Cryptocurrency
XRP Might Not Reach $1 in 2019 Even With Coinbase Listing
XRP the native token of the San Francisco based technology giant Ripple came into the news after it was listed Coinbase, in the largest cryptocurrency exchange in the U.S.
In 2018, the Ripple team had tried to encourage Coinbase to list the token which they believed was not a security, and also promised the exchange a fund worth $100 million of XRP.
The exchange persisted that they will adhere to their policy in listing coins. However, many cryptocurrency users are of the belief that this listing could bring to a surge in the price of the coin which attained its
XRP will still find it hard to attain a $1 value by the end of this year because:
1) Its change in price after the announcement was speculative: after the announcement, XRP surged in price by more than 6% and was the best performing coin among the top ten coins in terms of market capitalization. Presently, it is trading below $0.32 and has a negative price change of 1.08%.
2) Binance introduction of XRP pairs could not push the price: the Ethereum community were worried after Binance exchange introduced XRP trading pairs, changed Ethereum market to ALTS market and also placed XRP ahead of ETH even though its trading pairs was lower. That could not surge the price of XRP even though the exchange is the largest in the world.
3) The XRapid experience: in Sept 2018, after it was announced that XRapid will be launched within a few months. The price of the coin increased by more than 100% in 1 week and was tending towards $0.6. That was monumental even after the product was launched in October.
4) The non-performance of other coins listed: other coins had been listed in Coinbase especially ERC-10 tokens. The presence of these coins in Coinbase had not really brought an observable increase in their price. From this, one could really say that XRP might not attain $1 value by the end of 2019.
Cryptocurrency
Cardano’s Charles Hoskinson wants to work with Elon Musk to develop a decentralized social media platform
The Founder of Cardano (ADA) has invited Tesla owner and billionaire, Elon Musk, to work with him in developing the first decentralized social media platform. Charles Hoskinson, who also doubles up as the CEO of Input-Output Global is offering to help Elon Musk achieve his goal of free speech on social media.
The news follows Elon Musk’s acquisition of a stake in Twitter last week. The Billionaire bought 9.2% of Twitter, estimated at $2.89 Billion, and was even offered a seat on the micro-blogging site’s board. However, after deliberations, Elon passed on the offer since it would bar him from owning beyond a certain threshold of Twitter’s shares.
Free speech advocate
Elon Musk is on record for being a passionate supporter of free speech and open internet policies. He has in the past openly accused Twitter of muzzling free speech and open internet use. He recently held a poll that indicated that most users would prefer an edit button on Twitter and said that if he is not allowed to acquire the platform, he would have to reconsider his position as a major shareholder of Twitter.
To actualize this cause, he has offered to acquire the platform for a reported fee of $43 Billion in cash. This intended acquisition has left his critics and supporters talking and would go a long way in helping him bring much-needed changes to Twitter. His intention has however come under fire with his critics, including Dogecoin co-founder, Jackson Palmer saying that Elon Musk is planning a hostile takeover of Twitter.
Hoskinson’s offer to Elon Musk
Upon seeing the opposition against Elon Musk’s plan, Hoskinson wooed Elon to join him in creating a decentralized social media platform. He tweeted:
“@Elon if Twitter rejects your offer, then hit me up. Happy to build a decentralized one.”
This offer follows Elon Musk’s Twitter poll where he sought the opinion of his 80 million followers about a decentralized social media platform. He posited that were he to be barred from acquiring Twitter, he would establish his decentralized platform that would be founded on free speech and open internet.
Elon Musk’s campaign for free speech and open internet has not been welcomed by all. Some of his critics have argued that coating his move with good intentions, his true intention is to get revenge against the SEC for muzzling his Twitter activities.
Cryptocurrency
Thailand Outlaws The Use Of Crypto For Payments
- The SEC in Thailand has banned crypto payments in the country.
- Its new decision is expected to become enforceable in April.
- The SEC reiterated that the government still maintained support for the blockchain industry, clarifying that the decision does not affect crypto investments.
The Securities Exchange Commission today has placed restrictions on crypto as a means of payment. They believe that it poses risks to the nation’s financial stability.
Crypto Payments Outlawed
Thailand’s SEC today has outlawed the use of crypto as a medium of exchange in the country. The regulators came up with this decision after discussing the benefits and inherent risks from crypto and blockchain technology with the country’s central bank, the Bank of Thailand (BOT).
They concluded that the use of cryptocurrencies for payment was potentially harmful to the country’s financial stability and economy. Price volatility, risks of theft, and potential use cases in money laundering were amongst the reasons cited by the SEC that led them to this decision.
The SEC report read, “the use of digital assets as a medium for payment of goods and services Because it may affect the stability of the financial system and the overall economy. including risks to people and businesses such as the risk of loss of value caused by price volatility Risk of Cyber Theft Risk of personal data leakage or being used as a tool of money laundering.”
As per the SEC’s new decision, crypto service providers and vendors or merchants in the country are encouraged to stop providing or facilitating such services. Suppose a crypto service provider discovers that a customer has used its services to make payments. In that case, the service providers are to inform the SEC and restrict activities on the said account.
The SEC’s new ruling is to take effect from the 1st of April. However, businesses that already offer such services would be given till the end of April to cease such operations. The crypto market in Thailand has grown massively over the last couple of years. As per a Bloomberg report, government data estimates that Thai citizens hold about $3.4 billion in crypto assets.
Crypto Investments Not Affected As The Thai Government Still Supports Blockchain Technology Innovation
The SEC in their release, clarified that the restriction was only on using cryptocurrency as a means of payment and in no way affected citizens investing in crypto. It was stated that “digital asset traders/investors can carry out normal investment/trading related transactions.”
The SEC also maintained that the government still supported blockchain technology and was working to provide a regulatory environment where innovation can be encouraged in the industry. Recall that earlier this month, the country had offered tax incentives to investors and businesses in the crypto industry.
“… the BOT and the SEC, as well as other government agencies, see the benefits of various technologies behind digital assets such as blockchain and emphasize and support the use of technology to further innovation.”
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