Governments are pro-crypto now? 👮🏼
What actually matters this week, and why.
In my humble opinion…
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Let’s talk about hype, ba-by. Let’s talk about chart reading, social media boosts and pumps.
Allow us to address one of the biggest discussions going on in the cryptocurrency community: hype runs the show. It’s an unfortunate and real fact in every emerging industry as people try to understand the product. In days like these, all it takes is a Twitter account and an army of followers to truly manufacture all the hype your token needs to moon (even temporarily). After all, crypto technical analysis usually pushes the boundary of accuracy and may not be founded on much at all. This weeks’ prices and altcoin seesawing could be due to so many things. Ethereum’s delayed Istanbul hard fork, the alleged Chinese bitcoin Ponzi scheme, Telegram’s TON testnet explorer launching to a collective sigh as its UI is absolutely torn apart, or a collection of bitcoin whales moving over $1 billion over the weekend.
Understanding price changes, especially dramatic ones, is often difficult when regulation is lacking and market manipulation is constantly at play. As a global currency, the prices are not only headline-driven, but could be influenced by dozens of well-rooted theories. Sometimes, your guess is as good as ours. While we now understand that bitcoin’s extreme fluctuations are kind of built into the tech, it’s nice to know that blockchain is likely to be completely standardized by the year 2021.
The sparring match between fiat and crypto/digital currency is getting hot. China’s leading the defense.
Speaking of hype, what’s the deal with China’s centralized token? We heard initial rumors around the unconfirmed state-controlled cryptocurrency over a year ago, which was then denied by Chinese officials just last week. Now, they’re claiming to launch a Libra-like digital currency, “to protect [their] monetary sovereignty and legal currency status.” Kind of a bummer that a new report from JPMorgan predicts Libra’s infrastructure likely won’t be able to handle network stress. To clarify, the Chinese Central bank is launching a digital currency, not a cryptocurrency. Oh, how those nuances will get you. The Marshall Islands recently announced their own state-backed cryptocurrency as a way to escape the dependence of the U.S. dollar, despite the objections of the International Monetary Fund (IMF) – something many countries are scrambling to do in 2019.
It seems that countries are gearing up for a wild currency ride, especially since a European Central Bank rep said that Libra could devalue the Euro, making government-controlled digital currency a safety net if things ever became unstable. To break it down, the fewer citizens own a state’s currency, the less control the state has over monetary policy. Which may seem fine, except for when economic stress hits and stimulating the economy becomes exceptionally more difficult. For the layman, Bitcoin’s still probably not a safe haven…sorry.
We’ve come a long way…here’s the most disruptive technology 100 years ago.
Womp, womp. It seems as though Twitter will never develop their own token. On the plus side, they’re still very pro-BTC.
The average ROI on Initial Exchange Offerings (IEOs) 2019 was -80%. Oof.
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