Monat: August 2023

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Bad Idea crypto token has jumped: I think it’s a scam

  • Bad Idea crypto token has jumped in the past few days.

  • The token’s market cap has jumped to over $78 million.

  • I think it is a scam that has no future in the industry.

Bad Idea crypto has moved from obscurity to become a popular cryptocurrency worth over $78 million. The token surged to a high of $0.00000042 during the weekend and then pulled back to the current $0.00000015.

The crypto industry is made up of thousands of scams. This process has been made possible by crypto tokens, which can be created by anyone in a few minutes. Most of these tokens are built using Ethereum and BNB smart contracts.

Bad Idea is one of the many project that I believe is not a valuable cryptocurrency. According to its white paper, it is a project that combines the concepts of artificial intelligence (AI), blockchain, and decentralized autonomous organization (DAO). It aims that these three parts will help to create a fully decentralized economy. 

Unlike other projects, Bad Idea does not have a roadmap. Instead, the developers hope that it will be a system of interconnected AI agents working for humanity’s benefit, instead of it. One way it will use AI is to produce weekly blog posts on AI and other topics (makes sense?)

Bad Idea’s tokenomics seem to favor insiders, who I expect wil be cashing in soon. It has a supply limit of over 831 trillion tokens, with 58% going to the public. The rest will go to the team (we don’t know who is the team), marketing, AI development, DAO development, and the Humanity Last Hope Fund. I believe that all these entities are the same team of insiders.

Therefore, in the short term, there is a likelihood that Bad Idea token will rise as insiders pump it. It will then crash, with most buyers left holding the bag. The white paper adds that:

“The BAD IDEA Token and its associated project are intended for educational, entertainment, and experimental purposes only. By engaging with the BAD IDEA Token and project, you acknowledge that you are participating in a high-risk experiment and assume full responsibility for any decisions you make.”

The post Bad Idea crypto token has jumped: I think it’s a scam appeared first on CoinJournal.

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Bitcoin miner Hut 8 revenue declined by $18.3 million in Q2

  • Hut 8 posted revenue of $14.3 million (19.2 Canadian Dollars), which had fallen $18.3 million during the quarter compared to Q1, 2023.
  • The company mined 399 Bitcoin (BTC) but sold a total of 396 BTC for $10.9 million (CAD 14.7 million) during the quarter.

Hut 8 has announced its operating and financial results for Q2, 2023. In details published on Monday August 14, the Bitcoin miner indicated its revenue fell $18.3 million (CAD 24.6 million) during the quarter ending June 30.

Hut 8 posted revenue of $14.3 million in Q2, 2023

The Toronto-based cryptocurrency mining company highlighted revenue of $14.3 million (CAD 19.2 million) during the quarter, compared to $32.5 million (CAD 43.8 million) posted in Q2, 2022. 

Meanwhile, the miner reported a loss of $12.4 million (CAD 16.7 million) for Q2, 2023 with per-share loss of 6 cents (8 Canadian cents).

Hut 8 also announced that it mined 399 Bitcoin (BTC) in the quarter, this being roughly 58% down on mined bitcoin for the same quarter in 2022. The company attributes the decrease to the increase in Bitcoin mining difficulty, impact of operations following issues at its North Bay Facility, as well as electrical issues encountered at the Drumheller facility.

“While we continued to face mining challenges during the second quarter at Drumheller, which are reflected in decreased revenue and fewer Bitcoin mined, we were successful in strategically managing our costs,” Shenif Visram, CFO at Hut 8, said in a press release.

Hut 8’s financial results showed that the company’s self-mined BTC balance as of June 30, 2023 – which it held in custody or had pledged as collateral – stood at 9,136 BTC. The holdings had a market value of $274 million (CAD 368.7 million). The miner sold a total of 396 BTC for $10.9 million (CAD 14.7 million) during the quarter.

The Bitcoin mining giant, which secured a $50 million credit facility from Coinbase in June, also reported on the progress of its highly anticipated merger with US Bitcoin (USBTC). A shareholder vote on the merger is expected on September 12, the company said in a separate announcement.

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Bald Network developer sends 7,000 ETH to Ethereum, deposits some on Kraken

  • After a spectacular mess up, Bald developer has transferred ether worth $12.9 million back to Ethereum Network.
  • The developer deposited 2,100 ether on Kraken.
  • In most cases, whales transfer cryptocurrencies to exchanges to sell them or trade them for other coins.

After weeks of rapid growth, its mysterious creator of bald (BALD) yesterday transferred $12 million in ether (ETH) back to the Ethereum network. Bald had reached a market capitalization of $80 million before some events caused the token price to fall by 90%.

