Author: Neil Mathew

Neil Mathew is a writer and trader that believes cryptocurrency has the power to change the world. He’s written for various publications and is excited to continue to share his knowledge of the markets as much as possible.

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Zhao Speaks About Potential Of Blockchain With Gaming

There is little doubt that blockchain will change the way that human beings interact with each other and the way that industries operate. However, many blockchain proponents are constantly wondering and debating about which industry will help the most regards with mass adoption. Well, it appears as though Changpeng Zhao, the CEO of Binance, has offered his opinion about a sector.

Although he didn’t necessarily state that the industry would be single-handedly responsible for mass adoption, Zhao did seem to indicate that the gaming industry could be instrumental with regards to blockchain. This is quite significant, considering that Zhao is easily one of the most influential figures in the sector.

About The Comments

One of the reasons that Zhao even brought up gaming is because there is a new popular game that is accepting Binance (BNB) tokens. That game is the collectible trading game Steem Monsters, which involves six kingdoms and has various RPG elements, and is based on the Steem blockchain.

Zhao took to Twitter to express his excitement about the announcement. He not only spoke about the opportunity that the gaming industry presented, but also indicated that its tokenization was inevitable. Specifically, he stated: “Gaming is a not-so-small industry yet to be tokenized.  Fast or slow, it will happen.” He went on to add that his company was ready to help. You can find the tweet below:

https://twitter.com/cz_binance/status/1090082827293450241

Obvious Opportunity

Zhao does seem to have a point. After all, there are over 2 billion video gamers in the world, which indicates that a significant amount of the global population is a gamer. In addition, blockchain can help with regards to creating a secure ecosystem for gamers to trade digital assets, for example.

In addition, the industry is growing significantly. In the United States, for example, year after year, the video game industry sets records with regards to sales. In 2018, there were over $43 billion in video game sales in America alone.

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An Economist Recognizes Massive Crypto Opportunity

There is no doubt that there are many economists that have dismissed the cryptocurrency markets for years. There are those that believed that Bitcoin was going to be nothing more than a fad, and that it would never reach the prices that it has reached, even if it currently is continuing to consolidate under $4,000.

Of course, there is something to be said for perspectives and biases. Our own experiences might account for our own attitudes, which is something that an economist has recently highlighted. Specifically, Anya Nova is a crypto economist with Perth-based Power Ledger, and points out that her own childhood is what helps her truly believe in the potential of the cryptocurrency markets.

Childhood Woes

Nova grew up in 1990s Russia, which experienced hyperinflation, so one might see why she gravitated towards cryptocurrency. She recalls the extreme volatility that occurred during this time period, and the direct effect that it had on her family. She stated: “I remember my mom sent me to buy a loaf of bread from a local store. The day before, one loaf was the equivalent of 60 cents, today it was $3.40. This was not an immaterial change for my single mother and me.”

While others might be hesitant about Bitcoin because it is a digital asset and isn’t used for everyday purchases – Nova views things a little differently. She points out that just because you can physically hold money, it doesn’t guarantee anything, and references her childhood as proof of this. She elaborated: “If you’ve ever held a large bundle of worthless cash in your hand, you’d know the feeling.”

Massive Opportunity

Nova isn’t shy about the potential of blockchain and cryptocurrency, and she believes that there is simply so many sectors that can benefit from tokenization. She specifically mentions these sectors: “$217 trillion dollars in real estate, $55 trillion dollars in equities, $6 trillion dollars in gold.”

She also stressed that she was very optimistic about security tokens, as well. Nova works for Power Ledger, a blockchain energy project, which wants to power communities with reliable and low-cost electricity.

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Iran Plans State-Backed Cryptocurrency

Often times, when cryptocurrency enthusiasts and proponents think about cryptocurrency and decentralization, we think about the fact that we can provide a way for those who do not have access to traditional financial institutions to have a way to exchange money. We also think about free speech, and the fact that central authorities cannot manipulate currencies.

However, there’s a drawback. There’s the idea that a country that is isolated financially for a reason can still develop a cryptocurrency to galvanize themselves economically. That appears to be becoming a reality, as there are reports that Iran will be developing a state-backed cryptocurrency to circumvent global sanctions.

