Speaking at CNBC show “Squawk Box” author, Ben Mezrich said that Amazon would be a better choice for developing Libra than Amazon because of the former’s public trust issues.
The author shares his views
Mezrich has written books about the early days of Facebook as well as the world’s first digital currency Bitcoin. On Thursday, while speaking to CNBC, he commented that the wrong tech company is leading the effort to develop Libra. He commented on Facebook’s public trust issues on the show and said,
“This is all about trust. You can’t have a bank, you can’t be a new currency without people trusting it if you’re going to sit in the middle of it, and people don’t trust Facebook.”
Note that Facebook has been at the center of privacy scandals over the past two years because of which public trust about data and privacy at the company has eroded.
Mezrich, who wrote the book “Accidental Billionaires,” said that it would be better if Amazon leads the Libra project instead of Facebook. He said that Amazon has more trust than Facebook, and it has everyone’s credit card information too.
Libra lands in a tussle with US lawmakers
Last month, Facebook announced its plans of developing a new cryptocurrency called Libra that will be launched in 2020. The currency will be managed by a non-profit composed of several top-tier companies like Mastercard, PayPal, Visa, and Uber. The management entity will be based in Switzerland. However, US lawmakers are not convinced that Libra is a good idea.
David Marcus, who is leading the social media giant’s efforts appeared for two hearings at Capitol Hill before the Senate Banking Committee and the House Financial Services Committee. He said that the US needs to innovative or unregulated systems like Bitcoin will take over the world’s financial system. Policymakers were unimpressed by his arguments and focused instead of the centralization of Libra and the fact that it will be governed from Switzerland, a country with the reputation of being a tax haven.
The company was criticized by both Democrat and Republican lawmakers. Democratic Rep. Carolyn Maloney from New York even said that the company must not launch Libra at all. She said that launching a currency is a core function of the government.
Mezrich commented on the hearings and said that regulators would have a different approach in tackling the same project if it was developed by Amazon.
Over the past few weeks, cryptocurrencies have been suffering from a variety of challenges. The markets haven’t been performing as well as industry players would like. Regulators and government officials around the world have also been questioning the very basis of cryptocurrencies and their quest for mainstream adoption.
During this period where cryptocurrencies are facing some adversity, there are two cryptocurrencies that are starting to show signs of recovery. Tron and BitTorrent (BTT) have surged on the markets over the past 48 hours. Tron went up by close to 10% while BTT also went up by about 5%. Although most of the top cryptocurrencies seem to be recovering from the sea of red that plagued the markets over the past week or so, Tron and BTT have shown a more powerful recovery process than the rest. The faltering markets had affected trading but the recovery will benefit those engaged in trading cryptocurrencies.
Tron’s TRX is currently ranked number 11 on the crypto markets. The cryptocurrency fell out of the top 10 and its position as the number 10 currency was taken by Stellar (XLM). Over the last couple of days, Tron has experienced trading volumes close to $700,000 and the coins currently in circulation stand at a value of about 66.68 billion coins. The surge Tron is currently experiencing would entice traders and rightly so. This would be a good time to buy Tron (TRX).
If one looks at the charts for Tron over the past 6 months, they can see that the cryptocurrency rose from trading at 0.019 at the start of the year to trading at 0.040 at the end of the six months. The coin was affected by the markets and it fell but if the trajectory it took in the first half of the year is anything to go by, Tron may have a similar journey in the second half of the year.
Tron CEO Sends Invitation To US President Donald Trump
President Donald Trump recently put Bitcoin and cryptocurrencies in the spotlight after he questioned their volatility and their susceptibility to being used in financial crimes. Justin Sun, CEO of Tron, responded to President Trump’s tweets saying that the president had been misled by fake news. He went on to invite President Trump to a luncheon hosted by himself, crypto stakeholders and Warren Buffet. The purpose of the luncheon would be to explain cryptocurrencies better to the American president.
The other crypto industry players that have been invited by Sun to the luncheon include the heads of Litecoin, Binance and Huobi. These are some of the leading companies in the crypto industry and their presence would offer much needed perspective to what cryptocurrencies are and how they can be assimilated into the mainstream. It has not yet been determined if President Trump will accept the invitation. Whichever way it goes, the offer by Sun will buoy the markets and encourage traders to buy crypto.
