A recent article published earlier in the week suggests VC arms of Nasdaq and Fidelity Investments have funded a new cryptocurrency exchange named ErisX. Overall, the startup raised a total of $27.5 million during its Series B funding round.
ErisX will allegedly provide users with the opportunity to trade major cryptocurrencies like Litecoin, Ethereum and Bitcoin on futures and spot markets from the second quarter of next year.
The trading platform will begin its operations after it secures the right approval from regulatory bodies. Nasdaq has recently confirmed that its participation in the Series B funding round but it has declined to disclose the amount that was invested. In a similar light, Fidelities VC arm hasn’t replied on the matter either.
The CEO of ErisX, Thomas Chippas stated the funds received would be used to bring in new staff and develop the proper infrastructure to make sure that a transparent and efficient regulated market for digital assets.
The firm’s long-term plans involved offering clearinghouse services despite the company not registered for clearinghouse operations as well as becoming a fully-regulated futures market.
There are several high profile players from the digital currency space which have put themselves behind the project.
As reported by BTC Manager, the CEO of ConsenSys and one of the co-founders of Ethereum, Joseph Lubin has given his views on ErisX by saying that it is a crucial step in the long-term mission of convergence of traditional assets with the emerging class of digital assets. On top of this, he noted that ErisX could have sparked a significant demand from institutional investors in spot and futures crypto asset markets next year.
The co-founder, Jihan Wu has given his views on ErisX saying:
“Many of our customers have been seeking various hedging solutions and would be happy to see US regulatory compliant exchanges like ErisX provide spot and futures’ contracts in one platform. We are confident that our customers will find this strategic partnership beneficial.”
Even though the crypto market has seen gone up by over 30 percent in just the past month, startups in the space aren’t facing any issues in convincing VCs for funds.
It was reported in late November on how a startup by the name of Securitise aimed to create an appetite for digital tokens in the security backing from the giant crypto exchange, Coinbase while raising funds for its Series A round.
YouTuber’s Video Resurfaces of His Bitcoin Revolution Prediction in 2011 When BTC Was $1
In the early days, bitcoin was a niche tech toy with limited value. Few people predicted that bitcoin would rise to an all time high of $20,000, and even fewer people predicted that bitcoin would disrupt the global financial system.
One of those early believers, however, is now getting the recognition he deserves. As spotted by Redditor MATURBO, a YouTuber named Davincij15 predicted the rise of bitcoinall the way back in 2011.
At that time, bitcoin was sitting at a price of just $1 USD. There were limited software programs that allowed you to access bitcoin, and the protocol was clunky to use for anyone without decent tech skills.
Despite these shortcomings, Davincij15 recognized the potential in bitcoin. Redditor MATURBO dug through the YouTube archives from 2011 and discovered a video where Davincij15 spoke excitedly about the new payment protocol.
In the video, Davincij15 describes how bitcoin was going to permanently change the worlds of internet and finance.
Davincij15 apparently discovered bitcoin after reading an article on the then-two-year-old payment technology. That article contained a link to InstaWallet, allowing readers to send money directly to the article author. Davincij15 was amazed at the ease at which he was able to send the money. He also enthused at the concept of sending money without centralized authorities like PayPal cutting away hefty commissions.
The 3.5 minute video was uploaded to Davincij15’s YouTube channel, which had previously been dedicated to talking about gold and silver.
“I know that you probably don’t want to hear this on my silver channel,” explains Davincij15. “But I have to point out this amazing stuff.”
“I went to InstaWallet. It’s a link on the web that allows you to store bitcoin. I was able to copy it, copy his link on my iPad, and paste it into my InstaWallet, and send him money instantly.”
“I didn’t have to pull out my credit card. I didn’t have to type in my address, remember my postal code. It was instant, it was fast, there were no middle man taking a cut, a 3% cut or more, of his money that I sent him. It was just smooth and easy.”
“I don’t know how you don’t see that this is a new powerful currency that will change the landscape of the internet and probably the rest of the world.”
Today, Davincij15’s words seem basic: we know that it’s easy to send bitcoin online and we know the technology has the potential to disrupt the world. But keep in mind that bitcoin was less than $1 when he was speaking these words, and that few people had heard about the cryptocurrency at the time.
That’s why Davincij15’s words are significant.
This is the Same Guy Who Urged Users to Remove Bitcoin from Mt. Gox
Interestingly, Davincij15’s Nostradamus-like abilities don’t stop there. As spotted by Redditor mazinger-B, this is the same guy who warned people to remove their bitcoin from Mt. Gox.
On June 26, 2013, davincij15 urged users to withdraw bitcoins from Mt. Gox. At the time, nobody really know what was going on with Mt. Gox. However, the exchange – the largest exchange in the world at the time – had recently stopped accepting wire transfers from Citibank.
Davincij15 cited a news article claiming that Citibank was stopping transfers to Mt. Gox. Davincij15 saw this as a sign of the end and urged users to withdraw bitcoins from the exchange.
We know what happened next: Mt. Gox collapsed. Users lost funds. The exchange had been insolvent for months. Various hacks had drained Mt. Gox’s reserves. It was one of the biggest disasters in bitcoin history – and Davincij15 apparently avoided it.
…And the Same Guy Who Urged Users to Sell Bitcoin in December 2017
The prophetic calls continue for Davincij15. In December 2017, Davincij15 was one of a handful of bitcoin users urging investors to book their profits and avoid buying bitcoin at its current price.
