The CEO of Tesla Motors, entrepreneur and engineer Elon Musk published a message in his Twitter meant for the creator of the cryptocurrency Dogecoin Jackson Palmer with the request to invent a way to deal with crypto scammers on the social network.
@ummjackson if you can help get rid of the annoying scam spammers, that would be much appreciated
Bitcoin is one of the most famous cryptocurrencies in the world. It is actually the first one, thus, no matter what might be, it has already gone down in history. Even though the cryptocurrency may not be that popular right now, due to various reason, some changes are already inevitable, hence, let us just check on trends which will become a part of everyday life in 2019.
1. Bitcoin ATMs
The number of Bitcoin ATMs is growing rapidly. It is a kiosk which allows a person to buy/sell Bitcoins in cash or by credit card. They actually look like an ordinary terminal, yet, it is connected not to bank account, but to Bitcoin exchange. The number of Bitcoin ATMs in the world accounts for 4292 at the time of writing.
Such ATMs will definitely encourage people to use cryptocurrency, since now it becomes more understandable for ordinary people. If people get accustomed to use Bitcoin ATMs, then crypto will see a bright future.
2. Central banks and Bitcoin
Some people do not want to get involved in crypto as it lacks regulation, including bank regulation. However, in 2019, one of Bitcoin trends may become partnership between central banks and cryptocurrency.
Several banks have already introduced systems how to work with crypto. Bank of America, for example, has officially patented a system for saving crypto actives for significant corporations. Moreover, this week, one of the biggest American banks, JPMorgan Chase & Co, has announced that it developed its own digital coin – JPM Coin.
Perhaps, such implementations will bring positive effect on the relationships between crypto and financial institutions.
3. Bitcoin in smartphones
Since the beginning of the third millennium, a cell phone has become an integral part of our everyday life. By using a smartphone we can do almost everything that is connected to our work, study, leisure, or hobby. Financial transactions, including crypto operations, are no exception.
On May, 2018, Huawei Technologies Corporation provided users of its smartphones with the opportunity to use Bitcoin wallet BTC.com. At the end of the past year, HTC company released the smartphone Exodus, powered by blockchain. A person can only purchase the phone with digital currencies.
It is too early to say whether these phones will be successful and useful or not, yet still it is very important that world is trying to meet the needs of everyone.
The Federal Trade Commission (FTC) has recently published a report showing that romance scams are relentlessly gathering momentum. The number of romance scams has increased in 2.5 times, from 8,500 in 2015 to 21,368 last year, overtaking the number of any other type of consumer fraud.
Romance scams data
The data provided below shows that in 2015 the number of reports did not exceed 10,000, and the total loss was estimated at about $33 million. The situation has been worsening since 2016, when the reported loss accounted for $75 million, two times bigger than in 2015. However, the year of 2018 broke all the records when the total loss comprised over $143 million.
How do scammers lure people?
Romance scammers usually create attractive and convincing personas on the dating sites and apps or social media, like Facebook, for example. They frequently use fake photos and names, but there were cases of assuming the identities of real people. The scammers lure people with their sob stories to convince victims to send them large amounts of money.
Once the romance scammers have people by the heartstrings, they say they need money for medical treatment or for any other quite sad reason. The fraudsters usually explain to victims that they are in the military and stationed abroad, thus, they cannot meet. The report says that most affected are people from 40 to 69, the rate of their losing money to romance scams is higher more than twice in compare to the rate of people in their 20s.
Tips how to not get engaged in a romance scam
Do not send money or anything else to the sweetheart you have never met in person before.
Tell your close friends about your sweetheart. People can become blinded when they are in love, thus, pay attention if your friends or family are concerned.
Do not rush, just take it slowly. Try to ask questions, use a reverse-image search of the profile picture. If something does not match, it is a scam.
One of the biggest Internet companies in the world, Japan-based GMO Internet Inc., posted a report on its financial performance. An operating loss accounts for ¥1.3 billion (~$11.75 million) in 2018.
GMO’s mining business
According to the report, mining business fared very poorly in 2018 which resulted in great losses. The company explained that the business did not increase as expected due to the collapse of cryptocurrency market in Q4. The report provides the table where we can see the real revenue and real loss of the company. The data provided below does not include “extraordinary losses” of approximately $319.2 million.
Alongside, Internet giant announced that it would implement a policy change regarding to their mining business model. The company will sell its bitcoin mining assets at cheaper rates to compensate for a portion of its annual losses.
Moreover, GMO plans to relocate mining centers to the regions where power supply is cheaper. The centers allegedly will be somewhere in Northern Europe.
GMO’s Bitcoin exchange
According to the report, the company’s quarter-revenue has fallen by 66.7%, even though the company annually posts about its 7% profit from its crypto exchange GMOCoin.
In 2018, GMOCoin recorded a net sales of ¥4.02 billion (~$36.33 million). In Q1, crypto exchange has lost about ¥76 million, yet, high sales of next quarters compensated them. The fall of cryptocurrency market has also played a significant role in GMO’s revenues. Each phase ended on a lower note than a previous one in terms of sales, while the profits remained marginal.
Elon Musk, probably the most famous technological entrepreneur, is also quite a loud personality on social media, Twitter, to be specific. Most of his tweets either caused scandals, or lawsuits, and the vast majority of them created a massive hype in the community.
However, Musk’s eccentric statements were given quite a positive validation just a couple of days ago by another influential figure, the one who actually made it possible for such tweets to be written and posted.
The CEO of Twitter, Jack Dorsey, gave an interview to Recode where he talked with a correspondent Kara Swisher on Twitter (how surprising!) for 90 minutes, discussing the platform, its main focus, the safety of Twitter users, info verification and many other topics.
Among all the points discussed during an interview, one specific question caught the attention of the community. When Kara asked Jack whom he considered the most influential personality on the platform, his answer was pretty unexpected – Elon Musk.
To me personally? I like how @elonmusk uses Twitter. He’s focused on solving existential problems and sharing his thinking openly. I respect that a lot, and all the ups and downs that come with it #karajack
This seems like a rather bold statement, given the fact that the influence of Musk’s tweets was not always quite positive. Just a quick reminder: When Elon Musk tweeted about loving anime and Bitcoins, it almost shut Twitter down, because the users were going crazy because of these couple of words, just casually thrown out there.
Not to mention all those times, when Musk’s account was supposedly hacked and used to promote fake crypto giveaways and scams resulting in huge money losses of his subscribers, which is quite an expected thing considering the size of his audience.
Thus, such a high praise from Jack Dorsey was perceived badly by the audience.
"While lamenting harassment on Twitter, Dorsey praises Tesla CEO, who is being sued for defamation over a tweet"