Analysis of centralised crypto news
Two items of news caught my eye today
The first was this one: https://www.ccn.com/worlds-first-bank-owned-cryptocurrency-exchange-launches-publicly-in-japan/ about the SBI Holdings crypto exchange.
The second was this one: https://www.forbes.com/sites/billybambrough/2018/07/17/big-for-bitcoin-goldman-sachs-new-ceo-is-keen-on-crypto/#56cf768142d6 about the new Goldman Sachs CEO and his take on crypto.
From https://www.goodfreephotos.com
Analysis of centralised crypto news
Note that I have picked specific articles which I believe have cherry picked the best news and best laid out their articles. A quick Google will bring up several similar takes on each story, which may or may not provide a little more background information.
SBI Holdings
SBI holdings has been dipping its toes into the murky waters of crypto for some time. After a period of testing its product, a crypto trading platform called "VCTRADE", it has been launched to the public. And guess which was the first crypto onboard?
Mr Centralised Wolf in crypto clothing himself - Ripple. I mentioned Ripple often in my posts, most recently here. My inherent distrust of this highly centralised coin is well known. It was therefore no surprise to me that Ripple was the first crypto to be used with the trading platform of SBI Holdings - a large Japanese financial services company.
I know Ripple shot up in price last year. I know it made a lot of money for holders, but I want nothing to do with it. I have held some Ripple before, just as a small "test", but I never felt comfortable doing so. I just can't shake the feeling that it stands against what crypto should stand for. I'm not suggesting what you should do, if you wish to make money from Ripple then please, by all means do so.
We all know that there is a lot of money to be made in crypto through regulation and the adoption of cryptos by centralised entities. But it's also dangerous and a threat to the crypto world itself. I don't believe that centralised entities can ever stop crypto, but they may attempt to derail it by various means: discrediting it, suppressing it etc. I wrote a far more detailed post about such tactics here: https://steemit.com/cryptocurrency/@bitbrain/money-understanding-it-and-cryptocurrencies-part-4-weapons-of-the-war-on-crypto
It's worth mentioning that BTC and BCH have both since been added to the VCTRADE platform too.
Goldman Sachs
The crypto world is abuzz with the news that Goldman Sachs is to get a new CEO. It will be their current COO David Solomon. This is seen as significant because Solomon is reported to be pro-crypto.
Goldman Sachs has already been rather progressive in offering its clients Bitcoin derivatives. Solomon is even more progressive. In an interview with Bloomberg last month he said that:
“We are clearing some futures around Bitcoin, talking about doing some other activities there, but it’s going very cautiously,”
“We’re listening to our clients and trying to help our clients as they’re exploring those things too.”
and that Goldman Sachs must
“evolve its business and adapt to the environment,”
Once again I caution about ever trusting centralised money, especially banks. But at the same time sanity should prevail. I won't say that everyone in banking is greedy and evil, perhaps only 99.5% of them. It would be silly to hate banks just for the sake of hating banks. I'm a realist, not a conspiracy theorist. I suggest that you look at this post if you have not already done so; it delves into the dilemma of centralisation/decentralisation, regulation/deregulation: https://steemit.com/cryptocurrency/@bitbrain/regulation-is-good-for-decentralisation
Summing up
This news certainly seems to have the price of cryptos up today. There is also news about IBM, GMO internet and MasterCard. But really, similar stories can be found almost every day - news isn't as important as you may think, it's a question of how the market feels on the day.
My take home message for the day is this: centralised money is coming into crypto, it must. In order to grow faster, crypto will need it. Ultimately crypto could get by on its own, especially in the event of something like a major recession where fiat and banks once again reveal their shortfalls; but centralised money will boost crypto for now and so it shouldn't be automatically shunned.
BUT: Similarly it shouldn't be automatically embraced. There is a dark side to centralised money, it may come at a hidden price. I aim to avoid it as best I can.
You must do whatever you feel is right and whatever you are comfortable with. I want you to make any decision you want, you know what's best for you and your money. But above all I want you to make an informed decision!
Keep your eyes and ears open and always try to see the long-term bigger picture.
Yours in crypto,
Bit Brain
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by Bit Brain
So, The New Zealand-based exchange Cryptopia has a token which is somewhat unusual with its low total supply of only 6300 CEFS tokens.
My question over here is, can every country can have its own crypto ? like currencies?,
Yes it can. Some plan to and at least one already does. But my question is: would you buy it rather than BTC or other altcoins?
Remember: Fiat money is already the electronic money of a country.