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Bitcoin’s plunge, Twitter hack revelation, Pornhub accepts crypto: Hodler’s Digest, Aug. 31–Sept. 6

The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — one week on Cointelegraph in one link!

Republished by Plato



Coming every Sunday, Hodler’s Digest tracks every important crypto news story from the previous week. Essential reading for all Hodlers!

Top Stories This Week

Three reasons why Bitcoin suddenly dipped under $10K — and recovered

It’s been a bad end to an already trying week for Bitcoin. At one point, prices fell below $10,000 across major exchanges. 

Overall, the world’s biggest cryptocurrency has seen its value fall by 11.7% in recent days. Most of these losses came on Thursday when a sudden drop of 7% in less than two hours wiped out $99 million worth of longs.

This coincided with sell-offs on the U.S. stock market, and it doesn’t help that the dollar has been rallying recently either. Sentiment was mixed after the plunge, with eToro analyst Simon Peters warning Bitcoin “may still have a long way to fall.”

Exactly 91 years after the Wall Street Crash of 1929, the Crypto Fear and Greed Index showed a seismic change in investor sentiment — changing from “greed” to “fear” within hours.

Alleged second teen mastermind behind Twitter’s “Bitcoin Giveaway” hack 

Thought the weird case about July’s Twitter hack was solved? Think again.

The FBI has executed a search warrant against a 16-year-old from Massachusetts in connection with the unprecedented breach, which compromised high-profile accounts belonging to celebrities, millionaires and presidential candidates.

Detectives have raided the teenage boy’s home amid allegations that he may have played “an equal, if not more significant role” in the hack.

It’s claimed that he may have posed as a Twitter employee or contractor to fool legitimate ones into entering their login credentials on fake websites where he could capture them.

Three others have been charged in connection with the attack — a 17-year-old and 22-year-old from Florida, and a 19-year-old from the United Kingdom.

Bank of England governor dismisses Bitcoin as a means of payment

Binance may be advertising Bitcoin at bus stops in London, but make no mistake: The Bank of England’s governor is not a fan of the cryptocurrency.

Andrew Bailey — a known crypto skeptic — has said crypto assets are “unsuited to the world of payments” as Bitcoin has “no connection at all to money.”

There was some reason to be optimistic, though. Bailey said stablecoins could offer some “useful benefits” by reducing friction in payments — as long as they operate to the same standards as fiat-based alternatives already in the market.

Also this week, it emerged that the market cap of stablecoins has been increasing by $100 million a day consistently since mid-July. The rise of DeFi protocols and demand for tokens in liquidity pools will no doubt have contributed to this.

In an interview he gave during the middle of the crypto boom in 2017, Bailey had warned: “If you want to invest in Bitcoin, be prepared to lose all your money.”

Apple stock market cap shows just how small crypto is

If you want to get an idea about how small crypto’s market cap is, just take a look at Apple’s.

The iPhone giant now has a valuation of $2.1 trillion — six times more than all cryptocurrencies put together at $327 billion.

All of this suggests that the crypto sector has much more room for growth in the future.

Bitcoin has had an extraordinary journey over the past 12 years — going from a price of less than $1 per coin to record highs of $20,000 in late 2017.

Perhaps Bitcoin needs a comeback like Apple had. It’s weird to think that Apple was on the verge of bankruptcy in the 1990s, so much so that it needed a cash injection from Microsoft. In 2001, the iPod and iTunes were born… and the rest is history.

Pornhub now accepts Bitcoin and Litecoin

One of the world’s biggest pornography sites now accepts Bitcoin and Litecoin as a payment method for premium services.

Pornhub says it is excited to get greater exposure to crypto, noting that it has 130 million visitors per day.

The company is a year older than Bitcoin and was founded in Montreal 13 years ago. Currently, it’s the ninth-most popular website in the world.

