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Aim Rich Cryptocurrency Investment Information (2021.2.16)
◆Cryptocurrency market conditions <strong>
The cryptocurrency market fell into a lull again as the sale was opened in the afternoon when Bitcoin did not cross the $50,000 resistance line. According to on-chain data (see page 17), it is analyzed that it has entered a confrontation between a buy and sell tax ahead of the $50,000 break. Bitcoin (BTC), the number one cryptocurrency market capitalization, hit an all-time high of $49,700, immediately fell by about $3,000, and then rebounded, and is currently trading around $49,000. While Bitcoin remains strong, most altcoins are also rising.
European stocks rose sharply as US stocks closed Monday on President’s Day last night. Meanwhile, the rapid rise of Dubai oil in the European market was confirmed, which is attributed to the anticipation of a cold wave in the US and Europe and the recovery of the corona, and this trend is expected to continue for the time being.
As of 14:00 on the 16th, the price of Bitcoin based on CoinMarket Cap is $31,745.60, the 24-hour trading volume is about $73 billion, and the market cap is about $910 billion. The total cryptocurrency market capitalization is $1.487 trillion, and the market cap share of Bitcoin is 61.1%.
The total cryptocurrency market cap increased 1.94% compared to the previous day, and the market cap excluding bitcoin increased 1.76% compared to the previous day, making Bitcoin stronger than Altcoin, and the market cap of Bitcoin increased 2.06% compared to the previous day. The market share of the company increased by 0.11% compared to the previous day, indicating that the market as a whole has fewer coins that rise more than the bitcoin price.
Meanwhile, according to the Weiss Crypto Index, the market, which had declined slightly after the opening, turned upward around 10 o’clock, maintaining overall strength. W50, a cryptocurrency market index including bitcoin, is +2.12%, W50X, a cryptocurrency market index excluding bitcoin, is +1.92%, WLC, a large stock-oriented index, +2.05%, and WMC, a medium-sized stock-oriented index. +3.22% WSC, an index focused on small stocks, recorded +2.75%.
As of 14:00 on the 16th, the ratio of the buy:sell cumulative transaction volume in the last 24 hours at the major cryptocurrency exchanges was 51%:49%, with a high buy ratio, and as of 14:00, the long/short ratio result of each exchange was strong in the spot exchange. Analyzed. (Refer to Table 1)
At the same time, on the cryptocurrency derivatives exchange BitMEX, the basis of bitcoin futures was around 70.0, and the basis of Contango and Ethereum futures was around 3.70. The price of bitcoin futures on the Chicago Merchandise Exchange (CME) is rising. February futures traded at $49,405.0, an increase of $585.0 (+1.19%) compared to the previous day.
◆Main cryptocurrency prices
As of 14:00 on the 16th, the domestic bitcoin (BTC) price rose 2.38% from the previous day to 5,3792,000 won, Ethereum (ETH) rose 1.18% to 1.97 million won, and Polkadot (DOT) rose 3.90% to 31,670 won. Recorded. Ripple (XRP) rose 1.66% from the previous day to 614 won, Bitcoin Cash (BCH) rose 0.54% to 537,900 won, Ada (ADA) rose 1.48% to 956 won, and Stellar Lumen (XLM) rose 1.48% to 549 won. , Chainlink (LINK) is trading at 35,490 won, down 1.00% compared to the previous day, and Litecoin (LTC) is trading at 233,550 won, up 2.64%.
At the same time, the global cryptocurrency market price based on CoinMarket Cap is on the rise among the top 10 stocks by market capitalization as of 24 hours ago, excluding Tether. The international bitcoin (BTC) price is $48,918.36, up 4.88% from the same time the day before. Ethereum (ETH) rose 4.95% to $1,798.62, while Cardano (ADA) rose 12.90% to $0.8826. Polkadot (DOT) rose 12.68% to $21.44, Ripple (XRP) rose 4.54% to $0.5637, Binance Coin (BNB) rose by 3.94% to $130.11, Litecoin (LTC) rose 9.70% to $214.19, Bitcoin, and Bitcoin Cash (BCH) rose 10.22% to $715.03, and Chainlink (LINK) rose 5.47% to $32.42.
