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Zimbabwean Mother and Son Who Ran Alleged Bitcoin Trading Scam Go to Court

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A Zimbabwean woman and her son are currently facing charges after they allegedly swindling a young man out of his earnings with a promise of fast money through trading bitcoin.

Alleged Bitcoin Scammers Go to Court in Harare

Roy Thulani Dhlamini, 23, and his mother, Annah Samoyo, 44, were arrested and charged for fraud for running a bitcoin trading scam in a Harare court, according to local media.

bitcoin trading scamDhlamini referred Mufudzi Madzorera, who happens to be his schoolmate back in China, to his mother Samoyo – a self-acclaimed trading guru – for a bitcoin trading deal. Upon striking an agreement, for a trading deal expected to last two weeks, Madzorera sent an initial sum of $6,462, which was reportedly expected to by 52 percent by the end of the two-week investment period.

Madzorera decided to involve the police as Samoyo failed to deliver both the initial deposit and the profit on the agreed time. He also noted that trying other conventional means of getting his money back have failed. This led to him turning to the police as his last line of defence towards retrieving his money.

The mother and son duo has been released on a $50 bail each but were asked to hand over all their travel documents and were warned against intimidating witnesses.

A Cautionary Tale

Unfortunately, bitcoin scams are still very common across the globe and Africa is not immune from this. Largescale Ponzi schemes such as OneCoin and MMM have already shown their ugly faces in African markets such as Nigeria, Kenya, and South Africa and clones of these fraudulent operations are still popping up across the continent to prey on unknowing newcomers to the cryptocurrency markets.

Blockchain Technology

Used Graphics Cards Have Become “Dirt Cheap” As Cryptocurrency Values Plummet

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Used Graphic Cards

Used graphics cards that have been utilised by digital currency miners have become very cheap in South Africa due to the steep drop in value that the cryptoasset market experienced throughout 2018.

Used Graphics Cards for Sale

According to a report by MyBroadband, second-hand graphics cards are now readily available for low prices as this year’s crypto bear market has hurt mining profitability.

bitcoin miningMiners make their money when the cost of producing coins is lower than the operation of the mine itself. However, due to the steep drop in cryptocurrency prices – over 90 percent for most altcoins – over 100,000 mining operations have likely ceased operations says Autonomous Research LLP.

At the beginning of 2018, AMD graphics card had a high price tag because of their popularity among cryptocurrency miners. This made them expensive to purchase in South Africa. Now, however, AMD Radeon RX 580 graphics cards, for example, are sold cheap and the used, even cheaper. Carbonite, a classifieds forum in South Africa, is piling up with second-hand graphics cards used in mining rigs, leading to huge dips in prices.

As a result, many sellers have reduced their prices. Radeon RX 580 GPUs are now selling between R1,500-R2,000 ($105.41 – $141.08).

A Word of Caution to Buyers

The surge of used graphics cards is good for gamers looking for a good bargain. However, not so good for miners looking to recover their losses.

However, gamers need to be careful when purchasing a graphics card used in a mining cryptocurrency mining rig. Most times, mining cryptocurrencies with a graphics card will result in the manufacturer’s warranty becoming void. This means if anything goes wrong, the new owner will not be able to get it fixed for free as part of the warranty.

Moreover, graphics cards used in mining are usually more worn than those used in gaming. Hence, their performance might also no longer be that great.

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Blockchain Becomes Discussion Point on Nigeria’s 2019 Political Agency

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Blockchain Becomes Discussion Point

Nigeria’s People’s Democratic Party (PDP) presidential aspirant, Atiku Abubakar, has announced his intentions to develop a blockchain and cryptocurrency policy in an attempt to boost the country’s international competitiveness in this new technological field.

Presidential Candidate Wants Blockchain Policies for Nigeria

buy bitcoin in nigeriaAtiku Abubakar’s highly optimistic manifesto, Let’s Get Nigeria Working Again, stated his desire to build “a knowledge-based economy in which a highly developed ICT sector, with wide applications in commerce, education, health and other areas of human endeavour, plays a significant role.” One of the areas he thinks will play a vital role in achieving his plans is the cryptocurrency and blockchain industry as he outlined in his 2019 policy document.

If elected, he wants to create “a comprehensive policy on blockchain technology and cryptocurrencies by the relevant government agencies.” However, the document does not provide any clue as to what the policy will contain except that he believes regulating cryptocurrencies can offer job opportunities for the Nigerian people and income for his government.

