Bitcoin latest – Dogecoin creator brands Elon Musk a ‘self-absorbed grifter’ after Tesla axed Bitcoin payments

DOGECOIN VALUE

The value of Dogecoin plummeted sharply after Musk talked about it on the late-night comedy show and called it a “hustle” in one sketch.

But it later rose after Musk said he was working with the Dogecoin to improve its impact on the environment – rising 29 per cent on Friday after a midweek dip.

It came after stocks plummeted by 17 percent last week, shaving $6.1billion in value from Bitcoin after the tech billionaire banned its use to buy Tesla.

“Working with Doge devs to improve system transaction efficiency. Potentially promising,” he posted on Twitter.

MUSK IS A ‘SELF-ABSORBED GRIFTER’, SAYS DOGECOIN CREATOR

One of the creators of Dogecoin branded billionaire Elon Musk a “self-absorbed grifter” after announcing Tesla would stop taking payment in Bitcoin.

Jackson Palmer hit out at the SpaceX CEO, who has nicknamed himself The Dogefather, on Twitter – in posts which have now been deleted.

Palmer, who created Dogecoin in 2013 with Billy Markus, said: “Reminder: Elon Musk is and always will be a self-absorbed grifter.”

CRYPTO CRASH LEFT MARKET $300 LIGHTER

This week’s crypto crash left the market $300 billion lighter as the price of Bitcoin plunged, Forbes reports.

Investors are reeling after the $2.2 trillion cryptocurrency market was dragged down after Tesla billionaire Elon Musk announced his company would no longer accept payment in Bitcoin over environmental concerns.

BEGINNER’S GUIDE TO BITCOIN

Bitcoin became the world’s first entirely virtual currency when it was introduced in January 2009.

Users cannot carry coins or notes and its value appears only as a number on a screen.

It was created by a shadowy online account which went by the name Satoshi Nakamoto.

Check out our beginner’s guide to Bitcoin and the world of cryptocurrency.

HOW TO SPOT CRYPTO SCAMS

Crypto scams are popping up all over the internet. Here’s how to spot them:

• Promises of a high or guaranteed return – Does the offer look realistic? Scammers often attract money by making fake promises.
• Heavy marketing and promotional offers – If they are using marketing tricks to con customers you should beware.
• Unamed or non-existent team members – Just like any business you should be easily able to find out who is running it.
• Check the whitepaper – Every crypto firm should have a white paper. This should explain how it plans to grow and make money. If this doesn’t make sense, then it could be because the founders are trying to confuse you.
• Do your research – Check reviews online and Reddit threads to see what other people think. 

EOS PRICE RISING

The value of cryptocurrency EOS has risen dramatically this week.

It shot up after Block.one announced a new subsidiary, Bullish Global, with more than £7.1billion ($10billion) in funding.

Bullish Global will be an EOS-based cryptocurrency exchange and is set to launch sometime this year.

Cryptocurrencies have generally also enjoyed recent surges in value after the first major crypto exchange Coinbase went public last month.

Mr Peters added: “[EOS] was in the public eye earlier this year when the chief technology officer of Block.one stepped down, as he was arguably the driving force behind the asset.

“But the near-doubling of its price in the last week likely lies in investors looking for value and rotating out of Bitcoin.”

MEET THE DOGECOIN FOUNDERS

Dogecoin was founded by Billy Markus and Jackson Palmer in 2013.

The pair worked as separate software engineers before joining forces to create the cryptocurrency phenomenon.

At the time, Markus (pictured) was working for IBM from Portland, Oregon, while Palmer was a member of the Adobe Systems Marketing Department in Sydney.

Markus then reached out to Jackson Palmer and jokingly tweeted, “Investing in Dogecoin, pretty sure it’s the next big thing.”

However, neither work on the project anymore with Mr Markus telling the Wall Street Journal that he sold all of his dogecoin in 2015.

HOW DO I PRONOUNCE DOGECOIN?

Dogecoin is a cryptocurrency revelation and has skyrocketed in popularity since its inception in 2013.

The word doge itself can be traced back to 2005, and its pronunciation varies from country to country.

This includes those who prefer to pronounce the first syllable like “dog” or “doggy,” or even those that favour “dodge.”

However, according to the cryptocurrency’s co-founder, Billy Markus, the correct pronunciation is “dojh” coin.

WHY IS BITCOIN BAD FOR THE ENVIRONMENT?

The problem surrounds the amount of energy used to mine a single Bitcoin.

Computers are needed for complex mathematical calculations to put a new Bitcoin into circulation online. This process is also known as mining.

