Bitcoin Expert Warns of 90% Cardano Price Drop, While FXGuys Hits $1 Million Milestone

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October 13, 2024

Market predictions can often shift the landscape overnight in the ever-volatile cryptocurrency world. Recently, prominent Bitcoin advocate Max Kaiser made waves by forecasting a dramatic 90% drop in Cardano’s value relative to Bitcoin over the next six months. While Cardano supporters have humorously speculated that this could create a lucrative buying opportunity, it also raises concerns about the platform’s ability to meet its long-term commitments. Meanwhile, amidst the fluctuating crypto landscape, a new player is emerging with promise — FXGuys, which recently raised over $1 million in its private sale, positioning itself as the top PropFi altcoin pick.

Max Kaiser’s Bold Prediction on Cardano

Max Kaiser, a well-known Bitcoin advocate, has never avoided making bold statements. His latest prediction that Cardano (ADA) could lose up to 90% of its value relative to Bitcoin is certainly eye-catching. Kaiser’s reasoning aligns with the beliefs of many Bitcoin maximalists who view Bitcoin as the ultimate store of value, driven by its decentralized structure, high liquidity, and market dominance.

Cardano, a blockchain platform known for its proof-of-stake consensus and peer-reviewed academic methodology, has made strides in scalability and energy efficiency. However, critics argue that it has struggled to attract developers and build the robust ecosystem it promised. While ADA supporters like Cardano Whale view this price dip as a potential buying opportunity, the forecast reflects broader concerns about Cardano’s ability to compete against more dominant assets like Bitcoin in the long run.

FXGuys Emerges as Top PropFi Altcoin

As Cardano faces turbulence, another altcoin is rapidly gaining momentum — FXGuys. FXGuys is making waves in the burgeoning PropFi (Proprietary Finance) space, combining decentralized finance (DeFi) innovations with a unique Trade2Earn model. In its Stage 1 presale, FXGuys has already sold out 68,000,000 $FXG tokens, raising over $1 million in its private round. The token is priced at just $0.03, signaling potential growth as it continues attracting attention from early investors.

FXGuys sets itself apart through its Trader Funding Program, which is designed to support traders by providing funding for their strategies. This program creates an innovative staking mechanism that rewards participation. This funding model, combined with staking opportunities, makes FXGuys a standout in the PropFi space, offering a tangible value proposition that other projects in the sector have struggled to match.

Why FXGuys is a Top Altcoin Pick

Unlike many other altcoins, FXGuys is carving out a niche that caters to both retail and professional traders looking for a mix of decentralized finance and Trader Funding opportunities. Its $FXG token provides access to the platform’s core features and offers staking rewards, giving investors additional incentives to participate in the project.

FXGuys’ Trade2Earn model is another standout feature, rewarding traders for their activity and success on the platform. This sets a new standard for decentralized trading platforms, blending traditional finance tools with the flexibility of DeFi. With the project still in its early presale stage, it presents a unique opportunity for investors to get involved at an entry-level price of $0.03 per token.

Conclusion: A Tale of Two Cryptos

As the cryptocurrency market continues to evolve, the contrasting fortunes of Cardano and FXGuys offer a snapshot of the opportunities and risks of investing in digital assets. Max Kaiser’s prediction of a 90% price drop for Cardano is a sobering reminder of the volatility that still dominates this space, particularly for projects that have yet to reach their full potential.

In contrast, FXGuys has shown tremendous early success, raising over $1 million and offering a robust PropFi model that could reshape how traders engage with decentralized finance. With its $FXG token priced at just $0.03 and a promising roadmap ahead, FXGuys stands out as one of the top altcoin picks in 2024, offering both innovation and growth potential.

To find out more about FXGuys follow the links below:

Website | Whitepaper | Socials | Audit

Exclusive FXGuys Promo Code:

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The Nasarawa State Unemployment Rate of 0.5%, and Correlation Between Poverty and Unemployment

By

Ndubuisi Ekekwe

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October 13, 2024

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Original Post

“Nasarawa State unemployment rate is 0.5% “ – National Bureau of Statistics (NBS) – Nigeria. Nasarawa State has a poverty rate of 57.3%, according to NBS.

