 QUOTE OF THE DAY  |
| “Here's to the crazy ones. The misfits. The rebels. The troublemakers. The round pegs in the square holes. The ones who see things differently. They're not fond of rules. And they have no respect for the status quo. You can quote them, disagree with them, glorify or vilify them. About the only thing you can't do is ignore them. Because they change things. They push the human race forward. And while some may see them as the crazy ones, we see genius. Because the people who are crazy enough to think they can change the world, are the ones who do.” - Robert Siltanen |
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| COIN | PRICE | 24H |
|
| BTC | $6,624.28 | -1.23% |
|
| ETH | $471.992 | -1.33% |
|
| XRP | $0.473931 | -2.9% |
|
| BCH | $727.535 | -4.1% |
|
| EOS | $8.61604 | -4.49% |
|
*Information as of 9:30 AM EST
Bank for International Settlements Chief Says 'Stop Trying to Create Money'
BIS
- The Bank for International Settlements was established in 1930 and is headquartered in Switzerland
- The institution "fosters international monetary and financial cooperation and serves as a bank for central banks"
- There are 60 central banks around the world that are members of the Bank for International Settlements
ANTI CRYPTO
- Recently appointed Chief of the BIS, Agustín Carstens, is one of the most powerful, harshest critics of cryptocurrencies, especially Bitcoin
- Cartens recently spoke with a Swiss newspaper to speak about cryptocurrencies and warned "young people" to "stop trying to create money!"
- He claims that the central banks are "trusted" and there is no need for a decentralized currency that was "created from nothing"
- Instead of trying to reinvent money, Carstens asks the young generation to focus on different innovation
His full opinion reads:
“Glance back into the past and you will see that creating gold or money from nothing has been a regular obsession. It never worked. Even the great physicist Isaac Newton was at one point in his life obsessed by alchemy and the idea of making gold. He was very successful in a number of fields, but in this one he failed. Newton ended up as head of the British Mint. Why? Because he could detect at once if a coin was counterfeit. After he failed in his attempt to make gold, he switched sides and sent counterfeiters to prison. So my message to young people would be: Stop trying to create money!”
New ICO Regulations Going into Effect in Thailand
NEW GUIDELINES
- The Thai Securities and Exchange Commission has announced the establishment of a new regulatory framework for initial coin offerings, the new guidelines will go to in effect on July 16
- Companies raising funds via an initial coin offering must register and be approved by the SEC
- The regulations also set rules for the investors, firms will be able to invest as much capital as they would like, but retail investors are limited to 300,000 baht ($9,050)
- ICOs are restricted to raising funds in: Bitcoin, Ethereum, Ripple, Bitcoin Cash, Ethereum Classic, Stellar, Litecoin, and the fiat currency Thai baht
- Companies are forced to disclose investment prospectuses, financial statements, and their source code
EMBRACING CRYPTO
- These new ICO regulations are just a part of a wider embrace of cryptocurrency and blockchain technologies by the Thai government
- Earlier this year, Thailand's finance ministry reduced taxes on cryptocurrency gains to a flat 15% and removed a 7% value added tax, making it much more affordable for investors to put money into cryptocurrencies
- The SEC shared that it is expecting 50 ICO project applications when the new regulations are in place and is reportedly favoring 5 specific projects
Youtube Filed as Defendant in Class Action Lawsuit Against BitConnect
LAWSUIT
- According to court documents, Youtube has filed as a defendant in a class action lawsuit against BitConnect
- The lawsuit originally was filed by six individuals who claimed losses totaling $771,000 were due to BitConnect's ponzi scheme
- The lawsuit also claimed that BitConnect's issuing of tokens was an unregistered securities sale
The BitConnect platform, which offered investors a way to invest their cryptocurrencies and promised a guaranteed return, fell over 80% in value in a single day on January 15th:
YOUTUBE'S INVOLVEMENT
- Youtube, though not an investor in BitConnect itself, can be seen as protecting itself from future lawsuits regarding the issue
- During BitConnect's rise, the ponzi scheme's lucrative marketing and referral program made Youtube's platform great for gathering investors
- Allegedly, the top BitConnect affiliates on Youtube posted more than 70,000 hours of content that generated over 58,000,000 views
- Since Youtube did not take action to protect its platform's users, BitConnect was able to advertise and reach many naive investors through the video sharing website
In an email to CoinTelegraph, one lawmaker spoke on Youtube's involvement in the BitConnect case:
"This case is not about YouTube being the speaker or publisher of the content on its website. Instead, liability is predicated on YouTube’s failure to act after learning from content directly published on YouTube of the readily foreseeable harm posed by its advertising partners... As the old saying goes: Sometimes when you lie down with dogs, you get fleas."
Crypto.com Domain Sold for Millions to Crypto Visa Card Company
DOMAIN SALE
- According to TechCrunch, Crypto.com was a domain registered in 1993 by Matt Blaze, a professor of computer information science at the University of Pennsylvania
- Blaze has never been open to the sale of Crypto.com and even reiterated his stance in January to The Verge to fend off buyers
- However, just recently, Blaze has let go of his baby as he sold it in an undisclosed deal to Monaco, an initial coin offering that plans on creating crypto Visa cards for mass adoption
- Though the sale is undisclosed, many have speculated the high-level domain sold for as much as $10 million
MONACO
- CEO of Monaco, Kris Marszalek, seems thrilled with the purchase as he plans to grow Monaco's identity using the simple domain name
Marszalek told TechCrunch that the domain sale for Blaze was less about the money he was receiving and more about finding its correct home:
"This is a very powerful identity that we are taking on. It’s representative of the entire category so it comes with a huge responsibility on us to carry the torch. We don’t take it lightly and this is one of the things that I think we conveyed successfully, that, as a company, we do have a higher purpose."
- Currently, Monaco's card just entered testing and will hopefully be available to the 70,000 waiting customers this year
- Tom Lee: 'We Still Think Bitcoin Can Reach $25,000 by the End of the Year'
- Ethereum's Growing Gas Crisis (And What's Being Done to Stop It)
- The History of Tezos: The Infamous ICO Trying to Rebound Amidst Lawsuits and Disputes
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