A lot of energy is needed for Bitcoin mining and some experts are concerned that vast amounts of fossil fuels are being used to create this energy.

The Centre for Alternative Finance has estimated that Bitcoin now accounts for 0.59% of global electricity production.

That may seem like a small number but it’s enough energy to keep kettles in the UK boiling for 33 years.

BROTHERS BECOME MILLIONAIRES ‘OVERNIGHT’

Two brothers became millionaires almost overnight after investing $7,900 in a cryptocurrency originally set up as a joke.

The siblings – who wished only to be known as Tommy, 38, and James, 42, told CNN they dabbled in cryptocurrency in December 2020 after being recommended to by a friend.

They then put several hundred dollars in a cryptocurrency called Shiba Inu – a parodic spinoff of Dogecoin – when one coin was worth a fraction of a cent.

But it is as of Thursday it was worth nearly $9 million.

CRYPTO MILLIONAIRES BLOCKED FROM BUYING HOMES

Cryptocurrency millionaire Jeff Peters, 30, tried to buy a house for £1m, but was told by his lawyer he needed to prove his profits were clean, The Telegraph reports.

Speaking under a pseudonym, he said: “They wanted me to prove I had paid tax on my profits and not got them from criminal activity. But I couldn’t find a forensic accountant.

“I eventually found another solicitor and I passed anti-money laundering legislation by submitting trading statements.”

Charlie Parker, a 31-year-old cryptocurrency and stock investor, was also blocked from using his profits to buy a property.

He said he was asked to provide a paper trail of trading activity to prove his money wasn’t laundered.

HOW RISKY IS KISHU INU?

A cryptocoin marketing itself as “Dogecoin’s big brother” has soared in value by almost 30% over the past 24 hours.

Kishu Inu was only launched last month but a single coin is now worth $0.0000000112 and already has a market capitalisation of $1 billion, according to CoinMarketCap.

It isn’t listed on the main exchanges such as Binance and Coinbase but runs its own platform and can also be found on CoinTiger, Bitru and OKEx.

Newer coins such as Kishu Inu can also be more risky as they don’t have a long track record so it can be harder to verify their value and performance.

It is harder and can take longer compared with regulated investments to get your cash out, especially if you are dealing with a smaller exchange.

CONTINUED: TEACHER FALLS VICTIM TO CRYPTO CON

But when no reciprocal payment was made, she realised she had become the victim of a scam and immediately tried to disable her bank account.

Unfortunately it was too late and there is now no way for Julie to get her money back.

She told The Argus she wishes she could go back in a “time machine” and undo the error that cost her thousands.

“I stayed up all night searching the internet of ways in which I could get this money back,” she said.

“I tried to sleep but couldn’t as I was having constant panic attacks and couldn’t stop shaking and crying.”

TEACHER FALLS VICTIM TO CRYPTO CON

A teacher broke down in tears after losing her house deposit in a fake ‘Elon Musk’ Bitcoin scam.

Julie Bushnell said she felt ashamed and embarrassed after falling victim to the cryptocurrency con that cost her £9,000.

The scam was posted on a fraudulent website made to look like the BBC.

It used the name of entrepreneur billionaire Tesla and SpaceX CEO Elon Musk to suggest she could double her money in a Bitcoin giveaway.

Julie, from Brighton, East Sussex, forked out $12,650 (£9,007) which she had saved for a deposit on her first home.

THE SUN EXPLAINS: WHAT IS CARDANO?

Cardano is a cryptocurrency that uses blockchain, making it difficult to be hacked.

It was launched in 2017 and set up by Charles Hoskinson, who was one of the eight co-founders of Bitcoin rival, Ethereum.

Every time someone buys or sells the cryptocurrency, it’s permanently recorded on the platform’s blockchain.

Unlike some other cryptocurrencies, the blockchain is more transparent so anyone can see it. It’s managed by the Cardano Foundation. The “altcoin” has been designed to make sure that investors can have some say in how the currency is run.

It means those who own Cardano have the right to vote on any proposed changes to the software, reports Coinmarketcap.

SHIBA INU COIN: 5 THINGS TO KNOW ABOUT THE NEW CRYPTOCURRENCY

SHIBA Inu coins are one of the latest cryptocurrencies to hit the market – we round up five things you need to know.

It comes as crypto fans are on the hunt for the next success story to follow Bitcoin.

Read more here.

DOGECOIN POPS AFTER MUSK TWEETS ABOUT ‘PROMISING’ SYSTEM IMPROVEMENTS

Cryptocurrency dogecoin jumped as much as 20% on Friday after Tesla boss Elon Musk said he was involved in work to improve the token’s transaction efficiency.

