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Social Media And Crypto: Friends Or Foes?

Social Media And Crypto: Friends Or Foes - blockchain24.coSocial media has become a major factor in modern society. What is the relation between them and the cryptocurrency world? In 2018, this topic became popular due to the announcement of Facebook‘s own stablecoin, Libra, causing a lot of controversies. However, the relation between cryptocurrencies and social media goes beyond Zuckerberg’s approach to the fintech …

Artykuł Social Media And Crypto: Friends Or Foes? pochodzi z serwisu Blockchain24.co | portal with cryptocurrency bitcoin & blockchain news.

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Social media has become a major factor in modern society. What is the relation between them and the cryptocurrency world?

In 2018, this topic became popular due to the announcement of Facebook‘s own stablecoin, Libra, causing a lot of controversies. However, the relation between cryptocurrencies and social media goes beyond Zuckerberg’s approach to the fintech world.

Facebook: the great unknown

We have written enough about Libra on BlockChain24.co since the announcement of this cryptocurrency in the middle of 2018. And even if Facebook’s recent approach to cryptocurrency is most often reviewed in this context, the story of their relationship is a bit older. Before Libra, the social media giant wasn’t favorable to decentralized assets. And in fact, it still isn’t.

Along with the development of the cryptocurrency industry and the growing popularity of Bitcoin, many new entrepreneurs became eager to try their hand in that field. Some of them were honest developers, while others tried to use the new trend to gather money through initial coin offerings (ICO). Facebook apparently didn’t want to have anything to do with such initiatives, so it strictly banned any form of advertisement related to cryptocurrencies.

This gave Zuckerberg the reputation of being a crypto opponent who fights with the ongoing blockchain revolution. Now, this opinion is a bit forgotten due to his efforts to release Libra. The advertising ban, however, is still in force. Is it effective? Looking at various crypto pyramid schemes organized through Facebook groups, or the mass of Bitcoin princes willing to offer amazing deals to innocent people – I rather doubt it.

Twitter: a place for crypto influencers

A completely different approach might be seen on Twitter, which is a commonly visited place for various crypto enthusiasts: from low tier crypto influencer to the CEO of the leading corporation. All of them use it to comment on current events, share the news, or communicate with each other. In contrast to Facebook, Twitter has no problem being a safe space for fans of decentralized money.

And no wonder, since the character of Twitter is quite different from Mark Zuckerberg’s platform. Rather than being a place of maintaining social connections and bonds, it is, from the very beginning, dedicated to business, economy, and policy. This makes it a natural platform for the cryptocurrency industry, and it is likely to stay that way.

It is also the only place where we can witness the discussion between various personalities from the crypto world. As in other industries, various entrepreneurs, influencers, and other “crypto celebrities” frequently get into a discussion. And sometimes, such interaction may even affect the market situation (just like it did when two Bitcoin whales had bet on Twitter).

Telegram: encrypted communication for encrypted technology

Another popular social media channel for the blockchain industry is the one closest to it in terms of technological aspects. Telegram is a messaging service providing encrypted communication. And even if the way the app does so is in some way criticized by cryptography experts, it still matches the nature of the cryptocurrency world.

Telegram allows creating thematic groups and channels for their users. They are, of course, very popular among cryptocurrency enthusiasts who are looking for a place to talk about the new events or share their opinions. However, the encrypted platform still falls behind the real leader in the field of online groups and forums.

Reddit: a voice of people

This platform, together with Bitcointalk and similar forums, has been a cradle of the crypto community since its very beginning. Reddit, in its very nature, is a place of free discussion, allowing users to create various subgroups (subreddits) for separate topics. At first, blockchain enthusiasts gathered in such a group strictly dedicated to Bitcoin.

But with the ongoing development of the crypto industry, various new cryptocurrencies have  appeared. They were often associated with splits in a once consistent community. Divided groups find their place on Reddit, by founding related subreddits dedicated to separate projects. And to this day, this platform remains the one which is seen as the first step to create a community around a newly developed cryptocurrency.

Medium: communication for a corporation

This particular example is quite different from previous ones due to its nature. Rather than being an example of traditional social media, it is a social journalism platform, allowing various people to publish their content. While Twitter is a versatile channel of communication, Medium is mainly used as a blog service for corporations, enabling them to share news about their activity. It may be used for giving updates about new projects, informing about airdrops, or simply posting PR articles. 

Such an outline fits perfectly into the world of crypto-related corporations. They find Medium as a flexible tool of communication, which helps them to create a consistent vision of professional companies specialized in the high tech sector. But this does not end with the use of Medium for cryptography – there are plenty of bloggers specialized in the topic of blockchain who are eager to publish on Medium

Honorable mentions: Linkedin and Instagram

The list is quite long already, and there are still some examples worth mentioning. The first one is LinkedIn – a commonly used social platform focused on business relations, which allows for creating a network of contacts. The popularity of the blockchain industry has also reached here. Various entrepreneurs are proud to enclose crypto-related experience in their bios, and the blockchain technology itself is the most popular hard skill on the platform.

