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Inside the Wild World of Meme Coins: Interview With Expert Anndy Lian

Inside the Wild World of Meme Coins: Interview With Expert Anndy Lian

The rise of meme coins has been nothing short of meteoric. Fueled by online communities, social media hype, and the allure of quick riches, these digital tokens, often inspired by internet jokes and viral trends, have captured the attention of seasoned investors and curious newcomers alike.

But as the market explodes with new entrants, a critical question emerges: Are meme coins a legitimate investment opportunity or a speculative bubble destined to burst?

To gain deeper insights into this complex landscape, we spoke with industry expert Anndy Lian. Anndy, a seasoned observer of the crypto market, shared his perspectives on the economic drivers behind meme coin success, the role of social media, the regulatory challenges, and the potential future of this burgeoning asset class.

At the heart of the meme coin phenomenon lies a potent combination of community-driven momentum and social media amplification.

The Economic Drivers of Meme Coins

“The fundamental economic drivers behind the meteoric rise of meme coins can be attributed to the power of community-driven momentum,” Anndy Lian began. “Meme coins are often created and propelled by online communities, with no institutional backing or venture capital support. This grassroots approach allows community members from diverse backgrounds to come together and collectively drive the coin’s adoption and value.”

Lian emphasized the role of community in shaping meme coin success: “The community’s enthusiasm, creativity, and sense of ownership are the primary drivers of a meme coin’s success. As more people join the community and contribute to the coin’s ecosystem, the network effect takes hold, fueling further growth and adoption. This organic, community-led approach is a key differentiator from traditional asset classes, which often rely on institutional support and fundamental analysis.”

The Role of Social Media and Investor Sentiment

“I’ve noticed that meme coins tend to thrive on their online popularity rather than traditional market analysis,” Anndy Lian observes. “Social media platforms like X, Reddit, and Discord are the perfect storm for meme coin hype, with influencers and community leaders fueling the fire. I recently shared a post about a new meme coin called Moni on X, and it just so happens that it’s got a strong following among South Korean communities. Next thing I know, its value shot up 6 times! It’s crazy how sensitive these coins can be.”

Lian continued, “As you can imagine, meme coin prices are super volatile and can swing wildly based on what the community is saying. If a popular influencer tweets or posts something positive, the price can skyrocket. But on the flip side, a negative comment or a loss of interest from the community can send it plummeting. It’s like a rollercoaster ride, and you never know what’s going to happen next.”

Regulatory Challenges and Investor Protection

Addressing the regulatory landscape, Lian states, “The rise of meme coins has brought to the forefront the need for regulatory frameworks to get up to speed with the rapidly evolving crypto landscape. But let’s not get ahead of ourselves – meme coins aren’t some exotic asset class that requires a whole new set of rules. They’re an integral part of the broader crypto market, and our existing regulatory frameworks should be applied consistently across the board.”

He emphasizes the importance of investor education: “Rather than putting meme coins in a silo, regulators should focus on schooling investors on the unique quirks and risks that come with these community-driven cryptocurrencies. This means drilling home the importance of doing your homework, assessing the risks, and exercising caution when putting your money into meme coins.”

The Future of Meme Coins and Blockchain Technology

Lian expresses optimism about the long-term potential of meme coins: “I’m really excited about the potential long-term implications of meme coins for the crypto ecosystem and financial markets. When you think about it, community-driven meme coins are the ones that could really lead the charge in terms of adoption and innovation.”

He further elaborates, “Take the Shiba Inu token, for example. It’s got a huge global community of fans who are passionate about it. Now, imagine if each of those fans were to start their own Shiba Inu Cafe using a DAO franchise model. Suddenly, the token has real-world value and utility.”

On the role of blockchain technology, Lian states, “Blockchain tech can be a game-changer for meme coin platforms, making them more transparent and secure for investors. By leveraging blockchain’s decentralized and immutable ledger, these platforms can guarantee that all transactions are out in the open, tamper-proof, and accessible to everyone.”

Lian’s insights offer a clear-eyed perspective on the complex world of meme coins. While their meteoric rise has captivated the world, the underlying dynamics are far from simple. The power of community, the influence of social media, and the challenges of regulation converge to create a landscape fraught with both opportunities and risks.

