The Anti-FUD Post
Periodically, I like to post some of my finding around the Internet which go counter to the mainstream mantra about both blockchain and cryptocurrency.
My goal is to bring a positive message about what is really taking place. On the surface, things can look grim until one drills down to really see what is going on. I do my best to bring the under-workings of Steem.
In this article, I will show a few things that go contrary what is being told to us at the surface level.
We know the media is doing the bidding for Wall Street and the elites. It is all smoke and mirrors. Wall Street is angling to get into cryptocurrency in a major way.
Last week I mentioned the Security Tokens and what Wall Street thought of them. Every major bank is looking at setting up a trading desk to handle cryptocurrencies. Many thought that was to be able to offer larger customers crypto for their currency. That is small potatoes.
The real money is in Security Tokens.
NASDAQ is looking at opening up a Security Token trading platform. This is enormous. Having one of the largest exchanges considering setting up a platform shows that the tokenization of the world is a real deal. These tokens will be regulated by the SEC meaning they will be similar to other Wall Street assets. Obviously, this enables them to maintain their control, at least for now.
The Wall Street mainstay is talking to different firms to launch the platform.
Another issue with Wall Street is the topic of of custody. One of the major concerns for the SEC has been the securing of the keys. When you are looking at a fund buying cryptocurrency or a firm doing it on a clients behalf, who has the keys? The client obviously owns the token but, we all know, without the key, one truly owns nothing. Hence the issue of custody.
This is something else that is being worked out. There are 3rd party services that are popping up which will secure the keys while also providing insurance against any loss due to breach. This provides a mechanism for Wall Street firms to buy crptocurrency on behalf of clients (or as part of a larger fund like an ETF) without having to worry about the keys. This moves the honeypot from their platform to someone who is specializing in that.
These custody services are part of the answer the SEC Is looking for when determining if they should allow firms to start offering ETFs which should bring in institutional money.
https://www.cryptovibes.com/opinion/breaking-the-ice-in-crypto-are-we-ready-for-insurance/
LINE is one of the larger messenging services in the world. It is absolutely huge in Japan, which also has a nice cryptocurrency penetration rate. A little while back, the messenging giant announced they were coming out with a coin to be used on their platform. It is important to note that they have 600M accounts with 210M MAU. It is a significant number of people they are going to expose to cryptocurrency.
Today, the company announced that it opened trading of the LINK (LN) on its exchange which houses BTC, ETH, and Tether. While there is no fiat trading on the exchange. this brings the ability for people to start entering the world of crypto to use the LINK token.
We all heard the rhetoric about how cryptocurrency is a scam and a fraud. It also was called a ponzi scheme. The price of Bitcoin is going to zero because it is absolutely worthless. On and on it goes.
If that was the case, do you think names like LINE and NASDAQ would be entering this space? The FUD, quite frankly, does not match up with what is taking place. There was even an interview with IBM's CFO where he mentioned blockchain as part of their growing technologies for the quarter.
These articles are just a sampling over the past 24 hours. Each day, if we look, there are similar stories all over the place. Between the behemoths on Wall Street angling and the development all over the place, this industry is getting ready for an explosion. Of course, you would completely be caught off guard if you listened only to the MSM.
Keep this in mind the next time you see a story on Bloomberg or CNBC blasting crypto and how awful it is.
There is a lot more than they are telling us.
If you found this article informative, please give an upvote and resteem.
Current ideas about custody, insurance and managing group assets are part of the centralized control model which doesn't mix well with distributed technologies. It's almost pointless to try, except those in control see that without adopting, they run the risk of loss of control.
Insurance of any type didn't exist in the ancient world. One had to be fully responsible instead of dependent on some sort of state. But that's what these models want you to do; surrender your authority to them.
Group custody is best managed by multi-sig. There will still be leaders, but the globalization of politics (and variables in software) is a way to make problems worse. Regulation will always be a leverage point for authority to become parasitic. The best regulation is self ownership.
Open source software has proven that collaboration without ownership is financially possible which suggests that large scale cooperatives no longer need to have a "custody" model. When they relinquish control, the solutions will become easier.
I think it will be pretty easy for the establishment to continue tricking to populace of their value for quite some time, even if no value remains.
ERC-20 token Maker didn't run an ICO. It was a private sale. Does this mean they aren't a security?
Bitcoin and Ethereum have already been declared commodities due to sufficient decentralization. I wonder if coins that don't run ICOs can do the same.
Anyone can claim whatever they want but the SEC has a way of throwing logic out the window (or putting their agenda in).
The head of the SEC claims that airdrops are securities. So nothing is off limits to those people.
LOL@airdrops
That's a bold claim.
They aren't shy.
Don't believe the hype!
Platforms are being built to support the tokenization of everything. Securities is already a huge financial market and the efficiencies gained from blockchain technology are enormous. There will always be small steps towards decentralization which entail hybrid models which are also underway. Balance will be key going forward in the short term.
tZERO announced today the issuance of its Securities tokens and the platform that it will potentially trade on next year. Technology to tokenize in a regulated environment is closer than many think. Full disclosure: I participated in the tZERO ICO