Scotland Hospital Opens Rehab Center for ‘Crypto Addicts’

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We have all witnessed, or at least heard of, cases of various forms of addiction right from the infamous drug addiction to alcohol addiction and even problem gambling. In essence, one can get addicted to almost anything, and perhaps we have always overlooked the fact that even crypto falls into the broad spectrum of these addiction hazards.

While the rest of the world – most of it, that is – has been indulging the blissful pursuit of a crypto future, a hospital in Scotland has decided that it is about time that the issue of ‘cryptocurrency addiction’ (yes, it is a thing) is taken seriously. Castle Craig Hospital, the largest addiction treatment facility in Scotland, has recently established a residential treatment course to help ‘crypto addicts’ recover from obsessive cryptocurrency trading and get back to normal life.

The launch of the crypto rehab center was mostly influenced by requests by people asking the hospital to treat problems related to cryptocurrency. Clearly, this is starting to get out of hand and thus it needs to be addressed as quickly as possible.

Are You a Cryptocurrency Addict?

Are you among those people who have their eyes fixed on Coinmarketcap all day long waiting for the right moment to buy or sell cryptocurrencies? Do you have trading accounts on a bizarrely large number of crypto exchanges? Are you spending large amounts of money crypto? Do you keep trading even after losing money hoping to gain it back?  Do you scoff at people who do not know what HODL, bull, bear, whale, ATH, FUD, and FOMO mean?

If your answer to most of these questions is yes then I am sorry to tell you that you definitely have a problem, at least according to behavioral scientists. There is currently no mention of cryptocurrency addiction on scientific literature but the experts have noted that the trading in crypto can become a behavioral addiction just like problem gambling.

“The high risk, fluctuating cryptocurrency market appeals to the problem gambler,” says Chris Burn, a gambling therapist at Castle Craig Hospital. “It provides excitement and an escape from reality. Bitcoin, for example, has been heavily traded and huge gains and losses were made. It’s a classic bubble situation.”

Some Agree, Some Do Not

Since there was no literature to study, the only source of information was the cryptocurrency trading community itself. Niko da Costa Gomez, a frequent crypto trader who has been making more profits than losses in his crypto investments, says that the idea of cryptocurrency addiction is not one that he would subscribe to. He does not “think anyone is really addicted to trading cryptocurrency unless they are very rich.”

Manav Singhal, the chief executive of Velix.ID, a blockchain startup, is also unconvinced that cryptocurrency is a valid issue. In fact, the CEO is one of those traders who keep trading even though he has been making continuous losses.

“I think profits and losses are just a part of the trading, and it is no different than trading any other kinds of securities,” goes his rather philosophical answer. “Gambling addicts are just that — gambling addicts. They can choose any addiction they want, and it can be cryptocurrencies, but that doesn’t mean that a majority of cryptocurrency traders are addicts. There’re many reasons that make you trade cryptocurrencies frequently, given how fast things are changing in the industry. I am not signing up for any rehabilitation any time soon.”

These sentiments are shared by most, if not all, cryptocurrency traders and this points to one very prominent issue in any addiction – no one admits the problem in the first place.

CoinPoker to Launch First-Ever Crypto Series of Poker

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CoinPoker, a unique online poker room built on blockchain technology, is about to revolutionize the concept of online poker with the launch of the world’s first Crypto Series of Poker (CSOP). The poker room that has always reiterated that it is built on trust and transparency announced that the daily tournaments of CSOP will take place as from May 27 to June 3 and will feature a total prize pool of ten million CHP (the operator’s in-house cryptocurrency).

“Join in on a week of daily tournaments taking place between May 27 and June 3. The series kicks off with a quarter and half a million CHP prize pools, and ends with an epic final event where 2,500,000 CHP is yours for the taking,” said CoinPoker spokesperson from.

The company through its spokesperson also added that the unique poker series is being launched to give back to the poker room’s early adopters who have, without a doubt, contributed immensely to the growth of CoinPoker. However, every other player will also get to enjoy the best of what the platform has to offer.

Online poker has certainly grown in popularity over the past few years, players still have to put up with a variety of complex problems that include the lack of control over the funds, problematic withdrawal services, and lack of transparency as well as high burn rates for recreational players. CoinPoker found a way of going around all these problems by utilizing a fully decentralized set of contracts – the platform operates on the Ethereum smart contract based cryptocurrency protocols.

