Cryptoexchange Announcements Abound, The High Price of ICO Promotion and Alien Hunting Costs Set to Fall

This morning sees some market recovery with Bitcoin up from yesterday to around $7.4k and Ethereum rising to $400 overnight.

Exchanges making headlines today as Japanese brokerage firm Monex has stated an interest in buying local crypto exchange Coincheck. Few details have been announced so far in what could pan out to be a multi-billion yen deal – despite Coincheck being hit earlier this year in a high profile hack. The fact that Coincheck survived and is being viewed by a major player as a potential acquisition target highlights the old-money institutions making inroads into the crypto space in a rush for a first mover advantage.

TMX Group, owners of the Toronto Stock Exchange (TSX) and other trading entities has announced the upcoming launch of a crypto brokerage platform Shorcan Digital Currency Network. Initial focus will be to provide trading pairs for BTC and ETH with the potential for additional currencies in the future.

Another new exchange is on the cards according to an announcement by the government of Antigua and Barbuda. Tech minister Melford Nicholas stated “Antigua and Barbuda is determined to be on the cutting edge of the new system of creating wealth - by establishing an exchange here we will bring Antigua into the game, as it were. Should there be any potential economic spinoffs, we should be in the front seat” The news comes after the Attorney General for the region Steadroy “Cutie” Benjamin was instructed to draft the necessary legal framework last year.

The price of ICO and Token promotion can be eye-wateringly high according to details from legendary crypto commentator John McAfee’s website. The pricing structure states “Individual tweets, whether created in Mr. McAfee’s voice or by the company whose products we are promoting, cost $105,000 per tweet. Unless there are special circumstances we will do no more than seven tweets per promotion. This ensures that other projects and technologies will have a chance to use our services, since we limit promotional tweets to a max of two per day.”  With exchanges having been reported as charging anything up to a million USD to list a token after ICO completion – the cost to run an ICO quickly and successfully are mounting fast.

The cost of hunting aliens may well be set to fall on the news that analysts Wells Fargo reconfirms its underperforming rating of chip maker Nvidia on the grounds of potentially lower demand by crypto miners. Earlier reports this year cited concern from SETI that its ongoing search for alien life was being hindered by rising chip prices caused as a result of increased demand by miners. Whether we’ll see or hear from any new found life forms of course remains to be seen.

 

Created: Tuesday, April 3, 2018

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