Cryptocurrency
Cryptocurrencies versus a financial crisis
The Crypto Market has not yet passed the most important test
Bitcoin, the most popular cryptocurrency, has existed for over 9 years, although the cryptocurrency market started to gain most popularity last year. However, this period of time is not that long enough to be able to assess how the cryptocurrency market will behave in the long term and if it will grow, as its supporters expect. All this is because the cryptocurrency owners did not come into contact with the key factor that allows to assess the durability of any given market – the financial crisis.
How will Bitcoin and other cryptocurrencies behave in the face of the financial crisis?
We can distinguish two extreme approaches to this issue. People counting on the fact that the cryptocurrencies will replace FIAT currencies in the future and completely change the financial system believe that the global financial crisis will be a period of bloom for the cryptocurrencies. On the other hand, sceptics believe that the crisis will be very acute for this market – there will be drastic falls and a large part of the projects may not survive. The latter group includes American investor James Chanos, known for catching assets that can be earned from short selling.
Chanos warns that people counting on the fact that the cryptocurrencies purchased by them will perform the function of a value storage like the real estate market during the crisis will be very disappointed. In his opinion, periods of turbulence on the markets are the worst time to keep the cryptocurrencies. He even said that it would be a much better idea to keep… food.
“The last thing I would like to have when everything falls asleep is Bitcoin,” said Chanos in an interview with the Institute for New Economic Thinking.
According to Chanos, cryptos are only a speculative game, hidden under the slogan of a revolution of the traditional financial system. He doesn’t openly call Bitcoin fraud, but points out that some projects may be so.
The bull market is the source of the success of the cryptocurrencies?
While the usability of cryptocurrencies is a subject of discussion, Chanos draws attention to an important factor that has made investing in cryptocurrencies so popular. This is a certain repeatability of behaviour, correlated with cycles on financial markets. It’s all, of course, about the rises and the downturns, and their impact on the financial decisions.
Bear markets have it to each other that they significantly increase the level of risk aversion. During the bull market, this level of risk aversion decreases. The problem, however, is that this decline does not stop at reasonable levels. Long-lasting rallies make investors willing to take more and more risks and even make investments that they would normally consider inappropriate. As a result, a prolonged bull market is an ideal environment for the development of speculative bubbles or dishonest investment patterns (e.g. financial pyramids or ponzi schemes). This is also facilitated by low interest rate levels, which discourage people from holding savings on secure deposits. Investors in such conditions are more likely to choose riskier investments in order to achieve a satisfactory return. The gambling and sports betting industry is thriving in these conditions with sites like the Sportsbet offering traditional betting but with Bitcoins. This increases the risks associated with gambling tremendously – when we gamble using FIAT currencies we know that when we win 400$ at blackjack, we will come home with 400$ (minus possible casino fees). But when we gamble with cryptos? We can come home with our 400$ in BTC and wake up next morning to 800$ or 200$. This is indeed a silent revolution, and not only the gambling and betting sites know that.
A repetition of the Internet boom?
Chanos reminds us that the bull market ended at the beginning of the 21st century with a dotcom bubble. Just as the dotcom boom contributed to the proliferation of companies connecting to the Internet industry, so now, like mushrooms after the rain, new cryptocurrencies are emerging, and companies are appearing on the stock exchanges trying to gain publicity thanks to the link with blockchain technology. The bear market of the beginning of the last decade ended with strong discounts of the leading entities from the dotcom sector and cleared the market of smaller players and entities impersonating Internet business.
Will the same fate await the cryptocurrencies and the ICOs? Such a scenario seems plausible. As in the case of grants, the largest projects such as Bitcoin or Ethereum may remain on the market, which on the one hand will lose out on a general sale, but some of these losses will be compensated for by the capital fleeing from smaller projects.
Why should the crypto owners lose money during the financial crisis at all?
If we treat the cryptocurrency market as other investment markets, the risk parameter should be a key one. During financial crises, the highest outflow of capital is recorded in high-risk markets. This is transferred either to cash or to low-risk markets (so-called safe harbours).
