Episode 171 - SEC Decision, Trons Lambos, and tons more news.
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Flagship Friday 171 (4/5/19)
Twitch has removed crypto as a subscription payment method. (Honestly forgot they took it)
- Not experts
- Looked over it, and it all seems very "plausible deniability"
- They list out a bunch of factors that would make it OK to not be a security....then they say "Although no one of the following characteristics of use or consumption is necessarily determinative, the stronger their presence, the less likely the Howey test is me"
To me that literally means nothing...mostly.
- The network is fully armed and operational
- Holders can use it on the network right away.
- The asset is designed to meet the needs of its users, not to feed speculation.
- The value should remain stable or depreciate over time (dafuq?) specifically saying don't hodl.
- If it's a currency it needs to be used to make payments - like really needs to be used for goods and services without converting it first. That or it's a store of value.
- If it represents another good or service it can be redeemed and is pegged to that value.
- Economic benefit is incidental.
- Marketed in a manner that emphasizes the functionality and not increase in value- and if you'd like to advertise with us please reach out.
- Restrictions for transfers are not for speculation but are a part of the use case.
- Again "Digital assets with these types of use or consumption characteristics are less likely to be investment contracts."
- And "The discussion above identifies some of the factors market participants should consider in assessing whether a digital asset is offered or sold as an investment contract and, therefore, is a security."
Don't Buy Bitcoin - Karim
- From CNBC
- Basically Crypto blew up, but before you go buy!
- Peter mallouk "What we're going to see, most likely, is, we're going to see cryptocurrencies collapse."
- There are so many types of virtual currencies â€” like litecoin, ethereum, ripple and, of course, bitcoin â€” that "there's no way that even a fraction of them can survive,"
- "in the meantime," if you buy cryptocurrency, "you get no income. It's not a real investment. It's speculation."
- Then compares it to the TV "tv worked out but everything that comes out of it we dont want to watch. Palm and Blackberry were fantastic, but Apple came in and took them out. Lycos and Excite were here before Google."
- Then Kramer - Bitcoin Mafia, go to Vegas
JP Morgan quote Jamie Dimon "Bitcoin is a fraud"...but dont mention they developed a crypto
Bithumb Hacked for $13M - Brent
- Just another 8 digit heist on an exchange, nothing to see here.
- Original reports say 13M EOS was stolen, but further reports say that there was also another 20M XRP stolen for a total of closer to 20M.
- I mean, he's targeting the right coins.
- This was an inside job supposedly.
- They were clear that this was exchange funds and that users funds are not affected.
Bullish or Bullshit - Justin Sun Gives away a Tesla on Twitter
- Our boy Justin Sun is at it again.
- He announced a $20 Million Dollar Giveaway on Twitter
- On March 27th they were gonna draw a winner of a Tesla.
- So they had a video where they were picking the winner, and they uploaded it...and then deleted it saying there were compression problems.
- This is the internet tho so here it is
- @uzgaroth (XRP_uzgar) was the twitter user that was supposed to win. He was the 88th name drawn because I guess the first names didn't meet a criteria.
- Justin tweets and says the team decided that only live streams are acceptable for drawings, oops.
- In the original video there's a fucking frame where the winner actually appears before the drawing.
- They go as far as congratulating him on Twitter.
- Don't worry, it has a happy ending. XRP_uzgar gets a ticket to the Tron summit and all expenses paid to fly out and see it.
- That was the resolution for a couple of days.
Crypto Around the World
- INATBA (International Association of Trusted Blockchain Applications)
- Over 100 organizations are involved, notables include Consensys and IOTA
- INATBA's mission is to organize forums where regulators & policymakers can interact with startups and corporations in the space to develop the necessary regulations for the tech to move forward
Andreesseen Horowitz filed to become a registered investment advisor (RIA) in part to gain flexibility in crypto investing, all 150 employees are registering as financial advisors. Less relevant is the firm is raising 2-2.5 bill growth fund expected to close in the next few weeks.
$87 bill volume, eclipsing the previous record by 16 bill, set in Jan 4th 2018. Last week's average was $31 bill
BTC is now above the 1D cloud on massive volume and flipped bullish for the first time since early 2018. ðŸ¤‘. For all you technicals out there it's called the Ichimoku cloud. First time in 15 months, 442 days to be exact that a positive candle was closed on a chart
Brent makes a post
Elon Musk shits on the SEC... not Bitcoin =)
Did send Doge price up 27%
But says "dogecoin value may vary."
Jerry from Cedar Rapids, Iowa asks what is your absolute favorite coin out there?