Yoda Labs Weekly Digest: January 19 - 25
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What are Pyramid and Ponzi Schemes
April 21, 2021
MINS
Cryptonomics
Pyramid and Ponzi schemes are very similar because they are based on the same concept. Many people get fooled by impersonating investors who guarantee massive profits in exchange for their funds. Otherwise called a money-doubling scheme, a Ponzi or a Pyramid scheme can be hugely devastating to any casualty.
Understanding a Ponzi Scheme
Many investments come with a lot of risks. The risk of investment increases if an investor is involved in a Ponzi or Pyramid scheme. Since they are illegal, they need to identify these schemes cannot be stressed. That said, we will explain what these schemes are so that you know how to avoid them.
The term "Ponzi Scheme" is coined from the name of an Italian criminal named Charles Ponzi. He became famous for his fraudulent money-making system after moving to North America to demonstrate his illegal activities. He was able to defraud hundreds of investors through his scheme in the early 1920s. What more, the scheme took place for more than a year.
Generally, a Ponzi scheme involves collecting money from newly deceived investors and paying to older investors. While this might make a lot of sense, there is a considerable problem — investors on the backend will not receive any payment. Therefore, the fraudster could leave anytime.
The most famous Ponzi scheme happened more than a decade ago in the United States. It was organized by Bernard Madoff, who deceived investors in Bernard L. Madoff Investment Securities LLC. He was able to build an extensive network of investors, extorting cash from them in the process. Madoff defrauded almost 5000 investors.
However, he didn't invest the money in his scheme, and the fraud collapsed after a financial crisis was experienced in 2018. According to the SEC (Securities and Exchange Commission), the total amount Madoff defrauded from investors was approximately $65 billion. This dubious activity sparked an urgency for regulators and investment professionals to hunt for Ponzi schemes.
How Does a Ponzi Scheme Work?
- First, the impostor acts as a promoter of an investment opportunity by promising huge returns. For instance, they take $500 from a real investor and promise to pay the initial value with 10% interest at the end of a specific period. That means the investor will get $550 at the end of the predefined period. (e.g., 30 days).
- After this is done, the promoter uses the same format to bring more investors before the 30 days. So when the new investors pay their initial fee, he pays the first investor $550 from the money obtained from the other investors. What more, he may convince the first investor to re-invest the $500.
- With this, the impostor has won the trust of the first investor or other early investors by paying them money obtained from new investors. Therefore, there is a confidence to reinvest and invite more people.
- As the network grows bigger, the impostor will need more funds to sustain the 10% interest rates for old and new investors.
- If the impostor cannot sustain the promised interest rates, he flees with the money obtained or is apprehended.
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Understanding a Pyramid Scheme
This works in the business sector. Here, the business promises payments or rewards for new members and those who invite other members. For instance, an impostor offers John and Joan a chance to purchase the distributorship rights at $500 each in a company. When purchased, they will both have the right to sell distributorships themselves earn their share for every new member recruited. However, the $500 obtained from their sales is shared with the impostor in a 50/50 agreement.
For John and Joan to recover their initial investment, they sell two distributorships to two new people. Then this burden of recovering the initial investment is passed to recruits. However, the scheme will eventually break down because of the number of new members that get enrolled. This is what makes the Pyramid scheme an illegal practice. Presently, the majority of Pyramid schemes do not offer products or services. They are sustained by the money gotten from new membership recruitments. Still, some Pyramid schemes may present themselves as a legal multi-level marketing (MLM) company that offers products or services. This is done to hide their fraudulent practices.
That said, most MLM companies are pyramid schemes, but not all MLM companies are illegal.
Similarities Between Ponzi and Pyramid Schemes
- They are both financial frauds.
- They both promise investors incredible returns on investment.
- Investors need to be enrolled for them to be sustainable.
- They do not offer actual products or services.
