Who invests in blockchain and cryptocurrencies today? News digest of the week
Belarus is striving to new heights in the role of the blockchain capital of the Western Europe: this week, negotiations with South Korean investors took place in Seoul. According to the global news, the country has taken a right track. Blockchain and cryptocurrencies are finding wider use in the world and sometimes for the most unexpected purposes! Read details in the digest of the press service of Blockchain & Bitcoin Conference Belarus.
South Korean investors will come to Belarus
At the conference in Seoul, Andrei Dapkiunas (Deputy Minister of Foreign Affairs) explained that the country is interested in investors from South Korea. It is planned to attract them in the IT industry and the blockchain development field.
Dapkiunas highlights that today Belarus positions itself as the blockchain innovations center of the Western Europe. Steps taken in this direction include the establishment of such tech parks as the High Tech Park and the adoption of laws intended to support blockchain.
Today South Korea exports cars and construction materials to Belarus, and imports semiconductors, lasers, and optics. According to the Deputy Minister of Foreign Affairs, the Fourth Industrial Revolution will become a driver of the closer collaboration.
Founders of Bitcoin pyramid scheme acting in Belarus punished by court
The group of eight fraudsters created a financial pyramid based on IRS and Electacapitak companies. The scheme was working in Russia, Ukraine, and Belarus.
to the legend, pyramid founders planned to accumulate the maximum number of Bitcoins on their accounts, create a shortage of coins in the market, and increase their price in such a way. To join the company, one had to make a non-refundable deposit from $100 to $7000 for the term of 1 year. Every day 1/365 of the deposit was ‘unfrozen’ in the system. The monthly income of 20% of the spare cash was granted. Depositors could bring new members, referrals, and receive an additional income.
As in any other pyramid, founders paid the remuneration to members at first. However, when the revenues increased, they took the money and vanished. The amount of damage is estimated at $20 million. It was found out that members of the group converted the sum into Bitcoins and invested in a legal business in Europe.
On March 1, 2018, the case of the pyramid founders went to court. Houses of two participants were searched and two Land Rover cars were arrested. Later the court arrested the other property of pyramid founders as well as documents and correspondence that confirms the connection between IRS, Electacapitak, and the legal business of malefactors.
Paris Saint-Germain FC to issue cryptocurrency for football fans
The football giant Paris Saint-Germain (France) decided to promote blockchain. The Club will issue its own cryptocurrency in the partnership with the famous blockchain developer Socios (Malta).
The Club’s tokens will be distributed during the FTO (Fan Token Offering). Owners of large packages will gain a VIP status. Tokens will also give the right to vote. According to the authors of the idea, voting will serve to solve both minor questions related mainly to advertising (for instance, design of the Club’s T-shirt) and serious issues such as warm-up matches, summer tournaments, the best player of the month, etc.
The ‘Socios’ concept is already used by fans of Real Madrid and Barcelona; it is expected that other leading clubs will get interested in it as well.
When users will turn off their miners?
A short increase in Bitcoin price to $7000 and the subsequent correction to $6500 provided a new motive to talk about the mining profitability. The hash rate is growing in 2018, but the price does not hurry to move forward. The state of things can lead to the situation when mining becomes unprofitable. It means that miners will stop maintaining their hardware and consequently the Bitcoin network in working order.
Co-founder of F2Pool, one of the top 10 mining pools, analyzed cryptocurrency prices in the context of different mining devices. He published his report in the form of a chart that specified the price level that will make mining unprofitable. It is $11,594 and $6,726 for some devices meaning that their owners are working without a profit.
Chinese users were not surprised by the publication. Some of them commented that they did not plan to turn off their miners even in case of a negative income.
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