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Altcoin News

‘I Don’t Understand’: Ripple’s CEO Rants Against JPMorgan’s Cryptocurrency



Brad Garlinghouse is in the daily cryptocurrency news because of a new rant aimed at the JP Morgan cryptocurrency. The head of Ripple bashed Jamie Dimon, who stands behind JP Morgan and the JPM Coin altcoin, in a keynote at the DC Blockchain Summit 2019.

Garlinghouse gave a fireside chat with Nasdaq’s Jill Malandrino – geared up around the JPMorgan cryptocurrency which was recently introduced. The head of Ripple, who is known for his temper, did not back down from the line of questioning. He even sounded like a team player for the industry at times, stating:

“I think it’s great for the blockchain and crypto industry to have players like JPM leaning in. Thumbs up. That’s great. That’s the only nice thing I’m going to say about this.”

According to Garlinghouse, it was only a matter of time for banks to enter the crypto market. Nonetheless, in order for crypto and the blockchain industry to achieve mainstream adoption, products such as decentralized apps and coins must solve some type of problem for users.

For instance, the JPM Coin resembles a stablecoin that has a 1:1 backing by the US dollar. Institutional customers, however, must give the bank a dollar for every JPM Coin that they transact in.

“Wait a minute, just use the dollar”, Garlinghouse quipped, adding: “I don’t understand what problem that solves.”

Later in the speech, Garlinghouse explained how he previously questioned a Morgan Stanley representative about whether or not the firm would be using JPMorgan’s crypto token – to which his response was “probably not.”

After that, the CEO of Ripple went on to question whether Citi, Bank of America or PNC would have any interest in JPM Coin.

“The answer is no,” Garlinghouse concluded. “I don’t get it.”


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Altcoin News

General Manager Of BIS Says Banks Should Not Issue Their Own CBDC

Agustin Carstens, the general manager of the Bank for International Settlements expressed his opinions about whether the banks should issue their own digital currencies. According to Agustin, the answer is ‘’no.’’ Why does he believe this is a bad idea we find out in the latest cryptocurrency news. Carstens is known to be on the other side of crypto, having said multiple times that Bitcoin is a bubble and a Ponzi scheme. He also made statements how he believes Bitcoin is an ‘’environmental disaster’’ and at a speech, in Dublin, he explained that cryptocurrencies are extremely dangerous and could possibly undermine the entire global banking system. He is now saying to the banks worldwide that there is a huge danger of issuing their own digital currency. Carstens believes that ‘’virtual coins’’ are everything banks don’t like. They are not financially stable and banks, therefore, choose policies that are designed to protect the customer not to expose him to more danger. During the speech Carstens pointed out:
‘’There are huge operational consequences for central banks in implementing monetary policy and implications for the stability of the financial system. Central banks do not put a brake on innovations just for the sake of it, but neither should they speed ahead disregarding all traffic conditions.’’
Banks and other financial institutions shouldn’t keep up with the technology of this kind because not every trend in the monetary space is good for the financial system and that they should be wary of hurting the functionality of the entire system. He keeps using the term ‘’financial panic’’ claiming that by issuing central bank-issued digital currency or CBDC, people would move out their money to commercial banks and this could lead to taking down the interest rates which could potentially harm the liquidity of the market. The general manager didn’t get much support from other bank executives. Multiple banks have already chosen to issue their own digital currencies or at least have plans to do so. For example, the Bank of England revealed they are considering the issuance of a new digital currency that will work similarly to Bitcoin. Also, IBM joined with Stellar and they introduced the Blockchain World Wire which is a project that guarantees banks the ability to issue their own stablecoins in the near future.
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Altcoin News

USDT-TRON Stablecoin Is Going To Be Listed On OKEx

The fourth largest exchange for Bitcoin, OKEx, is making headlines today. As we previously mentioned, Tether has been expanding its USDT product to the Tron blockchain. In the recent cryptocurrency news, however, the community has embraced OKEx's decision to list the USDT-Tron pair on the exchange.

OKEx Lists USDT-Tron As 4th Largest Bitcoin Exchange

Standing as fourth largest Bitcoin exchange by adjusted volume, OKEx has recently announced:
In order to meet users’ demand for stablecoin trading, OKEx will support USDT-TRON, the TRC-20 based USDT token co-developed by TRON and Tether, as well as the airdrop for USDT-TRON holders. By then, OKEx will support three protocols of USDT, namely USDT-Omni, USDT-ERC20, and USDT-TRON. Please stay tuned for our further announcements.
What's important is the fact that centralized exchanges are not the real beneficiary of USDT-Tron right now. However, the majority of the Tron tokens trade on decentralized exchanges which run on the Tron blockchain. TRX itself has some stablecoin markets including Binance. As soon as USDT-Tron is live, the liquidity of the Tron economy will reshape and every token will have a price in both TRX and fiat. It will be similar to ERC-20 assets and their price in fiat - in fact fiat and demand have their own way of dictating the actual value of the tokens.

