With the arrival of the Ethereum Classic coin to the Coinbase portfolio, not much movement has taken place. Since August 15th it has only gained 1.72%; however, the general mood in the crypto world has been somewhat upbeat with small gains. The ETF session will be upon us soon, but the general feeling is this may not be beneficial to the coins.
The last two weeks have been exceptionally quiet on Twitter, as most of the news has been retweeted and dull, to say the least.
On the financial side of the world, the IMF has just released its overview of China’s economy and makes for fascinating reading. In the current economic climate, China has moved forward into the digital era with a spring in its step. Many Fintech companies are addressing real-time issues and implementing blockchain at their core. The fact that China has pulled over eight hundred million out of poverty in the last years is awe-inspiring considering that compared to that of other countries that are still struggling.
The news abounds on the web, with companies starting to line up and take on the challenge of the Blockchain and all that it entails. However, the market price for nearly all the Alt Coins has dropped. Starting with the BTC/USD pair, the price has gone from 7719.3 USD down to 7270.5 USD.
The news that Coinbase is adding further currencies to its portfolio has not encouraged additional investments. The company has confirmed the addition of the Ethereum Classic coin but is only exploring:
Ranked 8 Cardano is a project that began in 2015 as an effort to change the way cryptocurrencies are designed and developed. The overall focus beyond a particular set of innovations is to provide a more balanced and sustainable ecosystem that better accounts for the needs of its users as well as other systems seeking integration.
Ranked 42 Basic Attention Token radically improves the efficiency of digital advertising by creating a new token that can be exchanged between publishers, advertisers, and users. It all happens on the Ethereum blockchain.
The token can be used to obtain a variety of advertising and attention-based services on the Brave platform. The utility of the symbol is based on user attention, which merely means a person’s focused mental engagement.
Ranked 19 Bitcoin and most cryptocurrencies expose your entire payment history to the public. Zcash is the first open, permissionless cryptocurrency that can adequately protect the privacy of transactions using zero-knowledge cryptography.
Ranked 23 The Ethereum blockchain is an open, borderless financial system that represents a wide variety of assets as cryptographic tokens. In the future, most digital assets and goods will be tokenised.
Finally, on the last note, my Coinbase portfolio show the full extent of the downward trend, even though I purchase €50 this previous week.
During week 51 the price across the crypto world has dropped considerably. Now into week 52 a slight recovery is taking place. Speculation over why the price dropped are as usual floating around. The fact is that Japan started its regulation on Crypto exchanges an other governments are following suite. FX analysts are saying that its to do with investors getting out of the market and turning to other investments. If this was correct then those investors would have lost funds in doing so! The crypto market is still in the early stages even at this 9 year point. The overall value is still small and not that widely publicised. This supposed crash on the crypto market is fairly insignificant compare to stoke crashes in the past.
Where does it go now?
Government recognition is taking place, be it very slowly. The Blockchain technology is little understood by most and this shows. The Bank of England states it will be moving into peer-to-peer banking, meaning they do not want to use the actual word but just the algorithm behind it.
Wallets seem to being created on a daily basis and ICO are a bound like candy. This aspect of the Crypto world should be heavily regulated and in an independent way. Decentralisation is the future but this would also mean better self governance. I currently hold several wallets and yet each day a new wallet is formed, should I hold one euro in each?
If a government where to be truly involved the advise would be to create the coin of that country link to the actual countries currency and step into the new world.
Example the British Pound Sterling could create #SterlingCoin as the United States has the Dollar so you would have #DollarCoin Europe #EuroCoin how difficult can you make it? The issue with current coins struggles with a backup in other words one #LiteCoin is or has a value of X and this in turn is backed up by the value you paid for it Y, but the security of Y would mean as in any banking institute that Y is held in a vault means its securities. However in the case of Crypto currencies Y doesn’t get held as it will be used by the company to pay for its cost and transferred to profits. So the bottom line currently is there is no security in holding a #BitCoin or any other coin for that matter. In the event of a complete system failure there will be nothing left.
However since the dawn of trading one item for another it has only ever been what two individuals assign a value to whatever it is they are going to exchange. We are currently in a chapter of history that asks us the question what is the value of a “bit” of information worth. Some days it seems to be worth more than others! And what you belive is dictated to you by me and the others out there that BELIVE in the #Blockchain.
If you disagree or have any comments please let me know.