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XRP Architect, Ripple’s Schwartz Harrowed Over Crypto Adoption

XRP Architect David Schwartz: Crypto Adoption Shouldn’t Get Ahead Of The Tech

In an interview with the Internet History Podcast, David Schwartz, a key player behind XRP and Ripple’s (the company) chief technology officer, painted a mildly harrowing picture for the adoption of cryptocurrencies. As cited by Forbes‘ Billy Bambrough, the supposed multi-millionaire, who is lauded as the creator of much of XRP’s functionality and Ripple’s financial technology products, explained that he doesn’t want “adoption to get ahead of the technology.”

While the San Francisco-based innovator didn’t explicitly state that he sees current crypto-centric tech as antiquated, his aforementioned comment sure alluded to it. Schwartz, who goes by Joel Katz on Twitter, then drew lines between the early days of Dotcom and crypto today, explaining that the Internet itself, widely regarded as humanity’s greatest innovation, took a “long time” to experience an adequate maturity cycle.

The Ripple executive is likely alluding to the sentiment that cryptocurrency infrastructure, specifically wallets, applications, and exchanges, remain largely underused, as such products are often slow, expensive, and hard to interact with. Exchanges, for instance, may be overwhelming for most retail investors, especially those that have not played in financial markets previously.

Crypto Adoption Grows, Even Amid Bear Market

Regardless, in spite of his comments, the adoption of crypto assets, and the growth surrounding this industry is undoubtedly there. Nasdaq, one of the world’s preeminent financial institutions, recently announced that it is slated to foray into the crypto market. According to firm representatives, the New York-based firm has begun to work on “crypto 2.0 futures” with VanEck, the company behind the leading Bitcoin ETF application, and is slated to bring such a vehicle to market by H1 2019.

Other key institutional players also announced similar forays, with Bakkt, backed by the Intercontinental Exchange, Starbucks, and Microsoft, slated to launch its physically-backed BTC futures contract by mid-January.

XRP, Ripple Has Also Seen Growth

XRP And Ripple have also seen their fair share of adoption and real-world use, albeit in (what some would classify as) centralized systems. R3′ Corda, for instance, is an open-source enterprise-focused product based on XRP technology. The program will allow R3 and its users to access a “Settler,” which will act as an intermediary between a wide range of government-issued fiat currencies, crypto assets, and future securities based on blockchain technology.

Even American Express, or at least one of its key employees, recently lauded Ripple’s technology as a way to improve how financial transactions take place across the world. At a conference, Carlos Carriedo of the world-renowned institution explained that not only is blockchain something AMEX is looking at, but that Ripple’s cross-border transaction system was “very transparent and seamless.”

And again, while some of XRP’s skeptics aren’t in line with Ripple’s business practices, the fact of the matter is that crypto-related technologies have seen an uptick in adoption, even while the blockchain-based assets remain depressed in terms of price. This, in and of itself, could be considered a long-term positive signal for this only decade-old industry, which came into being when Satoshi Nakamoto first launched Bitcoin.

XRP Website Image Courtesy of Marco Verch On Flickr

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Mike Novogratz Adamant That Bitcoin (BTC) Won’t Fall To $0

Bitcoin fanatic and blockchain enthusiast Mike Novogratz, a former Wall Street hotshot, recently doubled-down on his pro-crypto sentiment, even while this infant market continues to fall victim to shortcomings.

Revolutions Don’t Happen Overnight, Crypto Included

In an exclusive interview with Bloomberg, Novogratz, a member of Fortress Financial’s top brass turned crypto-centric merchant bank chief, gave some key insight into his personal outlook for blockchain-based assets and decentralized applications. Surprisingly, the diehard, who reportedly holds upwards of 20% of his personal fortune in cryptocurrencies (like Ethereum’s ETH), maintained his optimistic outlook.

Speaking with the financial media outlet’s Erik Schatzker, Mike “Novo” Novogratz commenced the candid conversation by joking that he’s become the “ugly face” of the Bitcoin industry, a far cry from his months as the poster child (and approachable savant) of cryptocurrencies. Yet, in spite of his newfound classification as an “ugly face” of the industry, he explained that he still believes in the technology underpinning Bitcoin — blockchain — and digital assets themselves.

