Hey guys, it’s Cindy here with you today on the CryptoPig Channel. I’ve got a pretty mixed selection of news to share with you today.
So first up, will the European Union regulations will they Impede Blockchain Development? Next, we’ve got Bitconnect 2.0 and how they are launching in July 2019. Ummm is this the biggest scam alert or greatest Crypto Ponzi Ever or what? Third up just 732,000 Bitcoin Addresses own at least 1 BTC, with 60% of all Bitcoins not having moved in one year. And finally, the SEC has once again postponed making a decision on VanEck and SolidX’s proposal for an exchange-traded fund. Once again, please make sure you stick around until the very end to hear all about today’s news.
And if you want a chance to win $70 Worth of Cardano for this week. All you need to do is like, comment, and subscribe. We will be announcing who the winner is tomorrow on Saturday, by drawing a video, then drawing a winner from the video. Good Luck to you all! And please if you guys love what we’re, please like this video and subscribe! And pop a comment to potentially win $70 worth in Ripple! Now let’s look at how the market is performing. And we’ve got a few reds today but no major declines. Bitcoin has fallen by 1.15%, Ethereum by 0.42% and XRP falling by 2.39%. You can see a similar pattern emerge here with the top 20 tokens. A bit of a big decline with Tezos, falling by 7.51%, while NEO increases by 5.15%. Now let’s move onto the news.
The first news item for today, asks us the question will European Union Regulations Impede Blockchain Development? According to beincrpto, which really looks at the opinion of Jack Ma, despite the advantages of the EU he believes that the Union could really impede technological development. The concern is that, if the EU’s regulations impede technological development, that definitely will impact blockchain research and the crypto and blockchain communities.
A large part of his disagreement stems from the different ideologies the Ma has. Ma has a very capitalistic stance. He noted that capitalist models focus on the ability for companies to innovate free of Government regulation. On the other hand, the EU is moving in a much more socialist direction, which required government regulation and infrastructure to facilitate innovative developments. While Ma’s opinions may be true, in the last few years, government bodies in Europe and in the EU have been researching, developing, and integrating blockchain services and infrastructure within the geo-body. While Ma remains skeptical of the EU regulation and approach over advanced technologies like AI, I have to say their role in bringing together government bodies, industry leaders, blockchain companies is working well for them. I’m sure that they are aware of the limitations of the more socialism approach hence why they are really going at it to promote research, innovation, development, usage, and adoption of blockchain technology in Europe and in the world.
Next up, Bitcoinnect 2.0 is Launching July 2019? What is going on, guys? Now for those who are not aware, Bitconnect was previously a lending platform and cryptocurrency exchange that emerged in 2016 that closed down last year in January 2018.
The Bitconnect Coin (BCC) was seen as a Ponzi Scheme by most people in the crypto community, like Vitalik Buterin the co-founder of Ethereum. Why was this the case?? Now they offered a 1% daily compounded interest for those who purchased and staked its token. So when the Bitcoinnect Bubble burst, the owners made off with everyone’s money and the token price fell by 99.9% and a project that was worth $2.5 billion at one point, became worthless, as you guys can see here.
So what’s so surprising about this news, Bitconnect 2.0 it’s coming? And it’s back?? So CCN noted that a website and Twitter profile advertising the arrival of Bitconnect 2.0. Here it says “Welcome everyone back to Bitconnect 2.0. We will launch Bitconnect 2.0 on July 1st visit our website for more Infos bitconnect.io.” On its website, you can see here that there is a countdown timer, with an opt-in form just below and their Twitter feed which another recent tweet mentioned Bitconnect 2.0 meets #ethereum. Buy now on Binance. Although the Twitter post stated that it will launch July 1st, the domain name is actually set to expire two weeks before that date. What do I think of this? Probably another scam! I mean there is a good chance based on past experience that the domain site will not be renewed. The new website was registered in the same geographical location as the one prior, so in Panama. So, guys, it’s unfortunate that there are so many scams in this industry. Bitconnect 2.0 Don’t bank it!
Moving on, 732,000 Bitcoin Addresses Own at least 1 BTC. The Bitcoinist also reported that the top 100 BTC addresses are also seeing more inflows than outflows of Bitcoin.
The Bitcoinist believes that Bitcoin’s final hurdle of being adopted by the masses is its ability to be a store of value where it can be on par with Gold and Silver. But since 60% of all Bitcoins have not moved in one year, that definitely shows that 10.5 million bitcoin being held as a store of value for the last 12 months.
While some traders can skim the profit off the top of periodic surges, it shows here that many seem to be HODLing for the long run as they believe that Bitcoin is a true store of value. Since there will only ever be 21 million Bitcoin, with the global population sitting at 7.5 billion which 36 million are millionaires, it looks like it may even be difficult for even wealthy people to own at least 1 Bitcoin in the future.
And finally, the last news segment for the day. The SEC delays Decision on the VanEck and Solid X Filing.
So in a document filed on Monday, the SEC has once again postponed actually making a decision concerning VanEck and SolidX’s proposal for an ETF. It was originally filed in January and then delayed till March. What the commission has decided to do is to seek comments from the public concerning the proposal.
I know it’s a bit disappointing for the Crypto Community. The SEC mentioned that “The Commission is instituting proceedings to allow for additional analysis of the proposed rule change’s consistency with Section 6b5 of the Act which requires among other things that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices to promote just and equitable principles of trade” and to “protect investors and the public interest.”
So it definitely looks like the SEC wants to deny the ETF but they want to provide an opportunity for a hearing before they reject it. The new deadline for the SEC to make a decision is August 19. It can delay one more time for a final deadline of October 18.
So that’s a wrap, guys. Lots of news over the last few days.
What are your thoughts on everything?
Is the EU harming technological innovation? Bitconnect 2.0 — the next scam or what? Will Bitcoin be the new store of value? And Finally, are you surprised that the SEC has postponed the decision making on the VanEch andSolid X Etf?
Let me know your deepest thoughts! Once again, comment, like, subscribe to go in the draw to win $70 worth of Ripple. It’s Cindy with CryptoPig, I’ll see you guys tomorrow!
Please join us at our Telegram Group and follow us.
Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing. Cryptocurrencies are a very risky investment, never invest more money than you can afford to lose.