Announcement Soon

The announcement is expected to be made very soon. In fact, on January 29, at the Electronic Banking and Payments System conference, in Tehran, Iran, the announcement is expected to be made. The year’s theme even seems to hint at the announcement, as it is “blockchain revolution”.

The reason for the announcement is the fact that U.S. president Donald Trump had announced the reinstatement of sanctions against the country last year. They aim to target various sectors of Iran’s economy, including its oil sales, shipping industry, banking industry, and more.

Rollout/Context

One of the more urgent reasons for the cryptocurrency is the fact that the United States has even turned the Society of Worldwide Interbank Financial Telecommunication (SWIFT) against the country. Many were surprised at the move, and others pointed to the influence of the United States as the main reason, considering the organization is supposed to be an independent organization.

The new announcement certainly proves that the sanctions are affecting Iran’s economy significantly, considering its own government issues an official ban against cryptocurrencies in April of last year. Many attributed this to the fact that the rial, Iran’s currency, had hit an all-time-low around the same time.

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Crypto Winter Hasn’t Hit Zug Yet

There is one undeniable fact about markets and business – there are ups and downs, and times of growth and prosperity, and times where companies have to figure out how to cut costs as quickly as possible. While more people than ever are aware of blockchain and cryptocurrency, the markets still aren’t off to the best start, as it appears as though Bitcoin still cannot break past the $4000 resistance level (as of press time).

However, that isn’t stopping one area of the world from betting on blockchain in the long-term. That area is none other than Zug, Switzerland, which has been described as the “Silicon Valley” of crypto, and also as “Crypto Valley”. Interestingly enough, there are more companies than ever in the cryptocurrency space, even if their valuations have been adjusted, thanks to the markets.

About Zug

For those who have never heard of Zug – it is a city of about 30,000 residents an hour outside of Zurich, which is the largest city in Switzerland. One of the reasons that it has been able to attract so many blockchain and crypto companies is because it boasts a low corporate tax rate.

Interestingly enough, the city is an affluent one, but is so small that it doesn’t even have its own airport. However, that hasn’t stopped many companies from clustering in the area, eager to come up with the next innovative company as it relates to blockchain technology.

About The Study

While many have called this period of time a “crypto winter”, where cryptocurrency companies are either experiencing layoffs or actually folding – Zug has actually experienced an uptick in terms of entrepreneurs creating cryptocurrency-related companies. Specifically, just in the last quarter (Q4 2018), the region has expanded by 20%, rising from 629 business entities in the sector to 750.

This certainly is curious, considering that the markets still haven’t recovered from 2017, which featured some incredibly bearish price action. For some context, the average cryptocurrency business has a valuation of 27 million. For those wondering about the larger businesses; the average valuation of the top 50 companies hovered at around $400 million.

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Cryptocurrency Discussed On Joe Rogan Podcast

The Joe Rogan Experience is one of the most popular podcasts in the world, and Joe Rogan is widely considered to be a pioneer of the space. Rogan used to host the popular show Fear Factor, but is also widely known as a UFC commentator and comedian, and he has a wide variety of individuals on his guests, from comedians, to conspiracy theorists such as Alex Jones, to some of the most well-known CEOs in the world, such as Elon Musk.

The 51 year-old now has an audience that rivals most TV networks, and has garnered a loyal fanbase of millions. He most recently had Killer Mike on his platform, and they discussed cryptocurrency.

About Killer Mike

For those who are unaware, Killer Mike has been an active rapper for about two decades now, featuring on the iconic duo Outkast’s album Stankonia in 2002. He recently has reached a new level of fame as one-half of Run The Jewels, one of the most critically-acclaimed hip-hop groups in recent years.

 

He is also quite the activist, and is well-known for supporting Bernie Sanders as a presidential candidate, as seen above. He came on Rogan’s podcast to promote a new show titled Trigger Warning, a Netflix documentary series.

About The Conversation

Rogan initiated the conversation, asking Killer Mike if he was paying attention to cryptocurrency. The rapper admitted that he wasn’t too familiar with the space, and had just gotten into stocks.

