Cryptocurrency & Mining News - Page 11

On Saturday, a new NFT collection launched, and due to the demand for the project, the Ethereum blockchain broke.

The new NFT collection comes from famed developers Yuga Labs, known for creating the extremely popular Bored Ape Yacht Club NFT project. Yuga Labs released a new NFT collection that featured 100,000 land deeds for the upcoming Bored Ape metaverse called "Otherside". With Bored Ape's being the most popular NFTs, the land deed drop from Yuga Labs was expected to have high interest, but very quickly, the developers and users attempting to purchase the land plots learned that there was very high demand on the Ethereum blockchain.

Users attempting to purchase the land plots were met with exorbitant gas fees, which caused many users to be forced into paying thousands in failed transactions. Notably, CNET reports that the Ethereum network was "unstable for hours" following the launch of the NFT collection, and Yuga Labs even took to its Twitter account to announce that the developers "we're sorry for turning off the lights on Ethereum for a while".

Famed investor Warren Buffet has taken another shot at the world's most popular cryptocurrency, Bitcoin.

The 91-year-old investor spoke with Charlie Munger, another famed investor that has openly spoken out about his distaste for Bitcoin, at Berkshire Hathaway's annual shareholder meeting on Saturday. Buffet said that even if all of the Bitcoin on the planet was offered to him at a price of $25 dollars, he wouldn't buy it. The same sentiments were echoed by Munger, who described the cryptocurrency as "stupid", "evil," and something that causes its owners to "look bad".

Buffet explained that he won't get involved in Bitcoin because the cryptocurrency doesn't produce anything, and its value is purely determined by someone willing to purchase the cryptocurrency at a higher price. Furthermore, Buffet said that instead of purchasing Bitcoin, he would prefer to invest in the US's farmland or housing in the form of apartments. Both Buffet and Munger have previously voiced their distaste for Bitcoin, with Munger even describing the cryptocurrency as a "venereal disease".

The price of one of the most popular cryptocurrencies has skyrocketed by 30% since Tesla, and SpaceX CEO Elon Musk announced the purchase of Twitter.

Twitter's board has accepted Elon Musk's offer to purchase Twitter, and according to a press release by Twitter, the company has entered into a "definitive agreement" to be acquired by Musk. As soon as the news of Twitter officially being acquired by Musk, the price of the Tesla CEO's favorite cryptocurrency, Dogecoin, began to increase steadily, and over the course of 24 hours, it rose by 30%.

Dogecoin has been a long favorite of Elon Musk's cryptocurrency coins, with it being one of the three cryptocurrency coins that Musk says he holds. The other two are Bitcoin and Ethereum. On March 14, 2022, Musk wrote on Twitter that he still owns his Bitcoin, Ethereum, and Dogecoin and that he won't be selling it anytime soon.

A hacker has targeted the Bored Ape Yacht Club Instagram account with a phishing attack that many individuals have fallen victim to.

The official Bored Ape Yacht Club Twitter account posted an update on April 25 that stated there wasn't going to be a "mint going today", as it had discovered that the Bored Ape Yacht Club Instagram account was hacked. The Twitter account also reminded its followers not to click on any links or "link your wallet to anything".

Reports now indicate that the hacker infiltrated Bored Ape's Instagram account to post a fake update on Bored Ape's upcoming LAND airdrop that requires users to connect their wallet accounts. The website that was included in the post to Bored Ape's Instagram approved users' wallet link requests that likely contained a transaction request to send NFTs from the user's wallet to the website's wallet address.

Former NASA astronaut Scott Kelly has launched a new NFT collection titled "Dreams Out of This World".

The collection has been released exclusively on the OpenSea NFT marketplace, and features artwork commemorating his time spent in space made in collaboration with the Orange Comet content creation studio. The funds raised from the sales of the NFTs will help the people of Ukraine amidst the Russian invasion of the country.

"I'm proud to announce that my NFT collection is officially sold out on @opensea. Thank you to everyone who supported this project! In the midst of this war, it's amazing that we can come together through art to aid the people of Ukraine. Over $500,000.00 raised today!" Kelly tweeted.