The cryptocurrency cannot currently be considered to be either a cash equivalent or a safe haven. Globally, traditional currencies are preferable to cryptocurrencies and this should not be expected to change until the next financial crisis. It should be remembered that the capital circulating on the financial markets is mainly institutional capital, i.e. still sceptical about cryptos.
To put it very simply, all of this is primarily about the already mentioned risk parameter – cryptocurrencies are characterised by a much higher investment risk than financial instruments that do not use leverage. On the one hand, it gives a chance to achieve high rates of return (as in the previous year), and on the other hand, it poses a threat of significant slips, as in this year. The financial crisis and the accompanying economic collapse are making risk aversion drastically increasing. The uncertain high profit in the future is no longer so attractive, especially when the spectre of redundancies in companies and difficulties in finding new jobs arise.
Rainbet is excited to announce the launch of its new online crypto casino that has been expertly designed to cater to both new and experienced players. With a range of new and exciting casino games and classics, such as online slots, roulette, and blackjack, Rainbet provides an unforgettable betting experience.
Crypto casinos are online platforms where players can place bets with cryptocurrencies like Bitcoin and Ethereum. Unlike regular casinos, online crypto casinos offer instant transactions that are much faster than conventional banking methods. Rainbet uses blockchain technology to guarantee the highest security for its players and, through its combination of speed, diverse game catalog, and reliable transactions, delivers an engaging gaming platform.
With a commitment to offering the best user experience, Rainbet ensures safe online practices and a fair and transparent gaming experience for all its players. “Rainbet is a safe and legitimate platform, with games created using a provably fair system,” said a spokesperson for the online casino. “This ensures that all games are fair and transparent, reinforcing player trust and confidence in the platform.”
Whether players are searching for classic casino games, such as online slots, blackjack, baccarat, and roulette, or are interested in eSports and live sports betting, Rainbet offers a diverse selection of the latest games with industry-leading technology and graphics.
Rainbet provides a comprehensive gambling experience that places a focus on fairness and legitimacy by adhering to rigorous standards and using advanced technology. This approach is highlighted in the online casinos’ easy and hassle-free deposits that enable players to confidently deposit real money to receive Rainbet currency, as well as the platform’s seamless and secure withdrawals.
Additionally, the crypto casino boasts an extensive array of online promotions and bonuses that are available across the platform’s most popular games. Rainbet also has a weekly 10% rakeback, which rewards players by returning part of their losses, reducing losses, and extending playtime.
“Compared to online Bitcoin casinos, Rainbet has more to offer, such as more games and exclusive promotions to make gambling more exciting. With daily, weekly, and monthly bonuses, players always have something extra to look forward to. These promotions, combined with an easy-to-navigate interface and a wide range of games, make Rainbet a top choice for crypto gamblers,” furthered a spokesperson for Rainbet.
Rainbet invites both new and experienced players to visit its website today to view its full catalog of games and the latest promotions.
As the European crypto community prepares for the implementation of the MiCA, Kyrrex is organizing an online X panel to discuss the potential impact and future trajectory of the industry under this new regulatory framework.
The panel “Is MiCA that Bad? The Future of Crypto in Europe,” will take place on November 14, 2024, at 12:00 CET on X Spaces.
This event aims to offer an in-depth examination of the challenges and opportunities that MiCA presents, drawing on the expertise of industry leaders and stakeholders.
Key speakers for the discussion include Mike Romanenko and Kevin Plumpton from Kyrrex,
Tomer Warschauer Nuni from Kima Network, Andrea Zapparoli Manzoni from H4ckManac, Thanos Tsavlis from Cyberscope, and Anoop Nannra from Trugard Labs. Their insights will help attendees understand how MiCA may reshape the crypto landscape and what this means for different segments of the market.
“As MiCA ushers in a new regulatory era for the crypto industry, open discussions are crucial for navigating this transition effectively. By bringing together voices from various sectors, we aim to foster a deeper understanding and proactive approach to the opportunities and challenges ahead,” said Mike Romanenko, CVO & co-founder of Kyrrex. “Engaging in conversations like these helps ensure that the community is informed and prepared for the future of crypto in Europe.”