◆ Analysis of major media and market experts <strong>
Recently, the news that Elon Musk’s Tesla has bought about $1.5 billion worth of bitcoin, and that New York Melon Bank (BNY Mellon) and Mastercard, the oldest banks in the United States, are handling digital tokens, the bitcoin price Despite the re-breaking of $48,000 and the market capitalization exceeding $900 billion, the bitcoin price failed to settle at the $48,000 mark and is currently not exceeding the box market in the range of $46,000 to $48,000. A number of market analysts have analyzed that in the short term, the inflow of stablecoins into major exchanges has steadily increased as bitcoin prices have converged below $48,000 over the past few days, and institutional demand is increasing in the medium to long term. The combination of and ultra-low interest rates is expected to allow Bitcoin to continue the rally to a new high of over $50,000 this year.
(Positive opinion)
① Cryptocurrency analyst Aayush Jindal predicted, “As long as the BTC/USD pair exceeds $46,000 and $45,000, the price is expected to rebound.”
② Bitcoin-focused analyst’Plan B’said, “Bitcoin’s Relative Strength Index (RSI) is on a similar path to that of the previous cycle,” and predicted that the rising rally of Bitcoin will continue in the future.
③Data analysis platform Cryptoquant saw a significant increase in the supply ratio (SSR) as the stablecoin recovered from the mid-30,000 dollars. In addition, it was analyzed that the low sales pressure from miners also fueled this bitcoin rally. This trend explained that this rally is not a mere aftermath of the excess futures market, so optimistic observations dominate. “If you’re a long-term investor, now is the right time to buy bitcoin,” said Ju Ji-young, CEO of Crypto Quant. In this regard, he predicted, “I’m not sure how much the adjustment will be going forward, but the on-chain indicators are saying that there are enough stablecoins compared to the bitcoins deposited on the exchange, so it could rise again.”
④ Yahoo Finance said, “According to the’Black-Scholes model’, the most widely used option price valuation model for calculating the price of options, the bitcoin option market will remain open until the end of December. “We see a 12% probability that the price will rise to more than $100,000,” he said.
⑤ Fitch, one of the world’s top three credit rating firms, diagnosed, “There is still a long way to go in order for cryptocurrency to become’mainstream’. However, there are many potential strengths that can be utilized.” The report said, “Recently, the number of traditional global financial institutions showing interest in cryptographic assets is increasing. This will promote the’modernization’ of the financial system in the mid- to long-term, even if it does not bring about immediate change. Then, “until cryptocurrency becomes the mainstream. There is still a long way to go. However, there are obvious potential benefits such as increased payment speed, cost reduction, and simplified payment process. If a clear regulatory framework and global consensus are premised, it will soon implement global money movement around the clock.”
⑥ MicroStrategy CEO Michael Sailor said, “Bitcoin will be the world’s first unified currency network. When everyone connects to the digital currency network, they will experience a similar experience to the internet connection in the past. BTC is Google, Facebook It will be more than 100 times larger than the back,” he predicted. “When Amazon and Google were born, I thought that high-tech companies with the future emerged. These companies connected people around the world to the’Internet’, and our daily lives changed 180 degrees.”
⑦ Cryptocurrency trader Jacob Canfield predicted, “Once bitcoin exceeds 50,000 dollars, it will show a strong rally and reach 100,000 dollars within 30 to 60 days.” He said more than $1 billion of stablecoins (value stabilization coins) are waiting to push the price of bitcoin to $100,000. Representative stablecoins include Tether, USD Coin, and Paxos, and are recognized as’stable’ because their value is linked (pegged) 1:1 with the US dollar. In general, as the supply of stablecoins increases, the prices of Bitcoin, Ethereum, and other altcoins rise.
(Negative opinion)
① “Bitcoin is a failure,” said Nassim Nicholas Taleb, a famous American essayist and economist and author of the best-selling Black Swan. “Basically, money shouldn’t be more volatile in price than the commodities traded through it. Bitcoin cannot price commodities. In that respect, Bitcoin is (at least for now) a’failure’. Because of this, they continue to sell bitcoins. The claim that bitcoin will be used as a hedging tool for central bank policy risks will eventually end as a false statement.”
◆Comprehensive Analysis of Bitcoin Market Price
Bitcoin’s daily market price (see Figure 7), which fell and rebounded the day before, hit an all-time high, but with the opening in the afternoon ahead of breaking the $50,000 resistance line, it broke the high price the previous day and pushed back again. Technically, the daily highs have been exceeded, and the beekeeping is formed with higher prices and lower prices than the previous day, so the market price is expected to maintain the upward trend if it does not significantly damage the current state.
