Crypto Market News – “This Week in Crypto” July 10, 2020

Crypto market news about Bitcoin, stablecoins and decentralization! What’s next up on the CoinMetro releases list, and much more— all in This Week in Crypto!

Crypto Market News Highlights

[15:28] Circle Confirms Freezing $100K in USDC at Law Enforcement’s Request

That’s what a regulated stablecoin does. Criminal activity means frozen account. Kevin isn’t saying that he likes it, because it will get innocent people snared in these types of activities as well. But that is the way current regulation works, and the way law enforcement works. It’s not the best method, but it’s the best that we have. 

This shows you why there is not much of a difference in a regulated and well-run stablecoin versus a CBDC. So, in the future when you have CBDCs backed by the government and are actually legal tender not tied to accounts held by third parties, why use a stablecoin?

[16:45] Italian Banking Industry Chose Decentralization Over Centralization

The Italian banking industry probably doesn’t get as many laughs around the world as Maltese banking industry. But it still gets a few laughs.

So, decentralization is great. But how much do you want to bet that decentralization here is only type to certain aspects of any type of protocol they are going to be testing? Governance is still going to be decentralized. It doesn’t matter where you are — Italy, Malta, UK — regulators aren’t going to allow you to use decentralized governance.

[17:45] Cryptocurrency Exchange Coinbase Readies Stock Market Listing

That is exciting for the industry as a whole. Coinbase is a big entity and has been around since the beginning of the mass adoption of crypto. Hats off to them for being able to do this, if they do it. It will be a milestone, for sure.

In some people’s eyes it might be “against the grain”, trying to create a company that goes against traditional markets and then you get listed in traditional markets.

Kevin understands why they want to secure itself, they probably want to secure a ton of funding to go into institutional markets, and IPO is the way to do it.

Check out our Medium post to read more crypto market news!

Live Questions – CoinMetro updates and Crypto Market News

New Product Releases 

[25:44] How is the CSD coming along? When will we see the first glimpse of the marketplace?

CSD is pushing forward. Our first test-run is scheduled for the end of the month. Our first issuance, Tangible, is the first project. It will be launched in early August. 

Sneak peek of marketplace — probably in two weeks.

[32:10] Is AUD going live soon? New TraM?

AUD is on our release candidate right now, being tested. We might see it go live sometime next week, with a BTC/AUD pair.

We have a new TraM coming to CoinMetro’s Copy Trading platform. This particular trader made a ton of money during the Dotcom bubble, and has been trading crypto since 2014-2015. One of the best bubble traders Kevin has ever seen. And crypto is, and probably will be for quite some time, in a bubble. He is onboarded, and now we’re just looking at logistics.

[48:58] Are you not afraid that interest for Ignium, despite a great idea in concept, will not attract investors? In my opinion, more exchange clients need to be brought in, as only a small percentage of a relatively small user base will be interested in this.

It’s B2B. Ignium needs to prove a concept. The concept is, you connect to one centralized settlement hub, and you create liquidity that doesn’t even exist in the traditional market. If we prove that, we’d only have a problem answering all the interest that is there for Ignium, to be honest. Because nothing like that really exists. 

Future plans

[33:27] How will Q3 and Q4 look for CoinMetro?

We’ll see the Q3 roadmap in the near future on CoinMetro’s Medium and Telegram.

There is a lot to do. Basically taking our already world-class system and making it look and feel as world class as it actually is. Some fine-tuning here and there, taking the UI/UX experience that we’ve started to create around the Dashboard and Markets page and push that around the other pages.

We just launched a new homepage, it is an improvement but keep in mind, it is only temporary. 30 days after that we are working on what will be the new design for the homepage. 

Debit cards and inner workings. USD might be squeezed into Q3, definitely in Q4. More liquidity through market makers, more unique marketing campaigns. We’re already starting a new marketing test which will happen in the next few days, which we will push through Google in the EU. 

Q3 and Q4 will be interesting, and Kevin thinks we’ll see a lot of things happening on many different fronts. BizDev, internals, product, and our overall image is going to be completely refined. Fundraising and the CoinMetro bond coming in August.

BizDev

[30:45] Any BizDev this week?

Always BizDev. Every day. We have new listings that we are looking into. We are building new wallet on a new blockchain for a specific listing. Been in talks with different market makers, more payment rails, bond-sales, placements, all kinds of things to make sure that the next push is going to be nice and smooth. 

