- Ripple Chief Speaks of IPO
- 2019: A Year To Forget For XRP
In an interview with the Wall Street Journal at Davos 2020, Ripple CEO Brad Garlinghouse pretty much-confirmed intentions to take the company public. The effects on XRP as an investment could be catastrophic.
RIPPLE CHIEF SPEAKS OF IPO
According to reports in Ripple-centric media and tweets from company executives, Brad Garlinghouse has virtually confirmed that an IPO is on the cards for the fintech firm.
There was nothing on his own feed, but SVP of Product Asheesh Birla tweeted this earlier;
“We’re not going to be the first and we’re not going to be the last, but I expect us to be on the leading side… it’s a natural evolution for our company.”
Floating on the stock market would give investors another way into the company without the volatility and regulatory restrictions of crypto. So what does this mean for the future of XRP as an investment and tradable asset?10 BTC & 20,000 Free Spins for every player in mBitcasino’s Winter Cryptoland Adventure!
Ripple aficionados were positive and of the opinion that it would be bullish for the company and their tokens.
However, the wider crypto community has been speaking its mind as usual and, aside from that loyal XRP Army, most are of a similar opinion. Popular crypto trader ‘Anondran’ had this to say;
WTF. $XRP is planning to do an IPO??? As if printing worthless coins, pumping it and making billions of dollars wasn’t enough? Send this shitcoin to absolute depth of hell.”
Fellow trader ‘Cantering Clark’ let fly with this …
“oh, uh guys, yeah we are actually going to IPO now, and offer shares that carry equity…so,…uh…about those coins. (Obsolete)”
The San Francisco based crypto firm’s tokens have often been considered unregistered securities and thus subject to future crackdowns from US regulators. The firm is still locked in a court case trying to establish the status of XRP but no verdict has arrived as yet.
As Bitcoinist reported earlier this week, XRP prices could well skyrocket if it is considered a commodity.
With an IPO on the table however, institutional investors are likely to take that option via their brokers rather than dabble in tokens directly. It would net the company, and its executives, more money but not necessarily XRP holders.
2019: A YEAR TO FORGET FOR XRP
XRP has had a terrible 2019, falling 47% over the year and ending it at a two year low below $0.20. Continued token manipulation by the company has infuriated investors to the stage that community leaders even proposed a hard fork.
As crypto markets cool, XRP again finds itself in the red today dumping 4% on the day to $0.22. Even the proposition of an IPO hasn’t managed to lift token prices in the short term so long term impacts may be far worse.
Bitcoin Is Bad For The Environment… Or Is It?
- The massive energy costs that miners are burdened with for Bitcoin have been worrying many in the crypto community.
- The main headline that a lot of people use, is something like ‘bitcoin mining is killing the planet’.
- But there are many misconceptions of bitcoin out there…
The massive energy costs that miners are burdened with for Bitcoin have been worrying many in the crypto community, especially in light of the fact that several people outside of the community have aimed a lot of negativity towards to the industry. The main headline that a lot of people use, is something like ‘bitcoin mining is killing the planet’.
According to a report from the digital asset management firm Arca, there are many misconceptions of bitcoin out there. Titled “Bitcoin Study: Energy Consumption as a Corollary to Environmental Impact and the Potential of the Evolution of Money,” the report looks into such stories of Bitcoin ‘killing the planet’ and ‘harming the environment’.
The author of the report, Sasha Fleyshman has said:
“Is there a problem with Bitcoin because it needs electricity? The same argument could be made for refrigeration, which is completely reliant on electricity to keep products cool. Does that mean that refrigeration has a systemic problem?”
The author further went onto talk about the idea of the leading cryptocurrency being the first modern-day darknet market. This argument comes from the general consensus of Bitcoin not being governed by a regulatory body and is therefore impossible to keep track of.
“As for using BTC for nefarious activities, a report conducted in 2018 revealed that 46% of all Bitcoin transactions ($76 B) were used for illegal activities, which fell in line with the percentages in the U.S. and European black markets. When you take into account the vast imbalance between the total Bitcoin market capitalization to that of the U.S. dollar, it becomes evident that Bitcoin is dwarfed by traditional currencies in funding illegal activities ($100 B, 2010).”
KuCoin Announces One-stop Exchange Solution KuCloud
KuCoin, an IDG-backed global crypto exchange, today announces the debut of its one-stop cryptocurrency trading platform solution product – KuCloud.