Still, Novo explained that “revolutions don’t happen overnight,” adding that it became apparent that 2017’s monumental rally was a bubble when “people would come up to me wanting to take selfies,” as by then, it was clear that crypto assets were slated to plateau and pullback.

The industry insider is obviously referencing the sentiment that crypto’s come up won’t be an easy task, as pushback is expected from traditionalists and pro-centralists. Travis Kling, founder and showrunner at crypto hedge fund Ikigai, recently explained to the TD Ameritrade Network that it’s early for the crypto industry, adding that a majority of Bitcoin’s 10-year history was just getting its wings off the ground.

By the same token, the cryptocurrency proponent explained that most of the publicity and development that has fallen on cryptocurrencies, namely Bitcoin, came within the last 18 to 24 months, not during this ecosystem’s come up. As such, Kling explained that the cryptocurrency revolution is a “multi-year, multi-decade” play, rather than a chance at short-term profits.

Bitcoin Will Become Digital Gold

Back to Novogratz, the Galaxy Digital representative then touched on what lies in store for Bitcoin. Echoing comments he made earlier on CNN Money, the industry chief noted that BTC will likely become digital gold, subsequently joking that the asset will become a “legal pyramid scheme.” Giving his rationale behind this claim, Novogratz drew attention to Yale University’s recent foray into cryptocurrencies, adding that some of the smartest people, like Yale’s endowment showrunner, David Swensen, see value in Bitcoin and related innovations.

Interestingly, Kling also touched on this value proposition, pointing out that there’s a non-zero chance that Bitcoin could live up to everyone’s expectations, becoming a globally-secured transaction settlement layer that is immutable, decentralized, censorship-resistant, and cost- and time-effective, while hosting the second coming of gold at the same time. He added that even if BTC only amounts to 10 percent of gold’s market capitalization, there is still nine times growth potential for the popular digital asset.

Yet, some say that the market capitalization of BTC could surpass that of gold itself, as stated by Bobby Lee and Adam Back.

In the end, summarizing his points, Novogratz noted that BTC at $20,000 was a “drug,” but then added that he wouldn’t be caught dead stating that it’s going to zero. Instead, he explained that the current state of the market is just consumers visiting the methadone clinic, rather than the end of Bitcoin as a whole.

Even while he has an apparent vested interest in the future success of this decade-old industry, consumers would be remiss to cast aside Novo’s comments. Still, as is common investor practice, the Galaxy Digital CEO’s remarks should be somewhat taken with a grain of salt.

Regardless, the fact of the matter is that many industry insiders aren’t ready to fold, even while countless startups and ‘fairweather’ investors are nearing collapse.

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Analyst: Crypto Bear Market May Get Worse, Bitcoin (BTC) Fundamentally Unsupported

Crypto Market Slows After Imbroglio

Although selling pressure eased off crypto markets over the weekend, Bitcoin (BTC) and altcoins are still in the midst of stormy seas. BTC has found itself stagnant at $3,375, seemingly caught in an inflection point between a short-term bounce and lower lows. As this market’s leading asset has slowed, so has the market capitalization of all cryptocurrencies in circulating. This pertinent figure has moved to $111 billion, just three billion down from Ethereum World News’ Friday update.

Interestingly, trading has dried up in recent days, with the 24-hour volume figure dropping to $13 billion ($6.7 billion adjusted) from the $20 billion ($10 billion adjusted) posted amid Friday’s rapid price action.

What would be a market update with BTC… right?

Over the weekend, BTC embarked on a short-term recovery, moving from $3,300 to a multi-day high at $3,650 over the course of multiple hours. However, as the buying pressure quickly dissipated, BTC began to fall back to Earth on Sunday, moving under $3,500, a cited key support level, before falling victim to the weekly Monday sell-off.

At the time of writing, BTC has found itself at $3,375, down 4.25% in the past 24 hours. Altcoins have also followed suit, with XRP, Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Tron (TRX), and Binance Coin (BNB) all posting near-identical performances to the cryptocurrency godfather.

Analyst: Bitcoin Well Beyond The Ridiculousness Of The Tulip Bubble 

Amid this seemingly endless market tumult, Stephen Innes, head of the Pacific Asia trading arm of Oanda, only doubled-down on his hate for BTC and other cryptocurrencies. Speaking with MarketWatch, the inflammatory crypto skeptic exclaimed that Bitcoin still doesn’t have a use case, obviously forgetting the network’s nature as a borderless, censorship-resistant, decentralized, and efficient medium of value that transcends traditional boundaries.