The panel will be structured to encourage interaction and participation, allowing attendees to submit questions and engage in a discussion with the panel. Topics are expected to include compliance, innovation, and strategies for navigating the evolving regulatory environment.
This event offers professionals, enthusiasts, and stakeholders an opportunity to gain a clearer perspective on what lies ahead as MiCA begins to take effect. It will also provide a space for dialogue and knowledge-sharing, fostering a greater understanding of the potential impacts on the crypto sector in Europe.
Panel “Is MiCA that Bad? The Future of Crypto in Europe” details:
- Date: November 14, 2024
- Time: 12:00 CET
- Platform: X Spaces
Cryptocurrency
Armchair Online BV Launches CryptoCasino.com and $CASINO Token to Disrupt Blockchain Betting
Armchair Online BV, an experienced online gaming firm, are ready to revolutionize the world of blockchain gambling with their groundbreaking CryptoCasino .com platform and $CASINO token.
Led by an experienced team that has built multiple successful iGaming operations in the world of sports betting, poker, and affiliate services, CryptoCasino will deliver an unmatched betting experience for crypto users.
A World-Class Crypto Casino
Partnering with the largest gaming studios in the world, CryptoCasino will feature over 6,000 online slots and table games, a live dealer casino, premium sportsbook, eSports betting hub, racebook, and more, all available to be bet on with 25+ of the largest cryptocurrencies in the world.
To cater to the future of crypto betting, the site will allow for both traditional registration and Web3 connectivity. By connecting instantly with wallets such as MetaMask or Trust Wallet, players can seamlessly deposit and withdraw funds within seconds.
With a player-first focus, the site also includes 24/7 live chat support and an industry leading VIP program that offers a wide range of loyalty incentives that reward players on a daily basis.
Set to Be the World’s #1 Telegram Casino
CryptoCasino is catering to the over one billion unique Telegram users by building a Telegram Casino integration that allows anybody to immediately join and begin playing with just one click.
With Telegram gaming growing rapidly, CryptoCasino’s integration with the platform will offer a direct connection to millions of players around the world. The integration will provide the perfect blend of security, seamless connectivity, and social gaming that can rapidly grow into one of the best domains in online gaming today.
The $CASINO Token Offers Benefits to Holders and Players
To complement the launch of the CryptoCasino betting platform, the business is also launching an ERC20 token called $CASINO that will serve as the basis of the ecosystem.
With the $CASINO token sale launching October 15 at token .cryptocasino .com, buyers will be able to purchase their tokens directly from the secure Web3 sale site by connecting their wallets.
There are several benefits to buying and holding $CASINO tokens.
Buy Back and Burn: Each month, 50% of the net profits from CryptoCasino will be used to purchase $CASINO tokens from the open market. They will then be burned, decreasing supply and creating scarcity for the token.
Staking Rewards: Holders will be able to stake their $CASINO tokens each month for an APY up to 10%, allowing them to gain a passive income stream directly through the staking platform found on the site.
Exclusive Player Bonuses and Airdrops: Holders will be able to use their $CASINO tokens on the CryptoCasino platform to receive incentives such as a 200% deposit bonus, 15% cashback on bets made, and much more.
Partnerships with the Best in the Industry
Having grown several iGaming businesses over the past two decades, the CryptoCasino team understands that the key to rapid growth comes from partnerships with trusted names in the online gaming business.
That is why CryptoCasino has partnered with several major names in betting and blockchain including Pragmatic Play, Evolution Gaming, Betby, Oddin.gg, Decubate, Covey, Fireblocks, and others.
As a fully licensed platform under Curacao and Anjouan gaming authorities, the platform will provide the highest level of player safety and security, complying with all regulatory statutes for the best crypto betting experience possible.
$CASINO Token Sale and CryptoCasino Platform Launching Soon
The $CASINO token sale will begin on October 15, with a special VIP round available to those using a password that can be found on the social channels found below. Unrestricted access will be available to all on October 17.
The CryptoCasino .com platform will be launching on November 19th for both the online and Telegram casinos.
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