Differences Between Ponzi and Pyramid Schemes
- A Ponzi Scheme is presented as an investment management platform. Users are promised huge returns on what looks like a legitimate investment. However, the impostor defrauds one to pay another.
- A Pyramid scheme is similar to network marketing. It requires membership inflow to generate profit. This way, members earn commissions for every new member brought in before forwarding the rest to the top of the pyramid.
Avoiding Ponzi and Pyramid Schemes
- Be Skeptical: Watch it! Any investment platform which offers huge returns with little investment is probably a scam. It is very good to be true, mainly when it is very difficult to understand.
- Beware of unsolicited opportunities: Any unexpected invitation to participate in a profitable investment scheme is a bad idea.
- Make investigations: The promoter should be investigated. A legal entity, financial advisor, or company should be registered under the proper governing body.
- Trustless: Always verify the investment platform. It has to be legally registered, and if it is not, find out why.
- Understand the investment: One mistake many make is investing in something they know little or nothing about. Always try to understand what you want to put your money in as it is shrouded in secrecy.
- Take legal action: It is essential to report to the appropriate authorities when you come across a Ponzi or Pyramid scheme.
Final Thoughts on Ponzis
We now understand that both Pyramid and Ponzi schemes are forms of financial fraud. However, a Pyramid scheme is different from a multi-level marketing campaign.
They can be hugely devastating for any guilty party, and it is essential to take the necessary steps in order to avoid these schemes. There is no assurance that there will be an end to these practices, but we can apply caution to reduce casualties.
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Yoda Labs Weekly Digest: January 19 - 25
January 28, 2023
Get the inside scoop on the hottest Web3 gaming trends and movements in our weekly Yoda Lab newsletter.
Yoda Labs Weekly Digest
- Great games are on the way in 2023 Says Animoca CEO
- Unveiling of its trailer, Oath of Peak recorded pre-registration of 500k players
- BigTime is going BIG with rewarding payers and holders
- You can now play games using your Ledger wallet. Could this be the future?
- 69% of respondents believe the metaverse will reshape social lifestyle - do you agree?
- Web3 will push online gambling to grow to $300 billion, and investors are committing big $$$ to funds
Web 3 Gaming News 🎯🎮
- As gamers begin to accept the dynamics of web 3games, Animoca Brands CEO, Robby Yung believes many great games are to come in 2023.
- Oath of Peak, one of the most ambitious gaming projects in Web3 has over $20 million invested, reports the pre-registration of more than 500,000 players.
- Generating more than 1 million monthly transactions, the biggest NFT-based strategy game on Polygon Planet IX,’ will join Chainlink BUILD programme to aid in distributing in-game goods at random.
- Big Time is looking to reward NFT holders and active players in a BIG way. Their planned airdrop includes 100k Utility NFTs distributed over eight months based on Collectible holdings and game playtime.
- With a proven track record of delivering games, the team behind game studio Spacewalkers is redefining how investors can share in the project's profitability.
- Metalands Alpha 2.0 will bring the first taste of Hybrid Battle Royale to the public and there is still time left to register. The FPS game introduces a new PvP mode adding a twist to the idea of battle royale.
- Launching on 31st January, soulbound reward cards coming to Splinterlands. This new reward set edition is associated with Chaos Legion and consists of 43 cards.
- Champions Ascension minting is now live for Prime holders with public free mint from Jan 26th featuring the second highest tier Characters.
- Minting is now live for Prime holders with public free mint from January 26th. The second NFT mint for Champions Ascension is a free mint featuring the second highest tier Characters.
- Having recently sold land plots and built on the BNB chain, the third city map for Mega World is nearly ready. Opening to players on February 15th special packs, new buildings, and cross-chain features will be made available.
- Twitch founder's 'fractal' gaming nft marketplace on polygon is launching with 30 partners and is looking to land on other EVM chains too.
- Built on the Lyra engine in Unreal 5 and with the aim of becoming the Fortnite of web3, free-to-play FPS, FORA launches its first game and is inviting beta testers to participate.