The last example might be surprising. Instagram, although now being used to a somewhat limited extent for crypto promotion, has enormous, dormant potential for the industry. It’s not only because of the great influence which the platform has over young generations (especially millennials and gen Z, which are promising targets for cryptocurrencies). The real power of Instagram lies in the potential for developing trends and lifestyles. In the world ruled by feelings and emotions, it might be crucial for the blockchain technology to use this power.

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Source: https://www.blockchain24.co/social-media-and-crypto-friends-or-foes/

Blockchain

Binance to cease these crypto-derivative offerings in Australia

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Once upon a time, regulators around the world weren’t confident about handling the crypto-ecosystem. This attitude, however, has changed of late thanks to the industry’s growth and the interest it has seen from traditional institutions and major investors.

The aforementioned change isn’t universal, alas, with some crypto-entities still coming under a lot of regulatory fire. Binance is a case in point. The platform has come under increased scrutiny from a growing number of regulators worldwide, including regulatory authorities from the U.K, the U.S, the Netherlands, and Canada.

Australia too has now been added to this ignominious list.

According to an official announcement made by the exchange, Binance will no longer offer Futures and Options trading in Australia. It read,

“As Binance constantly evaluates its product and service offerings to comply with local regulations, we will cease offering the following products to existing Australian users: Futures, Options, Leveraged Tokens”

Moreover, it revealed that ‘existing Australian users will have 90 days to reduce and close their positions for these products.’ Post 23 December, users will no longer be able to manually reduce their positions, and all remaining open positions will cease.

What does this mean for Binance and its executives?

Well, the aforementioned step is in alignment with its executives’ aim – To create a sustainable ecosystem around blockchain technology and digital assets. In fact, according to one of its executives,

“Binance welcomes developments to our industry’s regulatory framework as they pose opportunities for the market players to have greater collaboration with the regulators. We are committed to working constructively in policy-making that seeks to benefit every user.”

This move followed last month’s restrictions on Options, margin products, and leveraged tokens (New accounts were barred from engaging in).

And the “nightmare” continues… 

Binance took a similar hit in a different part of the world less than two weeks ago. It discontinued support for trading pairs in the Singapore dollar (SGD), again due to regulatory crackdown(s).
Binance found itself in troubled waters earlier this year, with regulators around the world zeroing in on the top exchange. The regulatory pressure forced the leading crypto-company to adopt a proactive approach to compliance. That being said, the jury is still out on whether these steps have been making any difference?
Moreover, US authorities are probing possible insider trading and market manipulation allegations involving Binance. The exchange, for its part, has denied these speculations. Binance has a “zero-tolerance policy for insider trading,” a statement said.
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Source: https://ambcrypto.com/binance-to-cease-crypto-derivative-offerings-in-australia

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Robinhood Testing New Cryptocurrency Wallet as Demand Rises

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The millennial-focused trading portal is edging closer to launching a long-awaited app that will enable its growing user-base to send and receive cryptocurrencies.

A beta version of Robinhood’s iPhone app showed the company’s latest upgrades on the new digital asset features, according to Bloomberg.

There is a hidden image showing a waiting list for users eager to get their hands on the app and code referring to crypto transfers, it added.

Delving Deeper into Crypto

Robinhood users can already buy and sell cryptocurrencies on the platform but they need to convert them to and from USD. With a native app, users will be able to send crypto assets to each other directly and set up two-factor authentication for additional security.

Robinhood Chief Executive Officer Vlad Tenev stated that adding crypto wallets is a priority for the company’s developers and they are actively working on such.


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“The ability to deposit and withdraw cryptocurrencies is tricky to do with scale, and we want to make sure it’s done correctly and properly.”

He did not specify a launch date, but the beta app leak suggests it is not too far away. Users of the new functions will need to activate crypto sending and receiving and the registration page will require an identity check, the report added.

On Sept. 11, CryptoPotato reported that Robinhood had launched incentives to promote longer-term cryptocurrency investing. The zero-fee recurring purchase feature enables users to schedule digital asset purchases for regular intervals with buys as low as a dollar.

This will encourage customers to build their cryptocurrency portfolios over time and “become a whole coiner,” stated Robinhood.

Robinhood Users Hungry For Crypto

Cryptocurrency trading has been one of the biggest drivers of revenue for Robinhood this year. Dogecoin has been the crown jewel, according to the company. It reported that 62% of its $233 million in second-quarter crypto income came from DOGE trading.

It added that more than half of all transaction-based revenue on the platform came from digital asset trading. The firm did warn that Q3 would not be as prosperous due to “seasonal headwinds and lower trading activity across the industry.”

