Here are our weekly hot takes for this week (August 30-September 5).
Vitalik Buterin: People Still Underrate The Superiority of Crypto Payments
In a twitter thread recently shared last week Wednesday, Ethereum co-founder Vitalik Buterin suggests that the superiority of cryptocurrency for payments is often seen as underrated. Due to this fact, lots of people failed to notice the massive increase and its potential to make it in worldwide business.
What made Buterin give his thoughts about the case is due to the recent cryptocurrency exchange of Binance and Mastercard partnership earlier this month. The prepaid Binance card lets users spend their crypto on daily purchases including Bitcoin and Binance Coin. It will be first launched in Argentina.
“to bridge the gap between cryptocurrencies and everyday purchases” was the mission stated by Binance.
To date, the crypto industry has evolved exponentially. According to Buterin, cryptocurrencies are not only ideal for payments because they are resistant to censorship but there are some advantages of implementing cryptocurrency payments; it gives better control of funds, reduced fees, and security. Countries have now shared their interests in a state-backed cryptocurrency to which they can govern and monitor, which also takes away the privacy factor.
Singapore Considering Stricter Rules for Retail Bitcoin and Crypto Investors
Recent reports show that Singapore’s crypto regulatory environment is heating up, from allowing retail investors to participate to outright rejecting crypto licensing applications. The authority goes even further, urging crypto platforms to show data about their businesses’ weekly activities.
Singapore is planning to roll out new regulations that will make it more difficult for retail investors to trade cryptocurrencies. Managing Director of the Monetary Authority of Singapore (MAS), Ravi Menon, said at an event this week that despite warnings, surveys show that consumers trading in cryptocurrencies globally are increasing, not just in Singapore. Some global cryptocurrency-related businesses in Singapore has been worrying about the tighter regulations. Many of which are not subject to the financial regulator’s guidelines and regulations on consumer protection.
Robert Kiyosaki Says Real Estate, Stocks, Gold, Silver, Bitcoin Markets Are Crashing — Time To Get Rich
Robert Kiyosaki, author of best-selling book “Rich Dad Poor Dad”, said in a tweet that with the “higher oil inflation, the middle class will be the first to be wiped out alongside the crashing market”. He added new and detailed information, saying that getting rich was a great time last 2008, since everything went “on sale”. He also mentioned the possibility of how the market crash will affect everyone, saying, “The crash is about to happen, and there will be millions who will get affected and be wiped out.”
With his 2 million followers on Twitter, he warned and told everyone to not be wiped out, saying that it is their time right now to get richer. He also said that “it’s not always about what’s in your wallet, it’s what you put in your head.”, followed by “If you want to get richer, you have to change what’s in your mind.”
2008 was great time to get rich. Everything went on sale. Borrowed millions of dollars buying real estate bargains. 2013 I published Rich Dads Prophecy predicting BIGGER crash coming. THAT CRASH is HERE. Millions will be wiped out. Pls do not be one of them. Time you get richer.
— therealkiyosaki (@theRealKiyosaki) August 28, 2022
Crypto Casino Stake.com Being Sued for $400 Million by Former Partner
Another big lawsuit is hitting the metaverse. This time, it’s with one of the biggest Bitcoin casinos in the world, Stake.com. The platform is being sued by the a former partner.
Christopher Freeman reportedly filed a civil lawsuit in New York. In his filing, he was seeking $400 million in punitive damages and claimed that he was deceived into straying away from the formulation of the platform.
Ed Craven and Bijan Tehrani, the creators of Stake.com, have been living the life, and their recently acquired expensive houses were being held against them. He stated that Stake.com had processed about $100 billion in bets. Freeman used this to describe the success of the platform.
Editor’s Note: This article by The Mega Maxi is not a financial advise.