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Crypto Titans v Presale Tearaways – Ethereum and BNB vs Scorpion Casino

By
TI Partners
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0

Comparing Ethereum, BNB and Scorpion Casino

There are more ways than ever to invest in crypto, and two powerhouses, Ethereum (ETH) and BNB (BNB), have long played their part in dominating the scene. Their established status and market presence make them giants, helping to shape the narrative of the crypto landscape.

Amidst these titans emerges a presale tearaway, Scorpion Casino (SCORP), challenging the status quo with its unique blend of innovation and gaming-centric blockchain integration.

Ethereum: The Trailblazer of Smart Contracts

Ethereum, often referred to as the king of smart contracts, has been at the forefront of blockchain innovation since its inception in 2015. With a robust ecosystem supporting decentralized applications (DApps) and smart contracts, Ethereum has become a household name in the crypto community.

Final Batch Of Presale Tokens Selling Out Fast

However, as the crypto space continues to expand, the question arises: Can Ethereum maintain its supremacy, or is there room for presales like Scorpion Casino to carve their niche? It goes without saying that SCORP has a long way to go to level ETH’s market cap of around $270 billion, but the potential is there.

BNB: The Utility Token Powerhouse

BNB, the native cryptocurrency of the Binance exchange, has demonstrated the power of utility tokens. Its utility extends beyond trading fees, covering a wide range of use cases within the Binance ecosystem. BNB has undoubtedly solidified its place in the crypto market, and in doing so has established itself as the 4th biggest cryptocurrency of them all.

Scorpion Casino: Presale Tearaway with a Gaming Twist

Now, let’s shift our focus to the most exciting presale of 2024, Scorpion Casino. During its presale, participants are not only potential investors but also active players in a blockchain-infused casino environment. The allure of daily withdrawable USDT rewards, diverse NFT memberships, and daily passive staking income sets Scorpion Casino apart.

The SCORP presale has now surpassed $3.5m raised. With a presale stage turnover imminent on the 31st January, there is no time like the present to buy SCORP. If that’s not enough, starting on February 1st (and lasting until February 14th), every buyer of SCORP is entered into a competition to win a share of $10,000 in USDT!

A New Era Dawns?

As Ethereum and BNB stand tall, shaping the narrative of the crypto industry, Scorpion Casino symbolizes the rise of presales that bring a fresh perspective to the table. The clash between crypto titans and presale tearaways signals a new era, where innovation and utility converge.

The choice between established giants and emerging stars is not just about investment potential; it’s a reflection of the ever-changing dynamics within the crypto space. As Scorpion Casino challenges the norms, investors are presented with a unique opportunity to enter its $3.5m presale. The clash is not just between titans; it’s a clash of ideas, innovation, and possibilities within the realm of cryptocurrency.

Find out more about SCORP:

Presale: https://presale.scorpion.casino/

Twitter: https://twitter.com/ScorpionCasino

Telegram: https://t.me/scorpioncasino_official

HSBC Fined $73 Million by UK Regulator Over Failure to Protect Customers Deposits

By
Ojukwu Emmanuel
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0

One of the world’s largest banking and financial services organizations, HSBC Holdings plc, has been fined 57.4 million pounds ($73 Million), over failure to protect some depositor’s funds over several years.

The UK regulator BoE’s Prudential Regulation Authority (PRA) disclosed that the bank failed to accurately identify deposits eligible for Britain’s Financial Services Compensation Scheme (FSCS), which protects customers cash up to 85,000 pounds.

The rule mandates that lenders ensure critical information is held in order for the FSCS to compensate customers if a firm fails.

Speaking on the issue, Deputy Governor of the Bank of England and CEO of the PRA, Sam Woods said,

“The serious failings in this case go to the heart of the PRA’s safety and soundness objective. It is vital that all banks comply fully with our requirements around preparedness for resolution.”

However, the PRA said that it did not consider the bank’s breaches to be deliberate or reckless. It disclosed that the bank’s cooperation throughout the investigation, including admitting early on that it had broken rules, resulted in a reduction in the penalty

Without these reductions, reports suggest that HSBC would have been fined £96.5m. HSBC further highlighted its commitment to remain focused on serving its customers efficiently.

“The PRA’s final notice recognizes the Bank’s co-operation with the investigation, as well as our efforts to fully resolve these issues,” the bank said.

It is however worth noting that this is the second largest fine the PRA has imposed to date. The highest fine was £87m imposed on Credit Suisse in July 2023.