- Runner will exist as a comic book, an NFT profile picture (PFP) project, possibly a video game, and eventually a TV show under Unkeless’ production company Clubhouse Pictures.
- Eyes on the prize, Delphi Digital is specifically watching these teams and games - should we be watching them too?
- Cometh Battle is a card battle game with a twist. It needs a Ledger wallet and could position Ledger as an alternative gaming app store to Apple and Steam.
- With their "Last Chance Saloon," SinVerse has decided to give consumers one last opportunity to wager SIN tokens through a 2.5M SIN token prize pool, and whitelist opportunities for the land sale.
Web3 Gaming Trends 🔥🚀
- Is Tokenizing simulated live gameplay the future of web3 gaming? Having worked with Marvel, Lucasfilm and Disney Marc Seal CEO of Sortium certainly thinks so.
- With Slot Hunter Casino leading the way, web3 technology has the potential to revolutionize online gambling by providing a secure, trustworthy, transparent platform for gaming.
- Co-founder of Illuvium discusses the ability to engage a mass audience as casual mobile games are the easiest step into gaming. Is this a trend that everyone is missing?
- According to the Delphi Digital 2023 report, long-term multiple company partnerships are becoming a trend to address the lack of an ecosystem of publishers for web3 games.
- PlayFi monetization methods via metagames is the perfect approach for web3 games find out why.
Exploring the Metaverse 🛸🤖
- Decentral Games targets web3 natives and continues to adjust its play-to-earn rewards structure to limit ICE inflation as Messari shares its findings in their report titled the State of Decentral Games Q4 2022.
- As the metaverse continues to develop, it will have the possibility to impact social life in a more tangible manner. A new survey from CoinWire, found 69% of respondents have placed their bet on the metaverse to reshape social lifestyle.
- LandVault has worked on 200+ metaverse activations developing virtual land for platforms such as Roblox, Sandbox and Decentraland has announced it has signed with top talent agency Creative Artists Agency to weather the bear market.
- A new take on Metaverse gaming as RobotEra allows users to create NFT-based land, structures, and in-game items, develop new metaverses, and connect with other NFT communities.
- UN Environment Programme (UNEP), aims to use the metaverse to increase reach has released a new game called Apollos Edition teaching worldwide players aged 13- 18 about environmental education.
- Aiming to drive dog adoption pet food company Pedigree has created a program called the Fosterverse, allowing Decentraland property owners to “foster” digital versions of real-life rescue dogs.
Funding in Gaming, and the Metaverse Space 💸💰
- Looking to capitalize on real money-wagering, a sector that is looking to grow from $70 billion to $300 billion, Courtside Ventures raises $100M fund for sports, collectibles, wellness, and gaming.
- Digital Village, the metaverse developer, aims to take the friction out of the experience. Powered by VeChain, the technology platform has raised $4 million thanks to L’Oreal’s VC – BOLD and the British Fashion Council.
- With 150+ million fans worldwide, players can now raise their pets in the metaverse as Neopets raises $4 million from industry leaders such as Polygon, Haskey Capital, and Blizzard Avalanche Fund.
- Gaming Breaks $100 billion total announced activity with 431 total blockchain gaming deals this is a 224% increase from a year earlier.
- Last valued at $1.25 billion, Mythical Games eyes $50 million raise and integrates the technology of NFT marketplace DMarket.
- Animoca Brands Japan funds Psychic VR Labs with 100 million Japanese Yen to help fast track the vision of ‘realizing the world where people wear a space'
- Netmarble's MARBLEX has provisionally signed up with Binance to to bolster its infrasture to push on with MBX 3.0 and enchance the MBX ecosystem.
- Charging $7,500 per masterclass, Gemba's Metaverse training software is utilized by Nike and Carlsberg raises $18 million in a Series A financing led by Parkway Venture Capital.
