Leaders at the WEF don't get Bitcoin. 🙀
In my humble opinion...
to some, Bitcoin is a benevolent leader.
Bitcoin’s supremacy as king of cryptos is predicated largely on being the first. Serendipity can never be manufactured, reproduced or counterfeited.
Joke: Bitcoin distribution is unfair!
Woke: Bitcoin is the fairest of all.
— Francis Pouliot ⚡️ (@francispouliot_) January 25, 2018
Coin of the Day
Tokenize any business
(CRYPTO: OST) Simple Token was established with the belief that every business stands to benefit from integrating blockchain into their business. It offers a platform where companies can create their own tokens, tokenize reward/point programs, peer-to-peer transactions, micropayments, etc. without the hassle of building their own blockchain. Perhaps one of the most appealing features of Simple Token is the interoperability of the coins created on their platform within the Simple Token blockchain. They're in talks with PwC and have venture capitalists including Tencent backing the project, leading us to think that they're taking a more realistic and long-term stance.
South Korea has spoken! With official guidelines in place, the market is beginning to normalize again. Oh, and it seems that gold is making a comeback with crypto.
Ah, finally. The crypto market cap increased $50 billion this week (can we get a hallelujah) while the dollar had its worst January since 1987. Looks like things are going back to how they used to be. Australia's largest gold refiner, Perth Mint, announced they're releasing a gold-backed cryptocurrency. And in case you didn't know, Apple co-founder Steve Wozniak thinks Bitcoin is better than gold and USD. So take your pick.
As for regulation, South Korean exchanges were fined between $10,000 to $25,000 for "poor security measure" (although that's chump change for exchanges). The charges? Coinone and Yapian failed to store account passwords and sensitive user info well, while Korbit straight up didn't have security breach detection tools and a server intrusion prevention system. Serious yikes. Too bad they didn't hire PolySwarm (did you read our article about it?). On the plus side, South Korea outlined their regulations for cryptocurrency exchanges, which takes away a lot of the legal guesswork. The new rules include a real-name system and anti-money laundering guidelines, which basically eliminates a great deal of anonymous trading in South Korea, but attempts integrate crypto it into their society in a more user-friendly way. You could argue that their government is merely trying to protect their consumers (or something like that).
The World Economic Forum (WEF) was held earlier this week in Switzerland, with crypto being one of the hot topics. The results? A bit mixed.
Let's begin with the big boys. JP Morgan's very own Jamie Dimon took the stage in Davos, Switzerland, to once again say that he was done talking about Bitcoin. When asked about it by CNBC, he told them that they, "should stop talking about it and go back to something relevant.” Bitter much, Jamie? Nobel-prize winning economist Joseph Stiglitz was at it once again, telling Bloomberg TV that by cracking down on Bitcoin's "secret" use cases (uh, what?), the US could "regulate it out of existence." Not that it's a particularly good idea. The Swiss National chairman Thomas Jordan agreed with Stiglitz's stance on robust crypto regulation – although we can't imagine a bank head arguing any other position. John Kerry, the former US Secretary of State, doesn't seem to really care about crypto at all, apparently trying to quiet the hype machine before it gets out of hand.
As per usual, Russia inserted themselves into the conversation; more specifically, well-known Russian banker Herman Gref reiterated his desire for lack of a ban in the crypto game. Although he warned the audience that trading crypto is currently like gambling, it has to reach its full potential in a few years before their government should seriously consider regulation. That's not stopping miners from moving in droves to Russia's countryside.
You should probably know what Lightning Networks are – here's a basic written explanation for you visual learners, and here's a podcast about LNs from famous crypto evangelist Andrea Antonopoulous.
Weiss Ratings, the financial research and grading agency, gave grades to several tokens, leaving crypto enthusiasts baffled. Bitcoin received a C+ and Ethereum a B. Time for summer school?
Coin to Watch
Spend your crypto on...
a 2008 Audi 3.2 A4 Avant Quattro for a mere $9,000. It has heated seats, guys. Heated seats.
I'm not pooping until Bitcoin hits $100,000. Join me in this journey
— Constipated Trav (poorody account) (@ConstipatedTrav) January 23, 2018