Wednesday, June 19, 2019

📌 Libra is Here (Details), U.S. Customers Blocked from Binance, and Bakkt Launch Date Announced

 MUST READS 

Facebook Officially Announces Libra


We know, there's been a TON of headlines about Facebook's new crypto project. So we'll make this quick... while providing some helpful resources along the way.

Facebook finally announced details about its new cryptocurrency on Tuesday morning. The digital currency, called Libra, will be available starting next year to the billions of people who use Facebook services like Messenger, WhatsApp, and Instagram.

If the new currency catches on, it has the potential to change how people save, spend, and send money, and could disrupt big parts of the tech and banking industries.

Resources:

Bakkt to Start Testing Futures Product on July 22


Bakkt's long-awaited bitcoin futures product is set to start July 22, a little more than a month from now.

The physically-delivered futures product was originally set to go live at the end of 2018 but has been set back by regulatory hurdles.

Unsure how crypto futures work? Here's an introduction.
 

Bitcoin-Pegged Cryptocurrencies... Let the Fun Begin


Binance is (kind of) bringing Bitcoin trading to their decentralized exchange (DEX).

The crypto exchange has its own DEX built on its own blockchain platform called Binance Chain. But the exchange only supports tokens built on Binance Chain – meaning its users can't trade any other cryptocurrencies.

To solve this, Binance is introducing tokens on its platform that will be pegged one-to-one with major cryptocurrencies, starting with bitcoin.
 

 SPONSORED 

Teeka Tiwari to Share His Favorite Cannabis Small-Cap on June 26th


Legendary fund manager Teeka Tiwari has personally investigated dozens of cannabis small-cap companies...

And is about to release a new report on them.

One in particular, he's calling the "Canadian Amazon of medical CBD."

To get the details on his new report...

Click here...
 

 DEEP DIVE 

Helium - Better than WiFi, Cheaper than Cellular


Internet of Things? Check. Electric scooters? You bet. Cryptocurrency? Did you even have to ask?

Today we wanted to share a write up about Helium, a 6-year-old startup cofounded by Shawn Fanning, inventor of Napster. The company is developing a long-range, low-power wireless protocol for transmitting data.

More importantly, the firm just raised $15 million from Multicoin Capital and Union Square Venture. If the big boys are starting to show interest, maybe we should too.
 

Jack Dorsey: Bitcoin, Facebook's Libra, and Building a Global Currency for the Internet


Quartz recently sat down with Jack Dorsey, co-founder of Twitter and Square, to talk about his vision for the future of finance, bitcoin, and the end of cash.

"I would hope that all private companies can see the value of having a stateless currency that all people can access, and is not bounded or constrained by any one corporate entity."
 

An Inside Look at the Chinese Crypto Scene... and Why There's Still Loads of Potential


Founding partner at Primitive Ventures, Eric Meltzer, explains how China's crypto scene has evolved from being mainly centered around crypto mining to being more focused on innovative, blockchain-driven platforms.
 

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 REGULATORY FRONT 

🇺🇸 U.S. Customers to be Blocked from Trading on Binance.com


Binance has announced that it will stop serving US individual and corporate customers on Binance.com in September. An updated statement in Binance's Terms of Use (ToS) reads that the company "is unable to provide services to any U.S. person."

Users who are not in accordance with Binance's ToS by September 12th will no longer be able to trade or deposit on Binance.com.

The news isn't as bad as it seems. Binance will soon be launching Binance.US – a new exchange solely serving the U.S. userbase. Collectively, this news will be a HUGE win for BTC and ETH... and bad news for BNB and a number of alt coins. Here's why.

 

 TWEET OF THE WEEK 

For this week's TOTW, we wanted to share our favorite hot takes on the game-changing Libra announcement.

Other Articles You May Enjoy

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Bitcoin Reached $9.4k / Maxine Waters / Behind The Scenes / David Marcus

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Market Watch: Bitcoin is stable above $9k. Tether and Stellar are the only coins in the top 10 with negative growth over the past 24 hours.

  • Bitcoin: $9,136.81 (⬆️ 0.34%) // $162.34 billion market cap.
  • Ethereum: $267.47 (⬆️ 0.70%) // $28.50 billion market cap.
  • XRP: $0.43 (⬆️2.08%) // $18.61 billion market cap.
  • Litecoin: $138.46 (⬆️ 2.85%) // $8.62 billion market cap.
  • Top 100 Winner: HyperCash: $3.24 (⬆️ 16.61%) // $141 million market cap.
  • Top 100 Loser: Aurora: $0.02 (⬇️ 10.54%) // $173 million market cap.

Prices are as of 3:25 EST.

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1. Bitcoin reached its highest price this year, hitting $9,469 before the Facebook Libra announcement on Tuesday. "This is only going to accelerate the mass usage of cryptocurrency or digital currency. I think this is the catalyst everyone's been looking for," said Chris Ligan, vice president of acquisitions for Auric. "JPMorgan Chase made their big announcement, and that had barely any effects. This is huge particularly with Facebook's marketing announcements you see a lot of speculators getting back in the market." - CBS

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2. House Financial Services Chairwoman Maxine Waters (D-DC) called on Facebook executives to testify in front of her committee before Libra is available to users. "Given the company's troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action. Facebook executives should also come before the Committee to provide testimony on these issues," she said. - POLITICO

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3. Behind The Scenes: Raakhee Millers is the co-founder and CEO of bitsian.

Inside: What made you devote your professional life to cryptocurrency?

My professional career, prior to starting bitsian, was focused on traditional capital markets. It was a career I started in my early 20s and like most people, I enjoyed being good at what I do. I read the bitcoin whitepaper in 2010 - the elegance and implications of what I was reading stuck with me. I subsequently followed bitcoin, much like a guilty pleasure that you don't talk about with your "serious" friends and was amazed at the adoption and community that was being built around it. When the opportunity came to work on a crypto exchange with my now co-founder, I jumped at the opportunity and the rest, as they say, is history.