Differences in opinion about what Bitcoin should be have not stopped Bitcoin.com CEO, Roger Ver, from considering himself a Bitcoin maximalist. Ver says that he prefers Bitcoin to have larger blocks and smaller fees. These features will push the leading cryptocurrency towards it being electronic cash.
Ver Joins Crypto Project Contrary To The Views He Claims To Have
Although Ver sees himself as a Bitcoin maximalist, his recent move has left people in the crypto industry questioning whether he truly is a maximalist. Bitcoin.com joined a consortium that seeks to help cryptocurrency wallets to communicate with each other among other functions. The most important thing to note about the Foundation for Interwallet Operability (FIO) Protocol is that it is “blockchain-agnostic” and it is aimed at benefiting as many cryptocurrencies as possible.
It seems that even maximalists like Ver believe that even if they dream of having a single blockchain, there is no cryptocurrency in existence that could fulfill that purpose. The cryptocurrency would have to achieve an almost impossible level of friendliness.
The project being developed through the protocol can benefit all cryptocurrencies including Bitcoin and Bitcoin Cash. The FIO protocol promises to deliver a payment request system that will generate requests and create human-readable addresses among other functions that the protocol can serve.
One common challenge for cryptocurrencies, across the board, is usability. Being difficult to use has slowed down the progress of cryptocurrency into mainstream adoption. Speaking on usability, Bitcoin.com’s Global Head of Business Development, Stefan Rust, said that crypto usability is one of the biggest challenges the industry has to solve and their new relationship with FIO is solely about finding a solution to this challenge plaguing the industry.
The Usability Issues of All Blockchains
Technically, Bitcoin Cash is not Bitcoin and some Bitcoin enthusiasts have expressed that they view Ver’s move as a threat to the leading cryptocurrency. The view is that he might be seeking to push the cause of Bitcoin Cash rather than the cause of all cryptocurrencies and purported. He might be looking at the options that encourage more people to buy Bitcoin Cash.
The usability challenges that plague blockchains today come from the need for one to enter all their details manually in their wallet before a payment can be processed. An FIO powered wallet will receive a request directly from a merchant and sign off the particular required amount. This method is similar to what credit cards issued by banks do.
FIO Protocol will not ask for much from the blockchains involved directly. The protocol creates a second layer which is what will be used to generate payment requests between the wallets involved. One can create a person address such as “yourname.fio” and the protocol will automatically handle the actual blockchain addresses. What this does is that it creates a more useful merchant-user experience.
Usability has affected cryptocurrencies in their bid for mainstream adoption. Finding a solution that will allow digital assets to become user friendly will be beneficial for the crypto industry as a whole. If they become more usable, online crypto trading can become more popular and more people will find cryptocurrencies more appealing.
Bitcoin’s price has drawn a barrage of speculation from market insiders and analysts over the past few weeks, as most of them have tried to give reasons for the prices rally and the increased interest in it.
Many parties did attribute the rise to macroeconomic forces, but as the price moves deeper and deeper below the $10,000 mark, the concern has suddenly shifted into how it can be sustained and avoid a scenario akin to that of mid-2018.
A new analyst, however, seems to believe that miners, as well as their innate desire to maximize profits as much as they can, hold the key to surviving this slide.
In a Bitcoin price analysis, popular market commentator Filb Filb detailed the control that the miners have on the cryptocurrency market, while adding that they will be largely motivated to maximize their earnings as the 2020 Bitcoin reward halving draws nearer.
In his analyst, Filb Filb details that Bitcoin won’t see any more lows until 2020, as miners will be looking to make as much money as they possibly can. To him, these miners control the market clearly.
To prove his point, the analyst reminded readers that there is always a propensity for commodity costs to gravitate to production costs. He claimed that miners would want to sell their coins to retail and Bitcoin trading investors at the point where revenue trumps cost per unit (in this case, mining costs)
Filb Filb also explained that miners are currently hedging down on future production, especially since the marginal cost of unit production is still low. He further theorized that miners have been scaling back on selling before the halving, in a bid to create a new halving bubble. The bubble will lead to a shortage, and thus, the perfect opportunity for them to make sales and maximize profits when the halving comes around.