According to data published by analytics company Lookonchain, The bald token developer transferred 7,000 ether (worth about $12.9M) from the Base network back to Ethereum on Sunday. He then deposited 2,100 ether, worth $3.87 million at current prices, to the crypto exchange Kraken.

According to a Dune Analytics query, this is the first time that more funds were sent out of the Base Network than deposited.

The catastrophic fall of Bald

Bald saw a surprisingly increased popularity in early August, when Base, a blockchain created by Coinbase, wasn’t even formally open to the public. A popular tweet about a trader who turned $500 into hundreds of thousands of dollars caused Bald to soar 4,000,000% in a matter of days, bringing in almost $66 million in ether (ETH) from investors looking to squeeze out profits from an otherwise stagnant larger crypto market.

At the time, Bald appeared to have it all: seemingly limitless liquidity, a thriving neighbourhood, an infusion of fresh traders, and, in some quarters, tenuous expectations that it may develop into the next SHIB. This exhilaration, however, did not endure more than a few days. After reaching a high of $0.02795, bald prices dropped by as much as 90% after the token’s deployer removed millions of dollars worth of liquidity, which swiftly affected sentiment as investors moved to remove their funds from the project.

The deployer had previously contributed up to $35 million worth of ether to a liquidity pool on the Base network-based exchange Leetswap, giving the appearance that the project was well-funded. Along with providing ether in exchange for BALD tokens and selling ether for BALD as prices increased, the deployer may have earned millions of dollars in fees.

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Shiba Memu nears $2M presale milestone – do you buy SHMU?

  • Shiba Memu presale is closing in on $2 million mark, with nearly $1.9 million already raised.
  • Interest in the AI-powered crypto meme coin has soared in recent weeks.
  • Early investors into the project could benefit from potential long term gains.

Few crypto projects currently boost the amount of attention that Shiba Memu, a new meme coin powered by artificial intelligence, is seeing in the market. 

As Bitcoin and major altcoins continue to stall at key levels, this crypto project’s presale is attracting massive interest and is on the verge of clocking the $2 million raised milestone.

But what’s making Shiba Memu a likely gem for early investors? We assess below.

Shiba Memu and the meme coin hype

Pepe (PEPE) and Shiba Inu (SHIB) and Floki (FLOKI) have been some of the crypto meme projects to attract huge traction this year. Given how popular these tokens have become, it might be difficult for a new project taking a similar approach to steal some of the fervour and build a community to rival these meme coin leaders.

Yet Shiba Memu is looking to achieve just that using a self-marketing strategy powered by AI. While the likes of PEPE and FLOKI need a significant input of human-driven hype to promote themselves to the community, Shiba Memu will leverage a cutting-edge AI dashboard to reach the global market.

As such, what top meme coins have been able to achieve with traditional marketing strategies could be improved upon manifold by Shiba Memu’s groundbreaking system. Does this mean the project has the capacity to challenge the likes of Dogecoin, Shiba Inu and Pepe?

Most probably, with all the buzz around the project as seen during the ongoing presale. It all suggests investors see Shiba Memu as having long term investment potential.

How Shiba Memu plans to tap into AI technology

Artificial Intelligence is making waves across the tech industry, pulling in billions of dollars’ worth of investment from global giants Microsoft, Meta, Google and Apple among others. Companies such as Nvidia and Palantir have also bet big on the potential for AI to drive revenues and adoption.

It’s a trend also seen across crypto, with crypto AI a new narrative that’s driving applications in trading, decentralised cloud computing, and prediction markets. It’s along these lines that Shiba Memu is looking to become the top AI-powered dog meme coin.

For instance, an automated marketing dashboard will use natural language processing, predictive analytics, sentiment learning and image and video recognition to intelligently target new markets for the native SHMU token. 

Akin to a puppy learning new tricks every day, AI is forecast to polish Shiba Memu into what could become the dominant meme coin.

Is buying Shiba Memu today a good investment move?

The Shiba Memu presale currently has SHMU priced at $0.020125. The project has so far raised nearly $1.9 million even as the token’s value has increased from $0.011125 when the token sale launched a few weeks ago.

Notably, and perhaps more appealing to investors is that the token’s value is programmed to increase every day at 6 pm GMT. It will eventually hit $0.024400 for a total of 119% upside from that presale debut price. Going past key levels such as $0.1 and $0.5 on market debut could mean gains of between 310% and 1,950%.

As with every other investment, the key is to acknowledge the risks involved versus the potential reward. This also applies to Shiba Memu, which as noted, is a new crypto project looking to revolutionise an industry that is very nascent.

However, given the projections for both crypto and AI, the latter from tech giants such as Microsoft, suggests putting some money into Shiba Memu as part of an investment portfolio could be worth it down the road.

Learn more about Shiba Memu here.

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