Keiser: Bitcoin Doesn’t Require Settlement Time, Giving It an Advantage Over Fiat Currency and Gold

  • Bitcoin’s transactions post directly to a ledger, connecting the settlement and the transaction directly.
  • Max Keiser criticized Brad Sherman for his negative stance on Bitcoin.

Max Keiser is the host of the Keiser Report, and he is a well-known bull of Bitcoin. Considering his stance, it shouldn’t come as a surprise that he sees Bitcoin as a superior option to fiat currency and gold. However, breaking down the cryptocurrency asset on November 7th, Keiser explained that Bitcoin manages to beat out both gold and fiat currency for its lack of required settlement.

Bitcoin inherently weaves together the transaction and settlement of any transaction, since moving Bitcoin between wallets is as simple as updating a ledger. The update means that miners confirm the transactions in real time, instantly settling and posting to the blockchain.

Keiser noted,

“There’s a lot of friction, both in paper and in gold. Bitcoin, uniquely, is self-settling – the transaction is the settlement. When the transaction hits, it settles.”

The episode featuring this topic coincided with the support from governments for paper fiat, while digital currencies from any country have been a major point of discussion. China appears to be interested in issuing a digital yuan. However, other central banks are looking to do the same, like the European Central Bank.

The use of digital transactions would make for a positive change in the cost and settlement times, but the connection with the fiat system makes these changes more of a political move. Keiser believes that the US dollar would ultimately be weaponized for sanctions, though the fact that they’d be controlled by central banks leaves them prone to censorship and other centralization issues.

Keiser took the time to criticize Brad Sherman, a US congressman and long-time Bitcoin critic who has pushed for cryptocurrency to be banned.

Keiser commented,

“Brad Sherman is going to a gunfight with a knife, he has failed to take on board exactly what the dimension of this battle is going to be.” He added that Sherman fails to see that “he’s already lost.”

As international sanctions plague Russia, the country has been rumored to be purchasing substantial amounts of Bitcoin to circumvent the policies.

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Author: Krystle M

EU Will Opt Against Issuing Stablecoins, Instead Choosing to Regulate Existing Stablecoins

  • Stablecoins are digital assets that are pegged directly to a currency or commodity.
  • The EU is expected to approve the new declaration on stablecoins by December 5th.

Stablecoins are one of the most consistent assets of the cryptocurrency industry, and there have already been many countries and companies to come out with their own versions. While the idea of having an asset pegged to an asset is appealing to some, the European Union is notably setting themselves apart. While the EU isn’t launching their own stablecoin, they have decided to look at how to regulate these assets.

A group of individuals within the EU presidency is working to develop their own guidance on regulating stablecoins, according to someone familiar with the matter who spoke with CoinDesk. The story was originally reported by Reuters, and the declaration will specifically state that the EU should regulate stablecoins.

The source told CoinDesk, “This is a rather short declaration that is about the EU position on how to handle those new types of cryptocurrencies,” the source told CoinDesk. “The focus is on how those cryptocurrencies should be regulated.”

This declaration is meant to come in response to the launch of Libra by Facebook. Even with many regulatory concerns, Libra hasn’t slowed or stopped the progress on their goal of launching next year. The governing council for the asset formally signing onto the project in October. While the declaration expresses the need to regulate stablecoins, it doesn’t state that the EU should create its own cryptocurrency in response. Instead, according to the source, the idea of launching a stablecoin is more of an idea that “should be explored,” though there’s no indication right now that the EU is going to explore it.

The source added, “The statement is to highlight the need for a proper regulatory framework for those stablecoins and as a consequence, different ideas should be explored. One of them is the possibility of having something that is managed by the ECB [European Central Bank] and other central banks.”

At this point, a summary on what the final declaration will say isn’t something that the source feels confident in speaking to. However, on November 8th, the statement will be officially finalized before being presented to the finance ministers of the EU. However, the EU is expected to adopt the declaration on December 5th, which is the next meeting of the finance ministers, says the source.

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Author: Krystle M

IOSCO: Existing Securities Rules Could Apply to Facebook’s Libra and Other Stablecoins

  • Stablecoins are directly tied with a “stable” asset or a group of assets, including fiat currencies or commodities.
  • Facebook’s Libra stablecoin is set to launch in 2020.

The launch of the Libra stablecoin by Facebook is still months away but reports from Reuters indicate that there are already securities rules in place that could apply. Rather than restricting stablecoin, these rules could help reveal the full benefits, according to IOSCO. IOSCO is a global securities watchdog, which made comments as policymakers investigate if additional regulations will be required in this sector.

