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Charles Hoskinson to Exit Social Media Platforms




  • Bitcoin formed a bearish cross earlier this week as it underwent a major sell-off.
  • But the cryptocurrency counterbalanced fears of a further downside correction after the Federal Reserve’s policy update.
  • The US central bank announced that it would keep near-zero interest rates steady.

Earlier this week, a death cross formed on the Bitcoin charts, threatening to extend the benchmark cryptocurrency’s decline as it corrected lower after setting up a record high above $61,000 last week.

But a policy update from Federal Reserve late Wednesday reversed Bitcoin’s interim bearish bias. About 18 of the US central bank governors said they expect to hold its short-term interest rates near zero through 2023. Meanwhile, seven anticipated that they would hike lending rates in 2022 or 2023, up from five in December.


Since April last year, the Fed had been buying $120 billion worth of government debts and mortgage-backed securities every month. Their policy has resulted in negative bond yields. Meanwhile, benchmark rates between 0 and 0.25 percent have made the US dollar borrowing cheaper, pushing the greenback lower by roughly 12 percent against a basket of top foreign currencies.

Charles Hoskinson is only disappointed regarding giveaway scams

The CEO of IOG further elaborated how these cunning culprits make a fake account and then proceed to get a blue tick mark, signifying verified official accounts, to fool the gullible public. Pretending to be some well-established personality of the crypto-space, like Elon Musk, Vitalik Buterin, Adam Back or Charles Hoskinson, they first draw from the safety of their screens out believable giveaway announcements. Under the pretence of ‘the more you invest, the larger amount you’ll get in return, get the unaware responder to transfer their crypto to some foreign address as ‘profitable investment’ and then vanish.

Charles Hoskinson believes such scams could have easily been avoided had the major social media platforms taken steps to ensure a dependable verification process. The blunt responsibility of the fact that today anyone can get a blue tick by following just a few steps wholly falls on the ignorance of these platforms.


Immediate Actions Required on hacks and scams

The existence of several Twitter hacks, and giveaway scams via accounts verifying Barack Obama, Bill Gates, and Joe Biden conducted at the national scale undoubtedly point that Twitter was aware of such issues, yet it chose to overlook them. The Colorado-based technology entrepreneur further added, since no action is being taken to resolve the issue to him, leaving Twitter seems like the only reasonable option. He then contemplates leaving all the social media platforms, enabling them to rule out the rest of the accounts claiming to be him as fake.

Hoskinson’s IOG looking for Solution

In this video, the mathematician also shared that his IOG is currently looking for a new employee to handle the frauds on social media. Preferably a person with a law enforcement background, most likely someone like a former FBI agent. The appointed employee’s duty will be to detect and prevent social media fraud.

And at the same time, IOG is processing whether or not they can file lawsuits against such social media platforms. Charles Hoskinson thinks if they can figure out that these companies too are directly or indirectly gaining profit through these scams, as seems to be the case, and adding to that a proper legal lawsuit, might result in their negative press. And perhaps after that, this issue will be taken more seriously.


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