Bitcoin has succeeded as an asset but has failed terribly as a currency. It has only gained traction within a very small niche following, lacking any use in real-world transactions. It only handles a very small number of transactions compared to its competitors like Visa, all while consuming large amounts of energy which further makes it unsuitable for mainstream use. This is according to Jay Krishnan, the CEO of India’s largest startup incubator and a venture advisor to SRI Capital, a VC firm with investments in augmented reality, e-commerce and industrial automation. Krishnan tore into Bitcoin in an op-ed for the Economic Times, calling it a failed idea. However, the startup veteran got many of his facts wrong, including the fees charged for a transaction which he greatly exaggerated.
Ethereum Classic (ETC) has been a complete disappointment for a lot of investors in the past. The price failed to rally at the same pace as the rest of the market and thus investors who were betting big on Ethereum Classic (ETC) did not profit as much as those that bought Ripple (XRP) or EOS(EOS). However, Ethereum Classic (ETC) is known for making its own moves at times which has served the cryptocurrency a lot well and investors who had been hodling Ethereum Classic (ETC) since the beginning of this correction would have lost the least compared to those holding other coins including Ethereum (ETH) and Ripple (XRP).
As a follow-up to last week’s Bitcoinist article on sh*tcoins and Initial Coin Offerings (ICOs), Bitcoinist looks at crypto researcher Steven Zheng’s numbers, successful-to-unsuccessful ICO ratio, and more.
From Lowest to Highest Returns of Investment (ROI)
- Bolenum likely probably bound to fail after raising only $ 18,500 during August 2017. At the same time, the second most fruitful ICO raised even less than that. yet at -99.72%, Bolenum is currently the most sterile project evaluated by Zheng.
- MyBit strives hard to outstrip it. Also completed in August 2017, the MyBit ICO sold its tokens for a staggering $ 2, which now turned into 2 cents, or -98.89%.
According to Jay Krishnan, the CEO of T-Hub, India’s largest startup incubator & venture advisor to SRI Capital, Bitcoin has failed due to $ 20 transaction fees. Except that since December, for over nine months, the median transaction fee of Bitcoin has remained below $ 0.2. In December 2017, the demand for Bitcoin and other major cryptocurrencies … Continued
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Providing affordable, instant and a transparent remittance system, Ripple is now heading into a partnership with SBI which makes it thar biggest money transfer provider in the country.
Slowly but surely, Ripple is becoming a worldwide household name. In China, Mexico, India and multiple other markets, Ripple has its eye on growing into something huge.
Japan has been in Ripple’s crosshairs for a while now and in their latest blog titled, “The Power of Instant Remittances: RippleNet in Japan”, Ripple are sharing what exactly it is doing in the country.
Throughout the past year, Coins, the biggest crypto exchange and brokerage in Southeast Asia, has more than tripled its user base from 1.5 million to more than 5 million users, adding 4 million users during a market correction. In June, CCN reported that Coins became the first cryptocurrency startup in the Philippines and all of
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Cryptocurrency is rife with problems, we know that, otherwise Bitcoin would have been adopted years ago. The good thing is, a lot of these problems can and will be addressed. When we think of problems, we think of things like hacks, security, volatility and accessibility. Regarding cryptocurrency funding on the other hand though, a founder of Ethereum, Vitalik Buterin has located a major problem in a paper, co-written by Zoë Hitzig of Harvard University.
The problem, free riders.
Created by Google, Microsoft, and Intel engineers, Dfinity Foundation is set to be the crypto sector’s biggest private token sale of 2018 valued at $ 2 billion. Andreessen Horowitz (A16Z) made its largest investment in the crypto sector to date through its two-month old cryptocurrency fund. A16Z was amongst five investment firms including the $ 1 billion
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EOS has been pretty quiet recently. Best known as the first major cryptocurrency to beat it’s previous crypto boom all time high later on in the year, EOS has shown strength and the capacity to grow, away from the general trend of the markets. The reign of EOS came as the EOS coin offering (arguably the longest ever ICO) came to an end. This, led to a bunch of hype and a drive for investment that saw EOS exceed $ 20.00 for the first time ever.
