Crypto assets with names like Bolsonaro and Lula shipwreck – 06/10/2022 – Market

Crypto assets with names like Bolsonaro and Lula shipwreck – 06/10/2022 – Market

Designed to cash in on the polarization of the 2022 presidential election, the cryptocurrency that bets on the popularity of candidates Zaire Bolsonaro (PL) and Luiz Inacio Lula da Silva (PT).

Some resources found on Lulacoin, Lula 2022, BolsoLula, Mitocoin, Mito22 and Bonoro Mitocoin 2022 trading platforms. All motionless.

Some were launched on the trading platform more than a year ago, but marked by all eight projects Sheet Or there is inactive or negligible movement at the moment.

Resources named in honor of Lula and Bolsonaro are much less valuable than well-known virtual currencies such as Bitcoin and Etherium. The project, including security flaws and it cannot be used in exchange relationships.

According to Paolo Aragao, founder of Cryptophasil, this is largely due to the lack of public interest in these resources. “Projects are so bad that they don’t get busy and end up dying,” he said.

Created just over a year ago and in the hands of 141 investors, BolsonaroCoin has registered only one movement in the last two days this Thursday (9) in terms of reporting advice.

The most notable project panned by Sheet There was a futures deal based on the NFT, an acronym for Non-Functional Token, which bets on Bolsonaro’s victory or defeat against the American brokerage FTX’s Lula.

In this case, the contract literally acts like a bet. The interested party can work long hours, which means winning with Bolsonaro’s victory, or selling, making money if the current president loses to the PT.

Despite the company’s relevance in the segment — one of the largest in the world—, the product targeted for Brazilian selection has lost value since its launch last year and currently has almost zero turnover.

When FTX launched in May last year, the single value of the token that was the focus for Plateau was US $ 1 (R $ 4.88). It is now priced at US $ 0.28 (R $ 1.37).

In the last 24 hours prior to the consultation, the transaction amount was US $ 2 (R $ 9.77). “It’s a project that’s clearly stalled, anyone with a hundred dollars in their hands is still manipulating that amount completely,” Aragao commented.

The absence of other names competing for the presidency of the Republic in FTX products is the result of the approach the company has taken since Donald Trump ran for re-election, an industry manager who, according to the strategy of the organization where he works, cannot do so. The articles contain names that refer to candidates for electoral positions.

He said bets are always against or in favor of the candidate in power. “It’s a model of what the US election is all about.”

This same manager believes that the lack of interest in such deals is related to the profile of the candidates, as none of them are openly favorable towards cryptocurrency and therefore, this does not attract investment enthusiasts.

“Besides, at the moment this market is operating at a low level,” he commented. “So there is no reason for an individual to close the bitcoin business, for example, to invest in a purely speculative asset.”

Experts who spoke to Folhaar said that none of the crypto assets identified by the report had any official relationship with the candidates.

One of the two activists, the Bolsonarocoin22, em created his profile on Twitter like a “NFT token created for social and financial gains, as well as for the supporters and facilitators of the Bolsonaro president”.

Even if the producers offer to support one of the candidates, the election law does not allow virtual currency fundraising or campaign financing, explains Flavio Willman, a former judge lawyer for the TRE-RJ (Rio de Janeiro Tribunal Regional Electoral Council).

“It is not possible to create virtual currency because of the union’s exclusive ability to legislate in financial law,” Wilman explained.

He further added that voters should not confuse the ban with virtual crowdfunding, which is aimed at collecting donations from individuals through legal and internet platforms.

Crypto … what? Understand what cryptocurrency is

Token, in computer parlance, is a technology that generates code through sequencing symbols (such as characters, for example). It lets you create a kind of password and link it to an electronic file.

Encoding confirms the authenticity of files sold on the Internet. This makes it unique and potentially valuable.

The name cryptoactive is used because it adopts the principle of cryptography. This is the same argument used by the Chaining Code Block (blockchain) technology that ensures the security of virtual currency.

Puritanists do not always like to call any asset that uses blockchain technology a virtual currency because they believe that to be a currency one needs to acquire other qualities, such as being widely used as a means of payment.

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