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Ripple and XRP | Is the Narrative of the Crypto Industry Changing?

Cory Johnson said it first. Ripple and XRP are not the same things; XRP is not a security. And yet, the San Francisco-based company often finds itself repeating this information. The latest time came today, Monday, September 17th. Not only did the head of government and regulatory relations at Ripple today bring back the XRP security debate, but Sagar Sarbhai also noted that the narrative in the crypto industry is changing.

True or false?

Ripple and XRP: Security or Not?

First, Sagar Sarbhai told CNBC on Monday that Ripple does not find XRP to be a security. Sarbhai provided three reasons for this:

  • If an investor purchases XRP, that individual will not get a stake in Ripple the software company. Why? “Dividends are not paid out by Ripple.”
  • As Cory Johnson said at the start of the summer, Ripple and XRP are two separate entities. If Ripple goes away, the XRP ledger will remain. “XRP ledger is open-source,” said Sarbhai.
  • Ripple only owns around 10 out of 150 validators.

The Crypto Industry is Changing

We’ve heard about the XRP security debate for months now. However, Sarbhai did say something relatively fresh and new today, which was interesting.

In the mind of this Ripple executive, the narrative in the crypto industry is changing. A few years ago, according to Sarbhai, the mentality of the crypto space was “blockchain good, crypto bad.” Everyone used to say that blockchain would one day surpass cryptocurrencies.

But according to Sarbhai, that’s all changing. Now, “more policymakers and regulators are [realizing] that there is a strong benefit that digital assets and cryptocurrencies bring.”

>> SBI Ripple-Powered Application MoneyTap Set to Debut Soon

It doesn’t look like this Ripple executive is the only one who thinks this, too. This week, Jack Ma of Alibaba said that blockchain is going to become “meaningless” unless it helps the environment.

The Takeaway

There are two main takeaways from this XRP news. First, is the difference between Ripple and XRP now recognized, or is Ripple the company going to have to remind the world of the difference for the rest of its lifetime?

And two: is the crypto industry really changing?

What do you think?

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Gemini Stablecoin Launches as World First

A bit of an understatement, but it’s a massive day for the crypto industry. On Monday, the Winklevoss twins announced the launch of the Gemini stablecoin, a regulated cryptocurrency backed by USD.

Here’s why this is significant crypto news.

Introducing the Gemini Stablecoin

There are multiple reasons to be optimistic about the Gemini dollar, aside from it being the world’s first regulated stablecoin.

For starters, the Gemini stablecoin will be pegged to the United States dollar at 1:1. Second, the Gemini dollar will allow individuals to both send and receive USDs on the Ethereum network. To do so, users will be using ERC20 tokens.

To simplify, users can convert USD into Gemini dollars, and vice-versa.

Third, the launch of the Gemini dollar indicates that the Winklevoss twins have not been scared away from the crypto industry. Last month Tyler Winklevoss said that the Gemini Trust Co had been considering launching a stablecoin for a while. However, when factoring in things like SEC rejections and the downturn in the Bitcoin price, you could foresee the possibility of this not happening.

That’s not the case though. And we’re glad to see the Gemini dollar hitting the market. After all, stablecoins are starting to become more and more popular, and, according to Gemini Trust Co., the Gemini dollar “combines the creditworthiness and price stability of the U.S dollar with blockchain technology” as well as the “oversight of U.S. regulators.”

The Crypto Market Reacts

Everyone seems pretty excited. Various mediums are covering the stories, the Winklevoss twins are active on social media, and numerous well-known crypto players have joined the conversation.

One crypto player even said this is a sign that the crypto industry is maturing, which seems accurate. Thanks to the Gemini dollar, the gap between conventional banking and the crypto market will close.

>> The US SEC Ceases Trading on Two Exchange-Traded Notes

The Takeaway

What do you think about the launch of the Gemini stablecoin? Let us know in the comments below!

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Vitalik Buterin Makes Fortune 40 Under 40

We know their names, but that’s not always enough. To appreciate the young in the world of business, Fortune, a multinational magazine, publishes its ’40 under 40′ list every year. Yesterday, the 2018 Fortune 40 under 40 list was released—and four crypto players made it. Vitalik Buterin makes Fortune 40 under 40, plus more!

