All the talks this week are all about China launching its own coin, they can easily do that because China's main man Xi Jinping is the one who wants China to create one, while Facebook's Libra coin is having a hard time to convince the Congress to let them launch Libra Coin,
It's different between the two coins, one will launch easily while the other is having a hard time with the regulator
On a positive note, I think China's plan will be considered of those who are opposing Facebook plans to launch their coin but of course, it
will be highly regulated compared to China's coin who will be under the supervision of China's Central bank.
What's your thought on this?
It is not about the name who wants to produce it. Mark Zuckerberg and facebook has its reputation around the world though they have a huge name what they are fighting against is the government who has the absolute authority with it. What they differ is that the China government is somehow open with this plus they all been regulated I supposed which on the other hand facebook Libra is having a hard time with that. If it was all about the name probably facebook would make it through Despite of all that I'm pretty sure that China themselves want a more centralized version of blockchain. Even Xi Jinping himself say to specifically accelerates the use of blockchain and not the cryptos. It's the same as those company that did research to implement blockchain system into theirs threfore it won't bring that much change to the crypto market anyway and I do agree with you. Facebook is a private company while China is a country and it has the authority to create the regulation or change it to whatever they want really different if you compare to Facebook where they will be facing a dead end if the government doesn't approve. |
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The KYC process annoys the hell out of me. I remember a time when you could trade coins freely and without owning up to your identity at all. Not that I'm hiding anything, I just don't like every man and his dog having a copy of my government ID - I feel that's very intrusive. I mean the whole idea of cryptocurrency was anonymous peer-to-peer trading without government intervention. Now it seems you can't fart in the wrong direction without someone breathing down your neck.
I mean I get it, exchanges, ICO's, etc, want to be on the safe side -- although what I really object to is these places accepting my crypto first and then telling me that I need to give them a mugshot if I want to use it, or withdraw it again. It's a nightmare.
Anyone else a bit miffed with all this identity craziness we're in right now?
Or am I just being a grumpy old man?
same as you I also don't like charging KYC because it's like selling our personal data to people. and I sometimes also fear that my KYC is used for bad things. so from now on I am more selective in choosing projects I will not join projects that use KYC requirements. and actually cryptocurrency does not require KYC because it is decentralized and anonymous. but now some IEO projects must also include KYC. In fact, there are many popular projects using KYC because it is important for them to avoid fraud, KYC is indeed important for us where our assets will be safe if something happens to your account, and it is true that you are selective in choosing it must be because not all projects are honest . It all could be resolved only if the project that demands KYC being reviewed by the government thoroughly until it is proven that their intention is no harm or even the government itself is the one who provides the kyc verification. It is just silly to think that the government demanding the project to obey the regulation regarding money laundering but they are also risking the safety of many people here. |
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You all might be knowing that Steam used to accept payments in bitcoin through BitPay, but they abruptly stopped it stating the price volatility of bitcoin to be the issue.
Stablecoins eliminates this very issue, could this encourage Steam or other companies like Amazon,etc. to start incorporating cryptocurrencies into their payment systems.
Is it possible some stablecoin might outperform bitcoin regarding this?
Yes. I think the advantage of a stable coin is that it can be used for exchange within a company, this can replace the USD. In this case, maybe a stable coin will be superior to Bitcoin. Bitcoin prices tend to be volatile. But in terms of investment and trading, people prefer Bitcoin. I don't even like stable coins in terms of investment. stable coins can be very helpful if and only if they have true backing as claimed by the issuer or developers. but we already found out that most stable coins claimed to have certain fiat backing are not 100% true. this type of coin can be of great use if they are true to their claims especially within the ecosystem of a big company. but outperforming bitcoin? i highly doubt that. Most of the stablecoins that have undergone inspection by the SEC has proven to have the reserve funding and it's even being informed on many medias. There might be some stablecoins that are utter bullshit or in otherwords is just a scam but there are many stablecoins that is legit aswell. If you don't believe just find some reliable stablecoins in the news they usually inform about the inspection done by SEC for certain stablecoins company and you can also see how much fund they have reserved. |
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Many projects listed in popular exchanges also die. Dead or no, not based on where they listed the coins, but the seriousness of the team in running the project. In this case the team's target must be clear in carrying out the project. Not just register to exchange, then they leave.
Popular and dead doesn't seem right in one sentence though, however I do agree that some of succesful project that could gather massive funding could endup dying slowly even after listed in the popular exchange, no need to mention but there are plenty. Most of them that have that fate will just losing volume day by day due to the inability of developers to advertise or atleast holding its popularity for long. They are too stingy to advertise and once they did advertise it's such a mess and innefective one or maybe people find out that the project is useless. |
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If the economy of a country is volatile where there's an option that equally volatile aswell which is cryptos It's totally understandable that the citizens are going to all in to cryptos anyway, bitcoin is accepted worldwide meanwhile owning property or cash there could gone anytimes. Although the surges I'm however pretty sure that most of the people would prefer USD anyway because it's stable.
its not just the countries experiencing crisis are buying BTC. venezuelans sees BTC or the real cryptocurrencies to be more of a solution to save their wealth while they are in the unstable solution. some of them may even be buying USDT just to have that money being safe but while they are at it, might as well just invest to BTC while the price is low and that they can gain whenever price rockets.
