Ethereum News

Crypto Advocate McAfee Argues For The Importance Of Stablecoins

Published

4 weeks ago

October 21, 2019

The American entrepreneur and staunch crypto advocate McAfee (John McAfee) has recently argued for the importance of stablecoins for decentralized exchange (DEX) adoption. As the latest crypto news show, McAfee made his claims and arguments in a tweet that he posted on October 20.

Fiat currency and decentralized exchanges. Where are we headed? pic.twitter.com/0VBabB6eJP— John McAfee (@officialmcafee) October 20, 2019

As the crypto advocate noted in the video, there is one main obstacle to crypto-fiat conversions – and how the use of a decentralized exchange poses for the users.

“What’s the main issue with decentralized exchanges? It’s how do you get your fiat currencies in and out? […] very difficult, since no information is collected on a decentralized exchange, no name, no address, no social security number, no email, nothing,” he noted.

The crypto advocate McAfee also outlined a vision for a reality in which national fiat currencies become increasingly irrelevant and a plurality of cryptocurrencies are sufficient to meeting the individuals’ needs. He said:

“Imagine a world six months from now, a year from now, two years from now, where fiat currency is diminishing in importance, you can only buy houses and cars and shoes with crypto, with Bitcoin and Monero and Ethereum and others […] soon we’ll have the ability to acquire everything that we need with crypto.”

Then, the crypto advocate McAfee proceeded and qualified his vision by proposing that – in the interim – stablecoins such as DAI can help and reduce the need for DEX users to be concerned about fiat withdrawals.

The DAI concept, as he noted, is programmed via smart contracts to never lose dollar parity by more than one percentage point – regardless of the situation on the cryptocurrency markets.

“Imagine getting your currency out [of a DEX] in DAI, it’s always going to be worth a dollar.”

As we previously reported in our ETH news, the crypto advocate McAfee launched the McAfee DEX earlier this month. This is intended to be a decentralized and distributed trading platform which entails no Know Your Customer (KYC) checks and does not block any jurisdictions.

no fees for trading? no KYC verification? if yes, I’m gonna join 🙋‍♂️— Saidi (@saidipth) October 5, 2019

Any ETH-based token (ERC-20 standard) such as DAI can be added without any fee to the beta version and with more unspecified tokens to be supported in the future. At the time of its launch, McAfee also argued in favor of DEX’s by underscoring that the crypto community faces the question of whether its aspirations are limited to expanding the possibilities for pure speculation – “all about money” – or are about an ideal and namely freedom.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Stefan

Stefan is a full-time member and has been a Bitcoin Specialist for over 6 years. Providing daily news and updates for DC Forecasts.

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Bitcoin News

LocalCryptos Adds Support For Bitcoin (BTC) And Ether (ETH)

Published

2 hours ago

November 19, 2019

Stefan

One of the largest competitors of the P2P Bitcoin (BTC) exchange LocalBitcoins has taken more of its market share as the Finnish company seeks regulatory compliance. The latest cryptocurrency news show that LocalCryptos adds support for Bitcoin as well as Ethereum.In what the company described as a pivotal step of adding support for both cryptocurrencies, LocalCryptos (formerly LocalEthereum) announced the following in a blog post:

“The platform is a one-stop shop for fiat-to-crypto ramps worldwide, beginning with BTC and ETH." Later on, the blog post describes this as a “large milestone.”

After LocalCryptos adds support for BTC and ETH, the company said that in the future even more cryptocurrencies will join its offering.

“LocalCryptos will list some of the most popular Ethereum-based tokens over time. We’ll develop a new smart contract to handle ERC20s, and, in the more distant future, ERC721s,” the exchange said.

Meanwhile, what's interesting is that this move comes roughly a week after LocalBitcoins announced its registration with regulators in the home country of Finland. This is part of a multi-year scheme to formalize its compliance - we can now see that LocalBitcoins is now an official virtual currency provider in the eyes of the Finnish Financial Supervisory Authority or FIN-FSA.Executives have so far phased out a lot of ways of trading on LocalBitcoins without revealing the identity of the trader. Cash trades are now banned and ID submission is obligatory. By contrast, LocalCryptos adds support for BTC and ETH and stays away from such requirements, operating as a non-custodial resource under which no financial liability is taken.Furthermore, the setup will allow the platform to retain features which LocalBitcoin does not have. When cash trades disappeared, LocalCryptos made the most of the decision and saw that it is a major PR opportunity on social media.There are other operators in the space which also saw a surge in popularity during the change which occurred in June this year.Meanwhile, the latest Bitcoin and Ethereum news show that both of the cryptocurrencies are vulnerable in today's trading. Ethereum (ETH) is trading at a price of $177 in a dump of 4.10% while Bitcoin (BTC) has lost 4.52% and is now below $8,200.

Ethereum News

Joseph Lubin: “ETH And BTC Did Not Face Regulations Like Projects Now”

Published

1 day ago

November 18, 2019

Stefan

The co-founder of Ethereum Joseph Lubin is in the latest cryptonews updates, talking about regulation and how the two leading cryptocurrencies did not have to comply with regulation. In an interview with the industry news outlet Forkast published on November 18, he noted that the amount of regulation is now stronger than before.During the interview which was held at the Hong Kong FinTech Week, Joseph Lubin noted that the new projects need to comply with regulations. He further explained the impact of the application of security law to the cryptocurrency space.Joseph Lubin also noted that in order to attract investors, any project has to promise that its token will increase in terms of price. Furthermore, seeing that the appreciation is usually obtained through the work of developers, by definition, that an asset is being sold as a security.

