October 26th, 2017
In my humble opinion...
speakers at CoinAgenda certainly agree.
You want a businessman running a business. Being a great developer does not make you a great businessman.
— [NOFlexZone] Medici (@cryptodemedici) October 25, 2017
Coin of the Day
Say bye-bye to blind trust
(CRYPTO: UC) The VerifyUnion ecosystem integrates Digital Identification, Trust Verification and Social Scoring Engine on the Ethereum Blockchain. To begin, users upload documents to verify their identities, which VerifyUnion will use in combination with the user’s public information available online in order to verify the user’s identity. Uploading additional documents to corroborate ones identify also increases his or her social score. The score is a metric which indicates how trusted the person is on the platform. VerifyUnion offers an efficient and cost-effective solution to online verification and will help make the entire process slightly less painful. This could significantly improve an individual’s cybersecurity and help facilitate sensitive transactions, which require accurate and reliable identity verification such as online banking.
The lowdown: CoinAgenda Day 2: "Convenience must be the god that all companies pray to."
And as of right now, cryptocurrency user interface is not exactly what speaker William Quigley would call "convenient". Day two of CoinAgenda was jam-packed with big names, such as keynote speaker Galia Benartzi from Bancor and Vinny Lingham from Civic. Here are some key takeaways from today's conference:
- "One thing is certain: when the cost of doing forks is as low as it is right now, we're going to see a lot more forks." - Vinny Langham
- Bitcoin's had some issues meeting needs (such as fast transaction times), and other coins have stepped up to fill these voids. And that's totally OK. Most people attending the conference have an understanding that Bitcoin is not the end-all be-all for every commercial use case.
- It's scary imposing new technology on a new industry. It's probably better to apply new technology in an already established industry. See: gaming.
- The key to mainstream crypto adoption? Convenience. If you've bought any cryptocurrency recently, you understand that purchasing tokens is a painful and confusing process for most people.
- Putting a business plan behind a concept is the difference between a meaningless ICO and a unicorn. It seems simple, but not everyone's doing it.
Crypto had a mixed day in Asia yesterday, but Japan and Singapore are sure to be early adopters in Bitcoin payment– so relax.
Ok, let's start out with the bad: the Bank of Korea (BOK) announced during a National Assembly that they can't recognize digital currencies like Bitcoin as an official currency. The bank's governor went on to say that crypto should be regulated as "it is regarded as a commodity". Essentially, since Korea does not consider crypto and blockchain to be in the financial domain, they're going to ideologically and politically separate it from banking. There's some serious debate as to how extensive the BOK's research was (i.e., practically none). There's also a potential for Korea to go back on their word, especially as mainstream adoption starts to take place.
On the other hand, Singapore recently said that it has no plans to regulate Bitcoin or cryptocurrency. Let's all take a collective sigh of relief. While the country is considering looking into some ICO regulation (who isn't, these days), Singapore remains one of the most crypto-friendly countries. If Vitalik likes it, then why not us?
Finally, Japan solidified its status as perhaps the most crypto-friendly country in the world with the announcement that SBI Holdings and Wirex are combining forces to bring a cryptocurrency payment card to the Asian tech giant. It'll be interesting to see what coins are the most popular for small transactions; we're betting Bitcoin won't be one of them. Although Wirex works in conjunction with Visa for their crypto debit cards Japan is quickly emerging as an amazing case study for integrated crypto as payment. Now if only Visa could pass along their open-mindedness to the US...
NYU's "Dean of Valuation" said yesterday that Bitcoin is a currency, not a fraud. And he had a pretty convincing argument.
Coinbase, like many other exchanges, is struggling to communicate their labeling strategy for Bitcoin and its several other forks. People are understandably upset.
South Africa may be one of the best places to look at for crypto mass-adoption, thanks to their Bitcoin-friendly version of eBay.
"Bitcoin, on the rocks." There's a Russian entrepreneur who's trying to make "Bitcoin" and "Ethereum" vodka. Yum.
Coin to Watch
Stratis' (STRAT) chart for the past week would make any low-risk investor feel warm inside. Keep an eye out for future stabilization.