Subscribe for more videos from me here https://www.youtube.com/c/TheCryptoverse?sub_confirmation=1
Check out the Infinite Man Summit 2018 at:
https://tg180.isrefer.com/go/lisb/cc/
1:22 Story - U.S. State Of Wyoming Defines Cryptocurrency 'Utility Tokens' As New Asset Class
https://www.forbes.com/sites/rachelwolfson/2018/03/13/u-s-state-of-wyoming-defines-cryptocurrency-utility-tokens-as-new-asset-class/#296ea91b4816
This is what I have been saying repeatedly whenever I cover a story about regulators getting confused about whether a cryptocurrency is a commodity, a currency, an asset, a security or a token.
The answer is, it’s none of them. It’s software so it depends how you use it. One minute it acts like a currency, the next minute like a commodity, the next minute a utility token and on it goes.
It’s like a slippery eel. Try and regulate it one way and it changes form, wriggling right out of your hands.
The other part of this comedy show is that because regulators can’t decide how to classify crypto, they don’t know which agency is responsible.
Here’s an extract from the Forbes article on this [red].
The bill in question is House Bill 70 aka The Utility Token Bill, which was passed on the 7th of March.
So this legally defined which types of crypto tokens are utility tokens.
They are tokens that are not offered as an investment and must be a vehicle for exchange of service.
I have a question. Why is Wyoming doing this? What is their incentive?
Please share your opinions on this in the comments.
3:30 Story - Coinbase ‘Paves Way’ For New Altcoin Support With ERC20 Upgrade
https://cointelegraph.com/news/coinbase-paves-way-for-new-altcoin-support-with-erc20-upgrade
So to my mind this means two things.
Once they technically implement this, you’ll then be able to participate in ICOs by sending Ether directly from your Coinbase wallet.
That is something ICOs specifically tell you not to do right now and it’s because the wallet you’re sending from at Coinbase doesn’t allow you to access the tokens you’ll be buying.
Now though you should be able to do this, making it that much easier to get your fiat into Ether at Coinbase and then buy ICO tokens.
Coinbase may well expand it’s exchange to allow trading of ERC20 tokens.
Having said that, they’re unlikely to launch a whole range of them since they’ve already made it clear how deeply they scrutinise a coin before launching support for it.
So this may make it easier to get your money into ICOs, but we’re unlikely to be able to use Coinbase as a one stop shop to get the money out again.
If you want to convert back to fiat that is.
4:43 Story - Statis Group publish their analysis of ICO quality
https://medium.com/satis-group/ico-quality-development-trading-e4fef28df04f
I’ve noticed this pie chart doing the rounds so I felt I had to talk about it for fear of the information being misrepresented.
The problem is that the image is being passed around without reference to the source material.
This analysis was done on ICOs with a market cap of at least $50m.
According to their analysis 81% of ICOs they studied were scams.
Which they define as [red].
Then of all ICO coins that managed to get listed on an exchange they assessed whether the project had a test version, a transparent roadmap and code added to their GitHub within the last 3 months.
3.8% were deemed successful, meaning they had all 3.
1.6% were deemed promising, meaning they had 2 out of those 3.
And 2.8% were dwindling, meaning they had 1 or none of the 3.
My view on this is that the scams could easily have been prevent by a DAICO, where the funds are locked in a smart contract and only released gradually as milestones are completed.
And as for the other success statistics, they seem reasonably on par with average startup failure rates, it just seems that everything is accelerated in the crypto space.
Let me know what you think to this in the comments below.
I want to gather some good ones for Sunday when I do the comments edition of the show.
7:04 Story - Dash rebrand underway
https://www.dash.org/forum/threads/pre-proposal-visual-identity.32795/
We all know how a rebrand can often cause a coins price to take a moonshot, but I haven’t seen a lot of talk about the Dash rebrand that is underway.
Dash hired Ogilvy and Mather, a legendary agency in the marketing world.
Anyway you really need to look at the video version of todays show to appreciate this:
https://drive.google.com/file/d/1KVS0qrVna9jQz6bAqg1K7GlzcNx_bOFk/view
But here’s the new Dash branding that Ogilvy came up with.
I’ve looked at it repeatedly over the last few days and I honestly think they are better off with the existing brand than this.
They have an alternative concept from Tharpe and Clark that looks like this:
https://drive.google.com/file/d/1pTq9WtRGXfvOvK5qcwlbx45a_yrmZqHL/view
8:23 Story - Market Roundup
https://coinmarketcap.com
Charts provided by:
Coinigy
https://www.coinigy.com/?r=16171fe8
▶️ DTube
▶️ IPFS
Wyoming is trying to be part of the innovation and the benefits that it brings to their jurisdiction. Capital would flow to the state which will improve employment, thus having a domino positive impact to their local economy. Unfortunately, federal laws can overpower state laws, particularly when dealing with commodities and exchanges. States do have more power on the money transmission business though. Hopefully the moves by Wyoming could impact other states which would force the Federal government and its regulatory agencies to take this interpretations into consideration to provide clarity.
Wyoming probably wants to attract innovation unlike certain countries/states that shall be unnamed.
Thanks for share experience front us
I wonder if steemit would be considered a security by some governments.
If it's not broke, why fix it? Dash is making a huge mistake. Their logo already looks real good, what's the problem?