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Wallstreetbets Calls Out Cryptocurrency Scam Using Its Likeness

The Wallstreetbets collective has denied their involvement with the Wallstreetbets cryptocurrency. A Reddit post by u/OPINION_IS_UNPOPULAR claims an ex-mod is behind the scam, which he describes as a “crypto pyramid scheme.” In February, at the height of the Wallstreetbets mania, it emerged that the mods had split over a potential movie deal. A power struggle […]

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The Wallstreetbets collective has denied their involvement with the Wallstreetbets cryptocurrency. A Reddit post by u/OPINION_IS_UNPOPULAR claims an ex-mod is behind the scam, which he describes as a “crypto pyramid scheme.”

In February, at the height of the Wallstreetbets mania, it emerged that the mods had split over a potential movie deal. A power struggle ensued, leading to the group that opposed the deal being booted. Following a post requesting the reinstatement of the ousted group that had over 9,000 upvotes, Reddit stepped in to remove the moderators and restore normality. But with so much complexity to the story, who can be trusted?

Wallstreetbets Deny Creating a Cryptocurrency

Commenting on the Wallstreetbets cryptocurrency, u/OPINION_IS_UNPOPULAR distanced his group from the project, saying it has nothing to do with the real Wallstreetbets crowd.

He said it’s another attempt by the group’s disgraced founder to cash in on the movement’s popularity. Adding, other attempts include phishing users, a paid mentoring group, advertising, turning options trading into an esport, as well as the movie deal mentioned previously.

“We are strongly anti-monetization. This scam has nothing to do with us.”

Wallstreetbets shot to notoriety following its influence on the stock price of GameStop and AMC Cinema, and later Dogecoin. Several Wall Street hedge funds were dealt a bloody nose from shorting these stocks.

The movement became a symbol of people’s power over large faceless corporations that seek to profit from misery. Political philosopher Slavoj Žižek highlighted the irony of the aftermath in which Wall Street called for state intervention.

“We are in a situation in which Wall Street, the model of corrupt speculation and inside-trading, always by definition resisting state intervention and regulation, now opposes unfair competition and calls for state intervention.”

What’s Does it Offer?

The Wallstreetbets cryptocurrency project describes itself as a community-owned and operated decentralized application version of r/wallstreetbets.

“WSB DAO was created to openly encourage the free flow of public information and opinion into actionable results. So that anyone, everywhere can YOLO together as one.”

Although it describes itself as a social media chat dapp, confusion comes when the whitepaper reveals a trading platform. It appears to offer tokenized portfolios containing GameStop (GME), AMC Entertainment (AMC), Nokia (NOK), Blackberry (BB), iShares Silver Trust (SLV), Tesla (TSLA), Apple (AAPL), and Virgin Galactic (SPCE) stocks.

$WSB token holders vote to decide on the rebalancing and exposure of each of these instruments within “Exchange Traded Portfolios.”

Users are asked to log in with MetaMask, select an “Exchange Traded Portfolio,” of which there are three, DeFi, Stonks 1, and Stonks 2. Then send USDC to the relevant smart contract, and receive ETP tokens back. These represent a share of the underlying ETP assets.

The WSB dapp completed its Initial DEX Offering (IDO) on the Binance Smart Chain launchpad on April 20.

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Source: https://www.newsbtc.com/news/wallstreetbets-calls-out-cryptocurrency-scam-using-its-likeness/

Blockchain

Binance Coin, Polkadot, MATIC Price Analysis: 12 May

While Ethereum, the world’s largest altcoin, may be breaching one ATH after the other, the same cannot be said for the rest of the market’s altcoins, including the likes of Binance Coin and Polkadot.

The post Binance Coin, Polkadot, MATIC Price Analysis: 12 May appeared first on AMBCrypto.

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While Ethereum, the world’s largest altcoin, may be breaching one ATH after the other, the same cannot be said for the rest of the market’s altcoins, including the likes of Binance Coin and Polkadot. Others like MATIC, however, were quick to take ETH’s lead, with the former recording significant gains of its own over the last week.

Binance Coin [BNB]

Source: BNB/USD on TradingView

The crypto-market’s premier exchange token, Binance Coin has been one of the year’s best performers with YTD returns of 1675%, at press time. The last 10 days or so, however, have seen the altcoin’s uptrend stall somewhat, with the crypto continuing to trade around the $650-price level. In fact, at the time of writing, BNB was just less than 5% away from its ATH on the charts.

