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Stellar Foundation Co-founder’s Consensus 2018 panel talk a success or failure?

Aman Swami



Stellar Foundation Co-founder's Consensus 2018 panel talk a success or failure?
Source: Pixabay

Stellar, which has been in the news for many reasons in the recent times, including its price drop in the recent bearish market, announces something which it describes is really cool.

They announced that the Co-Founder of Stellar Development Foundation, Jed McCaleb is part of the Consensus 2018 panel. In a market that witnessed Stellar Lumens’ price suffer, this could be a huge boost to the community, hearing from an executive member first hand in a live stream of the event. The event was attended by 8000 people.

The Blockchain Week is believed to be a very rewarding event for the cryptocurrencies. It is to bring a positive impact and boost the cryptocurrency prices in the market. It has done so previously and could be highly influential in the current suffering market. This was an opportunity for the Stellar executive to reach out to its community and promote HODLers.e

In the event, Consensus 2018, Jed failed to impress the community members as many believed he did not have a command over his speech and failed to even remember the price of Stellar Lumens in the current market. A few furious comments were shared following the slip of Jed but many stood in his support as well. They showed true loyalty towards the coin and the foundation.

The reactions following the event flowed on multiple social media platforms.

Irene, a Twitter user commented:

“Very disappointed of JED.. He doesnt even know what the price is for LUMENS.. wow. If he doesnt care why should i care to hold? im about to unload all lumens.. Jed is also a horrible speaker..very disappointed.”

Issac Lee tweeted:

“The more Jed is silent about the the use and price of XLM, HODL’er is not happy. Jesse lund of IBM is also is unclear about use/price of XLM. Im telling you, if XLM is solely for utility – its massively overvalued. If its portrayed as store of value/utility, it has more upside”

A community member Paul jumped in defense, he said:

“I feel he is right here the main thing Jed needs to worry about is the stellar product and getting it mainstream,, i don’t want Jed worrying too much about the price,, if he can bring stellar lumens mainstream the price will take care of its self”

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Aman Swami is an Economics major from Christ University. He is very passionate about cryptocurrency and understanding of financial markets.


SEC’s harsh crypto regulations would drive innovation away from the US to Asia, says Fred Wilson




SEC's harsh crypto regulations would drive innovation away from the US to Asia, says Fred Wilson
Source: Pixabay

Circle-acquired Poloniex, one of the leading cryptocurrency exchanges in the world, announced the geofencing of nine assets on its platform recently. The reason revealed by them was the uncertain regulatory climate in the US, leading them to take a cautionary step fearing the Securities and Exchange Commission’s [SEC] retribution.

Fred Wilson, the co-founder of Union Square Ventures, had recently voiced his opinion that the regulatory body’s ruling to delist coins in the US crypto exchanges was very damaging. He believed that hostile policies would eventually drive away innovation from Silicon Valley, which is the “global epicenter of tech” to Asian countries. He tweeted,

“In 5-10 years when we look back and consider why the next big tech sector centered itself in Asia and not in the US, it will be the SEC’s unwillingness to create new rules to regulate new assets that will be the cause”

Citing Coinbase as an example, Wilson stated that the “most trusted/compliant/secure/safe” exchanges were based in the US. So, according to him, driving trading or liquidity to Asia is “detrimental to safety and security”.

Preston Byrne attorney at Byrne & Storm, PC responded to the above tweet stating that “alleged misconduct” in Asia would be harmful to the entire crypto-space. He emphasized that the major threat to Bitcoin adoption was the “bad actors” who need to be identified and eliminated.

Calling for the need to monitor trading regions and markets, Byrne posted,

“95% of trading volume is faked. The Bitfinex/Tether saga is insane and only just getting started. If crypto is going to be adopted, we need to have more trust in our trading venues. That requires close supervision of trading venues and markets.”

Ari David Paul, the founder of BlockTower Capital, also reacted to the post,

“Hopefully we’re not headed toward a world where voluntary commerce can be stamped out globally. So for a global asset, this will always be an issue. Fortunately, you don’t need to care. $1b in CME future volume is real and traceable. Manipulation is temporary by nature.”

Responding to the above tweet, Byrne said that $3 billion of Tether [USDT] was what kept Binance and Finex “afloat” and contributed significant volumes and were currently under the heavy check by State of New York. He also added that the aforementioned platforms were a “hair’s breadth away” from an investigation regarding fraud.

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