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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

Nym: The World’s First Generic Incentivized Mixnet Releases its Whitepaper 

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[PRESS RELEASE – Please Read Disclaimer]

In a time when mass surveillance and data harvesting are ever present and not a day goes by without news of companies selling user data for profit, Nym Technologies is building a next generation privacy network that can change the way people use the internet.

Chelsea Manning, a famous whistleblower and technologist, says “As methods for network traffic analysis have dramatically improved in the last decade, I have frequently called for research (most notably in 2016) into alternative methods to Tor that avoid exposing the data within the network to such analysis. Nym is one such viable alternative worthy of research, and developmental implementation.”

Nym was conceived in 2017 and was the first privacy project to receive funding from Binance Labs in 2018, followed by a $2.5M raise from other well known investors. Today, the actual design of Nym has been made public after extensive review by technologists like Chelsea Manning, academics like Carmela Troncoso, and venture capital firms like Polychain Capital.

Carmela Troncoso (EPFL) notes “I spent a long part of my career working on improving mix-based anonymous communications systems. It is thrilling to see how the Nym team, a unique combination of expert software engineers and privacy experts, have made mixnets a reality.”

The Nym network is a generic, decentralized, and incentivized infrastructure that provides privacy to a broad range of applications and services, including any blockchain. A core component of Nym is a mixnet that protects the metadata of the internet packets sent to it with privacy superior to both VPNs and Tor.

Metadata is “data about data”, and includes IP addresses of the users, geolocations, information about who talked to who, when, and how often. All of this metadata can be monetized or used without users knowledge. Now it can be protected by Nym.

Anyone can join the network by running a node and get rewarded in NYM tokens for providing privacy to the network. Nodes do useful work anonymizing packets for users and services.

NYM tokens can be transformed into anonymous credentials that allow users to privately prove their “right to use” of services in a decentralized and verifiable manner. This allows users to be private at the network level as well as the application layer. Cosmos and the European Commission are amongst the many who have been supporting the use of Nym’s anonymous credentials.

The 3rd-party applications and services that can integrate their systems to the Nym network to protect their users from malicious actors and preserve their privacy range from crypto apps (wallets or DeFi projects) to messaging applications, IoT devices, or literally any data transfers over the internet that can leak metadata.

Currently, Nym is running an incentivized testnet with a 1500 capped number of nodes on the Liquid network, but this limit will raise in the next major release due to the high demand of people who want to join the network and test its features out.

Throughout human history, privacy has been considered a great asset and a prerequisite for freedom. However as privacy was not built into the fabric of the internet, power is now in the hands of a few powerful players. Nym is setting off to change this and give power back to users so they can decide if and how they reveal their data. To know more about the technicalities, read the whitepaper or join the Nym Telegram channel to stay up to date.

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Source: https://cryptopotato.com/nym-the-worlds-first-generic-incentivized-mixnet-releases-its-whitepaper/

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This bullish Bitcoin options strategy lets traders speculate on BTC price with less risk

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Historical data shows that it is nearly impossible to consistently predict Bitcoin’s price action and many traders that attempt this end up losing money. Now that Bitcoin trades near $50,000, the ultimate goal for most traders is to hold on to their current holdings and incrementally add to them in a way that is not terribly risky. 

Options strategies provide excellent opportunities for traders who have a fixed-range target for an asset. For example, using leveraged futures contracts might be a solution for a scenario where one expects a price increase of up to 28% over the next month. Of course, using a tight stop loss lessens the viability of the trade.

On the other hand, using multiple call (buy) options can create a strategy that allows gains that are four times higher than the potential loss. These can be used in both bullish and bearish circumstances, depending on the investors’ expectations.

The long butterfly strategy allows a trader to profit from the upside while limiting losses. It’s important to remember that options have a set expiry date; therefore, the price increase must happen during the defined period.

The Bitcoin (BTC) calendar options below are for the March 26 expiry, but this strategy can also be used on Ether (ETH) options or a different time frame. Although the costs will vary, its general efficiency should not be affected.

Profit / Loss estimate. Source: Deribit Position Builder

The suggested bullish strategy consists of buying 1 BTC worth $48,000 call options while simultaneously selling double that amount of $56,000 calls. To finalize the trade, one should buy 1 BTC worth of $64,000 call options.

While this call option gives the buyer the right to acquire an asset, the contract seller gets a (potential) negative exposure.

As the estimate above shows, if BTC is trading for $48,700, any outcome between $49,380 (up 1.5%) and $62,630 (up 28.6%) yields a net gain. For example, a 10% price increase to $53,570 results in a $4,000 net gain. Meanwhile, this strategy’s maximum loss is $1,350 if BTC trades below $48,000 or above $64,000 on March 26.

This allure of this butterfly strategy is the trader can secure a $4,050 gain, which is 3x larger than the maximum loss, if BTC trades from $53,550 to $58,460 expiry.

Overall it yields a much better risk-reward from leveraged futures trading considering the limited downside.

The multiple options strategy trade provides a better risk-reward for bullish traders seeking exposure to BTC’s price increase and the only upfront fee required is the $1,350 which reflects the maximum loss if the price is below $48,000 or above $64,000 at the expiry date.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Source: https://cointelegraph.com/news/this-bullish-bitcoin-options-strategy-lets-traders-speculate-on-btc-price-with-less-risk

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Transaction batching protocol Furucombo suffers $14 million “evil contract” hack

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The latest “evil contract” exploit has netted an attacker over $14 million in stolen funds. 

Furucombo, a tool designed to help users “batch” transactions and interactions with multiple protocols at once, fell victim to the attack which centered on token approvals from users.

The attacker’s address currently has $14 million worth of various cryptocurrencies, but the attack appears to be larger as they have been transferring ETH to privacy mixer Tornado Cash in batches over the last hour.

This attack is conceptually similar to the $20 million “evil jar” attack that struck Pickle Finance last year, as well as the $37 million “evil spell” exploit that hit Alpha Finance earlier this month. In these “evil contract” exploits, an attacker creates a contract that fools a protocol into believing it belongs there, giving them access to protocol funds.

In this case, the attacker ‘tricked’ the Furucombo protocol into thinking that their contract was a new verison of Aave. From there, instead of draining funds from the protocol as in previous evil contract exploits, the attacker instead leveraged the ability to transfer the funds of every user who had given the protocol token permissions. 

“Infinite permissions means you can wipe everyone who interacted with Furucombo,” said whitehat hacker and co-founder of DeFi Italy Emiliano Bonassi in a statement to Cointelegraph.

This type of exploit appears to be growing increasingly popular, now accounting for over $70 million in user funds lost in just a few months.

The team confirmed the attack in a Tweet, saying that they “believed” they’d mitigated the exploit but recommended revoking permissions “out of an abundance of caution:”

Users can leverage tools like revoke.cash to do so. 

The attack comes during a period of wider reflection in the DeFi world on security and the utility of auditing companies. In the last three months, three different auditing and code review services have emerged, each with a different incentive model designed to encourage more thorough and dynamic security practices.

Source: https://cointelegraph.com/news/transaction-batching-protocol-furucombo-suffers-14-million-evil-contract-hack

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