Greeting, tidings and welcome, to our brand new weekly roundup! It’s week 32 of the year of our Lord 2018, and the heat is scorching, so it’s the perfect time to find a nice, cool place inside your home and fire up your favourite Bitcoin betting site.
This week was not that eventful (aside from a few scams and a Ponzi scheme on the Indian front), but, there are things happening nonetheless. Here are some of them.
WSJ Identifies 175 “Pump & Dump” Schemes Involving Cryptos
Wall Street Journal has been quite busy catching schemers. So far, they’ve caught 175 “pump & dump” groups red-handed, who have generated a trading volume of around $825 million just in the first half of 2018. These groups are hyping up assets, creating spikes in prices, then dumping them for a significant profit. This is causing all kinds of trouble for US regulators, as they crypto exchanges are mostly no man's land.
Innovation in Crypto Gambling and Potential Legislation Nightmare
Crypto gambling is a tremendous opportunity and a big issue nowadays. For one, exchange platforms like Augur are offering a nearly unlimited number of markets to bet on, including assassinations of famous persons and celebrities. However, considering they’re running a market prediction platform, the line between this practice and gambling is blurred. This opens such platforms for scammers and foul play, and there’s no way to regulate it.
SEC Delays Decision on Van Eck-SolidX ETF until Next Month
US Securities and Exchange Commission has, once again, delayed a decision on Van Eck's exchange-traded fund until next month. Owing to the difficulty of regulating the crypto market, the SEC is very tentative of allowing such a proposition to come to pass. However, Van Eck-SolidX ETF is significantly different from others, as it offers insurance, giving it a better chance of being ratified.
Dash Targets Massive Expansion Into Gambling in Mexico
Despite the dropping of values of cryptocurrencies worldwide, Dash is not letting up. This time around, they’re planning a very aggressive and rapid expansion of their business, targeting mostly Mexican workers abroad. The reason they're undertaking this business venture is that Mexico is one of the biggest remittances markets, next to Asia's huge $100 billion remittance market.
A Pro-Crypto Gamer Hid Free Bitcoin in No Man’s Sky
Will cryptos in gaming become a thing? Well, if there are more people like Jon Creasy, it might just be. This crypto enthusiast and gamer hid 0.004 BTC in the sci-fi adventure game No Man’s Sky, sending quite a few people on a treasure hunt across the galaxy. But it goes even beyond one man creating a treasure hunt – Steam has already started accepting Bitcoin as a means of payment already in 2016, though they shut it down a year later.
Cryptocurrency Creating New Possibilities in the Gaming World
What are the main advantages of cryptocurrency in gambling? Well, four are three things – open and transparent gaming, cutting out the middleman, instant payouts and games that are provably fair. With these four principles in the bag, a potential casino or bookie will have created a perfect establishment, where non-stop action is coupled with non-stop fast and reliable banking.
Bitcoin’s Open Secret: Lightning is Making Better Online Payments Possible
The proponents of Bitcoin hailed the new cryptocurrency as the fastest and most reliable payment option – until it encountered technical limitations. However, with the introduction of Lightning network, Bitcoin might prove to be the dream currency everybody wanted. Lightning network was first conceptualised in 2015 but is steadily forming into a legitimate system for crypto transfers.
And that's it for this week. Keep tuned, as we'll come back next Saturday, with more news and more information from the crypto gambling world.