Despite BNB choosing to consolidate its position instead of hiking, the altcoin’s technical indicators were continuing to flash bullish cues.

While Parabolic SAR’s dotted markers were under the price candles and underlined the bullish nature of the BNB market, the Relative Strength Index was skirting the overbought zone. With room available towards the north, RSI can be expected to head towards the overbought zone once the price of the crypto climbs once again.

Here, it’s worth noting that BNB’s price action this year has fueled expectations that the alt might touch $1000 before the end of the year.

Polkadot [DOT]

Source: DOT/USD on TradingView

Thanks to Polkadot’s inconsistent movement over the past few months, DOT’s position on CoinMarketCap had been usurped somewhat, at press time, with the likes of Dogecoin and ICP trading well ahead of it. Over the said period, DOT’s movement has followed the crest and trough pattern, with the alt being unable to register a sustained trend in any direction.

In the last week alone, DOT fell by over 12% in 3 days, with the crypto climbing the charts again soon after.

The mouth of Bollinger Bands was widening to highlight the likelihood of incoming price volatility. MACD line was hovering above the Signal line, but only just, suggesting that the possibility of a bearish crossover in the near term was high.

The aforementioned findings were in line with those underlined by a recent analysis, with the same predicting that the MACD can also be projected to fall below the histogram soon.

MATIC

Source: MATIC/USD on TradingView

MATIC was one of the few alts to hike in correspondence with Ethereum’s own hike, with the crypto climbing by over 50% in just 5 days. In fact, at press time, the crypto had climbed to yet another ATH on the charts, with the alt’s bullish momentum looking set to continue for a longer while, at least until ETH’s surge loses momentum.

Interestingly, MATIC’s latest uptick, in opposition to its late-April surge, wasn’t accompanied by a consistent spike in trading volume.

While the Awesome Oscillator’s histogram pictured the market momentum rising across the board, the Chaikin Money Flow was heading towards 0.20 on the back of growing capital inflows.

With MATIC’s supply nearly wiped off of exchanges, it’s worth noting what a retail trader might expect from the crypto in the near future.


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Source: https://ambcrypto.com/binance-coin-polkadot-matic-price-analysis-12-may

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Tesla stops taking bitcoin for car purchases, citing ‘great cost to the environment’

Elon Musk tweeted out a statement on Wednesday night explaining why the electric carmaker has stopped taking bitcoin as payment for its cars.

The post Tesla stops taking bitcoin for car purchases, citing ‘great cost to the environment’ appeared first on The Block.

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Tesla CEO Elon Musk posted a tweet Wednesday evening announcing that Tesla will suspend vehicle purchases using bitcoin due to concerns over the environmental impact of the cryptocurrency.

“We are concerned about the rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” read the statement.

The electric car maker began taking bitcoin for payment in March, just over a month after it disclosed in an SEC filing that revealed a purchase of $1.5 billion worth of bitcoin. Last month, its earnings report for the first quarter of 2021 revealed that Tesla had sold $272 million worth of its bitcoin holdings.

“Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy,” the new statement reads. “We are also looking at other cryptocurrencies that use <1% of Bitcoin’s energy/transaction.”

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Source: https://www.theblockcrypto.com/linked/104720/tesla-stops-taking-bitcoin-payments?utm_source=rss&utm_medium=rss

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Craig Wright Allowed to Serve 16 Bitcoin Developers Over $4B of Stolen BTC

After getting approval by the Business and Property Courts of the High Court in London, Wright will go after Bitcoin developers over stolen BTC worth $4B.

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Craig Wright’s legal attempts to sue a dozen developers working on the networks of Bitcoin, Bitcoin Cash, Bitcoin Cash ABC, and Bitcoin SV have been approved. By tapping a law firm called ONTIER, the self-proclaimed Satoshi Nakamoto will go after the developers to make them recover over $4 billion of BTC supposedly stolen from his computer last year.

CSW Granted Permission to Go After Bitcoin Developers

CryptoPotato reported in late February when Wright and ONTIER announced plans to pursue legal action against the developers of Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), and Bitcoin Cash ABC (BCH ABC).

The firm acted on behalf of Tulip Trading Limited (TTL) – a Seychelles-based entity with Wright being the primary beneficial owner. In the statement, both parties claimed that Wright’s computer was hacked in 2020, and the perpetrators somehow stole his private keys to two addresses, which held over $4 billion in bitcoin.