That maybe the case but however the volatility is too risky if you are living in a country where the economy is relatively weak, every cents matter. |
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really different coin, BAT trying to give benefit to its holders as well as creating new advertising system basically it wants to revolutionize the whole advertising system in the internet or even making internet different than it is today meanwhile dogecoin is just a meme but a really reliable meme and quite stable but not really.
We can't say BAT is the doge killer if from the start they are different thing, people can buy both if they want, it's a free crypto market after all and I think the userbase of DOGE never really be bothered with BAT and the same goes to BAT community.
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For the purpose of just trading, kyc might not be required, just like in Binance and even KuCoin exchange where you can trade without kyc verification though limited to withdrawal amount but once it has to do with IEO then every trusted exchange will impose kyc, so it's up to you to go ahead with IEO or not.
IEO is a must if the exchange is hosting an IEO otherwise they will be threatened of closing down by the government and may be accused of money laundering. It's really a dangerous business decision from the exchange side not to require KYC because that means they are against the regulation. Although there are some exchanges that requires no KYC usually they are not based on US and have more flexible rules. So it's up to you whether you choose to invest into IEO by offshore exchange or not. |
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Too much rewards mean the developer is trying to use everything they can to gather money as much as possible regardless how much money actually needed for the project to execute the idea. These kind of project usually gets dumped a lot and as a result people who invest will just ended up having a huge loss. Always choose a project that is reasonable and never ever invest into this kind of project because I've seen a lot of project like this and fail anyway.
A good project is a project that could execute their idea even when the money gathered is just suifficient or enough, that kind of project usually have trusted developers aswell.
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Following 10 years of presence, the subject of whether the mass reception of digital currency has been begun is still bantered in the space. I would like to ask specialists in the crypto and blockchain businesses is there or have there be any huge crypto mass adoption compare to 10years ago?
What is now being adopted is not a cryptocurrency, but the blockchain system contained in cryptocurrency. I see a lot of companies trying to emulate the blockchain system, with the main goal being to develop their own currency. Only very few develop their own currency though and it's overhyped in the media. Most of companies are trying to implement blockchain into their system to achieve certain point of efficiency and not for releasing a cryptocurrency. You must know that cryptos is only one product of what blockchain could do and blockchain can solve the problem on many sector of companies including documents verification and many more. That's why so many companies are interested on developing the blockchain into the next level for the sake of efficiency. |
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Whenever I hear the word "Stablecoin", the first name that comes to mind is Tether but they have been embroiled in some hit messes in the past and this has reduced my love for them.. however I think the best stablecoin right now is USDC, it's the Stablecoin I have been using consistently for months now with non-issue and I love the fact that it's exclusively an ethereum based token, unlike tether that is in multiple blockchains and one could easily make a mistake and withdraw to the wrong one.
Maybe the multiple blockchain of USDT could be a double edged sword however it's a good thing to have multiple blockchain so that when the Ethereum blockchain is too overcrowded or having too expensive required gas we could just use the other blockchain however with the downfall of ICO it seems that Ethereum blockchain is not going to be overcrowded anymore so it seems better to have single blockchain. Despite the problem USDT faces that's informed through the media. I still find USDT among the most reliable stablecoin simply because it's already there for so long time, maybe because it just works. |
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If it is just a hyped technology I'm pretty sure that none of countries or company would take this blockchain system and intregate it into their ecosystem. This blockchain technology actually have so much benefits in different fields and not just cryptocurrency. TBH, Cryptocurrency is actually just a tip of an iceberg to what the blockchain system could do. I've seen article discussing about this in the past and blockchain could be used in the field of medical, remmitances, governance and many more. It's not just a hyped technology but it's a really beneficial technology. In the future we'll see blockchain technology being implemented into many things and we will decide whether it's only a hyped technology or not.
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It's no surprise even they could be listed in the Binance within first day if they want because they have all the funds to do so. Listed on exchange is two thing, being popular enough the exchange attracted into listing your coin or having enough money to pay for the coin listings. Klaytn is a korean big company product and money I guess is not a thing they lack so if It's listed on so many exchanges I will definitely not surprised.
However it's still a good thing considering a big company willingly to adopt blockchain and do experiment or research to it, I appreciate that.
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the point of facebook creating Libra is to generate profit out of it just like how all those stablecoins out there making their profit from every transaction it's such a nonsense for facebook to just adopt bitcoin it's basically the same as they are adopting other payment method like paypal into their system completely pointless.
The US feeling threatened because libra could potentially take advantage of their currency as reserve fund to go against their own into dominating the US economy even though it might just take up a little portion but a threat is a threat. The statement made above is just silly at best from the perspective of facebook as private company which seek profit.