IOSCO’s contributors come from around the world, including regulators in Japan, Europe, and the United States. The organization believes that, by assessing the stablecoins, it discovered that there are benefits that could be offered, in addition to the risks they presently have.

By definition, a stablecoin is directly connected with a “stable” asset or group of assets, like the dollar or the Euro. It can be tied with a fiat currency or even a commodity, and Libra aims to be linked with bank deposits and government securities that include multiple fiat currencies.

Still, the plan to launch at all has created a wealth of concerns from many countries, including worries over consumer protection and money laundering.

Ashley Alder, chair of IOSCO, stated,

“Our analysis has shown that so-called ‘stablecoins’ can include features that are typical or regulated securities.”

Essentially, that means that the rules that presently exist on disclosures, reporting, and registration would still be applicable.

Last month, CEO Mark Zuckerberg of Facebook admitted that the launch of Libra is a “risky project” while in discussions with US lawmakers. However, he added that electronic payments could ultimately be cheaper to perform, and that more people would have access to the global financial system. While Libra should be launching in 2020, there are lawmakers in Germany, France, and other countries in Europe that want to impose a ban on the stablecoin.

Alder remarked,

“It is important that those seeking to launch stablecoins, particularly proposals with potential global scale, engage openly and constructively with all relevant regulatory bodies where they may be seeking to operate.”

Still, better understanding regarding the applicable rights and obligations is crucial.

Alder added,

“We therefore encourage international collaboration, so the risks relating to stablecoins can be identified and mitigated, and the potential benefits realized.”

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Author: Krystle M

GOJOY Business Chain Review: Blockchain Shipping to Earn Rewards?

GOJOY Business Chain Review: Blockchain Shipping to Earn Rewards?

GOJOY Business Chain is a digital shopping mall where manufacturers sell directly to consumers and 50% of the income generated goes back every hour to the community of shoppers.

When a customer buys on GOJOY, he or she gets a percentage of the purchase in JOY coin. After every hour, the platform shares 50% of its income proportionately with JOY coin holders.

GOJOY was inspired by the challenges that Small and Medium Enterprises (SMEs) face while doing business in the internet age. Quite often, the SMEs never win in the traditional internet business model where a few groups or individuals dominate each industry. The advancement of technology and the instability of the global market economy have created a new kind of opportunity—the fractional asset ownership economy.

Fractional Asset Ownership

Fractional ownership implies that a company or an asset is broken into small parts, allowing large number of users to own them. The fractional economy was inspired by the shared economy such as used by companies like AirBnB or Uber. In such shared economies, users generate income from the services they provide, but they end up with no benefits from the growth of the tech giants. This kind of business model is unfair to the service providers who make it all happen.

Any traditional SME with more than one million dollars in revenue can adopt GOJOY’s business model and transform itself into a Fractional Business. Once a business joins the bandwagon of the Fractional Economy, it would start realizing more customers and higher profit margins. Besides, it would improve in brand loyalty.

GOJOY believes that eventually thousands of businesses will adopt its business model. When several companies come together under the fractional ownership initiative, they will share their traffic and form an ecosystem where fractional companies grow at zero costs in fiat. The Fractional Revolution is set to help alleviate poverty, generate jobs, and transform how people see companies.

Pain Points Identified and GOJOY Solutions

GOJOY underscores the fact that the internet age is definitely good for business. Technology speeds up some processes and eliminates others. Money moves fast, people work around the clock worldwide, and they can even enter new markets remotely.

Eventually, consumers are the ones to pay for all the extra cost paid to traffic landlords. Here are some of the problems that any SME faces while doing business in the internet era.

  • Funding: it’s becoming harder for SMEs to acquire funding without sacrificing a bigger margin of their business shares. To solve this problem, GOJOY aims to provide a suitable solution for SMEs to get funding without sacrificing a bigger portion of their business shares.
  • User acquisition and retention: User acquisition is a major challenge for any company on the internet. No matter what services or products they sell, if no one clicks on their link, no one will ever get to know about the products or the services they deliver. This problem blocks many businesses from achieving success. GOJOY aims to provide brands with a zero-cost alternative to acquire a user community.
  • Brand recognition: Any online company would like to launch their business on the Chinese, African, and Indian markets where they target about 50% of the world’s population. However, due to language, political, currency, and cultural issues, it’s very hard to launch a brand on a new market. GOJOY seeks to ignite a brand in these markets through the power of word of mouth. The best part is that it will be at zero cost.

In the end, SMEs that adopt the fractional ownership business model will be able to grow significantly.

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Author: Bitcoin Exchange Guide News Team