Crypto Guides, Knowledge & Insights

Rich Dad Poor Dad's Robert Kiyosaki Warns Inflation May Lead to Greater Depression

Robert Kiyosakis Depression Warnings　　Robert Kiyosaki, the author of Rich Dad Poor Dad, expressed new concerns about the US economy on Wednesday. Kiyosaki and Sharon Lechter co-wrote Rich Dad Poor Dad in 1997. It has spent nearly six years on the New York Times Best Seller List. More than 32 million copies of the book have been sold in more than 51 languages and 109 countries.　　“Warning: Inflation may lead to greater depression,” he tweeted. According to the famous author, real estate is collapsing, foreclosures are up 700 percent over last year, and layoffs are beginning.　　This was not Kiyosakis first warning about an impending Great Depression. “Every 90 years, a massive stock market crash is followed by depression.” “90 years ago was 1929, followed by [the] Great Depression, which lasted 25 years and ended in 1954,” he tweeted in August 2020, adding: “ ”Will history repeat itself？ I think so.　　In April, Kiyosaki warned of hyperinflation and misery, warning that the US dollar was going to implode. “Bad News,” he said again in May. “Depression on the way.” In another tweet, he warned that equities and bonds are collapsing, predicting depression and civil upheaval.　　Last week, the Rich Dad Poor Dad author stated that

2022-07-22Deep Dive

NFTs and Crypto Key to an Open Metaverse: Former Amazon Exec Matthew Ball

According to author and venture capitalist Matthew Ball, NFTs are the finest technical option for a more open metaverse.　　In an interview following the release of his book, “The Metaverse: And How It Will Revolutionize Everything,” Ball discussed the definition of the metaverse, who will rule it, whether cryptocurrencies will play a role, and how NFTs—unique blockchain tokens that signify asset ownership—could solve the metaverses biggest problem.　　Ball is a former Amazon Studios executive who has been cited as a significant thought leader for all things metaverse by Mark Zuckerberg, Epic Games Tim Sweeney, and Coinbases Brian Armstrong. He stated that the metaverse is fundamentally a “parallel virtual plane of existence.”　　He believes that we are still in the early phases of building and defining the metaverse, and that its most important participants will most likely be unknown to us. So Meta, Twitter, or even crypto-focused firms like The Sandbox or Decentraland will not govern the virtual sphere.　　Instead, companies that are “underappreciated right now” or do not yet exist will become the metaverses heavyweights.　　“I hope we dont recognize such companies,” he remarked, recalling how every technological revolution or huge wave of innovation has spawned new and previously unknown brands.　　A Decentralized Metaverse　　Ball sees a

2022-07-22Deep Dive

zkSync, an Ethereum scaling solution, will go live on the mainnet in three months.

zkSync 2.0 will be compatible with the Ethereum Virtual Machine (EVM) when it launches, according to Matter Labs.　　As stated by The Block, “the project is hoping to become the first zk proof-based scaling solution for EVM smart contracts available in a real production environment” when the mainnet launches.　　zkSync will also support the scripting languages Solidity and Vyper for EVM-based programs.　　Layer 2 networks use ZKRollups, which is based on zero-knowledge rollups, for faster and cheaper transactions than the Ethereum mainnet, according to The Block. Optimistic rollups, sidechains, and state channels are a few other options.　　To help developers migrate to the new version, zkSync 2.0 will be backwards compatible with earlier versions of the solutions.　　The mainnet launch will be a three-step process, according to the release. The initial launch will take place in November, barring any further ventures that may arise. Audits and a fair alpha launch will precede the second launch. The full mainnet launch, scheduled for the end of 2022, will be the final step.　　As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!　　iOS: t.ly/UUCj　　Android: t.ly/cfYt

2022-07-21Deep Dive

Audius allows sending tokens to artists.

