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Jibin M George

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Crypto News – 07 June

Sam Patt on Bitcoin’s utility: The Co-founder of OpenBazaar is in the news after he claimed that Bitcoin [BTC] was built for payments, and not as a store of value

Read more at https://bit.ly/2MBOAnI

Bitcoin’s Node analysis: New research reveals that the number of reachable nodes is almost unchanged from a year ago

Read more at https://bit.ly/2F8ROcn

CME Bitcoin [BTC] Futures scale new heights: Recent reports revealed CME volumes were up by 36 percent since April 2019, and had witnessed a year-on-year growth of 250 percent

Read more at https://bit.ly/2QTmCSZ

Litecoin, XRP prices soar: Both cryptocurrencies recorded major gains on the coin market today, the latter on the back of SCB confirming, then later denying the use of XRP and the persistent Money Gram acquisition rumours

Read more at https://bit.ly/2XusS5T

Brock Pierce on the bear market: Noted entrepreneur Brock Pierce is one of the few thankful to the bear market, stating that it helped cleanse all the bad players from the market

Read more at https://bit.ly/2QRcKcr

OpenBazaar on ETH integration: After weeks of speculation, OpenBazaar confirmed that Ethereum integration on its platform was in its final stages

Read more at https://bit.ly/2KFdMXE

Brian Armstrong on batched transactions: Coinbase CEO made good on his 17-month promise, confirming that batched transaction will hit the exchange in the coming months

Read more at https://bit.ly/2QXpIFp





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Ampleforth could help create next-gen synthetic commodities for portfolio diversification, claims Blockfyre report

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Ampleforth could help create next gen synthetic commodities for diversification of portfolios claims new Blockfyre report
Source: Unsplash

Ampleforth was the first token to successfully complete an IEO on Bitfinex. This IEO caught the attention of a lot of users in the cryptospace, as the $5 million hard cap was sold out within the first 11 seconds. A new report by Blockfyre details how Ampleforth could pave the way for a new asset class for portfolio diversification in the future.

The report also highlighted a feature of Ampleforth that allows a flexible supply that adjusts to the market demand, while price simultaneously finds equilibrium. The token also aims to tackle the strong correlation that most cryptocurrencies share with Bitcoin.

Synthetic Commodity

Ampleforth project has the ability to create synthetic commodities that are disconnected when it comes to price fluctuations due to correlations, which is a common problem faced by both cryptocurrencies and traditional asset classes. Although Bitcoin was created to tackle problems that fiat currency inherently has, it still has some correlation issues.

In a world where traditional assets are widely affected by macroeconomic and global political scenarios, Ampleforth aims to create a new asset class, Synthetic Commodity, to tackle this problem.

The report stated,

“BTC as a synthetic commodity doesn’t show correlation to traditional markets such as stock stocks and bonds. Thus it reflects a potential good investment for portfolio diversification, in order to tackle macro-economic recession”

Although BTC is an uncorrelated asset, other cryptocurrencies are widely correlated to it. Ampleforth’s protocol introduces synthetic assets that “will always find a price-supply equilibrium by adjusting the price due to demand.” The report added,

“It needs to be emphasized, that these price-supply information will always be distributed amongst all token holders, so the supply of all token holders will decrease / increase. As a result, the overall cut of the total supply for each person will always remains the same.”

The report further said that if successful, Ampleforth will directly compete with Bitcoin’s $145 billion market cap and also against traditional asset market-based in fiat.





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