Autor Cointelegraph By Wahid Pessarlay

Where in the world are the 3AC founders? Speculations abound

Where in the world are the 3AC founders? Speculations abound

Uverejnil používateľ | aug 29, 2022 |

The creators of Three Arrows Capital are missing, according to reports, when court-appointed liquidators visited the firm’s Singapore headquarters recently, all they discovered was a locked door and a stack of outdated mail.Singapore-based 3AC is among the flagship cryptocurrency firms that have crumbled under bear pressure and faced liquidity issues driven by the market sell-off in recent weeks. In June, a court in the British Virgin Islands, where 3AC had moved its registration, appointed advisory firm Teneo in June to liquidate 3AC assets.Teneo senior managing directors Russell Crumpler and Christopher Farmer informed the court on July 8 that the whereabouts of Zhu Su and Kyle Davies, the co-founders of 3AC, were still unknown. Most recently, a Singapore court approved Teneo’s petition order against 3AC issued in the British Virgin Islands. This recognition will give Teneo the legal ability to request access to 3AC’s financial records kept in SingaporeDavid Lesperance, a lawyer with over 30 years of experience as a taxation and citizenship adviser, told Cointelegraph that he believes the founders have availed themselves of a backup plan and gone underground. Pioneer founders in previously unregulated industries, such as gaming and crypto, need to maintain a power balance when regulators inevitably come calling. He added that when negotiating to adjust business practices to the newly established standard, it is best to maintain parity in the relationship. This is best done at a distance, where it is difficult for the regulator to bully. According to Lesperance, this allows the company lawyers to negotiate with liquidators, courts and regulators on an even playing field.Lesperance further explains that in the 1990s, former New York Attorney GeneralElliot Spitzer mastered the technique of nabbing CEOs and making them do the “perp” walk. Then, hours before the market’s opening bell, Spitzer would call up the board and offer them a plea bargain deal. Negotiating from a position of great weakness, the boards would capitulate and concede to charges that — per Lesperance — Spitzer really had no real chance of “winning at trial, solely to save the company share price.” “During the time that online gaming and sports book sites were coming into their own, I had several founder clients who successfully stayed out of the clutches of overzealous American prosecutors while their corporate lawyers adjusted their businesses to new U.S. regulatory rules that had been pushed through by their brick-and-mortar Vegas competitors,” Lesperance said:“These founders continued to legally live and operate in more friendly jurisdictions during this negotiation period. Their competitors, who fell into the hands of the U.S. authorities during this period, saw their businesses collapse and were subsequently bought up for pennies on the dollar by my clients.” He added that now that the founders of 3AC have fled Singapore, investor suspicions have been strengthened that the firm was an illegitimate operation. To add to this point, 3AC once boasted that it had around $10 billion worth of assets under management, leaving some in the space to believe that the recent bankruptcy filing was a cover-up for the founders’ escape plan. Lesperance says that the Three Arrows founders have provided a spreadsheet with details of the company’s assets to the liquidators, according to a post from Zhu’s verified Twitter account.Sadly, our good faith to cooperate with the Liquidators was met with baiting. Hope that they did exercise good faith wrt the StarkWare token warrants. pic.twitter.com/CF73xI8r6n— Zhu Su (@zhusu) July 12, 2022The 3AC co-founders will continue working to find details of other assets but are displeased with the behavior of the liquidators, according to the Tweet. The hedge fund’s liquidators traveled to Three Arrows’ office address in Singapore in late June in an attempt to track down the founders. Recent: How blockchain technology is changing the way people invest“It appeared dormant: The door was locked, computers were inactive and mail was stuffed under the door. As is appropriate in this strategy, the liquidators spoke with lawyers for Davies and Zhu via videoconference last week, according to court papers, but did not speak to the founders directly,” Lesperance stated. “It is worth noting that at this point, the liquidation is a civil matter and no criminal charges have been made against either founder.”Rumor has it that they are heading to or already in Dubai, says Lesperance. According to a Finance Magnates report, the 3AC founders had already planned to “move the business to Dubai.” Zhu also added that they “have to go there soon to assess whether we move there as originally planned or if the future holds something different for” them. In addition, Zhu’s Twitter account shows that he is in