November 22nd, 2017

In my humble opinion...

follow the charts, not the noise.

 

 

Coin of the Day The blockchain-based WeChat

(CRYPTO: QBT) Qbao is a company that envisions providing a social media platform with its own rich ecosystem. Akin to WeChat - the most popular social media mobile application in China – in that it has a wide-range of features and functions, Qbao hopes to have a similar but elevated role in digital chatting. Its current suite includes a digital wallet that supports multiple cryptocurrencies, decentralized and encrypted peer-to-peer messaging, and digital asset exchange. The decentralized, trustworthy social network provides everything that China's WeChat can't provide: secure communication and a democratic social network.

 

"We know this thing works now." Banks finally conclude that blockchain has potential (welcome to the party) and probably contributed to Bitcoin's price peak yesterday.

A group of major banks including but not limited to Goldman Sachs, Citi, BNP Paribas, Credit Suisse, and JPMorgan have finished their six month trial run of Blockchain technology. This took form as exchange of equity swaps over a distributed ledger (DLT) system. Basically, they're sending money between banks on the blockchain. Pretty cool, depending on who you ask (crypto purists aren't too happy about banks' adoption of the technology, though). They've declared the experiment a "100% success", thanks to a partnership with the blockchain infrastructure startup Axoni.

Bitcoin's new price high of $8,350 marks another consecutive day of the leading currency's market highs, which is a surprisingly steady performance considering the volatile nature of crypto. Other factors threw the industry for a loop, such as news that Tether had been hacked with $30 million stolen from their treasury wallet. This came less than 24 hours after the crypto community raised some of their collective concerns regarding Tether's safety and ethical decisions. News that the head of Russia's Ministry of Communications said that the country, "will never consider Bitcoin legal" also threw enthusiasts for a loop, as it was a clear war cry against any cryptocurrency that is not their state-backed token, the CryptoRuble (which has yet to be officially opened up, but will likely launch in the next year).

 

There's no doubt that crypto is going to be the future, but there are some serious growing pains forming.

The good – Bloomberg is upping the ante with a six part series about cryptocurrency, and they began their series by interviewing billionaire and Bitcoin advocate Mike Novogratz. He recently claimed that Bitcoin will hit $10,000 (a point which he reiterated in the segment), and further outlined several solid points as to why people should invest in crypto. Some highlights? Bankers' old age prevents them from early adoption and crypto is a young technology, so give security development and UX some time. Our favorite point? There's been a massive breakdown of trust with banks, so you should probably get in the crypto game, ASAP. We (obviously) agree. Check out the interview below (it's 5 minutes, a quick watch).

The challenging – Bitcoin's legal regulation is still very much up in the air, and for now, that's OK. The Philippine government announced yesterday that Bitcoin will be legalized as a security, while Russia's Bitcoin ATMs are being audited by the government. Discombobulated, yes. Discouraged, absolutely not.

The bad – It's going to take a while for mainstream adoption, especially as the majority of the population becomes used to the concept of digital money and digital assets. On the plus side, cryptocurrency is never going to be illegal everywhere, ever. As a stateless entity, it will continue to thrive like an online Whac-A-Mole game for censorship.

 

Want a strong case for personal privacy (cue blockchain)? Google is tracking your location, even when you disable location services. Gross.

Ethereum got a bit of an upgrade (hooray!) that aims at making the blockchain a little bit easier for transactions to be processed.

American Express is releasing a blockchain-backed payment service, and now MasterCard is launching a gold-back debit card. What's next?

Coin to Watch

While Ripple's (XRP) getting a lot of love recently (and rightfully so), we have our eye on the financial world's other love, Monero (XMR). Look out.

 

Daily LOL

No ragrets!