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Bitcoin Inception to Digital Assets and Beyond | World Crypto Conference 2019

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wcc2019 Bitcoin Inception to Digital Assets

The first day of the World Crypto Con began with an amazing panel discussion among the 5 greatest minds in the world of crypto.

The panel discussion “Bitcoin Inception to Digital Assets and Beyond began with Charlie Shrem, the host of the untoldstories.com as the moderator.

Joining the panel were Eric Wade , Editor at the Crypto Capital Stansberry Research; Anthony Pompliano, Founder of Morgan Creek Digital; Mr. Charles Hoskinson, Chief Executive Officer- Founder at IOHK and the one and only Michael Terpin, Founder and CEO of the Transform Group.

Talking about his journey, Charles Hoskinson recollected how when he first entered the crypto market, he was more of an accidental entrepreneur. After fooling around for a while, he did stumble upon something good but when he realized that he did not hop on to the phenomenon soon, he decided to pivot. Upon the suggestion of a professor who told him that “those who can’t do, teach” He began his first bitcoin course. He does attribute his success to reach that his course has bought him and it eventually one of his Students being the VC that funded his company later.





Starting off by talking about why bitcoin, Blockchain or any cryptocurrency has made it to great media but not into the mainstream lives of people; Eric Wade suggested that this is “because we try to shove bitcoin down people’s throats as an equity based asset” crypto is more than just a currency.

As the 2018 bear market came in, they have bought as much as bitcoin they can get their hands on because they believed in the potential of the technology than the coin itself.

Crypto as a true World Currency:

The problem with fiat currencies of the world is that they are authority backed. What bitcoin essentially does is that it separates the state from the money.  The panel Consensus agreed that Crypto or just Bitcoin itself has the true potential to be the first global currency that is not backed by any sovereign nation. 

To this, Charlie says “This could be the largest socio economic experiment in the world. Bitcoin’s legacy could easily be taught in textbooks”

Followed by a few laughs, Anthony Pompliano talked about how the price of crypto is different than the pricing of any other intangible asset. Quoting the example of Uber, he talks about how the stock price of Uber grows or falls. At this juncture, Charlie Shrem puts forth a serious question to Anthony Pompliano.




He asks ” What would it look like if we simply remove the price of bitcoin. What would the industry look like”. To this, Anthony countered by asking another interesting question” What is the price of the most valuable computing network in the world?”

“You can’t put a price on it” Charlie says. Exactly, Bitcoin or any other blockchain is one of a kind network that simply cannot be hacked or jammed. Everyone would love to have a piece of this network and being one of a kind increases the natural value of anything exponentially.

Crypto vs the World Economy:

Now shifting the dialogue towards how various financial institutions are trying to fight bitcoin, the consensus also discussed JP Morgan. How it made $7.1 Billion in credit revenue. When we introduce a system that makes any sort of fee for payments redundant, institutions tend to pounce on them. 

The talk included how throughout history, fighting change has always been redundant. These are some of the smartest men in the world from some of the greatest universities. How could none of them see the potential and collaborate than to fight this change. 

After a few laughs about the possible Wall street vs Crypto show down, the topic then shifted towards the laws and regulation of Bitcoin and Cryptocurrencies

Regulation and Crypto:

RegulationsThe funniest part of the US regulation is the fact that people who make the regulations have very little understanding of the potential or the power of cryptocurrencies. This is because they treat crypto institutions the same way as they treat banks. While this is the second biggest issue, the first biggest issue is the UCC.

The Uniform Commercial Code UCC of the Uniform Law Commission stands as a direct roadblock to the growth of Crypto in US. This is probably because the law itself is more than one hundred 100 years old. If they win, there may be regulations that would dictate that crypto must be bought from brokers or banks which would efficiently defeat the purpose. 

The success of bitcoin or any crypto should now not be focussed on the US because the world is adapting to it faster than we can imagine. With China not so far behind the race, Micheal Terpin says that we should maybe look at how the private firms are doing it. 