KuCloud now offers two products named XCoin and XMEX and is able to deliver the key functionalities of KuCoin Spot platform and KuMEX Futures platform, including world-class architecture, risk-management system, high market depth & liquidity, all-around
customer support and more.
With the top-tier white-label solution offered by KuCloud, partners will be able to set up their own crypto exchange in 72 hours in their local market with features ranging from spot trading, margin trading, staking, fiat gateway to up to 150x leverage futures trading.
In addition, thanks to the high scalability of the KuCoin architecture, KuCloud can also customize its offering on the basis of the partners’ needsJohnny Lyu, co-founder of KuCoin stated,
“The idea of KuCloud started in 2018 as a concept called ‘subnets’, with which we intended to give our exchange a powerful advantage when expanding into new markets since each new exchange can act as a separate entity.Now we go one step further and upgrade the ‘subnets’ to KuCloud, eliminating the difficulties and hassle of opening a crypto exchange, allowing all our partners to build crypto-related platforms with us to contribute to the liquidity and mass adoption of crypto.”
To celebrate the new arrival, KuCloud is now offering an early bird privilege of zero-cost to launch a crypto exchange, aiming to save future fellow exchange operators million-dollar input and months of time cost, which will ultimately fuel a corner overtaking on this very racing track.
You can learn more about KuCloud through this webiste, or just send them a mail.
KuCloud is an advanced white-label solution offered by KuCoin Group. Standing on KuCoin’s shoulder, KuCloud fully utilizes the Group’s solid independent R&D capacity, provides partners with world-class, secure, scalable and high-liquidity infrastructure
technology of crypto spot and futures exchange, shoring partners to better leverage its commercial and operational edges to achieve a greater good. Further information is available here.
Bitcoin’s price is anyone’s guess; the next US President not so much
Can you accurately predict Bitcoin’s price? Most people would disagree. In a market so fickle and sensitive, Bitcoin’s price can never be accurately estimated.
A testament to this unpredictability is the case of the golden cross. Earlier this week, market participants were celebrating the $10,000 ascent because it came with the crypto’s 50-day MA moving over its 200-day MA, a sign of bullish things to come. It wasn’t.
In the next few days, the coin dropped below $10,000 yet again, a 5.5 percent hourly drop that took the coin back down to $9,500. Whomp whomp!
If you think this was a golden cross anomaly, you’re wrong. Back in October, as Bitcoin entered the bearish equivalent of the golden cross, titled the ‘death cross‘ the price increased by 27 percent in the next three days.
Source: BTC/USD via TradingView
The Bitcoin market is quite shaky, but what could be worth predicting, in the larger scheme of things is who will become the most powerful person in the world, come November 2020. FTX, a crypto-derivatives exchange, rolled out PRESIDENT 2020 contracts for both the incumbent Donald Trump and the 5 top Democratic nominees.
After last night’s Democratic primary debate, there has been a reshuffle, providing a glimpse of who the crypto-community is bullish on come the nominee pick.
At press time, while Bitcoin is down by over 5 percent in the daily charts, the biggest gainer on the Presidential derivatives is, surprisingly, Elizabeth Warren. The senator from Massachusetts’ Warren 2020 contracts are up by a whopping 38.46 percent after a strong showing in the debate. Despite the recent price rise, Warren 2020 contracts are still priced at $0.018, lowest of them all.
Source: PRESIDENT 2020, FTX
It seems that while the market has turned bullish on Warren, it turned bearish on perhaps the biggest capitalist of the filed, Michael Bloomberg. The former mayor of New York city saw his contracts drop by 23.2 percent. The Bloomberg 2020 contracts which before the debate was priced at $0.14 fell to $0.096, but is still second only to Bernie Sanders’ derivative.
The Bernie 2020 contracts were up by 6.84 percent, taking the lead at $0.203, with over $75,000 trading volume, more than the rest of the contracts combined, including the Trump 2020 contract. Pete Buttigieg remained flat with no change, while two-term vice president, Joe Biden also saw an increase of 4.35 percent.
While volatility is rampant on the Dem-derivatives, market participants are still bullish on a continuing Trump presidency. Latest information suggests Trump is riding high at a price of $0.63 percent, but who knows… a tweet could soon change that. How things go from here to November will be very interesting.
Regardless of the outcome and the market, the fact that a derivative product priced in dollars and traded for cryptocurrencies is predicting a Democratic Socialist to win the nomination reeks of unending irony. What’s even more ironic is that FTX is restricted in the US, so US citizens cannot trade a contract predicting their next president.
Even still, predicting who will be the next US president is easier than predicting the price of Bitcoin.