The reason for the drop in intraday flow is that today is the settlement date of February 16th for Bitcoin and Ethereum options on the DRBT exchange. As a result of the simulation based on 14 o’clock, the settlement was expected to be around $48,300 on the day, which is lower than the current price. However, since the selling of put options remains stable below the expected settlement price, even if the bitcoin price falls, it is expected that a buying tax will inflow from $48,000. After confirming this, it is recommended to respond with split buying.
The price of Binance BTC/USDT, which was calculated by the institute’s quant program, is $47,476 (pink line). The current market price is trying to recover from the previous day’s high price. Therefore, if the price rises without being pushed back while recovering the previous day’s high price, you should buy it immediately to confirm the breakthrough of the same day’s high price. However, if it does not exceed the high price of the previous day, it is necessary to withhold the purchase and check the market price and support points. For more detailed analysis based on market data, see ‘7. Please refer to the’Quantitative Analysis’ section.
◆Technical Analysis
As of 14 o’clock on the 16th, the technical analysis of the daily price movement of bitcoin on Upbit, a domestic cryptocurrency exchange, and Binance, a foreign exchange, all showed’active buy’. Looking at the detailed evaluation items, 6 of the oscillator indicators were’buy’, 0’sold’, and 0’neutral’ opinions, and’active buy’ opinions came out, and the moving average indicator was 12’buy’ and It was summarized as a’buy’ opinion with zero’sell’.
If you look at the detailed items of Binance, among the oscillator indicators,’Buy’ is 9,’Sell’ is 0, and’Neutral’ is 0, sending a’active buy’ signal, and the moving average indicator is’Buy’ is 12, ‘Sell’ was summarized as’Buy’ with zero.
◆Quantitative analysis
◇Crypto Fear & Greed Index <Strengthening>
The’Fear and Greed Index’ provided by the cryptocurrency data provider Alternative.me is 95 points, up 2 points from the previous day, as the previous day’s’extreme greed’ level, indicating that investors’ sentiment was extremely overheated. . The index closer to 0 indicates extreme fear in the market, and closer to 100 indicates extreme optimism.
◇Comparison of return by asset compared to the beginning of the year (%) (as of February 16, 14:00) <Strengthening>
Bitcoin price is showing a breathtaking pattern ahead of the 50,000 dollar breakthrough, but the surge continues. The US CME Bitcoin futures return to the beginning of the year was far higher among the valuation asset classes at 52.27%, up 10.42% from last Thursday. Oil futures, which have been strong since the beginning of the year, also rose 2.87% to 24.88%. Over the same period, increased preference for risky assets led to a drop of 0.57% in the dollar, a 0.52% increase in returns on the S&P 500, and a 0.57% decrease in gold returns. Meanwhile, the rapid rise of Dubai oil in the European market was confirmed, which is attributed to the anticipation of the recovery of the corona and the cold wave in the US and Europe, and this trend is expected to continue for the time being.
◇Comparison of yield by cryptocurrency compared to the beginning of the year (%) (as of February 16, 14:00) <Strengthening>
Bitcoin is about to break through the $50,000 resistance line, but since last Thursday, the rate of increase has been high, and individual cryptocurrencies have also increased a lot. In particular, the progress of Cardano (ADA) and Binance Coin (BNB) is remarkable. Cardano recently announced the launch of a new update Goguen, which replaced the previous Shelley protocol, and the development team IOHK ranked fourth in market cap for substantial improvement efforts that continue to drive wider adoption, including Africa. Coin also ranks 6th in market cap. On the other hand, DOGE, which was in fourth place last week, plunged to 12th place. As of 14:00 on the 15th, Cardano (ADA) ranked first with 407.52%, Polkadot (DOT) ranked second with 248.95%, Binance Coin (BNB) ranked third with 248.88%, and Chainlink (LINK) ranked 176.92%. And Ethereum (ETH) ranked 5th with 146.77%.