“And so securities law is then implicated and now you can’t sell a utility token as it’s not a utility token, it’s a tokenized security. You can’t sell it broadly and equitably,” he said.

Overall, Lubin highlighted that Ethereum had a first-mover advantage. More precisely, he suggested that the developers behind ETH had the opportunity to sell their cryptocurrency without complying with the securities regulation because it operated in a largely regulated industry.The competing projects, on the other hand, cannot simply claim that what they are selling is a utility token which is why they avoid registering it as a security.Lubin was in the news before this for stating that Ethereum needs to improve in all segments, explaining that ETH 1.0 was just a starting point - and developers were aware that it would not be scalable.Known for being in the news all the time, Lubin noted that because of regulation, it is possible “but very, very difficult for even a technically very strong project to challenge the early head start and the massive network effect that the Ethereum project has.”Meanwhile, today's market cap is at $234 billion and the 24 hour volume is at $60 billion which is very low compared to other days. The Bitcoin dominance rate has fallen too and is at 65.9%. Ethereum is trading at around $185 for a couple of days in a row now.

Bitcoin News

Markets Are Recovering But Bitcoin Is Still Near $8,500: Analysis

Published

1 day ago

November 18, 2019

Stefan

This Monday morning, we can see that the cryptocurrency markets are recovering but there are still reds all over and Bitcoin is with a slow momentum near $8,500. The latest cryptocurrency news also show that the weekend was not much positive for BTC as the leading cryptocurrency, as it was dragged even lower than the expected resistance area.For the better part of the day yesterday, the largest cryptocurrency has been trading within a tight range between $8,500 and $8,600 while slowly finding its way in the $8,700 price mark in the recent couple of hours.As markets are recovering, Bitcoin is trading at a price of $8,555 and a 0.36% decline compared to the morning's levels. The cryptocurrency was slowly finding its way towards the $8,700 price mark - but did not manage to do that as its main mission over the weekend.On Friday, the Bitcoin updates showed that BTC attempted to break the $9,000 price level but was swiftly rejected and brought back to lower levels below $8,600 - where it remained throughout the entire weekend.According to the analyst Michael van de Poppe, markets are recovering and the overall bullish sentiment could soon come back. However, he would like to "see a tick up to like $8,800 to confirm a slight trend reversal (like scenario),” as he said, adding:

“If not, this slow bleed could accelerate to $8,200 as the next level. Sentiment; fear. Obviously.”

The Ethereum news also show that ETH is sitting close to $184 per coin and shedded a couple of dollars overnight. The number one altcoin continues to trade in along with BTC and sync in with its price, showing upward price behaviour leading to the current trading position. The momentum for Ethereum at the moment, however, is better than the one for Bitcoin.XRP, which is the third largest coin by market capitalization, has also lost ground in the past couple of days. Still, it joined the trend of minor recovery and posted gains of 0.45% at press time. XRP right now sits at around $0.262 per coin.While the markets are recovering, most of the top 20 coins are showing little to no gains at all. Cardano (ADA) is taking the lead with a 4% growth on the day and a new price of $0.04. Tezos (XTZ) managed to rise by 5% and is now at $1.22.

Ethereum News

Ethereum Closes In On Fresh New Resistance Level: Analysis

Published

2 days ago

November 17, 2019

Stefan

Ethereum closes in on the fresh new resistance levels and the price action has been mirroring one of Bitcoin’s recent times which made it getting close to stronger levels of selling pressure in spite of ETH’s multiple recent attempts to break above the resistance level at $190. Let's read more in the ETH news today.The selling pressure dragged the price of ETH down to the lower $180 region while it is also causing it to form a new resistance level directly above the current price which could send it even further on the downside in the near-term. Ethereum closes in on the $183 trading level and it’s trading up over 2% which marks a slight increase from the recent lows of the lower $180 price level that it was set yesterday.Ethereum’s ability to show strong bond after the brief drop below the $180 signals that this is actually strong short-term support level that could hold it there as long as Bitcoin does not incur any strong selling pressure in the near-term. The price action was similar to the one of Bitcoin over the past couple of days and Bitcoin is consolidating around the $8,500 which seems to be its current support level that the bulls are keen on defending. The ability of the altcoin to stabilize in the lower $180 region, comes as it faces the increasing on-chain volume which increased by more than 30 percent in the past 24-hours. As per TokenAnalyst, a popular analytics group we can read that:

“24H #ETH Network Stats: Price: $181.76 (-1.9%) $ETH On-Chain Volume: $324M (+32.3%) Active Senders: 209K (-6.1%) Active Recipients: 94K (-0.4%).

Another popular crypto analyst in Twitter, HornHairs, explained in the latest tweet that the altcoin is now pushing up against the fresh supply region that could force the altcoin to drop back to the previous support around $180:

“$ETH short idea. 2H SFP in the making at a fresh level of supply. This level also lines up with the monthly open. Targeting the most recent swing low for now.’’

In the near-term, it seems like BTC is holding steady if ETG is yet to see the upside and it is slowly closing down with the correlation with the BTC could prove to be a hugely bearish thing if the support level exists around $8,500 that begins to disappear as bears ramp up their pressure.