The premise does make sense. Historically, Bitcoin goes on a rally after a halving occurs, and this pretty much means that sellers will have their pick of the market. Essentially, miners will be looking to ramp up their activities and hold Bitcoin in preparation for the halving. When it comes and goes, their abundant holdings, as well as the general hunger for Bitcoin that is expected to be seen on cryptocurrency exchanges and other asset custodian platforms, will create the perfect situation for them.
However, it is also worth remembering that this holding action will only be beneficial for as long as Bitcoin remains profitable to mine, and there are a host of other factors that can determine the price of the asset over time.
The introduction of Facebook’s Libra stablecoin seems to have hurt Bitcoin to a considerable extent, with many drawing comparisons between the two assets and looking for significant areas of divergence. There’s also the constant attacks fro the American president, who recently claimed via Twitter that he’s not so much a fan of the asset.
It will be interesting to see if Filb Filb’s analysis would be right, and whether miners, in their bid to ensure self-preservation, would be able to keep Bitcoin from going down the road of 2018’s bear market.
New York University Economics professor Nouriel Roubini has continued his persistent attacks on cryptocurrency exchange BitMEX and its founder Arthur Hayes.
The professor, who has been known as “Dr. Doom” for his particularly brash stance on crypto assets of any kind, published a rather scathing report that seemed to tie BitMEX and its CEO with involvements in “systematic illegality.”
Fresh off a debate with Hayes at the 2019 Blockchain Asia Summit in Taipei, the professor didn’t hold back, going as far as criticizing BitMEX’s business model and accusing Hayes of benefiting from terrorism. In his post, Roubini claimed that BitMEX allows its traders to trade on way too much risk, citing the exchanges 100x leverage feature on bitcoin trading. He went on to cite estimates in a viral Medium post, which allude that BitMEX earns a significant part of its revenues from liquidations.
He highlighted the post writers belief that BitMEX bets against its traders, while also opining that the exchange fins crafty ways to circumvent regulations and enable money laundering, all for the sake of logging higher profits. He wrote, “BitMEX insiders revealed to me that this exchange is also used daily for money laundering on a massive scale by terrorists and other criminals from Russia, Iran, and elsewhere; the exchange does nothing to stop this, as it profits from these transactions.”
Roubini claimed that while Hayes has already denied all of this, the CEOs claims are unsubstantial because there are “No independent audits of its accounts, and thus no way of knowing what happens behind the scenes.”
Roubini especially fixated on BitMEXs 100:1 leverage trading feature, even though the exchange isn’t the only one to offer such. According to him, most traders tend to go into this option without being aware of what they’re getting into. However, it is also worth noting that traders are responsible for making trades on their own. BitMEX doesn’t force anyone to participate in this, and just as the traders get al the rewards from a deal gone right, the exchanges shouldn’t be held accountable for those that go south.
As he has done so far since the Taipei showdown, Hayes has refrained from addressing Roubini or the issue itself. Apart from a tweet where he spoke on the professor’s fixation on him and his business, and seemed to liken him to a man seeking attention, he’s been pretty mum about the entire debacle.
Both men have independently claimed victory in their debate in Taipei, although Roubini isn’t allowing this battle to die down at all. He has gone on a series of Twitter tirades, going as far as calling Hayes a “mafioso style thug” and threatening to sure Hayes for collaborating with media organizations to circulate a “doctored edited highlights video of the debate.” He claimed that the video being circulated made him look bad, as is major talking points were edited.
So, while Hayes is yet to address the debate exhaustively, Roubini is fueling this beef on his own, and he seems to be doing a darn good job of it.
USDCAD is ranging in the long-term outlook. The sideways movement continues in the USDCAD market. The momentum of the Bulls and that of the Bears are at equilibrium; that is the Bulls have low momentum and could not drive the price up, likewise, the pressure of the Bears is weak and was unable to push down the currency pair and that is the reason why consolidation of the price lingers on 4-hour chart.
USDCAD 4-hour chart, July 18
As at the moment, the pair is trading over and around the 21 periods EMA and 50 periods EMA, the two EMAs are in close contact to each other which connotes that consolidation is ongoing in the USDCAD market. However, the Stochastic Oscillator period 14 is at 30 levels and the signal lines pointing down to indicate sell signal.
Further pressure by the Bears to break down the demand level of $1.3058 will decline the price to $1.3058 – $1.2930.
