Spoken News: 25 September
Bakkt to Offer Physical Bitcoin Futures
ICE-owned cryptocurrency company Bakkt has announced that the platform will offer physical Bitcoin futures to the institutional investors. According to ICE’s stance, ‘a regulated ecosystem’, Bakkt, ready to give a fresh breath of new air to the cryptocurrency industry.
The company announced that they’ll feature three different trading pairs for Bitcoin futures as the American dollar, Sterlin and Euro are the first three fiat currencies will be used in the platform.
In their press release, the company noted:
Our first contracts will be physically delivered Bitcoin futures contracts versus fiat currencies, including USD, GBP and EUR. For example, buying one USD BTC futures contract will result in daily delivery of one Bitcoin into the customer’s account.
Litecoin’s Lee: ‘Conflict of Interest’ Forced Me to Sell All of My LTC’s
Litecoin founder Charlie Lee was on the stage during yearly Litecoin summit. Lee, who has often criticised for selling all of his LTC’s said he had to do it because of the conflict of interest.
Lee said after selling all of his LTC’s he’s now very focused on the project itself. Lee also stated that he’s not interested in LTC’s price as he’s more focused on general adaption. Lee quoted by saying:
“I’m focused on adoption for Litecoin. I’m not focused on the price. The price will go up, the price will do what the price stuff does. Adoption is what I care about.”
“You ask a parent why don’t they have skin in the game with their kids. Why don’t they bet like a million dollars that their kid will get into college? Well, there you see the conflict of interest. You want the kid to succeed in life but you don’t necessarily need to have money on the line because when you do actually have money on the line. You potentially may have some conflict.”
Early Executives Leave Block One, The Platform Behind EOS
Named David Moss, Thomas Cox, Brian Abramson and Corey J. Lederer, all four of the executives left Block One, the platform that behind the cryptocurrency EOS.
According to their LinkedIN profiles, we can see that they left EOS quietly during the summer as they only joined the platform last year.
One of former Block. One employee has spoken in secret about their decision as he said:
We left because we saw a need in the blockchain marketplace that Block.one was not going to address.
Block One has an estimated worth of around $5B and EOS currently the 5th largest cryptocurrency by market cap.
Two Industry Experts: No ETF For This Year
As Bitcoin ETF’s continues to get attention, cryptocurrency enthusiast Ran Neu Ner has sat down with two of the industry’s experts, Maja Vujinovic, the CEO and investor of the O Group and Dave Chapman from the Asian counter trading firm, OSL.
Vujinovic stated he doesn’t expect ETF will arrive this year as she added:
“Folks need time to learn. I think it’s really important that this [knowledge on cryptocurrencies] goes through committees… SEC will probably check with their counterparts somewhere else that it needs to go through… Various different organizations before an approval. I don’t see that happening by end of this year. Simple fact of human lack of ability. We are such linear learners and this technology is exponential, I think there’s a completeness balance here.”
Binance’s CZ: Traditional Markets Are More Speculative Than Crypto
Binance CEO Changpeng Zhao has taken his words to Twitter as he said the traditional markets see more manipulation then crypto.
Zhao said the traditional market has bigger market makers who has close ties with media and insiders. Zhao tweeted:
This tweet is better if you removed the word “Crypto”. There is more manipulation in traditional markets, where most instruments only trade on 1 market, with big market makers, who have close tie with insiders and media. Crypto usually trades on multiple markets and …
Many argued that the cryptocurrency market is highly speculative and some investors this is the reason why never enter the crypto market. However, Binance’s Zhao has different ideas. Zhao stated due to their decentralized nature, cryptocurrencies are hard to manipulate while the traditional stocks are very easy to manipulate.
‘Faketoshi’ Craig Wright on BCH: This is The Global Money
nChain’s chief analyst Craig Wright has said Bitcoin Cash has all the makings to become a global currency. Wright, who often claimed that he’s Satoshi Nakomoto, said:
“A global money becomes trusted because you know it is liquid everywhere but we can do things like enabling people to invest here in maybe even coffee plantations, maybe other forms of agriculture, maybe be growing plantains that not get sold locally but becomes sold everywhere.”
Often known as a ‘Faketoshi’, Wright added:
“We don’t want to globalize. This is the whole pint of specialization. What are you building here and there are some new industries starting to pop up and that is what they need to focus on whether it is developing new technology.