The weekend of coins

The weekend of coins

While crypto markets see a slight growth, let's take a look at the situation with public and private coins.

Circle, a global crypto finance company affiliated with Goldman Sachs, has announced the possibility of issuing their own stablecoin, the Circle USD Coin (USDC).

It would be an ERC-20 token, backed by Circle and supported by Bitmain. The details are still unclear.

The integration of big financial institutions into crypto space is becoming more and more obvious. After its acquisition of the Poloniex exchange for $400 Million, Circle wants to dominate the market by issuing its own stablecoin. With Goldman Sachs' funds backing them, it's more than possible that they could dethrone Tether, which doesn't have a lot of trust from the community. Or maybe it would become a catalyst for Tether to become more transparent and allow some audits to be made and their results published.

Anyway, as we see it, the crypto market is becoming the opposite of what it was intended to be. It emerged as an alternative to an existing financial system, to banks that printed money endlessly. Now it’s being devoured by the same system it fought against. Why? The reason is due to a slow adoption of crypto. People still value printed money more than crypto, and even when they get rich in crypto space, they get rich in terms of fiat money. Hence the people behind the printing press have the time to print a lot of money from thin air to buy everything. Yes, crypto could become a very valuable asset in the future, but it’s entirely possible that by the time it does, the big owners of crypto will be the same people who are ruling the finances now. No revolution, just another sort of wealth for already wealthy people.

The weekend of coins

Thomas Lee has admitted that his prediction of a Bitcoin rally after Consensus 2018 was wrong.

He predicted that the crypto market would grow significantly, but instead it lost nearly 10% of its capitalization. Tom Lee blames it on a lack of clarity regarding regulations. Regardless, he still expects this growth to happen by the end of the year.

Being a financial analyst isn’t a tough job. You can guess random numbers and you can make crazy assumptions because you’re not really responsible for anything. You’re basically some kind of fortune-teller. And the best thing is that you can keep repeating your predictions, and as more time passes, the more likely your predictions will come true. If they come true, you can tell everyone, 'I was right all along these past twenty years'. If they don’t, you can always find some sort of plausible reason as to why it didn’t come to be, like Tom Lee did here. As we see it, it’s a 'win-no-lose' game. How many predictions regarding growth have we seen this year? The Chinese New Year, Tax Season, Consensus 2018. The amusing thing here is that BTC will most likely rise with seemingly no reason at all right when no one expects it. Maybe one of these analysts will hit the target shooting their blanks.

Japanese exchange Coincheck will delist four anonymous cryptocurrencies.

This has to be done in order to comply with the anti-money laundering and counter-terrorist measures issued by Japan’s financial regulator, the FSA.

The trend for regulations is growing stronger. It looks like very soon the crypto space will split up. The majority of coins will go mainstream, and the rest will stay the way it was at the very beginning, mainly acting as a payment asset within the Darknet. Coins like DASH, Monero, Zcash and Bitcoin Private could see a lot of price growth with them being the only relatively safe payment options for many operations. Like in 2011-2013, these anonymous coins will be used by a small group of people who value privacy above all. The market for private coins will live on its own, although it will be easy to buy these coins with BTC, and the mainstream crypto market will continue to develop on its own.

BTC

3,992 USD
0.10%

DASH

92.55 USD
0.65%

ZEC

57.39 USD
-1.09%

XMR

51.04 USD
0.08%

USDT

1.01 USD
0.00%

BTCP

0.5186 USD
3.92%

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Bitcoin [BTC] and Bitcoin Cash [BCH] no longer payment options on streaming site Twitch

Twitch, the popular live streaming video platform, quietly removed the option to pay using Bitcoin [BTC] and Bitcoin Cash [BCH] from its platform. This piece of negative adoption flies in the face of a wave of crypto-adoption in several industries. Initially spotted by a member of Bitcoin’s Reddit community, the concerned user pointed out that subscriptions could not be paid for via virtual currencies. StreamLabs, a broadcasting software for live stream management, also removed the option to pay with virtual currencies. According to the Reddit post, the video streaming service was facilitating crypto payments through the Bitcoin payment service, BitPay. The post added, “They removed it in the last couple of weeks as a payment method for all countries. Negative adoption strikes again unfortunately.” Given below is an Imgur post detailing a user’s subscription cancellation, after he paid for it using Bitcoin Cash, Source: Imgur The development was met by a wave of disapproval against Twitch, with some calling for a boycott of the streaming service. While many have speculated about the reasons behind this development, the most realistic seemed to be a lack of awareness about the cryptocurrency payment option and its low transaction volume. Some users called this lack of awareness a “vicious cycle,” where companies introduce a cryptocurrency payment option quietly, without notifying the community. As transaction volume drops, the same option is then quietly removed. In May 2018, Twitch began accepting payments in cryptocurrencies. Initially, a slew of coins such as Bitcoin, Bitcoin Cash, Ethereum [ETH] and Litecoin [LTC] were accepted. The larger implications of this delisting must be noted. Twitch is a subsidiary of the e-commerce behemoth, Amazon, following the latter’s acquisition of the former in 2014 for around $950 million. As of February 2018, the video streaming service had 2.2 million broadcasters with 15 million unique viewers a day, and 140 million a month. Other notable websites that removed or suspended the cryptocurrency payment option from their respective platforms recently include, Expedia, the travel booking site and Chess.com, the online chess-portal. Bitcoin’s Reddit community was enraged by Twitch’s quiet listing and delisting of the crypto-payment option. SQLoverride stated, “With so many social platforms shadow banning and demonetizing, the conspiracy side of me thinks maybe it was done because it is more difficult to demonetize someone using crypto.” Many questioned the existence of the crypto-option itself, with anonymustanonymust asking, “Did the have Bitcoin Cash or Bitcoin (Core) on the website?” The boycott was advocated by TAPEWlRM, “Unsubbed and shut down Twitch stream. Bad call guys.” The post Bitcoin [BTC] and Bitcoin Cash [BCH] no longer payment options on streaming site Twitch appeared first on AMBCrypto.
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Tim Draper is Trying to Convince Argentina to Make Bitcoin A National Currency

On his recent trip to Argentina, billionaire investor and Bitcoin advocate Tim Draper met personally with President Mauricio Macri. Draper presented a pretty bold idea to the Head of State. Make Bitcoin the national currency of Argentina. “I suggested that he make Bitcoin a national currency and to bring in 5G and let the market figure it out and build all the roads and everything else for him,” Draper said according to es.cointelegraph. Draper thinks a rush of new startups will flood Argentina if they are crypto friendly. “That could end up being just phenomenal and globally, people will start saying I’m going to Argentina to start my business.” As the blockchain movement grows so will the demand for decentralization. Draper realizes that the building of blockchain infrastructure along with killer apps is the key to money flowing into the crypto space. “It seems simple to me because all you’re doing is you’re flowing with the decentralization movement. And that movement turns out to be really important and all the geographic borders are gonna fall and we’re gonna be one big world.” Draper is known for making bold claims and suggestions, but many would see the adoption of BTC as a national currency as a mere impossibility. However, it’s hard to argue with the idea that crypto friendly rules and regulations, along with the recognition of Bitcoin and other cryptocurrencies as real money will go a long way for a country’s economic conditions. Startups are feverishly building the blockchain projects of tomorrow, and government clarity can only speed that process up. Fostering development is the most important thing for the entire blockchain sector. Only when great and useful applications are delivered will the space and all its tokens have real value. The countries that move early will wind up housing killer crypto startups. The post Tim Draper is Trying to Convince Argentina to Make Bitcoin A National Currency appeared first on ZyCrypto.
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