The Prudential Regulation Authority fined Credit Suisse International and Credit Suisse Securities (Europe) Ltd £87 million for significant failures in risk management and governance between 1 January 2020 and 31 March 2021, in connection with the Firms’ exposures to Archegos Capital Management.

The regulator disclosed that the Firms’ risk management oversight and practices fell well below the regulatory standards required. The failings were found to be symptomatic of an unsound risk culture within the business line that failed to balance considerations of risk against commercial reward appropriately. 

Broadly, this resulted in a failure by the Firms to address the risk arising from Archegos’ portfolio, a confusion of responsibilities, and failures to adequately respond when limit breaches were exceeded.

The Prudential Regulation Authority (PRA) is a United Kingdom financial services regulatory body, formed as one of the successors of the Financial Services Authority (FSA). The PRA’s role is defined in terms of two statutory objectives: to promote the safety and soundness of the firms it regulates.

In promoting safety and soundness, the PRA focuses primarily on the harm that firms can cause to the stability of the UK financial system.

Harvest files to launch a Spot Bitcoin ETF in Hong Kong; Ethereum, Solana emerges as minting destination for rising and established artists

By
Paul Ugbede Godwin
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0

Harvest Global Investments, a leading asset manager in Asia with over $230 billion in assets under management, has filed an application with the Hong Kong Securities and Futures Commission (SFC) to launch a new exchange-traded fund (ETF) that will track the price of Bitcoin.

The proposed Harvest Bitcoin ETF will be the first of its kind in Hong Kong, offering investors exposure to the largest and most liquid cryptocurrency in the world.

According to the filing, the Harvest Bitcoin ETF will invest in spot Bitcoin and will use a third-party custodian to store the digital assets. The ETF will also employ a market maker to provide liquidity and ensure fair pricing. The filing did not disclose the fees, launch date, or ticker symbol of the ETF.

The Harvest Bitcoin ETF is expected to face regulatory scrutiny from the SFC, which has been cautious about approving crypto-related products in the past. In 2019, the SFC issued a statement that it would not authorize any crypto ETFs unless they met the same standards as conventional ETFs. The SFC also warned investors of the high risks and volatility associated with crypto investments.

However, the Harvest Bitcoin ETF may benefit from the growing demand and acceptance of Bitcoin in Hong Kong and globally. In 2020, Hong Kong saw a surge in Bitcoin trading volume and adoption, as more people turned to the cryptocurrency as a hedge against inflation and currency devaluation amid the Covid-19 pandemic and political unrest.

Moreover, several major institutions and corporations have embraced Bitcoin as a legitimate asset class, adding credibility and legitimacy to the crypto space.

The Harvest Bitcoin ETF will also compete with other Bitcoin ETFs that have been launched or are in the pipeline in other jurisdictions, such as Canada, Brazil, and the US. The first Bitcoin ETF in North America, the Purpose Bitcoin ETF, debuted in February 2021 on the Toronto Stock Exchange and has amassed over $1 billion in assets under management.

Several other Bitcoin ETF applications are pending approval from the US Securities and Exchange Commission (SEC), which has so far rejected all previous proposals due to concerns over market manipulation, fraud, and custody.

The Harvest Bitcoin ETF will be a milestone for the crypto industry in Hong Kong and Asia, as it will provide investors with a convenient and regulated way to access the booming Bitcoin market. The ETF will also enhance the innovation and diversity of Hong Kong’s financial sector, which is one of the world’s leading hubs for asset management and fintech.

The ETF will offer several benefits to investors who want to tap into the potential of Bitcoin as an alternative asset class. First, it will lower the barriers to entry for crypto investing, as investors will only need a brokerage account to buy and sell the ETF units, just like any other stock or fund.

Second, it will reduce the risks and costs associated with holding Bitcoin directly, such as hacking, theft, loss of private keys, or high transaction fees. Third, it will enhance the liquidity and efficiency of the Bitcoin market, as more institutional and retail investors will be able to access and trade the cryptocurrency.

The Harvest Bitcoin ETF, which is expected to debut on the Hong Kong Stock Exchange in February 2024, is the result of a collaboration between Harvest Global Investments, a leading asset management firm in Asia, and Bitwise Asset Management, a pioneer in crypto index funds. The ETF will follow the Bitwise Bitcoin Index, a rules-based and transparent benchmark that reflects the true price of Bitcoin across multiple exchanges.

Ethereum, Solana emerges as minting destination for rising and established artists

In the world of blockchain and digital art, Ethereum has long been the dominant platform for creating, buying and selling non-fungible tokens (NFTs). However, in recent months, a new challenger has emerged: Solana.