It’s safe to say that BTC’s pseudonymous inventor, Satoshi Nakamoto, would have approved. Back in 2010, he had said: “Bitcoin would be convenient for people who don’t have a credit card or don’t want to use the cards they have, either don’t want the spouse to see it on the bill or don’t trust giving their number to ‘porn guys,’ or afraid of recurring billing.”

Winners and Losers

At the end of the week, Bitcoin is at $10,195.42, Ether at $340.52 and XRP at $0.23. The total market cap is at $324,953,472,998.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are BitShares, CyberVein and Flexacoin. The top three altcoin losers of the week are Ampleforth, Balancer and Aragon.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis

Most Memorable Quotations

“In the post-Halving bull cycles, bitcoin can often correct 25% (even 40% + in 2017), throwing off the short-term traders (or giving swing traders a shot at the short side). Each of those was a buying opportunity. DCA opportunity ahead?”

Raoul Pal, Global Macro Investor CEO

“A lot of panic selling yesterday from HODLers who were quite successful in buying tops. Their strategy seems to be – buy high sell low.”


“In a battle of the bulls, we see greater potential endurance favoring #gold over the #Nasdaq.”

Mike McGlone, Bloomberg senior commodity strategist

“Cryptocurrency is no longer the niche interest that it once was, but neither is it completely mainstream — it’s somewhere in the middle.”

CoinMarketCap representative

Prediction of the Week

Bloomberg: Bitcoin could hit $500,000 or drop to zero

We love this prediction because of how there’s so much margin for error — and little chance of being proven wrong.

Bloomberg analyst Mike McGlone has said Bitcoin could either be heading to the dizzying heights of $500,000, or it will fail.

In his view, Bitcoin is set to become digital gold — helped by how it has limited supply and increasing demand. McGlone has also drawn repeated comparisons to the bull run of 2017.

Crypto evangelists, including Anthony Pompliano and Tyler Winklevoss, have adamantly predicted that BTC will one day achieve parity with gold’s market cap of $9 trillion. Dividing that number by Bitcoin’s maximum supply of 21 million gets you a price of $428,571 per coin.

FUD of the Week

Revealed: How North Korean hackers launder stolen crypto

A new report has revealed how the Lazarus Group, a well-known hacking gang sponsored by the North Korean regime, launders its ill-gotten gains.

According to BAE Symptoms and SWIFT, Lazarus typically steals the crypto funds from an exchange and then starts to pass transactions through multiple exchanges, using something called a “layering technique.”

Facilitators from East Asia receive a portion of the proceeds for helping to launder the funds, and they’re tasked with transferring crypto across numerous addresses to “obfuscate the origin of the funds.”

The report, called “Follow The Money,” added: “Other stolen funds might be transferred in Bitcoin into prepaid gift cards, which can be used at other exchanges to purchase additional Bitcoin.”

The study noted that money laundering cases via crypto are still relatively small compared with the huge volumes of cash laundered through wire transfers.

Crypto-hating Wikipedia editor David Gerard claims another victim

An anti-crypto activist has used his influence as a senior Wikipedia editor to remove a blockchain-related entry about the Australian firm Power Ledger.

This isn’t the first time that David Gerard has done this. He appeared to boast about his latest victory in a blog posting, in which he claimed the deletion was “on the basis of being a pile of press release churnalism, and the only genuine press coverage was about how Power Ledger was a scam.”

Lobbying for the deletion, Gerard also took aim at the sources in the Power Ledger Wikipedia entry. He called CoinRivet a “bottom-of-the-barrel Bitcoin blog,” and also dismissed articles from India’s Economic Times and TechCrunch as “churnalism.” That phrase refers to news outlets who report on press releases without much, if any, investigation of their own.

It is worth noting that TechCrunch has 16 million readers, while The Economic Times is one of the world’s most-read English language business newspapers.

Indian prime minister the latest victim of crypto scam Twitter hack

Not again. Hackers have once again taken over a high-profile Twitter account and posted messages asking followers to make crypto donations.

Who was the victim this time? Indian Prime Minister Narendra Modi.

