN and the token continued falling infinitely until it turned into nothing.

At press time, IRON Finance was yet to provide a post-mortem report of what they consider a “bank run”. They also asked everyone to withdraw liquidity from all pools. IRON HODLers can resume redeeming the stablecoin for USDC at 5 PM UTC.

Until then, some heartbroken investors continue to provide great tips,


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/65-to-0-the-24-hours-that-killed-titan

Blockchain

HeliconNFT: All-New Play-to-Earn NFT Ecosystem Launches NFT Mystery Box Event and Battlefy Partnership

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PRESS RELEASE. Singapore: HeliconNFT, the brand-new, global, gaming-focused NFT ecosystem, which recently unveiled a partnership with Battlefy, has announced that it will launch an NFT mystery box event on Sunday, 24th October. Ahead of the event, users will be given the opportunity to access an exclusive pre-launch sale and have the chance to be among the first to purchase mystery boxes containing rare NFT game items, artworks and collectibles, after completing their whitelist registration.

HeliconNFT x Battlefy

The announcement comes just weeks after the unveiling of HeliconNFT’s ground-breaking partnership with esports giant Battlefy – a collaboration that is set to change the way gamers see their favourite games forever. With over 70,000 tournaments under its belt, Battlefy has hosted some of the world’s largest and most prestigious tournaments, providing support for about 40,000 games.

Through the collaboration, people can expect to see NFT-enabled games join the ranks of iconic titles such as Hearthstone, FIFA, League of Legends, Mobile Legends: Bang Bang, Fortnite, and Super Smash Bros. As a bonus, games that plug into the HeliconNFT ecosystem will allow users to trade NFTs or create their own and earn real rewards just for playing.

A Literal Game-Changer

The decentralised HeliconNFT platform combines the worlds of NFTs, blockchain gaming and esports – enabling content creators, collectors, investors, gamers, NFT enthusiasts, and anyone in between to come together as one community and make money while gaming.

Claire Cawthorn, Chief Marketing Officer of HeliconNFT, says, ‘HeliconNFT is the first all-encompassing ecosystem of its kind. We not only let gamers monetize in-game assets, buy and sell NFTs, and integrate these NFT’s into blockchain games, we are also the first platform to aggregate other games for a true inter-gaming experience. Our game-add-on system facilitates third party developers to tokenize their games on the blockchain, giving them a whole new revenue stream. Think Netflix for blockchain & metaverse games. When you couple this with our online esports tournaments with Battlefy, we have a truly exciting platform for today’s gamer which takes their experience to a whole new level.’

NFT Mystery Box Launch

HeliconNFT will launch its first NFT mystery box event on Sunday 24th October at 8am PDT. Users who register via the whitelist HERE, which opens on 24th October, will have the opportunity to access an exclusive pre-launch sale, giving them the chance to be among the first to purchase mystery boxes containing rare NFT game items, artworks and collectible cards. After acquiring NFTs, registered members can choose to hold onto them, use them in supported games, or sell them.

Registering for the whitelist is easy: Simply CLICK HERE and complete the necessary steps to qualify.

Visit HeliconNFT.com to find out more

For enquiries, email marketing@heliconnft.com

Join the HeliconNFT community on Discord for updates, giveaways and more

Media Enquiries

Please contact ben.kershaw@heliconnft.com

About HeliconNFT

HeliconNFT is a global platform, focused on esports, NFTs, and blockchain, that will bring communities together by staying green and sustainable. HeliconNFT will be an ETH layer 2 solution for the self-custody and security for NFT developers, creators, and traders. On top of that, HeliconNFT will be able to offer minting, trading, earning ,and collecting for its marketplace and game.

For more information, visit: Twitter | Instagram | Telegram | Website | Discord | Facebook


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Source: https://news.bitcoin.com/heliconnft-all-new-play-to-earn-nft-ecosystem-launches-nft-mystery-box-event-and-battlefy-partnership/

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Indonesia Against Crypto: Islamic Organization Declares “Haram”

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Crypto activities were declared forbidden by the religious law of the largest Islamic organization of Indonesia, Nahdlatul Ulama. A heated debate was carried before arriving at the conclusion of declaring digital currencies as “haram”. On previous occasions, the idea of a ban was not well received by many Muslims.