the UAE, with his last tweet being from July 12. However, Davies’ Twitter location is still showing Singapore.Can the co-founders hide in Dubai?Dubai has recently become quite fashionable among crypto entrepreneurs, according to Lesperance. Changpeng Zhao, the founder of Binance, is one example. It is relatively “simple to obtain visas for commercial or private planes that allow you to enter Dubai,” he added.However, it is not a reliable “hideout” if criminal charges are ever levied, says Lesperance. The Nigerian fraudster Hushpuppi found this out the hard way when he was arrested by Dubai police and flown directly to the United States.It is worth noting that the UAE has extradition treaties with 37 different countries, including several whose regulators are most likely looking at the actions of Three Arrows Capital. The United States, the United Kingdom, Canada, Singapore and Hong Kong are all signatories to extradition treaties with the UAE, according to Bloomberg data.If the rumors are true and the founders of 3AC have in fact fled to Dubai, they may be in for a rude awakening if criminal charges are ever brought against them, Lesperance added.What else should they do besides relocating to Dubai?“Both Kyle and Zhu are American citizens and passport holders. It is not known whether they obtained another citizenship, such as Singaporean. Therefore, if they are only traveling on U.S. passports, they are at significant risk,” the lawyer stated.This is because “their passport” is not really theirs. Rather, it is the property of the United States, says Lesperance, “that allows them to use that passport right up to the moment that they no longer allow them to use it.” In short, if their U.S. passports were canceled while they were in another country such as the UAE, Singapore or elsewhere, then they would be effectively trapped in that country, the lawyer added. This is because, he says, they would not have a travel document that would allow them to enter a third country. In addition, life without a valid passport is not easy. For example, it may prevent them from making a residence application or opening up banking facilities.“If they are smart, they will lawyer up and try to fight any charges in the United States. If they are found guilty, maybe they can negotiate a deal that includes some form of house arrest or other alternatives to prison. But, if they are convicted and sent to prison, it is very likely that they will never see the light of day again,” Lesperance says.Can they apply for citizenship by investment?It is possible for both Zhu and Davies to apply for citizenship by investment (CBI) in a number of countries, including Dominica, St. Lucia, Antigua & Barbuda, Grenada, St. Kitts & Nevis and Vanuatu, per the lawyer.Under most CBI programs, the applicant must make a significant financial investment in the country, usually in the form of a real estate purchase or a government bond. In return, they are granted citizenship and a passport, which allows them to live and work in the country and travel visa-free to many other countries.While CBI programs may offer a way for Zhu and Davies to obtain second citizenship and a second passport, it is important to note that they would still be subject to extradition to the U.S. if criminal charges are ever brought against them.Lesperance adds that, contrary to popular belief,countries that have citizenship by investment programs have screening and due diligence procedures. Therefore, given the publicity surrounding these gentlemen and the possibility of criminal charges in the future, there is no currently operating citizenship by investment program which would consider granting them a passport, he said.The other thing to remember is that such citizenship is not granted overnight. Rather, they take three to four months and require a valid existing passport to successfully process, Lesperance says. If the U.S. were to cancel their passports in the near future, “they would be trapped.”In short, Kyle and Zhu’s fiscal house is being scorched by a liquidation. Therefore, the time to seek “fire insurance for a second passport is long past.” If there are any future potential criminal “arson” (i.e., fraud) charges, they will have to face the music. But, without a second passport, they will be doing so from a prison cell, the lawyer told Cointelegraph.Recent: How to tell if a cryptocurrency project is a Ponzi scheme3AC, on the other hand, was formerly one of crypto’s largest and best-known funds, managing roughly $10 billion. However, poor investment in Terra prompted investors to demand their money back, ultimately compelling 3AC to seek Chapter 15 bankruptcy protection and causing its founders to flee a swarm of creditors and regulators.To get you up to speed:After making a series of large directional trades (GBTC, LUNA, stETH) and borrowing from 20+ large institutions, Three Arrows Capital (3ac) went bust.Then the founders ran, and the loan defaults have lead to mass contagion in crypto.— Jack Niewold (@JackNiewold) July 18, 2022

