Credit Suisse has crypto's back. 😇
In my humble opinion...
the FUD is only as real as you make it.
Pain is psychological. When you look at your crypto portfolio and the price is down - it’s not real pain. You still have the same number of coins you bought. Real pain is selling those coins for less than what you paid for them.
— Vinny Lingham (@VinnyLingham) January 22, 2018
Coin of the Day Blockchain-based copyright management
Do your own research! Mainstream media and banks are doing some shady anti-crypto work behind the scenes. Here's the proof.
Remember that very dramatic Morgan Stanley report that was released last week, where they claimed cryptocurrency mining will eventually lead to an "environmental Armageddon" (eye roll)? Well, the more crypto-friendly bank, Credit Suisse, recently examined the report and found it to be a little...exaggerated. Yes, crypto mining in 2017 used more energy than the average electricity consumed by 159 countries. But Credit Suisse found that Morgan Stanley's projections were pretty off, considering they graphed miners' power consumption growing at a steady rate; something that is pretty unlikely thanks to the eco-friendly options currently being developed to lessen mining's carbon footprint and costs. Projects such as Hydro Quebec, Pylon Network, and HARVEST, are using either solar, wind or hydropower to mine crypto.
Oh, and the Consumer Protection Association is pretty freakin' mad that commercial banks are actively preventing people from registering on exchanges by blocking transfers to these trading sites. The most recent culprit? Portugal. Shame! Meanwhile, on the American exchange side, GDAX (Coinbase's subsidiary) is now offering Bitcoin Cash (BCH) and the Euro order book this upcoming Wednesday. So...there's some good news!
South Korea is riding the struggle bus, hard, right now. It seems that Ripple's (XRP) price is taking it a bit personally. BTW: less than 20% of XRP is owned by the public.
Let's get this out of the way before we dive in: the market likely dipped this weekend because of South Korean exchanges banning new cryptocurrency accounts until the end of January. Others, like Korbit, are only letting naturalized Korean citizens maintain their accounts (we're hearing echoes of xenophobia). This foreigner exclusion clause and South Korea's recent government crypto debacle (see: insider trading) is prompting some Western blockchain companies to develop cold feet – after all, who wants their firm in an unwelcome country? Kookmin Bank, South Korea's largest financial institution, will no longer link virtual bank accounts to Bithumb and Korbit, which essentially eliminates their service of virtual bank accounts for crypto traders. Our take? The government is probably deeply involved in these decisions. Oh, and speaking of the Korean government, there's talk of having their officials register their crypto purchases.
Now, onto Ripple. Crypto's most loved and hated coin at the moment. Some new data suggests (some say prove) that less than 20% of Ripple is actually held by the public – meaning the other 80% belongs to board members or whales. The remaining majority, AKA, whatever is owned by the Ripple company itself or is in escrow, is not included in the market cap. Want to look at the stone cold data yourself? Here's the actual public Google Doc. There's probably a reason some people think Ripple's a great example of mass-hysteria.
That old "drug currency" argument isn't valid anymore – less than 1% of all Bitcoin transactions are related to money laundering. It's time for BTC to grow out of dirty money.
Want to see Bitcoin's version of a catfight? Fast Money has become a hub for some passionate pro- and anti-crypto arguments, and this one is a standout.
Speaking of Fast Money, the former US Federal Deposit Insurance Corporation chair said on it that crypto doesn't need to be banned – just regulated.
Coin to Watch
Spend your crypto on...
this trendy leather bicycle 6-pack carrier. For your recent college grad who's moving to Williamsburg, or your dad who still refers to his Hawaiian shirts as "retro".