USDCAD medium-term Trend: Bearish
USDCAD is bearish in the medium-term outlook. A “Double top” pattern is formed on the USDCAD 1-hour chart; this indicates that the Bears are taking over the USDCAD market. That is the reason why we have bearish momentum that broke down the $1.3058 price level and the price is decreasing towards $1.2930 price level.
USDCAD 1-hour chart, July 18
USDCAD is trading below the 21 periods EMA and 50 periods EMA on the 1-hour chart. The Stochastic Oscillator period 14 is at 20 levels and the signal lines bending up to indicate a buy signal.
Please note: insidebitcoins.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
Lately, we’ve been hearing a lot about cryptocurrencies and what Senators and other United States executives think about such assets. While the primary topic has been Facebook’s Libra project, the conversation has bled over into regular cryptocurrencies as well. However, the country may want to get on board with digital assets sooner rather than later, as countries that the United States is holding under sanction are starting to turn to Bitcoin and other cryptocurrencies.
Taking an alternative route
More specifically, Iran might start using Bitcoin to avoid and holds the United States have placed on the country. However, this might make the commanding country prone to stricter regulations regarding the world’s first cryptocurrency.
Of course, it’s the Trump administration that’s putting most of these sanctions in. This is the group that has a big issue with cryptocurrencies in the first place, with the President recently tweeting out about how much he dislikes them. The biggest fear is that decentralized currencies like Bitcoin enable criminals to launder money and that the digital asset isn’t backed by anything. And, as the government views Iran as somewhat of a threat, they would take the country using Bitcoin as a way to subvert its control.
Speaking to Fox News on the matter is one Sigal Mandelker, Treasury’s undersecretary for terrorism and financial intelligence:
“As Iran becomes increasingly isolated and desperate for access to U.S. dollars, it is vital that virtual currency exchanges, peer-to-peer exchangers and other providers of digital currency services harden their networks against these illicit schemes.”
However, Mohammad Javad Azari Jahromi, the minister for information and communications technology in Iran, believes otherwise:
“Cybercurrencies are effective in bypassing sanctions when it comes to small transactions, but we do not see any special impact in them as far as mega-transactions are concerned. We cannot use them to go around international monetary mechanisms.”
Whether or not Bitcoin will be used for simply online trading or more particular reasons is yet to be seen.
NEO has been very reliable since its inception and the coin is proving itself to traders every day, maintaining a steady trend throughout the week. It increases every other day and gives small benefits on daily trading.
NEO has recorded more than 15% surge since yesterday after the price rose from $10.14 to its current value at $13.04 as on July 18, 2019. The coin started trading today at $10.79 and quickly picked up the pace to rise as high as $13. This is a better trend than yesterday when the coin started at $10.14, surged up to $10.47 and started dropping down fast to hit $9.75 support level.
Similarly, it was only after the NEO coin reached $9.75 that it started moving in the upward direction again. The correction above $13 is needed for the buyers to focus on the $14 resistance level. Besides, the support above $10 will safeguard the path towards the resistance levels of $18, $20 and $22. Other key support levels to look out for include $6, $4 and $2. Meanwhile, RSI (14) is moving above the 40-level while the MACD signal lines have crossed to the negative side.
Looking at the daily chart, NEOBTC is bearish. The price formed a descending channel on the chart. It is at the lower support line of the channel consolidating. The bulls have started pushing the price upward since yesterday July 17 but if they are able to maintain their stand, the price may likely hit the supply levels at 1500SAT and above.
NEOBTC – Daily Chart
When we look at the current Stochastic RSI on the daily chart, it appeared that the bulls are gaining momentum as the market is trying to recover from the overbought condition. If the bulls miss this opportunity, NEO price may drop to the demand levels of 800SAT, 600SAT, and 400SAT, crossing the lower part of the wedge. However, should the market continues the uptrend movement as it is currently, NEO may swing high and still remain the dominant of the market.
Please note: insidebitcoins.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
Ray Dialo is one of the most popular and successful hedge fund managers and investors in the history of the world. He’s proven to understand money and stock trading, so his opinions pretty much resonate with most investors and they, sometimes can drive the values of certain assets.
However, just like a lot of institutional investors and authorities in the financial industry, Dalio has weighed in on the age-old Bitcoin vs. Gold trading debate, and he has chosen to side with the physical yellow metal over the digital one. In a video interview with Investopedia back in April, the CEO of hedge fund Bridgewater Associates slammed Bitcoin, calling it a speculative asset that is not an effective store hold of wealth.
