For FUD's Sake Barclays - Get Your Ducks In A Row About Crypto!

The cryptomarket was stable overnight with both Bitcoin and Ethereum just a couple of dollars up on the same time yesterday, the overall altcoin market largely in the green at a glance.

Coinbase have announced their acquisition of overnight, as part of the deal Earn’s co-founder and CEO Balaji Srinivasan will join Coinbase as their Chief Technology Officer (CTO). Earn said in their announcement the deal has meant temporarily pausing their token launch whilst the dust settles but business as usual in the interim.

Barclays appear to be very confused about everything concerning crypto it would seem – just last week analysts at the bank were likening Bitcoin to an infectious disease in a poorly timed attempt to hype its own brand of FUD with misleading statistical analysis. Additional inaccurate and misguided claims along the same lines are again being further perpetuated by Marketwatch in an article published late yesterday citing further comments from Barclays analyst Joseph Abate that the cost of mining Bitcoin is too high, blockchain and distributed ledgers are corruptible, and the whole thing is just too slow.

According to Bloomberg however, Barclays have allegedly been chatting to its clients about the possibility of setting up a crypto trading desk. Sources of the comments apparently asked to remain anonymous because the news was not public. Bloomberg stated “the bank said Monday it currently has no concrete plans to start such an operation.  We constantly monitor developments in the digital currency space and will continue to have a dialog with our clients on their needs and intentions in this market,” spokesman Andrew Smith said in an emailed statement.

Mastercard have been granted a blockchain related patent regarding distributed storage of identity data in a bid to combat fraud. Mastercard are well known for being pro-blockchain whilst at the same time being anti-Bitcoin which to some extent is understandable (and at least they are clear about it unlike Barclays). With some 30 or so patent applications rumored to be in the pipeline for Mastercard it would appear they know which direction the future of money is headed, and whether the staff like it or not, they’re getting ready for it rather than attempting to fight it with FUD like Barclays.

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Created: Tuesday, April 17, 2018

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