Zeeshan Feroz, CEO of Coinbase UK, spoke with CCN recently about the recent developments in the cryptocurrency exchange industry and the space as a whole. Feroz has been with Coinbase since February 2017 and notes that the UK is the company’s fastest growing market. After opening a London office in March of last year the
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UPbit, South Korea’s biggest crypto exchange, has seen a profit of $ 100 million in the third quarter of of 2018, despite the bear market and decline in trading volume. According to the data released by Repository of Korea’s Corporate Filings (DART) obtained by mainstream media outlet Yonhap, UPbit saw a profit of just over $ 100
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August marked the launch of Bakkt, a new blockchain and cryptocurrency project that nurtures involvement from mainstream companies such as Microsoft and Starbucks. The essence of Bakkt is that it could inspire a great deal of institutional investment and could make things like Bitcoin ETF applications far more likely to be improved. On a market level, Bakkt isn’t going to change things straight away, but in terms of institutional mainstream adoption Bakkt really does have the opportunity to bring Bitcoin to the fore, through their plans to offer an institutional grade cryptocurrency exchange.
It has been three months since UPbit, South Korea’s biggest crypto exchange, was raided by local authorities. Yet, the government has not released a public statement on the investigation. Did the Investigation Find Nothing? Earlier this year, UPbit was raided by local financial authorities under the suspicion of manipulating and inflating its balance sheet. The
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A new report from a Korean accounting firm has found the South Korean crypto exchange giant to be 100% solvent in light of recent worries about misconduct. A May raid on the company’s headquarters worried investors, who are now letting out sighs of relief as audits reinforce the company’s integrity.
A Knock at the Door
The Seoul-based company UPbit was able to prove its integrity to investors, Forbes reported on Sunday evening. The audit comes amidst a May 10th and 11th raid on the company’s Gangnam branch by Korean authorities. Forbes reports that:
Intercontinental Exchange (ICE) teaming up with Microsoft, Starbucks and others on digital asset platform Bakkt makes it “much easier” for a Bitcoin ETF to launch.
Kelly: ICE Is ‘Huge News’
That’s according to Brian Kelly, CNBC’s regular cryptocurrency commentator and BK Capital Management founder, who called the plans the “biggest news of the year” for Bitcoin.
“This is huge news,” he told the network during an episode of its Fast Money segment Saturday.
Kelly was speaking one day after ICE, which owns the New York Stock Exchange, confirmed its high-profile partnership to build a “global ecosystem for digital assets” with a slated launch date in November 2018.
Charlie Lee says “it really doesn’t make sense” to compare the “inflated” market cap of Stellar, which passed Litecoin this week.
‘Printed’ Stellar Beats ‘Decentralized Mineable’ Litecoin
Bitcoin 00 roared back above the $ 7,000 mark this week — but as BTC goes, so do some other cryptocurrencies.
Riding BTC’s coattails is Stellar 00, which experienced an even bigger surge of almost 30 percent over the past week. The move enabled Ripple’s younger brother to surpass Litecoin 00 by market capitalization. Stellar is now sitting in the number six spot with a market cap of about $ 5.4 billion compared to Litecoin’s $ 4.8 billion.
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BTC supporters were elated to discover recently that the Lightning Network’s (LN) capacity had spiked by 216 percent in just one day. Some individuals suspected the Build on Bitcoin conference had sparked more LN interest. However, onlookers have found the spike was due to a single node created by the owner of Shitcoin.com. According to LN explorers, the node holds more than 49 percent of the Lightning Network’s total funds.
Everyone is Talking About One Node That Holds More Funds Than 49% of the Entire Lightning network
Early Bitcoin investors continue to bet on Bitcoin’s potential. For example, angel investor Jeffrey Wernick started investing in the “the currency of the people,” as he calls it, in 2009. Wernick believes that Bitcoin’s formidable power resides in the fact that its value “comes from its ability to solve the biggest problems with fiat money.”
Wernick: Bitcoin is the People’s Currency
In a recent Business Insider interview, Wernick gives details about why he started to invest in Bitcoin. And he describes how the shift in the relationship between government and people triggered his interest in gold and monetary issues.
We’ve all seen the headlines. Dive deeper into the world of digital currency and there’s a decidedly seedy layer lurking underneath. We’re talking about drug barons and tax evaders, cybercriminals, and rogue miners. And if that weren’t enough, you have to make sure you don’t fall victim to ICO scams as well.
If you can stay out of the path of the hackers, phishers, and digital thieves costing the industry around $ 9 million a day, you’re lucky. But there are plenty of others who’ve placed their bets on the wrong horse. An ICO advisory company, the Satis Group, has revealed some pretty eye-opening statistics. 80 percent of all ICOs are scams.