While he praised blockchain technology and alluded that there will be crypto in our financial future (thanks to the entrance of banks and other institutions), Dalio claimed that for Bitcoin to be on the same pedestal as an asset like gold, it would need to function as a medium of exchange, while also achieving enough stability that price movements don’t necessarily affect its functionality.
On the flip side, the billionaire wrote in a LinkedIn post that many people have gone into stocks and equities, and these investment vehicles would end up witnessing reduced returns. To offset this reduction, investors would turn to gold.
He predicted that a lot of Central Banks would also be looking to keep the interest rates low as a means of fostering investments in a time when governments are engaging in conflicts and trade disputes all over the place. This would force investors to look for a safe harbor, and gold will pretty much become the asset of choice for people looking to store their wealth.
Dalio’s comments do make sense. The only problem is that times have changed, and Bitcoin is actually gaining a lot of traction from investors everywhere, including institutions. There are some faults in Dalio’s assessment of Bitcoin. First, unlike he said, the asset has been gaining traction as a proper payment tool. Online and offline retailers have begun to accept the asset, and thanks to innovations like the Coinbase Card and other cryptocurrency cards, crypto-backed payments have become increasingly easy.
The biggest advantage that Bitcoin has over gold as a payment solution is the advantage of divisibility. Bitcoin can be broken down into units and used to pay for products, but unless you’ve got a retailer who’s selling an item for the equivalent of a gold bar, paying with the yellow metal will be a tad difficult.
Bitcoin has also proven to be reliable in difficult financial times, as it has been able to hold a steady value over the past few weeks, despite escalating tensions between the United States and China. Bitcoin also rose steadily in May, while the traditional stock market plummeted amid interest rate related tensions between the government and the Federal Reserve.
So, as Dalio said in his post, investors could be looking for a safe harbor in light of stock market instability. However, as opposed to turning to gold, Bitcoin might be the next hot thing.
Unity in an industry is a concept that not many economic sectors can identify with. However, prospective enterprises looking to partake in the benefits that come with the blockchain technology could be in for a treat, thanks to the nifty innovation of the TNC Group. TNC is a blockchain platform that seeks to unite the blockchain industry. More realistically, however, it is a blockchain networking facilitator with a bit of a twist to it. TNC looks out for promising blockchain-based enterprises helps them get on a strong footing. Think of it as a Y-Combinator for blockchain startups.
Companies that join the TNC Group enjoy comprehensive support and input, including financial support, investment developer support, the implementation of effective blockchain strategies, legal services, and others.
Based in Dubai, TNC has invested in some notable projects including $5 million in the BuyAladdin project from the ABBC Foundation. The investment was used to develop quick and secure crypto transactions, as well as ensuring protection from security threats for the project. What kind of services does TNC offer? Essentially, TNC helps with the following aspects:
Blockchain company meeting
As part of their mission to help unify this nascent industry, TNC conducts meetings with several blockchain startups and looks to add to its clientele. Whether through acquisitions or mergers, TNC sets out to bring these companies into its network and provide them with its suite of services.
Understaffed companies within the TNC ecosystem are able to take advantage of the company’s depth of developers to find suitable talent that can help move their companies forward. In addition to that, TNC keeps a lookout for companies looking to add blockchain technology into their infrastructure, contacts them, and helps make the process as seamless and easy as possible.
A report by Hackernoon earlier this year detailed that one of the reasons why blockchain companies fail is a lack of appropriate evaluation methodologies. Most of these companies have no way of discerning what the state of their businesses are, and they end up closing up shop due to an inability to fact check.
To avoid such a scenario, TNC provides the companies under its tenancy with thorough consulting and evaluation services. TNC’s blockchain solution services are available to both the company’s clients and its employees. With expertise in running blockchain companies through the provision of technical and management insights, TNC has been instrumental in the growth of the foremost names within the blockchain industry.
Total blockchain solutions
Prospective blockchain companies that want to get their companies off the ground are welcome to work with TNC. The blockchain industry has continued to curry attention from the general public, and this increased attention has spurred the establishment of more companies. For those who plan on entering the industry, as well as companies that will like to integrate the blockchain into their infrastructure, you won’t find a better partner to navigate the murky waters for you than the TNC Group.