Litepay, the ghost of Litecoin past and Litecoins very own failed drive for cryptocurrency adoption. Although the first launch of Litepay failed massively, many have speculated that a new, clean cut and working version would be released soon, perhaps then, the first annual Litecoin summit will be the best platform for it? Is the first annual Litecoin Summit the platform that Charlie Lee and the team need to set off Litepay 2.0 with a bang?
When the SEC announced its rejection of the Winklevosses’ latest bitcoin ETF filing, the industry found itself reckoning with a problem on repeat: striving toward the goal of approval, another Exchange Traded Fund (ETF) proposal faced the SEC’s death knell.
At this point in the industry’s development, securing an ETF has become the space’s institutional albatross, the elusivity of which hangs over each successive rejection. The most recent filing was the Winklevosses’ second attempt to list a bitcoin-backed ETF, the first being shot down last year.
Venezuela will remove five zeros from its ailing currency, the bolivar, and peg it to its controversial Petro cryptocurrency, President Nicolas Maduro said in a public broadcast July 26.
Maduro: Bolivar Will ‘Anchor Petro’
The Bolivar, which had become so inflationary that online gaming tokens such as World of Warcraft gold were a more stable store of value, is currently worth just $ 0.0000083.
“The economic re-conversion will start on August 20 definitively with the circulation and issuance of the new Sovereign Bolivar,” Maduro confirmed.
The Federal Reserve’s new chairman made his stance on cryptocurrency clear to the US House of Representatives on Wednesday. In his view, cryptocurrencies have no intrinsic value, are not used often as a means of payment, are not a store of value, but are great for money laundering. He also dismisses the idea that cryptocurrencies could pose a significant risk to the country’s financial stability at their current size.
The chairman of the U.S. Federal Reserve who took office in February, Jerome Powell, answered questions about cryptocurrencies in his testimony before the House Financial Services Committee on Wednesday.
When the indictment of Russian intelligence officers for interfering with the US election broke, the recriminations were swift. Not only had the 12 allegedly hacked the Democratic National Committee, but they’d had the temerity to do so using servers paid with cryptocurrency. When politicians and mainstream media began finger pointing, they had only one culprit to blame – bitcoin.
Bitcoin, in its nine years of existence, has steadily gained traction, defining itself as a new digital gold. Early adopters of this technology have shown excitement for the potential of this inflation-proof sound money. With steady increase in value over the years, this new invention of money has established its position in finance. The gold rush pushed by the price explosion reached its peak at the end of 2017. Halfway into this year, bitcoin has moved into a bear market. As the price plunged, followed by exchange hacks and speculators leaving the space, the rally quieted down. Now that the fever has cooled off, a narrative that runs quietly behind the scenes can begin to emerge.
Bearish mainstream finance figures have begun forecasting a consumer return to gold once Bitcoin “uncertainty” dents their confidence.
Bitcoin ‘Uncertainty’ Will Prompt Gold Return
In two separate interviews on pro-Bitcoin Cash news media network CNBC, Gartman Letter founder Dennis Gartman and gold mining CEO Sean Boyd both tipped the precious metal to ultimately benefit from Bitcoin fluctuations. Boyd noted:
I think, over time, the question will be: are these cryptocurrencies and the developers of these cryptocurrencies just mining the public? […] Gold investors will come back when uncertainty creeps back into the market.
**On today’s episode of The Cryptoverse:**
Apparently Decred are aiming to launch a version of the lightning network by the end of this month.
According to Martin Armstrong economic confidence model, we are just two weeks away from his economic confidence model reaching it’s peak before it turns down.
And Bitcoin Gold has implemented replay protection as well as now having a working testnet.
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