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Home Blog Page 4177

UBS, Credit Suisse And the Lesson on the Anti-Hill

By
Ndubuisi Ekekwe
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2

In the Igbo Nation, the elders will say that “a bird that flew from the ground only to perch on an ant-hill is still very much on the ground.” Hahaha. That leads me to the revelation that UBS, which rescued Credit Suisse just a few weeks ago, with limited due diligence, will take a $17 billion hit from the takeover. Yes, you rescued a bank and you lost $17 billion just because you did.  Indeed, you hope you may not need rescuing in years!

“UBS, in a Tuesday filing to the U.S. Securities and Exchange Commission, told investors it had less than four days to conduct due diligence given the “emergency circumstances. It estimated a hit of about $17 billion from the takeover.” Indeed, you took over a bank and now will waste $17 billion for doing that because politicians pressured you to do that. Trial lawyers are already gathering and a class action suit is waiting.  Modern capitalism: privatize gains, socialize losses.

UBS felt pushed to rescue Credit Suisse “in a deal it did not want,” reports Reuters, citing a U.S. Securities and Exchange Commission regulatory filing. The major Swiss bank said that due to “emergency circumstances,” it barely had four days to conduct due diligence on its smaller Swiss rival. Triggered by a series of bank failures in the U.S., Credit Suisse almost collapsed in March after a rush of “spooked” clients suddenly withdrew their money from the lender. UBS estimates it will take a $17 billion hit from the takeover.

Hype on Meme Coins is Declining due to frequent Rugpulls

By
Paul Ugbede Godwin
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1

Meme coins are cryptocurrencies that are inspired by internet memes and jokes. They often have no specific use cases or underlying utility, but they attract crypto enthusiasts for their fun aspect and their high volatility. Some of the most popular memecoins are Dogecoin (DOGE), Shiba Inu (SHIB), BabyDoge (BDOGE) and SafeMoon (SAFEMOON), recently PEPE, AiDoge, Wikicat, DTG, BOB and et al. Memecoins can be very profitable for investors who buy them early and sell them at their peak. However, they can also be very risky and prone to scams known as rugpulls.

Rug pulls are a serious problem in the memecoin space, as they erode trust and confidence in the sector. According to a recent report by CipherTrace, a blockchain analytics firm, rug pulls accounted for 99% of all crypto frauds in 2023, totaling $2.1 billion in losses. The report also identified over 1,000 memecoins that were potential rugs or had already been rug pulled.

However, not all memecoins are created equal. Some of them are scams that aim to deceive investors and take their money. These scams are known as rugs or rugs pulls, and they happen when the developers or the owners of a memecoin withdraw all the liquidity from the market, leaving investors with worthless tokens that they cannot sell.

The increasing frequency and magnitude of rug pulls have dampened the hype around memecoins, as investors become more cautious and selective about which projects they support. Many memecoin enthusiasts have learned to do their own research and look for signs of legitimacy and transparency before investing in a new project. Some of these signs include:

The contract of the memecoin is verified on Etherscan or BscScan.

The liquidity of the memecoin is locked on a reputable platform such as Unicrypt or DxSale.

The team behind the memecoin is public and has a clear vision and roadmap.

The memecoin has a website, a Twitter account, a medium blog and other social media presence.

The memecoin has both buys and sells on DEXs such as Uniswap or PancakeSwap and DEXScreener.

While these indicators are not foolproof, they can help investors avoid some of the most obvious scams and reduce their risk exposure. Additionally, some memecoin projects are trying to differentiate themselves from the crowd by adding functionality or integrating new technologies such as AI or NFTs.

For example, SnailBrook is a memecoin that aims to unite all memecoins into a single ecosystem that revolves around equal opportunities and social justice. It also plans to leverage AI technology to create a decentralized governance system and a meme generator.

Memecoins are still a vibrant and dynamic part of the crypto space, but they are not immune to challenges and threats. Rug pulls have tarnished their reputation and reduced their appeal to many investors.

However, some memecoin projects are striving to overcome these obstacles and deliver value and innovation to their communities. The future of memecoins may depend on their ability to adapt and evolve in a fast-changing environment.

Tips on avoiding rugpulls on Memecoins

Do your own research. Before buying any memecoin, make sure you understand what it is, who is behind it, what is its purpose, and how it works. Check the official website, social media accounts, whitepaper, roadmap, and audit reports. Look for signs of legitimacy, such as a clear vision, a competent team, a strong community, and a fair token distribution.

Be wary of red flags. Some indicators of a potential rugpull are: anonymous or unknown developers, pre-mined or pre-sale tokens, lack of liquidity or locked liquidity, unrealistic promises or guarantees, excessive hype or shilling, low market cap or volume, and sudden price spikes or dumps.

