Ex-Paypal CEO Calls Bitcoin a ‘Cult’, While Altcoins Sink

Ex-Paypal CEO Calls Bitcoin a ‘Cult’, While Altcoins Sink
August 16, 2018

The bearish cryptocurrency market continues to worry investors, but surprisingly Bitcoin has managed to hold above the crucial $6,000 level. The cryptocurrency touched around 5830 yesterday, but strong buying support successfully brought the coin back up, keeping it’s head above water. Shockingly, this hasn’t deterred people from opening new cryptocurrency trading accounts. 

In an interview with Bloomberg, Brian Armstrong, CEO of Coinbase, stated that approximately 50,000 new users open accounts every day to avail its services, despite the bearish scenario in the cryptocurrency market. Armstrong pointed out  that real-world adoption of cryptocurrency is increasing at a rapid rate, with Coinbase serving 25 million clients worldwide. Last year, the broker traded a volume of $150 billion, and the exchange presently holds between $10 and $20 billion worth cryptos on a daily basis. 


American Association of Insurance Services – IBM partnership

Non-profit insurance advisory organisation AAIS (American Association of Insurance Services) has partnered with IBM to create a blockchain platform that will enable automation of insurance regulatory reporting. The platform, referred to as the openIDL (open Insurance Data Link), will assist companies to simplify the process of confirming to regulatory and compliance conditions, while also enhancing efficiency, transparency and accuracy for both state insurance departments and insurers. This is ultimately expected to benefit the entire industry, including policyholders. 


Bank of Montreal – Teachers’ Pension Fund

The Bank of Montreal and the Ontario Teachers’ Pension Plan have successfully tested a Canadian-dollar debt deal on a blockchain network; confirming the viability of distributed ledger technology in the fixed-income markets. One year floating-rate-deposit notes, worth C$250 million (~$190 million), were sold by the bank to the Ontario pension fund. The transaction was completed on the blockchain network. Notably, the bank’s BMO Capital Markets division created a settlement system using blockchain, with the pilot system allowing investors and issuers verify the transactions on the distributed ledger. 


Ex-Paypal CEO – Bitcoin a ‘cult’

Bill Harris, ex-CEO of Paypal, has called out Bitcoin as a ‘cult’ while speaking to CNBC’s Fast Money. Ironically, Harris called the US dollar and the yen ‘digital currencies’, but he did not explain the reason for the claim. Furthermore, Harris tried to explain how Bitcoin has no value “as it does not generate revenue or profits”. He has also highlighted the issues faced by Bitcoin such as scalability, transaction delays and volatility.


Bitfi’s “unhackable” wallet was hacked

John McAfee, who was made popular for the anti-virus software company he founded, partnered with Bitfi to launch a cryptocurrency hardware wallet. McAfee claimed the wallet to be “unhackable” and announced a bounty of $100,000 to anyone who cracks the code. The bounty was later raised to $250,000.

A security research group headed by Andrew Tierney (Twitter handle: Cybergibbons) managed to successfully hack the system, and met all the conditions set to claim the bounty. The cybercommunity is still awaiting comment from Bitfi and McAfee. 


Cardano (ADA)

Cardano founder Charles Hoskinson had announced that he would reveal details of a new project on August 15th. However, he disclosed details about the project a day earlier.


The project, dubbed Icarus, is about the creation of a wallet that runs as Google Chrome extension. Icarus will not hold a copy of the blockchain, but will enable users to perform all actions that are usually done on the Daedalus wallet. Furthermore, the Daedalus wallet can be downloaded to Icarus and accessed in a few minutes. 


Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.

Ian Maguire

Ian Maguire

Ian is our resident contributor to the latest going ons in the cryptomarket, keeping up to date with the latest icos and coins

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