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Is The Housing Bubble in Australia About to Burst?

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Whenever a financial advisor talks publicly about the huge rise in housing costs in Australia there is a warning about the impending bursting of the bubble. The debt rate per household is, according to the majority of such experts, far above sustainability. This scenario is seen in communities as well where businesses are closing and trade is markedly down. While credit cards are maxed out to the limit most are struggling to put food on the table.

So crippled with debt are the mortgage holders of a large percentage of homes that it is only a matter of time before the bubble bursts. Homes have risen in price at such a rate that anyone wanting to get into a home has to enter a contract that is way above their ability to repay the debt.

Some are calling this the perfect storm because people have entered into such agreements when they were employed in good jobs, their future was secure, and interest rates low. This situation is now rapidly changing as many are now unemployed, reduced incomes (for one reason or another) has also hit, and wages have stagnated.

The government has simply applied too much pressure and by allowing things like negative gearing it has increased the price of homes as investors flock to buy up what they can. The result is that rents have also soared and left greater numbers homeless because of an inability to pay what landlords demand.

When the rapid change of Prime Ministers took the country into new territory during the last 5 years it also meant inconsistency in the housing business. While mortgage interest rates are low and attractive for buyers the interest on credit has soared. This had led to a snowballing of debt and an inability for a huge number to meet it.

The outlook is dire and it is being compared to the USA before the melt-down happened there, which triggered the Global Financial Crisis.

The biggest businesses in Australia are the four major banks and they are making super profits. They have the security of knowing that if purchaser default they can seize the assets. The question in how worthwhile will they be in the light of what is now inevitable. Once the housing market collapses who knows how far it will go?

Governments are prone to prop up the banks in such a crisis and one wonders whether the strategy for dealing with such an event is not their fault. While politicians have access to the best economic brains they don’t appear to be doing a very good job. My sympathy is to the ones who will be devastated by what must now be inevitable.

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Sports NFT Marketplace Lympo Suffers An $18.7 Million Hack

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The latest in the industry is the hacking of Lympo, a sports NFT platform and a subsidiary of Animoca Brands. Through hot wallet hacking, the platform just lost about 165.2 million LMT tokens, equivalent to $18.7 million during the time of this hack.

Cryptocurrency hacking, though not frequently experienced, remains of the risks that some protocols have to suffer.

An update through Medium from the Lympo team confirms the recent hacking from the platform on Jan 10. According to the report, the hackers accessed the protocol’s operational hot wallet and looted about 165.2 million LMT tokens.

Related article | Is Norton 360 Mining Ethereum In Your Computer? If It Is, They’ll Take a 15% Cut

Furthermore, the post revealed that the cybersecurity attack led to the compromise of 10 different project wallets. Also, the majority of the hacked tokens were moved to one single address from where they were swapped on both Sushiswap and Uniswap for Ether (ETH) and were later transferred somewhere else.

With this looting of the LMT from its hot wallets, the price of the token plummeted by 92% to $0.0093.

Lympo Team To Fix Grudges

Subsequently, the protocol’s team released a tweet stating that they are striving to stabilize the circumstance as well as to return their operations to normal. Additionally, the team mentioned its removal of liquidity LMT from liquidity pools. According to them, this will help in reducing the crypto price disruption.

Moreover, the team by the early hours of Jan 11, advised traders to place a hold on the buying and selling of LMT tokens. They intend to first complete their investigation and outline their possible line of action.

With the removal of liquidity from pool trading LMT, there will be a negative effect for traders. This means the traders can’t buy or sell remarkable token amounts without encountering some value loss.

Being a subsidiary of Animoca Brands, the Animoca teams has fully thrown their support to Lympo. In one of his speeches, Yat Siu, the CEO of Animoca said that they are helping Lympo with for recovery though they have not taken any specific mechanism for that.

Another Crypto Hacking On Hot Wallet

Similar to Lympo’s hot wallet security breach, a centralized crypto exchange, LCX, on Jan 8, lost about $7 million from its hot wallet. This hacking cuts across 8 different crypto coins on the exchange.

Most of the funds from the LCX hacking were swapped for ETH. The proceeds were later transferred to Tornado Cash which is a privacy tool with the feature of concealing both the source and destination of ETH tokens. The LCX hacking involved different amounts of LINK, MKR, USDC, ETH, LCX, SAND, QNT, and ENJ.

Related article | More Green Energy: Crypto Mining Saves A Hydro Power Plant In Costa Rica

Through its update on January 10, the LCX notified its users of its compensation plan for their losses. Also, it assures them that there was no compromise of any personal data from the attack.

Featured Image from Pexels

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Walmart All-set to Enter NFT and Metaverse Arena

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Walmart All-set to Enter NFT and Metaverse Arena
  • There have been a total of seven distinct applications for consideration.
  • Nike purchased RTFKT, a virtual sneaker firm, in December.

Following last year’s false allegations regarding Walmart and Litecoin, the US retail behemoth has formally filed documentation with local authorities to join the cryptocurrency and metaverse arena. According to reports, Walmart aims to develop its own cryptocurrency and non-fungible tokens (NFTs) in the metaverse.

Recently, the big-box store filed many new trademarks showing its intention to produce and sell virtual items, such as electrical devices, home décor and furnishings and a toy or recreational equipment and personal hygiene products. NFTs and a virtual currency will be offered to customers, according to the company’s application.

It has been reported that Walmart submitted the applications on December 30th, according to the United States Patent and Trademark Office. There have been a total of seven distinct applications for consideration.

Major Players Are Already Onboard

According to Gerben, trademark attorney, companies have been scrambling to find out how they would fit into the virtual world since Facebook announced it was changing its corporate name to Meta, suggesting its goals beyond social networking.

Sneaker and clothing company Nike has filed many trademark applications indicating that it intends to offer virtual versions of its products. Within a few days, it was announced that Nike would be collaborating with Roblox to build a whole new virtual environment dubbed Nikeland. It purchased RTFKT, a virtual sneaker firm, in December.

Gap has recently begun offering non-traditional T-shirts with the company’s trademark emblem. NFTs will be sold in levels ranging from $8.30 to $415 and come with a tangible hoodie, according to the fashion company. Adidas and Under Armour’s NFT releases sold out last month, as well. OpenSea’s NFT marketplace has seen a surge in demand for these items.

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FinTech Scotland Celebrates 5th Year, Showcased Remarkable Growth Since Debut

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FinTech Scotland Celebrates 5th Year, Showcased Remarkable Growth Since Debut