As Lian suggests, the future of meme coins may lie in their ability to evolve beyond mere speculative assets and develop real-world utility. The integration of blockchain technology promises to enhance transparency and security, but the journey ahead is undoubtedly fraught with challenges.

Investors, enthusiasts, and regulators alike must navigate this uncharted territory with caution and discernment. Anndy’s emphasis on education and awareness is crucial for fostering a sustainable and responsible meme coin ecosystem.

About The Expert

Anndy Lian is a global business strategist and blockchain pioneer. With a deep understanding of both technology and business, he advises corporations, governments, and startups on harnessing blockchain’s potential. His roles include Chief Digital Advisor to Mongolia and leadership positions in major crypto exchanges and automotive giants. Anndy is a bestselling author and passionate advocate for blockchain’s transformative power.

 

Source: https://news.shib.io/2024/08/14/inside-the-wild-world-of-meme-coins-interview-with-expert-anndy-lian/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
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USDC Becomes Compliant as MiCA Regulations Change Crypto: Expert Analysis

USDC Becomes Compliant as MiCA Regulations Change Crypto: Expert Analysis

On July 1, 2024, stablecoin issuer Circle announced that its France-based unit received an Electronic Money Institution (EMI) license, which will allow the company to issue USDC and EURC stablecoins in a compliant manner across the European Union (EU) region.

Circle is the first stablecoin issuer in the world to comply with the EU’s landmark crypto regulatory framework, the Markets in Crypto-Assets Act (MiCA).

But what does this mean for the stablecoin industry? Let’s find out below.

Key Takeaways

  • The first phase of MiCA regulations was passed in June 2023 in the EU.
  • On June 30, 2024, MiCA rules to regulate stablecoins went into effect.
  • Circle’s USDC and EURC mint and redeem platform called Circle Mint is officially available to business customers across Europe.
  • Experts say regulations will create a “comply or vanish” scenario for crypto issuers in Europe.
  • Anndy Lian says “decentralization might not be a casualty” of the incoming crypto regulatory wave.

What is the Markets in Crypto-Assets Act (MiCA)?

The MiCA is widely regarded as the world’s most comprehensive law that covers how cryptocurrencies are regulated. The first phase of MiCA regulations was passed in June 2023 in the EU.

On June 30, 2024, MiCA rules to regulate stablecoins went into effect.

Issuers are now required to hold MiCA licenses to publicly offer and trade cryptocurrencies and stablecoins within the EU region.

Under the MiCA rules, issuers are required to stop the issuance of non-euro stablecoins if they exceed a limit of over 1 million stablecoin transactions or if the value of stablecoin transactions exceeds 200 million euros.

Other MiCA compliances require issuers to have an office in an EU country, implement anti-money laundering rules, and disclose risks about issued cryptos, a portion of reserve funds held as bank deposits, among others.

The final phase of MiCA regulations will be implemented by the end of 2024.

Crypto research firm Chainalysis said: “Previously, frameworks focused solely on anti-money laundering and counter-terrorist financing. MiCA aims to unify the currently fragmented regulatory landscape by establishing harmonized rules, providing legal certainty, protecting consumers and investors, and supporting the integrity and stability of the European financial system while fostering innovation.”

USDC Stablecoins for Financial Institutions

Now that Circle is compliant with MiCA’s regulatory obligation for stablecoins, it has opened up a new market for its USDC stablecoin.

Circle’s USDC and EURC mint and redeem platform called Circle Mint is officially available to business customers across Europe.

Institutions will now be able to leverage near-instant settlement, low transaction costs and 24/7 availability of Circle’s stablecoins. Businesses will also be able to provide stablecoin access to their customers through their app or website.

 

Incoming Crypto Regulations Means ‘Comply or Vanish’

The landmark stablecoin regulation introduced in Europe points to a future where only compliant stablecoins are considered legal and, therefore, easily accessible to the public through centralized crypto exchanges (CEX).

“Stablecoin offerings, both local and global, will either comply or ultimately vanish from the EU market in the short to mid-term, as evidenced by recent announcements from exchanges like Binance, Bitstamp, Kraken, OKX and others that are either delisting or phasing out non-compliant tokens,” said Circle’s Dante Disprate and Patrick Hansen in a blog post for The Bretton Woods Committee.