As a blockchain-based music distribution platform, Audius helps musicians publish and sell their work as well as distribute it directly to fans.　　These include the first-party app for interfacing with the protocol and the whitepaper-specified reference implementation.　　With 7 million users and 250,000 artists, the $1 billion network allows fans to support their favorite musicians in tokenized form, either the Audius platforms governance token audio, or by connecting to an external crypto wallet.　　A credit card tipping option will be made available in the near future, according to the business.　　Audius co-founder Forrest Browning remarked, “We see it as laying out breadcrumbs to enable our Web2 audience understand how to tip and support their favorite artists and a Web3 ecosystem.”　　The platform doesnt have to draw all of the fan bases from different platforms, according to him, but it should focus on attracting the 10 most active fans among those who already use it.　　Users can now upload audio files to TikTok via Audius using a new tool dubbed “TikTok Sounds,” which was developed by TikTok and Audius in August of last year.　　An Audius investment round totaling $8.6 million has been completed in the past two months. Streaming music provider Audius and non-fungible token (NFT) marketplace

2022-07-21Deep Dive

Tesla Sold $736 million worth of Bitcoin Holdings in the second quarter.

“As of the end of Q2, we have converted about 75% of our Bitcoin purchases into fiat cash,” Tesla said in its second-quarter earnings report, which was released on Wednesday. The company added $936 million in cash sales to its balance sheet.　　“The reason we sold a bunch of our bitcoin holdings was because we were unknown when the Covid lockdowns in China would be lifted, so it was vital for us to optimize our cash position,” Musk said during the results call on Wednesday. This is not a verdict on bitcoin,“ he stressed, adding that ”Tesla is open to increasing its crypto holdings in the future.　　Tesla completed the second quarter with $218 million in Bitcoin holdings, down from $2 billion in the previous three quarters.　　The fair market value of Teslas Bitcoin holdings hit $2.48 billion in the first quarter of last year and remained around $2 billion by the end of the year. While the corporation did not specify the price at which it sold its Bitcoins or the amount of its impairment, Bitcoin began the second quarter of this year at over $46,000 and closed the quarter around $19,000.　　At the start of the second quarter, the firm estimated 42,000

2022-07-21Deep Dive

The US is retaliating against North Korean cyber strikes.

According to the statement, state-sponsored North Korean hackers used a new strain of ransomware named “Maui” to lock the systems of two hospitals in Kansas and Colorado in May 2021 and April 2022. To restore access to their computers, the medical centers had to pay ransoms of about $100,000 and $120,000 in Bitcoin to the cyber criminals.　　The Kansas hospital notified the FBI, who was then able to trace the cryptocurrency ransom to money launderers in China. The FBI was able to acquire access to the receiving accounts, seize the assets, and eventually restore the money to the victim institutions in May 2022.　　“Reporting cyber events to law enforcement and helping with investigations not only protects the United States, but its also smart business,” Assistant Attorney General Matthew G. Olsen added. “Reimbursement to ransom victims demonstrates why it pays to collaborate with law enforcement.”　　It is unclear where the extra $280,000 seized came from, or how Bitcoin price fluctuations affected the final amount collected. In addition, no arrests were mentioned in the announcement.　　North Korean hackers have been a significant presence in the bitcoin world. The state-sponsored cyber group Lazarus Group abused the Ronin bridge for about $551.8 million at the start of the

2022-07-21Deep Dive

Remooz.com, a Hyperledger Fabric-based Platform, has launched an NFT Marketplace.

A rising number of celebrities, including artists, athletes, and movie stars, have taken an interest in the digital token, generating and selling their own series of NFTs.　　The most recent NFT platform will be a marketplace that will allow collectors, artists, and regular people who are unfamiliar with NFT technology to make, purchase, and resell NFTs via blockchain-backed transactions.　　The networks digital assets are traded in US dollars, providing a significant opportunity for businesses, investors, users, and ordinary people to establish a user-friendly, highly accessible, and socially involved platform.　　The Remooz NFT marketplace platforms strength is its Hyperledger Fabric blockchain.　　The Linux Foundation launched Hyperledger Fabric in 2015 as an open, proven, enterprise-grade distributed ledger platform.　　It employs a modular, general-purpose framework with distinct identity management and access control capabilities, making it ideal for a wide range of industry applications such as supply chain tracking and tracking, trade finance, loyalty and rewards, financial asset management, clearing and settlement, and so on.　　Remooz, based on this blockchain, can become a partner and collaborate to boost the companys business development.　　Marwan Salem, Remoozs Co-founder and CEO, commented, “Whether serving the business-to-consumer (B2C) or business-to-business (B2B) segments, Remooz is revolutionizing the blockchain architecture and making NFTs accessible to all.”　　GameStop Corp,

2022-07-20Deep Dive

What Will Happen If Crypto Markets Surge Above $1 Trillion in Value?