The crypto hedge fund owes $3.5 billion to 27 different companies, including $2.3 billion to digital currency lender Genesis Global Trading, according to a court filing in the firm’s bankruptcy made public last month.Although 3AC’s story is a cautionary tale, it does not necessarily spell doom for the crypto industry as a whole. Rather, it is a reminder that even the most well-funded and experienced investors can make mistakes, and that even in the digital age, due diligence and risk management are essential.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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What the Taliban crackdown means for crypto's future in Afghanistan

What the Taliban crackdown means for crypto's future in Afghanistan

Uverejnil používateľ | aug 29, 2022 |

With the rise of the Taliban last year in August, Afghanistan faced global sanctions that led to many international organizations and money transaction services halting operations in the country. This made room for digital currencies and stablecoins to be widely used, at least to send or receive remittances.However, the Taliban government has recently banned cryptocurrencies and arrested 16 local exchangers in the Northwestern city of Herat in the past week, according to the provincial news website ATN-News. According to the report, the exchanges were initially given a grace period to comply with the government’s regulations but were ultimately shut down after failing to do so. The Afghan government has now asked locals to refrain from using digital assets and has warned them of the risks associated with such activities.However, people familiar with the matter, those who want to stay anonymous due to security reasons, have told Cointelegraph that “no previous announcement or warnings were given.”“Da Afghanistan Bank (central bank) stated in a letter that digital currency trading has caused lots of problems and is scamming people, therefore they should be closed. We acted and arrested all the exchangers involved in the business and closed their shops,” the head of the counter-crime unit of Herat police, Sayed Shah Sa’adat, told ATN-News.People familiar with the matter believe there were no crypto-related scams involved in the government’s “stupid” decision. “We mostly used the Binance crypto exchange and a wallet to trade, send or receive assets,” they added. “Right now, we don’t have standard banks or monetary services, and the Taliban banned our only hope.”In June, the Taliban-led central bank of Afghanistan banned online forex trading in the country. A spokesman told Bloomberg that the bank views forex trade as being both illegal and fraudulent, saying “there is no instruction in Islamic law to approve it.” After the Taliban regained power in Afghanistan, local residents’ finances worsened as billions of dollars in foreign aid were cut off and their overseas assets were frozen under United States sanctions, per Bloomberg.Why did the Taliban ban crypto?According to the ATN-News report, the main reasons for the ban are the volatile nature of cryptocurrencies and assets like the U.S. dollar leaving the country since crypto exchanges are not based in Afghanistan. Another reason noted in the report is that digital currencies are new and “the people are not familiar with them.”The head of the fiat exchangers’ union Ghulam Mohammad Suhrabi also claimed that crypto was used to scam people. However, people familiar with the matter do not know of any crypto-related crime or scam, and Suhrabi also didn’t provide any specific data.Recent: Blockchain audits: The steps to ensure a network is secureSome believe that the only reason for the ban is the decentralized nature of cryptocurrencies and the underlying blockchain technology. “They banned it because they cannot control it,” a trader with over six years of crypto experience told Cointelegraph, stating: “The government wants to see, control and manipulate everything in the country. Crypto is volatile, I agree, but everyone who uses it must know that. We also have stablecoins like Tether, USD Coin and many more for the people who just want to send or receive remittances to/from other countries.”Cointelegraph’s sources further stated that the Taliban have also told traders and crypto-to-fiat exchangers that cryptocurrency use is like “gambling” and call it “Haram,” which means forbidden under Islamic law. They added that the government wants people to use local banks to transfer money, while “most of the local monetary services are limited and do not allow us to withdraw all of our money at once.”