This Week’s Winners and Losers in Crypto
Big week in crypto! Banks going down causing BTC to go up. Alts (sort of) following suit. But who are the biggest winners and losers for the week? Biggest Winner(s): Arbitrum Airdrop Participants Thursday was a big day for those eligible for the coveted Arbitrum airdrop, but there were bumps along the way. The claim site was down from almost moments when it went live, and was nearly inaccessible for hours. However, after the dust settled, the price hovered above what estimates predicted (>$1)...
Post FTX: Bananas In The Bahamas
FTX’s spectacular implosion sent ripples which was felt by all through the cryptoverse, but has also hit the people of the Bahamas, where FTX was headquartered. According to a report in the WSJ, the island nation initially welcomed FTX with it’s lax and favorable crypto laws and eventually the locals became the supporting cast for FTX employees. Catering, security, transportation, event planning, logistics and many more services were required and the locals began taking up these jobs, creatin...
STOCK Act Gets Busted
Nancy Pelosi might not be too keen on the reformation bubbling up in her backyard. On Thursday, a new framework was released to change the policy known as the STOCK Act, aka "Stop Trading on Congressional Knowledge", which puts the onus on congressional and government leaders to disclose stock and asset purchases, in order keep transparency with the public. Historically, there have been quite a few calls on leaders to stop purchasing stocks because of the potential of insider knowledge on upc...
This Week’s Winners and Losers in Crypto
Big week in crypto! Banks going down causing BTC to go up. Alts (sort of) following suit. But who are the biggest winners and losers for the week? Biggest Winner(s): Arbitrum Airdrop Participants Thursday was a big day for those eligible for the coveted Arbitrum airdrop, but there were bumps along the way. The claim site was down from almost moments when it went live, and was nearly inaccessible for hours. However, after the dust settled, the price hovered above what estimates predicted (>$1)...
Post FTX: Bananas In The Bahamas
FTX’s spectacular implosion sent ripples which was felt by all through the cryptoverse, but has also hit the people of the Bahamas, where FTX was headquartered. According to a report in the WSJ, the island nation initially welcomed FTX with it’s lax and favorable crypto laws and eventually the locals became the supporting cast for FTX employees. Catering, security, transportation, event planning, logistics and many more services were required and the locals began taking up these jobs, creatin...
STOCK Act Gets Busted
Nancy Pelosi might not be too keen on the reformation bubbling up in her backyard. On Thursday, a new framework was released to change the policy known as the STOCK Act, aka "Stop Trading on Congressional Knowledge", which puts the onus on congressional and government leaders to disclose stock and asset purchases, in order keep transparency with the public. Historically, there have been quite a few calls on leaders to stop purchasing stocks because of the potential of insider knowledge on upc...
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Western Union, the company best known for charging you ~15% to wire your money to recipients around the world, is possibly taking a crack at crypto services again, based on trademark filings made last week. As remittance (a sum of money sent, especially by mail, in payment for goods or services or as a gift) channels are increasing, Western Union has tried to stay competitive by attempting several times to provide services through crypto, will very little success. Once partnering with Ripple in 2015 to provide remittance services, they stayed in a test phase for three years before dropping the endeavor altogether. Trademark Attorney Mike Kondoudis posted on Twitter what the company is planning to now do:
https://twitter.com/KondoudisLaw/status/1584882175127613440
Cross-border remittances services are only getting hotter and more crowded, as Coinbase also started a remittance service in Mexico recently and leading other crypto services into the space.
At first, I thought I was missing something here. Isn’t the a major point of crypto-networks to help remove intermediaries like Western Union? Where we don’t need a broker to take a fee to do something within a system that was built to allow average people to do the same with ease? However, I remembered something….fiat. Not only are the majority of people out there are non-crypto users, but 99.99% of us still have reliance on fiat. We can’t just pay our rent or bills with crypto (except for maybe some extreme fringe cases) so we need a way to convert our crypto to fiat. And that’s where remittance services like Western Union and Coinbase are needed, for now. So enjoy your time for now, because once the crypto revolution truly takes hold and we all are fully transacting solely on the blockchain, your services will no longer be needed.
Written by: nikethereum.eth / Medium / Mirror
Western Union, the company best known for charging you ~15% to wire your money to recipients around the world, is possibly taking a crack at crypto services again, based on trademark filings made last week. As remittance (a sum of money sent, especially by mail, in payment for goods or services or as a gift) channels are increasing, Western Union has tried to stay competitive by attempting several times to provide services through crypto, will very little success. Once partnering with Ripple in 2015 to provide remittance services, they stayed in a test phase for three years before dropping the endeavor altogether. Trademark Attorney Mike Kondoudis posted on Twitter what the company is planning to now do:
https://twitter.com/KondoudisLaw/status/1584882175127613440
Cross-border remittances services are only getting hotter and more crowded, as Coinbase also started a remittance service in Mexico recently and leading other crypto services into the space.
At first, I thought I was missing something here. Isn’t the a major point of crypto-networks to help remove intermediaries like Western Union? Where we don’t need a broker to take a fee to do something within a system that was built to allow average people to do the same with ease? However, I remembered something….fiat. Not only are the majority of people out there are non-crypto users, but 99.99% of us still have reliance on fiat. We can’t just pay our rent or bills with crypto (except for maybe some extreme fringe cases) so we need a way to convert our crypto to fiat. And that’s where remittance services like Western Union and Coinbase are needed, for now. So enjoy your time for now, because once the crypto revolution truly takes hold and we all are fully transacting solely on the blockchain, your services will no longer be needed.
Written by: nikethereum.eth / Medium / Mirror
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