Who can help me reconcile what is going on here? Is NBS really serving Nigeria well with these useless reports and numbers?

Sure, let me congratulate Nasarawa State for recording 0.5% unemployment rate, one of the best in the world, and better than the US, UK, Japan and indeed anywhere in the world. An unemployment rate of 0.5% is actually a bad thing because it will destroy any economy.

Some Comments on LinkedIn

Comment 1: The biggest challenge with Nigerian economy is DATA. I am not sure why. Is it that the data is not available or No proper method of collecting the data? Or out of laziness or deliberate intent to create a monster out of it, those saddled with responsibility to collect the data, failed and are falling in their role.
That has always been my problem with the kind of ratios and numbers thrown around by NBS and which other government agencies rely on to make pronouncements.

And I am not surprised at this, when as basic as our population figure is based on conjectures.

We have a BIG PROBLEM if NBS indeed put out these figures about Nasarawa.

Comment 2: I’m not here to take sides, but rather to explain what many people don’t know about research data. I see many people with various titles commenting, but they don’t understand how this is done. About 3 years ago, NBS changed their methodology for calculating the unemployment rate in Nigeria. The simplest way to explain it is that if you are working, regardless of the number of hours you put into the work, you are considered employed as long as you are not doing anything at all. However, the other countries you’re comparing with are using hours of work as a criterion. That’s the key difference. Before now, NBS also uses the same methodology but it doesn’t fit in to the system because Nigeria is not structured in hourly work. What NBS discovered is that there are people who only work a few hours but make enough money to support their families. For example, would you say a food seller who only sells from 6 pm to 10 pm is unemployed? The dynamics are different, and we need to understand that. Lastly, before commenting on any data, let’s learn to check the methodology so that we don’t appear uninformed.

My Response: “There’s no correlation between poverty and unemployment as a yardstick. ” – If you have no unemployment (0.5% here), you should be in a position to boost earning and wages. If you boost wages, poverty will go. You cannot tell me that everyone has a job and everyone is poor. I challenge the thesis of your comment because low unemployment should improve wages, and that will reduce poverty.

Follow up after comments

On my question on how we can reconcile National Bureau of Statistics (NBS) data where a state in Nigeria (Nassarawa) has 0.5% unemployment rate, and still have poverty rate of 57%, I have received some responses:

Comment 1: “There’s no correlation between poverty and unemployment as a yardstick. ”

Comment 2: “ Prof; the fact that you are employed does not translate to riches.“

My Response: The construct that unemployment rate does not correlate with poverty rate is not factual. If you have no unemployment (0.5% here) in a place, you should be in a position to boost wages of workers because wages will rise due to competition which happens during full employment. If you boost wages, poverty will reduce since people will have money in their pockets. You cannot tell me that everyone has a job in a place and people are still that poor.

Low employment MUST increase labour cost, and that will reduce poverty in the land due to market forces. In summary, there is a positive correlation between unemployment and poverty because under FULL employment in Nasarawa State, we cannot expect a 57% poverty rate if market forces are working!

Good People, I am not saying that NBS is wrong, I just want someone to explain in a logical way why a place with FULL employment can have a high poverty rate. Otherwise, NBS may need to revisit its methodology, and then define what is really an “employment”. Get me right, at 0.5%, everyone should be japa’ing to Nasarawa as it has the lowest unemployment rate in the world.

Under Yemi Kale’s tenure, I used NBS’ data in my Harvard Business Review works. I am not saying that NBS is wrong, I just want someone to explain in a logical way.

Comment on Feed

Comment 1: Dear Prof. Anyone arguing that there is no correlation between unemployment rate and poverty really need to step back and go and understand basic economics. A 2019 study in Nigeria found 0.85% correlation coefficient between unemployment and poverty rates.( Journal of Economic and Financial Studies).
Same NBS in 2022 before this their new methodology published Unemployment as 23.1% and Poverty Rate @ 40.1%.
In fact Research also shows that a 1% increase in unemployment rate is associated with 0.5-15% increase in poverty rate( World Bank).

Comment 2: “If majority are employed, say they still earn minimum wage which cannot even buy 30 litters of fuel …it’s possible to have both unemployment rate of 0.5% and still have poverty rate of 57%.”

