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

Aman Swami

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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.

Technology

China wants it fast and now – Orders to speed up Blockchain development

Sarah Rodrigues

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China wants it fast and now- Orders to speed Blockchain development.
Image Source: Pxhere

The largest country in the world has a positive outlook towards Blockchain technology.

The State Council of China has demanded that authorities need to speed up the development of Blockchain technology. The country’s central administrative branch of government first issued this order on 4th May 2018. It addressed various strategies that required continued reformation of the Guangdong Pilot Free Trade Zone.

The Guangdong Pilot Free Trade Zone is a free-trade zone is in the province of Guangdong, China sandwiched between Hong Kong and Macau to build a vast international free-trading market. It was authorized by the State Council in 2014 and officially launched on April 2015.

An official document stated:

“To build a regional equity market in Guangdong, according to the opening up of the capital market, timely introduction of Hong Kong, Macao and international investment institutions to participate in transactions. We will vigorously develop financial technology and accelerate the research and application of blockchain and big data technologies under the premise of legal compliance.”

However, the document does not reveal or contain any details on the extent of blockchain technology that will be used in the Free-Trade zone.

According to China’s Ministry of Information and Technology, the Guangdong division has 71 blockchain startups. In 2016, the concept of cryptocurrency and blockchain technology was introduced as a part of their 13th five-year economic development plan from 2016 -2020.

The Bank of China [BoC] recently announced the initiative to irradiate poverty through Blockchain technology in the region of Tibet, an autonomous region in China.

supreme-n00b, a Reddit user commented:

“China has done this many times before. It’s not that they’re scared of new technology. It’s that they have the population to turn their own copy technology into the status quo. Why open yourself to Twitter when you can create a billion-dollar brand by forcing everyone to use Weibo. Crypto is no different. The Chinese are going to choose and run with a coin and put it on WeChat – instant use by hundreds of millions of people. Yet another billion – perhaps trillion in this case -dollar tech. The biggest mistake the Russians and Indians ever made was allowing western internet access to their people.”

colivingclub said:

“This seems pretty familiar. China bans Google service and creates their own search engine Baidu. China bans Facebook and creates their own social network Qzone. Next step – own internal cryptocurrency? And this won’t even cause any surprise”

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Altcoins

‘The U.S SEC must regulate the cryptocurrency market to eliminate the bad actors’ – says Ran Neu Ner

Laira Rebecca

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‘The U.S SEC must regulate the cryptocurrency market to eliminate the bad actors’ - says Ran Neu Ner, the CNBC host
Source: Max Pixel

CNBC Fast Money, hosted by Melissa Lee, had Ran Neu Ner as the guest this time. Ran Neu Ner is a famous host of CNBC Africa’s Crypto Trader show and is the Founder of OnChain Capital.

The main topic of discussion was about “Is cryptocurrency market being manipulated?”

According to Ran, in the past, it was easier to manipulate the cryptocurrency market because there were a very few exchanges, a few on-ramps, and off-ramps. However, today with an overall market cap of $330 billion, it is a bit more difficult, because there are many exchanges and the volume of the digital currencies are much higher.

He also mentioned about the recent tweets that exposed a group, who is manipulating small penny tokens and how they got exposed for manipulating small e-liquid tokens.

Melissa further raised a doubt about how the market manipulation is occurring in deepest markets like London Interbank Offered Rate [LIBOR] and compared it with the U.S cryptocurrency market.

Ran mentioned that he is not sure about it, because the U.S. Securities and Exchange Commission [SEC] has not regulated Bitcoin and other cryptocurrencies.

Therefore, there are no regulated acts, under which the illegal terms can be questioned.

He says:

“what is the problem of driving the prices up? It is illegal in terms of what act? We are not a currency, not a commodity, we don’t know what we are.”

Further, they discussed, due to the uncertain market values of BTC and other coins, should the traders be cautious about what the SEC, U.S. Commodity Futures Trading Commission [CFTC] or the U.S Department of Justice [DOJ] is going to look at.

Ran says, when the SEC and other organizations come up with regulations, it is going to open the floodgates for new money to come in. He thinks that regulations are eminent and he expects SEC to quote new regulations for cryptocurrency and hopes that everyone will follow it.

Also, he mentioned that he would encourage crackdowns because they can catch the bad actors who create a lack of trust. To obtain a real asset class with real people, eliminating bad actors is very important.

Ran believes that people across the U.S are waiting for the guidance of SEC and they have a huge part to play in regulating cryptocurrencies, while other countries are already looking into various aspects of cryptocurrency and have started accepting them.

A cryptocurrency enthusiast says:

Always an interesting conversation when it comes to manipulation. The #Silver market has had a conspiracy theory about being manipulated for more than 10 years.”

Anthony Matthew, a business analyst says:

“BTCUSD barely broke lower than 7500 all day, despite well-known news of cryptotrade manipulation and DOJ + CFTC investigation.  I feel like I am trading in the stock market again, so I am buying Bitcoin at 7500.”

A cryptocurrency miner named Chad commented:

“Maybe the DOJ and @CFTC will crack down on manipulative paid Roger Ver shilling appearances too”

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