The duo added that the stablecoin industry in the EU will consolidate around regulated tokens. They said that the EU crypto market is expected to undergo “a massive transformation” as clear regulations and strong protections increase the EU’s competitiveness to host the next evolution of the crypto industry.

Expert views: Future of Stablecoins and Decentralized Finance

In conversation with Techopedia, Anndy Lian, an intergovernmental blockchain expert, said compliant stablecoins are poised to be a “tipping point” that has the potential to supercharge stablecoin adoption globally.

Lian said:

“Regulations build trust, especially for remittance and dollar exposure, attracting new users. Integration with traditional finance unlocks wider applications for payments and financial products … Challenges remain, but compliant stablecoins have the potential to supercharge global adoption.”

When asked about the future of decentralized finance (DeFi) in the face of inevitable crypto regulations, Lian added that “decentralization might not be a casualty” of the regulations that are currently reshaping the crypto landscape.

“The dream of a decentralized future for cryptocurrencies doesn’t have to be squashed by upcoming regulations. Instead, crypto can adapt and even thrive alongside these new rules.

 

“Regulations might not extinguish the desire for decentralization, but rather create a parallel, regulated crypto space that coexists with the existing one.”

The Bottom Line

The crypto industry is evolving with incoming regulations for the better or worse depending on how you look at it. The MiCA regulations are only the start as more regions including the US are yet to implement crypto rules in their jurisdiction.

One thing is for certain. The MiCA rules will deeply influence how regulations are framed in other nations.

 

 

Source: https://www.techopedia.com/usdc-becomes-compliant-as-mica-regulations-change-crypto-expert-analysis

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

How to Secure Your Crypto Wallet in 2024: 5 Expert Tips

How to Secure Your Crypto Wallet in 2024: 5 Expert Tips

In 2023, the value of stolen and hacked cryptocurrencies significantly decreased when compared to data from past years, a report by Chainalysis concluded.

Illicit revenue for crypto scamming fell by 29.2% and by 54.3% for hacking, aided by a sharp dropoff in decentralized finance (DeFi) hacking, which could signify that DeFi systems are improving their security practices.

However, cryptocurrency holders must also remain vigilant and proactive in securing their assets.

Here are some of the best ways how to protect your crypto wallet in 2024.

Key Takeaways

  • In 2023, crypto scamming fell by around 30% and crypto hacking by more than 50%. However, due to evolving scams and hacking techniques, individual users’ wallets are still at risk.
  • Choosing cold/hardware wallets offers users higher security measures through the offline storage of private keys, though they may be less user-friendly.
  • Keeping wallet software updated is vital for security.
  • Users should scrutinize transactions for potential scams like approval phishing.
  • Double-checking destination addresses, handling links cautiously, and verifying website domains can mitigate the risk of falling victim to scams.
  • Emerging trends like advanced encryption, biometric authentication, and smart contract integration are shaping the future of wallet security.

How to Secure Your Crypto Wallet: Experts Define 5 Crucial Steps

Despite an overall decline in cryptocurrency criminal activities, the ever-evolving nature of scams and hacking techniques means that the cryptocurrency wallets of individual users may still be at risk.

Adopting strong security measures, staying informed about the latest trends, and continuously monitoring wallets for any suspicious activity are some of the most crucial steps that digital asset holders must take to secure their cryptocurrency.

1. Choose a Cryptocurrency Wallet Wisely

Selecting the right cryptocurrency wallet is one of the most crucial steps to keep owned digital assets safe, Jeff Owens, the CEO and co-founder of Haven1, a Layer 1 blockchain engineered to address Web3 security and liquidity challenges, told Techopedia.

According to Owens, a cold/hardware wallet, similar to Ledger, is one of the most secure options users can opt for due to its feature of storing private keys offline. Additionally, such wallet types feature PIN protection and recovery seed phrases but could be a little more challenging for beginner investors to navigate.

However, other experts note that each wallet type tends to balance convenience and security differently, allowing users to choose the best wallet for them based on their security needs and abilities.

Anndy Lian, an inter-governmental blockchain expert, explained:

“Hardware wallets are generally considered more secure but less convenient, while software wallets offer ease of use but are more vulnerable to online threats. Paper wallets, while not susceptible to cyber-attacks, carry the risk of being physically damaged or lost.”

Lian added that users holding large sums of cryptocurrencies could consider cold storage wallets as they are not connected to the internet and are less susceptible to hacking.