The discussion of whether cryptocurrencies were to be considered haram in Islam is not new, but a formal decision by a large organization such as Nahdlatul Ulama had not been taken in Indonesia until now and takes many by surprise since their crypto trading market was booming.

Muslim scholars have considered for a while now that cryptocurrencies do not represent “an honest work”, having compared them with gambling and other activities considered to be against the Islamic religious law.

On the other hand, some Islamic jurists have opposed this idea, thinking that cryptocurrencies should be viewed as “halal” or permitted.

Under Islamic law, many mediums -such as currencies, grapes, etc.- are considered “halal” or lawful, but some activities related to those mediums -such as using currencies as a commodity to make a profit, using grapes to make wine, etc.- are “haram” or forbidden.

These conceptions can open a wide spectrum of considerations to evaluate when looking into the permissibility of Sharia law. Thus, the long and heated debate around the use of cryptocurrencies.

Nowadays, the digital space has become more important for currencies while cash has a narrower field of possibilities. As technological innovation has conquered many, regardless of religion, Islam sees ill activities that can generate huge amounts of money through interest since they think of it as “unearned income”.

Furthermore, the meeting carried by the Islamic organization considered digital currencies secured by cryptography as a medium linked to many illicit activities, as it was reported by Bitcoin.com. The public announcement on the East Java Nahdlatul Ulama branch website reads:

Participants of the bahtsul masail formed a view, despite crypto already being acknowledged by the government as a commodity, that it cannot be legalized under the [Islamic sharia].

Why Muslims Might Now Be Happy With The Resolution

Indonesia holds the largest population of Muslims in the world, and cryptocurrencies had become of great interest to them, especially since the pandemic.

The nonbinding legal opinion comes in a separate way from Jakarta’s government’s recent announcement about their lack of interest in following China’s steps regarding their ban on crypto transactions.

Related Reading | Indonesia Legitimizes Cryptocurrencies, Classifying Them as Commodities

The country’s Minister of Trade stated in September to BeritaSaru.com they would find new regulations to stay away from illicit activities but showed no interest in prohibiting it.

Last August The Jakarta Post reported the rapid growth of the Indonesian crypto space. The Trade Ministry stated that investments in cryptocurrencies had grown to “more than Rp 370 trillion (US$25.8 billion)” over five months. By May, Indonesia had over 6.5 million crypto investors leading over 5.37 million retail investors.

Related Reading | 1 in 9 Indonesians Now Own Cryptocurrency, Report

In the same report the country manager of one of Indonesia’s crypto exchanges, Luno Indonesia, had been confident about the future of cryptocurrency in the country projecting growth of investors that would double or triple the numbers at the time.

This is not the first religious ban on cryptocurrencies. A similar prohibition happened earlier in the year in Ingushetia, where the public had a lot to say about the Islamic Cleric’s reasons over the decision.

Comments of both sides were reported on Bitcoin.com. While Deputy Chief Mufti Magomed Hashtyrov stated that “Only honest labor brings people together, and virtual easy money quarrels them.”, online users responded with equally strong points of view:

I wouldn’t say that’s exactly ‘easy’ money. Knowledge and ability are needed to use it. It seems to me that this issue has not been fully studied by theologians,

Others thought that these resolutions come from “a very old version of the fatwa” and some scholars still position themselves on the side of the crypto users.

There is yet to see the effect of this issued fatwa on Indonesia’s market, crypto investors, and previously enthusiastic exchanges. They might hope for the government to bring clarity to all. The question raises whether opposite views from scholars could weigh-in for future discussions.