◇Bitcoin on-chain indicator analysis
① Analysis of Bitcoin transaction volume on the day <Neutral>
Analyzing the transaction volume of BTC/USD’s on-chain data on the same day makes it easy to check the direction of the bitcoin market and respond to it. Index 1 in Figure 11 shows the spot trading volume of BTCUSD, BTCUSD or BTCUSDC on 10 major exchanges (Binance, Bitfinex, PoloniX, Bitex, Coinbase, Bitstamp, Kraken, HitbittyC, Gemini). Indicator 2 shows the trading volume of BTCUSD or XBTUSD indefinite futures on 7 derivatives exchanges (Binance Futures, OKX Futures, OKX Futures, Huobi Futures, FTX Futures, Kraken Futures, Delibit, BitMEX) in real time. Sum up and display.
An ambiguity emerged in the on-chain transaction volume indicator. In indicator 1 of Figure 14, the price of bitcoin rises, but the total amount of bitcoin’s spot trading volume on major exchanges decreased, and the number of derivatives trading volume index 2 remained on a normal decline.
Looking at the indicator in Figure 15, it can be seen that the price volatility of the previous day’s rising price reached the highest level in recent years, and then the downward volatility continues to increase. This is because the price is rising during the intraday, but the market price is going to decline as time goes by. Means you can. Looking at the sum of buys and sells, it can be seen that the inflow is almost the same. Therefore, bitcoin price is currently rising, but if it fails to maintain the rising flow, it may close down, so it should be noted.
② Bitcoin price and Korea premium index trend analysis <strong>
Bitcoin and Ethereum prices remain strong, but the kimchi premium index has rebounded to near ‘0’, a level to be wary of. However, since the indicator has not yet risen above ‘0’, it is advisable to maintain the buy point of view.
<Neutral> On the other hand, Coinbase Premium Index (Coinbase Pro (USD)) minus Binance Price (USDT) provided by CryptoQuant. The higher the premium, the stronger Coinbase’s spot buying pressure. ), it can be seen that the index rebounded after recording the lowest value when the highest price was recorded the previous day. At present, it is analyzed that the close battle between the whales (the forces of buying bitcoin from the coin base vs. the forces trying to sell through the inflow of stablecoins) over the $50,000 breakthrough of bitcoin are fierce. The fact that the index has a negative value means that a significant amount of stablecoins has accumulated in the exchange, and it is expected that the accumulated stablecoins will have to decrease in order for Bitcoin to increase further.
◇ Analysis of the proportion of non-settled bitcoin options on the day <neutral>
Looking at the result of analyzing the share of all outstanding contracts of major bitcoin option exchanges (Deribit, OKEx, Bit.com) (see Figure 18), the increase rate based on the number of contracts from -17.13% to 57.41 as of 10 am to 14 pm %, but it was analyzed that the price of bitcoin would slightly decline as it decreased from 69.10% to 41.72% on a premium basis.
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Chinese conglomerate Tencent Holdings is joining forces with blockchain company ShareRing to launch a new digital identification system to streamline international travel amid the COVID-19 pandemic.
As the South China Morning Post reported Tuesday, ShareRing will combine its distributed ledger technology with Tencent’s cloud services to create a blockchain-based digital identity management platform.
Specifically, ShareRing will use Tencent Cloud’s optical character recognition and facial recognition technology to help improve its “self-sovereign identity app.” In its current form, the app can be used to book flights, hotel reservations, car rentals and a variety of other services.
In a joint statement, Tencent and ShareRing said the aim of this partnership is to help Southeast Asian countries “reopen their borders to tourism and recover from the economic blow” of COVID-19.
The travel and tourism industry has been ravaged by global lockdowns, with S&P Global Ratings forecasting a 60% to 70% drop in global air traffic this year.
The companies indicated that the platform has already received interest from various government agencies in the Association of Southeast Asian Nations, which includes 10 member states.
Blockchain technology has long been touted as a potential value-driver of digital recognition systems. Blockchain is said to provide more secure management and storage of digital identities, which may enable seamless travel, background checks, health record collection and streamlined Know Your Customer protocols.
This isn’t the first time Tencent has been linked to blockchain product development. As Cointelegraph previously reported, the tech conglomerate previously built a wine traceability platform for China’s oldest wine producer. Tencent is also backing a blockchain consortium called FISCO BCOS through its WeBank entity.
ShareRing did not immediately respond to a request for comment.