This isn’t a good look for the crypto sector, not least because India is actively exploring ways to ban cryptocurrency. 

Several tweets were posted from Modi’s account to his 2.5 million followers on Wednesday. One of them said: “Now India begin with crypto currency. Kindly Donate Bitcoin.”

Blockchain data shows no funds were sent to the addresses listed in the tweets — and the group, or person, responsible for the hack went under the name “John Wick.”

Best Cointelegraph Features

Is Ethereum left and Bitcoin right?

Does the battle between conservative Bitcoiners and progressive Ethereans mirror our divided political culture? Andrew Fenton takes a look. 

Digital cold war? United States and China vie for blockchain supremacy

Andrew Singer looks at the tech standoff that’s heating up between the U.S. and China, as some warn Washington’s reluctance to launch a CBDC could have dire consequences.

US SEC upgrades “accredited investors,” puts financial knowledge first

The United States Securities and Exchange Commission has made changes to its definition of who qualifies as an “accredited investor.” Osato Avan-Nomayo looks at what this could mean for crypto token sales.



All Eyes on Ethereum

Republished by Plato



One Ether now costs more than US$3000. Did you ever think you’d see the day?

You gotta hand it to the crypto markets: in some ways they’re comically predictable. A month ago, Ethereum was everyone’s favourite whipping boy, a bloated, expensive under-achiever that couldn’t even double its 2017 all-time high. Lol what a weakling.

And with competitors like Cosmos, Solana, Polygon and Polkadot nipping at its heels, perhaps this was the beginning of the end for the network that gave us smart contracts, ICOs, ERC-20 tokens, DeFi, yield farming, NFTs and, to be honest, the entire idea that blockchain was a multi-functional and era-shaping technological breakthrough that you ignored at your peril.

How things have changed. On Monday Ethereum blasted through the US$3000 mark like it was barely there, throwing on an extra 15% while it was at it. The network is now worth a shade under US$400 billion, putting it on par with Mastercard and Walmart, and officially making Vitalik Buterin, the 27-year-old prodigy who created Ethereum, a bona fide billionaire. So, is this how the Flippening begins?

Network to net worth

Due to the speed with which things move in crypto, we tend to underestimate some of the metrics that actually speak to a technology’s success. The new shiny thing is almost always more exciting than some dusty old contraption built in the positively prehistoric year of 2015. Did they even have electricity back then?

But Ethereum stands out from almost all other blockchains in that it’s already being used, at scale, by millions of people and companies. While that may seem like Business 101 – get more customers, be more successful – when it comes to blockchain usage is a particularly powerful factor because of the way it harnesses network effects to improve the value of the system itself. Use it more and the whole system becomes more valuable, both financially and practically, for the network’s users, miners, stakers, investors and developers. Oh, and Vitalik, of course.

How far we’ve come

Ethereum’s issue has always been its inability to scale. If you can’t handle hundreds or even thousands of transactions a second, then you’re not really fit for purpose as a global computer. The result for Ethereum has been a year of increasing network congestion and brutally high transaction fees. Yet the fact that so much continues to be built and transacted on Ethereum tells you exactly how strong these network effects already are.

There’s also an increasing focus on three major changes to the Ethereum network due to arrive before the end of the year:

  • EIP-1559: Lifts one of DeFi’s major innovations in the field of ‘tokenomics’ by implementing a token burn system on every transaction. You use the Ethereum network, you burn some ETH, never to be seen again.
  • Optimism: due for a full launch in July, the Optimism sidechain should significantly improve the speed of Ethereum by leveraging largely incomprehensible processes such as ZK-Rollups and Sharding. It’s already being used by the Synthetix protocol, where it has saved users over $10 million dollars in transaction fees.
  • Ethereum 2.0: This is the big one, Ethereum’s transition from Proof-of-Work to Proof-of-Stake. It’s been coming for years, but the importance of the change cannot be overstated. Already more than 4 million Ethereum are being staked on the Ethereum 2.0 contract, offering an insight into how much ETH might fall out of circulation once the entire thing goes live (potentially in November).