Solana is a fast, scalable and low-cost blockchain that claims to offer superior performance and user experience for NFT creators and collectors. According to its website, Solana can process over 50,000 transactions per second, with an average fee of less than $0.01 and a confirmation time of 0.4 seconds. In comparison, Ethereum can handle about 15 transactions per second, with an average fee of over $10 and a confirmation time of several minutes.

These advantages have attracted many artists and collectors to Solana, especially as the demand for NFTs has skyrocketed in the past year. According to data from Solanart, a leading NFT marketplace on Solana, the total sales volume of NFTs on Solana reached over $250 million in November 2021, up from less than $1 million in July 2021.

According to data from Solana Beach, the total sales volume of NFTs on Solana in 2024 has reached over $10 billion, surpassing the previous record of $7.5 billion in 2023. This shows the increasing demand and adoption of NFTs on Solana, as well as the innovation and creativity of the NFT projects and creators.

Some of the most popular NFT projects on Solana include Degenerate Ape Academy, a collection of 10,000 pixelated apes with various traits and accessories; Solana Monkey Business, a similar project featuring 5,000 monkeys; and Aurory, a fantasy-themed project with 10,000 unique characters. These projects have sold for millions of dollars each, with some individual NFTs fetching over $100,000.

Solana has also emerged as an attractive minting destination for rising artists and established artists alike. For example, FTX, a leading cryptocurrency exchange that runs on Solana, recently launched a platform called FTX NFTs, where anyone can create and sell NFTs on Solana or Ethereum. FTX NFTs has hosted auctions for prominent artists such as Beeple, Damien Hirst and Steve Aoki, as well as celebrities such as Tom Brady, Gisele Bündchen and Steph Curry.

Another example is Metaplex, a decentralized protocol that allows artists to create their own NFT storefronts on Solana. Metaplex has enabled artists such as RAC, a Grammy-winning musician; Star Atlas, a sci-fi gaming metaverse; and The DAO Records, a music label powered by blockchain; to launch their own NFT collections and communities on Solana.

The growth of Solana as an NFT hub has not gone unnoticed by the wider crypto industry. Several investors and funds have poured money into Solana-based NFT projects and platforms, such as Solrise Finance, a decentralized asset management platform.

Metaverse Ventures, a fund dedicated to investing in Solana metaverse projects; and Solanium, a launchpad for Solana projects. Additionally, Solana Labs, the company behind Solana, has announced a $100 million fund to support global NFT projects on Solana.

While Ethereum still remains the most popular and liquid NFT platform, with over $10 billion in total sales volume according to DappRadar, Solana is quickly catching up and challenging its dominance. With its speed, scalability and low-cost advantages.

Solana offers a compelling alternative for NFT creators and collectors who value efficiency and user experience. As the NFT market continues to grow and evolve, Solana is poised to become a major player in the digital art revolution.

How Can Nigeria Earn US Dollars After Spending 50% of Dollar Outflows to Service Foreign Debts in 2023?

By
Ndubuisi Ekekwe
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1

Nigeria’s problems did not start in 2023. This problem has been brooding for years. What happened in 2023 was a major acceleration due to some policy changes. To understand this, consider when you were introduced to two topics in junior secondary: (1) simple and compound interests and (2) arithmetic and geometric progressions. You saw how compounding a principal could deliver higher principal over time, and how being on a geometric path is certainly better than a mere arithmetic one, for a good call.

Nigeria was on a simple path, running arithmetically. But we got it into a new lane and compounded  geometrically on a race to the bottom, and we’re living it. Yes, there have always been problems. The only difference now is that we have accelerated the pace. But you cannot blame one government. When was the last time Nigeria invested in catalytic projects or infrastructure? When was the last time we invested in innovation-enablers? 

As I have written here, as a student in FUTO, during internships, I worked on gas pipelines from PHC piping gas to Aba. Of course, the PHC – Aba was delightful then. The train from Ovim to Aba was working. Even Ovim NIPOST which was bigger than the general post office in both Owerri and Umuahia was functioning. The Ovim community contributed money and built it, and invited the Postmaster General to take over; I attended the event as a secondary school student.. The community had a veterinary clinic which was donated to the government. Today, all those assets have gone.  I mean everything has gone!

