Market news covering regulations, bullish indicators, crypto scams | Crypto Market News
Thrilling market news with CoinMetro’s CEO, Kevin Murcko in This Week in Crypto!
Crypto Market News Highlights
Funny enough that YouTube has been banning all these different “crypto influencers”. Tone Vays, The Crypto Lark. And yet Ripple is suing YouTube because they can’t take down the scammers.
It’s interesting to see how Ripple is trying to aggressively protect their brand. Obviously Ripple is in partnership with many banks. Banks tend to get a little weary and skittish when some guy on YouTube is saying you’re a scam. Especially if that guy got a lot of viewers.
You should defend your brand, of course. Kevin would do the same thing. But many crypto brands wouldn’t go the legal route. They would get another influencer to say something else. But because Ripple is in a kind of gray area, they went the legal route.
It will be interesting to see how YouTube handles this suit, considering they already don’t have the best relationship with the crypto community. Let’s see how they treat the scammers.
When you’re the only man in town selling a product, you don’t lose market share to anybody. When somebody else in town starts to sell the same product, and they have a big client base, then you’ll lose some market share.
Kevin wouldn’t say that Binance Futures is generally better than BitMEX, though BitMEX’s platform isn’t the best either, compared to other options and futures platforms out there. But Binance has a huge following, and many of Binance’s customers were most likely BitMEX traders because Binance didn’t have leverage. Now Binance has leverage.
Plus, people tend to get pissed off at companies when they shut them down from trading for a few hours and suddenly there’s a huge gap and people get stopped out. Not that it wouldn’t have happened at Binance as well, but first impressions last for a long time.
Kevin thinks it is natural, and also that when marketing starts to really kick off for CoinMetro, they’ll lose some market share to CoinMetro as well.
CoinMetro’s Margin Trading platform offers 3:1 leverage on all major cryptocurrencies and offers great position management capabilities.
South Africa is a little late to the game, although a lot of the rest of the world also is. Interestingly enough, when it comes to FX regulation, South Africa is the only regulator outside of the EU that the EU deems at the same level in terms of FX regulation outside of the Commonwealth, the US, and maybe Canada.
Kevin will say the same thing to South Africa that he has said to every other regulator for the past three years in this industry, and for much longer in other industries: you don’t need more regulation, guys. You don’t need more rules. Take the rules you got, and apply them. Do some carve outs, make it a little easier where you see fit, based on the fact of how these assets can move, how they’re managed and how they’re tracked.
What they’ve done essentially is creating a mechanism by which the seller of an asset can create a “link”, which basically ends up linking to some type of oracle on a smart contract. So a seller puts their asset onto a smart contract, creates a link, somebody clicks on that link, and as long as the buyer is KYC-vetted by the underlying platform where the issuance occurred initially, they can sell between themselves.
However, considering that the registrar, the golden registry on record, has to know where those assets are at all times, and the guys’ are already KYC’d — so what exactly is the difference of doing it this way, than just doing it through some other simplified, virtual ledger, on the same issuance platform?
However, Kevin wouldn’t call this a lazy solution. It’s a unique way of marketing a solution that already exists, to make it sound like it’s more complex and awesome.
But anyway, they’re trying. Notably enough, Securitize uses Openfinance as their main secondary market. And Openfinance is about to go out of business.
In certain Latin American countries — like Argentina, Venezuela, and other key countries — you could buy literally cans of sardines as a better preservation of wealth than leaving your assets in the underlying fiat currency of the country.
In times of very regional country-specific inflationary crisis, Bitcoin has proven itself. That is one thing that Kevin won’t deny.
Jack Dorsey has been bullish on Bitcoin since like, forever. So he’s showing himself to be a bit more bullish. Kevin thinks Jack has a decent financial mind, and understands traditional finance better than most people. The question is if guys like these are serious Bitcoin maximalists for a very specific reason — that they own a load of Bitcoin — or if they actually believe what they’re saying. Kevin thinks that Jack might actually believe in Bitcoin. But he does definitely also hold a lot of it.
Way back in the day, somebody said that how US law predominantly works, is judicial precedent.. Who was that… — oh right, it was Kevin. So Kevin agrees with this guy right off the bat. At least regarding the US, and in jurisdictions that follow the same type of law that the US follows. Common law would be a bit different.
But in the US — for sure. Lawmakers generally wait for judicial precedent on issues like these to be able to make new laws and then give them to regulators to enforce. 100% agree.
Oooh, “a new study reveals”. Wonder who made this study. Maybe guys close to Tether?
Kevin doesn’t necessarily believe that the initial $20k price run-up was fuelled entirely by Tether. But if you can take fake money, and buy a real asset, and induce real price increase in another asset, it’s obviously going to implode at some point.
Looking at charts and price actions — there is definitely a possibility. Other things were involved in the price boost. And the printing of Tether could definitely have had an effect.
We still don’t know how Tether is backed. We know how they claim it is backed. But this always remains a question in Kevin’s mind, how much of that printed Tether is actually backed.
So, this new “study” — everybody has access to the same information with blockchain. But you need to know what you’re looking for, and how to disseminate it. We have companies like PARSIQ that are working to create tools where people can take all this information to disseminate it and use it.
So, there will be a lot of studies here and there. But we can’t really know the truth. We are missing lots of data.
PARSIQ had their Initial Exchange Offering at CoinMetro, and PRQ/EUR is available for trading!
Potentially big news for Libra. India is a huge market, and Facebook wants to spread their tech, before others do. Now they want the ability to move payments around, because having some type of stable/smart token like Libra and allowing payments in India, is huge.
Some people are going to come out and say this is super bullish for crypto in general — Kevin doesn’t see that, yet. But potentially it could be.
DeFi, bro. Decentralized Finance. Lots of people are coming into Ethereum. Centralized Finance is kinda getting a kick in the ass, mainly because of stablecoins and Corona.
Next “This Week in Crypto” with Kevin is LIVE on our Youtube channel on Friday!