“We can only get around 20,000 Afghanis (roughly $220) per week from the local banks that one should stay in line for hours sometimes,” a crypto user who gets money from his brother from Germany told Cointelegraph. “In addition to all the difficulties in withdrawing money from banks, another problem is the expensive transaction rates that we are just trying to avoid.”He added that there are always a bunch of hidden fees with using services like SWIFT, Western Union, MoneyGram and the local Hawala system. The crypto user said that the transaction rates sometimes go up to 20%.Risk of crypto in AfghanistanAfter Afghanistan was hit by a wave of sanctions that limited its reach to international banking and trade, many were looking for an alternative to getting money from their family and friends abroad. The situation made room for cryptocurrencies, as the local money transfer services were either banned or very expensive.Furthermore, popular payment transfer companies like PayPal and Venmo are not supported by banks in Afghanistan, which limits the financial services that these establishments provide. In addition, it is difficult to open a bank account due to the number of requirements one must meet, such as providing a house deed and working statement.“We could receive thousands of dollars in crypto assets from our families without worrying about the transaction fees or the complexity of the [digital] exchanges,” locals said. “Using apps like Binance or some [crypto] wallets is super easy, that we even have some illiterate people who can now easily send or receive cryptocurrencies.”Friday Mosque (Jumah Mosque) in Herat, Afghanistan. Source: Koldo Hormaza.According to Google Trends data, the interest in the search terms “Bitcoin,” “crypto” and “cryptocurrency” has risen more than 100%, especially in Herat, Kandahar, Kabul, Nangarhar and Balkh provinces. Furthermore, Afghanistan was ranked 20th among 154 countries in “The 2021 Global Crypto Adoption Index” by Chainalysis in 2021. This is a positive indication that the people of Afghanistan are willing to invest and use cryptocurrencies in their daily lives, one individual told Cointelegraph.“Crypto is the only way I can get paid online because we do not have access to a service like PayPal,” said an online worker. “I receive my salary with cryptocurrencies and this is the way I put food on the table for my family of nine, but I’m really hopeless now.”Recent: Why interoperability is the key to blockchain technology’s mass adoptionOne source added that the Taliban might be trying to create a central bank digital currency (CBDC) and could have plans to use blockchain technology. However, most traders believe that there is no need for a CBDC when cryptocurrencies offer what people need. The Taliban have not yet announced any plans related to CBDCs.“Just imagine what a frictionless, global digital payments system with appropriate controls for illicit finance could do for people in places like Afghanistan — if relatives abroad could easily send remittances, or if NGOs could pay their staff halfway around the world with the click of a button on a smartphone,” the U.S. Deputy Secretary of the Treasury Wally Adeyemo said at Consensus 2022.Adeyemo pointed out the weakness of local banks in Afghanistan in providing enough cash for “ordinary people.” While the situation in the country is becoming worse every day, he believes that “it is critical that we balance both sides of this proverbial digital coin, the risks and the opportunities.”