Rogan then spoke about how he fascinated about the idea of a “decentralized economy”. He elaborated that it was interesting to think about currency that was outside of the control of banks, and how a currency could exist that wasn’t affected by local exchange rates. He concluded that if true decentralization was achieved, “it would be a really different world.”

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Italy Might Pass First Blockchain Law

While there are countries that are still arguing about how exactly to classify or regulate cryptocurrency – it appears as though Italy is busy trying to figure out how to use blockchain technology in ways that could make the world more efficiently.

Specifically, Italy’s Senate is exploring exactly how to allow for “timestamping” with respect to blockchain and validate documents using blockchain. For example, this would allow for there to be a legal precedent for data and documents of all kinds, and the distributed ledger technology would make the verification that much more secure, for example.

Italy Open To Change

While two committees – the committee of Constitutional Affairs, and the committee of Public Works – have approved the amendment – Italian parliament would have to actually turn the regulation into law. There are two important aspects to the amendment, in that it actually defines “smart contract” and “distributed ledger technology”.

While other countries are still ambivalent on how to deal with the sector – Italy, last month, published a list of 30 different experts to come up with a “blockchain strategy” for the nation. The list includes individuals involved in business, law, research, science, and more.

Banks Already Involved

In a growing trend, Italy’s banks are already exploring how to utilize blockchain for increased efficiency. The platform that they decided to use was developed by the startup R3, and is known as “Corda Enterprise”, which has made headway globally. In fact, Italy’s second-largest bank, Intesa Sanpaolo, and thirteen other banks, were involved.

The idea was to improve interbank transactions, and took place over ten months. This also involved over 1.2 million transactions over this period of time, as well. The tests were also conducted in partnership with ABI Lab, which is backed by the Italian Banking Association. The banks also plan on moving forward to utilizing blockchain for everyday transactions in general, during the trial’s next phase, being conducted now.

 

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Venezuela’s New President Is A Bitcoin (BTC) Fan

One of the largest political stories in the past couple of days is the fact that President Trump has chosen to officially recognize Juan Gaido as the interim president of Venezuela. Nicolas Maduro, who was serving as de facto president of the country for years now, has cut off all ties with the United States as a result, and ordered U.S. diplomats to leave within 72 hours.

Interestingly enough, it appears as though Juan Gaido, who has now been sworn into office, is a fan of none other than Bitcoin (BTC). In fact, before much of the world was even thinking about cryptocurrency, Gaido was tweeting about Bitcoin before much of mainstream media was even thinking about the digital asset.

About Gaido

For those who are unaware, Gaido is a 35-year old who has been at the head of the National Assembly for only three weeks, but whose popularity has risen as a result of the fact that he has been unafraid to call Maduro a “usurper”. He was raised in a coastal town, and previously worked as an industrial engineer.

He actually launched his own political party, the Voluntad Popular, with Leopoldo Lopez, a famous opposition leader that has been popular with Venezuelans for some time now. Lopez is considered to be Gaido’s mentor, and is currently under house arrest.

Could Bitcoin Help?

For those wondering how it is known that Gaido is interested in Bitcoin; there is the fact that he tweeted about the first Bitcoin exchange house in Venezuela back in 2014. This is quite substantial, as it was well before mainstream media was covering Bitcoin, and before many institutional players took the cryptocurrency markets seriously. You can find the tweet below:

 

One of the largest issues with Venezuela’s economy is hyperinflation, which has made the fiat currency extremely volatile. As a result, many are turning to cryptocurrency, and believe that Bitcoin can be a potential solution. As a result, the country is now a huge market for cryptocurrency in general. In fact, the country is supposed to receive its first cryptocurrency ATM shortly.

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British Millionaire And Facebook Come To Agreement About Bitcoin (BTC) Scam Ads

Many in the cryptocurrency community were ecstatic to find out that Facebook had reversed its crypto ad ban last year in 2018. Obviously, many believed that cryptocurrency markets could never truly grow unless there was an increased amount of exposure to potential investors and traders.

While the platform might not advertise every company now, and there are strict rules surrounding the advertisements; it still means that cryptocurrency-related companies can reach a fraction of the platform’s 2.2 billion monthly active users, which is a significant part of the world’s population. However, Martin Lewis, a British millionaire, was displeased to find out that his face was being used in advertisements in 2018, and took action against the company. The lawsuit has now been dropped.