Meta recently revealed information on how it will be enabling its creators to monetize and earn money from using its metaverse.

Meta has taken to the news section of its website and created a video that explains to creators that they will be able to create and sell virtual items, services, and experiences within Horizon Worlds. Meta outlines that these tools to enable monetization for creators are steps toward "our long-term vision for the metaverse". Throughout Meta's announcement, the company failed to mention how much of a cut it would be taking on each transaction.

For context, the world's largest NFT marketplace, OpenSea, takes a 2.5% cut on every transaction, and Apple's App Store takes anywhere between 15% and 30%. According to a spokesperson for Meta, who told CNBC, Meta is planning on taking an overall cut of up to 47.5% on each transaction, and that includes a ""hardware platform fee" of 30% for sales made through the Meta Quest Store". The full paragraph from CNBC can be found below.

A Facebook whistleblower has outlined some concerns with Meta's approach towards creating its metaverse and how it could impact consumer safety and privacy for users.

Frances Haugen, a Facebook whistleblower that revealed a plethora of documents to the US Security and Exchange Commission (SEC) on Facebook's inadequate response to COVID-19 vaccine misinformation spreading across the social media, recently gave a warning about Meta's coming metaverse. For those that don't know, the metaverse is a combination of the cryptocurrency blockchain and a shared online virtual world that features its own economy with a virtual token. An extreme example of a metaverse is the movie Ready Player One.

Haugen warns that if Meta doesn't commit to transparency, access, and other accountability measures, she can see that the metaverse will feature a "repeat of all the harms you currently see on Facebook." Specifically, the Facebook whistleblower is concerned about the privacy aspect of the metaverse, the impact on users required to put more "microphones and sensors" in their homes, and how that opens up the possibility of Meta "spying on you at home".

Bitcoin's price has taken a tumble as the world's most valuable digital cryptocurrency drops below the $40,000 mark.

After being on an overall steady uptrend since plummeting to $34,000 back in January, Bitcoin has been slowly climbing in price for the majority of 2022 and even managed to slightly end its side-ways momentum by breaking the $37,000 to $45,000 range by hitting $48,000 on March 28. The new milestone in its recovery back to its all-time high of $69,000 seemingly triggered a sell-off on March 30 that has yet to stop.

Since April 5, the price of Bitcoin has been tumbling back down to prices that were seen throughout the last half of February and the majority of March, with the digital currency currently sitting at approximately $39,000 at the time of writing this article. Charlie Silver, CEO & Chairman of Permission.io, was asked by Forbes to comment on the recent price drop and why it has occurred.

The price of Bitcoin is sitting at around $42,300 right now... with billionaire Peter Thiel hopeful that the leading cryptocurrency skyrockets by 100x which would see BTC at an insane $4 million.

Bitcoin going beyond parabolic and super-boosting 100x to the Federal Reserve-crushing $4 million per BTC would shift the entire financial system, not just cryptocurrency. Thiel's comments came from the Bitcoin 2022 summit down in Miami, Florida.

Thiel had some fighting words for the Old Money out there, throwing out fighting words against Warren Buffett -- who has called Bitcoin "rat poison" -- to which Thiel pushed against the "sociopathic grandpa". Thiel said during his address that Bitcoin is being deliberately undervalued, and that BTC is the most honest market in the world. Thiel said: "Bitcoin is the canary in the coal mine; it was telling us that inflation is coming; it is telling us that central banks are bankrupt; it is telling us that we are at the end of the fiat money regime".

OpenSea has announced the release of the official beta that integrates the Solana (SOL) blockchain onto the world's biggest NFT marketplace.

OpenSea announced the news via its official Twitter account and stated that on April 7, NFTs created on the Solana blockchain will be able to be traded on the marketplace. Before Solana's integration, the OpenSea marketplace mostly consisted of Ethereum-based NFTs, along with Polygon and Klatyn blockchains. The integration of Solana gives creators and option to trade on a platform that has notoriously cheap gas fees, efficient energy usage, and fast transactions.

The NFT trading platform has announced that it has already added 165 Solana-based collections to the marketplace and is continuing to add more every day. OpenSea adopting the Solana blockchain is a move to capture more of the NFT market and expand its horizon.