“Facebook’s announcement of GlobalCoin is the trojan horse that will bring blockchain adoption to the masses. Through Facebook and Whatsapp, potentially hundreds of millions of people will use it. It has the potential to be bigger than the US dollar in terms of numbers of users.
Mark Zuckerberg has looked beyond the hype, and seen the potential of cryptocurrencies for low-cost, reliable cross-border transfer of payments. Startups are set to transform industries from banking to the supply chain. Companies large and small, like Facebook, are looking at how blockchain can help their business in this new digital era, and we are just at the start of the journey of this fledgling industry.” José Maria Macedo, Head of Advisory, AmaZix
Global “Surveillance” Coin
— Dr. Peter McCormack (@PeterMcCormack) May 25, 2019
Most people miss one thing: $Crypto is a long game.
Yes, you can make money today.
Yes, the next pump is coming.
— Nye (@MrMichaelNye) May 22, 2019
“We believe that digital assets represent a fundamental new class of financial instrument that defies simple classification as security, commodity or currency. Many digital assets occupy one, two, or all three depending on their context and use.
Innovative technologies deserve new regulatory frameworks, and we will continue to advocate for change. But without congressional action, the US Securities and Exchange Commission is forced to rely on 85-year-old laws and 73-year-old court cases to develop guidance about which digital assets might be considered securities. These laws are inadequate to address crypto, which doesn’t easily fall into established categories, and as a result the SEC guidance isn’t easy or straightforward to interpret.” Circle CEO Jeremy Allaire
“It took 10,000 Bitcoin to buy two pizzas worth $30 in 2010. Today people believe one Bitcoin is worth $8,000. The US treasury prints $30,000 of $100 bills for $30, which is about the cost of mining (producing) five new Bitcoin. That $30,000 will buy you 24 ounces of gold, which costs roughly $20,000 to dig out of the ground and refine. Ever since the first king stamped his likeness on a gold disc, the value of money has been a matter of faith, trust and utility.” Clem Chambers, CEO of ADVFN and Online Blockchain
Money can’t buy you happiness, but it can buy Bitcoin, which is kinda the same thing!
“Criminals follow the money, and this report from the FCA shows they are taking advantage of consumers’ lack of understanding about crypto assets. If you’ve heard about Bitcoin on the news but don’t know how to invest, you might be tempted by the offers.
My personal background is foreign exchange brokerage and the same scams have been operating in forex, long before cryptocurrencies hit the headlines. It is about targeting individuals with promises of high profits. The fact that the FCA has now grouped together crypto and forex fraud just goes to demonstrate this is the same old fraudulent activity but in a new guise. The key message for investors is to always do your own research, and if an investment sounds too good to be true, it probably is.” Kevin Murcko, CEO, CoinMetro
“This underlines the urgent need for major crypto assets to be included into the FCA’s regulatory perimeter. The period between late 2017 and early 2018 was fertile ground for bad actors given the unregulated nature of early ICOs and slow-to-adjust regulatory framework.
The good news, however, is that the ‘crypto winter’ of 2018 helped wipe out the majority of bad actors and gave serious players some time to implement mature, sustainable, customer-first approaches. Incoming regulation from the FCA will dramatically increase the price of overselling investment opportunities in crypto to better protect investors. That said, outright scams exist even in some very mature markets such as bonds and stocks.
The best way to protect oneself is to take time to understand the asset one is considering getting involved in. Remain wary of any definitive promises of investment gains, since compliant firms are legally not permitted to make such commitments without disclosing appropriate risks. ‘Guaranteed returns’ or ‘100% risk free’ promises should always be treated as red flags. Checking URLs and inconsistencies across the websites and emails proposing the investment is crucial. Investors should also always measure forecasted returns versus alternative opportunities in the marketplace, since unusually high expected rewards typically assume proportionately higher risk.” Alex Ryvkin, CEO of Mode
Some people think it's crazy to invest in crypto. Maybe. But definitely not as crazy as sitting on the sidelines when the future of money is literally being built before your eyes.
— Cameron Winklevoss (@winklevoss) May 20, 2019
— elizabeth stark (@starkness) May 22, 2019
“It is clear the US Securities and Exchange Commission (SEC) is still in information gathering mode (regarding a Bitcoin exchange traded fund (ETF)…Technically, there are deadlines, but honestly they (SEC) can do what they want, they can kick this down the road until they are comfortable, it is clear from what we are hearing.” Dave Nadig, MD of ETF.com
It's Bitcoin Pizza Day! In 2010 someone spent 10,000 BTC (£62,000,000) for 2 pizzas worth $30.00.
Oh well, as they say in Seinfeld
— Troy Norcross (@troy_norcross) May 22, 2019
“99% of banks love what we’re doing, because we’re democratising something that’s controlled by a small number of banks, their competitors.” Ripple CEO Brad Garlinghouse
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.