October 25th, 2017
In my humble opinion...
Keep calm and hodl on...
— fractalhedge (@fractalhedge) October 23, 2017
Coin of the Day
Don't lose faux-cus
(CRYPTO: VLS) Have you ever ordered something online, only to get what can only be described as its distorted and discolored cousin? Valus wants to help you authenticate the validity and reputability of e-commerce websites through QR codes. After scanning products, customers will receive basic information about the good in question and the store they're buying from. On the other hand, buyers of products can register ownership of a good and will contribute to verifying the website they bought it from. Finally, users can flag certain manufacturers for selling fake items. All of this activity will be rewarded with VLS tokens and will help create a sense of trust between manufacturers, clients, and brands.
Highlights from CoinAgenda Day 1: "This is the future of the financial system in the next 25 years."
These exciting words were spoken by Leo Iruke, the moderator of CoinAgenda's panel on Legal, Regulatory and the Future of Security Tokens. Tuesday marked the first day of the conference, with notable sponsors Polymath, Swarm, and Wings. Here are some of the key takeaways from day one at CoinAgenda in fabulous Las Vegas.
- Security tokens are going to be big, but it's going to be a pain for American exchanges and future SEC regulations.
- The people behind massive ICOs and token sales are killing it in the fundraising sector, but have very little idea as to what kind of token they're creating, and that's what's holding blockchain-based business back from thriving in most industries.
- Best place to host an ICO? Well, that's currently up in the air – though panel members had no issue making strong recommendations: "Japan is one of the only places on Earth that has proactive legislation for ICOs." "Do it in the right state - old school laws are still protecting the companies." "Choose the right jurisdiction, not just the country." Other answers included Delaware, Switzerland, and the Cayman Islands.
- One speaker referred to a business study looking at what makes companies succeed the most. Looking at cryptocurrency and blockchain, the results seemed to be more applicable than ever: "Timing is everything."
Steve Wozniak loves Bitcoin more than gold (score), and Putin doesn't hate crypto as much as people think. Ha!
Russia is straightening out its regulations concerning crypto, such as registration requirements for miners and how ICOs will be impacted by existing securities laws. Essentially, these rules were laid out so that anyone engaging in any form of trading or business in the crypto sector will pay their taxes and are registered with the government.
As far as a communist country goes, this is pretty lax. Just look at China's recent issues around exchanges and ICOs. Putin announced these regulations will take effect by July 2018, giving Bitcoin enthusiasts some time to digest the news and plan accordingly. The state-owned VTB Bank claimed they haven't seen much customer interest in crypto (which is, uh, kind of debatable considering the recent announcement of the CryptoRuble), but it's better to be underestimated – right?
Oh, and Apple co-founder Steve Wozniak is back at it again, taking no prisoners as he was quoted yesterday saying the US dollar is "kind of phony" and Bitcoin as more "genuine and real". Nice! Steve has been a long-time supporter of digital currency, and has some pretty solid justification behind his reasoning. Mainly, gold can be smelted together and continuously mined (to a certain extent), while Bitcoin is more mathematical. "And nobody can change mathematics."
The ever-controversial Bitcoin Gold's hard fork was initiated yesterday, which means a new currency was created. Time to wait and see.
Overstock.com's shares rose over 5% after they announced their ICO is scheduled for November 1st. Get excited.
Go green: while mining may be good for your wallet, it's not so great for the environment. Especially when that power is fueled by coal.
Argentines feel "betrayed by their own national currency" because of a serious lack of faith in the government due to bank and exchange rate tampering. Bitcoin is stepping in big time.