“According to the policy plan he laid out, a planned blockchain and cryptocurrency framework would be looked into by the administration. To what end? We can’t say for now…but the blockchain community believes it’s a step in the right direction. We have been broadly unregulated in the space in Nigeria,” Munachi Ogueke, co-founder of Nigerian start-up Cryset, told ITWebAfrica.

Ndubuisi Ekekwe, a prominent Nigerian professor and technologist, had also made a case for a cohesive roadmap for the blockchain. He explained that Nigeria could deploy the distributed ledger technology for the development of the nation. “It would be locally-flavoured focusing on areas where these technologies could help the nation,” he explained.

Many other African countries, like Kenya and Rwanda, have developed something close to a roadmap. Earlier in the year, the Kenyan government constituted an 11-member task force to explore the use of distributed ledger technology and artificial intelligence. The 11-member task force developed a roadmap and proposed creating a digital asset registry and a digital currency for the country.

Drop in Trading Volumes Should Not Deter Policymakers From Embracing the Blockchain

Cryptocurrency trading, which became significantly popular in Nigeria in 2017, has begun to lose its steam moving alongside the drop in the price of bitcoin. Leadership.ng reported that local trading volumes dipped to N1.08 billion in the second week of November. That is the lowest volume since September 2017.

Though prices of cryptocurrencies and trading volume have gone into a free fall, that should not deter the Nigerian government from embracing digital currencies and their underlying technology. Governments all over the world are still exploring the use of blockchain in specific industries and have started to develop regulations that encourage innovative solutions and can help guide the development of this nascent industry.

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5 Ways Blockchain Will Transform the Gaming Industry

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In the last decade, we have seen the gaming industry being rapidly transformed by the introduction of new technologies which allow for immersive experiences, such as AI, VR, and AR. However, one of the latest of these emerging technologies — blockchain — is set to redefine the future of gaming by turning what has been seen as a leisure activity into a potential economic endeavour.

In this respect, blockchain looks set to disrupt the gaming industry, and enable a new way for players and developers to interact with gaming platforms. With nearly 70% of the American population playing video games, and with the gaming market forecasted to be worth more than $138 billion by the end of the year, how is blockchain set to transform the gaming industry?

1. Gamers will have full control of their virtual assets

Due to the risk of assets being duplicated, gaming companies often store in-game assets on centralised servers. However, this means that gamers don’t actually own their purchased virtual assets, and don’t have the capacity to buy, sell, or trade assets outside of the game. Currently, if a gamer wants to trade or sell virtual assets, they would have to do it through non-traditional means.

Blockchain allows full transparency and decentralised control of virtual assets, meaning players will have ownership of their virtual assets. They will be able to exchange these assets with other players, and for assets on other games, instantly. Gamers will also be able to use their virtual assets across different games, providing players with a more personalised video gaming experience.

2. Players stand to be rewarded for their interaction with video games

Through the tokenisation of platforms, players will be able to earn tokens for playing, reviewing, or sharing games on social media. Players will also be incentivised to provide reviews and feedback to developers, leading to the improvement of games available. Blockchain will allow players’ activities to be tracked, and for them to be rewarded accurately and instantly.

3. Blockchain builds gamer credibility and accountability

As the blockchain is an immutable ledger which records all transactions and allows players to use their account across multiple games services, gamers’ interactions, player history, and trading of in-game items are always tracked and documented. With these records made publicly available, a player’s reputation is tied to the blockchain, therefore encouraging good behavior within the community. This builds and fosters a safer gaming environment, giving value to those with credible reputations, and encourages transparency within the gaming ecosystem.

4. Better security for games

In the past, virtual goods ownership and trading was never fully possible. For example, the rare or expensive item players worked hard or paid for was often copied by fraudsters and resold, making their item neither unique nor as valuable.

Blockchain prevents the trading of illegal virtual assets on the black market, as well as the hacking and stealing of keys, by creating an immutable ledger of that item and who it belongs to, making duplicating impossible. After all, the original purpose of blockchain was to irrefutably prove ownership of bitcoin and other cryptocurrencies.

5. Transparent and faster payments to developers and gamers

UltraBlockchain technology will allow players to purchase items or games faster while ensuring their payments are secure. Developers are increasingly having a hard time selling their software outside of app stores, which result in large commission fees and loss of control over their own customers. Blockchain makes it possible to process nano-payments and for developers to get paid instantly, enabling developers to quickly reinvest money in their game launch marketing.

Meanwhile, gamers will have access to a range of new revenue opportunities, with proof-of-activity potentially earning gamers free swag.

This guest post was contributed by Nicolas Gilot, Co-CEO of Ultra, a blockchain-based, game publishing platform designed to put an end to the current PC game market status quo.

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