December 1st, 2017
In my humble opinion...
this is independence 101.
Bitcoin has no leaders. Bitcoin forces you to take responsibility for your own life.
— Crypto Kevin (@_Kevin_Pham) November 30, 2017
(CRYPTO: SPHTX) SophiaTX is a project that is examining how the blockchain can extend throughout business systems of individual organizations, as well as improve their operations model. The team behind SophiaTX believes that blockchain is the future of business communications. The project’s success will manifest on the SophiaTX platform, which provides a comprehensive suite of tools for developers and companies to build applications to be integrated into systems such as SAP - an Enterprise Resource Planning (ERP) software widely used by businesses worldwide. SophiaTX has been made on three fundamentals: First, to provide a blockchain that is suitable for regular businesses. Second, to build a development environment for IT professionals and consultants. Lastly, to serve as a marketplace for developers’ assets.
European Central Bank: "Investors are taking [a] risk of buying [cryptocurrency] at such high prices." Crypto world: "Duh."
The VP of the European Central Bank (ECB), Vitor Constancio, isn't the biggest fan of crypto, it seems. On the plus side, it seems that European governments are looking to be relatively hands-off with crypto, as Constancio explicitly stated, "We don't have responsibility or even instruments that point to particular prices of particular assets, that is certainly not the role of central banks." Boom. That's what we like to hear: decentralization = no government involvement. This is impressive considering how popular Bitcoin and altcoins have become in the continent. Europe's fascination with crypto isn't an illusion – 40% of ICOs are based in the European Union, raising a total of $1.76 billion (North America came second, at $1.076 billion).
And it's not just Constancio who's talking smack about crypto without reason. Joseph Stiglitz, the Nobel-Prize winning-economist said in a recent Bloomberg article that Bitcoin "should be outlawed" because the government, "could crack down at any moment and then [bitcoin] collapses." Stiglitz has a shaky history and is notorious for his hypocrisy. He's famously argued for expansive government reach, an example being a trip to Venezuela he took in 2007 to support Hugo Chavez's economic policies. He also claims that crypto "doesn't serve any socially useful function," despite Venezuelans using both Bitcoin and Ethereum to buy life-saving products, such as medicine or water. Our take? We've done the research, and we're not convinced, Stiglitz.
Joseph Stiglitz sais #Bitcoin "ought to be outlawed" because "it doesn’t serve any socially useful function"
So according to Joseph things that are not socially useful: pic.twitter.com/JSbNTDKH5F
— RenegadeinvestorUK (@sharkybit) November 30, 2017
And here we have Nobel prize winning Joseph Stiglitz declaring Bitcoin should be outlawed and that government needs to centrally plan our money. This is the status quo we’re are fighting against. https://t.co/9UAH57QcwE
— Erik Voorhees (@ErikVoorhees) November 29, 2017
Bitcoin is a cure for Joseph Stiglitz.
— Francis Pouliot (@francispouliot_) November 29, 2017
Things are seriously starting to ramp up in the United States, and Wall Street is slowly getting on board – even if the Fed isn't.
So, let's start with the bad: the Fed's Vice Chairman of Supervision, Randy Quarles, released a statement saying that digital currencies present "serious financial stability issues" as they continue to grow. He went on to say that digital currencies are a "niche product" (we are practically offended by that statement) and wrapped up the entire rant with the oldest hypocritical argument against Bitcoin in the book: it's not backed by secure assets. Once again, we shall ask: what is the dollar backed by? Oh, that's right – nothing. Read the whole speech here (if you think you're missing out on some grade-A ignorance).
And now for the good: the Wall Street Journal announced that the Nasdaq will offer Bitcoin futures as early as June 2018. Wow. This follows CME's offering of Bitcoin futures that will be available in mid-December and has been perceived as a largely positive move. Well, it depends if you're pro-mainstream or pro-super-decentralized. Meanwhile, the Goldman Sachs' CEO, Lloyd Blankfein, a notoriously open-minded financial influencer, was once again asked about crypto. He made a few good points, including the fact that people didn't trust paper money when it was introduced. We liked hearing this as well: "Bitcoin is not for me....If it works out and it gets more established, it trades like a store of value, it doesn't move up and down 20% and there is liquidity in it, we will think about it."
Bitcoin "isn't suitable for Muslims," according to the Turkish government. The problem? Lack of surveillance. So not halal.
Think Bitcoin had a bad day yesterday? FANG stocks had it even worse, losing around $60 billion in market cap, a new record.
The article to send to your clueless friends: here's how Bitcoin hit $10,000, and why.
Coin to Watch
Ever heard of MimbleWimble? Called the "stripped down" version of Bitcoin, it was introduced over the summer and hasn't gotten much press. But we've got our eyes on this project.