Connect with us

Features

Factors Affecting Online Gaming In Lockdown

Published

on

Gaming in Lockdown
  • Mental health experts have seen a rise in video-game addiction during the Covid-19 lockdown
  • A solution is needed for gambling and online gaming to prevent long-term addiction

With much of the country and the world in lockdown, the number of people playing online games has exploded. It has become the normal way to pass time when locked in quarantine, and health officials have lauded it as a smart way to keep off the street. But has anybody looked into the real effects of online gaming and gambling?   

1. Gaming Addiction Increased During the Lockdown

Online video game addicts show the same signs as problem gamblers, with the usual characteristics like stress, anxiety, mood problems, isolation, and even depression. The risk of gaming addiction is at an all-time high, thanks to the Covid-19 lockdown that has got tens of millions of people stuck in the house with nothing to do – and plenty of bandwidth.

There are dozens of call centers run by the National Council on Problem Gambling, and they’ve all registered an increase in calls from people addicted to online games. Support groups have also had a higher number of patients relapsing – and this is happening all across the globe. But while gambling is presenting a public health emergency for the health sector, much of the focus is on tackling Covid-19, so that means staying at home.

2. Gamers in the U.S., Japan, And Italy Are Playing More During Lockdown

The World Health Organization has been pushing the same message- to stay at home and interact using the internet to prevent the spread of Covid-19. This has played a part in the growth of online gaming, as well as online casino gambling, which has become another problem in the current internet addictions. Having the option to go online and play games against people from all over the country (and the globe) is a good thing because it makes individuals feel that they don’t have to leave the house to meet people. However, it is likely that the current lockdown will cause more people to become addicted to games like StarCraft and Counter-Strike.

At normal times, one out of a hundred people struggle with severe gaming addiction. But that figure could possibly double during the ongoing pandemic, and it’s not clear how many of these people will drop the habit once the lockdown ends. We are likely to see changes in social dynamics even after the Coronavirus has been handled, and since people now want to impress each other online instead of in real life, gaming will become more normal (and problematic). 

3. People Bet on Online Gambling To Kill Boredom

Online Gaming In Lockdown

There’s only so much that one can do around the house. It’s also worth mentioning that we are social creatures, so if physical contact won’t do, then the next thing is to have fun online. Gaming platforms like Steam and Microsoft’s Xbox have had record numbers these past few weeks. Verizon registered 75% growth in gaming usage on its communication network. For people who are prone to gaming and gambling addiction, this is the most anxious time. Games like Warcraft and others that don’t have a structured end can suck you in and make it extremely difficult to disengage and go back to normal life.

The biggest reason given for the increase in online gaming and gambling has been boredom. People just don’t have anything else to do, and it doesn’t help that health experts are actively encouraging online gaming as a way to get through the lockdown.   

4. Online Gambling Risks During Covid-19 Lockdown

The world is very upsetting at the moment, and it’s likely that we won’t have immediate solutions for the economic effects of this lockdown, nor the mental health effects that come from the changes to our social lives and personal lives. Online gambling presents just one more problem that will come out of the Covid-19 era, and it’s not yet clear what the outcome may be.

In the meantime, it is wise to avoid spending too much time on any one thing online, whether it’s gaming or gambling on online casinos, which in itself may be worse than online gaming because you could end up broke. Here are a few tips for identifying a gaming addiction and seeking solutions:

  • Ask help from friends and family
  • Don’t quit cold turkey
  • Count and record your total weekly playing hours
  • Don’t encourage a negative mindset
  • Identify how severe your problem is
  • Accept responsibility for your addiction

Stay alert during this lockdown and pay attention to how you spend your time online. Gaming may be a cool way to spend time online, but there are many more things you can do that won’t cause addiction – or disconnect you from the real world. Keep safe! 

Features

What Happened to “Bitconnect Guy” Carlos Matos?

Published

on

Carlos Matos

You might recognise Carlos Matos from the famous meme in which he screams “Bitconneeeeecct” with plenty of gusto. Matos was an “investor” in the now-defunct Bitconnect Coin.

Bitconnect was a cryptocurrency scam that went from obscure in 2016 at about US$ 0.17 to a high of $436 in 2017. It screamed of potential, becoming a top 20 cryptocurrency token. This couldn’t last, as the price came crashing to $0.40. Regulators came cracking down on the project, forcing its cessation in 2018.

Investor Frenzy in Bitconnect

If you logged in to the website, you’d find no whitepaper or clear team identification, but a promise of unusual profit. Through four phases of the project’s rollout, investors got a guarantee unlike any other in traditional investments such as stocks.

Phase one was the giveaway of 4.8 million Bitconnect coins to investors and the community. The second phase (first quarter of 2017) entailed the launch of BCC wallet and the desktop client to enable staking and mining BCC (Bitconnect coins). Phase three (second quarter of 2017) would be the launch of staking and mining. This meant 120% returns for investors per year! The fourth phase targeted introduction of the “Smart Card” and wider merchant adoption.