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How blockchain technology can revolutionize international trade

How blockchain technology can revolutionize international trade

Uverejnil používateľ | aug 1, 2022 |

Since time immemorial, technological innovations have shaped the structure of commerce and trade. The discovery of electricity encouraged mass production and the advent of steam engines ushered in an era of mechanized production. From information to communication, technology has been used everywhere to make life easier. For this reason, blockchain technology has been tapped by many as the next big thing, considering its use cases which cut across numerous industry verticles.Mainly used in keeping records of transactions, blockchain technology is a type of distributed ledger technology.Blockchain makes a differenceAccording to Statista, blockchain makes keeping data records easier, more transparent, and even more secure. Owing mostly to its resistance to alteration, blockchain offers time-based information on transactions, whether they are between private individuals, corporate entities, supplier networks or even an international supply chain.It is also a common notion that blockchain is only a technology for Bitcoin (BTC). However, that assumption could not be more wrong. While the technology emerged alongside Bitcoin in 2008, however, today, its use cases have evolved far beyond cryptocurrencies. From finance to e-commerce, food safety, voting exercises and supply-chain management, its applications cut across virtually all sectors of the global economy, including areas directly or indirectly linked to international trade. The value chain attached to international trade is a notably complex one. While its transactions involve multiple actors, its other aspects like trade financing, customs administration, transportation and logistics all benefit from the adoption of blockchain technology.According to Statista, cross-border payments and settlements account for the largest use cases of blockchain technology, especially considering how there have been numerous past efforts to digitize trade transactions.As of today, the potential of blockchain to enhance the efficiency of trade processes is already being explored. For instance, the blockchain project Open Food Chain is working to improve food security via its Komodo Smart Chain.Recent: Crypto contagion deters investors in near term, but fundamentals stay strongKadan Stadelmann, chief technology officer of Komodo — technology provider and open source workshop — told Cointelegraph:“Blockchain’s biggest advantage is immutability, meaning data can’t be deleted or edited after it’s on the ledger. For international trade, this provides an opportunity for more transparency across several major industries.”Stadelmann explained that the technology ensures that foods can be tracked from their origin (i.e., a farm in another country) to the consumer’s local supermarket. He says this can help improve food security around the globe by tackling issues like food contamination outbreaks as 600 million — almost 1 in 10 people in the world — fall ill after eating contaminated food and 420,000 die every year, according to the WHO. Blockchain can streamline the complex documentation processes that are prevalent in international trade. Zen Young, the CEO of noncustodial web authentication infrastructure Web3Auth, told Cointelegraph:“Digitizing documents for traditional clearance processes, and transactions in international trade can take up to 120 days to complete, but with bills of lading tracked through blockchain, the need for such processes and potential for double spending is eliminated.”“Transfer payments and transactions are also quicker and cheaper than currently possible through the SWIFT network, blockchain commissions are lower and without maximum limits, which is especially advantageous for exporting goods,” he said.A view of the stern of the Ever Ace, one of the world’s largest container ships. Source: Wolfgang FrickeFurthermore, Zen added that these factors will help fraud reduction through digitally verifiable and legally enforceable non-paper documentation.In another use case, IBM and Maersk are working on a blockchain-based solution to streamline the global shipping industry. The project, which is called TradeLens, is designed to digitize the entire shipping process on a blockchain.The ultimate goal is to create a more efficient and transparent supply chain that can speed up delivery times while reducing costs. So far, the project has been successful in onboarding over 150 organizations, including major port operators, shipping companies and logistics providers.According to IBM, TradeLens has processed over 150 million shipping events and has saved users an estimated 20% in documentation costs. In addition, the platform has reduced the time it takes to ship goods by 40%.As blockchain continues to gain traction in various industries, it is only a matter of time before its potential is fully realized in the world of international trade. With its ability to streamline processes and reduce costs, blockchain has the potential to revolutionize the way goods are traded around the world.Despite its promises, however, there are some weak points in blockchain tech’s application to international trade.Blockchain’s shortcomingsThe major disadvantage of using blockchain is the fact that it is often associated with high transaction costs. For example, when it comes to cross-border payments, blockchain technology has been known to be quite expensive.This is because blockchain transactions often involve multiple intermediaries, which can drive up costs. In addition, the time it takes to settle a blockchain transaction can be quite lengthy, which can also add to the overall cost.Another disadvantage of blockchain is its lack of scalability. Due to the fact that each block in a blockchain must be verified by all nodes on the network, the system can often become bogged down when handling large volumes of transactions.This can lead to delays in the processing of transactions, which can be a major issue in the world of international trade.Finally, according to Deloitte, blockchain technology is still in its early stages of development, which means that it is subject to a number of risks and uncertainties. For example, there could always be the risk that a critical flaw could be discovered in the scalability and privacy framework that could pose an issue to the financial end of the operation.In addition, there is also the risk that bad actors could exploit vulnerabilities in the system in order to commit fraud or theft. These risks need to be carefully considered by those who are looking to use blockchain technology in the world of international trade.Recent: Ethereum Merge: How will the PoS transition impact the ETH ecosystem?Despite these disadvantages, it is important to note that blockchain technology is still in its early stages of development. As the technology matures, it is likely that many of these issues will be addressed and resolved.As more and more organizations begin to adopt blockchain technology, the overall cost of using the system is likely to decrease. This could make blockchain a more viable option for those who are looking to streamline their international trade operations.In the end, blockchain technology has the potential to revolutionize the way goods are traded around the world. With its ability to streamline processes and reduce costs, blockchain has the potential to make international trade more efficient and transparent.

