French Finance Minister Eats Humble Pie Over Crypto & A Pegged Currency Listing Postponed Over Volatility Issues

Cryptocurrency global market cap down marginally overnight from $385 billion to $383 billion, Bitcoin just about holding steady with a small drop from $8378 to $8294 and almost no change for Ethereum currently at $702 from yesterdays $704.

The US Securities and Exchange Commission (SEC) have launched a fake website designed to demonstrate potential scam elements used on fraudulent initial coin offerings (ICOs). The site Howeycoins.com promotes a fictitious ICO for “HoweyCoins” including a fake team, testimonials and even an 8 page whitepaper – all of which has the appearance of being thrown together in about 5 minutes. Most of the links and buttons on the site redirect users to the SEC’s own website explaining that it is a scam and highlights the spurious claims made to potential investors in a bid to educate investors. In fairness, the fake site is perhaps a little too thin to fool those with more than a passing interest in ICOs, however it is solid public information being provided by an authority presented in a sensible way to educate newcomers, making a refreshing change from usual blanket derisory statements often seen from regulators.

French Finance Minister Bruno Le Maire has been dining on some humble pie after apparently changing his stance on cryptocurrencies and blockchain – outlining plans to “make France the epicenter for blockchain and cryptocurrency technology”. Earlier this year Le Maire expressed concerns on the subject along with the German Finance Minister in a joint letter to fellow G20 finance ministers and the ECB. Le Maire is now reported to have said “I was a neophyte a year ago, but now I’m passionate. It took me a year. Let us show a lot of pedagogy with our fellow citizens to make France the first place of blockchain & crypto-active innovation in Europe”.

The bid to create working and functional “stable coin” of some description has taken a somewhat comical hit after Binance announced the postponement of listing TrueUSD (TUSD) - a cryptocurrency designed to pair 1:1 with the USD – less than 24 hours after stating it would list on the exchange on the 18th of May. The reason for the postponement serves to perhaps demonstrate the old money financial world still has much to learn – the announcement of the intention to list caused TUSD to spike in value to $1.30 – forcing the postponement. A pegged currency when correctly structured should not be volatile (it’s the whole point of pegging), so far there have been a number of proposed schemes to roll out a cryptocurrency to smooth out volatility – Circle announced their intentions with USDC yesterday with very little information on how the structure will solve volatility, and the even more preposterous solution offered by Basis as we reported in April who simply want to apply all the failings of the FIAT system to a cryptocurrency.

New ICO Ratings on ICOformula:

Crowd Machine (CMCT)
Path (PATH)
Maximine (MXM)
Yield Coin (YLD)
Satori Books (STR)
Entry (ENTRY)
Monoreto (MNR)
Zerostate (ZSC)
Homelend (HMD)
Mevu (MVU)

 

Created: Thursday, May 17, 2018

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