Consequently, the law firm requested that the developers “enable TTL to regain access to and control of its bitcoins on the grounds that they owe Bitcoin owners both tortious and fiduciary duties under English law.”

Although their claims seemed a bit controversial, to say the least, the firm has been allowed to go forward and serve the developers, according to a statement made by ONTIER on May 12th.


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It reads that the firm has “commenced the process of serving legal proceedings on 16 Bitcoin developers.” The company was granted permission to serve them out of the jurisdiction by the Business and Property Courts of the High Court in London after 145-page application submission.

The statement highlighted once again that “Dr. Wright is the inventor of Bitcoin” and described TTL as the real victim in this case.

“Tulip Trading is, purely and simply, a victim of theft. The hacking was first reported to the police in February last year. TTL has not been granted permission to seek recovery of its access to and control of its digital assets from those in a position to remedy its loss. The fact that someone has stolen TTL’s digitally-held, encrypted private Bitcoin keys does not prevent developers from deploying code to enable the rightful owner to regain control of its bitcoin.”

To Help the Masses

As with the first statement in February, ONTIER and Wright asserted that if this case succeeds, it could help numerous others victims that have been hacked in the past.

“In what may prove to be a huge relief to many, a ruling in Tulip Trading’s favor would have considerable implications for those who have lost access to their Bitcoin or had coins stolen.”

This is far from being Wright’s first controversial legal endeavor related to the cryptocurrency industry. After claiming, without conclusive evidence, though, that he is indeed Satoshi Nakamoto, his lawyers recently warned two bitcoin-related websites to remove the asset’s whitepaper as he supposedly owns legal rights to the document and the Bitcoin name.

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Source: https://cryptopotato.com/craig-wright-allowed-to-serve-16-bitcoin-developers-over-4b-of-stolen-btc/

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Ethernity Chain Immortalizes Tony Hawk’s Last 540 Skate Trick With NFT

[Press Release – Los Angeles, California, 12th May, 2021] Iconic skater Tony Hawk will soon have his own NFT thanks to the Ethernity Chain platform. The new NFT collection will launch on Wednesday May 12 at 12PM ET and be available for 24 hours. Hawk recently performed what he insists will be HIS last ever […]

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[Press Release – Los Angeles, California, 12th May, 2021]

Iconic skater Tony Hawk will soon have his own NFT thanks to the Ethernity Chain platform. The new NFT collection will launch on Wednesday May 12 at 12PM ET and be available for 24 hours.

Hawk recently performed what he insists will be HIS last ever “540” skate trick, and the moment in time will be preserved for eternity as an authenticated NFT (aNFT). The winning bidder will also receive the actual skateboard and shoes used in the final trick.

The legendary skater’s last ever 540 constitutes just part of a coveted collection co-created by influential digital artist Ondrej Zunka, a boyhood fan of Hawk.

“Birdman” will also provide one of his own skateboards, modeled after the inverted handstand and represented as an aNFT. Ethernity plans to raffle the skateboard randomly to a buyer of the aNFT.

The collection is completed by Graffiti Wall, a colorful artwork featuring contributions from skating enthusiasts in the form of messages, drawings and slogans etched on a blank canvas.

“I spend a lot of time around skateparks and there’s always a lot of graffiti everywhere, so I made this public Graffiti Wall inviting friends, family and the public to add a note to Tony,” said Zunka.

“I’ve created a texture from all of these messages and projected them onto the ramps, so whoever participated is now part of these two NFTs.”

Ethernity, which is committed to bringing legendary figures, real world collectibles, and fan engagement to blockchain, recently released aNFTs of Muhammad Ali, Pelé and baseball star Fernando Tatlis Jr. As with Hawk’s collection, each auction also included physical collectibles such as custom baseball bats and gloves worn by the boxer.

About Ethernity

Ethernity is exploring applications for non-fungible tokens (NFTs) within the context of art and philanthropy. It provides a way for celebrities and public figures to endorse digital artwork created by renowned artists. Anyone can purchase each limited edition artwork, with a portion of the proceeds going to charitable causes that the celebrity supports. Ethernity was founded by early Bitcoin investor and NFT innovator Nick Rose Ntertsas.

Learn more: http://ethernity.io/

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Source: https://cryptopotato.com/ethernity-chain-immortalizes-tony-hawks-last-540-skate-trick-with-nft/

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