Innes added that “BTC has gone well beyond the ridiculousness of tulip bulb mania,” evidently referencing the unpopular sentiment that cryptocurrencies are the second coming of the ‘Tulipmania’ of yesteryear.

However, a multitude of industry insiders has overtly stated that cryptocurrencies aren’t in the midst of a bubble, contradicting the relevant point of contention. Ambrosus CEO Angel Versetti, for instance, recently told the Independent, a U.K.-centric news outlet, that while lines can be drawn between the Dotcom Boom at the turn of millennia and crypto in 2017/2018, commentators would be remiss to classify the latter as a bubble.

The startup chief explained that seeing that cryptocurrencies have yet to beckon in institutions, which he referred to as “financiers,” en-masse, a bonafide market bubble has yet to strike this budding asset class. Yet, as seen by the countless crypto-related forays from Wall Street participants, this bubble may be right on the horizon. In fact., Versetti explained that in due time, the aggregate value of all cryptocurrencies may eclipse the $15 to $20 trillion mark, cementing BTC and its altcoin brethren as a legitimate component of the financial world’s vast intricacies.

Still, the aforementioned Oanda trader cast aside these arguments, drawing attention to the “disastrous year” that cryptocurrencies have undergone, likely touching on the ~87% decline experienced by this decade-old market. Innes added that the “current bear market could go from bad to worse,” claiming that there isn’t a fundamental or underlying rationale behind purchasing BTC, especially when “the only support offered up is a squiggly line on an analyst’s chart.”

Innes’ most recent quip comes just two weeks after the trader lambasted cryptocurrencies on Bloomberg TV. As reported by Ethereum World News previously, the Oanda head trader claimed that it’s a “wild west show” out in crypto, before adding that mature investors are still hesitant to purchase BTC, due to its “falling knife” status.

Title Image Courtesy of W A T A R I on Unsplash

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Crypto, Bitcoin (BTC) Crash Just A “Bump In The Road”

Diehards: Bitcoin (BTC), Crypto Slump Is Just A Bump

Since Bitcoin (BTC)’s first day on the block, if you will, there have been a number of diehard decentralists that have seen immense value in the world’s first blockchain network. And while much has changed since the launch of the project, originally headed by pseudonymous coder Satoshi Nakamoto, with the crypto industry seeing sweeping market cycles, zealous believers in this decade-old innovation haven’t faltered in their belief.

In a testament to this undying belief, at the Bloomberg Crypto Summit on Friday, a number of crypto-centric panelists and presenters doubled-down on their affection towards cryptocurrencies and related technologies.  Speaking on-stage, James Bevan, chief investment officer at CCLA Investment Management, a long-term return-focused consortium, touched on crypto’s recent collapse, which skeptics say is a precursor to a Bitcoin “death spiral.”

Bevan, who once lauded Bitcoin (BTC) as pertinent in the future of global transactions, said the following:

“I don’t regard this as an existential crisis, I just regard it as a bump in the road and institutional investors have had plenty of bumps in the road in conventional currencies and transaction systems.”

Speaking with the Independent U.K., Angel Versetti, CEO of Ambrosus, echoed this sentiment that this is far from the end for cryptocurrencies. In an interview, the blockchain startup chief claimed that while many lambast cryptocurrencies for being in a Dotcom-esque bubble, this is far from the case. In fact, Versetti noted that he “doesn’t believe [that] we are, or were, anywhere close to a bubble with cryptocurrency.” The CEO of the blockchain upstart then added that the arrival of hotshot institutional players, who he dubbed “bankers” and “financiers,” indicates that the industry’s first bonafide bubble is still on the horizon, rather than in the present.

Attributing a figure to his call for an eventual bubble, the Ambrosus chief exclaimed that an eventual $15 to $20 trillion U.S. dollar market capitalization for all crypto assets is within the realm of possibility.

“I Can See A Huge [Stablecoin] Expansion”

After Bevan made his comments, other industry insiders also discussed stablecoins, a growing subset of cryptocurrencies that are aimed at more conservative investors — namely, institutions.

