On to the media crypto highlights of the week…
Taking a step back, CoinDesk published an original overview of ICO trends, which include continued regulatory pressure, the awakening of traditional tech companies to the potential of tokens, and the increasing sophistication of consumers.
What I didn’t expect was the apparently widespread belief that token funding will continue to grow, while getting more complex. I was also surprised by the revelation that many ICO entrepreneurs have back-up plans in case ethereum’s scaling issues don’t get resolved.
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From VC firm Andreesen Horowitz, a list of cryptocurrency-related readings, well worth bookmarking.
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Pascal Bouvier has the audacity to draw parallels between the evolution of established religion, and that of cryptocurrencies… and pulls it off, with flair. A stirring read:
“Money creation is backstopped by taxes on the people and the state monopoly on violence ensures a more or less orderly collection of taxes. Remove the monopoly over money creation and the nation state starts to vacillate on its pedestal… Many pundits will rightly point out that all cryptocurrencies suffer from congenital malformations… If there is one thing we can count on, it is human ingenuity, and the crypto field will find solutions and solve these defects over time. What we all hear is the sound of inevitability in the form of fitter cryptocurrencies to come.”
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I get a huge kick out of seeing how different media sources report on the same event – it often leaves me wondering how many parallel universes there can be.
On this week’s Senate hearings on cryptocurrency, for instance. At the thoughtful end of the spectrum, you have:
The report urges greater consideration of volatility and systemic risk, to what extent newer cryptocurrencies are commodities, the self-certification of cryptocurrency derivatives and whether or not all tokens are securities (as Chairman Clayton hinted).
“Optimism aside, some market observers said they believe the hearing revealed the need for more clarity on the regulatory front – something that both agency chairs indicated may be necessary in statements that broached possible action from the U.S. Congress.”
“In a week of plunging prices and bad news, the hearing struck a tone that coin watchers could reasonably interpret as surprisingly optimistic.”
“Both regulators have cracked down aggressively on bad digital currency actors… But the question of who is best placed to oversee the underlying cryptocurrency cash market remains unclear.”
At the other end of the spectrum, you have:
A confusing, patchwork article that I gave up trying to make sense of. (“Control bitcoin”? C’mon, that is not at all what they said.)
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As cringe-inducing as the above article is, the week’s award for Most Egregious Reporting must go to that fount of financial wisdom, the Daily Express, whose headlines “Cryptocurrency bull run imminent with bitcoin to hit $50,000 in 2018“ and “Cryptocurrency CRACKDOWN: World leaders to plan REGULATION of Bitcoin at G20 meeting” are just plain irresponsible. I’m not going to put links to those articles because they don’t deserve the encouragement.
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If this doesn’t make your mouth water…
By Lauren Ko… check out more of her pastry creations at Colossal…