September 8th, 2017
In my humble opinion...
Bitcoin is always better.
This is why ShapeShift doesnt extract personal information from customers. Massive Equifax data leak. https://t.co/CWYIAIpdJ6
— Erik Voorhees (@ErikVoorhees) September 7, 2017
Coin of the Day
Blockchain crowdsourcing: give credit where credit is due
(CRYPTO: MTX) Matryx is a platform for decentralized collaboration where people can earn tokens through collectively solving problems through a system of "bounties" and "submissions". The startup is attempting to solve one of the oldest innovation problems that companies and scientists have struggled to solve: research in STEM is fragmented. This often results in redundant research and a slower path to solutions. Their whitepaper explains that by using a ledger to document people's work, dozens of submitters working on the same project will have their contributions recorded with a unique fingerprint - thus, all participants will be rewarded based on only their own work.
Portugal is the latest country to ban large cash payments. Bitcoin steps in.
As the United States and China continue to take steps to regulate cryptocurrencies and ICOs, Portugal has banned cash payments over €3,000 in an effort to crack down on corruption. Spain also recently reduced the maximum cash payment amount, pushing the limit down to only €1,000. Making it rain just became a little less exciting.💸
Other countries, with or without the support of their central government, have become heavily involved with Bitcoin and altcoin mining and integration. Canada's first cryptocurrency fund manager was legally registered yesterday, and Australia hopes to go cash free by 2022. Venezuelans have begun to aggregate Bitcoin and Ethereum despite it being "one of the most dangerous places in the world to mine [them]" due to the Venezuelan bolívar currently experiencing the worst inflation in the world (it's now worth less than World of Warcraft gold - bet you wish you saved that up).
Now may be the time to start buying coins that are illegal in China. Here's why.
A large reason why China recently declared all ICOs illegal is due to the threat they pose to central banks. One by one, Chinese exchanges have been taking down ICO listings - but it seems that only a few have been targeted and delisted for breaking the new regulation laws. Chinese exchanges claim that they ban any currency that engage in "non-approved illegal open financing behavior". This law applies to any coins that have been used in illegal behavior - yet Bitcoin, one of the tokens used most frequently in illegal global activity, is not banned. Uh, what?
Most of the banned ICOs are strong individual contenders, such as Qtum (QTUM) and TenX (PAY), which were both up 40% and 17% , respectively, in the past 24 hours. Looks like the ban worked out in their favor...
One of our anonymous experts even went so far as to say people should, "buy whatever China bans", as it will most likely increase in value after a few weeks. So, take that as you will.
SEC claims that ICO investors aren't aware of its risks - that's kind of insulting.
Businesses using crypto as a fundraising tool are now dreading "the call": a sudden-death message from the SEC regarding their ICOs. These calls are part of the enforcement of the SEC's recent statement claiming that ICOs may "be used improperly to entice investors with the promise of high returns in a new investment space". One of the co-directors of the SEC's enforcement division even described initial coin offerings as having "roaches" crawling out to investors and trying to scam them. Um, gross (and an incorrect generalization).
There's no doubt that scamming has historically been an issue with ICOs. Major financial institutions continue to aggressively pursue research and business opportunities with blockchain technology - we'll have to see how the governments' regulations are applied to larger banks. Outside the U.S., European banks are having a ball playing around with blockchain, even if they say it's not ready for mainstream adoption. How long until Americans starts to feel left out? (We'll give it a three months).
Bitcoin is up 7x since Warren Buffet called it a ‘mirage’. He also compared Bitcoin to checks, which is, well, wrong. Sorry WB.
An Israeli bank is working with Microsoft on blockchain tech. Bill knows what's up.
Coin to buy:
Ark (ARK) has had a pretty stellar few weeks, and it down around 10% this morning. At around $2.50, it's a cheap buy and looks promising.