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The search term ‘Bitcoin Crash’ is trending — Here’s why

The search term ‘Bitcoin Crash’ is trending — Here’s why

Uverejnil používateľ | júl 13, 2022 |

Last year, the word “crypto” was trending all over the internet as the crypto market was generally flourishing. However, now it appears that the good fortunes of digital coins havee waned as cryptos have slipped into a serious bear market. Bloomberg recently reported that while the short-term investors wasted no time in dumping their holdings, even the old-timers are now exiting the scene.The most recent Bitcoin (BTC) crash saw the asset’s price go as low as $17,000, its lowest price since late 2020. Reflecting the general air of uncertainty among investors in the cryptocurrency market, “Bitcoin is Dead” is beginning to trend once again, at least, according to the data from Google Trends.But, while downturns may generally be a part of crypto markets, things continue to look bleak for crypto.What triggered the latest Bitcoin crash?Bitcoin has slipped nearly 70% from its November record high, but it all started in March when CNBC reported that the Federal Reserve approved its first rate hike in three years. That singular act went on to be a major turning point, putting downward pressure on risk assets like Bitcoin. Meanwhile, a series of other events soon followed that also impacted the crash of Bitcoin, including Russia’s invasion of Ukraine and the Terra crash.Rob Schmitt, chief operating officer of infrastructure provider Toucan, told Cointelegraph:“A combination of macro headwinds, such as increased interest rates and geopolitical uncertainty, has triggered a broader market downturn that has caused a major delegating event in crypto markets. Specifically, the implosion of Terra and the following insolvency/deleveraging of Celsius and Three Arrows Capital, has forced the liquidation of large amounts of BTC, which caused a price crash.”First Digital global digital payments firm CEO Vincent Chok insisted on the Luna Classic (LUNC) collapse being the major cause of the crash. He told Cointelegraph:“This is a part of the normal market cycle. The primary trigger was not geopolitical conflict, but the LUNC collapse and the systemic risks associated with the large exposure to this token.” The collapse triggered margin calls for hedge funds and defined liquidity positions. Chok added that it’s part of the super cycle of the industry, an evitability of the bull run. Something had to be corrected sooner or later, he added.Crypto will surviveBitcoin has been written off as dead at least 458 times in the past. But each of those times, it has managed to come back to life. Kevin Owocki, founder of Gitcoin DAO — a platform for funding open source Web3 projects — told Cointelegraph:“Bitcoin has been declared dead hundreds of times in the past and, so far, these commentaries have always been wrong. If the past is any guide, Bitcoin is not dead. I don’t want to get into price forecasts, but my focus has always been on the future of what Web3 can build and how those tools can provide solutions to global problems that humanity faces.”“We have been through ‘winters’ before where the value of digital assets dropped to uncomfortable levels, but we have seen that the greater crypto community emerges from these periods stronger and more resilient than before. I believe that we will get through this and on the other side the products and assets that have survived will be value generators not just for Web3, but beyond,” Owocki added.Furthermore, Schmitt also claimed that “a temporary drop in its price does not significantly impact Bitcoin.” He explained how Bitcoin has had to go through multiple larger drops in the past.Recent: Tether fortifies its reserves: Will it silence critics, mollify investors?Several other on-chain metrics suggest that Bitcoin will most likely come out of its current situation. One such important metric is the 200-weekly moving average (WMA). For a long time, the moving average has been a credible indicator of BTC price. Previously, at every point that Bitcoin has hit the 200 WMA, it completely bounced back. A careful look