In recent months, a number of stablecoins have hit the market, with even Coinbase and Circle joining the fray. Keeping in mind that these new cryptocurrencies often are lauded as better than Tether (USDT), coupled with the recent downturn in Bitcoin, stablecoins recently saw an influx of buying pressure, as traders sought solace.

As noted by CoinDesk’s market analysis team, three USDT competitors, TrueUSD, USD Coin, and the Paxos Standard, recently entered the crypto Top 30, finding themselves around a ~$190 million market capitalization.

And interestingly, Lewis Fellas, the chief investment officer a British crypto fund Bletchley Park, believes that this growing stablecoin dominance is only slated to continue moving forward, despite the fears regarding Tether and Bitfinex. Fellas explained that there are purportedly 120 stablecoin-centric projects, but this subindustry is still in the “early innings of the proliferation.” The CIO added that he sees “huge expansion” potential, presumably referencing the institutional penchant for this form of cryptocurrency, which is just like a digitized dollar with blockchain values.

The conference attendees also touched on regulation in Bitcoin markets, claiming that it will become a growing facet of this industry henceforth. Although some lauded regulation as a good thing for crypto entrepreneurs, Ryan Radloff, CEO at CoinShares, exclaimed that government intervention could pose challenges, especially if there are discrepancies between crypto-friendly nations, many of which are economically small, and Western powerhouses.

Yet, Marieke Flament, the global chief of marketing at Boston-based Circle, claimed that it is necessary for larger countries to lay a path for cryptocurrency regulation, instead of leaving nations to play a never-ending waiting game.

Title Image Courtesy of JOHN TOWNER on Unsplash

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Bitcoin (BTC) Tumbles Under $3,800, Yet Analyst Expects “More Upside Than Downside”

Bitcoin (BTC) Moves Under $3,800, Crypto Market Cap At $120B 

Another day, another bout of crypto market tumult. In the past 24 hours, cryptocurrencies at large have continued to move in a dramatic fashion, with leading assets, such as Bitcoin (BTC) and Ethereum (ETH), posting mid-single-digit losses that have sent investors’ Blockfolios into the red.

Since Ethereum World News’ previous market update, the aggregate value of cryptocurrencies has fallen to $122 billion, from ~$130 billion, with this move being backed by $15 billion ($7.452 billion adjusted) in 24hr volumes, as per Live Coin Watch. This market cap move represents a ~6.5% decline, a relatively slim loss when compared to BTC’s dismal performance in November alone.

Although volumes have declined since the peak of November’s sell-off, BTC continues to move in an intriguing manner, recently falling under $3,800 in a slow and steady sell-off, which is an evident far cry from the ~-15% days seen in mid-November. Regardless, the fact of the matter is that BTC remains under $4,000, a purported technical, psychological, and fundamental support level, and isn’t poised to undergo a bullish breakout anytime soon. 

At the time of press, BTC has fallen to $3,780 on BitFinex (~$3,725 on other exchanges), and continue to find a solid foothold at the price level. And, again, as incessantly stated previous, as bitcoin has continued to collapse, so has altcoins. ETH is down 5.43%, nearing the notable $100 price level. Stellar Lumens (XLM) has posted a 7.61% loss, which follows the asset’s stellar performance last week. Bitcoin Cash (BCH) has found itself at $125, down 11% in the past 24 hours.

However, the most interesting price action came by the way of ZCash (ZEC), which fell by 10%, even though it was added onto Coinbase Consumer (Coinbase.com) on Wednesday. This, of course, is in direct contradiction to the so-called “Coinbase Effect,” whereas assets undergo an influx of buying pressure and hype due to even a fleeting mention from the aforementioned startup.

Interestingly, the crypto market’s most recent leg lower comes amid stock market turmoil, with the Standard & Poor’s 500 (S&P) index falling by a jaw-dropping 3.24% in the past American trading session (December 4th). And, as noted by a number of analysts, including Tom Lee of Fundstrat, the performance posted by equities markets may have begun to affect cryptocurrencies, contrary to popular belief.