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Author: Refer to Source Cointelegraph By Sam Bourgi
DeFi forces centralized exchanges to “improve”: “new coin mining” reconstructs asset pricing power
DeFi became popular, Uniswap rose rapidly, and the trading volume even surpassed Coinbase, the largest centralized exchange in the United States, and the statement that “DEX will replace CEX” was rampant. In the face of the “DeFi” revolution, the three major centralized exchanges have launched an “improvement movement”, combining the gameplay of DeFi liquidity mining, and launched the “new currency mining” function. It is worth noting that with the promotion of the “new currency mining” model, asset pricing power is also being reconstructed.
DeFi makes the centralized exchange (CEX) have to follow the market to improve its business.
In early September, the three major exchanges of Binance, Huobi, and OKEx successively launched the “New Coin Mining” function. This is a new gameplay that combines IEO and DeFi’s liquidity mining. When a new project is launched on the exchange, users do not need to “spend money” to rush to raise funds and pledge the assets specified by the exchange to obtain new assets.
In the IEO era, although major exchanges claim to make new products at low prices, the pricing power is still in the hands of the exchanges and project parties, and users have no bargaining power. “New coin mining” has changed this situation through DeFi. In contrast to the past, the era of “zero-cost payment” for users is coming.
After the three major exchanges of HBO have launched new coin mining, one question is whether this model can become the basic product of the exchange like IEO.
Both Huobi and OKEx maintain a flexible attitude and will adjust according to market changes at any time. Binance said that the liquidity mining gameplay uses a “fairer and more game-like experience” to distribute tokens to a wider user group, empower the project, complete the cold start, and provide users irregularly in the future. Launch new mining projects.
HBO’s “new coin mining” focuses on DeFi
In the DeFi riots, Uniswap’s transaction volume has often remained above 100 million U.S. dollars recently. Its rise has left many CEXs far behind, and even surpassed the largest CEX Coinbase in the United States. This also makes the expectation that “DEX will replace CEX” rises.
In the face of the “DeFi” revolution, HBO launched an improvement campaign, combining the gameplay of DeFi liquid mining, and launched the “New Coin Mining” function.
On September 7, Huobi’s first project of “Locking HT to Participate in DeFi Liquid Mining”, Alchemy Pay (ACH), was launched. This is a cryptocurrency payment platform where users can pledge HT to participate in mining.
Two days later, Binance’s “new coin mining” channel Launchpool launched the first phase of the project-DeFi aggregator and asset management platform Bella Protocol (BEL). The agreement was initiated and incubated by the ARPA project team, and users can pledge BNB, BUSD, and ARPA to participate in mining.
On September 10, OKEx Jumpstart pledged OKB to mine new tokens, the first phase of the project Zyro (ZYRO) was launched. The project was once known as Uniswap built on Zilliqa.
According to official announcement statistics, at present, Huobi has the most online “new coin mining” projects. As of September 20, Huobi has launched 4 online, namely Alchemy Pay (ACH), Suncoin SUN endorsed by Justin Sun, Polkadot’s privacy computing infrastructure Phala (PHA), and one-stop encrypted bank Golff (GOF).
Both Binance and OKEx have only launched two new coin mining projects so far. Binance is Bella Protocol (BEL) and Wing (WING), a cross-chain DeFi lending platform built on Ontology. OKEx launched Zyro and Realio (RIO), which plans to combine private equity with blockchain technology.
It can be seen from public information that among the new coin mining projects launched by the three major exchanges, in addition to the Polkadot privacy computing infrastructure Phala (PHA) on Huobi and the Realio (RIO) which combines private equity on OKEx with blockchain technology ) In addition, the others are all related to DeFi smart contracts, which is also in line with the recent trend of exchanges focusing on new projects-mainly DeFi.
Pledged assets are mainly based on platform currency
Although the logic of the “new coin mining” of the three major exchanges is similar, there are also differences in the rules.
Among the assets that allow users to mortgage, both Huobi and OKEx currently only support their own platform coins HT and OKB as mortgages; Binance mainly mortgages BNB and BUSD, and there are two main network coins ARPA and ONT.
The platform currency is the main pledge asset allocated by HBO in the “new currency mining”, which can also reflect to a certain extent, the “new currency mining” gameplay also aims to promote the value of the platform currency-users participate in the new currency mining , The need to hold platform currency, virtually increases the amount of user purchases of platform currency. In addition, when participating in mining, user assets are locked, which reduces their circulation in the market to a certain extent.
According to the non-trumpet account, as of September 17, the three major platform currencies have risen in the past seven days. BNB’s growth rate is 14.9%, OKB’s growth rate is 17.6%, and HT’s growth rate is 1.6%.
