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|May 18, 2018||Public post|
Good morning everyone, Alex here. It’s cloudy and raining in Seattle and the markets are bleeding. However, there’s no shortage of positive news for crypto. Today’s round up is well worth the read. Remember to share CryptoAM with friendly nodes in your proximity!
4 things you need to know:
One: Steve Wozniak said Ethereum could be the, “Apple of cryptocurrency”. At a developers conference in Vienna, Steve Wozniak shared a few thoughts on Bitcoin and Ethereum. Wozniak said he believed in Ethereum over Bitcoin because Ethereum as a platform has a lot more functionality.
My thoughts: Considering Woz sold all of his Bitcoin and Ethereum, he doesn’t have much of a financial stake in crypto. In my opinion, this only adds legitimacy to his claims. There is certainly a culture of tribalism pertaining to what coins you own among the crypto community, which severely skews peoples views, opinions, and rational decision making when discussing the topic.
Two: The European Parliament recommends small businesses look into blockchain. The Industry Committee touted the potential for blockchain to empower citizens by cutting costs spent on intermediary payment processing, more efficiently managing supply chains, democratizing the energy market, and keeping track of important records.
Additionally, the committee called, “on the EU Commission to propose a regulatory approach designed to promote different uses of blockchains and other distributed ledger technologies (DLTs) that [are] innovation-friendly and technology neutral.”
Why this is important: This is very positive news. Blockchain absolutely has the potential to empower citizens. It’s great to see officials realizing and promoting the benefits of DLT technology. Blockchain has the power to create true paradigm shifts in many industries, and it would not be unreasonable to expect government officials to resist change due to heavy lobbying by established corporations.
Three: India bars petitions being filed against strict cryptocurrency laws. In April the Reserve Bank of India prohibited any banks from processing cryptocurrency related transactions. This is a serious barrier to innovation in India which is home to over 1.3 billion people. Now, citizens cannot even file petitions against the ruling. The next hearing will be on July 20th.
Left in the dust: India should take some pointers from their neighbors up north. India has been comically slow at creating any sort of fair regulation around cryptocurrencies. What else would you expect from a government that voided 86% of its circulating cash supply overnight?
Four: Switzerland considers creating state backed cryptocurrency. The Swiss Federal Council has ordered a study to, “examine the risks and opportunities of an e-franc and to clarify the legal, economic and financial aspects of the e-franc.” Whether Switzerland adopts the e-franc or not, the results from the study should be quite enlightening as to what switching to a state backed cryptocurrency would entail (I don’t think Venezuela’s ‘Petro’ really counts).
My thoughts: I believe within ten years there will be a legitimate state backed cryptocurrency that functions as the main medium of exchange for a country. Within fifty years I think most states will have their currency supply on some sort of distributed ledger. This is just the beginning of what is to come.
What I’m reading today:
An anonymous former Goldman trader chronicles his defection from Wall Street to Crypto. He describes crypto as a, “gold rush”, I agree. He is not only referring to the absurd gains that can me made by simply investing in cryptocurrencies, but the industries that are sure to develop around crypto, but are still in their infancy. If you have any inkling of entrepreneurial spirit, go ahead and read the article, you might just find your golden egg.
I found a cool Steemit post the other day which has a small repository of famous Bitcoin Talk posts. These include…
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