Crypto Makes it on the 2018 Fortune 40 Under 40

When Fortune’s under 40 rankings first started, it was to show off the giants of the dot-com boom. But things are different now, with changes being sparked by the 2008 financial crisis.

Now, Fortune still lists those under 40, but instead of showing their wealth, the magazine highlights their influence, achievements, and power—three qualities that a majority of the crypto industry has (if it were up to us, the list would be full of crypto players), but only four made this year’s list.

So, who are the lucky four? 

1. Brian Armstrong Makes Fortune 40 Under 40: CEO of Coinbase 

Brian Armstrong, 34, is ranked 20th, a drop from where he placed in 2017 (he was ranked 10th). 

Achievements: Fortune talks about how Armstrong is moving Coinbase in the direction of becoming “the Google of crypto.”

The magazine noted that Coinbase has a ways to go, but Armstrong is doing all the right things, like investing in upstarts, as well as making acquisitions. 

2. Vitalik Buterin Makes Fortune 40 Under 40: Ethereum Co-Founder 

Born in Russia, Vitalik Buterin, 24, made his debut on the Fortune 40 under 40 in 2016. This year Vitalik Buterin makes Fortune 40 under 40, moving from 31st place to 22nd. 

Achievements: You can’t argue that Buterin isn’t influential (and, at times, controversial) and Fortune recognizes this. The magazine discussed how Ethereum, his blockchain platform, now has a market value of $48B, making it one of the most valuable crypto networks in the world.

3. Pavel Durov Makes Fortune 40 Under 40: Telegram Founder 

Making his debut on the 2018 Fortune 40 under 40, Pavel Durov, 33, is ranked 25th. It’s not a surprise that Durov is ranked, considering it has been one hell of a year for the Russian developer. 

Achievements: Durov is on Fortune’s list because back in March, his company Telegram finished two $850M ICOs. In the end, Telegram’s total ICO earnings came to $1.7B. 

4. Vlad Tenev and Baiji Bhatt Make Fortune 40 Under 40: Robinhood Founders

Again, not a surprise to see these two crypto industry representatives on the 2018 Fortune 40 under 40.

Co-CEOs of Robinhood, a stock trading app, Tenev, 31, and Bhatt, 33, are both ranked 24th. 

Achievements: The above pretty much sums it up. But if you want more, get a load of this: Robinhood is trying to expand crypto trading support and has already raised $363M in funding in an attempt to do so.

The Takeaway

Overall, I would say the 2018 Fortune 40 under 40 is spot on. Some of these crypto players are on the list for a second or third time, while others are making their debuts. 

Either way, the people who have taken the industry to the point that it is at now are getting recognized—and that’s nice to see.

What do you think of the 2018 Fortune 40 under 40 list? Should more crypto players be ranked?

>> Genesis’ Peter Gabriel Invests in Blockchain Startup

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Fed Chairman on Crypto | Crypto Presents Investor Risk

Yesterday, bulls charged the crypto market, which caused Bitcoin to add $9B to its market capitalization in less than thirty minutes. But the Fed chairman on crypto is swinging the opposite way.

Today, we’ve seen a few bears emerge from the forest. Specifically, the head of the Federal Reserve spoke on cryptocurrencies today, providing comments that indicate he is bearish on virtual currencies. 

Fed Chairman on Crypto: A Risky Investment 

On Wednesday, Jerome Powell, the head of the Federal Reserve, which is the US’s central banking system, spoke with members of Congress. During the talks, Powell told Congress that cryptocurrencies present grave risks to investors.

When talking about bull runs, a conversation likely stirred by what happened on Tuesday, Powell said that “unsophisticated investors” will charge the market when the digital asset goes up in price, assuming “this is great; I’ll buy this.” However, according to Powell, “there is no promise of that.” 

Despite the popularity of the crypto industry, which earned mainstream interest in 2017, Jerome Powell believes that cryptocurrencies are not real currencies—and he’s not afraid for members of Congress to know this. 

Because cryptocurrencies lack intrinsic value, Powell explained, they are not real currencies. 

