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'Bitcoin Isn't Money and Never Will Be,' Says Block.one CEO Brendan Blumer

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Wed, 02/19/2020 - 19:20
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  • Brendan Blumer, the CEO of Block.one, believes that Bitcoin poses an existential threat to gold but it will never be used as actual money

Cover image via U.Today
Contents

In response to Peter Schiff's acrimonious tweet, Brendan Blumer, the CEO of EOS developer Block.one, noted that Bitcoin (BTC) will never be used as money. However, the cryptocurrency that started it all could eventually overtake gold within the next two decades.

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Bitcoin will not replace fiat

Blumer seems convinced that Bitcoin will not be able to replace fiat currencies as a medium of exchange. It's much easier to use them for spending since they are tax optimized. Despite the gradual adoption of the Lightning Network, BTC still faces scalability issues — it is way too slow and expensive for an average consumer. 

Another problem is that Bitcoin holders simply don't want to spend their crypto riches anytime soon since they believe that they will significantly appreciate in the future.   

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Doom and gloom 

After calling Bitcoin a 'pyramid scheme,' Schiff, a stubborn crypto bear, recently shares his grim prediction about the forthcoming May halving. The gold bug predicts that this event will result in an immense sell-off.   

As reported by U.Today, Bloomberg also predicted that this halving could lead to a big bear market due to mass disillusionment.  

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 Impersonate Bill Gates and Endanger Almost 30K YouTubers

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Sun, 03/29/2020 - 19:38
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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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