October 2nd, 2017

In my humble opinion...

"Dollarization 2.0"



Coin of the Day

Decentralized pot? Everyone's talking about it.

Cardano (ADA) is a smart-contract capable platform that allows programmable financial transfer in a secure and scalable way. The key difference with Cardano is that it addresses the need for regulatory oversight while maintaining personal customer privacy. The Cardano team reached out for help when they built their blockchain, enlisting Input Output HK (IOHK) and EMURG. Their governance model is pretty progressive (pleasing to most crypto purists). Oh, and one of the founders was the CEO of the Ethereum project, which obviously provides a ton of clout for Cardano. This new platform has a multitude of use cases, with the initial one being integration with the gaming market. Cardano's been around for about a year, but is starting to make waves in the past few days.

The IMF foresees the end of banking and the Triumph of crypto, even if the U.S. doesn't.

The U.S. State department is going to host a blockchain forum on October 10th to "explore both the policy implications and potential applications". Participating countries include IBM, Microfort, PwC, and others. Like many other countries such as China and Russia, the U.S. is beginning to increase its efforts towards researching the impact blockchain and crypto will have on the United States and internationally. It's becoming an international force to be reckoned with. This comes just days after the Managing Director of the International Monetary Fund, Christine Lagarde, shared strong words with participants of a Bank of England Conference. One notable quote:

"Not so long ago, some experts argued that personal computers would never be adopted, and that tablets would only be used as expensive coffee trays. So I think it may not be wise to dismiss virtual currencies."

She seems to know what she's talking about. On the other hand, the Securities and Exchange Commission in the U.S. charged two ICOs with fraud. The Diamond Reserve Club World and REcoin Group Foundation are both headed by Maksim Zaslavskiy. There were mixed reactions in the community, with news outlet CoinTelegraph repeatedly calling the investigation a 'scam' (notice the quotation marks), while a Forbes article opened their respective articlewith, "In a move that should be welcomed by anyone serious about innovation in financial technology...". We'll see who wins this one (hint: probably not Zaslavskiy).

Chinese miners and exchanges are still making waves despite government crackdown.

China's always had a bit of a currency problem. Inflation, especially since the financial crash of 2008, has detracted Chinese citizens from using the yuan(remember the global 2015 inflationary shock? Yeah, we do too.). Recently, the yuan has fallen pretty dramatically after being downgraded by S&P (AKA, China's debt is waaaay too high). Also, the Communist Party may be intentionally devaluating? Needless to say, crypto is still an incredibly appealing option for China - and the markets are here to prove it.

Despite the problems that China is creating for crypto enthusaists in the country (i.e. crypto exchange executives aren't allowed to leave China and miners may be in danger?), people are finding ways around it. And it's a lot simpler than you'd think. This comes in the form of just doing "over-the-counter" or offshore trades, and bitcoin is now trading at a discount of around $600. Buying BTC in China and selling in U.S. has proven to be somewhat profitable for most traders. We're still waiting to hear about their blockchain research lab, which will be...interesting.


Crypto prices can vary by exchange, but did you know they can vary by country? BTC in Zimbabwe is $7200 right now (yikes).

People are still freaking out about North Korea's pro-bitcoin stance. Here's why.

Sweden will probably become the first cashless society, and bitcoin may help. Awesome.

Coin to Watch

Cardano (ADA) is supposedly the "next NEO"; its impressive performance yesterday made us look twice at its charts.

Daily LOL

It's annoying as hell, but probably worth it.