CoinPoker’s ambitious new venture is however not the first time that the platform is commanding a lot of attention from poker enthusiasts. The company has previously been part of partnerships with some of the largest poker tournaments such as the Japanese Poker Association (JPA) for 2018’s Japan Poker Cup that begun in April and is set to continue till later in August.

 “On top of the benefits for online poker players, our collaboration with multiple poker leagues in the form of online satellites make live poker events accessible to players in different corners of the world,” says Paulius Mikaliunas, CoinPoker’s Head of Poker Operations. “The release of our upcoming mobile app will help boost these efforts, alongside ambitious plans for diversifying the games on our platform to ultimately give CHP investors and CoinPoker players more value.”

Crypto Trading Has Not Been Banned In India, Govt. Confirms

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As mentioned in the Friday news post, the cryptocurrency situation in India is quite unstable at the moment. Still, it is worth noting that there have been a lot of misconceptions regarding the recent decision by the Indian government with a number of media outlets claiming that India has banned trading in bitcoin, and other cryptocurrencies for that matter. This is certainly not the case. Just to be clear, the Reserve Bank of India (RBI) only cut ties between its own banks and any entity that deals with cryptocurrencies.

No Cause for Alarm?

It goes without saying that the RBI press release indeed caused quite a stir especially because it somehow translates to a total ban on bitcoin trading, depending on how one interprets it. While this is not the case, it cannot be said that there is nothing worry about since the RBI’s ultimatum is still rather significant for cryptocurrency users.

All banks that are currently servicing any entities that deal in cryptocurrencies have a three-month deadline looming over their operations. Any bank that fails to sever its ties with the crypto users the will no longer be considered as a partner of the Reserve Bank of India.

What It Implies

According to Unocoin, there is not much cause for alarm since the RBI has not deemed bitcoin as an illegal currency and there is no ban on cryptocurrencies. For now, Unocoin will continue operating as usual until the banks it is affiliated with state otherwise. The three-month ultimatum creates room for a lot of changes and adjustments but everything will become crystal clear after that. So far, the damage is going to be minimal even though this is subject to abrupt change, but such kind of change is something you get used to when you stay in the crypto-world for long.

The decision by Indian officials is not entirely surprising since the RBI has for several months now reiterated the risks associated with cryptocurrencies. As such, it is likely that many of the India cryptocurrency entities have always been prepared for such developments. In other countries, the alternative has been moving to crypto-friendly countries such as Malta and Switzerland. All that matters now is that bitcoin trading has not been banned in the country but in case it happens, there are viable options for the crypto operations. We will just have to wait and see how it all plays out.

Crypto Prices Drop Amidst Trader Suspicion of Binance Hack

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The major cryptocurrencies on Wednesday experienced sharp price drops as reports of system errors at Binance, a renowned crypto exchange, got many investors into a bit of a panic. At the same time, digital currency traders also had to digest reports that major United States regulators are demanding for the registration of all cryptocurrency exchanges.

Binance is considered to be one of the biggest exchanges in the world – CoinMarketCap reports that it is one of the top 4 biggest exchanges for the most popular cryptocurrencies in terms of the traded volumes. Prior to the Wednesday crash, a number of users noticed something highly unusual with Viacoin – that is, a huge increase in buy orders for the cryptocurrency after which its market capitalization jumped from $64 million to $159 million in just a few moments. A probe into the matter revealed that there were lots of unauthorized sell orders going around.

“We are investigating reports of some users having issues with their funds. Our team is aware and investigating the issue as we speak,” the Binance team wrote on Reddit. “As of this moment, the only confirmed victims have registered API keys (to use with trading bots or otherwise). There is no evidence of the Binance platform being compromised.”

Binance later announced that it had halted withdrawals so as to look into what the company referred to as “unauthorized market sells.” The company further stated that there was no evidence that the platform had been compromised at the time.

The impact the alleged Binance hack has had on the market is quite significant. 360 Blockchain USA president, Jeff Koyen pointed out the concerns surrounding Binance resulted in the plunge of the prices of bitcoin and several other digital currencies as well.

“All of crypto is getting battered right now, based on fears that Binance was hacked,” Koyen stated.

