No Harm in Trying: Blockchain Integration into Classic Exchange and Tax-Free Crypto Beliefs (Daily Digest, Oct 31)

JD launches a blockchain lab, BaFin considers ICOs as risky, Ledger expands to Hong Kong, Microsoft integrates Azure into Nasdaq, Ron Paul is against crypto taxes, Bitcoin celebrates its anniversary

For perspective:

2008: In September 2008, Lehman Brothers collapsed as the financial crisis spread. For the year, S&P 500 falls 38.49 percent, its worst yearly percentage loss.

March 9, 2009: S&P 500 closes at 676.53, its closing low after the onset of the 2008 financial crisis and the Lehman Brothers’ bankruptcy.

  • BTC is trading at the price of $6,291, ETH comes to $194.93 at the moment of writing.

BTC

8,744 USD
-2.40%

ETH

272.72 USD
-2.80%

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Ethereum’s Price Gives the Dai Stablecoin Stability

Stablecoins have taken over a significant portion of the cryptocurrency landscape. The team behind Dai is looking to shake things up significantly, with a rather unexpected approach.  Dai has quickly become a popular stablecoin, primarily due to some investment platforms offering very high interest rates. A new era for the Dai Stablecoin Although this currency is pegged to one US Dollar, the team always wanted to try its hand at doing things very differently.  As such, the value of Dai will be closely linked to the Ethereum price. That is a remarkable, albeit rather risky concept, given how volatile crypto markets tend to be on a daily basis.  According to the Dai team, this change makes perfect sense for all parties involved. By utilizing smart contracts on the blockchain, they will be able to maintain a stable value for this stablecoin regardless of what happens to Ethereum’s value.  There is a secondary purpose to this approach, as Dai would circumvent any regulatory concerns regarding its fiat currency holdings. Users will be able to check up on the supply of Ethereum giving the stablecoin’s supply its current value.  Moreover, the smart contract will serve as a ‘locking mechanism” for the ETH coins its value is linked to.  The balancing mechanisms underpinning this ecosystem will need to ensure the value of one Dai never strays from $1 too much, however.  This move ushers in a new era of so-called decentralized stablecoins, which work very differently from Tether’s USDT and similar ventures.  The post Ethereum’s Price Gives the Dai Stablecoin Stability appeared first on NullTX.
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