A Massive Cryptocurrency Scam

Bitconnect

Bitconnect is an excellent use case for newcomers to learn how crypto scams can operate.

  • Firstly, BitConnect had no traction until the lending platform was announced. For a profitable business, it’s mandatory to have a working product, a product-market fit and a clear revenue model, among other fundamental aspects of valuation. BitConnect had a new product with a supposed market (since adoption had to be pushed) and a complicated revenue model. It simply didn’t make business sense.
  • Secondly, BitConnect guaranteed profits of over 91% and promised returns of over 480% per year. No basis for the guarantee came out clearly from the promises of this once-in-a-lifetime deal with no financial risk. All investors needed to trust was an “undefeatable” trading bot – it couldn’t lose! Assumptions cemented in the flow of money from all over the world – US$2.6 billion – at the peak! For many, the profits were irresistible.
  • The third red flag was an extended capital holding period. This was explained away as a preference/ incentivisation toward staking. After all, it made more sense to profit more as you held your money longer in the system – but even traditional finance allows for clear/rapid cash out should you need your money. It’s yours, right?

The low daily return rate hooked on the old and young. Unsecured lending among traditional financial sector players had after all paved the way for the daily return concept not to seem too foreign. These numbers made far more sense if you put in more than US$ 10,000. You can see why Matos’ profit of $140,000 from an initial principal of $25,000 had many addicted to “the future of investing”. 2017’s cryptocurrency boom of bitcoin and other tokens further served to cement this thought with all manner of possibilities.

If the returns weren’t sufficient or attractive for you, Bitconnect provided a lucrative referral program with seven levels of earning commissions. It was an extra assurance of the profit structure. The bot would have to work overtime and compound profits to ensure everybody won. Put these together, and you have a catastrophe – a true castle in the clouds!

The Tragic Ending

The charade collapsed when the law came calling. 2018 saw victims of the scam lose 30%, then 90% of their value to the insider cashouts with the closure of the Bitconnect exchange.

The Ponzi scheme came full circle with its promoters and their aggressive propaganda disappearing from any reasonable trace. Other exchanges delisted BCC, but the damage had been done. Bitconnect cited excuses on bad press, the Texas State Securities Board Cease and Desist order and DDos (distributed denial of service) attacks, yet the truth was out in the open: scammers won.

Matos disappeared, only to resurface recently taking a lot about weight loss through intermittent fasting. He’s trying to build repute in a different field, which is definitely better than the scam that made him famous.

Continue Reading

Features

What is Crypto Advocate John McAfee’s Net Worth?

Published

on

John McAfee

John McAfee has emerged as one of the most influential individuals in the cryptoverse. Learn about this one-of-a-kind crypto advocate, including how much his net worth is estimated to be.  

Who is John McAfee?

You’ve likely used or at least heard about the McAfee antivirus software. It ranks among the top cybersecurity tools to use in ensuring protection from attacks. 

John McAfee is the British-American entrepreneur and computer programmer who founded McAfee Associates in 1987. Prior, he worked at NASA (National Aeronautics and Space Administration) and Lockheed. McAfee Associates produces enterprise security software, even though John resigned in 1994. He has founded other companies such as QuorumEx, Tribal Voice, Luxcore, and Everykey, among others.

A known political activist, his interests also stretch into cryptocurrency, smartphone apps, and yoga. 

Timely Cryptocurrency Boom

In 2017, the ICO (Initial Coin Offering) boom saw hundreds of companies release projects for funding from investors globally without limits on international securities regulations. Riding on the price boom of bitcoin and Ethereum, it was as though a separate economy was spurring overnight. Token prices went from zero to one in hours, with profits surging exponentially in hours or days.

One would call it a craze, but McAfee positioned his profile to benefit from the boom. 

Initially, those who opened up their projects for funding this way simply followed the promise of Bitcoin (financial system independence) and built on Ethereum. Legitimate companies and scammers alike put their proposals for the world to decide, therefore, the battle for legitimacy created high stakes. It wasn’t enough to have a good project; the team /company needed to show who endorsed them or their project.

This is the space in which McAfee could thrive as an industry titan trusted globally.

The Crypto Advocate

John McAfee Net Worth

Gage Skidmore from Surprise, AZ, United States of America, CC BY-SA 2.0 via Wikimedia Commons

Imagine taking in about 8 BTC per tweet in a boom; that’s exactly what he did.

The highest prediction he made about the price of bitcoin was between $ 500,000 and 1 million per bitcoin. The admission he made later was that these predictions were to excite and draw new users on board.

An estimated 50 ICOs were promoted on his public Twitter profile. Each promotion cost $100,000. This would bring the number of bitcoin he owns to about 400 if we take an average number of 8 bitcoin according to the price fluctuations in 2017, but the total amount, along with the ownership of other cryptocurrencies remains undisclosed. Assuming a holding of 400 bitcoin at today’s price of US$ 32,478, McAfee’s 400 bitcoins would be worth 12.9 million dollars. 