Use reputable platforms and wallets. Only buy memecoins from trusted exchanges or decentralized platforms that have proper security measures and customer support. Avoid sketchy websites or apps that ask for your private keys or personal information. Store your memecoins in secure wallets that you control, such as hardware wallets or software wallets with backup and recovery options.

Take profits and set stop-losses. Don’t be greedy or emotional. If you make a profit from a memecoin trade, take some off the table and lock in your gains. If the price goes down, set a limit on how much you are willing to lose and sell before it’s too late. Don’t hold on to a losing coin hoping for a miracle.

Diversify your portfolio. Don’t put all your eggs in one basket. Invest only what you can afford to lose and spread your risk across different types of assets, such as Bitcoin, Ethereum, stablecoins, and other altcoins. Don’t chase after every new memecoin that pops up on social media or Telegram groups. Be selective and cautious.

10 Signs You are Destined for Greatness

By
Tiamiyu Ismail
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3

The individual life rests on the search for meaning, relevance and fulfilment. Happiness is a common good but it has both implicit and explicit costs which not all persons that desire happiness are able to meet. Consequently, not many people are able to reach an enduring happiness. The aphorism, ‘’graveyard of talents’’, specifically directs the mind to the multiplicity of unfulfilled lives or unactualized destinies.

The near-death experience often inspires a feeling of regret about what one had not said, touched or done while one had the opportunity of the gift of life. Therefore, while still part of the general purpose and process of life, one is constantly challenged to examine oneself and the direction at which one is leading one’s life.

‘’An unexamined life is not worth living’’ argues Socrates, the father of classical philosophy.

What are the signs you are living a great life?

Self-Awareness: The foundation of all successes, happiness and joy is knowledge of the self. In a world of myriad beauties and talents, ability to understand and connect with one’s unique identity enables the individual to overcome identity crisis and life’s other conflicts. Individuals who are destined for greatness do not appreciate beauty so much that they lose their sense of personal worth; they never forget their core or personal beauty and all its promises. However, beyond its capacity to influence individual happiness, self-awareness is the basis of interpersonal relationships which extends to social happiness.

Purposefulness: People of significant destiny are highly purpose-driven, goal-oriented and committed to a mission. They are not wanderers of life neither do they work aimlessly. They are always out with a purpose in mind. This empowers them to be able to say no when faced with distractions.

Discipline: Discipline is a deliberate, conscious exertion and conditioning of the self towards achieving a particular purpose. Discipline is the tenterhook that connects the individual self to the purpose. The self is full of dreams, wants and aspirations but it is fundamentally lazy. The self always wants to move from one end to another in brief months. Like the butterfly, the self patches from one flower to another in search for nectar. However, discipline helps the self to stay truly committed to a single course or a clearly defined purpose.

Service-Oriented: Individuals who are destined for greatness are service oriented, not selfish. They constantly seek how they can deploy their gifts including talents, energy and material resources for the betterment of humanity or people in their immediate environment. They are like the river which constantly flows and consequently is renewed.

Confidence: Powerful individuals exude confidence internally and externally. Whereas, discipline drives internal or self confidence of the individual, service fosters their external or social confidence. In other words, people’s ability to use their talents and skills to solve problems translates to their social proof which is social recognition and approval of their talents and skills.

Humility born of Service: People of higher calling often think of themselves as servant leaders and the custodians of the fate of their followers. Therefore, they do not allow their achievement to get in to their head such that they place themselves at the centre of everything.

Reflective/Perceptive Faculty: people destined for greatness are highly perceptive and reflective. They exhibit a keen sense of awareness through the power of their reasoning and intuition. They never forget where they are coming from nor do they become so immersed in their abilities and achievements that they can no longer see through details and nuances. They understand there is a thin line between progress and decline which is carelessness.

Patience: People of higher nature are no wasters of their efforts, talents, energy and resources. They understand the law of time. Therefore, they are ever willing and ready to wait to see the seed of their action propagate into their desired outcome.

Grace: individuals destined for greatness invariably enjoy grace which unlocks new possibilities and greater opportunities as they proceed with their service and purpose-driven life. Grace here is not some mysterious, cosmic advantage but a lavish reward one gets for exhibiting one’s capacity for greatness in a relatively lesser position. Grace is invariably born out of confidence in an individual; it means nature, the gods or significant persons are willing to place a higher stake on an individual based on his/her history of work ethic and demonstrating faith in his/herself.

Contentment: Though they constantly seek to break new limits with regards to their defined purposes, Individuals of higher calling do not allow unfettered ambition, passion or desires to take them off the rail. This is important because too much of desires and passion often make a slave out of a king.

Vodafone Announces Plans to Eliminate 11,000 Jobs as Part of an Effort to Make The Company Simpler

By
Ojukwu Emmanuel
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0

Telecommunications giant company Vodafone has revealed plans to eliminate 11,000 jobs from its workforce in the next three years to make the company simpler and better.