SEC Crackdown Played a Role

A number of market analysts have also pointed the price drops to the United States Securities and Exchange Commission’s (SEC) recent decision to subpoena a number of firms that either deal in cryptocurrencies, or are associated with them. A large number of the subpoenas were specifically sent to companies that are selling digital token through Initial Coin Offerings (ICOs).

Zeroedge Is Offering Esports Betting With Zero Commission

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The past few years have seen online sports betting grow tremendously which has eventually led it to its current state of being the leading form of online gambling in many parts of the world. Esports, a rather new and interesting niche in the world online sports betting, has also been increasing in popularity over the past decade and sooner than later it might be just as mainstream as the other sports leagues – it is already a close competitor to the leagues.

The Rise of Crypto Casinos

Cryptocurrencies have undoubtedly grown on nearly everyone in the online gambling space. However, Esports betting at emerging or established online crypto-powered casinos may not be already as polished as gamblers may desire but in most cases, the pickings are just slim – this is because not many of them are dedicated Esports betting operations.

Zeroedge online casino offers the solution to this problem with its cryptocurrency-based operation that also includes the casino’s own in-house unique cryptocurrency known as ZeroCoin. Zeroedge is one of the few online casinos that are exclusively offering Esports betting opportunities to bettors. To sweeten the deal, the casino further offers an unheard of and an unprecedented zero commission for all the games offered on the site.

Why Is Zeroedge Such a Big Deal?

Well, it is essentially the world’s first online casino that offers two unique advantages to the general online gambling community – the first being the fact that it runs exclusively on a cryptocurrency (ZeroCoin) and the second being that it will be offering a true zero percent house edge to its players. Most casinos usually stack the odds in their favor which makes it very difficult for players to win. Zeroedge, on the other and, does not profit from the losses that its customers incur and instead it benefits from the increased value of ZeroCoin, which is apparently Zero Edge Casino networks’ main economy driver.

Being that the casino offers zero percent edge on casino games, there has been an increase in demand for ZeroCoin which in turn has resulted in an increase in its value. Players are still able to play zero percent games as the price of ZeroCoin rises and they are also not required to pay any fixed amount of money in order to place bets. To achieve this sort of “free” gaming, players are subjected to a closed loop economy where the only requirement is that they buy the casino’s token with fiat currencies or other cryptocurrencies and since the supply of ZeroCoin is limited, its value is directly proportional t demand.

This is further facilitated by Blockchain & Smart contract technology which allow for the creation of a fully transparent and truly fair gambling ecosystem where players not only have more opportunities to participate but they are also offered true chances of winning while at the same time being part of a much larger community where social inclusion and mutual values are fostered.

Bitcoin Tumbles Below $8,000; Is the Bubble About to Burst?

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For the first time since 2017, bitcoin dropped below $8,000 yesterday and with the drop came a lot of speculation about what the future holds for the digital currency. According to CoinDesk, bitcoin plunged to $7,695.10 but recovered to $8,618 by mid-day – the bitcoin price index on CoinDesk tracks cryptocurrency prices from digital currency exchanges itBit, Bitfinex, and Coinbase.

The general takeaway from some economists and digital currency experts is that bitcoin is likely to weather yet another downturn. They believe that bitcoin can only continue to develop if it continues to be extremely volatile.

“Bitcoin is in trouble,” wrote Lukman Otunuga, a research analyst at foreign exchange broker Forextime. “Price action suggests that bears are clearly in control, with further losses on the cards as jitters over regulation erode investor appetite further.”

Bitcoin is, however, not the only digital currency that is experiencing a rough time. To put this into perspective, cryptocurrencies collectively lost over $100 billion in the last 24 hours. The price drops abruptly changed the mood and people’s perspectives as far as cryptocurrencies are concerned – the hype and overall excitement that was characteristic of the crypto – world, especially during this holiday’s season run-up, turned into a wave of uncertainty that swept through the space like wildfire.

Likely reasons for the price plunge include tougher regulatory scrutiny and imposed measures by governments in South Korea and China amidst concerns about tax evasion, money laundering as well as heavy speculation. Facebook’s ban on cryptocurrency and initial coin offering (ICOs) ads earlier this week is also partially responsible for the price drops – the company is however not changing their stand as they say the ban was influenced by the fact that such ads are “frequently associated with misleading or deceptive promotional practices.”

