Although Bitcoin has been able to prove it is possible to exchange value without the need for the centralization of money production and validation, cryptocurrencies have a long way to go. Exchanging value freely online is probably the most important achievement since the internet actually came to existence. If you think about it, despite how many other technologies will influence, accelerate and improve the overall quality of living, like AI, VR, AR and machine learning, none can compare with cryptocurrency in terms of basic influence on people’s lives. This is, in a few years everyone will definitely use some sort of cryptocurrency for payments. Why would people still want to hold onto bank accounts that have fees to maintain? I’m not referring to companies or governments; I’m talking about people in general. The influence cryptocurrencies can have in daily things will happen much faster than other technologies, much like the internet. Continue reading Cryptocurrencies and the Distribution of Power in the Age of Google and Facebook
The Myspace/Facebook analogy has been gratuitously overused, yet it aptly describes Etherdelta and IDEX. The former was once the only decentralized exchange in town, a hub of ERC20 tokens bolted to a barely usable interface. Then Etherdelta (ED) got hacked and launched a pointless ICO. While ED floundered, IDEX assembled a user-friendly alternative that was a pleasure to use. Its efforts have paid off: IDEX is now trading $13 million a day while Etherdelta is languishing just above $1 million. Cryptocurrency trading, in the early days, was a riot. Erratic trading engines; low liquidity; frequent DDoS attacks and random outages. When the first decentralized exchanges came along, a few years later, it was like the old days of bitcoin all over again. Rickety, unintuitive and verging on unusable, platforms like Etherdelta left a lot to be desired. But they did have one thing in their favor: funds remained in the custody of the user at all times, preventing the possibility of another Mt Gox. Founded in 2016, ED was the only DEX of its kind, and became known as the go-to exchange for acquiring ERC20 tokens before they hit big exchanges. But over the last three months, Etherdelta has waned and in its place a new pretender has emerged – IDEX. On January 15, ED recorded trading volume of $28.5 million versus $728,000 for IDEX. Six weeks later and how the tables have turned. On Saturday IDEX reached a record daily turnover of $13.5 million, ranking alongside established exchanges such as Cryptopia, while ED, crippled by technical issues that have left it hamstrung for weeks, only resumed trading on March 1. In its absence, it’s been usurped by a nimbler and more liquid contender.
Facebook Messenger is unlikely to embrace cryptocurrency payments anytime soon according to David Marcus, Facebook’s vice president of messaging. In a recent interview with CNBC, the former president of PayPal pointed to perceived issues with existing cryptocurrencies, specifying high transaction fees and slow transaction times as reasons why the product isn’t likely to introduce the technology as a payment method, at least in the near term. However, Marcus, who joined the board of Coinbase in late 2017, did leave the door open to allowing such payments in the future, saying that when blockchain developer communities “fix all the issues,” it’s possible that the company will “do something” to open up the option.
Facebook is firing back against misleading and deceptive ad practices, and ICOs, cryptocurrencies and binary options are at the top of their list. In a blog post by Facebooks’ Rob Leathern, the social media giant is trumpeting a new policy, banning ads that “promote financial products and services that are frequently associated with misleading or deceptive promotional practices.”
Without a clear regulatory framework for ICOs, Facebook is just trying to protect its users — of which there were 2.7 billion as of Q2 2017 — and prevent bad actors from promoting their scams on the site. The policy is a broad-brush approach for the time being but seems to target sketchy ads making unrealistic claims and flying in the face of expert advice from blockchain veterans not to invest more than you can afford to lose in any digital coin.