Talking about Libra directly, a Cuban citizen Terpin says that we should probably cozy up to the idea of Libra and Facebook against a thousand Elizabeth Warrens if needed. It could open a possible basket of crypto, says Terpin

While there was not an entire consensus on that, there were talks of how Libra might sound good to the ear but may be a hit to the government. By accepting Libra, we would now open gates to Apple, Amazon and other companies that would lead to billions of users. Billions of users relying on crypto would weaken the american dollar and this is the reason why the government is so vicious in its attack against Libra and its associated crypto.

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Crypto News

Crypto News Today #53

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A rather slow week in the crypto space.  

Bitcoin on track to $100,000 by 2025

A Bloomberg report titled “Bitcoin Trend, Adding Zeroes” predicts that $100,000 by 2025 is on track.  “Bitcoin could continue doing what it has for most of its nascent existence, appreciating in price on the back of increasing adoption, but at a slower pace as we see it. The first-born crypto has had a tendency to add zeros to its price from around $10 in 2011. It took about four years to go from $1,000 to $10,000 in 2017, so doubling that time frame for maturation could get the price toward $100,000 in about five more years. Or the new technology could fail, but our demand indicators are positive. With the exception of stable coins, the rest of the crypto market is subject to excess supply and competition,” report read.

Another company joins the $100 Million Bitcoin club

Stone Ridge created a subsidiary called New York Digital Investment Group (NYDIG) to act as the custodian of its own customers bitcoin.  The move was prompted by the growing demand from customers who were willingly investing 1% to 5% of their portfolio in Bitcoin.  Forbes reported that “Stone Ridge Holdings Group revealed NYDIG is acting as custodian of 10,000 of the parent company’s bitcoin, valued at $115 million at today’s price.” “The two largest funds currently managed by NYDIG are the $190 million Institutional Bitcoin Fund LP, disclosed in regulatory documents in June and the $140 million Bitcoin Yield Enhancement Fund LP disclosed in May,” the article revealed.

Coinbase lost 5% of its workforce, got over 1000 requests from FBI

coinbase best exchangeAbout 5% of the workforce left Coinbase due to its ‘no politics at work’ stance. At the same time, it has allegedly received more than 1000 requests from agencies, mainly FBI, regarding crypto transactions. While these news are unrelated – Reddit and other social media channels are flaring up with anarchists rhetoric calling crypto users to move away from the capitalists Coinbase. We are indifferent on the matter.

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Top 5 Cryptocurrencies 2020

 

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

 

 

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Crypto News

Crypto News Today #52

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On ramps are being built to pave the world’s businesses to the blockchain. Latest in this trajectory is EY, one of the world’s big 4 accounting firms, who has built a solution to onboard businesses onto blockchain.

EY launches Ethereum Solution ONP

OpsChain Network Procurement (ONP) which is expected to help convert the procurement contracts into digital smart contracts and automate volume discounts/rebates has been launched by Ernst & Young (EY) on Ethereum Blockchain. EY is one of the Big 4 accounting firms in the world that has been eyeing to be at the forefront of blockchain technology and this ONP is a great addition to its forte. “EY OpsChain Network Procurement supports network-level business processes by moving those business processes outside of any single ERP system and into a shared blockchain-based smart contract. It builds upon EY experience with other procurement activities, such as software royalty calculations, where shifting to blockchain-based contracts has compressed cycle times by more than 90% and cut costs by 40%,” according to the press release.

KuCoin hack hauls $130 Million, creates a stir re: decentralization

KuCoin got hacked during the week for 100s of millions of dollars.  However, according to the KuCoin CEO Johnny Lyu substantial part of those stolen funds have been recovered. Over $200 Million in stolen funds have been recovered. While many crypto maximalists were furious at the fact that KuCoin and the projects supporting KuCoin were able to freeze the funds in the suspected accounts, some argued that the key tenet of blockchain and cryptocurrencies is the ability to be not shut down by an external force. Say what may – this recovery of funds has been welcomed by those who use KuCoin. In a clear twist of the plot, KuCoin was able to turn these things around and instill confidence in the exchange. The latest in this hack thriller is that KuCoin claims to have located the hackers and are now working with the authorities to take the legal action.

