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Ethereum to finally undergo shift to new energy model

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Ethereum is about to undergo its long awaited makeover, which will see the company shift from its energy intensive model.

The crypto has been working to shift from its proof-of-work method to a proof-of-stake model, which requires far less power than mining.

Crypto currencies have been criticised for their mining processes to generate new coins. But this new method will be eco-friendly and lead to faster transactions.

The transition has been repeatedly pushed back because of major flaws.

But developers reportedly say the latest test run was very smooth.

The price of Ethereum has lost nearly half its value this year and is trading at just over $1,800 USD.

Investors will continue to keep an eye out on what will come out of this upgrade.

Meanwhile, Bitcoin investors can enjoy a sigh of relief as the cryptocurrency bounces back after months of turbulence.

Crypto

LimeWire is back with a music-themed NFT collection

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Travis Barker and Aitch are among the big names set to launch a new NFT collection with LimeWire

LimeWire is rebranding itself to a music-based NFT hub, and a crypto marketplace.

The controversial file sharing service was ordered to shut down in 2010 after a court injunction was issued by the U.S. Federal Court.

Travis Barker and his Blink-182 bandmates are reportedly very excited by the news. He says he has always been interested in the world of NFTs, and is “stoked” to be releasing his first.

“LimeWire presents a new commercial opportunity for artists of all sizes and genres to engage with their fans, gain more exposure in a unique way and retain more of their earnings.”

LIMEWIRE

The peer-to-peer file sharing platform is giving music fans the chance to buy and trade a variety of collectibles, including limited edition releases and unreleased demos.

The company says it wants to bring “digital collectibles into the mainstream”.

New collections will be added in the coming weeks.

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The original Wolf of Wall Street weighs in on crypto

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‘The Wolf of Wall Street’, says crypto investors should saddle up for at least two years before making any money

Jordan Belfort believes the fundamentals of Bitcoin are really strong and is optimistic for the future.

The 59-year-old former stockbroker says crypto-investors can either bet on protocols with a long-term focus, or put a small amount into smaller projects.

He says there’s limited supply, and as inflation continues to rise, Bitcoin will begin to trade like a store of value.

Belfort has changed his tune from previously criticising the ‘get rich quick’ scheme behind cryptocurrencies.

“If you take a three or maybe five-year horizon, I would be shocked if you didn’t make money because the underlying fundamentals of bitcoin are really strong,” he told Yahoo Finance.

But he says you should still proceed with caution “that most of the time you will lose and be prepared to lose it all”.

Belfort inspired the 2013 film, ‘The Wolf of Wall Street’, which centres around his life in the fast lane after a Wall Street crash.

Bitcoin is hovering below USD $20,000, and is down over 10 per cent in the last week.

Meanwhile, Ethereum has taken a modest drop by around one per cent.

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British Army targeted by crypto scammers

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The British Army has fallen victim to hackers who were promoting crypto scams

The Twitter and YouTube profiles of the U.K.’s Armed Services were recently changed to resemble an NFT collection called ‘The Possessed’.

On the Army’s YouTube account, the hacker deleted all videos and replaced with them with old clips of Jack Dorsey and Elon Musk.

The official Twitter account of ‘The Possessed’ NFT warned users of the scam accounts, which showcase tokens that represent ownership of online content.

It is not yet known who was behind the hacking scandal. But the accounts have returned to their rightful owners.

“The Army takes information security extremely seriously and until their investigation is complete it would be inappropriate to comment further,” the Ministry of Defence says.

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