Here’s where Jerome Powell may lose some people: 

While it’s true that there are a lot of naive investors in the sector, primarily due to the industry being a ‘learn as you go’ sort of deal (the CFA is trying to change this by adding crypto on the CFA exam), Powell claims that cryptocurrencies have no intrinsic value, which is true. But, and there is a but, this isn’t as bad as it may seem.

Why? Well, because nothing has intrinsic value, as value is subjective. So yes, cryptocurrencies may not have this value, but neither does, for example, gold.

Thoughts?

If you’re interested in banking, or the financial sector in general, you might feel divided as to what to believe.

Powell claims the industry is full of inexperienced investors who charge the market when the price shoots up, without thinking about the consequences, and that these currencies are not real. 

But is he right? Regarding Powell’s thoughts on value, one could argue that he is. However, it’s difficult to ignore the fact that the industry could be more sophisticated. Even the CEO of Dash Pay said last month that there is a “lack of business maturity” in the sector. 

Bitcoin Price

Speaking of cryptocurrencies and bulls runs, how is Bitcoin (the OG of cryptocurrencies) doing today?

Better than it has been doing for the past month, that’s for sure. At press time, Bitcoin is selling for $7,423.59, which means the coin is up 8.48% in the past twenty-four hours. 

The Takeaway

The Fed chairman gives his take on cryptocurrencies, but does he make valid points? Let us know in the comments below if you agree or disagree with the Fed chairman on crypto.

>> Crypto Bull Run: Wells Fargo and Bank of America Patents Push Market Upwards

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Robinhood Adds Dogecoin | Stock App Now Offers 5 Digital Assets!

Robinhood adds Dogecoin: It was all smiles yesterday when Robinhood, a stock trading app, revealed that it added Dogecoin to its platform. But behind the scenes, some are unsure of this event.

Foes say Dogecoin is a parody cryptocurrency. Moreover, they say that because Robinhood supports less than ten digital currencies, many believed the company to be selective over the coins they carried. On the other hand, fans say despite its bizarre nature, Dogecoin has accumulated mainstream interest and has witnessed price peaks throughout the year.

Robinhood Adds Dogecoin, But There’s More

On the market for the past five years, Robinhood has had its share of successes. There have been game-changing announcements, such as the addition of Bitcoin Cash and Litecoin, something that customers have wanted for a while.

Robinhood customers have also expressed an interest in “buying and selling other cryptocurrencies beyond Bitcoin and Ethereum,” explained the company in a post last week.

Some rumors have even floated around the crypto industry that claim that the stock trading app is planning on making a crypto wallet.

Perhaps, however, the addition of Dogecoin will garner the most attention in the weeks to follow.

What Do You Mean, Robinhood Supports Dogecoin?

Choose first; then trade. It’s that simple. If you’re a stock trader on Robinhood, and you’re looking to move into crypto, you will now see Dogecoin on the list of available digital assets for trading. There will be four others listed as well: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

Dogecoin Price and Dogecoin Predictions

You can’t deny that Dogecoin is benefitting from the Robinhood listing. At press time, the altcoin was selling for $0.002951, which means the coin is up 12.37% in the past twenty-four hours. It is currently the 30th largest digital currency by market cap.

Robinhood adds Dogecoin
Source: CoinMarketCap

That said, even though Dogecoin is up more than 10%, there doesn’t appear to be much of a dent in the Dogecoin price, which suggests that perhaps the market isn’t overly excited about Robinhood supporting the parody coin—at least not in the long-term; the more than 10% surge could fade quickly.

Or, the opposite could happen. Dogecoin has received critical acclaim, has witnessed price peaks, especially in January of 2018, is known for its focus on zero-fee trading, and has received investments from American rapper and entrepreneur Jay-Z.

So who knows? Parody or not, lack of increase in price or not, Robinhood decided to list Dogecoin over other coins (like Ripple [XRP]) for a reason.

Only Time Will Tell

Robinhood adds Dogecoin as a digital asset available for trading, but will this benefit both Dogecoin and the stock trading app in the long-run? Let us know what you think in the comments below!

>> Coinbase Gets Approval to List Coins that are Securities

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