“More Upside Than Downside”

Although this continued downward trend has worried a multitude of retail traders, some of which have capitulated in recent weeks, analysts have sought to find a silver lining. Speaking with MarketWatch’s Aaron Hankin, Jani Ziedens of CrackedMarket, noted:

Bitcoin continues flirting with the [$4,000] level as it struggles to find its footing following the latest selloff… But given how far we fell, at this point there is more upside than downside. That said, few things move as far and as fast as cryptocurrencies.

This statement could have been made in reference to claims made by optimist crypto traders, who have claimed that seeing that BTC’s performance in November was bleak — there’s no other way to put it — it is likely that cryptocurrencies have been oversold, and bears are getting weary.

And while this cry for “more upside than downside” is just speculation or a logical guess at best, there has undoubtedly been growing sentiment regarding the fact that the cryptocurrency market is poised to hit its bottom within weeks.

Moreover, many have claimed that 2019’s developments, like Bakkt and a possible Bitcoin-backed ETF, will catalyze the arrival of newfound bullish sentiment and momentum, which will drive the cryptocurrencies to new highs once again.

Title Image Courtesy of Bruno van der Kraan on Unsplash

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Bitcoin (BTC) Tumbles Under $3,800, Yet Analyst Expects “More Upside Than Downside”

Bitcoin (BTC) Moves Under $3,800, Crypto Market Cap At $120B 

Another day, another bout of crypto market tumult. In the past 24 hours, cryptocurrencies at large have continued to move in a dramatic fashion, with leading assets, such as Bitcoin (BTC) and Ethereum (ETH), posting mid-single-digit losses that have sent investors’ Blockfolios into the red.

Since Ethereum World News’ previous market update, the aggregate value of cryptocurrencies has fallen to $122 billion, from ~$130 billion, with this move being backed by $15 billion ($7.452 billion adjusted) in 24hr volumes, as per Live Coin Watch. This market cap move represents a ~6.5% decline, a relatively slim loss when compared to BTC’s dismal performance in November alone.

Although volumes have declined since the peak of November’s sell-off, BTC continues to move in an intriguing manner, recently falling under $3,800 in a slow and steady sell-off, which is an evident far cry from the ~-15% days seen in mid-November. Regardless, the fact of the matter is that BTC remains under $4,000, a purported technical, psychological, and fundamental support level, and isn’t poised to undergo a bullish breakout anytime soon. 

At the time of press, BTC has fallen to $3,780 on BitFinex (~$3,725 on other exchanges), and continue to find a solid foothold at the price level. And, again, as incessantly stated previous, as bitcoin has continued to collapse, so has altcoins. ETH is down 5.43%, nearing the notable $100 price level. Stellar Lumens (XLM) has posted a 7.61% loss, which follows the asset’s stellar performance last week. Bitcoin Cash (BCH) has found itself at $125, down 11% in the past 24 hours.

However, the most interesting price action came by the way of ZCash (ZEC), which fell by 10%, even though it was added onto Coinbase Consumer (Coinbase.com) on Wednesday. This, of course, is in direct contradiction to the so-called “Coinbase Effect,” whereas assets undergo an influx of buying pressure and hype due to even a fleeting mention from the aforementioned startup.

Interestingly, the crypto market’s most recent leg lower comes amid stock market turmoil, with the Standard & Poor’s 500 (S&P) index falling by a jaw-dropping 3.24% in the past American trading session (December 4th). And, as noted by a number of analysts, including Tom Lee of Fundstrat, the performance posted by equities markets may have begun to affect cryptocurrencies, contrary to popular belief.

“More Upside Than Downside”

Although this continued downward trend has worried a multitude of retail traders, some of which have capitulated in recent weeks, analysts have sought to find a silver lining. Speaking with MarketWatch’s Aaron Hankin, Jani Ziedens of CrackedMarket, noted:

Bitcoin continues flirting with the [$4,000] level as it struggles to find its footing following the latest selloff… But given how far we fell, at this point there is more upside than downside. That said, few things move as far and as fast as cryptocurrencies.

This statement could have been made in reference to claims made by optimist crypto traders, who have claimed that seeing that BTC’s performance in November was bleak — there’s no other way to put it — it is likely that cryptocurrencies have been oversold, and bears are getting weary.

And while this cry for “more upside than downside” is just speculation or a logical guess at best, there has undoubtedly been growing sentiment regarding the fact that the cryptocurrency market is poised to hit its bottom within weeks.