[35:40] When will XCM be ready to be used as collateral?
All about liquidity. We had a talk with a company that creates algos for doing market making on the Polish stock exchange. They’ve been providing those algos for the better part of a decade. They now do it in crypto. We’re going to test it out. There may be a way for us to market make XCM on our own, and provide some needed depth. And if we are able to quantify the risk, then we can start looking at things like collateral. But that is a goal, and as Kevin mentioned multiple times before, it all ties into liquidity, and making sure the book is healthy enough.

Marketing

[36:20] How are the marketing tests coming along? Will there be a big push at some stage?

There definitely will be a big push. Kevin has talked about this before. The best way to do marketing is to snowball. You start with the smallest budget you can, to get the most test data you can. Like everything in business, marketing is about ROI. If you spend €1000 euro and get back €800, you fail. If you spend €50 and get back €65, you had some success. 

We have a few snowballs rolling that we are testing. Another snowball thrown out there in a couple of days. Marketing isn’t just about throwing a google ad. Instead, it’s analytics, creation, SEO, backlinks.

Just last week CoinMetro was featured in Forbes, CoinTelegraph and other crypto sites about the launch of the new Sentiment Indicator, and the launch of GBP deposits, withdrawals and pairs! 

[47:54] Would you consider doing some crypto chart technical analysis on this show? It would help bring in more users.

Kevin could do that. He used to teach technical analysis.

Kevin Explains Crypto is a great source to learn about crypto and trading.

[48:38] How will you link new fiat currencies to XCM? Will there be separate books?

Initially, new fiat currencies would have to feed into the same book, there is simply not enough liquidity to spread around.

Reddit Questions

[21:15] Ultimate transparency, an omnipresent CEO, weekly AMA’s, CM making more visible progress than ever before, a direct line between community feedback and the team, these things are pretty much unseen in other crypto companies. And still there seems to be so much negativity in the Telegram channel. Do you think we are over-spoiled?  – RobinTimmerman

There are many parallels about community. However you define community — we have one. You are never going to have a community that always agrees and is always happy. Unless it’s a cult. And Kevin doesn’t want to be a cult leader.

Keeping our social media active, doing more to push things out on social media, attract other communities into our communities, all that will help bring in new people. Bringing in new people brings in new vibes. New vibes can generally neutralize anything that may be negative.

Maintaining a Positive Community

Every time we do something new or release news, we see very positive reactions. We have now started to filter in news, roadmaps news, press releases, new products, fine tuning how we release information. All that stuff is still like a work-in-progress. But it’s just about how we release information. Kevin doesn’t want to be less transparent. There has been this back and forth about releasing information and then people come into Telegram and start berating us because we said we were going to have debit cards 6 months. Why did we release that information? Because we had a provider that gave us that date. 

All in all, a positive community is a good thing. The more things we’re doing that you know about, the better it is for everyone. And that is what we’ve been trying to do. So, we are getting better at it.

[18:49] “Kevin Explains Crypto” Term: Byzantine Fault Tolerance

Now that you are up to date with crypto market news, let’s focus on crypto education. 

The name comes from something known as “the Byzantine Generals Problem”. It describes how you have all these Byzantine generals trying to make an attack on a fortress, and they have multiple troops all over the place. But they assume that there is a traitor in the midst. So how do they pass information between each other, without the traitor passing information that maybe is erroneous. How does that tie into distributed ledgers?

Distributed ledgers are distributed computer systems. Each general is like a node inside the distributed ledger. Byzantine Fault Tolerance tries — there is no proven Byzantine Fault Tolerance yet — to make sure that consensus can happen, even if there is garbage in the network.

___________________________________________________________That’s a wrap for this week’s crypto market news with CoinMetro Founder Kevin Murcko! Please join us next week for more CoinMetro reports, Bitcoin news feed, Altcoin prices and Ethereum news! We’ll be live on CoinMetro’s Facebook and YouTube Channel at 12 PM (UTC). Make sure you submit your questions to the CoinMetro subReddit!

As always, we’re available to answer any questions you may have on our Telegram Group 24/7. 

You can also find CoinMetro on other channels: Twitter, Instagram, Medium, Reddit and LinkedIn.

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