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This is easier said than done, because we never know when a particular project will become inactive. In the past, I had come across a few projects which suddenly became inactive, after a lot of hype and market activity. It is very difficult to differentiate such projects from the genuine ones. Personally I have invested in a few such projects and lost my money. One example that I could give is that of the TMT (Traxia Membership Token). That project was faring really well.. until one day it suddenly crashed at the market.
That's kinda true. There'll always some project that seem really active and after the funding's done then the team will just left the group or become silent to the community. That kind of thing is what pisses me the most they are around just to squeeze the money out of people's wallet and be done with it that's basically the same as exit scam. Also usually when a token is crashing its price as you said the developers will lost their motivation and become somewhat lackeys to their project and that's not a good thing at all. |
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Not an apple to apple to compare facebook's cases to China. Even I've never heard China is going to launch their own coin anyway all that is spoken by Xi Jinping is just accelerating the use of blockchain doesn't necessarily saying that China will release their own crypto coin.
What become facebook's problem is that it is a private company trying to issue a currency by their own and could possibly challenge the dominance of USD in the US and worlds. ofcourse the government wil try all they can to stop such a thing from happening they want an absolute control over literally everything.
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When you are new in online money making, you will feel confused about every decision! When I was new in the investment sector, I felt too much confused about HYIP, Pyramid scheme, ads clicking money earning ways! I invested in many HYIP projects and most of the time I got scammed! Then I stopped everything and started learning by myself! Learning is the best answer for every confusion, so, newbies should research and educate themselves first, later comes investment!
It's an unwritten rules to never invest into something fishy like Ponzi or even HYIP. Even there's saying that if it's too good to be true then get away from it. Some people are just easily taken over by their greedines thinking that they will get some profit out of thin air while in reality is that their money is gonna be the one will be gone. There should be some warning in every crypto wallet not to join ponzi or HYIP to help such people from being scammed I guess. |
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The government is always the slowest and the last to adopt new technology. I'm not sure if regulators are ready to give Libra project the light of day because I'm sure that it will change everything as we know it.
Adopting Libra means adopting cryptocurrency world wide. Facebook already owns Instagram, WhatsApp, and occulus rift, if they were allowed to make a stable coin, they would have a very great deal of influence and power in every single country where Facebook is accessible.
Well the government is for sure have their own agenda and it seems cryptocurrency is definitely out of their agenda because it's simply a lot harder to control. The US always seems a little but unwelcoming when it comes to cryptocurrency just like how they always threat here and there about telling people to not allowing any US citizens getting involved into the ICO or such things. It seems that the US always want to be in control of where their citizen money will go. totally understandable for government's perspective but just a little bit unethical when you unwelcome a new technology which can't be avoided. |
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some people still use or make ERC-20 tokens, but only in part. Many ERC20 competitors, like the example of TRX (tron) where the TRC10 and TRC20 based blockchain tokens are easier to make, even people who don't understand programming can also make their own tokens for their business, just prepare 1 TRX (tron) you can make your token alone.
Blockchain technology is growing. as you say, people can easily make their own tokens and I want to learn them for the purpose of knowledge because in my country blockchain technology is not popular, only investments with crypto are becoming popular. because in my opinion this technology will be widely developed in the future, not just the making of tokens but transparency which is the goal of my learning There are plenty of free online courses regarding blockchain even coming from a well known university or so called ivy league. However there are plenty paid courses aswell and the quality is yours to decide however it's to be expected that only small amount of people have the knowledge about blockchain it's a new technology. If it's about making token you usually don't need an indepth knowledge because creating one is as easy as making a bitcoin account but in some cases you just need the whole blockchain of ETH if you are using ERC20 |
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For sure, scam projects are having a bad impact on the reputation of crypto, but at the same time investors become much more careful when choosing projects for investments knowing there is a high risk to loose all funds.
Risk is always there but the overwhelming amount of scammers will definitely have a bad effect it could affect the overall perception of people about how dangerous an ICO could be. It's like someone is doing mistake and the entire space take the blame. If there's a way that allows us to reduce the amount of scammers it should be done because we don't want to repeat the mistake to what happened to most of kickstarter that people are just blatantly accusing that the whole kickstarter space is a bunch of scammers just because of some people. |
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I think the two main reason why most people get scammed online are
1 lack of knowledge and failure to do research
2 Get rich quick / greed
Most people people that are new to something online are prone to scam because they do not have the necessary knowledge about it. But instead of them to make research about it or ask someone with experience, they will just carry on with it and get scammed.
I rather think that people who do not have the courage to do their own research therefore they only look for existing references. if new investors don't dare to start in a structured way they might get caught up in a scammer project, so it is better for new investors to learn more about knowing a project with its own analysis new investors tend to be greedy when they see a project with high return and usually they have low knowledge let alone making an analyzation which could make it even worse because you can't analyze if you have little knowledge about project. for new investors it's better to just stick to an IEO hosted by the popular exchange instead of trying a project with zero guarantee. new investors is the reason why there are so many scam project appearing because they are trying to lure the new investors' money because that is the easiest thing they can do. |
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