by Florin Oprea
Cryptocurrencies will never prevail as a general money substitute and central banks are unlikely to create digital currencies of their own without limits, European Central Bank Vice President Vitor Constancio said.
DNT: After we welcomed Monsieur Frederic Oudea the Societe Generale CEO, on Wednesday, as one of the first big voices from European banks attacking BTC, it’s time for an upgrade of the list. Vitor, ECB’s Vice President, joined the list as “guardian” of fiat money. Of course, we understand, it’s his job, after all…
Constancio: “Their designation (Ed. note – cryptocurrencies) is a misnomer as they are not a currency but just a commodity used as a speculative asset and as a restricted medium of exchange in very special circumstances, comprising criminal activities or failed states with collapsed institutions.”
DNT: Sounds familiar? Check our Archive to find more similar clichés. No more comment.
FAO: Interesting, as we have a high-ranking ECB (headquartered in Frankfurt, Germany!) officer stating that he sees cryptos as commodities…I reckon he had a word or two with ex-PIMCO’s Mohamed A. El-Erian, currently the chief economic adviser at Allianz (headquartered in Munich, Germany!), Erian was quite busy these weeks bringing in arguments on why Bitcoin is not a currency, but a commodity.
Anyway, Constancio’s statement follows the lead of his boss, ECB president Mario Draghi, who recently shot down Estonia’s dream for a state-issued cryptocurrency.
The QASH Token Sale had 4,988 participants from 98 countries around the world. At the end of the sale on November 8th at 23:59PM SGT, the allocation of 350 million QASH (the equivalent of 350,000 ETH or USD105 million) was oversubscribed, making it one of the most successful blockchain fintech ICOs globally.
FAO: Meanwhile, all fine and dandy in the “cryptoverse”, with QUOINE raising $105m from people across the world. 98 countries more exactly! Quite funny detail considering the project’s scope. QUOINE LIQUID aims to create the “World Book”, a global order book, to provide global liquidity in cryptocurrencies.
Rachel Rose O’Leary – CoinDesk
Some high-profile token issuers are feeling the effects of a vulnerability in an ethereum wallet software. After a developer stumbled upon the bug – “accidentally” deleting a code library for the Parity wallet and freezing more than $152 million-worth of ether – several startups and open-source projects that recently launched ICOs have come forward, stating that theirs are among the 151 addresses impacted by the software failure.
Justina Lee – Bloomberg (subscription)
While the cryptocurrency soared to a record $7,882 within minutes of news that it would avoid another split on Wednesday, the gains quickly evaporated. Bitcoin is now trading about 3% below where it was before a faction of the community scrapped plans for a so-called hard fork.
FAO: M’yeah…I have expressed my opinion about this yesterday...
Darryn Pollock – The Cointelegraph
The ICO boom has spread to the ridiculous and the absurd, birthing a host of coins that are either a parody, a joke, or just downright pointless. However, the nature of ICOs and the hype for anything Blockchain-related has seen some of these ridiculous coins rack up a fair amount of value.
DNT: A pretty nice story that brings some extra value information for cryptocoins fans. For instance, have you heard about Unobtanium which aims to become the rarest cryptocoin in the world? (Only 250,000 coins will be mined over the next 300 years – the story says). And did you know that it was inspired by Hollywood blockbuster Avatar? And it’s just an example, from the list.
FAO: Yes!!! Now that Putin Coin is finally here I just can’t wait to stash a couple of them in my wallet! Of course, I am sarcastic! …btw Putin Coin’s market cap hit $2.5 mln. What?!??
Frank Chaparro – Business Insider
Kevin Beardsley isn’t talking about an equities deal, or a bond trade, or a currency bet. Beardsley is the managing director at B2C2, a cryptocurrency brokerage, and he’s talking about bitcoin.
FAO: Imagine how the “cryptoverse” will look in five years from now…Just imagine how a $50m trade will look then?
Joel Rosenblatt – Bloomberg (subscription)
The exploding value of the cryptocurrency since its first real-world transaction in 2010 is one reason the U.S. Internal Revenue Service is pushing to see records on thousands of users of Coinbase. The company’s digital currency platform allows gains to be converted into old-fashioned dollars in transactions that the IRS alleges are going unreported.
FAO: IRS vs Coinbase fight goes on…check our Archive for more related coverage.
Shawn Langlois – MarketWatch
Vitalik Buterin, Ethereum’s co-founder: “It feels kind of like voodoo economics and the price of the token isn’t really backed by anything. That’s a very spooky thing”
Sure, coming from any number of bitcoin critics, those comments would be expected. But coming from the guy who invented the second most valuable crypto before he even turned 20 years old?
Arjun Kharpal – CNBC
There is “irrational exuberance” in the ICO market and it’s a technology that’s here to stay, the co-founder of Ethereum Joseph Lubin said.
FAO: Everybody loves Lubin! We had him yesterday too, in a Bloomberg piece talking about bubbles. Now he talks about the “irrational exuberance” in the ICO market. Like I said yesterday, nobody is saying this isn’t a bubble after all…but then the bubble gets bigger…
Ryan Browne – CNBC
More than 26,000 open-source blockchain projects were created on the software collaboration platform GitHub in 2016, research by auditing giant Deloitte has revealed.
FAO: Good stats! Could be useful to at least keeping it in mind before choosing to invest in an ICO, n’est-ce pas?
Annie Massa – Bloomberg (subscription)
Intrigued by how blockchain was changing finance, an ex-banker at Wells Fargo & Co. and a former executive at Nasdaq Inc. began looking for other opportunities. They looked at applying the technology to insurance, law, even music. Then they hit on farming.
FAO: And we end another good week with this little blockchain tomato piece that we’ve picked for you. Have a great weekend! Oh, and if you get bored, why don’t you “share” us on Facebook, Twitter and Linkedin, or drop a coin, or two, on our Donations Page…
FAO: Florin Adrian Oprea, Editor-in-chief Blockchain Daily News
DNT: Decebal Nicolaie Todarita, Editor Blockchain Daily News