#CryptoCorner: BTC Breaks $10K in Weekend Market Surge, BIS Report Weighs Risks and Benefits of Tech Firms in Finance and Ethereum Co-Founder Joe Lubin Criticizes Libra Coin
#CryptoCorner: BTC Breaks $10K in Weekend Market Surge, BIS
Report Weighs Risks and Benefits of Tech Firms in Finance and Ethereum
Co-Founder Joe Lubin Criticizes Libra Coin
Point Roberts WA, Delta BC, June 24, 2019
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June
24
Crypto Corner
Stocks discussed: (NasdaqGS:FB)
Continuing the
momentum seen on Friday, the crypto market surged over the weekend bringing
total market capitalization to $328 billion USD at press time, according to
data from CoinMarketCap.
That is an increase of about $26 billion. Bitcoin (BTC) peaked with a trading price of around
$11,200 on Sunday, setting a new record high for the year and is currently
trading for $10,900 – up about $1,000 from the beginning of the weekend.
Bitcoin still dominates the market with a market cap of $193 billion. Ether (ETH) and XRP lead altcoins with market caps of $33
billion and $20 billion, respectively.
The Bank for
International Settlements (BIS) released its annual report
for 2019, in which it examines the risks and benefits of big tech companies
entering the payments space. This includes Facebook’s (NasdaqGS:FB) Libra cryptocurrency project. On
the benefits of tech giants entering finance, the report notes:
…given their size and customer reach, big techs' entry
into finance has the potential to spark rapid change in the industry. It offers
many potential benefits. Big techs' low-cost structure business can easily be
scaled up to provide basic financial services, especially in places where a
large part of the population remains unbanked. Using big data and analysis of
the network structure in their established platforms, big techs can assess the
riskiness of borrowers, reducing the need for collateral to assure repayment.
As such, big techs stand to enhance the efficiency of financial services
provision, promote financial inclusion and allow associated gains in economic
activity.
In balancing these
potential benefits, the report notes that:
“Regulators
need to ensure a level playing field between big techs and banks, taking into
account big techs’ wide customer base, access to information and broad-ranging
business models.”
An article on Quartz from Ethereum co-founder Joe Lubin
criticizes Facebook’s Libra project as a “centralized wolf in a decentralized
sheep’s clothing”. Lubin argues that Libra’s reliance on its basket of
currencies, government regulators and initial backers make it antithetical to
the decentralized nature of cryptocurrencies.
Perhaps
most importantly, it requires our trust that Libra will eventually transition
to a more “permissionless,” decentralized system, whereby anyone can validate
the network, rather than the restrictive member evaluation criteria keeping
control in the hands of the initial 28 firms.
Sam Mowers,
Investorideas
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