Moreover, many have claimed that 2019’s developments, like Bakkt and a possible Bitcoin-backed ETF, will catalyze the arrival of newfound bullish sentiment and momentum, which will drive the cryptocurrencies to new highs once again.

Title Image Courtesy of Bruno van der Kraan on Unsplash

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Tom Lee: Bitcoin, XRP, Ether Have Staying Power — BTC To Do “Very Well” In 2019

Tom Lee Chalks Up Recent Bitcoin Crash To “Macro Meltdown”

Diehard Bitcoin bull Tom Lee, the head of research at New York-based Fundstrat Global Advisors, recently sat down with CoinTelegraph to provide his insights into the recent Bitcoin (BTC) crash. Although Lee is often lambasted for his overly bullish calls, such as his forecast for BTC to eclipse $15,000, the Fundstrat representative staved away from issuing price predictions in this interview.

Doing his best to attribute Bitcoin’s foray under $6,000, then $5,000, then $4,000 to a catalyst, Lee, contradicting sentiment that crypto assets act against traditional markets, noted:

Global markets are down more than 10% between October and November. While crypto actually had a negative correlation, in the last six weeks, it has flipped to one of the highest levels of correlation to global markets. So I think that the macro meltdown has actually finally hit the crypto, which further contributed to the essential panic selling.

As reported by Ethereum World News, in the past three to four months alone, the world’s five foremost technology stocks have lost a collective $822 billion, evidently instilling boatloads of fear in the hearts of investors, both in the crypto and stock markets.

While others have attributed crypto’s most recent crash, which sent the aggregate value of all cryptocurrencies freefalling under $140 billion, to others factors, more investors are getting convinced that the tumultuous stock market has been a strong bearish catalyst. Still, the fact of the matter is that markets aren’t cut and dried, so the contentious BItcoin Cash hard fork, coupled with the SEC’s recent crackdown on ICO-funded tokens, likely only accentuated the downturn.

Advice To “HODLers”

CoinTelegraph, aiming to get an inside scoop on Lee’s market outlook, asked the prominent market researcher, formerly of JP Morgan, if he had some advice to give to “HODLers” — zealous cryptocurrency investors that are hesitant to capitulate.

Surprisingly, seemingly contradicting his EOY price prediction and undying bullish sentiment for Bitcoin, Lee noted that investors “need to be patient,” adding that Fundstrat itself advises its clients to have small exposure to crypto — a mere 1% to 2% of their investment portfolio. Giving this statement some rationale, he explained:

So, number one, they’re not worrying about it every day. But also that’s 2% could become 50% in a decade it can grow dramatically.

Bitcoin, Ethereum, XRP Have Staying Power

Although Lee went on to note that “some crypto projects are probably hopeless,” the Fundstrat in-house crypto savant explained that notable players, like Bitcoin, Ethereum, and XRP, likely have the highest chance of surviving, especially in stormy market conditions.

Explaining why this is the case, Lee noted that unless the aforementioned projects are inherently broken, they are likely to maintain a semblance of value. So, when asked if now is an optimal time to buy into Bitcoin, the Fundstrat researcher explained:

So to me, crypto is exactly this moment that Bitcoin may have a downside in the near-term. But this doesn’t change the fact that it’s still the earliest days of crypto, and it’s about to become an emerging asset class. So, [these factors] are going to carry much higher prices… adoption is going to grow. and that we have institutional investors that will have opportunities to invest. So I think 2019 is a great year for Bitcoin.

Crypto Assets Have Room To Grow

Speaking on-stage at the most recent installment of Blockshow, held in Singapore, Lee made similar claims, noting that Bitcoin is “bent, not broken,” before adding that there is still “enviable” profitability in the cryptosphere, estimating that BitMEX is poised to make $1.2 billion in fiscal 2018.

This profit alone would make BitMEX, an infant crypto mercantile platform, more profitable than Hong Kong Exchanges & Clearing and Nasdaq, even while Bitcoin is just a decade-old creation. Like they say, “the proof in the pudding.” So, crypto isn’t going anywhere, and, more importantly, has a copious amount of leg room and big shoes to fill.

