Welcome to BroBible’s regular roundup of the biggest news in the world of cryptocurrencies. We’ll be providing you with the biggest news and stories concerning Bitcoin, Ethereum, and other major altcoins to help you keep your finger on the pulse of the crypto market.
If you’re looking for good news, you’re probably not going to find any on Monday morning (but I have one story later on that will make you feel a little better).
Crypto Hedge Funds Opening At A Record Pace
After the initial crypto boom last year, traditional investment companies scrambled to catch up.
The Winklevoss Twins were well ahead of the curve of the banks and funds who hastily created desks and scooped up analysts while trying to get a read on a wildly unpredictable market.
You’d think interest would have waned as cryptocurrencies across the board keep taking hits but in the words of Lee Corso: not so fast, my friend!
Despite the seemingly unfavorable conditions, crypto hedge funds are currently popping up at a record pace and could end up topping the numbers in 2017 when it comes to the creation of new crypto-centric firms.
I don’t know who would win in a battle royale between bears and bulls but I guess we’re about to find out.
Can A Crowdfunded Bounty Hunt Find Satoshi Nakamoto?
In 2009, someone purporting to be a Japanese man named Satoshi Nakamoto created the concept that would eventually spawn Bitcoin. However, that’s basically all anyone knows about the person responsible for making (and destroying) dreams over the past year or so.
It’s a virtual certainty that Nakamoto is a pseudonym and there has been no shortage of effort to track down the person (or people) who are likely sitting on billions of dollars worth of Bitcoin.
One man in Estonia has decided to take things into his owns hands— and, by extension, the hands of others— by setting up a crowdfunding campaign with the goal of hiring private detectives in cities around the world to find out Nakamoto’s true identity.
Feel free to contribute if you bought at $18K in December but still feel like throwing away some more of your money.
Students Using Free Electricity To Mine For Crypto In Their Dorms
If you went to college at a certain point in time, there’s a very good chance you used the school’s resources for things that they’d probably prefer you didn’t.
However, there’s a new exploitative hotness at universities across the country that has nothing to do with bootleg movies or music: mining cryptocurrencies.
A student at Penn State decided to take advantage of the free electricity that comes with his boarding by setting up a mining rig in his dorm to make some cash on the side (he made over $10,000 while doing so).
He graduated in 2017 but this is apparently not an isolated incident.
Many universities aren’t even aware their resources are being exploited (despite potential security risks to their network), so if you’re in a position to take advantage of their ignorance, you might want to hurry up before they catch on.
Mondays Suck But At Least You Didn’t Lose $24 Million In A Bitcoin Scam
You might not have wanted to get out of bed this morning but if you’re looking to feel a little bit better about your day then you might take some schadenfreude in the form of a story about a 22-year-old who lost $24 million in a Bitcoin scam.
Last year, a Finnish man named Aarni Saarimaa was convinced to invest 5,500 Bitcoin into three different companies that didn’t actually exist int he first place.
The dumbest part was that Saarimaa used Bitcoin to fund another crypto called Dragon Coin when he could have just listened to the advice of Wu-Tang Financial and diversified his bonds.
You live and you learn, I guess.
