Bitcoin Approaches $8,000 as Bitcoin SV Doubles in Value

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The Bahamas SCB Files Draft for Regulating Crypto Industry

The Bahamas SCB Files Draft for Regulating Crypto Industry

The Securities Commission of The Bahamas has escalated their proposal to create a new regulatory framework for the issuance and sale of digital tokens in order to attract more blockchain business to set up offices on the island. This according to the proposed Digital Assets And Registered Exchanges Bill, 2019.

Accepting and Regulating the Change

The financial regulatory authority of the famous tourist island, The Bahamas, has filed a draft to better regulate tokens that are not considered as securities. The bill titled “Digital Assets and Registered Exchanges Bill 2019,” proposed by the Securities Commission of The Bahamas highlights the procedure to register token offerings and the importance of informing the authorities as well as the investors about the sale.

The proposed bill is also expected to regulate and control the registration of cryptocurrency exchanges and other businesses in this industry, such as wallet services. The bill quoted:

“The Bill applies to any person who as organizer, issuer, founder, sponsor, wallet provider, exchange, purchaser or investor participates in the formation, promotion, maintenance, organization, sale or redemption of an initial token offering. “

The draft is open for public consideration and comments till May 27. The executive director of the commission Christina Rolle mentioned that after the consultation period, the document will be passed on to the parliament for consideration. The new legislation will be passed this autumn if everything goes as expected, she said.

This bill will be the first legislation that will establish a regulatory framework for crypto assets in The Bahamas, told SCB Chairman Robert Lotmore.

Catching Up on the Blockchain Wave

By filing a draft for supportive crypto regulations the Bahamas has taken a step ahead to join the many other countries who’re leveraging their businesses by implementing blockchain and cryptocurrencies. Specific crypto regulation will not only make it easier for the government to track and bust illicit activities but also help boost businesses in the right direction.

We witnessed the traction that Malta gained soon after legalizing crypto businesses in a time when other countries were too skeptical to accept it. A multitude of businesses from across the world shifted offices from their home countries to Malta because of favorable crypto regulations.

Once the legislation is passed, The Bahamas, already famous as a tourist destination, may find itself luring a swarm of businesses who would want to disrupt the country’s travel industry with the blockchain and cryptocurrency technology.

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Cryptopia’s Stolen ETH Sold “On Major Exchange”, Possibly as a Test

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PewDiePie Helps Blockchain Video Streaming Platform to 67% Hike in Users

Blockchain-based live streaming service DLive has seen a 67 percent growth in its user base since PewDiePie, one of the world’s most popular YouTubers by subscriber numbers, joined the platform in April.

DLive now has more than 5 million monthly active users and over 70,000 streamers, Nikkei Asian Review reported Monday. The platform reportedly had around 3 million monthly active users and nearly 35,000 active streamers as of March.

PewDiePie, the 29-year-old Swedish content creator, real name Felix Kjellberg, signed an “exclusive” live streaming deal with DLive last month. His YouTube channel has over 95 million subscribers at press time, with his most recent video racking up close to 3 million views in less than 24 hours.

DLive is a decentralized platform built using the Lino Network blockchain, which rewards both content creators and viewers using its native token, “Lino points.” It takes no percentage of earnings and does not charge fees to content creators, although they do face platform fees when exchange tokens for fiat currency.

Wilson Wei, Lino Network co-founder, told Nikkei Asian Review:

“I think the lack of transparency and the huge cut that platforms take from content creators, are the two biggest problems the online streaming industry has. And blockchain is the perfect technology to solve both problems.”

DLive reportedly has plans to grow beyond its rival, Amazon-owned live streaming video platform Twitch, which takes a 50 percent cut from streamers and currently has 2.2 million daily broadcasters and 15 million daily viewers on average.

Lino raised $20 million in February 2018 to build a “YouTube on the blockchain” in a private token sale led by ZhenFund. Wei claimed at the time that he expects content creators to garner bring in three-to-five times the profits they make on YouTube or Twitch.

Felix Kjellberg/PewDiePie image courtesy of DLive

This Prominent Investor Sees Bitcoin Surpassing Gold as a Store of Value

Barry Silbert, CEO of digital investment house Grayscale, has been pushing the #dropgold campaign. At the heart of this is a drive to promote digital currencies as a viable alternative to investing in gold. However, considering gold’s track record over thousands of years, many are skeptical of the message. The question is, can Bitcoin replace gold as a store of value?

Bitcoin Can Never Replace Gold

In an interview with Bloomberg, Barry Silbert discussed the recent resurgence of Bitcoin. At 1:20, he segues into the changing public sentiment towards Bitcoin, and then introduces the advert that is the centerpiece to the #dropgold campaign.

On seeing the advert, the Bloomberg anchors were quick to challenge the message, intending to ridicule the idea that Bitcoin, or any digital currency for that matter, could take the place of gold. In response, Silbert said:

“There’s a generational shift that is happening in the way that investors think about gold… I didn’t grow up during a period of war, where you had to store your money via something like gold. For the younger generation, money is digital, anybody who has a phone can access this asset class. So you have what is approximately $68 trillion of wealth being handed down from boomers to x’s and y’s and millenials over the next 25 years. That’s not going to stay in gold. It’s not all going into Bitcoin, but whatever is in gold is certainly going to diverisfy into something else.

Silbert’s response acknowledges the fundamental differences between Bitcoin and gold. He explains that the younger generation does not view gold in the same regard as previous generations. And it is this shifting opinion, on what constitutes a store of value, that will drive investment from gold into Bitcoin.

Does Bitcoin Have Any Use?

On the other hand, others, including staunch Bitcoin critic Peter Schiff, do not see Bitcoin as a legitimate store of value. Speaking on the Keiser Report, he shared his view of the #dropgold advert by saying:

“I saw the commercial which I thought was kind of ridiculous becuase it depicts people lugging around big huge bricks of gold. Which if they actually existed would be multi-million dollar bars. I mean these things are enormous, and somebody is pushing around a shopping cart full of them, like tens of millions of dollars.”

Schiff continued by saying Bitcoin’s lack of intrinsic value is the reason why it is an illegitimate store of value. He said:

“…But of course I don’t think Bitcoin has anything in common with gold. It tries to pretend to be gold, but I think it’s fool’s gold. Sure it has some of the monetary properties of gold, but none of the commodity properties. And you can’t be money unless you are a commodity first, by definition…And Bitcoin has no intrinsic value, other than the fact that people are willing to buy it becuase they think they can sell to someone else at a higher price. That’s not money, that’s a Ponzi scheme.”

Belief In Bitcoin

The fundamental basis of Schiff’s claim comes down to a perceived lack of utility for Bitcoin, other than as a store of value. However, as Keiser pointed out, gold is also primarily used as a store of value, with only 10% of supply making its way into practical use, such as in electronics.

However, more significant than that, a store of value is whatever people are willing to put their money into. And based on Silbert’s research, we already know that opinion on what constitutes a store of value is shifting towards digital currencies. And with that in mind, belief in Bitcoin is enough.


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针对即将推出的稳定币,OKLink CEO任煜男此前曾表示,正在积极拓展区块链相关业务,期望通过推出稳定币,能让更多人了解区块链技术,使用区块链应用。