Cryptocurrency scams
More than 200 meme coins have been created since Dogecoin first launched. But while fun to conceptualize, meme coins can fall as quickly as they rise. DOGE today is worth only a tenth of its all-time high from just over a year ago. https://growseeds.info/ But this is an important lesson for all cryptocurrency investors to keep in mind.
Remember when I told you that blockchains are run by lots of different people and companies instead of one single company/person? Well, the people and companies that run the blockchain do it using computer power. They run special software on a computer that processes transactions on the blockchain.
However, that isn’t all that makes it different. It’s also decentralized, meaning it doesn’t rely on a bank or third party to handle it — this I explained earlier in my definition of a cryptocurrency.
The first alternatives to the original crypto—later termed altcoins—didn’t appear on the scene until 2011, with the likes of Litecoin (LTC) and Namecoin (NMC). It wasn’t until Ethereum (ETH) launched that altcoins gained popularity.
Elon musk cryptocurrency
Musk staat natuurlijk bekend om zijn uitspraken over DOGE die aanzienlijke prijsrally’s hebben veroorzaakt. Dit maakt het niet zo gek dat hij ook hier in investeert. Recent is dit nog het geval geweest. Zo lieten we tijdens eerder cryptonieuws weten hoe Musk zijn mogelijke betrokkenheid bij een ‘Department of Government Efficiency’ (D.O.G.E.) besprak, tijdens een Trumprally.
Musk’s crypto tweets aren’t isolated to bitcoin. The SpaceX CEO also sent dogecoin prices up 30 percent in May after tweeting that he was working with dogecoin developers to improve the currency’s efficiency. A similar tweet later in May also caused dogecoin prices to rise. Earlier in the month, SpaceX said it would accept the meme-inspired coin as payment for sending payload trips to the moon. The company also said it would be sending a 40-kilogram cube satellite named DOGE-1 to the moon. SpaceX executive Tom Ochinero said the satellite “will demonstrate the application of cryptocurrency beyond Earth orbit and set the foundation for interplanetary commerce.”
Elon Musk heeft het een keer gehad over dat hij 0,25 BTC bezat, maar dit is niet het enige wat hij aan crypto bezit. In eerdere toespraken heeft Musk gezegd dat hij ook investeert in ethereum (ETH) en dogecoin.
Musk staat natuurlijk bekend om zijn uitspraken over DOGE die aanzienlijke prijsrally’s hebben veroorzaakt. Dit maakt het niet zo gek dat hij ook hier in investeert. Recent is dit nog het geval geweest. Zo lieten we tijdens eerder cryptonieuws weten hoe Musk zijn mogelijke betrokkenheid bij een ‘Department of Government Efficiency’ (D.O.G.E.) besprak, tijdens een Trumprally.
Musk’s crypto tweets aren’t isolated to bitcoin. The SpaceX CEO also sent dogecoin prices up 30 percent in May after tweeting that he was working with dogecoin developers to improve the currency’s efficiency. A similar tweet later in May also caused dogecoin prices to rise. Earlier in the month, SpaceX said it would accept the meme-inspired coin as payment for sending payload trips to the moon. The company also said it would be sending a 40-kilogram cube satellite named DOGE-1 to the moon. SpaceX executive Tom Ochinero said the satellite “will demonstrate the application of cryptocurrency beyond Earth orbit and set the foundation for interplanetary commerce.”
Bitcoin cryptocurrency
On 3 January 2009, the bitcoin network was created when Nakamoto mined the starting block of the chain, known as the genesis block. Embedded in this block was the text “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”, which is the date and headline of an issue of The Times newspaper. Nine days later, Hal Finney received the first bitcoin transaction: ten bitcoins from Nakamoto. Wei Dai and Nick Szabo were also early supporters. On May 22, 2010, the first known commercial transaction using bitcoin occurred when programmer Laszlo Hanyecz bought two Papa John’s pizzas for ₿10,000, in what would later be celebrated as “Bitcoin Pizza Day”.
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Bitcoin transactions use a Forth-like scripting language, : ch. 5 involving one or more inputs and outputs. When sending bitcoins, a user specifies the recipients’ addresses and the amount for each output. This allows sending bitcoins to several recipients in a single transaction. To prevent double-spending, each input must refer to a previous unspent output in the blockchain. Using multiple inputs is similar to using multiple coins in a cash transaction. As in a cash transaction, the sum of inputs can exceed the intended sum of payments. In such a case, an additional output can return the change back to the payer. Unallocated input satoshis in the transaction become the transaction fee.
Economists, investors, and the central bank of Estonia have described bitcoin as a potential Ponzi scheme. Legal scholar Eric Posner disagrees, however, as “a real Ponzi scheme takes fraud; bitcoin, by contrast, seems more like a collective delusion”. A 2014 World Bank report also concluded that bitcoin was not a deliberate Ponzi scheme.