Where to find Yoda Labs:
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Binance Research: 2023 Is Looking Up Despite Q4 Market Cap Decrease
January 28, 2023
The Binance Research team outlines downtrends across several verticles but sees a small boost to begin 2023.
Binance Research Quarter 4 Report
A team at Binance Research released its State of Crypto: Market Pulse report for Quarter 4 of 2022. Consisting mostly of graphs and data, the report highlighted how the year ended with a general downward trend, but several indications show a strong 2023 could be on the way.
The 45-page report of slides, released on January 27, reviewed several key verticles across the industry and gave a general assessment of the industry’s end-of-the-year performance. The overall market pulse is still positive despite the 15% decline in the market capitalization of the industry.
Here are some of the trends from industry verticles in the report:
- Layer 1s: General downtrend with Solana as an outlier
- DeFi: Long downtrend across 2022
- Non-Fungible Tokens (NFTs): Down in Q4 but up for all of 2022.
- GameFi: Dominates Web3 with 80% market share.
Despite the overall downward trend in the market, Binance Research sees a small pick-up to begin in 2023. Prices have been readjusted and the bottom appears to be in.
Read the full report from the researchers JieXuan Chua, Shivam Sharma, Kaushik Guduru, and Mac Naggar here.
What is Binance Research:
Binance Research is the research arm of Binance, the world's leading cryptocurrency exchange. The team is committed to delivering objective, independent, and comprehensive analysis and aims to be the thought leader in the crypto space. Our analysts publish insightful thought pieces regularly on topics related but not limited to, the crypto ecosystem, blockchain technologies, and the latest market themes.
Where to find Binance Research:
What is Binance:
Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.
Where to find Binance:
Website | Twitter | Discord | Telegram |
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Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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Core DAO Integrates With Switchboard for Permissionless Data Connection
January 27, 2023
Core DAO partners with Switchboard to give developers access to on-chain and off-chain data.
Core DAO Announce Partnership with Switchboard
Following its recent integration with LayerZero, Core DAO has announced its partnership with Switchboard, empowering developers to access secure and permissionless connections to on-chain and off-chain data.
Core developers will leverage Switchboard’s oracle network to gain data such as sports, weather, price, and more. Core DAO notified users about the collaboration on January 27 through Twitter.
We’re excited to announce our integration with @switchboardxyz 🤝
— Core DAO (@Coredao_Org) January 27, 2023
This integration empowers developers to access secure and permissionless connections to on-chain and off-chain data.
Read more here: https://t.co/ssmF1eFBTg#CoreDAO #SatoshiPlus
Switchboard is a permissionless multi-chain oracle protocol for general-purpose price feeds. The collaboration will give developers the tools like Publisher and Explorer to manage and build their data fields. Through an official Medium announcement, Core DAO expressed delight at the collaboration.
“Switchboard grants Core developers access to data that is otherwise unavailable and increases the scope of applications that can be created with both on-chain and off-chain data. We’re excited about this partnership and empowering developers to build on Core,” the blog read.
Blockchains need oracle networks to access any data. The partnership with Switchboard will provide access to data for developers and contribute to the protocol’s development in the industry. In the meantime, Core is working on launching its native oracle solution, which promises to exceed traditional blockchain capabilities.
Read more about the collaboration in the Core DAO Medium announcement.
What is Core DAO:
Core DAO is the official decentralized organization developing the Satoshi Plus ecosystem. It represents an opportunity for miners to access new revenue streams by contributing hash power to the chain. Inspired by the principles of both blockchains, Core displays a deep appreciation for the history of the crypto ecosystem paired with an even greater excitement for Core’s role in its future.
Where to find Core DAO:
Website | Docs | Twitter | Discord
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Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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Blockchain News
Core DAO Tweets Clarifications About Consensus Mechanism In Wake of Launch
January 27, 2023
The Satoshi Plus consensus mechanism combines PoW and DPoS to achieve a scalable, secure, and decentralized blockchain.