Crypto
Cryptocurrency market total cap at $2.5 trillion in the daily chart. Source: Tradingview

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Source: https://bitcoinist.com/indonesia-against-crypto-islamic-organization-declares-haram/?utm_source=rss&utm_medium=rss&utm_campaign=indonesia-against-crypto-islamic-organization-declares-haram

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How to Buy a Luxury Watch with Bitcoin & Cryptocurrency

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The luxury watch market is red hot. With Bitcoin and cryptocurrencies continually hitting all time highs, there’s never been a better time to cash out and spend your crypto. Whether you’re looking to diversify your assets or just want to treat yourself with a fine timepiece, buying luxury watches with Bitcoin and other coins is easy and safe.

There are two easy ways to buy a watch with crypto:

  1. Use the BitPay debit card to buy your watch anywhere that MasterCard is accepted (online and in-person). This is the most flexible option and best for future/ongoing purchases.
  2. Shop directly from a select number of trusted watch dealers that accept Bitcoin and crypto via BitPay. If you only buy watch every once in a while, or your purchase will exceed the BitPay Card’s limits, this may be the better option for you.

Use the BitPay Card to Buy Luxury Watches with Bitcoin & Crypto (most flexible method)

The BitPay Card is a prepaid debit card that you can fund from almost any wallet. Get the virtual card free with no transaction fees for watch purchases made within the U.S.

Here’s How to Use the BitPay Card to Buy Luxury Watches

  1. Download the BitPay Wallet app for Android or iOS.
  2. Sign up for the BitPay Card.
  3. Find your watch.
  4. Add funds to the card through the BitPay App. At checkout, use the BitPay Card like any other debit or credit card.
  5. Enjoy your new timepiece!


Get the Card


Shop Reputable Watch Dealers that Accept Bitcoin and Crypto Payments via BitPay

Among all of the companies that accept Bitcoin, there are several watch dealers in the mix. Some of our preferred dealers include:


How to Shop Reputable Watch Dealers with BitPay

  1. Find the watch you want (see some suggestions below).
  2. During checkout, select BitPay as the payment method.
  3. Select the wallet and crypto asset you’d like to use to pay.
  4. An invoice will be generated. Scan the QR code or copy and paste the payment details into your wallet.
  5. Congratulations, you’ve just bought yourself a new timepiece using crypto!
Checking out with BitPay is safe and easy

Classic Luxury Watches to Buy with Bitcoin

If you’re new to the luxury watch space and aren’t quite sure which watch is for you, here are a some of our favorites.

Omega Speedmaster

image: Jomashop

This is the watch that went to the moon. Enough said.
Shop the Omega Speedmaster at Jomashop.

Rolex Submariner

image: Jomashop

The essential Rolex. A timeless design that is available in a variety of colors. The only thing better than buying a Rolex, is buying a Rolex with Bitcoin.
Shop the Rolex Submariner at Jomashop.

Patek Phillipe Nautilus

image: Jomashop

Possibly the most sought after watch in the world. If you can find one, don’t let it go.
Shop the Patek Phillipe Nautilus on Jomashop

Tag Heurer Monaco

image: Jomashop

A striking blue dial and cool retro details make this a classic luxury watch.
Shop the Tag Heurer Monaco on Jomashop

Additional Questions About Buying Luxury Watches with Bitcoin

Which coins can I use to buy my watch?

BitPay accepts Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Dogecoin (DOGE), Litecoin (LTC), XRP (XRP), Dai (DAI), Binance USD (BUSD), Wrapped Bitcoin (WBTC), Paxos Standard (PAX), and Gemini Dollar (GUSD)

What crypto wallets can I use to buy my watch?

BitPay supports the most popular wallets including MetaMask, Trezor, Coinbase, Kraken, and many more.

What watch retailers accept Bitcoin & crypto payments?

Reputable watch dealers that accept crypto payments via BitPay include Jomashop, CRM Jewelers, DavidSW, Wrist Aficionados, Ashford, Ace Jewelers, Maison Birks, Icebox, and Stephen Silver Fine Jewelry.

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Source: https://bitpay.com/blog/how-to-buy-a-luxury-watch-with-bitcoin-cryptocurrency/

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