Inside: What is bitsian and what makes it special?

Bitsian is a liquidity aggregator, but it is also a unique liquidity venue. Liquidity aggregator because we connect to multiple exchanges and aggregate the books of their native trading pairs. Liquidity venue because we then subsequently create a secondary book of all combinations of the tokens supported by these exchanges - giving clients on our platform over 180,000 trading pairs. We do all this with pre-trade, preview pricing - giving our clients the ability to know what their trade will cost them on all of the markets (with fees & slippage) before they trade. Clients can also use our smart order routers & various algos to get best pricing for their trades which could mean spreading executions across markets and/or time.

Inside: Outside of bitsian, what is your favorite cryptocurrency project and why?

I am enamored with blockchain projects with a purpose, trying to do interesting and innovative things to challenge the status quo and redefine how we perceive things we take for granted. As such, some projects I follow are DeCred which addresses governance and voting. Coda, a  lightweight blockchain with the ability to run a node on your phone and Cosmos for interoperability.

Inside: What is the hardest part of working in crypto? The most rewarding?

I come from traditional Wall Street -- this means at every dinner party I have to deal with people looking at me like I am crazy and in the business of selling tulips. The most rewarding is that I come from traditional Wall Street - this means at every dinner party, I get to talk about how much progress we have made at bitsian and how much progress the industry is making while my friends are still working on projects they started three years ago.

Inside: What do you make of this latest cryptocurrency bull market?

It reinforces for me what crypto, especially bitcoin has come to represent - A store of value that is not correlated with the traditional markets and one that acts as a borderless, nationless currency. It might be a coincidence that the bull run comes while geopolitical issues are affecting traditional equities markets, but I suspect not.

Inside: Is the price of bitcoin higher or lower on Jan.1, 2020 than it is today?

Higher.

Inside: What coins do you own?

Bitcoin, it's the catalyst that started it all for me and many more.

*Nothing in this interview is to be considered investment advice. Please do your own research before purchasing cryptocurrencies.

Behind The Scenes : Raakhee Miller
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4. From the forums: David Marcus, the cryptocurrency lead at Facebook, just wrote a tweet responding to some who tried to compare Libra to Bitcoin. 

@Gussulliman responded by tweeting" So what your[sic] saying is that people should dump Libra for BTC??"  😂

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5. The Litecoin Foundation partnered with Bibox Exchange and will release a cryptocurrency debit card called BlockCard. - COIN TELEGRAPH

6. The Ethereum Foundation stated Ethereum 2.0 may see a potential launch as early as January 2020. - COIN DESK

7. Bancor will shut off access to U.S. users on July 8th. - BANCOR

8. A Statista global survey revealed that Turkey and Latin America have the most cryptocurrency users. - BITCOIN

9. Metlife will utilize the Ethereum blockchain to add transparency and efficiency to the life insurance claim process. - FORBES

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10. Your Take: Earlier this week we asked for thoughts on the launch of Libra and if you are interested, and would own, Facebook's new cryptocurrency. Thanks to all those that wrote in.

From Preben F.: Libra will allow for frictionless checkouts in any webshop. All serious webshops will adopt it asap, and it will simply be too convenient for people not to use. You're already logged into Facebook. They already have "1 click signups" around the web. You'll already have your shipping and billing address there. And you'll just have to click "pay" to check out.

I really don't like that Facebook is getting all this power, but I will be all over it due to my involvement in ecommerce. And I believe it will work well, unless regulators are able to stop them. It might still be better with a global currency run by Facebook, than several currencies run by the greedy banks. But it might also be a terrible concentration of power to a company that over and over seems to put profits above people and privacy.

Regardless, it will dramatically increase adoption of blockchain. And for that, I am grateful.

From John O.: Although I am not a fan of Facebook as a company and will not be using the Libra under any circumstances, I have to admit I believe they are doing something big here. The use case will in my opinion be largely in the form of developing countries, remittances etc. Full integration into apps that are used daily by billions is a starting point no cryptoasset has had before. I believe this will be the end of many other stablecoins as well as a large portion of the altcoin market, especially XRP. Bitcoin and the most popular privacy-coins are the only cryptoassets that will emerge from Libra's paradigm shift long-term.

From Blacks in Bitcoin: Someone ELI5 this for me, please: Outside of FB gathering more data on our spending habits, why is this a big deal for crypto? It's designed to be a stablecoin so buying a bunch isn't gonna do anything for the value of your holdings except exchanging cash for FB centralized controlled crypto. Unless there are zero fees and easy linkage to banking, this doesn't make sense as a Venmo/Paypal competitor.

Even if there were, with nobody trusting FB on privacy anymore, why on Earth would we want to give them more access to our (highly sensitive) financial transactional data? If it's the whole "platforming of digital payments" thing, we've been able to send money directly via Gmail and I've used it like once in 8 years; do you?

Will this raise awareness of crypto overall? Maybe. Will its centralized introduction to the world boost crypto values overall? If TrueUSD, USDC, GUSD and, blecch, Tether is any indication, probably NOT.

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Written and curated by Darren Webb. He created Currencylists and has worked in marketing roles for a multitude of cryptocurrency and blockchain projects since 2014. Based in NYC, Darren loves to read and continue to learn about cryptocurrency and emerging technology in his spare time. You can find him on Twitter @Dwebbny.

Editing team: Kim Lyons (Pittsburgh-based journalist and managing editor at Inside), David Stegon (senior editor at Inside, whose reporting experience includes cryptocurrency and technology), and Bobby Cherry (senior editor at Inside, who's always on social media).

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