The man who called banking system a scam buys his first Bitcoin

The UK politician whose speech against the banking scam has been referred to by crypto communities, Godfrey Bloom,  has tweeted that he made his first purchase of Bitcoin. 

 

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Top 5 Cryptocurrencies 2020

 

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We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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Crypto News Today #51

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This week people are reminded why Blockchain and cryptocurrencies are needed.  An expose by Buzzfeed reviewed the FinCEN files to show that major financial institutions have been assisting and facilitating illicit affairs to earn their fees.

$2 Trillion scandal shows why we need blockchain now

Standard Chartered, HSBC, Bank of America and many of the world’s biggest financial institutions have been secretly mining money in the form of fees for the world’s most dangerous individuals and entities.  “A huge trove of secret government documents reveals for the first time how the giants of Western banking move trillions of dollars in suspicious transactions, enriching themselves and their shareholders while facilitating the work of terrorists, kleptocrats, and drug kingpins,” reports Buzzfeed which ran an expose on the whole matter.  This reminds us one more time that the number one choice of criminals is not bitcoin or cryptocurrency which remain quite traceable.  Criminals use cash and also major bank accounts in broad daylight for their illicit affairs.

OCC issues clarification for banks regarding stablecoins

Office of Comptroller of the Currency issued clarification about banks holding cryptocurrencies, specifically, stablecoins.  Essentially, OCC gave greenlight for banks to hold stablecoins as long as they have 1:1 reserve.  “A bank providing services in support of a stablecoin project must comply with all applicable laws and regulations and ensure that it has instituted appropriate controls and conducted sufficient due diligence commensurate with the risks associated with maintaining a relationship with a stablecoin issuer. The due diligence process should facilitate an understanding of the risks of cryptocurrency and include a review for compliance with applicable laws and regulations, including those related to the Bank Secrecy Act (BSA) and anti-money laundering,” OCC letter clarified.

Cryptos are part of Visa’s future strategy

Digital assets and blockchain technology are going to be important parts of Visa’s future,” was the conclusion of an exclusive Forbes interview with Terry Angelos, SVP global head of fintech at Visa and Cuy Sheffield, senior director, head of crypto at Visa. “We are seeing significant interest in demand from crypto companies that want to work with Visa and connect their clients to our network of 60-plus million merchants,” Terry mentioned during the interview. Visa expects to be part of broader cryptocurrency adoption and also work closely with the world’s major banks in the CBDC adoption.

EU announces plan to regulate cryptocurrencies

European Commission is working on introducing a framework to regulate cryptocurrencies.  It could potentially take a year or more for these regulations to come out.  Investor protection and enabling innovation will be cornerstones of these proposed plans.  The new plan will mean that crypto-asset companies authorized by one of the 27 EU countries will be able to provide its services across all the other member states, according to the CNBC.

Gemini is expanding into United Kingdom

Winklevoss brothers brainchild, Gemini, is expanding into the UK as it received the electronic money license from the Financial Conduct Authority (FCA).  This move will allow residents of the UK to buy bitcoin using a debit card on the Gemini platform.  According to the article in Bloomberg, Gemini is looking to expand into Singapore next.  

Fun Fact: Norway, Blackrock and Vanguard hold Bitcoin, indirectly

The Norwegian Government Pension Fund, which owns 1.5% of MicroStrategy, effectively owns roughly 577 bitcoins. Blackrock and Vanguard also own shares in Microstrategy which in turn makes them indirect holders of Bitcoin. Source: Forbes.

Thank you for reading and sharing this article. We appreciate you.

We have been tracking the most important news in blockchain and crypto space since 2017. You can check out all the chronicled news here.  

Consider subscribing to our newsletters to receive these news updates in ONE neat email per week along with other freebies that we give away once-in-a-while.

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Top 5 Cryptocurrencies 2020

 

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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