In short, Ethereum is just getting started. The price might seem gaspingly high right now, but remember that Ethereum isn’t trying to be Walmart or Mastercard. It wants to be the thing that Walmart and Mastercard are built on – and that’s a prospect worth having a stake in.

Coinsmart. Beste Bitcoin-Börse in Europa

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CARBON: A perfect avenue for showcasing talent

Republished by Plato



Creative professionals sometimes find themselves figuring out where to showcase their creations and profit from them. 

It’s a tough situation to be in. But with CARBON, the dilemma is lessened. 

CARBON creates an avenue that gives creators both a place to show off their talents and a chance to earn money.

CARBON features an ecosystem of a global scale that integrates open finance, fashion, art, music, and non-fungible tokens (NFTs).

One of its objectives is to enable a community that can inspire, support, and reward professionals.

What the CARBON marketplace looks like

As what an ideal marketplace should be, CARBON has a lot to offer, helping emerging brands and artists have a shot even at the highest levels of competition they have to deal with.

Items related to fashion, art pieces, music, and digital assets such as NFTs are offered in the CARBON marketplace. A dedicated team will carefully select these products.

The market will also see exclusive collaborations featuring various artists and brands for physical commodities and digital items that will be dropped on a weekly basis.

As for its audience, they should prepare for a diverse experience brought by a market evolving into a global ecosystem.


CARBON was founded by Chad Pickard who also acts as its Chief Executive Officer (CEO). It is an open finance wallet and super ecosystem that is built for the whole world of fashion, art, music, and culture while also integrating digital assets through NFT offerings.

It has its native token, the $GEMS, and its wallet integrates Neobank functions like the financial technology company Revolut and a non-custodial smart wallet for decentralized finance (DeFi) and cryptocurrencies.

This integration allows users to hold fiat (government-backed) and digital currencies as well as NFTs in a single platform.

The wallet is linked to the market, giving users the ability to directly select items that they desire.

CARBON doesn’t just work as a marketplace where purchases can be made, but also as an avenue where professional creators get to showcase their talents and inspire others to promote their own. It provides them with a winning environment.

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How Tokenplace can help crypto traders get the best buy and sell prices

Republished by Plato



Any seasoned crypto trader knows that the price of a digital currency can vary across different exchanges worldwide.

Thus, one of the basic strategies for investing in digital currencies is to scout for the best buy or sell price and that’s where Tokenplace comes in.

Access to different crypto exchanges via one platform

To take full advantage of the price variance across exchanges, some traders often resort to opening accounts on different platforms. But Tokenplace eliminates this need because the platform allows one to access different exchanges worldwide.

This means that a user will only need his Tokenplace account and password to gain access to the entire crypto market. This is a lot simpler compared to having to main multiple accounts and passwords for other exchanges for different trading pairs.

Tokenplace is basically an online trading platform and exchange aggregator. With its automated order-splitting, orders are automatically broken up to ensure that traders get the best price for every coin they want to trade.

Easy to use and features-packed trading terminal

Tokenplace is also very appealing to newer investors because it is very easy to use. For instance, users will only need to access a single window for their deposits, withdrawals, trading, and exchanging.

The platform can be accessed from both desktop and mobile devices. Tokenplace’s onboarding and one-time registration process are also one of the quickest in the industry.

Tokenplace uses advanced algorithms for its multi-exchange order splitting feature. With this high-tech tool, users can get the best buy and sell price every time they trade.


IMPORTANT NOTE: This is a paid press release, which BitcoinerX has posted as part of a commercial agreement. BitcoinerX is not responsible for producing this content and does not endorse the products or services mentioned. It is the responsibility of the company posting the press release to ensure the material is credible and accurate. BitcoinerX is not responsible for any damage or loss caused to anyone who chooses to use the company, product or services mentioned in the press release. BitcoinerX does not recommend using the information in the press release to form the sole basis of investment decisions.

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