ICO legal questions linger. Ethereum’s Byzantium fork is successful. Russians will soon be spending CryptoRubles. Bitcoin Cash is Bitcoin! Ben Bernanke talks about Bitcoin.
We’ve written out short overviews of the topics discussed on today’s show below! Be sure to listen in to the whole podcast to get more information, insights, and thoughts on each of them from Darren, Pedro and JJ!
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|Traditional Financial Markets||Cryptocurrency Markets|
|Gold $1,280.00||Bitcoin (BTC) $5,511|
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Law Firm Wilson, Sonsini, Goodrich, and Rosati offer a snapshot of the 2017 SEC-related legal playing field for ICOs and token sales. The short of it is that most of these ICOs or token sales would be considered securities — for at least some portion of the coin or tokens existence.
JJ: Nearly every cryptocurrency could be considered a security. The fatal flaw for the SEC’s argument is the lack of contract or obligation with or on the part of the coin/token issuer. The contributor is literally buying a lottery ticket with no guarantee. Until there is a viable use case, utility, or product the coin/token is more akin to ‘snake oil’ than ‘securities’.
Ethereum Byzantium Fork Is Wildly Successful
At 5:22 UTC October 16th, the Byzantium fork went live at block 4,370,000.
At 1,200 blocks into Byzantium, Vitalik Buterin tweeted that the difficulty had almost fully readjusted with block times below 20 seconds. Mining on the old blockchain has essentially ceased.
In the days just before the fork, some faults were found in the Byzantium software requiring Ethereum developers to work round the clock to get corrected updates out and for those to be updated by node operators and miners. By all accounts this was successful and shows the dedication and coordination of the Ethereum community.
During a meeting of the Moscow Capital Club, Nikolai Nikiforov, Russia’s minister of communications and mass media, said that President Vladimir Putin had decided that Russia will issue a national cryptocurrency called the “cryptoruble” or “cryptor.” Nikiforov said, “I so confidently declare that we will launch a cryptor for one simple reason: if we do not, then in two months our neighbors in the Eurasian Economic Community will do it.”
Minister Nikiforov further explained that the cryptoruble should not be seen as a de facto legalization of cryptocurrencies that are governed purely by protocol, like Ether or bitcoin. He also emphasized that the cryptoruble will not be mineable and will probably utilize a closed model for regulating a certain volume of issuance. Notably, Nikiforov stated that Russia’s cryptocurrency should use Russian cryptography to secure it.
One potential use case for the new Russian cryptocurrency could be to streamline payments of personal income tax.
With more Bitcoin fork chaos on the horizon Bitcoin Cash advocates are declaring Bitcoin Cash is Bitcoin.
Former Federal Reserve Chairman Ben Bernanke Speaks on Cryptocurrencies.
October 16, 2017 during the Swell conference in Toronto, Ben Bernanke gave a private keynote address where he where quote;
“It’s an obvious area where new technologies like blockchain or these electronic currencies can be used to improve the process.” in referring to interbank transfers.
He was also quoted on his view of cryptocurrencies like Bitcoin quote, “Bitcoin is meant to be an attempt to replace fiat currencies and evade government regulation and government intervention.”
When asked after the keynote how Bitcoin and Ethereum could affect central banks monetary policy, Bernanke replied with
“It could be a lack of imagination, but I don’t think monetary policy has changed that much. [Central banks] are supportive of these new technologies because they’ll improve the payment system … but it won’t affect the ability of the Fed to require a certain amount of reserves.”
NeoWare Apparel NeoWare Apparel aims to provide you with the finest crypto-themed clothing and accessories! Is there a certain coin or token you want to see designs for? Email us at email@example.com
An Important Disclaimer
We would like to remind you that any content on the Neocash Radio podcast and/or website should not be regarded as financial or legal advice. Please be mindful of any and all regulations regarding cryptocurrency in your particular jurisdiction. Never invest/gamble more than you are willing to lose and always safeguard any digital currencies you own by keeping them in a wallet whose private keys you control.
JJ – firstname.lastname@example.org
Co-Founder, Producer, Managing Director
Darren – Darren@neocashradio.com
Co-Founder, Technical Writer
Pedro – email@example.com
Ethereum and Crypto-mining Expert
Randy – firstname.lastname@example.org
Former Co-host and Cool Dude
BTC Address: 1MmFwDeZPgxJ4GyzbfmZVLJv3aZcpxSfR5
ETH Address: 0xe4689EF88F239C6eed1Ff262876e2499495c1617
DASH Address: XtLEPo6DKeu45e2czdHLEb5EzJRVDz2aLZ
NXT Address: NXT-TT49-WV65-HZJA-5EJF9
BCH Address: 173ADKUvvRcSmb9tnKiYAMQAoB6RhsgQQd