Robinhood share prices have already fallen 43% since their all-time high of a little over $70 in early August. They are currently trading down 1.68% since Monday’s open at $40.70 according to Yahoo! Finance.

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Source: https://cryptopotato.com/robinhood-testing-new-cryptocurrency-wallet-as-demand-rises/

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Blockchain

Snoop Dogg Reveals His Connection With Twitter Account on NFTs

Snoop Dogg Twitter

Rate this post American rapper Snoop Dogg tweeted on Monday that he’s the owner of a Twitter account that talks about nonfungible tokens (NFTs). The account, named @CozomoMedici, shares “insights and tales from the wild world of NFTs” and has 27.7K followers at the moment. Snoop Dog Claims to Be Popular NFT Advocate on Twitter Snoop Dogg left the crypto community stunned this week after he revealed himself as the owner of a Twitter account dedicated to NFTs.  The account Cozomo de’ Medici, named after an Italian banker, is only a month old. However, it has already garnered attention from industry watchers and even a mention from crypto-focused news outlet The Block.   According to The Verge, the person behind the Medici account had been creating hype around their real identity for “at least a few days” and even conducted a poll for their followers to take a guess. The poll featured Democratic congresswoman Alexandria Ocasio-Cortez and Matt Bellamy, the lead singer of the rock band Muse. Snoop, however, was not mentioned in the poll. On September 20, @CozomoMedici tweeted that they were about to reveal their identity from their account. Shortly after, Snoop Dogg tweeted “I am @CozomoMedici.”   Interestingly, after making this revelation, the Medici account bought two weed-themed collectibles from an artist named NyanDogg, The Verge reported. Additionally, Snoop’s alleged OpenSea account has been sent  “a cloud of blunt and Snoop-themed NFTs” following the reveal. Is Medici Account an Elaborate Prank? The Medici account could likely turn out to be an elaborate prank, one that Snoop might have engineered himself or just participated in. Many reactions to Medici’s reveal have also expressed skepticism about Snoop’s involvement. “I have a hard time accepting that this account is Snoop Dogg. Like seriously Snoop Dogg muted his live stream for a week (?) by accident. And he is that deep into NFTs out here owning crypto punks… Owning Eth using OpenSea. Would love that to be true but I can’t believe it,” Twitter user @Brandolf485 wrote in the comments. Nonetheless, the crypto community will have to continue looking for concrete proof till Snoop’s involvement with the account is confirmed. 

The post Snoop Dogg Reveals His Connection With Twitter Account on NFTs appeared first on Cryptoknowmics-Crypto News and Media Platform.

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American rapper Snoop Dogg tweeted on Monday that he’s the owner of a Twitter account that talks about nonfungible tokens (NFTs). The account, named @CozomoMedici, shares “insights and tales from the wild world of NFTs” and has 27.7K followers at the moment.

Snoop Dog Claims to Be Popular NFT Advocate on Twitter

Snoop Dogg left the crypto community stunned this week after he revealed himself as the owner of a Twitter account dedicated to NFTs. 

The account Cozomo de’ Medici, named after an Italian banker, is only a month old. However, it has already garnered attention from industry watchers and even a mention from crypto-focused news outlet The Block.  

According to The Verge, the person behind the Medici account had been creating hype around their real identity for “at least a few days” and even conducted a poll for their followers to take a guess. The poll featured Democratic congresswoman Alexandria Ocasio-Cortez and Matt Bellamy, the lead singer of the rock band Muse. Snoop, however, was not mentioned in the poll.

On September 20, @CozomoMedici tweeted that they were about to reveal their identity from their account. Shortly after, Snoop Dogg tweeted “I am @CozomoMedici.”

Interestingly, after making this revelation, the Medici account bought two weed-themed collectibles from an artist named NyanDogg, The Verge reported. Additionally, Snoop’s alleged OpenSea account has been sent  “a cloud of blunt and Snoop-themed NFTs” following the reveal.

Is Medici Account an Elaborate Prank?

The Medici account could likely turn out to be an elaborate prank, one that Snoop might have engineered himself or just participated in. Many reactions to Medici’s reveal have also expressed skepticism about Snoop’s involvement.

“I have a hard time accepting that this account is Snoop Dogg. Like seriously Snoop Dogg muted his live stream for a week (?) by accident. And he is that deep into NFTs out here owning crypto punks… Owning Eth using OpenSea. Would love that to be true but I can’t believe it,” Twitter user @Brandolf485 wrote in the comments.

Nonetheless, the crypto community will have to continue looking for concrete proof till Snoop’s involvement with the account is confirmed. 

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Source: https://www.cryptoknowmics.com/news/snoop-dogg-reveals-his-connection-with-twitter-account-on-nfts/

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