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Biggest Threat to Bitcoin (BTC) Revealed in New Poll

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Wed, 02/19/2020 - 06:57
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  • The Bitcoin (BTC) community is afraid of a China-style crackdown in the United States

Cover image via U.Today
Contents

Despite the fact that Bitcoin (BTC) has been around for more than 11 years, its future remains uncertain.

Stock-to-flow model creator PlanB recently tweeted a poll where he asks Bitcoiners what concerns them the most. It appears that the lion's share of them fears a regulatory crackdown in the United States.

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Be afraid of Mnuchin 

Steven Mnuchin, U.S. Treasury secretary, recently made waves in the crypto community by promising "significant" new FinCEN requirements for digital assets during a congressional hearing. 

"We want to make sure cryptocurrencies aren’t used for the equivalent of old Swiss secret number bank accounts."

Prior to that, Mnuchin had already slammed cryptocurrencies for facilitating illegal activities on numerous occasions. However, his promise to adopt new regulations (on top of enforcing the existing ones) represents a dramatic shift in his rhetoric.      

While governments cannot technically kill Bitcoin, they can target fiat on-ramps to curb its adoption, thus erasing years of progress.  

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More reasons to be concerned 

The community also feels uneasy about the mushrooming futures market. As reported by U.Today, it could be the reason why the upcoming halving might not be bullish for BTC.      

Meanwhile, self-proclaimed Satoshi Craig Wright delivering on his promise to sue Bitcoin into oblivious seems to be the least of everyone's worries.   

 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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  • Bitcoin (BTC) scammers know no quarantines or self-isolation. Dozens of fraudulent airdrops falsely endorsed by Bill Gates ask YouTubers to send in their Bitcoins.

Cover image via stock.adobe.com
Contents

Typically, fake YouTube airdrops are quite similar to each other. With the current pandemic enraging across the planet, a series of scams that impersonate Bill Gates have some distinct features.

With Bitcoin (BTC) Price Drop, Scammers are Getting Greedy

Just like in several other previous cases, the fraudsters launch fake 'live streams' on YouTube, asking users to send in their Bitcoins (BTC) in order to get redouble the initial amount.  An 'entry ticket' into to this scam starts at 0.1 BTC which is more than $650. With previous scams, it was much cheaper.

Fake YouTube Bitcoin (BTC) airdrop
Image via YouTube

The scammers also publish the URLs of this campaign, which are linked to suspicious websites. Unlike previous cases, fraudsters launch multiple live streams simultaneously. At press time of this article, at least two of them were active.

Multiple scam streams on YouTube
Image by YouTube

According to statistics, the average popularity of one live stream is about 30,000 viewers.

Very Bad Idea

Alongside that, launching fake airdrops on behalf of Microsoft's Bill Gates isn't a slam dunk for the fraudsters. It may seem ironic, but Mr. Gates is a prominent critic of cryptocurrencies, particularly of Bitcoin (BTC). He is sure that digital assets represent a kind of a ‘greater fool theory’ type of investment.

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Cryptocurrencies kill, added Mr. Gates. To him, its only use-case besides short-term speculations is illegal funding for drug trafficking:

Right now cryptocurrencies are used for buying fentanyl and other drugs, so it is a rare technology that has caused deaths in a fairly direct way.

The U.Today team will one more time state that no airdrop will be conducted without the notification from an official website of a product or token. Any YouTube, Medium, and/or Telegram announcements may shill scammers. Never send your money to unknown persons.

About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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