The Friday May 25th Edition of The Cryptocurrency Novice Report

Welcome to The Cryptocurrency Novice Report for Friday May 25, 2018.

Word to the Wise

Today on Word To The Wise, we take a look at a cloud mining company called Gibit.

Gibit starts right off by leaving a bad impression with the claim that even though they have only been online for 1 day, they already have over 11,000 customers signed up. Even more perplexing is the claim that those 11,676 users have only purchased 720,701 GH/s, which amounts to an average of only 61.7 GH/s per user. This is a ridiculously small average since their stated price is $1 = 100 GH/s, which means their average user bought less than $0.62 worth of hash power.

Another troubling aspect of Gibit is the claim that your purchased hash power never expires. That typically would spell long term disaster for most companies.

But the most worrisome part of Gibit is the claim that if you send them 100,000 Bitcoin, they will send you back 7000 Bitcoin per day forever.

You see there are only 1800 new Bitcoin generated from mining activities each day now, and in approximately 2 years, that number will halve and only 900 new Bitcoin will be mined each day. So they are claiming that they can mine and pay you far more Bitcoin than it is possible to mine in a day. And they claim they can do this for the rest of eternity.

All of which is proof that Gibit is a scam masquerading as a cloud mining service. From their inflated user counts to their unsustainable business model to promises of mathematically impossible payments, everything about Gibit screams deceit. Don't send your money to these thieves, find a real mining service and use them instead.

Money For Nothing

Today's Money For Nothing is a chance to claim 10 CRS tokens from Crystals.

To claim your free CRS tokens, follow this link to start the bot and register for the airdrop. You will need an ERC20 compatible Ethereum wallet to claim the tokens.

If you don't already have an ERC20 Ethereum wallet, you can get one from MyEtherWallet.com for free.

Crystals seeks to modernize the modeling industry by removing many of the fees charged by agents. You can sign up to be a Crystals model for free. Crystals pays models online for their work, reducing much of the fraud and uncertainty in the modeling industry. To learn more about Crystals, visit their website https://www.crystals.io/.

The Report

The cryptocurrency market continues to fall but at a much slower rate. In the last 24 hours, the broad market has shed approximately $6.7 Billion and is currently at $331 Billion. Now, here's a closer look at how our favorite coins are performing.

Currently Bitcoin is trading at $7460, down 1.4% since this time yesterday afternoon.

Steem is currently trading at $2.74, down 7.3% in the last 24 hours, while SBD is trading at $1.86, down 2.8% since this time yesterday.

Currently on the Steemit Market, Steem is trading for 1.528 SBD. Steem is a little cheaper to buy with your SBD today what with SBD holding it's value better than Steem recently. This may be a good opportunity to stock up.

The supply of liquid Steem increased by less than 10,000 in the last 24 hours. Currently there are 77.56 million liquid Steem. This meager increase in the amount of liquid Steem is welcome news after seeing a steady increase since the first of the month that added up to almost 900,000 Steem. Let's hope it continues at this slower pace or even begins to drop some.

Please note: I am not an investment professional. The information I present here is only my opinion. I do not encourage you to invest in any coin I mention, especially those featured in the Money for Nothing section, since most of these are not going to make it and may even be a scam. I only suggest you claim the free airdrops offered, nothing more.

Until next time...

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