Crypto Market Overview December 17th | Dex-Trade

Play-to-Earn are Ponzi Schemes: Hit of The Day from The CEO of a Chinese Gaming Website

The CEO of the Chinese gaming portal TapTap, Dash Huang, seriously stated that GameFi (crypto-gaming industry), which operates on the principle of Play-to-Earn, is nothing more than one of the varieties of the Ponzi pyramid. CryptoPotato reports. His reasoning is that, unlike traditional games, gamers of certain blockchain-based games are financially rewarded for completing certain tasks. Therefore, according to Huang, GameFi is more suitable for gambling, which miraculously makes it synonymous with fraudulent pyramids. The Chinese information field is now perfectly suited for such statements. China Central Television (CCTV) has already called Play-to-Earn a "scam" in a report from Shaanxi and Fujian provinces, where police "exposed" two similar providing services to the country's citizens. With such successes, it remains to wait for a government ban on earnings in something other than the sensational Chinese CBDC.

 

Wirex vs Monobank: Who Will Quickly Provide High-Quality Crypto Services to Ukrainian Citizens

British payment processor Wirex enters the Ukrainian market, offering storage and operational support services for more than 20 crypto assets on its platform with 16% annual cashback and many other pleasant benefits, which was previously expected from the Ukrainian Monobank. By the way, the application for the issuance of cryptocurrency cards and support for digital customer accounts from Mono is still pending consideration by the Ukrainian regulator, which is concerned about the risks associated with the complexity of monitoring crypto transactions. Meantime, Wirex has already talked about plans to issue physical crypto-cards for Ukrainians, with which it will be possible to pay for goods and services even from sellers who do not accept digital money. The company representatives said that this will be possible due to the "instant" crypto-to-hryvnia conversion. But how exactly this will happen is still unknown. In fact, this is the first signal of the emergence of a competitive market for crypto payment systems in the CIS, and now it depends on the actions of the Ukrainian government how successful it will be to attract investments in this area.

 

UK Government Rejects Bitcoin Amid Record Inflation

According to the UK Office for National Statistics (ONS), in 2021, inflation in the country reached a ten-year high, in response to which crypto enthusiasts suggested that the government of the country "open the door" for introducing cryptocurrencies into the economy that are capable of hedging citizens' investments. The Bank of England (BoE) Monetary Policy Committee has already announced the need for an urgent meeting to make decisions on tightening monetary policy in the country. However, officials from the start hinted that they were not going to consider the proposal of cryptocurrency supporters. Such a position was to be expected from the authorities of a rather conservative country, but ignore the fact that the scarcity of the same BTC allows the asset to grow steadily in price against the background of fiat money “inflating” due to the unlimited supply, to some extent synonymous with economic sabotage.

 

Iconic MMA Fighter Will Receive Bitcoin Salary

American MMA fighter, Kevin Lee, has announced that he has signed a four-fight contract with the Eagle Fighting Championship, under which he will receive his fee in BTC. The fighter will be the first mixed martial artist to choose digital money. That being said, Lee himself is no stranger to crypto, as he invested in BTC back in 2017. By the way, these investments helped the fighter later, when he injured his leg and was forced to temporarily leave the sport and find funds to pay for treatment: “I forgot about that money, but then when bitcoin blew back up, that gave me some money to live off. So it’s something that I really believe in, and that’s honestly going to be the big future.”