Regarding the lock-up period of pledged assets, both OKEx and Binance support users to redeem them at any time; Huobi’s lock-up period is fixed for 30 days, which will be automatically unlocked after expiration. Early redemption is not currently supported.
It should be noted that when users pledge assets to participate in mining, if the mortgage assets cannot be redeemed in real time, they will face the risk of falling mortgage assets. Binance does not have a limit on the number of mortgaged assets. Both OKEx and Huobi have upper limits, which protects the interests of small investors to a certain extent.
At present, judging from the time of opening “new coin mining”, Huobi is closer to the operating rules of the DeFi market, that is, mining on the same day and trading on the same day, users can almost realize that they can mine and sell. OKEx and Binance are not very synchronized between mining and transaction time. Among them, Binance’s first “new coin mining” project, BEL, was excavated on September 9 and opened for trading on September 15. The two projects launched by OKEx also launched online trading on the second day of mining.
“New coin mining” reconstructs asset pricing power
In the IEO era, although major exchanges claim to make new products at low prices, the pricing power is still in the hands of exchanges and project parties, and users have no room for bargaining. After the rise of DeFi, CEX’s innovative mining method introduced “new currency mining”, which changed the asset pricing method in the IEO era.
However, questions also follow, can the gameplay of “new coin mining” be maintained for a long time? Will the exchanges, like the IEO channel, make “new coin mining” their basic function?
In response, OKEx CEO JayHao responded that if this product continues to perform well in the future and is recognized by users, OKEx will consider fixing it as a “new infrastructure” project. Similarly, if the market situation changes, the platform will adjust the product accordingly.
Huobi also expressed a similar view, saying that the launch of “new coin mining” is to meet market demand, connect assets and users, promote better integration of DeFi and CeFi, and at the same time empower HT, “if new coin mining can Huobi will actively embrace it in the above business.”
OKEx and Huobi have shown flexible adjustments to the “new coin mining” model. In comparison, Binance is more determined, and Launchpool has been displayed on the official website as a feature.
The relevant person in charge of Binance stated that Launchpool, like Launchpad, will follow strict review standards when selecting projects to examine whether new project assets have rich usage scenarios and value capture logic in their respective ecosystems. “In the future, there will be irregular Users launch new new coin mining projects to provide users with more high-quality reward pool options, so that users can choose the pool that is most suitable for them according to their risk preferences and income expectations.
As for whether the “new currency mining” model can be maintained for a long time, some exchange practitioners believe that this is to a certain extent related to the development of the market outlook of DeFi application liquidity mining.
JayHao is skeptical of DeFi liquid mining. He believes that DeFi’s “liquid mining” is not sustainable. He explained that because the tokens mined in the primary market can be sold and realized in the secondary market, the high threshold and high gas fee of DeFi have gradually formed a “classification” for liquid mining. Large households and DeFi scientists are in the primary market. Market mining, selling in the secondary market, most small and medium investors can only take orders in the secondary market.
“Once retail investors can’t get enough funds from the primary market to make up for blood, it is questionable how long this game of drumming and spreading flowers in the secondary market will last.” JayHao said, if the token price in the secondary market collapses, then the primary market The market “dig-up-sell” system will collapse, followed by a large number of “farmers” leaving the market, and the liquidity of DeFi projects will dry up.
However, JayHao believes that the exchange’s “new currency mining” model is more sustainable than DeFi liquidity mining. “Especially for the top exchanges. In reality, the exchanges and project parties put “candies” into the market in the way of mining. The top trading has sufficient financial resources and will be more sustainable. ”
In any case, the market improvement effect brought by DeFi has already appeared. With the issuance of the Uniswap platform currency, the impact of DEXs on the past model of CEX is emerging. The value of the post-DeFi era may lie in who can bring new changes to the “class” of investors in the currency market. In essence, this is a reconstruction of the right to speak in market asset pricing.
Brian Armstrong, the CEO of United States cryptocurrency exchange Coinbase, alleges that Apple is stifling innovation in crypto and sidelining DeFi to protect itself from competition.
In a Twitter thread published on Sept. 11, Armstrong doubled down on his earlier claims that Apple continues to block some functionalities for cryptocurrency developers.