Excluding the first four years of Obasanjo’s presidency. what IBB accomplished in 8 years as a military man could challenge everything from 2003 on infrastructure and other physical assets. Abacha, another general, was a better economic man than most of these politicians. Under Abacha, Nigeria was constant for years. I used to tune in my small radio while in FUTO to listen to his budget. He was always clear: no transaction in US dollars, all contracts must be domiciled in Naira. This is not to praise him because he made many mistakes.

In this new era of loans, we have adopted new developmental models. US currency drives the agenda. Interestingly, the US dollar is not a common currency. Only America has the special printer to print it. For Nigeria, it has to earn it to have it. And what that means, from our agriculture policy to everything, we construct all on how to earn US dollars. So, they spend time to formulate policies for sesame seeds when every person in Ovim is interested in yam/cassava, but because the latter are not export-moving, no one cares.

The challenge for Nigeria now is to earn US dollars.  Why?  We need to service debts: “According to the Central Bank of Nigeria (CBN), the country spent $9.8 billion, or 50% of its total dollar outflows, to service its foreign debts in that year. This was a significant increase from the $6.5 billion, or 35%, spent in 2022.”

Check… from 35% to 50%. That could get to 70%. Good People, these challenges are huge because if you have such debts on your balance sheet, your business could be doomed. Now, imagine a nation.

The real question today is this: how can we earn US dollars since these loans are running and America will not allow us to order the dollar-printers? That is a national essay topic I am proposing, and please send to the minister in charge of budget and economic planning.

How many Bitcoins does the US Government possess?

By
Paul Ugbede Godwin
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0

Bitcoin is a decentralized cryptocurrency that operates outside the control of any central authority. However, this does not mean that governments have no influence or interest in the Bitcoin network. In fact, some governments have acquired significant amounts of Bitcoin through various means, such as seizures, auctions, and mining.

One of the most prominent examples of a government holding Bitcoin is the United States. According to a recent report by Chainalysis, a blockchain analytics firm, the U.S. government holds an estimated 194,188 BTC, worth about $8.6 billion at the time of writing. This makes the U.S. government one of the largest holders of Bitcoin in the world, surpassing many institutional investors and hedge funds.

How did the U.S. government acquire so much Bitcoin? The majority of its holdings come from law enforcement actions against illicit actors who used Bitcoin for criminal activities, such as money laundering, drug trafficking, and cybercrime.

For instance, in 2013, the FBI seized 144,336 BTC from the online black-market Silk Road and its founder Ross Ulbricht, who is currently serving a life sentence in prison. The U.S. government later sold these Bitcoins in several auctions between 2014 and 2015, generating over $100 million in revenue.

Another notable source of Bitcoin for the U.S. government is the hack of Mt. Gox, once the largest Bitcoin exchange in the world. In 2014, Mt. Gox collapsed after losing 850,000 BTC to a cyberattack, leaving thousands of customers without access to their funds.

However, in 2018, a Japanese court ruled that Mt. Gox’s trustee, Nobuaki Kobayashi, had to return some of the recovered Bitcoins to the creditors of the exchange. As part of this process, Kobayashi transferred 35,841 BTC to the U.S. Department of Justice, which had been investigating the hack and pursuing legal action against some of the suspects.

The U.S. government also owns some Bitcoin that it mined itself. According to a report by Vice News in 2016, the Pentagon’s Defense Advanced Research Projects Agency (DARPA) had been running a Bitcoin node since 2014 and had accumulated about 1,000 BTC through mining rewards. The purpose of this project was to study the security and resilience of the Bitcoin network and to explore potential applications for blockchain technology in the military.

What does the U.S. government do with its Bitcoin holdings? The answer is not clear, as there is no official disclosure or transparency on how the government manages its cryptocurrency assets. However, some possible scenarios are:

The government could sell its Bitcoin on the open market or through auctions, as it did with the Silk Road Bitcoins, to generate revenue or to influence the price of Bitcoin.

The government could hold its Bitcoin as a strategic reserve or as a hedge against inflation or currency devaluation, similar to how some central banks hold gold or foreign currencies. The government could use its Bitcoin for diplomatic or geopolitical purposes, such as imposing sanctions, facilitating trade, or supporting allies or allies.

The government could donate its Bitcoin to charitable causes or public initiatives, such as disaster relief, education, or research. The government could lose or forget its Bitcoin due to technical errors, human mistakes, or organizational changes, as it has happened with some other digital assets.

The U.S. government’s involvement in Bitcoin is a complex and controversial topic that raises many questions and challenges for both policymakers and investors. As Bitcoin becomes more mainstream and valuable, it is likely that the government’s role and influence in the cryptocurrency space will increase and evolve over time.

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