Also, according to CoinDesk, Ether coins on the Ethereum blockchain sank 15% to $880, Ripple coins slid 13% to 85 cents, and Litecoin tumbled 11% to $128.

A Review of Bitcoin’s and Crypto’s Rather Strange Week

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This week has been a pretty dull one for bitcoin especially with the dramatic price drops that unearthed some doubt about the hype that cryptocurrencies had created towards the end of 2017. It eventually recovered, but by doing so, it only reminded the world of how unpredictable decentralized digital currencies are. Furthermore, there have been reports that regulators are planning to toughen the market – this along with the reported evocations of the Great Depression in many ways made the week even more turbulent than expected.

Perhaps one of the biggest reasons for bitcoin’s price drop is the possibility of cryptocurrency trading being outlawed in some countries from various parts of the globe. One of the countries whose government has been hinting at such a move is South Korea. Earlier this week, Park Sang-ki, South Korea’s justice minister said that the country’s government had rather “great concerns” pertaining to digital currencies and was therefore “basically preparing a bill to ban cryptocurrency trading through exchanges”, especially because they think that crypto will make tax evasion easier.

While South Korea has since been seen to have softened its stance on the matter after a spokesperson of the Presidential Office said the possibility of a ban on crypto exchanges was simply “one of the measures prepared by the Ministry of Justice, but … not a measure that has been finalized”, investors are still panicking over the confusion caused by the uncertainty of how exactly the country intends to crack down on crypto.

There is a good reason for investor panic since even if the total ban on crypto exchanges does not come to pass, South Korea can still impose new regulations that could hugely impact the market – like bans on anonymous crypto trading accounts and underage investors, for instance. In a similar scenario, last September, the Chinese government shut down domestic changes and according to more recent reports, there are even going an extra mile to cut off access to all online crypto platforms and services operating from within or outside its borders.

Even Europe is Bursting Bitcoin’s Bubble

Financial watchdogs in Europe have begun to tighten the screws on cryptocurrencies as well in a bid to ease up the pressure of the price boom that is considered by many European economists to be nothing more than a bubble. Europe’s financial regulators watched cautiously as the price of bitcoin soared to nearly $20,000 last year. In the process, other cryptocurrencies also received a much-needed boost.

However, Europeans have hopped off of the back seat and they are now joining other policymakers from various parts of the globe in warning investors of the possibility that the crypto bubble could pop. French and German politicians, for instance, recently revealed plans to present a joint proposal that calls for the regulation of cryptocurrencies at March’s G20 summit.

New USD Highs as Bitcoin Bull-Run Primes Altcoin Markets

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After recently establishing an all-time high of nearly $8400, Bitcoin has currently consolidated above $8000 a situation that has resulted in a liquidity shift towards the general altcoin markets. The outcome has been in favor of several of the major altcoins which have recorded very high dollar values even though the prices, when compared to Bitcoin’s value, can be considered to be relatively modest. For instance, Ethereum recorded a new all-time high value of about $420 with the prices stabilizing well above the $400 mark.

At the time of this writing, one Bitcoin is equivalent to about $8140 after it set a new record after establishing a new all-time high value of approximately $8380. Also, Bitcoins current total market capitalization stands significantly above $136 billion – the 24-hour trading volume is also well over $4 billion. This reasserts the market dominance that Bitcoin currently enjoys – it sits at 53.1% which, however, represents a 5% drop from its value a week ago.

Mark Keiser, host of Russia Today’s ‘Keiser Report’ anticipates that the price of Bitcoin is likely to soar from its current $8000 Value to new highs of about $100,000. While it is certainly still too early to tell how his predictions will play out, he has continued to express his confidence in the cryptocurrency’s market dominance saying that;

“Hundreds of obituaries have been written about bitcoin and none of them have come true and none will. Fact is, bitcoin is a gift from God to help humanity sort out the mess it has made with its money.”

November has not been a very good month for Bitcoin – its markets fell by approximately 28% shortly after attaining the preceding all-time high of $7890. This represents Bitcoins largest red weekly candle since its inception. Nonetheless, after dropping to its $5450 all-time low, Bitcoin rapidly regained its momentum and recovered to produce its largest weekly candle when it broke above the $8000 mark.