My Response: That state is not possible unless there is no productivity in that place. If you have FULL employment where everyone earns N70k, to leave that job for another new opening, you need to pay more than N70k. So, for you to keep all at 70k, it means nothing new is happening in that place. Should that be, the state has to bring workers who would like to earn N70k from other states for new projects and positions. I am not aware that people are japa’ing to Nasarawa to earn min wage which will keep the equilibrium of FULL employment at min wage.

You can be employed and still be poor. It is common in the US fast food sector. However, a state cannot have FULL employment at 0.5% and still keep min wage since that state is still active economically. The very fact that it is on FULL employment will push employers to improve wages, and that will reduce poverty. So, at a population level, your position does not work.

Poverty, no matter the multidimensional level you may posit, connects back to “money” which is income. If you have money, education, healthcare, etc poverty will disappear. So, I do not accept the thesis that he is fully employed with good income, but his poverty is coming from healthcare or education poverty as that is not typical.

Crypto for Dummies: Top 3 Coins to Start Your Wallet Journey 2024

By

TI Partners

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October 13, 2024

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Starting off on a crypto trading adventure can seem overwhelming but it need not be. For beginners, Lunex Network, Cardano, and Litecoin are the top three coin selections to start your wallet journey in 2024. Each of these coins offers unique features and benefits that cater to new investors. Let’s see why experts are particularly backing Lunex Network among the top three.

Litecoin (LTC) Rises By 1% In 7 Days

Litecoin’s price has climbed by 1.84% during the last 7 days to $64.30. Litecoin’s increasing payment dominance sets it apart, since it currently accounts for 37% of all cryptocurrency transactions, exceeding Ethereum and Bitcoin. This rise is due to Litecoin’s fast, low-cost transactions. Litecoin’s liquidity is solid, with a volume-to-market cap ratio of 0.1482. The RSI of 64.80 suggests neutral momentum, indicating sideways trading for now.

Over the past month, Litecoin saw positive performance 57% of the time, with low volatility at just 4%. Despite only outperforming 25% of the top 100 crypto assets, its expanding role in transactions keeps it relevant. For all those searching for an efficient and stable crypto, Litecoin remains a good choice.

Cardano (ADA) Faces Challenges

Cardano was formerly a contender in the Layer-1 blockchain space. A price rally to $0.80 in 2024 made some believe Cardano’s time had arrived. However, the resurgence of the broader market has shifted investors’ focus toward the larger ecosystems. This has hurt smaller Layer-1 blockchains like Cardano, and analysts don’t expect its price to reach $1 soon, as challenges persist.

Meanwhile, Cardano’s native currency, ADA, is currently facing challenges due to market pressure from Bitcoin and concerns surrounding large-scale Ethereum (ETH) sales related to the PlusToken scandal. A significant amount of ETH has been transferred to major exchanges, sparking fears of a possible $1.3 billion sale. This potential sale could have a major impact on Cardano and other altcoins, adding to the ongoing turbulence in the market.

Lunex Network’s (LNEX) Privacy-focused Crypto Trading Set To Change DeFi

Lunex Network focuses on privacy in crypto trading by eliminating KYC requirements. Users can trade anonymously without needing to submit personal documents, which simplifies the process and enhances security for all traders, whether beginners or seasoned.

For advanced traders, Lunex Network Pro offers a portfolio tracker for better asset management, along with an AML-compliant wallet address for enhanced safety. Businesses can make use of the platform’s B2B transaction gateway which allows crypto-to-fiat conversions immediately. This particular feature has attracted institutional investors and large-scale traders to the platform.

Lunex Network also has a revenue-sharing model that appeals to investors. The platform repurchases tokens from the market and distributes them as staking rewards, offering up to 18% APY. This, along with its deflationary tokenomics, helps maintain long-term token value, making $LNEX a solid investment.

Analysts predict huge potential gains, with 100x returns possible. With the token currently priced at $0.0015 in its presale, investors are encouraged to act quickly before the price surges during the anticipated 1800% rally.