The Real Benefit OF USDT-TRX

USDT-TRON is currently great for TRX tokens. Since Tether (USDT) is the oldest pegged stablecoin, it has some authority on the market. The real question right now, however, is who will be next to cross the blockchain barriers since most of the stablecoins are only available on Ethereum. Among the other blockchains that could use the liquidity boost are EOS, NEO, Cardano, Aelf and Tezos. Any of these could benefit from the ability to quickly trade into a stablecoin without having to go through a centralized exchange, which is the real benefit of the USDT-TRX move. To sum things up, Tron and EOS are not far behind Ethereum in terms of the developer ecosystem. In fact, their userbases outpace Ethereum in terms of growth. However, in terms of liquidity and financial markets, Ethereum is the most dominant smart contract platform. All in all, the move to create a Tether stablecoin on TRX its a major leap forward for Tron.
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Altcoin News

Bitcoin Is Close To $4,100 As Tokens Gain 20%

The valuation of the total cryptocurrency market cap has risen to more than $141 billion and is now reaching a new milestone as the market is improving. We are seeing green everywhere in the latest cryptocurrency news - with a focus on the most dominant cryptocurrency, Bitcoin (BTC). Even though Bitcoin has not recorded the biggest rise on the day, it is coming close to the $4,100 mark which is crucial for the cryptocurrency. The gains of 1% to 2% are repetitive for most of the top 10 cryptocurrencies which made sure to rise in terms of value and contribute to the growing market cap. By rising more than $1.5 billion overnight, the market showed that it is led by the Bitcoin price. Based on the global average, BTC has remained above the $4,000 resistance level for more than a week now - and tokens have followed with new surges of up to 20% on the day. Even though Bitcoin was a hot topic over the past couple of months for its inability to break out of the crucial resistance levels set in the $3,000 zone - it now managed to cross the $4,000 mark and is rising as we speak. The sentiment around the market is positive and is expected to improve, too. Earlier this week, some reports suggested that analysts still foresee the Bitcoin price testing its lows in the $3,122 to $3,500 range before a potential accumulation in the upcoming months. Even though we don't need to be so optimistic, the trend line is positive and since mid last year, Bitcoin has shown a pattern of experiencing several months of stability and then dropping largely afterwards. So, if BTC continues to climb up in the $4,000 and $5,000 range, the resistance levels will climb too. According to Anthony Pompliano who is the co-founder and general partner at Morgan Creek Digital, the institutional investors and asset managers that are likely to buy BTC in the long run are committing to the asset class.
"In my opinion, blockchain and crypto-related investment opportunities will be one of the fastest growing sectors in the alternative asset management space in the next 10 years. This means that every alternative asset manager will have to create a strategy to help their LPs gain exposure to the nascent industry," Pompliano said.
Aside from the greens recorded in the top 20 cryptocurrencies, the best performers on the day include the names of Ontology, Ravencoin, Tezos, Huobi Token, and KuCoin Shares - all recording gains from 12% to 25% on the day.
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Altcoin News

Analyst: 90% Of Smaller Crypto Projects Will Result In Complete Loss

The latest news and headlines on our DC Forecasts crypto news site feature one fundamental analyst who picked up steam in the crypto waters for saying that the majority of the smaller crypto projects and not-known altcoins will result in complete losses. In times when Bitcoin is stabilizing and trading over the $4,100 margin in a slow and steady climb, traders everywhere are rejoicing over the so-called altcoin season that is upon us. Still, before we celebrate the new surge and the start of a new bull run, it is important to see the fundamental statistics. According to the fundamental analyst who is known under the Twitter handle "Wolf of" - the vast majority of the cryptocurrencies on the market will result in "complete loss" for investors who are playing the role of venture capitalists by funding projects with little to no use in real world. The self-proclaimed crypto trader has taken to Twitter to express his concerns in investing in smaller crypto projects. He also compared crypto investors to venture capitalists who invest in startups with a high rate of failure. The trader's concerns are not that much about investing in cryptocurrencies - but more about the fact that uninformed cryptocurrency investors don't appear to understand the risk to reward ratio in investing in crypto projects. The trader also claimed that smaller crypto projects are unproven and often have tiny teams - hence their similarity to startups.
“No matter how these small projects are financed (via an ICO, premine, fair launch, dev reward, self-funded etc.), they are essentially young startups in a completely unproven technological field. Such startups are known to have an extremely high failure rate of about 90%,” the analyst explained.
The "Wolf of" also said that only Bitcoin, Ethereum and Monero are the coins that have "traction" and ones that should make up core crypto exposure.
"There’s no denying that there’s a realistic chance that somewhere in the 10% of the projects that survive lies a gem that ends up providing a 10x, 100x, or even 1000x return on investment," he said.
Overall, his thoughts are very much in line with the other traders in the crypto community which now recommend investing only in the cryptocurrencies one can afford to lose and building the portfolio around high-cap coins such as Bitcoin and Ethereum.
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