The crypto world is already filled with a lot of different kinds of coins and tokens. Utility tokens, security tokens etc. have gotten a lot of heads spinning already, and among these have risen a new breed of crypto coins, the stablecoins. So what are they all about? Are they better than regular cryptocurrencies?
Stablecoins essentially tackle one of the burning issues of the crypto world, volatility. Bitcoin, ethereum, XRP and other major cryptos in the game are the subject of large-scale volatility. Prices fluctuate too often and too much. Stablecoins bypass this issue by having a peg with the fiat currency or some other exchange-traded commodity. By doing this, stablecoins inherit the feature of stability but at the same time, drawbacks of the fiat world also get transferred. Although the features that blockchain presents forward in the form of trust and transparency also get transferred. So are stablecoins better than normal cryptocurrencies?
Henry Stanley, the Chief Executive Officer of ICOAxiom.com recently got in touch with BlockPublisher as he answered this question in detail. He said:
Henry: “Are Stablecoins better than normal cryptocurrencies? Yes and No, That may not be the direct answer you were looking for but I will go over two situations in which where stablecoins are better than cryptocurrencies and are worse then cryptocurrencies.
What it really comes down to what is your intention with stablecoins. If your a retailer selling goods online, you don’t want to be subject to the volatility of cryptocurrencies, a 20% price swing if it goes up can increase your profits, however if it goes down, you may end up getting less money for the item that you sold then what it cost you to purchase it, so in that situation stable coins are better.
However, if you see cryptocurrencies going up 20% a week and want to jump in and hope to catch some of that appreciation, your highly unlikely to get that from stable coins. which makes them worse for investing and trading. Additionally, many cryptocurrencies are used to purchase services from the companies that issue them. If you would like to purchase or utilize the services you would need to exchange the stablecoins for the cryptocurrencies that you desire.”
The issue of volatility that stablecoins tackle might not be that bad at all. Quick price jumps are one of the reasons why people step into the world of cryptos, to gain a quick profit. With stablecoins, this aspect is thrown out of the window. On the other end, stablecoins make the most sense for performing large-scale massive transactions since the price does not fluctuate too often. All in all, stablecoins essentially form the bridge between the fiat world and the world of cryptos. Although they might not be termed as ‘pure’ cryptocurrencies, they sure possess the potential to increase the adoption of the crypto world overall.
Overstock CEO Patrick Byrne resigns
The CEO of Overstock (NASDAQ: OSTK), Patrick Byrne, who has openly supported Bitcoin, announced his immediate retirement.
Although the entrepreneur has not mentioned about his future endeavors, he mentioned in his letter that “the blockchain revolution will reshape key social institutions.” Hinting towards the company’s inclination on blockchain, he further added,
“We have designed and breathed life into perhaps the most significant blockchain keiretsu in the world, a network of blockchain firms seeking to revolutionize identity, land governance (= rule of law = potential = capital), central banking, capital markets, supply chains, and voting.”
Crypto advocate Anthony Pompliano also tweeted regarding the incident, crowning Byrne as the “only verbal supporters at the helm of a public company.” Moreover, crypto enthusiasts are optimistic about the fact that other crypto ventures such as tZERO will receive the much needed attention and deliver real value in the crypto space. One of the popular comments on Twitter read,
“Ouch, he was the guy that basically shifted things hardcore into crypto last year, right? Big risk and I’m guessing the shareholders and board are pissed wanting results. Damn shame.”
Binance CEO Changpeng Zhao Awarded With The “Dumbest Crypto Tweet” By Community
- Changpeng Zhao gets trolled for having a conversation with a 14-year old refusing to “discuss numbers in USD” rather insisting on BNB numbers
- Meanwhile, just a day before this, Binance jersey Twitter got hacked while KYC hacker is “warming up” to release new leaks.
On Aug 17, Changpeng Zhao, the CEO of the world’s largest cryptocurrency exchange Binance got trolled for his tweet that actually sounds “dumb.”