“Working with Doge devs to improve system transaction efficiency. Potentially promising,” Musk said on Twitter.

Dogecoin rose from about $0.43 to $0.52 on the Binance cryptocurrency exchange immediately after the tweet.

Near worthless in late 2020, dogecoin has surged to become the fourth-largest cryptocurrency by market cap, according to CoinMarketCap.com, and is up more than a hundredfold this year as speculators have piled in to the asset class.

PICTURED: TEXAN BITCOIN DATA MINING CENTRE IN HYDROCARBON BURNING OIL FIELD

A start-up bitcoin mining data center is seen on an oil field in North Texas.

As the value of bitcoin soars and concerns rise about the energy intensive process needed to obtain it, cryptocurrency entrepreneurs in the United States believe they have found a solution in flared natural gas.

Profitably creating, or mining, bitcoin and other cryptocurrencies requires masses of computers dedicated to guessing lengthy hexidecimal numbers — an endeavor that globally consumes more electricity than entire nations, but for which these start-ups say the hydrocarbon-burning torches placed next to oil wells are perfect.

IS YEARN FINANCE RISKY?

Investing in ANY cryptocurrency is very risky. It’s essentially gambling and there are no guarantees that you will see what you pay in go up in value.

It’s a speculative investment, with limited track records and no underlying value.

There is also no guarantee that you can convert crypto assests back into cash, as it may depend on the demand and supply in the existing market. 

Plus, investing in newer cryptocurrencies rather than Bitcoin, for example, is even riskier and makes you more open to scams and many experts advise against them.

As crypto investing is not regulated in the UK you don’t have the same protection as you do with investing.

MUSK ‘STRONGLY BELIEVES IN CRYPTO’ AFTER TWEETS LED TO PLUNGE IN DIGITAL CURRENCY

Elon Musk says he still “strongly believes in crypto” after a series of his Tweets led to a huge plunge in the Bitcoin’s price.

“To be clear, I strongly believe in crypto, but it can’t drive a massive increase in fossil fuel use, especially coal,” he wrote in a new post today.

NORTH DAKOTA CITY BECOMES THIRD PLACE IN US TO ACCEPT CRYPTOCURRENCIES

A city in the U.S. state of North Dakota has begun accepting cryptocurrencies for utility bill payments.

The city’s finance director says, “We are the first municipality in the state of North Dakota, and the third in the nation, to offer this service.”

The city of Williston in the U.S. state of North Dakota announced Thursday that “it now accepts digital cryptocurrency payments for utility bills.”

The announcement continued: “Currently, utility bill payments are the only bills eligible to be paid with cryptocurrency.

“Quality assessments will be conducted, and volumes evaluated, before migrating other bills such as landfill, permits, and licenses.”

STATE OWNED SWISS BANK LAUNCHES APP THAT SUPPORTS 13 CRYPTOCURRENCIES

Postfinance, the banking subsidiary of the national postal service of Switzerland, has launched a mobile app providing clients with access to cryptocurrencies, ETFs and more.

The bank’s new App, titled Yuh, allows users to make payments, save funds or invest in various assets, with a commitment to a level of security provided only by the country’s leading online banks.

Postfinance has partnered with online trading platofmr Swissquote for the softeware, which was launched in May 11 during a virtual launch event.

Anyone who wants to test it is encouraged and welcomed be the bank to download and install the app on either an iOS or an Android device.

NORTH KOREAN HACKERS WHICH ‘RIVAL THE CIA’ STOLE $2 BILLION IN CYBERATTACKS, UN REPORT FINDS

EXPLAINED: WHAT IS EOS?

EOS is the crypto token of the EOSIO platform, the latter which is designed to allow developers to build decentralized apps.

These are digital applications or programs that exist and run on a blockchain or peer to per network of computers instead of a single one.

The aim is to make it as easy as possible for programmers to embrace blockchain technology.

The technology is a kind of database used to record transactions and is at the heart of cryptocurrencies such as Bitcoin.

EOS launched in June 2018, having been developed by the company Block.one.

HOW RISKY IS KISHU INU?

All cryptocurrencies are risky. The pricing is volatile and you could lose all your money.

There is no regulation of individual coins so you are not protected if something goes wrong or if you have been scammed.

Newer coins such as Kishu Inu can also be more risky as they don’t have a long track record so it can be harder to verify their value and performance.

It is harder and can take longer compared with regulated investments to get your cash out, especially if you are dealing with a smaller exchange.

Many coins may also appear popular but could be part of pyramid schemes.