February 2021 — Centralization, Analysis, and Progress

Two months have past this 2021 and a lot had happened! From the price of each Bitcoin, “Elon Musk effect”, “Bull market” and many more, contributes to the hype we are experiencing but here’s to what 2021 gives us.

Centralization

Cryptocurrency is decentralized by nature, run and kept decentralized by running nodes all over the world.

Decentralization is a great idea but sometimes technically difficult for beginners to start. As a result we are having these Centralized entities to participate just like exchanges that currently exist.

Binance for example is a centralized exchange and it’s problem comes from managing users accounts. Fraudulent transactions would be suspended which is a cool thing but a bad news for the user as it could restrict usage.

PDAX a cryptocurrency exchange based in the Philippines that somehow experienced the same “use of power” but in a totally different situation.

According to this article from BitPinas: There was a glitch that happened from the unscheduled maintenance on PDAX that cause inconsistent fluctuations to Bitcoin buy orders. It is also said that the price of Bitcoin during that time is @6,100 (roughly 300,000 php) and some users afford to grab the opportunity of buying.

Though user accounts are disabled to deposit and withdraw, there was this opposite scenario for some users who bought it and was able to withdraw and process on chain transactions.

What’s the thing about this? Being a centralized exchange they want the Bitcoin back from the user who took the chance to buy the cheap Bitcoin and if not, they would take legal actions towards the user.

Was it users fault to buy a Bitcoin that was successfully filled? I guess not. Is it PDAX’s fault? Who knows? Who would take the blame and responsibility for the unfortunate play?

That is why we urge users to save their private keys and stay decentralized as much as possible as it’s only way that serves us for our utmost benefit.

Analysis

“All good things must come to an end”

There’s this strange thing that comes with scam, it most often come with hype, attention, recognition even if it doesn’t have anything to offer.

Fundamental analysis always comes with someone who is investing in stocks, cryptocurrency or any asset you would like. With that, you can be confident in knowing that specific asset, everything lies on the value and you’d be able to determine that using FA.

Just recently one of our Velas Philippine community member gave a warning to everyone to avoid this “scam” project before investing as it already lure thousands of people and an alleged millions of pesos taken away from them.

What’s wrong with this is that those people who invested and gave their money away while not having prior research or fundamental analysis about this company they are investing.

Ignorance could sometimes bring you fortune and it’s true but oftentimes it disguises itself as a double-edged sword.

Always “DO YOUR OWN RESEARCH”!

Progress

February 2021 have passed and what is up for Velas and the Velas Philippine Community?

We are under the rocks with a bunch of developments happening recently, as a result, some of our community members got impatient because of the sloppy start of the year.

What’s next? After few months of working comes the fruition of our labor and efforts as we could see our product releases and partnerships increase.

We also have an exchange listing on the way that would be a delight to all our members! On what exchange, stay tuned ;)

I am aware of the frustration from our valued members as they see top coins sky rocket. We understand and we want to ask more patience from everyone as we are working hard to scale and develop our working product. End of March is the date to note.

As we progress, we want everyone to be aware of what’s going on in the centralized space and the scam that is rampant. We don’t want to solely promote but wanting everyone to fit and stay in this bull market for a longer period of time.

Conclusion

The system is rotten and still tied to centralized efforts which is the very reason we are seeing scenario like this. In the near future we expect a better judgement and a more logical one from our community to protect themselves and to embrace the industry as one of the grandest innovation that is happening in this generation.