First Bitcoin Cash ICO Raises $30m In 2 Hours
On today’s episode of The Cryptoverse…
I have another roundup of my top 6 crypto news stories of the day.
Table of Contents:
00:00 - Introduction
00:30 - JPY Stablecoin
02:15 - PwC Dollar Stablecoin
02:51 - Forbes To Publish On Blockchain
04:53 - Singapore Crypto Banking Problems
06:25 - Circles Complete Crypto Ecosystem
08:32 - First BCH ICO
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Another day, another stablecoin, except this time it’s a JPY stablecoin
https://www.fxstreet.com/cryptocurrencies/news/japanese-internet-giant-gmo-will-issue-jpy-pegged-stablecoin-for-circulation-in-asia-201810100941
PwC Is Developing a New Dollar-Pegged Stablecoin With Cred
https://sludgefeed.com/pwc-developing-new-stablecoin-with-cred/
In a bold move, Forbes have decided to partner with Civil to begin publishing their content on the Ethereum blockchain
https://blog.joincivil.com/forbes-x-civil-a-major-milestone-for-blockchain-based-journalism-73bed5b2f144
Singapore: Regulator Plans to Smooth Over Banking Ties With Crypto Businesses
https://cointelegraph.com/news/singapore-regulator-plans-to-smooth-over-banking-ties-with-crypto-businesses
Poloniex Adds Fiat On Ramp As Circle Launches Circle Research
https://bitsonline.com/poloniex-fiat-on-ramp-circle-research/
First Major Bitcoin Cash ICO Raises $30M in Record Time
https://news.bitcoin.com/first-major-bitcoin-cash-ico-raises-30m-in-record-time/
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Great episode Chris! Looks like BCash is starting to make some interesting progress.
A stable coin forex market is mind blowing!
hello Chris - thank you , success with new account and please return my follow - rock on
Some thoughts on stablecoins - it's been noted that they can make a great onboarding crypto for newbies. Until now, onboarding has been almost entirely dependent on Bitcoin. If new investors in crypto want to get some other coin, they have to go through BTC first, which may present volatility risk as you talked about. Once stablecoin/fiat currency pairs are firmly established on platforms, stablecoins can become the onramp to crypto.
However, stablcoins are only as stable as the underlying asset - stablecoins based on fiat suffer from longer term risk. The fundamental flaws of fiat are some of the underlying reasons for cryptocurrencies to exist. Can we anticipate a crisis years from now of fiat-based stabecoins losing value due to failing fiat?
Regarding Tether specifically - You talked about the cost of trading Tether in on-chain (off exchange) trades. I believe that there is cost premium built into its price pairs on exchanges, at least it appears that way on Poloniex.
Great insights as usual!
You're right about stablecoins being at the mercy of the inflation which affects the fiat currency it is pegged to, however while the price is not perfectly stable it's many orders of magnitude more stable than any of the cryptos :)
great work, best wishes.
Why some people consider Bcash a scam ?
have you read this news, will you explain the conflict?
https://news.bitcoin.com/quadrigacx-battles-bank-over-21-6m-in-frozen-funds/
That story is on tomorrows show :)
THNX, looking forward
Great format. I guess stablecoins are one option the other will be cryptofiat, as researched for Sweden and others. That means we might get national stablecoins. Which shows that stablecoin get close to the stability and trust as the currency they are pegged to. If japan decides a national crypto this new stablecoin might go out of business....
I think that the move towards more stablecoins being available is a great approach to get more adoption while reducing volatility and risk for the use cases where more transactional volume is necessary like paying bills or everyday purchases. This could lead to improved user interface in the short term as more users get onboarded to the crypto space. However, it leads to an interesting question as to the increased importance of coming up with interoperable options to move assets between blockchains in the future.
BCH ICO success and lack of an increased volume in the network could be due to big whales such as Bitmain diversifying their holdings and de-exposing from BCH, without actually crashing anything. Just a speculation.
Also, I am really looking forward to forex being done using stablecoins. I think Bitfinex is currently exploring this avenue. Blockchain industry future seems bright. Meanwhile, we experienced a bloodbath as a reaction to the stock markets crashing. Disappointing. Perhaps it was actually orchestrated to not fuel any investor fleeing into cryptocurrencies, i.e. to show that cryptomarkets are not the alternative to traditional markets.
Anyways, battles to fight are awaiting. Onwards march, cryptocurrencies!
Interesting point about the BCH ICO. I've been watching the Bitmain/BCH situation closely, I think your idea there might be valid.
Thanks for another great show Chris. The whole stable coin principle is truly interesting and it's going to be fascinating how it will play out!!
ICOs, regardless of what blockchain platform they run on, will continue to perform poorly until investors can easily verify the vetting and locking terms of seed/presale investors via smart contract. No one wants to be dumped on.
It's ironic that a lot of these projects develop smart contract platforms yet do not use smart contracts to lock those tokens for the duration communicated to investors.
The bull market may mask this issue but the bear market has made retail investors smarter.