The Satoshi Plus Consensus
Core DAO broke into the Decentralized Finance (DeFi) space with its Satoshi Plus consensus mechanism, solving the blockchain trilemma—Decentralization, security, and scalability.
To remind users about the revolutionary solution, Core DAO published a Twitter thread on January 27. The Satoshi Plus consensus combines Bitcoin’s Proof of Work (PoW) network and Ethereum’s Delegated Proof of Stake (DPoS) to solve the blockchain trilemma.
The consensus of a chain creates its foundation. PoW and PoS do not need to be opposing methodologies. Properly implemented, the two should work in harmony.
— Core DAO (@Coredao_Org) January 27, 2023
A 🧵below 👇 #SatoshiPlus #CoreDAO
In summary, Core DAO’s thread was published to remind the community Satoshi Plus Consensus mechanism combining PoW and PoS:
- Anyone can participate in a PoW consensus mechanism.
- PoW takes abundant energy and molds it into scarcity. Combining energy and scarcity creates value that anyone can create and earn.
- PoS mechanism without PoW tends towards centralization, ensuring users pay early adopters to participate.
- They restrict network governance to a small group, which is more similar to a corporation than truly crypto-enabled decentralized governance.
- The Satoshi Plus consensus solves the issue of centralization from the PoS inflexibility by combining the openness of PoW.
- The consensus mechanism allows PoW and PoS to work in harmony.
BSC News explained the Core DAO revolutionary blockchain, including the Satoshi Plus consensus. You can learn more about the network in this article.
What is Core DAO:
Core DAO is the official decentralized organization developing the Satoshi Plus ecosystem. It represents an opportunity for miners to access new revenue streams by contributing hash power to the chain. Inspired by the principles of both blockchains, Core displays a deep appreciation for the history of the crypto ecosystem paired with an even greater excitement for Core’s role in its future.
Where to find Core DAO:
Website | Docs | Twitter | Discord
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Binance Angel: “Binance Is A Big Entity--But Like a Family”
January 27, 2023
Binance Angel speaks about the great reception and his casual encounter with CZ.
Binance Angel Shares His Story
Binance shared a short interview video of Binance Angel Mikki Nielsen, who divulged his crypto past and how he became a Binance Angel.
Nielsen opened up in the Binance interview, explaining how he has been involved in crypto since 2011, when he first got into bitcoin but only recently heard about Binance last year. Once he learned about Binance and Binance Angels, Nielsen admits he felt like he had found a big family. He even describes his “casual” meeting with Binance CEO Changpeng Zhao.
Take a look at the short interview shared through Binance’s social media.
Meet @MikkiNielsen4, a long-serving member of the @BinanceAngels team.
— Binance (@binance) January 27, 2023
Watch this video as he takes us on a journey through his experience since becoming a #Binance Angel and what he enjoys the most about it! pic.twitter.com/e9DvfIRJcU
What is Binance:
Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.
Where to find Binance:
Website | Twitter | Discord | Telegram |
Disclaimer: This is a paid Ask Me Anything (AMA), BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement AMA for $2000 Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the AMA.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Don't forget to download the BSC News mobile application on iOS and Android to keep up with all the latest news for BNB Chain and crypto.
Follow us on Twitter and Instagram!
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Looking for a job in crypto? Check out the CryptoJobsNow listings!
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If you need tools and strategies regarding safety and crypto education, be sure to check out the Tutorials, cryptonomics explainers, and Trading Tool Kits from BSC News.
Looking for a job in crypto? Check out the CryptoJobsNow listings!
Disclaimer: This article is exclusive BSC News Premium Content. Premium content is viewable without a membership for a limited time. After the limited time period expires, readers will need to either subscribe or hold a BSC News NFT to view Premium Content. Visit the BSC News NFT website, Discord, and Twitter to learn more about becoming a Premium member.
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