With June nearly gone, we are here to clue you up on what has transpired in the last week. Things haven’t been as fraught for cryptocurrency as they usually are, but still a few occurrences are well worthy of your attention. Now, let’s focus on what has transpired in the world of cryptocurrencies, blockchain, and governing bodies. No more raucuous, you lot. Let’s jump straight to it.
Monday, June 11
It’s Monday and perhaps not as many people are as lucky as you are going to work. Yes, working in the world of crypto is a blessing, and Monday is the best day to start counting. What happened at the beginning of this week, though?
Monday was not a particularly auspicious day for cryptocurrencies. Oh, no. News broke that Conrail, a South Korean crypto exchange, had been the latest victim of hackers attacks in the country.
It’s has been the most bizarre of occurrences, specifically because South Korea is a country known for its technical savvy. And yet, its cryptocurrencies are under heavy fire. The hack did a little more than just undermine the credibility of the system at large. The attack did, in fact, plummet the price of a number of tokens, including Ripple (XRP) and IOTA (MIOTA) which went into a tailspin.
Yes, it was not the best start of the week by a long, long stretch. Still, Bitpanda, another popular crypto exchange, decided to expand into IOTA (MIOTA) and now you can enjoy this token as well on its list of offerings. Phew!
Tuesday, June 12
And then came Tuesday. And it didn’t seem any happier. Tuesday began roughly. The market was far from recovering from the Conrail debacle, which explained the drop in the price of Bitcoin. In fact, Bitcoin dropped to as low as $6,500 sending ripples across the blockchain world.
Nevermind the choppy conditions, though, it seemed like investors managed to brush off any worries without giving it too much thought. After all, Bitcoin is going to start its assiduous climb back to the summits of the $10,000-mark.
Although, there was another blow for the world of crypto fans who rely on Proof of Work concept. Apple has decided to ban all sorts of mining activity from the full range of its devices. And that is just as well – iOS-powered devices would generally have trouble dealing with mining crypto. And we wouldn’t recommend that you risk an expensive piece of hardware which was designed to cater to something completely different.
Wednesday, June 13
Oh, Wednesday, what a day! With cryptocurrencies continuing to drop in their value, doomsayers were quite busy predicting the old chanson that the end of the digital cryptocurrency is the night. And it has been for almost a decade now, some may add. Bitcoin, though, went down. And it’s understandable. More cryptocurrencies decided to join it though and we saw Ripple (XRP), Stellar (XLM), and again the IOTA (MIOTA) token gently tip over a cliff and not quite spread their wings for a soft landing.
Well, on paper, we cannot say that it has been an easy day for cryptocurrencies. Wednesday was not all that bad, though. Why? Because the US Securities and Exchanges Commission announced a let-up in its hardline stance on all things cryptocurrency.
Make no mistake, this definitely didn’t concern all crypto bubbas out there, but Ethereum definitely got it easy. Yes, markets actually rebounded after the news and why shouldn’t they?
After all, one of the hardliners of cryptocurrencies has shown a soft spot, and that’s just a brilliant headstart for everyone who is quite so excited about cryptocurrencies in general! So, with Ethereum NOT A SECURITY, as per SEC definition, everyone was cheering for the future of cryptocurrencies in the country.
Meanwhile, a Trump advisor, the infamous Steve Bannon decided to join the crypto market and join it as he normally would – WITH A BANG! We will keep you posted on this story in our next week’s update. For now, it suffices to say that we dislike Mr Bannon. The reason is pretty simple. Mr Bannon has been spouting divisive political discourse, to put it mildly.
He has continuously brought in people’s ethnicities, background, and even looks as something to hold against people in general. We kindly advise Mr Bannon to try and look his own face in the mirror.
Thursday, June 14
Thursday was not that bad. The shocks from the beginning of the week had subsided so it wasn’t necessary to really be scared of the developments that followed. William Shatner has also joined cryptocurrencies, which has cracked us all up! On a personal level, I cannot believe the number of people with dubious morality that are joining cryptocurrencies. Then again, I understand their reasoning, up to a point. They think Blockchain & Bitcoin are a quick buck and a lot of bangs.
While this may be the usual things of doing things for a select few individuals, it most certainly isn’t the way things around the crypto world work. Oh, no.
Friday, June 15
Friday brought around a rather unpleasant surprise. We didn’t see much in the value of cryptocurrencies to hold true, and instead, it slid down rapidly. It’s been a day to rue. But in a way, the week started the same way it ended, so this cannot be so bad.
About the Future of Cryptocurrencies in General
The Canadian Central Bank has said that cryptocurrencies and blockchain are nowhere near supplanting the value and worth of central banking bodies. This estimate is correct. Cryptocurrencies indeed cannot be perceived as the valuable helpers that banks truly are. However, if banks were to introduce blockchain, they would most likely knock out 95% of the costs they have.
This will alleviate both customers and the institutions themselves, but it also entails a risk that institutions may not yet be prepared to take. Nobody can gauge, with a fair degree of certainty, what adopting blockchain would do.
And yet many companies to seek ways to implement it, precisely for the added benefit of slashing costs. Reducing costs in business and retail banking will be a watershed moment for the whole industry. But it will also put at risk thousands of job.
Many bank clerks will be scared about their jobs and that is understandable. Would it be cost slashing of thousands of people are laid off and out of a job? This is a risk and one that ought to be addressed.
Of course, it should not stifle innovation and blockchain, if possible, should be implemented as soon as we can handle it on a mass scale. But then, we ought to also be considering the risk the leap to such innovation would entail.
It would be helpful to know when blockchain would arrive so that we can all prepare for its arrival. Whether today or tomorrow, knowledge is paramount.
Next Week in Cryptocurrencies
Cryptocurrencies next week will be just as challenging. We will see what the fallout of the hacked exchange is. How will Asia respond? The Bank of Japan, the country’s central bank has already been stepping up its efforts to fight all sorts of misdeeds involving cryptocurrencies.
South Korea has also warned its tech-prone citizens to invest in these assets. A fair warning to a nation who is ready to splash out copious amounts on make-believe assets that may soon turn sour.
We are here to explore the future of cryptocurrencies together.