The CEO alleged that other cryptocurrency firms are “reluctant to speak out on these topics for fear of retaliation,” but that he feels the need to speak out as Coinbase has exhausted regular channels for dialog with Apple and has reached a “dead end.”
According to Armstrong, Apple has told Coinbase that it is prohibited from adding two specific functionalities to its iOS apps: the ability to earn money using cryptocurrency and access to decentralized finance (DeFi) apps.
The first restriction, which affects the exchange’s Coinbase Earn product, has reportedly led to Coinbase having to modify its app in a way that is significantly less user friendly.
We sometimes end up in bizarre negotiations with them, modifying the product, and asking users to jump through hoops (do a task on mobile, then move to the web to claim your reward!) to comply with their guidelines. This creates a worse experience for Apple and Coinbase customers
— Brian Armstrong (@brian_armstrong) September 11, 2020
The CEO claimed that these restrictions are specific to cryptocurrency users, stating, “Why would Apple want to prevent people from earning money during a recession? They seem to not be ok with it, if it uses cryptocurrency.” For iOS users, Armstrong claimed, crypto apps lack features not because of developers’ inactivity but because those features are “being censored by Apple.”
In addition, Apple reportedly bars Coinbase from providing app users with a list of decentralized applications or DeFi apps, both of which “are really just websites.”
Apple’s justification for this has apparently been that “”Your [the Coinbase] app offers cryptocurrency transactions in non-embedded software within the app, which is not appropriate for the App Store.”
Noting that DApps and DeFi apps can regardless be accessed via a web browser on any smartphone, Armstrong claimed that Apple’s decision is motivated by a “conflict of interest.”
While these restrictions “are ostensibly designed to protect customers, it increasingly looks like they are also protecting Apple from competition,” he wrote.
By compelling users to use the Apple App Store instead of DApps, or In-App Purchases instead of crypto payments, Armstrong claimed that Apple’s actions have a parallel in Microsoft’s past antitrust issues when it compelled Windows users to use its proprietary browser, Internet Explorer.
During the coronavirus crisis, when underbanked or unbanked populations may face even greater difficulties accessing traditional financial services, Armstrong accused Apple of placing yet a further barrier to financial inclusion.
Apple, it’s time to stop stifling innovation in cryptocurrency. We would like to work with you productively on this. Some day, cryptocurrency could even be integrated into IAP to give people in emerging markets better access to the financial system globally.
— Brian Armstrong (@brian_armstrong) September 11, 2020
Coinbase is reportedly planning to submit a formal request to Apple to amend its App Store policies.
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Author: Refer to Source Cointelegraph By Marie Huillet
WORKSHOP: Digital Assets, Regulation & Market Adoption.
This session brings perspectives from enterprises, startups, governments, and open source projects on the current challenges faced by their efforts towards token standardization and market adoption. Join us to discuss Digital Assets, Regulation & Market Adoption.
Introduction by Paul DiMarzio Enterprise Solutions for Digital Assets, Gari Singh, IBM European Union Perspectives on Digital Assets, Rapolas Lakavicius, European Commission Tokenization of Capital Markets, Carlos Domingo, Securitize The 4 Barriers to Adoption, Thomas Borrel, Polymath
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Technology does not make a market. People make a market. It’s only when millions of people make individual decisions to use a new product or service that a technology takes hold. That is why it’s critical to examine broader social forces when trying to understand how quickly a new technology will be adopted—and to understand why blockchain technology is building momentum at this particularly potent time.
In the 1980s, scientists at European physics lab CERN were struggling to share and collaborate on their research. Tim Berners-Lee, a contractor with the lab, provided an answer: he created the World Wide Web. He designed this new platform to be permission-less and free, an open space for creativity, innovation, and free expression that transcended geographic and cultural boundaries.
Learn faster. Dig deeper. See farther.
Our world is now 30 years into its internet-driven, digital-centric life. This has reshaped us, from how we run a household to how we do our jobs. It’s changed the architecture of our expectations—of what we expect a friend, colleague, or a business to be able to do. And it has given us unprecedented capability. This power has shaped markets, as businesses clamored to respond to the new customer we have become. Since the dawn of the web, it has moved us to a steadily escalating desire for more accountability, transparency, participation, inclusion, and openness.
