Crypto Daily: 12th of September
StThe founder of the cryptocurrency exchange OKEx, Star Xu, hit back at allegations of fraud. Chinese media reported Xu had some problems with couple of investors regarding a project called WFEE Coin, a Blockchain Wifi sharing project.
Despite the initial claims, OKEx staff has strongly denied the rumours as they stated the founder Xu has no equity relationship with WFEE coin at any level. OKEx COO Andy Cheung said:
Though WFEE has acquired OKBC’s [OK Blockchain Capital] and several other capitals’ investment, the afterward changes of WFEE white paper and team members have not been given notice to OKBC
Berkeley Professor Criticised Stablecoins
The economy professor at Berkeley University, Barry Eichengreen argues stablecoins are’n viable for the cryptocurrency sector. Eichengreen said the stablecoins unlikely to reduce the volality of Bitcoin as he added:
I don’t think stablecoins will solve these problems. They are not mere vehicles for the speculation. But this doesn’t mean that they are viable.
After Winklevoss twins’ Gemini exchange has given an approval about launching their own stablecoin Gemini Dollar, the talks about stablecoins have started once again. Crypto sector continues to see more stablecoins hit the market but it seems Gemini Dollar could be different from the others and will likely challenge Tether in the long term.
Ethereum’s Buterin Slams Justin Sun
Ethereum co-founder Vitalik Buterin has spoken about TRON’s Justin Sun. After Buterin said it’s unlikely that the crypto sector will see 1000x growth once again, many experts and Ethereum investors criticised the Russian for his comments. Buterin clarifies his previous comments as he tweeted:
To be clear, I never said that there is “no room for growth” in the crypto ecosystem. I said there is no room for *1000x price increases*. A 1000x price increase from today means $200T in crypto, or ~an entire 70% of today’s global wealth being in crypto.
Sun responses to Buterin’s tweet as he said he believes that the total cryptocurrency market will raise up to $10trillion before any of the world’s largest companies reach this figure.
I do believe the entire world wealth will turn into cryptocurrencies like blackhole and grow much bigger in the future. Cryptocurrency will hit 10 trillion USD market cap before Apple and Amazon do. We will see. Time will tell.
After, Buterin added that he’s not pessimistic but he doesn’t think the entire world wealth will turn to crypto.
Binance CEO Changpeng Zhao also joined the heated debate in the favour of Sun, as he insisted that he believes there is more than enough room for growth for the cryptocurrency. Zhao tweeted:
I still disagree with this. I will say “crypto will absolutely grow 1000x and more!” Just reaching USD market cap will give it close to 1000x, (that’s just one currency with severely restricted use case), and the derivatives market is so much bigger.
UAE Set to Regulate ICO’s as Securities
The United Arab Emirates has approved a draft of regulations about the ICO’s according to local reports. According to claims, the country’s financial regulator SCA set to see ICO tokens as securities.
The country has some particular emphasis on Blockchain and they are very interested when it comes to cryptocurrencies and ICO. Under new regulations, any ICO token issuer needs an approval from SCA to hold ICO in the country.