October 11, 2018
QUOTE OF THE DAY
"Don't be afraid to be a loner but be sure that you are correct in your judgment."
- Walter Schloss
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| COIN | PRICE | 24H |
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| BTC | $6,277.02 | -4.44% |
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| ETH | $200.74 | -11.24% |
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| XRP | $0.405297 | -13.33% |
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| BCH | $449.73 | -12.05% |
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| EOS | $5.27 | -10.33% |
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*Information as of 10:00 AM EST
Dr.Doom Comes to Congress, What You Should Know
Today, Nouriel Roubini, known as Dr.Doom for his prediction of the 2008 financial crisis, will testify with Coin Center's Peter Van Valkenburgh before the U.S. Senate Committee on Banking, Housing, and Urban Affairs.
The hearing, titled "Exploring the Cryptocurrency and Blockchain Ecosystem," aims to educate regulators about the emerging crypto market as well as the technology behind it.
Roubini comes out swinging
Roubini has been a long-time critic of blockchain and cryptocurrencies and has even gone so far as to name Bitcoin the "mother of all bubbles."
Now, in front of Congress, Roubini doesn't plan to change his views.
In prepared remarks published Wednesday, Roubini argues that blockchain is nothing more than a "glorified spreadsheet or database."
As for Bitcoin specifically, Roubini contends that the currencies should be a serviceable unit of account, means of payment, and a stable store of value - however, Roubini dismisses Bitcoin for each.
In addition, Roubini claims that wealth in crypto-land is less decentralized than in North Korea where the inequality Gini coefficient is 0.86. Meanwhile, Roubini calculates that Bitcoin has a Gini coefficient of 0.88, though he does not reveal how he arrived at that number.
Van Valkenburgh adds a touch of realism
While Roubini is calling for the demise of the blockchain and crypto industry, Van Valkenburgh argues that although the technology has limitations, it also has some profound use cases.
Following that, Van Valkenburgh goes on to urge lawmakers that for development progress to accelerate, regulators need to have "a light-touch approach" and allow developers and entrepreneurs to experiment with the technology.
Drawing from history, Van Valkenburgh believes that the way U.S. President Bill Clinton's administration approached the internet was why the U.S. became a leader in internet technologies and that the same could happen for blockchain technology.
Still only the beginning of a battle
This marks the second time the Senate Banking, Housing, and Urban Affairs Committee will discuss cryptocurrencies and blockchain.
Previously, CFTC chair J. Christopher Giancarlo and SEC chair Jay Clayton testified to give the committee a regulator's view to how the space should be approached.
However, only one thing is certain: the battle between regulators and the industry will continue to be a long-fought battle.
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Pundi X Makes First Phone Call on the Blockchain
First of its kind
Pundi X, a crypto startup mainly focused on payments, announced on its Medium that it has made the first phone call ever on a blockchain network. Pundi X has decided to extend its focus beyond simply payments. The company believes that blockchain is such a revolutionary technology that it can be implemented in other areas.
At a blockchain conference called XBlockchain hosted in Bali, Pundi X demonstrated the first phone call via a blockchain powered network.
How do you call on a blockchain
Pundi X has developed a 'blockchain phone' dubbed the XPhone. The phone runs on Pundi X's Function X blockchain that is set to transfer the way data is transmitted and create a decentralized internet.
The phone will run a tweaked version of Android, so all Android applications will be compatible with the XPhone.
The XPhone transmits phone calls in a similar manner to the Voice over Internet Protocol that is used by services like Skype and Google Talk.
Cryptocurrencies Are Not a Threat to Financial Stability...Yet, Says FSB
Not currently worried
On Wednesday the Financial Stability Board (FSB) published a document titled "Crypto-asset markets: Potential channels for future financial stability implications". The document is the final deliverable of months of research conducted by the FSB about how cryptocurrencies may affect the global economy.
The report detailed the researchers' opinions that cryptocurrencies are not an effective means of payment, store of value, or unit of account. The document also mentioned that cryptocurrencies have low liquidity, high volatility, and operational risks.
An excerpt from the report reads:
"Based on the available information, crypto-assets do not pose a material risk to global financial stability at this time. However, vigilant monitoring is needed in light of the speed of market developments. Should the use of crypto-assets continue to evolve, it could have implications for financial stability in the future."
Crypto could be a problem in the future
While the FSB did downplay the current impact of cryptocurrencies, the Board did recognize that cryptocurrencies do have the potential to shake up the global financial system. The document explains that if cryptocurrencies gain considerable adoption, it may be a bad sign for traditional financial structures.
Crypto Exchange YoBit to Pump Random Coins
Fire the marketing department
Yesterday, crypto exchange YoBit announced via Twitter that it was going to be performing a pump scheme on a random coin listed on the platform.
Following the tweet, many in the community asked if the exchange had been hacked while a handful of others accused the exchange of committing fraud. One user just flat-out tagged the U.S. Securities and Exchange Commission (SEC) to the tweet.
They picked PutinCoin
Despite uncertainty around the event, YoBit actually followed through with their proposed 'marketing campaign' and drove the price of PutinCoin up 825% within 10 minutes.
The event happened this morning at 9:00 AM EST as traders surged volume from 0 BTC to over 88 BTC in a matter of minutes.
A shady history
YoBit, a Russian-based crypto exchange founded in 2015, has had its fair share of suspicious activity in the past which includes multiple user reports of withdrawal problems.
While the exchange has never been linked to a pump and dump scheme (before this), a 2017 Business Insider investigation revealed that traders were coordinating pump and dump schemes on the platform via the messaging app Telegram.
But wait, there's more...
- 1Broker has announced that it will begin processing customer withdrawals after the exchange was shut down due to an FBI investigation.
- Major crypto exchange Bitfinex has temporarily suspended all fiat wire deposits for the Euro, U.S. Dollar, Japanese Yen and Pound Sterling.
- Multiple Ivy League and other prestigious U.S. universities are said to have made investments into "at least" one cryptocurrency fund.
Elastos (ELS)
Elastos will be a platform for decentralized applications (Dapps) that runs on a peer-to-peer network with no centralized control.
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