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Ripple expands to Brazil, EOS responds to AnChain’s Blockchain Bot report and more

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Crypto News – 12 June

Should banks be afraid of FB’s GlobalCoin?

Although the involvement of tech giants in cryptocurrency seems to be a positive development for the ecosystem, some leaders in the space have also predicted a stiff competition for survival in the not so distant future.

Read more at https://bit.ly/2I9xf16

Are Bitcoin & Tether joined at the hip?

The charting of the market cap of the stablecoin (USDT) and the price of Bitcoin expressed in the base USD shows almost foot-for-foot tracking.

Read more at https://bit.ly/2WFkW5s

Coinbase expands crypto-debit card services

Coinbase has announced the launch of its Visa debit card in six more European countries.

Read more at https://bit.ly/2WCBIT5

BTC worth $3.25 billion moved to Binance wallet

BTC’s surge resulted in a lot of cryptocurrencies being moved to multiple wallets and exchanges. This pattern was not an isolated incident as reports of massive movements have become a norm.

Read more at https://bit.ly/2KcQ7hY

FATF: The crypto-industry’s biggest challenge?

Financial Action Task Force, a body constituted by representatives from various governments curated to countering money laundering and financing of terror outfits, will restate and may revise its stance on virtual assets.

Read more at https://bit.ly/2wOpxmQ

John McAfee launches crypto-trading platform

After recently announcing the launch of his own crypto-debit card, the seasoned entrepreneur has announced the launch of a new cryptocurrency trading platform, McAfee Magic.

Read more at https://bit.ly/31sTgiX

XRP prices coiling up for a meteoric rise of 20%

XRP is coiling up for a launch into the stratosphere. The falling wedge setup signals a bullish breakout for XRP in the near term.

Read more at https://bit.ly/2wMMx5l





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Bitcoin

Bitcoin is an enterprise; its users are comparable to traditional shareholders, claims Goldmoney Founder

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Bitcoin: Age old discussion about Bitcoin being a commodity or security brought to life; Could it be a security?
Source: Unsplash

Bitcoin was conceived in the backdrop of banks bailouts and the 2008 financial crisis. The recession and the loss of faith in banking, financial institutions gave Bitcoin a platform to rescue the ones affected, giving them hope for a better financial system without the hassle of corrupt institutions. With the rise of Bitcoin’s fame, both in the darknet and in the mainstream, questions about its regulations had to arise.

The question was put to rest when the SEC/CFTC ruled Bitcoin as a commodity and taxed it. However, Goldmoney’s Roy Sebag brought this discussion up again recently in his tweet thread, where he said that Bitcoin as an enterprise is working towards its good, comparing its users to traditional “shareholders” among other things, while concluding that Bitcoin is a security. He tweeted,

“Is Bitcoin a security? <10 years old so regulators haven’t even had enough time to truly learn how it works (think Napster or Kazaa in early days). Miners are clearly issuing coins and responsible for governance, an absence of formal relations among them is irrelevant….”

In successive tweets, Sebag attributed miners with the role of “stewarding” the so-called enterprise. In return, these miners get paid in “direct fees” or in “share appreciation.” In Bitcoin’s case, it is the mining reward, which is “BTC”. Similarly, buyers are compared to “shareholders” with a common interest in the enterprise, i.e. profit. Sebag added,

“Coins trade at exchanges. The common enterprise is designed for the price appreciation of coin.”

Bitcoin could face a shutdown by the government, just like it did with big players in file sharing, said Sebag, who added that Bitcoin could also be interpreted as a security under the “34 act of the SEC.” The Goldmoney Founder concluded that “this realization rests on the belief that neither Bitcoin nor any common enterprise is truly decentralized.”

However, his inputs weren’t very well-received by many in the crypto-community. Casa’s CTO Jameson Lopp refuted Roy Sebag’s ideas, tweeting,

“Roy will believe what he wants to believe, though if he’s not actually participating in Bitcoin then his beliefs are irrelevant to its consensus formation.”





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