You can find more information about Lunex Network (LNEX) here:

Website: https://lunexnetwork.com

Socials: https://linktr.ee/lunexnetwork

Stripe Reintroduces Crypto Payments With Stablecoins, Sees Global Adoption From Over 70 Countries in First 24 Hours

By

Ojukwu Emmanuel

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October 13, 2024

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Stripe, the global payment processing giant, has announced that users from over 70 countries used stablecoins for online transactions in the first 24 hours.

This development comes after the company began allowing merchants on its platform to accept crypto payments again, starting with US-based merchants.

According to an X post from Stripe employee Jen, the new feature gained rapid engagement in a short period after launch.

She wrote,

“In the first 24 hours, customers from 70+ countries have paid with stablecoins through Stripe. Today, we just expanded access, so if you’re a US merchant on Stripe, check your Stripe dashboard and turn on ‘Pay with Crypto!”

Recall that Stripe initially became a leader in the crypto space when it introduced Bitcoin payment support in 2014. However, it discontinued the feature in 2018, citing declining demand, long transaction times, higher fees, and price volatility.

The fintech new stablecoin option will enable merchants accept payments globally, with customers able to pay using USDC or USDP on Ethereum, Solana, and Polygon, while US merchants receive payments in dollars. Users can connect browser-extension wallets like Metamask or Coinbase Wallet to make payments and Stripe offers merchants the convenience of issuing refunds directly to customers’ wallets.

As part of the crypto payment solution, Stripe charges a 1.5% fee per transaction (in USD), lower than the 2.9% plus $0.30 typically charged for card payments. Head of Product Jay Shah, highlighted that Stripe now supports over 100 payment methods and plans to further expand its offerings.

Stripe’s move to reintroduce crypto, starting with stablecoins, aligns with the company’s goal to help businesses reach more customers at a lower cost. With the reintroduction of crypto payments, Stripe merchants can now accept USD payments across multiple blockchains without the complexity of holding or converting crypto to fiat.

This development highlights Stripe’s commitment to staying at the forefront of innovation in the payment industry. The company’s efforts come as demand for alternative payment methods continues to rise, particularly in emerging markets where access to traditional banking services remains limited.

Notably, the relaunch is expected to have far-reaching implications, potentially paving the way for wider acceptance of cryptocurrency payments across various industries and regions. As more businesses and consumers adopt stablecoin payments, Stripe is positioning itself as a leader in the evolving digital economy.

Also, in the company’s efforts to enhance fraud detection on its platform, it recently partnered with Nvidia that will advance AI for Stripe and improve fraud detection for its followers.

Air Peace CEO, Allen Onyema, Faces New Obstruction of Justice Charges Amid Fraud Investigation, Extradition to the US Likely

By

Samuel Nwite

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October 13, 2024

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Allen Ifechukwu Athan Onyema, founder, Chairman, and CEO of Air Peace, one of Nigeria’s leading airlines, has been hit with new charges, including obstruction of justice, by the U.S. Department of Justice, following an indictment by U.S. authorities. The superseding indictment accuses Onyema of submitting false documents in an effort to hinder an ongoing investigation into previous charges of bank fraud and money laundering.

Alongside Onyema, Ejiroghene Eghagha, the airline’s Chief of Administration and Finance, has been charged with involvement in both the alleged obstruction and the earlier fraudulent activities.

According to the Department of Justice, Onyema and Eghagha orchestrated a scheme involving the misuse of export letters of credit. The letters, which ostensibly funded the purchase of five Boeing 737 aircraft for Air Peace, allegedly allowed the transfer of over $20 million into U.S. accounts. However, the supporting documents, including purchase agreements, bills of sale, and appraisals, were found to be fraudulent.

Background of The Fraud Allegations and Obstruction Charges

Onyema and Eghagha’s legal troubles began with the November 2019 indictment, which accused them of a wide-ranging scheme involving bank fraud, credit application fraud, identity theft, and money laundering. These allegations span back to financial transactions from 2010 to 2018, with the fraudulent activity peaking between 2016 and 2018. U.S. authorities allege that Onyema used Air Peace as a cover for illegal financial activities, including transferring over $44.9 million into bank accounts in Atlanta, Georgia, from foreign sources.

