First Bitcoin Cash ICO Raises $30m In 2 Hours

First Bitcoin Cash ICO Raises $30m In 2 Hours



on today's episode of the crypto vests here are my top six crypto news stories of the day and also remember if you would like to get paid in crypto for watching my videos then make sure you visit the crypto VES dot show click on this big blue button at the top that says get paid to watch I'll take you over to a 2 minute video that explains exactly how that works and yesterday I'm still averaging around $1 to each person that participates in this scheme so check it out let's get into the news shall we another day another stable coin except this time it's the Japanese yen so I'm going to head over to Forex Street is FX Street calm for this article it says Japanese Internet giant GMO will issue JPY which is Japanese yen pegged stable coin for circulation in the Asian market so this is issued by Japanese giant GMO they will create the G J why so normally it's JPY Japanese yam but this is gonna be the GMO Japanese yen the G J why and they're gonna use it to service the remittance market in the first instance now this is an obvious use k for stable coins but not one I've really thought very much about but it makes sense doesn't have mean think about it if I'm in the UK I could just buy this Japanese yen stable coin from the UK on GMOs exchange say and then just send that cryptocurrency to my friend in Japan that's it end of story the next thing I store him in my mind's eye was a future in which a proportion let's say half of the world's forex market ends up being comprised of stable coins in the crypto world that are traded against each other so it only takes one exchange to creates a trading pair where the Gemini dollar starts trading against this Japanese yen stable coin and we have the beginnings of a crypto forex market that's a mind-blowing idea so there's also a sign of a stable coin for the British Pound on the horizon so this looks like the trend for 2019 stable coins for everybody and when I say another day and other stable coin this next story out PricewaterhouseCoopers is developing a new dollar pegged stable coin this comes from slug feed PwC is developing a dollar pegged stable coin with cred now that's a play on words it means credit as in credibility because PwC is one of the top four accounting firms in the world but it's also in partnership with this project called cred which is LBA which used to be Libre credits right so that's the plan wet I don't think we need to analyze this story I'm just pointing out how stable coins really do seem to be the hot topic right now next story in a bold move forbes have decided to partner with civil to begin publishing their journalistic content on the ethereum blockchain so I got this from civils own a medium block here it is Forbes in civil a major milestone for blockchain based journalism so I had a good look at this civil thing so with civil token holders get to vote on who's allowed to publish on the platform the idea being the people who control the platform control the journalism or rather that people should control journalism and not the massive gatekeeper corporations who are bought and paid for by special interests who want to propagandize the public so civil here they even have a constitutional Constitution which ensures that any of the newsrooms that publish on the platform they adhere to agreed-upon set of journalistic standards now no such standards exist in traditional journalism they sort of doing in a formal sense but not any that are in consensus and none that can be verified that the publishers are actually following so to be clear Forbes also have to agree to this constitution in order to publish so that's a big step of humility if you ask me I would not expect such a large media company to do such a thing but I guess one of these big media companies has to break ranks first most likely the one with the biggest conscience I would suggest so Forbes are going to go start in the first quarter of 2019 by publishing to this civil platform and then they're going to start doing it from there cryptocurrency new desk which is a good place to start the medium post also claims that for will then consider publishing all of its content on this decentralized news network within the next 12 months a that's pretty cop smacking and be I hope all those people who say that there is yet to be any real use case for blockchain technology or watching this episode and investigate this project next story Singapore regulators plan to smooth over banking ties with crypto businesses so this is an article from the coin Telegraph there it is by William su Berg again I've not picked this story out with the intention of analysing its contents but more it gives me an excuse to share some insights about what was triggered when I read this article question why do we even have this problem with banks closing accounts of crypto companies well it's principally because these crypto companies still have to deal with fiat currencies in order to trade with non crypto businesses you have to pay bills you have to pay employees like tricity bills well I suppose Duff and traditionally those companies don't accept crypto directly now historically I would agree however if the trend towards stable coins is anything to go by we have a real chance of eliminating the crypto banking problem altogether so specifically what I mean by that is that stable coins could mean there is a much higher chance of crypto businesses operating completely outside the old banking system so instead of having to have a fear bank account and all of the problems that have been coming with that they can begin to pay in crypto stable coins so that the recipient doesn't have to worry about the volatility risk that causes them not to want to accept crypto payment in the first place so let me know you think to that in the comments below next story Polonia x adds an on-ramp for fiat currencies as circle launches something called circle research so this was reported by bits online Polonia X adds Fiat on-ramp as circle launches at circle such so when i zoom out a bit and I look at BET circles business strategy I can see what they're building so they're quiet this company seed invest which is an equity crowdfunding platform they have launched the circle dollar stable coin yet another one the US DC circle dollar and they also now owned the Polonia crypto currency exchange so with those three components they have an ecosystem of their own right number one people launch crowdfunding campaigns on the scene invest well number two those crowdfunding campaigns can raise money and measure it in the circle dollar so you would actually pledge circle dollars to the crowd fund in order to hit hard cap of say twenty million dollars and then number three the tokens that you buy in the crowd fund can then be traded on Colonia acts and that all happens within the circle ecosystem and it's much easier for the investor I hold a thousand two circle dollars I pledged in two thousand circle dollars straight to the project on seed invest and then I can then sell those toby's everyone on Polonia its back into circle dollars all with the stability of a stable coin and it also means that the benefit of doing an IC o—- by taking payment in that stable coin is it makes it easier to measure your return right but it also removes one side of the volatility for example if you buy an IC o—- on ethereum or using a theorem as the currency on one hand you've got ether fluctuating in value as well as the token you bought fluctuating in value making it a royal nightmare so by stabilizing one side of that equation for the stable coin the token can move around in value but at least it'll be measured in you know circle dollars next story the first major Bitcoin cash IC o—- raised thirty million dollars in record time 2.2 hours it was so the I really thought this one was worth talking about who else would report this than Bitcoin comm so here it is first major Bitcoin cash IC o—- raises 13 million in record time so I've got a few things to say about this so the project is a tokenized mining pool but that's not the most interesting thing about this I'm more interested in this being the first ICO on Bitcoin cash so it says here like I said that the 30 million 30 million dollars was raised in 2.2 hours what confused me though is that I will look back over four days of Bitcoin cash and network data and I wasn't able to see any notable spike in Bitcoin cash transactions that coincided with this story so the article says that the ICO happened on Monday so going back four days should have been enough to see some bigger blocks suddenly appear within that two hour period but I wasn't really able to find any so this IC o—- was possible thanks to something called the wormhole protocol that allows tokens to be created on the Bitcoin cash blockchain many of us remember this from the early days as being called colored coins right so this wormhole it's an adaptation of the Omni protocol which was originally developed a few years back actually to allow tokens to be built on Bitcoin on the BTC Network as these colored coins it hasn't really taken off mainly due to bitcoins Network capacity and fees Bitcoin cash has plenty of capacity though Unchained capacity to handle these token transactions so I'm not surprised that someone's taken the omni protocol and developed it for Bitcoin cash that was only a matter of time so it is worth noting though that tether continues to use the omni layer protocol on the Bitcoin network now I would say that's probably expensive in terms of transaction fees however tether doesn't really move around much does it people typically keep their tether on the exchange and then trade back and forth into various crypto currencies which are all off chain transactions it only matters if you're moving tether between the exchanges or if you're moving it back to tellers wallet to redeem the actual US dollar fiat so basically this is good news for Bitcoin cash and I'm glad to see some actual experimentation going on you know and showing what can be done with big blocks rather than the yada yada of you know conference bravado and trolling on reddit like get on with it prove it and that seems to be what they're doing but that's all I've got for you today so please like share and subscribe and comment down below and remember if you want to end cryptocurrency you for watching the show head over to my website the crypto veccio click on this big blue button that says get paid to watch watch the explainer video which I'll explain exactly how that works and as you can see I'm averaging about a dollar per person that contributes to this scheme other than that I'll be back with the next episode of the crypto vests so until then it's me Chris Kony's a bye for now

