Bitcoin Splits In Two And Other Misery For Cryptocurrencies This Past Week
The scams are piling up in the cryptocurrency space.
By James DiGeorgia
This past Thursday Bitcoin split into two different forms. Bitcoin Cash the spin-off from the original Bitcoin is now going it on its own split into two versions that will go their separate ways creating new headaches for users. But this wasn’t the only action in this industry this past week…
Twitter has become the home of dozens of Cryptocurrency scams the last eight months after the social network said it was working to eliminate them
So far there’s no sign of Twitter making a dent in the number and damage being caused to consumers on its social media network. Scammers are still taking advantage of two weaknesses in the cryptocurrency market. The first weakness is the frenzy and lack of information about cryptocurrencies that makes it easy for people to get sucked into these scams in search of a quick buck. The second weakness is that social networks like Twitter still have a tremendous amount of work to make it hard to execute these crooked schemes.
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The SEC imposes the first civil penalties on two companies issuing ICO securities offerings after bringing suit against them for registration violations." The SEC revealed in its announcement about the settlement announcement that both ICO issuers involved, Airfox and Paragon had conducted their ICOs after the SEC issued its report last year warning the industry that some of these ICO’s could qualify as securities.
The wild swing up in price enjoyed by Bitcoin was a huge bonanza for Nvidia (NVDA) as demand for the technology that creates many of the cryptocurrencies that the high technology firm sells. Yet, as the price of Bitcoin has nose-dived from a high of $21,000 to just over $5,000 has thrown cold water on Nvidia's sales and net profits, cooling one of the hottest Nasdaq stock of the past few years. At the same time, investors have been growing increasingly concerned over the valuation of cryptocurrency exchange Coinbase.