October 17th, 2017
In my humble opinion...
The learning curve for the government is going to be steep.
Think the last 5 years in crypto was fun? Just wait till governments & banks issue centralized crypto...then it's forked hacked & crashed. 😂
— Bruce Fenton (@brucefenton) October 16, 2017
Coin of the Day
A marketplace for 3D images in the age of VR/AR
ARToken (AR) is a cryptocurrency run by Cappasity, an online retailer for 3D images. The Alternate Reality/Virtual Reality market has incredible potential, and it seems that nearly every market is looking for some kind of use case within their own industry. Cappasity believes that the AR/VR market will be "driven by content creators," and is looking to provide a marketplace that developers, artists, and companies will provide work from their content-oriented ecosystem. The ARToken even passed the Howey Test, determining that it's not a security (this removes the token from a whole bunch of legal problems down the road). We recommend you watch their visually compelling and easy to follow video about the service.
"Blockchain" is the buzzword on the street, Jamie Dimon is singing it's praise. But many of them don't see the connection to Bitcoin.
Within a cryptocurrency, there are two aspects: blockchain technology and the token attached to it. Blockchain has been getting a lot of good news recently (even if the coins aren't), and for good reason. Ben Bernanke, the former head of the Federal Reserve, said yesterday afternoon that blockchain is going to be an important aspect of digital money transfers (he called out Ripple specifically, who hosted the event), but still isn't convinced about Bitcoin.
Even Jamie Dimon was vocally supportive (in his usual slightly hypocritical way), as JP Morgan announced yesterday that the banking giant is partnering with the Australia and New Zealand Banking Group and the Royal Bank of Canada to launch a blockchain-based system that will seriously reduce financial transaction times. Our take? While these are important figures in the business world, they've been entrenched in the traditional financial system for several decades. The prospect of something that challenges the norm is, frankly, scary. But for the rest of the world, it's exciting.
Even if the big boys in finance aren't convinced of crypto's potential, let this reassure you: the IMF is looking into creating their own coin. *mic drop*
Yes, you heard that right. Christine Lagarde, the IMF Managing Director (and our crypto angel in disguise), said that she hasn't ruled out creating an IMF-backed coin. Some of you may remember that the IMF actually created a currency called the Special Drawing Right, that was an international reserve asset, and had aspects that mildly resembled the blockchain. Lagarde has been a pretty active advocate for approaching cryptocurrency with curiosity and not fear; she's even been quoted as saying that she imagines the IMF will have a role in regulating cryptocurrencies.
Meanwhile, in Washington, the S.E.C. had a public meeting that discussed blockchain tech's relationship to the securities market. The U.S. has been trying to figure out what exactly crypto is, and if they can be defined as securities. It sounds as if the U.S. is once again trying to squeeze the industry for every penny it can get. A member of the Investor Advisory Committee provides us with our stupid question of the day, as he asked whether or not blockchain would still have value without cryptocurrencies. If you have any doubts about the answer...see the previous section involving every financial institution producing resounding support for it. If you're really curious, check out the Chain CEO's response (here's a highlight: “Cryptocurrencies will not go away, ever,”).
It's looking more and more like cryptocurrency is going to be the saving grace for Venezuela – even CNBC thinks so(that's a big step).
Bitcoin is becoming increasingly popular in Australia. They've passed legislature surrounding crypto and hosted their first ICO. Keep your eyes open.
The Ethereum fork (AKA "Byzantine") was executed successfully, and ETH's price has stayed relatively stable. Bitcoin Gold developers may want to look at this as an example...
Japan may not be completely in support of ICOs...but we're pretty confident there are more than enough countries willing to pick up the slack.
Coin to Watch
NEM (XEM) is looking pretty bullish, and recent chatter on multiple Slack channels indicates a lot of support for the coin.
— BitcoinBelize (@BitcoinBelize) October 16, 2017