at what happened between 2015 and 2020 in the chart below gives insight into this claim.Graph showing how Bitcoin surged each time it hit the 200-WMA. Source: TradingViewThere are times that Bitcoin dipped slightly below the 200-WMA, but it never stayed there for too long. So, seeing as Bitcoin is currently trading at a very close range to its 200-WMA, there may be a reason to believe that Bitcoin is not dead. In fact, an upward swing is justifiably expected soon.The impact of crypto on the economyInstitutional involvement in the crypto market’s last bull cycle has sparked fears that the broader economy may potentially be affected. Many companies have had to lay off a sizeable number of their employees, and others are looking at potential insolvency. Additionally, a recent Pew Research Center survey found that around 16% of U.S. adults have in one way or another been involved with cryptocurrency. So to an extent, there is a certain amount of national exposure to the current situation of the crypto market.However, not everyone believes that the crypto market situation will impact the broader economy. In an interview with CNBC, Joshua Gans, an economist at the University of Toronto, said:“People don’t really use crypto as collateral for real-world debts. Without that, this is just a lot of paper losses. So this is low on the list of issues for the economy.”Despite the bleak outlook for the crypto market at the moment, crypto continues to see massive adoption across the board. With increased involvement from sports organizations, private individuals, corporate institutions and even states and federal governments, there is a clear trend of crypto adoption. According to United States-based news outlet Axios, crypto app downloads are improving on a yearly basis, and that should be attributed to higher media coverage. While there was a 64% growth in 2020, last year saw an even more impressive 400% spike in the number of crypto apps downloaded.Crypto deals with sports brands, teams and leagues increased by more than 100% in 2021 and are expected to reach $5 billion in the next four years. How long until BTC bounces back?Going by past trends in the crypto market, the present situation may take weeks, months, or possibly years to reverse, and while the Bitcoin price is suffering at the moment, that should not take away the fact that it is still up 31,437% over the last nine years. In fact, it was currently more than double its price two years ago. Owocki said: “At Gitcoin Holdings, we know that it may take some time for the general market to recover — but we do not know exactly how long or which assets will recover. It could be five weeks, it could be five years. We are focused on creating value for the long term.”While there is no exact timeframe as to when Bitcoin will resume an uptrend, it certainly seems that a temporary price drop will ultimately not impact the rapid growth of usage, adoption and prices of crypto assets in the long run.Owocki believes that the evolution of the internet can be viewed through the lens of the evolution of nature. Instead of natural selection, “we have a market selection.” He said that there was a “Cambrian explosion” of opportunity created by the launch of Bitcoin and multiple forks of BTC. Recent: A brief history of Bitcoin crashes and bear markets: 2009–2022Then Ethereum arrived, and a rich ecosystem of layer-2s, decentralized finance, nonfungible tokens, crowdfunding tools, decentralized autonomous organizations and alternate layer-1 networks. “As this Cambrian explosion works its way through cycles of greed and fear, projects grow and die, and through it, all the heartbeat of innovation continues to pulse. I can’t wait to speed run this evolution until we get to the Web3-equivalent of keystone species like dolphins, humans, forests, or mycelial networks,” Owocki added.The Gitcoin DAO founder doesn’t think that the BTC or crypto crash is big enough to kill an economy. Throughout history, Owocki added, there have always been bear markets and bull markets. He says that Web3 will emerge on the other side of this stronger, and will contribute even greater value to the world economy than ever before.

