November 9th, 2017
In my humble opinion...
They always come around
New York Times:
— Joseph Young (@iamjosephyoung) November 9, 2017
Coin of the Day
Smart business banks shift to mobile
(CRYPTO: MNZ) Monaize is another company that is out to catalyze the mass adoption of cryptocurrency by allowing for easy transactions, with a service centered around small and medium-sized enterprises (SMEs). Presently, banks do not offer specialized services to SMEs due to matters of profitability. Monaize offers an easy solution – with only 5 minutes set up time on your smartphone – by allowing you to open an account with a local IBAN, and by providing users with features such as alternative payment methods (mPOS, email, SMS etc.), remote access to bank statements, and financing options (crowd lending and factoring). Upon opening an account with Monaize, users will also receive Monaize Business Mastercard. Although services will only be available to countries in Europe at launch, it is in their plan to expand their operations to the United States by 2019, and Asia by 2021.
SegWit2X is called off, proving that not all forks are done deals (or are good ideas).
The SegWit2x hard fork has been called off due to a lack of enthusiasm, and thus, "had not built sufficient consensus for a clean blocksize upgrade at this time." Considering how much hype the fork has been garnering the past few months, it's honestly shocking. It's a bummer to some, and fantastic news to most, considering the majority of the crypto community. Bitcoin's price hit a new high after this news was released, tapping just above the $7,800 mark (naturally, it self corrected almost immediately back down to $7,000 and has been hovering around $7,200 since).
The fork had a few major issues that were not addressed in time for the system to occur. Namely, a lack of replay protection and their desire to "fire" the Bitcoin Core team. A community of "NO2X'ers" had popped up in the past few months (like many forks before it), so it's fair to say that these forks are beyond political, and have been notoriously divided among the different functions of the community. It ultimately wasn't the technological goal that people didn't like: it was the way the fork was being run. Well, it seems that the nodes haven spoken: Bitcoin has won.
The term "bubble" has some people freaked out, but some crypto experts are embracing the concept.
There's been a relatively historic debate about Bitcoin's status as a bubble. Conversations comparing the digital currency to tulip fever in the Netherlands (which, by the way, was not really a bubble at all). From Warren Buffet to Jamie Dimon, the concept of something built on the foundation of nothing has been used as a vehicle to scare potential crypto buyers. But what if it's not such a bad thing after all? In the opinion of Joseph Lubin, it's a "good kind of bubble" that happens when an incredible technology expands rapidly without a solid business/financial infrastructure. The extreme volatility of cryptocurrency is supposedly inherently good, due to the self-correcting nature of the digital currency.
The closest parallel is the dot com bubble, which was epic in proportion but ultimately gave way to an incredible ecosystem that every aspect of our life currently hinges on. It's not like digital currency is going anywhere, either. Famous tech investor Tim Draper said yesterday that fiat currency won't even exist in five years. We agree (duh), and are just enjoy watching the intense debate over something that is largely out of any individuals' control.
So, it turns out that the only way you can get your Ethereum back from the Parity lockup is a hard fork. Hopefully there'll be a little more consensus this time around.
There's an app store for crypto emerging. Our thoughts: thank goodness, and it's about damn time.
Have you ever thought about the role insider trading plays in crypto? Well it could be a major problem in the future, especially with ICOs.
Coin to Watch
— ty13r (@_ty13r) November 9, 2017