The thought of Winklevoss twins is that space mining is only around the corner.

Bitcoin is a popular cryptocurrency used in recent times. It is one of the easiest and adopted currencies by people and is also used for many reasons. From small to big purchases or investments, bitcoin has a significant role in the life of today’s generation. It was developed with blockchain technology and is the safest type of crypto, impossible to hack.

The controversy about the bitcoin regarding Winklevoss twins is trending nowadays. They supported bitcoin and told it a better investment than gold. They gave behind their statement that after Elon musk starts mining the asteroids, the supply of metal will increase.

Another reason given by the Winklevoss twins behind bitcoin as a better investment in an interview on the national level is that gold does not have a fixed supply, so bitcoin is a better investment.

In an interview with Portnoy, he asked the Winklevoss twins about their question whether the statement given by them on the gold and bitcoin is real or not? The founders of Gemini cryptocurrency positively answered this question with yes.

The further question that arose in front of Winklevoss twins was about the inferiority of bitcoin over gold. One of them had answered sensibly by saying a single statement that gold is only for the boomers, and bitcoin is the only fixed asset in the galaxy.

It is said that space mining is not the latest idea. Asteroids were mined with the profit, according to the planetary resources. This data was given by the website of the company data named Crunchbase. According to a report, the firm was later adopted by the Consensys, Etherum focused blockchain firm.

There is a prediction with some highly educated experts that if the development continues in this phase, then there will be soon the time when we will observe a new space race between the private companies that are looking forward to mining the minerals in space. According to the report of CNBC of May 2018, it is predicted that the materials that are lying in the core or belt of asteroids between Jupiter to mars hold great wealth, which could be equivalent to about $100 billion for every single person on the earth.

The title already spoke a lot about this matter. However, now let’s know in detail how some investors came up with a cryptocurrency scam in China and got red-handed by the police. Sounds quite a menacing one, isn’t it? So, let’s not waste any more time. Check this out and get updated about this horrible happening.

The News

Based on a very recent report, it came into notice that the Chinese police department has captured a scammers’ group as they introduced a brand new scam, a faux cryptocurrency strategy, in order to recover all the losses after they got deluded by numerous cons themselves related to crypto.

The Public Information Network Security Supervision Bureau made a statement in an article on WeChat that said that Yang, an investor, built up a false investment plan after being deprived of a sum of around 100000 yuan, which is equivalent to 14000 USD, to a cryptocurrency multilevel marketing project. He made a group with two other similarly deceived investors and introduced a brand new mobile application with a token known as “Baiye Chain”.

The report claims that this strategy made 20 such investors gather in Yancheng, Lianyungang, Huai’an, and many other places. The local police get to know this and immediately track them down and make a raid on their office in Lianyungang. On that account, Yang got handcuffed along with his group. They had already made an amount of more than 300000 yuan, nearly 43000 USD, in profits within then.

Scams Boost as CBDC Unfolds Looms

Another report arrived with the info that the crypto scandals in China have raised against CBDC pilot tests’ backdrop being continued in various regional cities. What the scammers are doing now is the impersonation of groups of “CBDC test” and making promises of more returns on the commencing investment amount which is actually starting from 10000 yuan, approximately equal to 1430 USD.

Adding to this, “the People’s Bank of China” made a clarification earlier this year that still there is not any timetable on an official launching of digital yuan.

End Line

So, that was all the information available for now about the specific fraud and anything related to it. Hopefully, there would be more updates coming regarding this mess. You must have gotten all the information you were looking for about this horrible phenomenon that really made the Chinese police department shook and exhausted.

The world is experiencing a frightening pandemic that has spread its tentacles over all aspects of humanity, and the crypto-currency exchange market is one of them. The altcoin did experience a little boost in its price recently; adding hope in the investors’ hearts but bigger news has popped its head around the corner which may not be that melodious to the ears of crypto-enthusiasts. Old wise gurus of the trading industry warn altcoin users that bitcoin may be facing an imminent threat due to a variety of reasons, the biggest of which is a bubble forming in the tepid waters of NASDAQ.

The Underlying Reason

An industry guru believes this imminent threat may be caused by an unexpected reason that not many have predicted. This expert who has run a highly-regarded trading research firm for forty years believes the NASDAQ bubble will be the game-changer. This has been looming over the head of traders due to a correlation between the biggest altcoin that is bitcoin and certain stocks. The correlation at first, was not very significant and had escaped the notice of the gatekeepers. But this insipid link had reached a huge rise that seems to be the end of crypto-times.

Over-estimation and other problems

The skewed schematic of the trading market is not the only problem plaguing potential crypto-currency investors. Another big hurdle lies in the over-estimation of technological stocks since the beginning of the month. This threatens the tell-tale formation of the NASDAQ bubble of financial ruin. This new disaster seems to be succeeding the previous disaster of the tech bubble from twenty years before, that pulled the chair underneath of many enthusiastic investors. This new one may cause even a more dangerous upheaval that will force Bitcoin to abandon hope and leave with whatever little they can save.

But it is better to take this news with a pinch of salt since the over-all faith in this block-chain based beauty remains song. Investors have never stopped putting more money in certain areas despite the crippling effects of the pandemic. With still long exchanges happening at various blockchain platforms, hope remains present. The bitcoin has even experienced a significant uptick in its recent valuations with a rise that has settled at around nine thousand and five hundred dollars. There is a mix of uncertainties and reliance among investors concerning crypto-currency; only time will tell where the money lies.