Cryptocurrency News Today – 09/06/2018

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Cryptocurrency News Today

Apple co-founder Steve Wozniak hopes bitcoin will become the world’s single currency in as little as ten years.

Steve Wozniak, co-founder of Apple, has claimed he hopes that bitcoin will become the worlds single currency within 10 years. In a recent interview with CNBC, Wozniak claimed that bitcoin could slowly increase in value again over time. Stating that “because it’s regulated in its quantity, you get down to supply and demand.”

If bitcoin goes on to be used by more and more companies then it will become more popular, therefore once demand outweighs supply, the price will have to increase. Wozniak stated that he agreed with a statement made back in May, by Jack Dorsey, CEO of Twitter. Dorsey stated that he hopes bitcoin will become a global single currency, and Wozniak agreed with these comments.

Billionaire, Mike Novogratz says Cryptocurrency will become a $20 trillion market

Billionaire, Mike Novogratz, a former Goldman Sachs trader, told Erik Schatzker at the Bloomberg Invest Summit, the cryptocurrency market is moving to the $20 trillion region.

The interview itself was focused primarily on the general cryptocurrency market. Schatzker questioned Novogratz on the criticisms’ surrounding the cryptocurrency markets in relation to their volatility, and the so called bitcoin bubble in December/January.

Novogratz stated that if cryptocurrencies are considered a bubble he would liken it to the initial dot com bubble in 1996, which eventually led to an even greater bubble in 1999.

“[Cryptocurrency] is a global revolution. The internet bubble was only a US thing. It was rich US people participating. [Cryptocurrency] is global. There are kids in Bangladesh buying coins. It is monstrous in Tokyo, in South Korea, in China, in India, and in Russia. We’ve got a global market and a global mania. This will feel like a bubble when we’re at $20 trillion,” said Novogratz.

EOS mainnet launch!!

The EOS mainnet launch has been a much anticipated event over the course of the last year for almost everyone involved in the crypto space.

Today may well be the day for the mainnet launch. Candidates whom are performing the role of “block producers”, whose job is to secure the network and validate transactions, last night voted “Go” for the launch of the mainnnet.

EOS will be a similar project to Ethereum, in that it will allow users to create dApps, initiate smart contract and send and receive transactions. The ICO finished at the end of May. Raising an incredible $4 billion, the most ever raised in an ICO.

Mastercard file for blockchain based patent

Mastercard, one of the worlds largest payment service providers have filed a blockchain payment system to allow faster, and more secure payments for customers. The patent was filed on June, 7th, and was titled “Method And System For Payment Card Verification Via Blockchain”.

Master card explained the current issues with systems currently used and how a blockchain based system would not only improve their system, they would provide more security to users all over the world.

“Thus, there is a need for a technological solution to enable the conveyance of payment credentials to a point of sale device that requires minimal participation by the consumer, while still maintaining a high level of security, particularly against skimming.”

 

 

 

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Here’s Why Wall Street Has No Business Rating Cryptocurrencies

Weiss Ratings, an independent American rating agency that covers stocks, mutual funds,  banks, insurance, credit unions, ETFs, and banks has stepped out of its comfort zone to present the first-ever rating on cryptocurrencies. Weiss Rating doesn’t have the same level of visibility that other rating agencies such as Standard & Poor’s and Moody’s enjoy; yet, its independence has enabled it build a reputation for reliably objective ratings and insights on Wall Street assets.

Many Wall Street retail and institutional investors have been scared of getting involved with cryptocurrencies because of lack of “credible” analysis, insight, and ratings. Weiss’ bold move to deliver the world’s first ratings on 74 cryptocurrencies in its Weiss Cryptocurrency Ratings will help cryptocurrency traders and investors avoid hype, identify promising assets, and diversify risks across different cryptocurrencies. However, here are three key takeaways from Weiss Cryptocurrency Ratings.

1. No cryptocurrency makes the A+ rating

Traditional financial institutional have always been skeptical the prospects of cryptocurrency especially because of the decentralized nature of cryptocurrencies and the lack of regulatory oversight on the industry. The skepticism of traditional financial institutions is evident in the fact that none of the 74 cryptocurrencies profiled in Weiss’ rating qualifies for the A+ (excellent) rating.

Of course, an objective review of the cryptocurrency industry in relation to Wall Street suggests that the lack of an A+ rated cryptocurrency is deserved. However, the voice of reason suggests that it is not fair to judge cryptocurrencies with the same metrics for stocks because cryptocurrencies and stocks are fundamentally different.

 2. Ethereum might be a better cryptocurrency investment than Bitcoin

Bitcoin is the first and most popular cryptocurrency and it has the largest trading price by the virtue of its popularity.  Bitcoin currently trades around $11,375, about ten times more than its closest rival Ethereum, which trades around $1,066.46. However, analysts at Weiss believe that Ethereum might be a better cryptocurrency investment than Bitcoin. The analysts have given Ethereum a rating of “B” (good) and EOS joins Ethereum in the B rating category.

Weiss notes that one of the reasons Ethereum got a higher rating than Bitcoin is that the former “benefits from more readily upgradable technology and better speed, despite some bottlenecks” than the later. In all fairness, the median transaction cost on Bitcoin over the last couple of weeks was around $10 whereas Ethereum had a median transaction fee of about $0.85. Hence, the fact that “encountering major network bottlenecks, causing delays and high transactions costs,” might have influenced the rating.

However, the analysts at Weiss ratings have ignored the fact that Bitcoin and Ethereum are fundamentally different coins. While Bitcoin is actually a replacement for money, Ethereum is more of a platform for building apps and smart contract – ETH was never created to replace fiat.

3. The ratings might end up muddling up the market instead of providing clarity.

Wall Street analysts have started lauding the ratings as an important tool that will make it easier for many more Wall Street investors to become involved with cryptocurrencies. For instance, Ari Paul, chief investment officer at BlackTower Capital told CNBC that Weiss’ cryptocurrency ratings are a great example of the ongoing institutionalization of the cryptocurrency industry and a healthy addition.”

However, you can’t help but notice that the cryptocurrency rating from Weiss betrays a misunderstanding of the fundamental factors that make cryptocurrencies different from other types of assets. For instance, Bitcoin was rated a “C+” (fair) investment but Steem, Cardano (ADA), and NEO were rated higher than Bitcoin as they scored a “B-” rating ahead of Bitcoin’s “C+” rating.

Surprisingly, other high-profile coins in the same class as Bitcoin in the C+ rating category include Monero, Litecoin, Dash (DASH) and Ripple (XRP).

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