October 6th, 2017
In my humble opinion...
We've got a winner here!
Pardon me, but ding.... ding.... ding.... pic.twitter.com/IS3cBjpyrH
— the MacroTourist (@kevinmuir) October 5, 2017
Coin of the Day
Building a better model for the film industry
(CRYPTO: MVT) MAVO is a video playback platform using smart contracts feature to reward filmmakers for posting their content, and be paid directly for views rather than having to go through a middle man. Theaters and online streaming platforms, such as Netflix, have a pretty strong hold over filmmakers; the latter even refusing to release segmentation data on a film's watchers. With MAVO, content producers have control over their content rights, and receive a large portion of the advertising revenue produced from their videos. The MAVO team is diverse, with filmmakers, actors, entrepreneurs, producers support the project (check out this interview about MAVO with Mario Kassar, one of the advisors and well-known Hollywood producer).
Buyer beware: There's a lot of scamming going on right now, but just pay attention.
Yesterday morning, Wikipedia's founder called ICOs an "absolute scam". Granted, he prefaced this statement with: "I think blockchain is a super interesting technology but there are a lot of fads going on right now". We'd have to agree with the more positive statement - safety and reliability surrounding crypto and ICOs is one of the biggest barriers to entry in the industry. Ransomware is quickly becoming a billion-dollar industry, and BlackRock's CEO recently said that bitcoin's popularity is due to money laundering activityand tax evasion - although how much it can credit to this illegal activity is up in the air.
China's been cracking down on cryptocurrency recently, with an article published by state-backed publication Xinhua suggesting an "iron fist governance policy". That's a bit...aggressive. It seems even Roma Gypsies have taken advantage of crypto fever and have been selling physical "bitcoins" outside of department stores for $8 a pop. Obviously, these "coins" have no real value, but nonetheless the sellers are not exactly bolstering the image of crypto. The general consensus among countries is that blockchain holds an important place in the development of technology and will probably be a key in the future of fintech. The actual currency in front of the tech is drastically more complicated.
The SEC still doesn't really know what to do with crypto. So, we wait - as Europe moves forward with integrated digital currency.
There's still a giant question mark around how America's Securities and Exchange Commission is going to treat crypto. If ICOs pass the Howey Test, they will be labeled securities, which will open up a massive, complicated can of worms regarding the taxing, buying, and purchasing of cryptocoins within the U.S. Thusfar, the outcome is a little hazy.
Although the IMF's head Christine Lagarde said that "[Citizens] may one day prefer virtual currencies", and Sweden's central bank is considering an e-krona, the SEC still isn't looking too favorably towards crypto. They're holding the CEO of a cloud mining company liable for over $9 million for wire fraud, and the "mastermind" of BTC-e has been sent back to the U.S. for trial over a money laundering scheme involving bitcoin. In the future, we will probably see a battle between state-backed and deregulated digital currency.
On the plus side, Europe will most likely be a positive influence regarding crypto regulation. Recently, Sweden's largest online stockbroker added a bitcoin service, due to market demand. That's a great sign.
NYU Law, among other universities, is adding courses about crypto to educate students about emerging financial services.
In case you missed it, South Korea officially banned ICOs. This is not going to go well, if startups have anything to do with it.
The notorious Ghostface Killah of the Wu Tang Clan is apparently launching his own ICO...so, that's cool.
Coin to Watch
"There Are No Bears Left... None... Not A Soul" https://t.co/H3DJ4WhGMs
— zerohedge (@zerohedge) October 5, 2017