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Chinese crypto billionaire slams NEO, Tron (TRX), EOS and others

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The cryptocurrency world has woken up today with a bitter taste in the mouth after audio was leaked with some of the strongest declarations about crypto that someone has ever done. The attestation comes from Li Xiaolai, a very reputed figure in the Asian cryptosphere for participating in projects such as the promotion of Qtum, and the creation of Bitfund.online, a bitcoin faucet website that also integrates a game and provides free Bitcoins every 3 minutes.

Xiaolai it is also known for being a crypto investor himself. As per the estimates, he has a net worth of 3.5 billion US dollars, which categorize him as one of the wealthiest persons in the crypto world.

Concerning the declarations, Xiaolai has already raised his voice confirming the integrity of the leaked audio. Nevertheless, when it comes to the content itself, the investor has not said anything yet, a fact that has made a large part of the community, especially from China, feeling confused and concerned.

Tron and Binance a fraud, NEO is worthless and Qtum just garbage

Xiaolai leaked anti-crypto video is in the Chinese language, but if you translate that into English, the asseverations on the audio can are as follows:

  • All of the successful ICO campaigns are basically constructed with the creation of a pool of followers and an aggressive publicity exposition.
  • The primary factor to launch a crypto is to have followers, so if anyone desires to have a crypto on the market, the first thing they need to do is to become a celebrity.
  • Most of the popular tokens and exchanges are just scams.
  • NEO is a worthless project.
  • The two major scammers in the cryptosphere are without a doubt the CEOs of Binance and Tron (TRX). The success behind Binance relies mostly on the absence of other exchanges after the banning activity in September 2017, and Justin Sun (Tron CEO) only creates a hype on his social media by manipulating its followers.
  • Litecoin is a stupid coin that actually doesn’t differentiate that much from Bitcoin, there’s nothing different on the token and that’s something, Charlie Lee, CEO of the token is aware of.
  • Qtum is a valueless coin, after working in the promotion of the token for six months I can assure that the token is nothing but a scam.
  • During a bearish run, it’s impossible to gain money, the best thing to do is to create a hype and build a group of followers, once the market starts to go up you can use your followers to make a profit.

After the declarations of the crypto millionaire, many investors of the community are actually concerned. Even when some of the comments seem to be just hateful and mean, it makes sense that the market is built on foundations of speculation and manipulation, and that is precisely what we can see happening with tokens such as Tron (TRX) or EOS.

Many of the investors actually put their money on a coin without actually understanding why do they do it, so this, in fact, could be a good milestone to put ourselves together and understand better the market before placing our bets on a coin.

Of course, different experts have their very own perceptions even if they are in the same industry, what exactly is the situation in this case. Also, till now we only have leaked audio, Li Xiaolai has not attested that those are his final thoughts about Tron, EOS, Neo, and others. We are going keep a close eye on this story as it develops and will keep updating the information here. Stay tuned.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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How is the Crypto Market Changing?

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It has been around a month and a half since the start of 2019, and there are already some pretty obvious changes in the way the crypto market operates, especially when compared to the last year. Early 2018 was almost a complete opposite. The previous year started with cryptocurrencies at their strongest, only to see them crashing down after a few weeks. Back then, the ICO model was still quite strong, and so was the hype surrounding the crypto space. New investors kept entering the space, and new startups emerged with their tokens ready to be sold.

As the year progressed, things started to change. The prices continued to drop, the ICO model went down from around $1.4 billion in raised funds at the beginning of the year to only $100 million in the last month.

The ICO model lost investors’ trust, as many of the projects turned out to be either too weak to survive after the crypto winter struck, or scams which tricked investors out of their money and disappeared. Not to mention that the increase in ICOs popularity attracted the regulators who cracked down on them pretty hard, especially in the US.

With all of that happening, it is of a small surprise that the investors started giving up on ICOs, especially with the constant drops in prices which saw even the largest coins…

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Understanding the Uses of Different Types Of Cryptocurrencies

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Cryptocurrencies – a term which has become incredibly prominent in the mainstream media during recent years due to the proliferation of Bitcoin millionaires. As a result, the new form of currency has earned an almost infamous status. However, as with any major step forward, there is still much confusion regarding the use of cryptocurrencies, what different types of innovative electronic cash exist and what they might mean for the future.

We’re putting all of this to rest as we explain what each of the leading cryptocurrencies can do.

Bitcoin

The most popular form of cryptocurrency, Bitcoin was first thought up in 2008 by the elusive and still unknown creator, Satoshi Nakamoto, who published the whitepaper online.

It took almost a decade for the cryptocurrency to reach its peak, but in December 2017 a single Bitcoin roughly exchanged for the price of $17,000, meaning anyone who held a substantial amount of the electronic cash became significantly wealthy.

In its early years, the cryptocurrency was strictly used as an alternative for cash transactions, and predominantly for trading goods and services. However as it has increased in popularity, its range of uses has also widened, now deployed for a variety of purposes including acting as collateral for investments at merchant banks, a direct debit for subscriptions services and most notably for sports betting.

Ripple

Bitcoin’s closest source of competition, Ripple was founded…

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New DoJ Ruling May Cripple Gambling dApps

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A new decision made by the US Justice Department has expanded restrictions regarding online gambling in the US affecting gambling dApps. While the Federal Wire Act of 1961 prohibited online gambling regarding sports since 2011, the new decision expanded on this, and it now includes all forms of internet gambling. Unfortunately for many, this now also includes cryptocurrencies.

The new decision came due to considerable difficulties when it comes to guaranteeing that only interstate betting will take place and that payments will not be routed via different states.

The new announcement was explained in a 23-page-long opinion issued by the Department of Justice’s legal team, which pointed out that the 2011 decision misinterpreted the law. According to that decision, transferring funds was to be considered a violation, but data transfers were not included. By exploiting this oversight, it was possible for gamblers to turn to internet gambling. Unsurprisingly, many have realized this early on, including startups, as well as large, established firms. This, of course, also included cryptocurrency companies as well.

The new decision changes what is allowed online

The decision to include all forms of internet gambling is a massive hit in the…

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