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Interview with the CEO of Dash, Ryan Taylor

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Cryptocurrencies have taken a big leap on the second half of the year, as the market cap raised over $600 billion, digital currencies have never been more unstable and volatile.

Business Insider recently spoke to Ryan Taylor, the CEO of Dash Core, the eighth biggest cryptocurrency in the world by market capitalization to talk about speculation, new technologies and the future of the market in which cryptocurrencies take over.

Dash CEO: Ryan Taylor

Sam Jacobs: There’s increasingly divergent views among finance professionals about where the market for cryptocurrency is headed. Given your involvement and belief in it, do you have a vision over the next 12-24 months as to where this new market goes?

Ryan Taylor: Given the current set of use cases, I think there’s a chance the market could stagnate here. I don’t see how it could keep growing as it has been.

In many ways the speculations is warranted, because these currencies have incredible value in terms of solving real-world problems.

But the real-world use needs to catch up with the speculation if the speculation is to continue holding.

I think 2017 will be seen as the year that the market started looking past Bitcoin, to all these other tokens and assets out there to determine where value might lie.

I don’t think the market has figured that out yet — I think most of these projects are highly likely to fail.

But it has started looking beyond Bitcoin and that mere fact is what will allow innovation to start to flourish and I think in 2018, you’ll start to see some of the first practical real world uses of some of these tokens.

So I’m hopeful that the benefit is large enough, and the value to some of these use-cases that can be pursued, will quickly be able to justify the valuations – or at least close the gap between reality and speculation.

I think there is likely to be a correction at some point, because regardless – it’s really tough to keep the speculation and real-world use in close proximity to each other, at such an early stage of the industry.

So I do think there’ll be corrections along the way but I also believe in the enormous potential that these technologies hold.

The use cases haven’t even begun to be explored for something that facilitates immutable transactions at near zero cost if you can scale it.

At that point, money turns into flows. They’re no longer monthly payments – you can pay for things as you use them. You can literally pay for a page as you scroll down it.

You can even imagine your car could have cryptocurrency in it and pay a road tax to the city it’s driving in based on the current congestion rate.

You could buy a cell phone with cryptocurrency in it and it could negotiate one-minute contracts with a telecom provider – whoever you’re in proximity to – and buy one minute of air time at a time in the very data stream that makes up your voice.

Largely they’ve been used up to this point to replace an international money transfer, or as a bank account.

They’re replacing existing things, but that’s not where incremental value they can bring to the market lies.

Jacobs: So the use-case of crypto isn’t just to replace traditional fiat currency for buying goods and services. In effect it’s aiming to create a new paradigm for monetary transactions?

Taylor: It’s the same thing that happened with information, when the cost of information dropped to near zero and become instantaneous, you now get the news on your phone live as it occurs.

You no longer tune into the evening news or buy your encyclopedia – information flows to and from you just as freely, and that’s what will happen to the digitization of money. If you digitize money it can flow anywhere freely around the world.

If you can imagine a world where money is in the background and you don’t even notice it – as I said, scrolling down some online content and paying for it as you scroll.

To read more about this interview click here.

 

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SEC, CFTC Crypto Meeting in the US

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The Securities and Exchange Commission(SEC) and Commodity Futures Trading Commission (CFTC) meeting recently took place today, Feb. 6. The written testimonies of Jay Clayton and J. Christopher Giancarlo, the chairmen of the SEC and the CFTC respectively, have now been released publicly.

SEC/CFTC

SEC chairman Jay Clayton talked about the importance of distinguishing between ICOs as securities and non-securities.

Clayton said:

“Investors should understand that to date no ICOs have been registered with the SEC, and the SEC also has not approved for listing and trading any exchange-traded products (such as ETFs) holding cryptocurrencies or other assets related to cryptocurrencies. If any person today says otherwise, investors should be especially wary.”

A co-authored article in the Wall Street Journal showed both officials’ perspectives on the issue of cryptos, appearing during the World Economic Forum 2018 in Davos last month.

During the event many politicians had a voice to talk about the importance of cryptocurrency regulations.

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Bank Bans Credit Card Crypto Purchases

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The Lloyds Banking Group in Britain is one of the giants in the whole world and the largest in the UK, and it has recently become the first major credit card provider in the country to ban its customers from using credit cards to purchase digital currencies.

Credit Card Ban: Cryptocurrencies

The ban comes after the case of J.P. Morgan Chase, Bank of America, and Citigroup’s similar choice yesterday to ban credit cards purchases of cryptocurrencies for all their customers.

Lloyds, has in itself Halifax, Bank of Scotland, and MBNA, and it will block its 9 million credit card users from buying cryptocurrencies.

However, Lloyd’s customers will still be free to buy cryptos with debit cards.

The credit card crypto ban came into place after Bitcoin saw a huge price drop in the market this week, falling below $8000 for several days which is not very good for the mainstream crowd.

Lloyds stated that the ban will “protect customers” that could store big amounts of credit debt if the market price keeps going crazy, which it may, if cryptos stay true to their rule of volatility

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Airline in Japan to Support BTC

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Japanese airline, Peach Aviation has announced that it plans to accept Bitcoin (BTC) as a payment method.

Airline BTC Payment

The idea had been delayed, however it has been confirmed that they will in fact go through with it.

Japanese broadcasting corporation NHK World had previously posted an article about Peach Aviation doubting cryptocurrencies after the Coincheck hack for $534 mln. The article was removed not long after.

According to the airline, the rumors that Peach Aviation would not follow through with their BTC payment option after the NHK article, are false.

They said:

“There have been some reports today on our company retracting its plan to enable airline tickets to be purchased with Bitcoins; however, this is not something that was announced by our company and is not a fact. We are currently considering our start period in aiming to introduce such a service.”

Although it is still a new thing to include cryptocurrencies as a form of payment in airlines, Peach Aviation is not the first to accept them.

Back in July 2017, AirBaltic introduced to their customers the option to purchase flights with Bitcoin. On the Blockchain court, Singapore Airlines have just today, announced a Blockchain-based frequent flyer app which will be releasing in August this year.

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