We love to think of ourselves, humans, as creatures of utmost rationality. We justify erring behavior using logic and insanity through science. Then, we lean towards religions to make sense out of fatalities and elude grey-matter when it comes to matters of the heart. The way the great Vincent Willem van Gogh sees it is:
The fishermen know that the sea is dangerous and the storm terrible, but they have never found these dangers sufficient reason for remaining ashore.
So, transposing that to crypto – following one of the gloomiest weeks the market has seen recently, would shuttered pieces fall into place? What drives people to buy and sell in the way they do? Is it Adam’s Smith invisible hand? Sounds to me like a question for the philosophers. Yet, this week has been remarkable for the burgeoning crypto market. One of setbacks and a gleam of hope. Here’s why.
Forbes Tracks Crypto-Millionaires – Billions of Dollars off an Opensource Project
In a way they are quite the only ones to master, Forbes just compiled its Crypto Richest List. The latter ranks the 20 wealthiest people in crypto and broadly identifies their wealth.
Ripple’s founder, Chris Larsen, came top of the list with an estimated $7.5 – $8 billion. The largely centralized currency has one of the strongest partner pools, bridging tradition finances to digital coins. Also making the cut are the Winklevoss twins, founders of the Gemini crypto exchange, and Ethereum co-founders, Joseph Lubin and the one and only Vitalik Buterin.
For me, with the exception of Binance’s CZ, the message is loud and clear. The most centralized of all coins makes the least acclaimed crypto-investor on top of the list. Whether it’s crypto or anti-crypto, wealth has only so much to do with great intentions. And more with opportunism. I bet the Winklevoss would raise a toast to that.
The Rebound – All Top 100 Cryptocurrencies In The Green
A rare occurrence lately: green markers seem to indicate the end of the week-long storm that nearly swallowed the crypto-market.
It looks like regulators are the judges and hangmen. In fact, the verdict came during the hearing on cryptocurrency and Blockchain held on February 6 by the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC).
“We owe it to this new generation to respect their enthusiasm for virtual currencies, with a thoughtful and balanced response, and not a dismissive one”
Said CFTC chairman J. Christopher Giancarlo. The effect on Bitcoin and all altcoins was instantaneous. How long would it take place, we can only speculate. Because volatility is the rule here. Not the exception.
Coinbase Segwit – Sooner Than Expected
Another announcement seems to have given Bitcoin some needed support.
Coinbase – the exchange that brought us one of the biggest inside traders P&D of all times confirmed through social media outlets that they will soon implement the Segregated Witness (SegWit) scalability upgrade for all traders Bitcoin addresses. This is expected to shorten Bitcoin transaction times and curb fees. SegWit is in the final stages of testing so “buy the rumor, sell the news” seems to apply here!
Coinbase remains a high profile exchange, widely used in the US for its simplicity, despite the exorbitant fees applied to traders.
China’s LianLian Electronic Remittance Firm Integrates RippleNet
Ripple made the news again today, but not through Chris Larsen. The fintech startup is officially partnering with China’s electronic remittance giant, LianLian to integrate crypto-payments on the platform. In fact, LianLian is highly popular with e-commerce shoppers in Asia Pacific, widely compared to Paypal.
According to Ripple, the partnership with LianLian will enable existing RippleNet members to connect with the Chinese market. LianLian is officially authorized by the People’s Bank of China where legislators are not notorious for embracing crypto.