The superseding indictment filed on October 8, 2024, adds to the charges by accusing Onyema of attempting to obstruct justice by submitting fraudulent documents to U.S. authorities to mislead the investigation.

“After allegedly using his airline company as a cover to commit fraud on the United States’ banking system, Onyema, along with his co-defendant, allegedly committed additional crimes of fraud in a failed attempt to derail the government’s investigation of his conduct,” U.S. Attorney Ryan K. Buchanan said.

This latest indictment, Buchanan added, showcases the diligence of federal investigative partners in uncovering the defendants’ obstruction scheme, thus allowing for greater accountability.

The authorities allege that Springfield Aviation Company LLC, the entity purportedly selling the aircraft to Air Peace, was owned by Onyema himself, and never actually possessed the planes. Additionally, the appraisal company referenced in the documents did not exist.

Eghagha is accused of playing a key role in the execution of the scheme, including directing the manager of Springfield Aviation to sign false documents and even using the manager’s identity to facilitate fraud. After receiving the funds, Onyema allegedly laundered over $16 million by transferring it between various accounts in the United States.

Obstruction of Justice Allegations

The obstruction of justice charges are linked to actions taken by Onyema and Eghagha following the discovery of the investigation in 2019. It is alleged that the two instructed the Springfield Aviation manager to sign a key business contract but deliberately left the document undated. In October 2019, the contract was then falsely dated to May 5, 2016, predating the alleged fraudulent activities, and was presented to the U.S. government in an attempt to unfreeze bank accounts and halt the investigation.

According to the authorities, these actions were a calculated effort to mislead investigators and obstruct the course of justice.

“The charges announced today demonstrate the criticality of diligence and truth in criminal justice proceedings. HSI and our partners are committed to pursuing those who seek to exploit our nation’s financial system and any efforts to cover up illegal activity,” Steven N. Schrank, Acting Special Agent in Charge, of Homeland Security Investigations (HSI) Atlanta, stated.

The investigation into Onyema’s activities is being led by multiple federal agencies, including the Drug Enforcement Administration (DEA), Internal Revenue Service Criminal Investigation (IRS-CI), Homeland Security Investigations (HSI), and others. These agencies have been part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation, aimed at dismantling high-level criminal organizations.

Potential Extradition to the United States

With the new charges added to the already significant list, Onyema faces the likelihood of extradition to the United States. This development is based on the extradition treaty between Nigeria and the U.S., which allows for the transfer of suspects facing serious criminal charges.

Given the gravity of the accusations, including multiple counts of bank fraud, money laundering, identity theft, and obstruction of justice, U.S. authorities are expected to formally request Onyema’s extradition to stand trial in Georgia.

Implications for Air Peace

The legal battle surrounding Onyema is likely to have a significant impact on Air Peace, the airline he founded in 2013, according to analysts. Over the past decade, Air Peace has risen to become a major player in Nigeria’s aviation sector, offering both domestic and international flights. However, Onyema’s legal troubles could jeopardize the airline’s reputation and operational stability, especially, given its recent faceoff with some international airlines. The company has been engaged in ongoing disputes with foreign airlines as it seeks to expand its international routes, aiming to challenge established carriers in markets such as Dubai, Johannesburg, and London.

Analysts believe that the possibility of extradition could also raise questions about the airline’s corporate governance, particularly concerning the potential impact on leadership stability and strategic planning. The potential legal battle abroad is also expected to result in setbacks for the Nigerian aviation industry, with Air Peace’s growth ambitions stalling. Moreover, the current circumstances may lead to increased scrutiny from regulatory bodies and creditors, potentially affecting the airline’s access to financing and international partnerships.

As it stands, the criminal action number 1:19-CR-464 now encompasses various charges against Onyema and Eghagha, ranging from conspiracy to commit bank fraud and credit application fraud to money laundering and obstruction of justice. Under U.S. law, all defendants are considered innocent until proven guilty, and it remains the responsibility of the prosecution to establish guilt beyond a reasonable doubt.

Bitcoin Expert Warns of 90% Cardano Price Drop, While FXGuys Hits $1 Million Milestone

Max Kaiser’s Bold Prediction on Cardano