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How to start a career in crypto? A beginner’s guide for 2022

How to start a career in crypto? A beginner’s guide for 2022

Uverejnil používateľ | jún 30, 2022 |

The cryptocurrency industry is arguably one of the fastest-growing industries in the world. With its decentralized finance (DeFi) system and blockchain technology, crypto has become an attractive career path for those interested in technology and finance. As expected of any fast-growing sector, growth has also led to a corresponding increase in demand for talented individuals to build the space.According to a KoreanAITimes report, cryptocurrency and blockchain jobs grew by a whopping 118% between September 2020 and July 2021.Even in the correct market downturn, where some firms have paused hiring or cut staff from their rosters, others are actively searching for and onboarding staff.There are tons of career paths to choose from in the cryptocurrency industry. So whether you are simply looking to become a content creator in cryptocurrency, a trade analyst, or even a blockchain engineer, you are in the right place.5 steps to kick off a cryptocurrency careerA cryptocurrency career can’t start from nothing. If you’re looking for a job in the blockchain and cryptocurrency industry, you’ll need to familiarize yourself with the space and take the necessary steps to prepare yourself for your search and ensure that your CV stands out. 1. Get acquainted with cryptocurrenciesBy familiarizing yourself with the various digital currencies that exist in this new field, a person searching for a crypto career already sets themself up nicely for the journey ahead. Some of the most popular cryptocurrencies include Bitcoin (BTC), Ether (ETH), Ripple (XRP), Litecoin (LTC) and Tether (USDT). And, if you want to work with them professionally, you must know a thing or two about their structures and how they came about.2. Learn about cryptographyCryptography refers to ways of passing information using codes. This is the very basis upon which cryptocurrency was founded. The essence of cryptography is that whenever a piece of information is coded in some way, only the party for whom the information was originally intended can read and process it. That is why cryptocurrency uses cryptography to keep them more secure. So, before you take that career dive into the world of cryptocurrency, you might want to take a course in cryptography. 3. Take an honest look at your skillsThis is a very vital step that helps to decide which aspect of the crypto industry you could fit into. It is important to note that a lot of the cryptocurrency jobs are STEM jobs, which are jobs relating to science, technology, engineering and math. This would include jobs in programming, software development, computer engineering and electrical engineering. Recent: Bitcoin payments make a lot of sense for SMEs but the risks still remainHowever, this does not mean that there are no career opportunities for those without STEM skills. While those who already have a background in writing may pursue crypto content writer roles, others may explore openings in marketing, business management and communications. Andrew Vranjes, vice-president of sales and general manager, Asia-Pacific at Blockdaemon told Cointelegraph:“When I am hiring, I’m not fixated on the applicants’ educational background but more of the practical and transferable skills which they’ve established over the years and if they will be a great culture fit.”“Fundamentals and people who have functional skills are becoming more important — We are always looking for individuals who are passionate and looking to grow with the blockchain space,” he added4. NetworkingDon’t underestimate networking. Networking and connecting with industry experts can be instrumental in progressing in the industry. You want to see and know professionals who have walked the path you are about to embark on. You also want to learn from top professionals in the role that you’ve chosen. So, if you take networking seriously, it can help your career grow. There are some professional networking sites like LinkedIn and other forums, but there is also the traditional method of meeting people at conferences and establishing a professional relationship with them. 5. Update your CVThe last step on the list is to take a deeper look at your CV and make necessary adjustments (additions or subtractions). Then you can start searching for a job in cryptocurrency. Jobs in cryptocurrencyNow that you are ready to take on the challenges of the cryptocurrency industry, below is a list of the types of jobs in the industry that you can build your career around. They are subdivided into two groups: technical and non-technical cryptocurrency jobs.Technical crypto jobsThe technical crypto jobs are those that usually require a more advanced level of expertise. To get jobs in this category, you must have undergone training in coding, programming, machine learning, artificial intelligence or blockchain technology in general. Some of the jobs in the technical category include blockchain developer, blockchain engineer, solidity developer, UI/UX designer, data analyst, security architect, blockchain consultant, quality engineer, software engineer and many more.Non-technical crypto jobsThere are also cryptocurrency jobs that do not require a high level of expertise or technological know-how. These roles can by filled by people with marketing, entrepreneurial, communication, creativity and problem-solving skills. When asked if someone who is not trained in crypto can apply for a job in the field, Melissa Quinn, chief operations officer at Risk Labs, told Cointelegraph:“Don’t shy away from applying for non-technical positions like comms, design or content production. While having experience or background in the industry is helpful, it’s not essential. Skills are transferable and the crypto side of the business can be learned.”Quinn believes that without having professional experience in this space your actions can speak volumes about your skills, your ability to learn, adapt and self-start. Projects, writing, decentralized autonomous organization (DAO) contributions and hackathon contributions all showcase your skills in a meaningful way.Some job positions in this category include content writer, marketing manager, accountant, events manager, financial analyst, project manager and many more.Crypto remains largely understaffedCryptocurrency is here to stay, and with the crypto market projected to grow in value by more than 100% between now and 2028, the demand for crypto-based jobs will always remain high. Recent: Uganda’s gold discovery: What it could mean for cryptoHowever, the number of experts in the field continues to be extremely low considering how big the industry is. If you are passionate about the field or you’ve just been recently attracted to cryptocurrency and blockchain technology, you’re one step closer to landing a job and kick-starting your career. However, the type of job you’ll get will have a lot to do with your qualifications and the kind of skills you possess.“Be genuine, and avoid mimicking what you think a hiring team wants to hear because the alignment is beneficial to both you and the company in the long run. Be ready to discuss how you plan to succeed in a remote, international setting. What strategies and skills have you used in the past to help with working across timezones? Once you then land an initial interview, you shouldn’t be asking about the project. Instead, showcase your knowledge of the project by asking intelligent questions. Share how you can add value. This goes beyond just what the job posting says, but also some of the other publicly available materials,” Quinn added.

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