2. Pay Extra Attention to Your Passwords and Private Keys

Experts note that setting up a strong password is perhaps the first step in securing users’ cryptocurrency wallets.

According to Haven1’s Owens, some of the biggest mistakes crypto holders make when securing their wallets are weak passwords and the lack of two-factor authentication (2FA).

Additionally, users must also pay extra attention to where they store their private keys.

According to Alvin Kan, the COO of Bitget Wallet, keeping private keys offline as much as possible through hardware or paper wallets prevents hackers from gaining access to them via the internet.

Kan added:

“Pay attention to password security by creating complex and unique passwords, avoiding easily guessed combinations (e.g., birthdays, sequential numbers). Regularly change your passwords and avoid using the same password across multiple platforms. Consider enabling two-factor authentication (2FA) for an added layer of security.”

3. Store Passwords Offline

The more information users store online, the easier it is for hackers to get ahold of it, which is why going back to the old-fashioned pen-and-paper days could keep digital assets held in cryptocurrency wallets safe.

Haven1’s Ownes noted:

“In general, the more information you keep offline, the more secure it will be. If you don’t like the idea of paper, encrypted digital backup held on a physical device, like a USB, is also an option.”

Bitget Wallet’s Kan added that the backup process for hardware wallets often includes managing a recovery seed phase. For heightened security measures, it is recommended that users write the recovery seed phrase on paper and store it offline.

4. Regularly Update Software

Failing to update the firmware of hardware wallets is another issue that may leave certain users more susceptible to hacking attacks.

Updates often include bug fixes and stricter security measures, making them an integral part of securing your cryptocurrency wallet.

5. Be Wary of All Transactions

According to Chainalysis’ report, while scam revenue in 2023 was down, approval phishing scams became more prominent last year. In approval phishing, scammers trick users into signing a malicious blockchain transaction that gives the scammer access to the victim’s wallet.

The report highlighted that in 2023, approval phishing scammers stole $374.6 million from cryptocurrency wallets.

Value in $ stolen through approval phishing scams May 2021 – November 2023. Source: Chainalysis 

Haven1’s Ownes noted that it is important for users to double the destinations of transactions several times before approval.

“For example, even if the first and last digits of an address look right, it could be subject to a mirroring (or “address poisoning”) scam, where scammers trick users into sending funds to a fake address that closely resembles the real one. Last month, a crypto user lost $69 million worth of wrapped Bitcoin to such a scam.”

Additionally, Bitget Wallet’s Kan said users should handle links and file downloads with extra caution and always double-check website domains to avoid phishing sites disguised as official websites.

Future of Crypto Wallet Security

Advanced encryption, biometric authentication, and smart contract integration are some of the first steps in emerging trends that aim to protect digital assets stored in wallets.

Lian noted that integrating biometric data for user authentication provides a more secure and personalized way for users to access their wallets. Meanwhile, using smart contracts to automate security protocols reduces the risk of human error, thus further boosting security measures.

Kan explained that Bitget Wallet is already implementing some new security measures, such as MPC and AA wallets that divide private keys into multiple parts or execute transactions automatically through smart contracts in order to offer users an extra degree of security.

He added that secure multiparty computation (SMPC) is another emerging trend that works to boost the security of cryptocurrency wallets by enabling multiple parties to jointly compute a function while keeping their own inputs private.

“Within the context of encrypted wallets, SMPC can facilitate secure distributed key generation and management functions without exposing individual keys to risks,” he explained.

The development of decentralized identity solutions (DID) also strives to make the authentication process more secure by letting users verify their identity without having to expose their personal information. Integrating DID into encrypted wallets can help prevent identity theft and fraud.

The Bottom Line

Despite a recent decline in crypto crimes, securing your cryptocurrency wallet remains crucial in ensuring your digital assets’ safety. New scams and hacking techniques continuously threaten individual users.

Key steps to enhance security include choosing the right wallet type, using strong passwords, enabling two-factor authentication, keeping private keys offline, and regularly updating software.

Additionally, as the industry evolves, new advancements in crypto wallet security offer more robust ways to safeguard investments, including the emergence of biometric authentication, secure multiparty computation (SMPC), and decentralized identity solutions.

 

Source: https://www.techopedia.com/how-to-secure-your-crypto-wallet

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j