The jobs cuts will fall across Vodafone’s entire operations, starting with its group functions, which are based in the UK, Germany, the company’s biggest and worst-performing market, and Italy, with no indication of the scale of cuts in each market.

Reports reveal that Vodafone made the decision after the company’s share price hit a two-decade low, as it seeks to restructure its business to improve its competitive edge and enhance customer experience.

Speaking on the company’s vision, CEO of Vodafone Margherita Della Valle said that her vision is for a leaner and simpler organization, with increased commercial agility and resource allocation.

In her words,

“Today I am announcing my plans for Vodafone. Our performance has not been good enough. To consistently deliver, Vodafone must change. My priorities are customers, simplicity, and growth. we will simplify our organization, cutting out complexity to regain our competitiveness. We will reallocate resources to deliver the quality service our customers expect and drive further growth from the unique position of Vodafone Business.

“We will change the level of ambition, speed, and decisiveness of execution. We will have empowered markets focused on customers, scale up Vodafone business, and take out complexity to simplify how we operate”.

The CEO further stated that the company is now planning toward a more sustainable future, noting that layoffs are part of the plans to simplify the organization and reduce costs in response to forecasts of little or no earnings growth for the new financial year. The cuts will free up an extra €100 million (£87m) to be ploughed into marketing to revitalize the Vodafone brand, and €150m to improve customer experience.

Vodafone is working towards an aim to be a best-in-class telco in Europe and Africa and become Europe’s leading platform for business. Besides refocusing on delivering on customer expectations, the company will rebalance its operations to maximize the potential of Vodafone’s business, which continues to accelerate growth, has a unique set of capabilities, and has a strong position in a large and growing market as organizations digitize.

It is worth noting that two decades ago, Vodafone was the world’s biggest mobile telecom group, having bought Germany’s Mannesmann in 2000 in the largest takeover in history. The deal was valued above $190 billion.

Unfortunately, the telecoms giant which has businesses in 21 countries and partnership agreements with local operators in another 46 locations, has struggled to retain market share. Within a challenging sector, Vodafone’s performance relative to its peers has worsened over time.

With a plan to turn around the company, Vodafone seeks to invest more in its customer experience and also direct more resources towards Vodafone Business, serving corporate clients, which was growing in nearly all the company’s European markets.

Coinbase Faces Technical Glitch on Paying Out Staking Rewards

By
Paul Ugbede Godwin
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0

Coinbase, a major U.S. crypto asset (virtual currency) exchange, announced on April 16 that it will stop paying Ethereum (ETH) staking fees.

We’ve temporarily paused ETH staking reward payouts to address a minor technical issue. Rest assured, ETH staking is not impacted and rewards are still being earned and will be paid out. We anticipate to resolve this issue in the next 72 hours.

Coinbase Inc explained that the reason for the shutdown was due to a “minor technical issue” and stated that they are currently working on resolving the issue in the next 48 to 72 hours.

He also explained that the staked Ethereum is safe and that the rewards will continue to be earned during the period of suspension of payments; they will only stop paying rewards.

Following the announcement, there was speculation that the suspension of compensation payments might be related to U.S. regulations, but a Coinbase representative explained to the virtual currency media outlet Decrypt as follows.

This shutdown has nothing to do with regulation or litigation, and will be announced immediately once the issue is resolved.

What is Staking?

A system or service that rewards users for depositing virtual currency for a predetermined period of time; by depositing virtual currency, users contribute to the operation of the blockchain network and are rewarded in return.

Regulations against staking

In the U.S., the U.S. Securities and Exchange Commission (SEC) is accelerating regulatory enforcement actions as national virtual currency regulations are being developed, and SEC Chairman Gary Gensler has previously indicated that he believes that all virtual currencies based on proof-of-stake (PoS) staking are likely to be considered securities.

In fact, Coinbase received a “Wells Notice” from the SEC, an official letter formally informing companies and individuals that the SEC intends to take legal action against them, and the SEC’s investigation included Coinbase Earn, the company’s staking service.

Although it has not yet resulted in an actual lawsuit, this is the background to the speculation: Coinbase claims that it does not provide any services that would fall under the category of offering securities, and has indicated that it intends to fight the case in court if necessary.

Staking Litigation Cases

While there are minor differences in the services offered by each company, in February of this year the SEC announced that it had charged Kraken with violating securities laws by claiming that it was required to register its business with the SEC beforehand, among other things.

After Kraken’s announcement, Chairman Gensler explained that the SEC is neutral on technology such as staking, noting that Kraken’s problem was that it did not follow the rules of the securities laws, which require disclosure of risks and other information to investors, and that other platforms should also register with the SEC and make appropriate disclosure before offering services in the US.

In response to the SEC lawsuit, Kraken is no longer offering staking services in the United States. While Coinbase hasn’t been officially charged yet, the company received a Wells Notice from the SEC in March warning of possible securities violations. Coinbase said it believed the commission was likely taking issue with multiple Coinbase products, including its staking service.

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