You can see his video warning users of the December 2017 bubble here. The video was spotted by seomit on Reddit. It was posted on December 4, 2017.
We all know what happened next: bitcoin’s price peaked at just below $20,000. Anyone who sold in December 2017 was selling bitcoin at the top of the market. Today, bitcoin is sitting at a price of around $3,200.
For those keeping track of Davincij15’s predictions, he’s still making them: last week, Davincij15 claimed that bitcoin will go a lot higher from its current price. Davincij15 has nailed three separate predictions almost perfectly: could he be right this time too?
Tron’s Justin Sun Predicts The TRX Surge of 500% in Dapp Activities on the Network
Over the latter months of 2018, it’s been the collective effort within the investment world to get rid of the downwards trend that cryptocurrencies have been enduring. The problem is that this bearish market continues to push ahead with attempts to ease and stop it proving more than a challenge. And while it’s been a broader initiative by investors, there’s no such thing as a coin that hasn’t, in some way, been impacted.
This downward trend, or what we could regard as a drastic bearish swipe, has impacted a large number of coins, including the most prominent ones such as Ethereum (ETH), Ripple(XRP), Monero (XMR) and TRON (TRX). While these have all been undergoing some serious declines, compared to its larger cousins, TRON has proven itself highly adaptive, as well as having the potential to recover very quickly when compared to other coins.
The CEO and founder of the TRON foundation, Justin Sun, has stated that he wants to keep eyes fixed on the continued evolution of its network, in spite of any downwards trends in the market. In order to redress this point, Sun announced one of the proposed plans dubbed ‘Proposal Seven’ during late November. This initiative has its aim at increasing the energy limit within the network, as well as improving the level of support given to developers.
While introduced very recently, Proposal Seven has since undergone the approval of more than 28 of the networks judging bodies: the Super Representatives, and has faced no recorded opposition from SR’s. Among those that voted in approval are: BitGuild, dAppHouse, TheLastMe, TronSpark, TronAllianc, Alle-Exchange, Lianjinshu, JustinSunTron among a large number of other Super Representatives yet to declare.
In the wake of recieving these votes, Justin Sun made the following statement through his Twitter account:
“Proposal 7 is approved by #TRON community. We will expect 500% increase of #DApp activities after the activation of Proposal 7. #TRX $TRX”
The Super Representatives themselves have a firm reputation within the Tron network due to the crucial role they play as processors of transactions and information, but also as representatives for their voters. Those that hold any number of TRX, the token native to the network, are able to vote for the candidates that they prefer. Whoever wins sufficient votes will be able to play the role of validator within the network and govern the ecosystem . to some degree.
These same Super Representatives are then entrusted with the duty of initiating the elements of the Tron Virtual Machine (TVM). To being, each of these representatives is required to make proposals for the activation of particular features. After doing so, other Representatives will then be able to confirm the proposal based on a number of different factors.
From there, this feature will go on to be activated on the Virtual Machine, but this will only happen once it’s been passed by a 2/3rds majority of the SRs and within a time span of three days. Should the proposal is passed by less than this number, then it will be considered to be as invalid, and the feature will then have to wait longer until it can be activated or is proposed by another representative.
Nopumpnodump, a Twitterati said:
“Thats how other developers should do even in the bear market.”
Adam, another Twitterati said:
“This will bring some well deserved ovrr due organic grownth imo! #TRX”
Bitcoin Hodlers and Cryptocurrency Investors See Year Long Reality Check, but What’s Next?
Everybody knows that 2018 was a hard year for cryptos. However, some people are affirming that it was not essentially a bad one.
Most traders and businessmen would disagree, of course, but a new article published by NewsBTC calls the bear market a “reality check” and affirms that there is something good for the crypto industry when the prices go down.
Up And Down
According to the article, which was written by Martin Young, charts going parabolic is a bad sign for any market and the unnatural spikes that Bitcoin had amidst the end of 2017 should have been a warning for all investors and altcoins.
He defends the idea that the hype of the market was too high and that only a lucky few cashed out before the market basically exploded and it became unsustainable, which has caused the Bitcoin market crash.
As soon as 2018 started, the market started to go down as fast as it went up. In a whole year, almost all of the progress in terms of price (but not technology and structure, mind you) was undone. A market cap which was as high as $830 billion USD once is now only a bit over $100 billion USD.
The crash led to something called Fear of Missing Out (FOMO) and many investors, despite seeing how the market was going down, continued. This has led them to lose even more money, which only aggravated the crash.
Bitcoin seemed like a miracle in 2017 and, indeed, it kind of was. It was a bubble created by hype, a vision that both I and the original article writer share. Cryptos were never meant to go up so fast, so the fall was very grave.
While the “big purge”, as it was defined by Young, was (and continues to be) painful for most investors, he believes it may not have been bad for the ecosystem. He affirms that many people sold tokens because of the regulators in the United States, however, some regulation is needed for any market.
The author seems to believe that too much regulation is not a very good thing, but he indeed defends that the market needs to weed out the bad actors in order to get stability. Only when the parabolic charts stop and the pump and dump schemes end the volatilitycould be lower and help in the general adoption of cryptos.
At the end of the article, David Leee, from the Singapore University of Social Sciences, is cited affirming that pricing down can be good because the price should not be the focus or people will be trapped in an endless cycle in which they tend to forget that the most important aspect is technology, not price.
Most of this is true. The bear market was indeed unfortunate, but there was no way that the crypto prices would just keep going up so fast forever. Markets need stability and only speculators are able to win when there is no stable environment for trades.