Petition To Allow Amazon To Accept Dogecoin Nears 25,000 Signatures

According to news reports a Dogecoin petition is nearing its goal of reaching 25,000 signatures.

The petition dubbed as Doge4Amazon is an initiative calling on Amazon to accept Dogecoin as one of its method of payments.

Currenty Amazon does not accept any cryptocurrency directly but the Dogecoin community is hoping that it would be the first one to do so.

Dogecoin is one of the strongest crypto communities in the space. It is currently rank as 23rd according to coinmarketcap in terms of market capitalization with around $280 million market capital.

The original purpose of Dogecoin was to reward meme creators but has changed since.

It is a clone of Bitcoin with much more higher supply of coins and it was created to be spent.

There is not much Use case for this coins aside from tipping and trading for profit.

Although it is highly unlikely that Amazon will accept Dogecoin as a method of payment or any cryptocurrency for that matter with current market conditions if the initiative were to get the 25,000 signature it would be considered a victory already as it would have brought more attention to it.

The petition was created a year ago and at the time of this writing has garnered around 22,650 signatures, 2350 signature short of reaching its desired number of signatures.

South Korea’s 6 New Bills For Crypto Regulations

It has been reported that there are six new crypto-centric bills that has been submitted to the National Assembly.

This was information shared by the Financial Services Commission (FSC).

One of these bills seeks to protect the rights of crypto holders to ensure the safety and reliability of crypto transactions.

It is interesting to note that none of the six bills that were submitted to the National Assembly was submitted by the FSC.

The first bill seeks that amendment to the Electronic Financial Transaction Act which seeks the proper definition of virtual currencies and regulation for virtual currency transaction.

The next two bills relates to virtual currency exchanges and its regulations.

The first one seeks to define the requirements to guarantee freedom of business and protect investors while the second one requires participants in crypto transfer business to register with the FSC.

The fourth bill deals with the utilization of specified financial transact information while the fifth one calls for the implementation of technological, physical and administrative security measures in crypto-related businesses. The sixth was stated at the paragraph above..

Each of the said proposals include clauses for user protection such as damage compensation, prohibition of money laundering and market manipulation, use of nonpublic information and disclosure requirements.

As it stands the South Korean government has not announced any follow-up measures relating to cryptocurrencies since January and Initial Coin offering (ICOs) have been banned domestically since September of 2017.

Diversify Into Crypto Assets Suggest Pantera Capital Partner

According to a partner at San Francisco-based Pantera, Paul Veradittakit, now is the best time to buy Bitcoin (BTC).

Veradittakit is a prominent venture capitalist and advisor to Blockfolio and Icon.

He states that from a short to medium-term outlook BTC is a logical investment at current prices.

There are many industry insider feels the same sentiments and predict that many of the traders who were not be able to get into the crypto space will be sorry for not buying when cryptos are heavily discounted.

Veradittakit further states that the prices of Altcoins and Bitcoins will remain strongly correlated adding that diversification into a dynamic industry would be advantageous.

He says that putting all eggs in one basket may not be a good strategy.

He suggests investing into an index or investing in a bunch of Altcoins might be better or going for a fund manager is a logical option.

However this seems to be at odds with other prominent personalities in the crypto space like Tone Vays and Jimmy Song that speculates that a lot of Altcoins will die out.

They predict that when Bitcoin starts its new meteoric rise once more, Altcoins will not follow and will be purged from the crypto ecosystem.

Of course nobody knows what the future holds for cryptocurrencies, it is always a good idea to always take them these statements with a grain of salt and be reminded that these personalities in the crypto space has their own biases towards their cryptocurrency.

New Survey Shows Chinese Sentiments On Cryptos

It has been revealed on a recent survey result that despite prolonged bearish market conditions, 40% of the Chinese is still interested cryptocurrencies.

The survey was conducted by PANews which reveals that 98.22% of those who were surveyed have heard of cryptocurrency technology.

The survey had 4,980 respondents with 4,200 of them responded correctly.

This is great news for the greater cryptocurrency community at large, as despite market conditions and harsh regulatory environment in China, investors are still willing to into the burgeoning new asset class.

However while 40% is a significant number it must be noted that only around 14.6% of those surveyed have made capital allocations into the cryptocurrency market.

This is a huge discrepancy for those who are willing to invest and those who have already investment.

This might be the result of lack of infrastructure in China as well as the restriction on fiat on-ramps.

It is also important to note that aside from going after participants in crypto trading the government of China has also opted to ban the accessing of any crypto-related media, news and resources.

The only way to go around these is to use a Virtual Private Network or other medium that will enable individuals to punch a hole through the Great Firewall of China.

Granny From Russia Bullish On Bitcoin Mining Still

Bitcoin miner Granny from Irkutsk, Russia is still bullish on crypto mining.

The current market conditions did not dampen the resolve of Valeriya to mine as much as she could using the mining equipment she received from his son.

She states jokingly that she wants money that she earns herself and she wants a lot of it.

She believes when the worth of Bicoin reaches 1 million dollars she will be living behind a very large inheritance to her grandchildren.

Irkutsk in Russia is widely considered as miner’s paradise.

The cool weather reduces the need for cooling systems for cryptocurrency mining equipment and the heat produced by the equipment are used in turn to dry agricultural produce.

This is on top of the fact that the region has one of the cheapest electricity rate in Russia.

Valeriya’s son Yuri, is considered a pioneer in crypto mining activities in the Irkutsk region.

He started mining cryptocurrencies when his karaoke business began struggling.

Currently he is operating a mining farm with family in the city where they claim to be the crypto-capital of Russia.

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