Lawsuit Dropped

A millionaire who sued t Facebook because ads had featured his likeness has actually dropped his lawsuit against the global social media platform. This millionaire is none other than Martin Lewis, the founder of MoneySavingExpert.com. The announcement was made in a press conference on Wednesday, January 23, 2019.

It took eight months for the parties to come to an agreement. Lewis did not accept a sum of money as a settlement, but instead, Facebook will be donating 3 million GBP to Citizens Advice in the UK. Citizens Advice is a network of over 300 charities that provides free information to individuals with all sorts of issues, whether it’s legal or financial.

Next Steps

Facebook appears to be taking action against future issues such as this. Specifically, a button will be provided for UK users to immediately report an ad that they believe to be a scam. A representative for the company stated that if the feature proved effective, it could be expanded to other countries, as well.

Lewis praised Facebook for the decision, and also seemed to hint that Google should take notice. He even stated that he would not rule out the possibility of suing Google, as well.

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NASDAQ CEO Praises Crypto

One of the most positive trends with regards to cryptocurrency recently is the fact that more high-profile individuals in the finance world seem to have no problem acknowledging that there is massive potential in the sector. That trend appears to be strengthening, as none other than the CEO of NASDAQ has now openly praised cryptocurrency.

Adena Friedman, the President and CEO of NASDAQ Inc., which owns the Nasdaq stock exchange, made the comments at none other than the World Economic Forum in Davos, Switzerland, one of the most high-profile economic forums in the world.

Specific Comments

Friedman has published an article that outlines some of the main economic issues that she expects will be discussed at the forum. One section is entitled, “Crypto Currencies Could Still Be a Global Currency Of The Future”, where she states plainly that the amount of interest in the sector was “difficult to ignore.”

The most praise can be found within one specific sentence where she stated:  
“The invention itself is a tremendous demonstration of genius and creativity, and it deserves an opportunity to find a sustainable future in our economy.” The statement is quite significant for two reasons – one, because of how high-profile Friedman is in terms of global finance, and two, because it acknowledges creativity where other influential global finance players never have.

Additional Thoughts

Friedman, of course, did not limit her thoughts to just cryptocurrency, as she also elaborated on advancements in artificial intelligence (AI), and space travel, for example. She predicts that AI will be increasingly adopted in 2019 more than it ever has before.

She ended on a positive note, stating that she believes one of the goals at Davos was for economists to find ways to “build a more inclusive world.” Friedman concluded the article by stating that the future holds the potential for “an inclusive, innovative, growing global economy.”

 

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Roger Ver Says Scammers Made $6 Million

One major issue with the cryptocurrency markets is the fact that there are so many scammers involved, that are ready to take advantage of those who might not be knowledgeable about how scams work. Often times, scammers use the likeness of influential figures in the cryptocurrency space in order to profit.

Specifically, Roger Ver, the CEO of Bitcoin.com, has stated that social media accounts using his information have scammed individuals out of $6 million in cryptocurrency.

About Ver

For those who are unaware, Roger Ver was one of the earliest and most famous Bitcoin adopters and investors. He was one of the few individuals actively investing in the space around 2011-2012, and he invested in notable companies such as Ripple, Bitpay, and Kraken.

He is one of the five founders of the Bitcoin Foundation, as well, and is known for supporting Bitcoin (BTC) as a means towards true economic freedom. He was born and raised in Silicon Valley, but no longer lives in the United States. He has a Twitter account with over 500,000 followers, which makes him easily one of the most influential cryptocurrency-related accounts.

Clarification

Ver has gone on record to let cryptocurrency traders and investors know that he would never directly ask for donations or investments. He stated: “I’m never ever ever going to contact any of you guys asking for money or asking to invest in something via direct message on any of these social media platforms.”

Ver is not the only one who has been impersonated, as scammers attempt to leverage the influence of major cryptocurrency figures to gain credibility and solicit donations. Some of the most popular individuals who have been impersonate include John Mcafee, Vitalik Buterin, and Elon Musk. Specifically, billionaire entrepreneur Elon Musk, has even complimented how innovative the scamsters have become.