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About the Author: Maximilian Kuhn

23 Comments

  1. What if stable coins are the government’s last ditch effort to establish a “legit ”foothold into Crypto’s and maintain their inflationary methods (I mean who is really going to audit them all while the market starts booming)

  2. How would this work? I would like to build a crypto bank, where any one would like to cash out for fiat, We charge a fee just like a check cashing agency?

  3. Hi- love your videos. The article you referenced on PwC working with Cred on a stable coin is incorrect. PwC is NOT backing Cred’s stable coin. They are working with Cred to “help the marketplace understand key considerations in quickly moving towards enhanced standards that build confidence and trust in the crypto ecosystem and usher in the next 100M users of crypto assets.” Below is a link to the official publication by PwC
    https://www.pwc.com/us/en/press-releases/2018/pwc-collaborates-with-cred.html

  4. How "stable" is a stable coin really, when it is backed by "fiat" that is continuously being devalued through inflation?

  5. Bitcoin Cash is the real Bitcoin. The next bull run will prove it. Bitcoin is going to crash when people realize that no one is willing to pay $100+ dollar in fees. Remember $50.00 fees at 20k? What do you think fees will be at 100k. If I were you I would buy Bitcoin Cash now at the rediculusly low price of 400$

  6. Ravencoin RVN check it out
    Ravencoin is an open source project built on a fork of bitcoin.
    It was launched on the 3rd of January 2018. A fair launch with no pre-mine. Announced by Bruce Fenton on twitter. It's a truly open source project, no pre-mine, no ICO, no masternodes, focused on building a useful technology, with a strong and growing community.
    A selection of thoughts from Bruce, and the core team, about the background and future direction for Ravencoin is available in The Fenton Files
    The coin aims to implement a blockchain which is optimized specifically for the use case of transferring assets such as tokens from one holder to another. To avoid centralized ASIC mining of Ravencoin the developers created a new algorithm, x16r.
    What makes this algorithm unique is the order of the 16 hashing algorithms is constantly changed based on the hash of the previous block, this randomness of hashing algorithms makes it reasonably resistant to ASIC development. The developers have also stated they are committed to keeping it ASIC free and can easily alter the algorithm if an ASIC is developed.

  7. Not that I wanna shill it or anything, but XRP is WAY ahead of the pack when it comes to fully collateralized crypto stable coins. Like the whole platform revolves around the concept of digitalizing fiat currencies and other financial assets.

    Stuff on Ethereum or what have you doesn't stand a chance to compete there…

    Interestingly, before the ratings service, I never took a hard and honest look at XRP… There's a lot of things they are doing just right… And yes, I agree their consensus IS a big problem… Leads to too much centralization.

    But I found the crypto space kinda sorta "discriminates" against XRP… Maybe because they wanna be buddy buddy with banks? All these new stable coins are the same!

  8. The idea of a crypto forex is actually a possibility as we now some reputable stable coins,all closely regulated. It will appeal to many who may be too scared of the current volatility of crypto. As always,great video

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