At the time of writing, the total crypto market cap was $1,065,628,469,022.754, owing to the significant rise in the prices of Bitcoin (BTC) and Ethereum (ETH), respectively. While Bitcoin has risen by more than 6% to $23,385 in the last 24 hours, Ethereum has risen by more than 3% to $1,561 in the same period.　　Market bulls, particularly those holding onto their bags, would be relieved by this trend because it indicates that the digital currency ecosystem may be revitalized even in the absence of any noteworthy factor fueling the positive emotions.　　With Bitcoin reaching its highest level in a month after falling as low as its 18-month performance last month, suspicions are developing about the market pausing and easing out of the threatening crypto winter.　　Worst Days Could Still Be Ahead. Without sounding too pessimistic, the current spike in crypto prices is most likely a natural bullish corrective following the several-week-long market collapse.　　Some of the most important events are still to come, such as the US Federal Open Market Committee (FOMC) meeting at the end of this month. With inflation significantly higher than expected, the Feds may be obliged to hike interest rates again, most likely by more than the 75 basis

2022-07-20Deep Dive

Su Zhu, among others, files a $5 million claim against his own company, according to sources.

Su Zhu, among others, files a $5 million claim against his own company, according to sources.　　Su Zhu, the co-founder and CEO of bankrupt Three Arrows Capital (3AC), is said to be one of the creditors who filed claims against the beleaguered crypto hedge fund.　　This information was given by a Twitter account known as Soldman Gachs, who also claimed to be one of Three Arrows Capitals creditors.　　“I just saw the list of creditors to #3AC and noted that @zhusu has filed a $5 million claim.” “While on the run, he has found the time to methodically and mercilessly fill out documents in order to pursue a claim against his own Fund,” he claimed in a tweet.　　While Su Zhus claim against his own firm may appear strange, Soldman Gachs also stated that ThreeAC Limited, 3ACs investment manager, filed a $25 million lawsuit against Three Arrows Capital. The creditor also revealed a list of the companys other creditors, including Digital Currency Group (DCG), Algorand, CoinList, and the MoonBeamNetwork, among others.　　Teneo Restructuring disclosed the list of creditors for the first time after being appointed by a British Virgin Islands (BVI) court to manage 3ACs liquidation procedure. These creditors were apparently scheduled to meet on

2022-07-20Deep Dive

Another Twitter Hack Hits the NFT Community

Another phishing scam has hit the non-fungible token (NFT) community, with the latest target being the social media accounts of NFT influencer Zeneca.　　The compromised Twitter and Discord accounts linked to a fake airdrop for the influencers “Zen Academy Founders Pass,” tricking unsuspecting users into connecting their wallets. The damage from the attack remains unknown.　　Hey everyone wanted to do something special for the community so here I go!　　I would like to announce the official release of the Zen Academy Founders Pass airdrop.　　There will be 333 of these passes to start off. The lucky few that manage to get one (1/2)　　— - (@Zeneca_33) July 19, 2022　　The hack is believed to be a part of a widespread threat against the NFT community, first alluded to on Monday in a tweet by the Bored Ape Yacht Club creator Yuga Labs.　　Users began flagging Zeneca‘s account as compromised within minutes of the tweet being sent. Justin Tayler, Twitter’s head of consumer product marketing, locked down the account 40 minutes after the hack took place. 　　The hack is far from the first of its kind targeting the NFT community, with Discord scams and impersonations becoming increasingly common. The last significant hack came in early June, when a

2022-07-20Deep Dive

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