John McAfee Net Worth: So, How Much Is It Now?

John McAfee lost a significant portion of his net worth due to the 2008 financial crisis that crippled economies around the world. From a valuation of $100 million, his assets hit a low of $4 million in 2009, according to the New York Times.

He certainly worked his way back into profitability through his subsequent ventures in QuorumEx, Future Tense Central, and his tenure at MGT Capital Investments.

MGT is supposedly his gateway into crypto because in 2016 its focus was shifted first from social gaming to cybersecurity. MGT also moved into mining bitcoin and other cryptocurrencies to make money and increase its blockchain expertise. McAfee deemed this strategy vital for cybersecurity, holding it even into his subsequent resignation in 2018.

According to publicly available data, John McAfee’s net worth could range from US$ 7.2 to 20 million.

His run-ins with the law have had him living as a fugitive; for in 2019 he lived on his boat, running from U.S. authorities. He was arrested in October 2020 in Spain at the request of the U.S. Department of Justice for tax evasion charges. 

Continue Reading

Features

Weekly Roundup: Swahili Blockchain Book Now Available, Binance P2P Volumes Hit $280 Million in Africa

Published

on

blockchain book

After experiencing raging swings this year, Bitcoin hit a new all-time high this week. On Monday, bitcoin recorded a price of $19,850, breaking the 2017 record. In other news, the Swahili blockchain book is now available for purchase, and Binance P2P trading in Africa is flourishing.

Read these and other stories in our news roundup this week.

Swahili Blockchain Book Now Available

Swahili Blockchain BookThe Swahili blockchain book is now available for purchase. The goal of this book, Jielimishe Kuhusu Blockchain, is to educate Swahili readers about blockchain technology. As a result, readers can contribute to regulatory conversations in their countries to help policymakers make the best decisions.

The Governor of the Central Bank of Tanzania (BoT), Professor Florens Luoga, is one of the first people to read the book. Sandra Chogo, the author, handed him the blockchain book during a conference held in the country.

According to Chogo, the Governor’s interest in the book could indicate that the regulator is warming up to the blockchain and cryptocurrencies. The book has already received a positive reception from the Tanzanian government.

Binance P2P Volumes Hit $280 Million in Africa

Binance P2P trading in Africa has grown significantly because the exchange is supporting six local currencies. So far, the exchange has processed a total volume of $280 million P2P trades in Africa.

In March 2020, Binance started supporting the Nigerian naira. Currently, African users can use Binance P2P to buy and sell BTC, USDT, DAI, BNB, ETH, and BUSD using the Kenyan shilling, the South African rand, the Nigerian naira, the Moroccan dirham, the Ghanaian cedi, and the Egyptian pound.

According to Binance, P2P traders on the platform are making an income between $30 and $350 each day.

“I solely rely on P2P trading as the main source of my income. With P2P trading, I can sufficiently meet my needs and bills. The best thing is that I can trade at my own time and any place,” said Robacoin, a P2P merchant.

P2P trading on the continent could continue the upward trend as more and more Africans turn to crypto to make an income and to remit money.

Nigeria Could Develop a Crypto and Blockchain Framework

Nigerian SEC to Regulate CryptoThe Securities and Exchange Commission in Nigeria classified digital assets as securities a few months ago. Now, the regulator and the Ministry of Finance are discussing the creation of a crypto and blockchain framework.

According to recent news, the two bodies want to create a regulatory environment for blockchain. Also, the Nigeria SEC is keen to facilitate the adoption of the technology.

“The general objective of regulation is not to hinder technology or stifle innovation, but to create standards that encourage ethical practices that ultimately make for a fair and efficient market,” the SEC Nigeria stated.

Furthermore, the country is hoping to obtain $10 billion in revenue from blockchain technology by 2030.

Sarafu Network Beneficiaries Soar 40,000

One of Africa’s community currencies project, Sarafu Network, now has 40,000 beneficiaries. The Grassroots Economics initiative is helping communities in rural Kenya to access basic needs like food. To date, users have traded more than 100 million community tokens. In October 2020, for instance, the beneficiaries traded more than 8 million Sarafu tokens for food. During a global pandemic and a declining economy, the Sarafu Network is helping the needy to stay afloat.

Grassroots Economics uses the power of the blockchain to create community inclusion currencies (CICs).

“In a typical community dependent on injections of the national currency – trade will often slow to a crawl and stop due to lack of a national currency as commodity prices increase. As we have seen in Kenya where Sarafu has been distributed to over 40,000 people, in communities with a Community Inclusion Currency trade can continue,” Grassroots Economics Founder Will Ruddick says.

To learn more about Bitcoin, download the Bitcoin Beginner’s Handbook for free.

Bitcoin Beginner's Handbook

Continue Reading

Popular Posts