CoinMetro’s CEO, Kevin Murcko brings you the most recent crypto market news during the weekly AMA every Friday.
Crypto Market News Highlights
Italian Copyright Authority and Algorand Develop Blockchain Ecosystem for Copyright Management
Not really too exciting. Not as bullish for Algorand like their Google PR was.
The whole system of copyrighting — it sucks. It’s antiquated, it’s stupid, it sucks. The reason it’s slow is more because of the law, not the technology being used. Kevin can’t really see how this is going to help with the process, unless it’s with some type of machine learning.
Bank of China uses Blockchain to issue $2.8B worth of financial bonds
There has already been 10–15 bond issuances on the Ethereum blockchain. This one is bigger, but this is probably the one case in life where bigger isn’t better.
Just using the blockchain to issue a bond, who cares. Streamlining the process, that would be news.
Cryptocurrency Liquidity Issues Clear as MATIC Collapses 70% in an Hour
That’s one explanation. The other explanation is, Binance’s a den of thieves. Systematically with their IEOs, they’ve set them up to screw all the people that contributed.
When you only allow longs for X amount of time, and then open it up to shorts, guess what happens to it. It falls to the floor.
Binance is shady. Anyone that thinks they’re not, is blindfolded. Binance “too big to fail”, any of these monikers getting thrown around.. Binance is super shady, they’re doing things that are super illegal.
Kevin is starting to believe that CZ is a shill for the Chinese government. It makes no sense that a Chinese citizen would be able to do all this nonsense publicly, and just not get arrested.
This is just another example. This crash specifically happened by how Binance managed the IEO, and the trading after.
Huobi.us closes (after a month), citing weak demand
Some people may look at these news and think “All the volume is in China”. Not really. Most of the volume is actually starting to move from China to other destinations. But — Huobi US had to follow regulation.
This just goes to show that actually running a regulated crypto exchange, even with the capital to do so, is not easy.
Doing something the right way is never easy. Doing something the wrong way is super easy.
Huobi has a huge business out of Asia, but as soon as they have to apply regulations, the cost of real onboarding, due diligence, they can’t make it work.
Richard Heart’s HEX token raises concerns in the crypto community
Kevin met Richard once in person, and kinda liked the dude. Now, onto his HEX token — it’s a money grab. But to be honest, Richard himself says it’s a money grab, at least if you’re paying attention.
EOS did the same for a year. Money grabbed “4 billion US Dollars” — not really the case, because they washed their own money several times through their ICO process, but a large amount of USD.
The point is that Richard is just copying something that already worked. From a legal standpoint, Kevin wouldn’t touch it with a 10 foot pole, but Kevin thinks Richard is a smart guy and wishes him luck. Maybe one day they could meet again and have a debate about this, and put it on YouTube.
Cryptocurrency Is Still the World’s Best Performing Asset Class This Year
“Best performing asset class” is ridiculous, because the vast majority of movement in crypto right now is tied to nefarious activity. You don’t have to believe that if you don’t want to, but why do you think Bitcoin went to $20,000?
A lot of badly managed ICOs, some scams — and because $4 billion of it went to one scam in China, called OneCoin. Another few billion went to another scam.
It’s a ridiculous statement to make. There are penny stocks that outperform crypto every day. They also have no liquidity, like crypto. They also go to the moon really hard, like crypto.
These types of headlines make us look less legitimate, to people in the know.
ING bank wants to give clients a compliant way to store cryptocurrency
Kevin had a meeting with ING over a year ago. They were already in the crypto space, they hadn’t made it official.
All banks will do this. They’ve been waiting for legality, and some precedence to do it. Not because they need to believe in Bitcoin, but because there’s money to be made in it. The banks are looking at BitGo and other custody companies and see that these guys are making tons of money, charging fees that can’t be charged in other markets.
So, why not.
Tron CEO Justin Sun Has His Account Shut Down on Chinese Twitter
Tron. What else do you have to say? Except for maybe, Justin Sun.
There’s a soapbox in crypto, wrong people sit on it. We should kick them off, and replace them with other people. It would do much more for crypto, and help bring it mainstream.
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Tune in every Friday for “This Week in Crypto” with CoinMetro’s CEO Kevin Murcko on our Youtube channel: https://www.youtube.com/coinmetro