Zhao apparently had a conversation with a 14-year old who is a fan of BNB — Binance’s native digital currency, Binance Coin.
This didn’t go well with the crypto community and they simply refuse to believe anything of this sort actually took place.
Popular cryptocurrency podcaster Dr. Peter McCormack hoped that Zhao referred the “14-year old” to the Binance’ terms of service.
“I’ll take “things that never happened” for 50 BNB Alex,” trolled Mansa_Godson, Bitcoin accumulator and founder of Mutual Capital.
This has the Dumbest Tweet Hub, a Twitter page featuring the daily dumbest tweets from crypto Twitter nominating Zhao for the “Dumbest Tweet of Crypto Twitter,” that he finally won.
“Had an interesting chat with a 14yr old Today. He refused to discuss numbers in USD, and insisted on Pokémon monster values instead. The next generation will catch them all,” wrote the Dumbest Tweet Hub.
A Series of Hacks
A day before Zhao took to Twitter to share his experience of talking to a 14-year old about BNB, Binance Jersey’s Twitter account was hacked by an anonymous user called @LightningNetwo9.
Per the tweets posted by the hacker, the individual is a security researcher claiming to have done so with altruistic motives.
The Twitter hacks came about three months after the successful hacking of Binance’s exchange that cost them over 7,000 BTC and around 10 days after a hacker exposed KYC images of 10,000 Binance users on Telegram, demanding 300 BTC in exchange.
Binance said in a statement it was false KYC leak and that there was no evidence that confirms the images obtained are actually from Binance.
In the latest series of Tweets, the hacker is “warming up” for another set of KYC leaks.
The hacker with the Twitter account ‘Bnatov Platon’ is preparing to release further material that “will be released day by day” while asking people to “be aware of scammers” as he is not asking for BTC from them.
While no time frame has been provided for the KYC release, the hacker also shared records of Telegram chats, with a user described as a member of Binance’s customer service team.
Swiss SIX Digital Exchange CEO Departs Due to ‘Strategic Differences’
The CEO of Switzerland’s SIX Digital Exchange (SDX), the cryptocurrency-focused arm of the the country’s principal SIX Swiss Exchange, is departing the company, local news outlet SwissInfo reported on Aug. 14.
CEO departs before SDX launch
Martin Halblaub will step down after eight months into his job when his contract expires at the end of August following disagreements on how the trading platform should be run.
Halblaub reportedly wanted SDX to launch as an independent company, while the board of the parent company — SIX Group — disagreed. He commented on the decision:
“I fully support SDX’s ambition and business model and would have loved to lead SDX into the future. However, I have decided with a heavy heart — given our differing ideas on strategy, combined with the stretch the role is for my life model — that I cannot engage in a long term commitment as Head of SDX.”
Halblaub’s temporary successor will be Tomas Kindler, who will take place as the firm’s CEO on Sept. 1. SIX Group CEO Jos Dijsselhof also thanked Halblaub in an internal company memo, saying that he successfully led the company through its initial phase.
SIX Digital Exchange known for pioneering crypto products
SIX is known for being one of the first stock exchanges in the world to offer a Bitcoin and crypto exchange product. In November 2018, SIX listed a pioneering cryptocurrency exchange-traded product, which tracks five major cryptos including Bitcoin.
As Cointelegraph reported in May, a top SIX Exchange executive has revealed the company will look to issue its own digital tokens as part of its forthcoming blockchain-powered digital exchange.
In July 2019, SIX also announced that it hopes to become the first market infrastructure in the world to offer a fully integrated end to end trading, settlement and custody service for digital assets.
Ultimately, SIX expects its blockchain-based SDX digital exchange to supersede its existing marketplace within a decade. The company is also considering launching its own Security Token Offering — pending regulator approval — which will offer investors an equity stake in exchange for capital.