Tag: cryptocurrencies

Whole foods starts accepting Bitcoin

Whole foods today started accepting Bitcoin via the Spedn app, a Gemini powered app allowing retailers to accept cryptos with a simple scan. This may be a trial for Amazon to see the demand for Bitcoin at retailers and if it does well at Whole foods, they may implement it into Amazon.

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Evil Banks JP Morgan and HSBC close crypto companies’ accounts

We have finally arrived at the point where the powers that be(the big banks) are outright shutting down the accounts of cryptocurrency companies to prevent them from prospering and threatening their markets. JP Morgan and HSBC have pulled the rug from out under several cryptocurrency companies in a bid to try to stop or slow the technology from taking over. I believe it is an attempt to slow the technology from taking hold as they themselves are developing their own solutions using the technology so they can continue to dominate the marketplace with JP Morgan utilizing JPM Coin and with HSBC forming a 17 bank consortium to create a Universal Settlement Coin(USC) to prevent private crypto companies from taking their share of the market from them. Will they succeed? Its really anyone’s guess. Technology has to progress but these banks wield both lots of political and economic power and can pull the right strings to block favorable regulation and buy themselves more time to adapt. It may end up slowing things down and may endanger the investments of early crypto adopters to the benefit of the big banks.

IMF gives the go-ahead, Russia and Canada may issue National Cryptocurrencies

The IMF gave the go-ahead to 8 countries including Russia and Canada to mint their own national cryptocurrencies. The IMF has been supporting the idea of CBDC(central Bank Digital Currencies) for some time now and major G20 countries may sign on. I am not sure if Canada will do this but I have a feeling that Russia is interested because they have recently been dumping US bonds and have said that they will buy Bitcoin to compensate. Issuing their own CBDC will help the process and many other countries may follow. Third world countries like Venezuela have already issued or tried to issue their own cryptocurrencies and I think the world transition to digital money is around the corner. This may be the start of the end of paper cash. However, I don’t think that will effect us much since most of our money is already digital anyways and this just fully makes our money system digital. It may help solve the debt and liquidity problems that faces the world today.

Russia to buy $10 billion Bitcoin

Russia has stated that it intends to ditch US bond holdings and instead buy $10 billion worth of Bitcoin to compensate. This is most likely to hedge against any kind of future sanctions that the US might impose on Russia for election meddling or other things. Russia has also called NEO and had a discussion which the subject is not known. But the speculation that Russia may support NEO has sent NEO prices up as well. This may pave the way for an eventual Bitcoin bullrun as a $10 billion purchase on the OTC market may dry up the supply and force people to buy from the exchange.

TRON teams with Alibaba to open new exchange

TRON and Alibaba have announced that they have been working together on a cryptocurrency exchange for about three months now and this should cause excitement for TRON investors. We do not know when this exchange will be launched by since TRON is advising and helping to develop the infrastructure for this exchange, it could well be built on the TRX network which would be a huge boon to TRX volume and price. For those of you that don’t know, BTS coin has one of the most active networks in all of crypto and even though BTS isn’t a top coin by marketcap, its network is very busy because Crypto-bridge, a small DEX that is run on it. Alibaba’s exchange will be far larger in scale than crypto-bridge which means that TRON may be #1 in network activity(although not in marketcap or price), but network activity will generate large amounts of volume which will in turn push price upwards. Just launching a large exchange on the TRX network could push the price of TRON to an all-time high.

Coinbase adds many coin stats to their mobile app

Coinbase has added the ticker of many coins to its coinbase virtual app. While these coins are not available to trade on Coinbase yet, you can get their info. The coins that you can now see stats for on coinbase are:

XRP
EOS
Stellar(XLM)
Tether
Cardano
Monero
Dash
IOTA
TRON
NEO
Binance Coin(BNB)
Tezos
NEM
VeChain
Dogecoin
Zcash
OmiseGo
Bytecoin
Bitcoin Gold
Lisk
0x
Ontology
Maker
Qtum
Decreed
Bitshares
Nano
Bitcoin Diamond
Zilliqa
Digibyte
Steem
ICON
Aeternity
Siacoin
Waves
Bytom
Pundi X
Basic Attention Coin(BAT)
Stratis
Augur
Status
Golem
Hshare
Verge

I think these are the coins that Coinbase is seriously looking at to bring onto their platform by the end of the year. This would be a hugely positive thing for many of these coins.

Top Universities offer Crypto courses, Blockchain jobs boom in Asia

Almost half of the world’s top universities offer courses in blockchain or cryptocurrencies and despite the Chinese and Indian bans on cryptocurrency, the blockchain job market in Asia is booming. This tells that despite the government misgivings, people are actually very interested and enthusiastic about cryptocurrency and that this is a signal for regulations to soften for crypto in the future as these students become future businessmen and lawmakers. This also signals that cryptocurrency has a lot of room to grow as the younger generation replaces the older generation in terms of economic strength and power because with the younger generation becoming more knowledgeable about cryptocurrency, there will be a much larger percentage of them that invest in cryptocurrency. So in 10 or 15 years, cryptocurrency may be a real alternative to actual money for commerce and trade.

Tokenpay says that cryptocurrencies were not make for “HODLING”

Tokenpay has stated that cryptocurrencies were made for transactional use and not “HOLDING” and I completely agree. Tokenpay is taking the smart way and encouraging its investors to actually spend the crypto instead of holding it and hoping the price goes up. They understand that a crypto’s value often follows its volume and that people spending and transacting its token for non-speculative purposes will eventually drive up the price of the coin. This is what is wrong with most people’s way of thinking about cryptocurrency. They think holding it and not selling it until a very high price will make the price go up but that is not how it works. There will always be a market of buyers and sellers, as there needs to be, for any commodity and the less volume there is, the less liquidity there is. The less liquidity there is, the less demand there is for that commodity which means less people will buy it. Having lots of people buy and trade it is much better for the price than having no one buy and trade it. That is why Bitcoin’s price has always followed its volume. Tokenpay’s other criticism directed on Bitcoin and Ethereum were probably just Propaganda promoting its own coin, but they do make a solid point that cryptos weren’t make to be held forever and not used.

Dash, is it in trouble?

Dash, the premier Masternode coin that composes about 60% of the market is going through hard times lately. It has dropped to $140 in price and even worse, is losing ground(now below 60%) against other smaller Masternode coins even as Bitcoin gains against the smaller coins in the overall cryptocurrency market. This might seem strange as Dash is actually accepted by a variety of online merchants, which is something that other Masternode coins cannot claim. However, with the ROI of Dash sitting around 7%, many people are probably switching from Dash to other, more lucrative Masternode coins with much higher ROI’s. It has lost ground against smaller, less established coins as its dominance in the Masternode market has tumbled from 65% to less than 60% at a time when larger marketcap coins are generally gaining ground against smaller market cap coins so it could signal trouble for Dash in the short term. However, I do think Dash will regain its ground when the market rallies and its adoption by online merchants(which may be boosted with the coinbase woo-commerce plugin) will really help it right the ship in the long run.