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Stellar (XLM) Key-Points That are Hoisting the Coin to Further Success

Without any doubt Stellar Lumens (XLM) is one of the coins that has strongly stood against the erosion of time in the crypto-verse. Its a market of massive funds moving around, however as Stellar withstood the test of time so have various other contenders competing for the top.

Stellar’s Road

Its team’s constant work and upward movement in the number of partnership, has granted Stellar the sixth place by market capitalization passing by Litecoin (LTC).

Continuing with this work flow, the platform is targeting to become the favored bank solution offering crypto in the ecosystem. Parallel with that to demolish Ripple’s XRP.

With the ability to make cross-border transactions more efficiently and speedy with the help of its stable asset Lumens, the network has achieved respect throughout financial institution that need its support.

The relationship between Stellar and Stripe dates more than 4 years back. They are the pioneer partners on the blockchain. At press time, Stripe is said to be getting over 2billion Lumens which is plough back the profits to the Stellar ecosystem. This has opened up Stellar for increased partnerships since it left Bitcoin due to escalating transactions charges.

IBM’s StableCoin

IBM has long been known to be a solid partner of the Stellar organization and plans on using the blockchain to explore the option of creating a cryptocurrency pegged to the US Dollar (a Stablecoin). The computing giant has also been known to be running 9 Stellar nodes around the globe to aid in the settlement of cross border payments.

Veridium

Ethereum World News had highlighted this project that is working on tokenizing the carbon credits economy using the Stellar blockchain. Veridium is partnering with IBM and Stellar to integrate their VERDE Token to simplify the tracking and auditing of carbon credits and the carbon market trading that follows.

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Binance “Sneak Peeks” In-House Decentralized Exchange

Binance Grinds Out Pre-Alpha Decentralized Exchange

World-class cryptocurrency platform Binance has been hard at work on its in-house decentralized exchange platform for months now.

While no product was expected this early, Binance’s team has been hard at work, recently releasing a “sneak peek” of a pre-alpha version of the platform, which will be an essential part of Binance Chain.

On Thursday morning, Changpeng Zhao, Binance’s CEO and an industry golden child, took to Twitter to release a short (but sweet) demo of an early-stage development iteration of Binance’s planned decentralized exchange (DEX).

Opening off the sneak peek video, Zhao, or CZ as he is known by the crypto community, told his viewers not “to expect too much,” as this is a “casual, rough and pre-alpha” demo that has no graphical user interface (GUI) to speak of, for now, that is.

In the six-minute video, a Binance developer showed off three essential features that will be an integral part of the fully-fledged platform, these being the creation, listing, and trading of tokens. From what was seen, it seems that all seems to be working according to plan. But until Binance releases a version available for public consumption, it remains to be seen whether the DEX can handle an influx of volume and users.

Closing off the “casual and early demo,” Zhao noted:

“There is still tons of work to be done to turn it into a final product. The team is working on it very aggressively. Nevertheless, I think that this is a major milestone for Binance Chain and we’ll keep you guys up to date from time to time.”

While this may look like nothing much on the surface, CZ sees this as “a small step for Binance Chain, (but) a big step for Binance.”

In an interview with CNBC Africa’s Ran NeuNer, who hosts the Crypto Trader show, Binance’s CEO added that he isn’t 100% sure when the official release of the DEX will occur. As CZ puts it, “it could be one year, two years, three years, or five years. I don’t even know.”

Decentralized Exchanges — The Future For This Industry

Many see decentralized exchanges as the next step for this industry, as many investors have begun resisting the restraints put upon them by centralized exchanges. For those who are unaware, decentralized exchanges remove a centralized intermediary, allowing its users to trade crypto to each other directly, removing the need for an asset to be routed through an exchange-owned wallet.

Not only does this reduce the risk of a hack, but it is also censorship-resistant and can be available worldwide for any user that may be seeking its services.

However, some have their doubts, with some skeptics bringing up the recent hack of the Bancor DEX, where a smart contract was hacked and over $30 million in funds were stolen. While none of these funds were owned by consumers, critics brought up the fact that Bancor was able to freeze BNT tokens through a back-door, “emergency” function, which negates the purpose of decentralization.

Hopefully, Binance will address all the current concerns about decentralized exchanges and will create a platform accessible to a worldwide audience.

Photo by Luca Bravo on Unsplash

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