But something else also happened, and we are increasingly aware of the implications of what we have created. Power has become concentrated in the hands of a few internet giants, who now wield undue influence. Our digital lives generate heaps of data that propagate beyond our intent and control. Malicious actors have found they can leverage our inability to distinguish real from fake in the digital world, to doctor our perception of reality with ease. How did this happen? A key driver: there was nothing in the internet’s original specs to code direct trust between two participants.
Enter blockchains
In this moment of increasing discontent, we’re entering the dawn of the blockchain era. While we are still in the very early days, pioneers—both in the enterprise and in blockchain-first startups—are looking to leverage the technology to address this shortcoming in trust. Blockchains show potential to address key concerns of our digitally driven lives, such as a lack of transparency, accountability, verifiable identity, and control of data. Themes emerging in the work of the early pioneers seeking disruption include:
- Deeper transparencyNot only are consumers demanding more transparency, but there are two business reasons for it: transparency can help optimize operations, and it can increase customer preference. Blockchains enable a permanent and tamper-proof record of a good’s journey from origin to ultimate destination that anyone in the community can monitor and audit. Trust is based on code, mathematics, and cryptography, instead of having to trust in another party, or rely on central institutions to supervise or direct a relationship. This could ensure sensitive pharmaceuticals are kept at the right temperature, verify the provenance of intellectual property, identify whether fish came from a sustainable source, or find the point at which components “disappeared.” There is even work to explore whether this functionality could help fight fake news.
- Self-sovereign dataThere is an assumption today that organizations that collect data own it, and have unfettered access to its use, as long as it’s within the realm of privacy policies (which are rarely read by users). In the vision of many pioneers in the blockchain space, the “ownership” of data would switch from the organization that gathers it to the individual or organization that contributed it. In this vision, data essentially would be “vaulted” (as in a black box) and decisions to use or sell that data would be controlled by the contributor. Access could be rescinded at any time. There are projects that are exploring versions of social media, ride-sharing, and other platforms that use this approach. But the story extends beyond the individual. With new cryptographic techniques that can enable analysis on the data without actually “seeing” it, data may one day be accessible outside of the corporate silos in which it currently resides. Imagine how our concept of big data could get bigger, for example, if the health care industry could safely share data across organizations, or how many more organizations could benefit from AI if more training data were available.
- More equitable sharing of valueToday, we freely give data, content, and other forms of value in exchange for the use of “free” products. In the vision of blockchain pioneers, the technology can be used as the plumbing to facilitate a shift to a more collaborative relationship between business and customer. We can verify a contribution has come from a specific identity, track how it’s used over time, and then compensate accordingly. This represents a paradigm shift—these (unproven) business models are no longer a zero-sum game, but about creating value together. As the space evolves, innovators are likely to eventually identify viable alternatives that embody this paradigm. As consumers are exposed to these alternatives, they will be trained to recognize the true value of their contribution and will be influenced by which brands or businesses compensate them most fairly for the value they help create.
Where does change begin?
On the cusp of surpassing baby boomers as the nation’s largest living adult generation, millennials are a massive force. In the United States, they are also becoming the wealthiest: over the next 30 years and as they are entering their prime earning years, millennials will inherit $30 trillion from their baby boomer parents and grandparents. Receptive and quick to adopt new technologies, millennials, through their influence and demands, have already played a huge role in shaping the way we shop, work, and live. They may very well be one of the first—and highly influential—major segments to adopt blockchain-fueled development. A recent Pew Research Center study found that just 19% of millennials (those born from 1981 to 1996, according to Pew Research) feel that “most people can be trusted.”
Disruption could also be spurred by an even younger generation. New York Times writer David Brooks traveled to college campuses to understand how students see the world. In a story he wrote after the experience, starkly titled “A Generation Emerging from the Wreckage,” Brooks describes a cohort with diminished expectations. Their lived experience includes the Iraq war, the financial crisis, police brutality, political fragmentation, and the advent of fake news as a social force. In short, an entire series of important moments in which “big institutions failed to provide basic security, competence, and accountability.” To this cohort in particular, blockchains’ promise of decentralization, with its built-in ability to ensure trust, is tantalizing. To circumvent and disintermediate institutions that have failed them is a ray of hope—as is establishing trust, accountability, and veracity through technology, or even the potential to forge new connections across fragmented societies.
This latent demand is well aligned for the promise of blockchains. While it’s a long road to maturity, these social forces provide a receptive environment, primed and ready for the moment entrepreneurs strike the right formula.
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