Ripple to Donate $2 Million to Market Manipulation Research University & BoC Appear Baffled by Blockchain
Positive movement overnight in the cryptocurrency markets largely fueled by the SEC rulings on Bitcoin and Ethereum not being classed as securities (at the moment at least). The global cryptocurrency market cap is up $4 billion to $284 billion, Bitcoin gained $73 to $6599 and Ethereum also making gains rising by $17 to $504. Considering the weight of the SEC news it would seem there is still some downward pressure suppressing the market, suggesting perhaps the need for more clarity on the ruling and how it is to be applied to current and future cryptocurrencies.
Ripple making headlines again today this time announcing their intent to invest $2 million dollars into blockchain research over the next five years. Whilst the size of the donation isn’t exactly huge news, it’s destination holds an air of irony about it when you consider the recipient is none other than the University of Texas – the same University responsible for the research paper on the possible cryptocurrency market manipulation situation claiming Bitcoins price was bolstered by Bitfinex using Tether. Whether this is just a coincidence or there’s something more to it remains to be seen, Ripple was one of the few top cryptos to see virtually no gain at all on the SEC announcements yesterday – likely because it is doubtful the token could be classed as anything other than a security under the regulators definitions.
The Bank of Canada (BoC) senior research director made the claim that “Blockchain not more effective than central bank system at this time” at the G20 Global Financial Stability Conference in Seoul which comes as somewhat of a surprise after 2 Canadian banks were hacked in May resulting in a data breach of an estimated 90,000 customer records. The BoC have been working on a proof of concept payment system built on DLT dubbed “Project Jasper” since February leading them to the conclusion that “At this time, there is no cost-saving effect compared to the existing central bank system. Hacking and other operational risks are likely to occur.” Based on that, one has to wonder if the BoC believes a 90K customer data breach is an acceptable risk for its banks and customers?
EOS have finally reached the voting threshold to elect the “21 block producers” that will enable their now launched mainnet to process thousands of transactions per second – the aim being to rival Ethereum with regards to smart contract processing speed and efficiency. Although EOS saw some uplift off the back of the SEC news yesterday, the news raises more questions for EOS critiques – primarily from the regulatory angle over how decentralized EOS really is after an article appeared on MIT Technology Review questioning the fact of only 100 entities controlling 75% of the EOS tokens. Whether EOS really can become the “next Ethereum”, let alone exceed and surpass expectations only time will tell, after a $4 billion raise one would hope so, however investors appear to be tiring of the long drawn out timeline taken to get this far.
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Created: Friday, June 15, 2018
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