Weekly Updates: What’s New in the World of Crypto ( February 12–18 )
Teoz fund opens a column of weekly news digests. We do not just give an infinitely long list of news, but we try to highlight key industry events with comments from our analytical department.
Stay tuned!
- Pavel Durov sent a report to the SEC on attracting $ 850 million
Link to the document on the SEC website: https://goo.gl/2ZpRCu
This is a truly historic event. During the private presale, a record amount of money was collected. Till now there was more secrecy than facts around the ICO Telegram. No one knew the exact information. Which one of numerous White Papers in the network is reliable? When are the exact dates of the ICO? Where is the official ICO website? And only this week we received a documentary evidence of the amount collected. Hence, ICO is real. And if the project at the Pre-ICO stage immediately broke the amount of funds collected, what will the ICO bring? Telegram has more than 200 million users. The target audience of cryptocurrency uses Telegram. And in the near future the messenger will have its own currency — GRAM. This will greatly simplify the usability of the cryptocurrency. Receiving or sending a cryptocurrency will most likely be as simple as sending a message. This means that a large number of users will enter the market, users that previously could not understand cryptocurrencies themselves. Now cryptocurrencies will be in their messenger and user-friendly. This is a real challenge to existing economic systems and crypto complex technologies. We continue to closely monitor the ICO Telegram.
2) The number of crypto funds increased to 226
Source: https://goo.gl/2oaoTY
In August 2017, there was information on 55 crypto funds. By October, their number doubled. And now this number reached 266. Collective crypto investment is becoming more and more popular, as it is not easy for beginners to understand this industry. There are no clear rules for the game yet. For competent investments, one must understand classical investments and modern IT technologies, which makes entry difficult. More and more people prefer not to enter the market on their own, but to entrust their money to professionals. There is a demand — there will be an offer. It is for this reason that the number of crypto funds is growing. People want to invest in cryptocurrencies, but do not understand the technical, financial and other nuances. Professional players help to do this quickly, reliably and effectively. Teoz fund — one of the crypto funds, which began its work in October 2017 and during this time showed a profitability of over 200%.
3) Tether continues to frighten investors
Source: https://goo.gl/vcJ5D8
An independent rating agency published a report on the quasi-dollar USDt. The author of the study continues to accuse Tether: cryptodollars are not backed by real dollars, as originally conceived. And Tether can not prove otherwise. Also Juan M. Villaverde sees serious risks in USDt, as it is the third currency in terms of trading volume after Bitcoin and Ethereum. People can buy many altcoins for USDt, and there are no real dollars on many exchanges, but only USDt. If something goes wrong with Tether, it will damage the entire industry. The study also provides other critical facts about Tether. For example, “Tether is the only “cryptocurrency” with trading volume that regularly exceeds that of its market cap”. Read the independent critique of Tether.
Crypto community is also aware of all the dangers of USDt. Various activities are held to develop crypto stable coin. One of the promising projects is Havven https://havven.io/, followed closely by our analytical department. We are sure that the problem with USDt will be gradually solved. The industry will create its stable coin.
News on the cryptocurrency regulation
- The Commodity Futures Trading Commission establishes two committees: a cryptocurrency one and for the application of blockchain technology in finance
Source: https://goo.gl/FDMxqq
This week there were several panel discussions on the regulation of cryptocurrency in the U.S. There is no common opinion what to do with new technologies. Someone sees the future in cryptocurrencies and blockchain technology, others see the danger to the existing financial system. For example, financial manager and political adviser Brian Quintenz stands for self-regulation of the industry:
“The CFTC should not attempt to make value judgments about which new products are worthwhile and which are not — the markets, investors, and consumers need to decide that for themselves.”
Dan Busca, deputy director of the CFTC’s Division of Market Oversight, takes a different view and stands for regulation of the industry, as it sees its advantages:
“The evolution of DLT could allow regulators to access data seamlessly every time a trade is posted on a particular blockchain without the need for human intervention or intermediaries.”
There is no unanimous opinion, so CFTC decided to approve two committees, which will study the issue in more detail. We will closely monitor the actions that will take place in these two committees. It is noteworthy that the video of CFTC discussion was posted in open access on Youtube (in the style of blockchain technology openness):
2) Gibraltar announced plans to legalize ICO
Source: https://goo.gl/T3VUg1
Gibraltar expressed its plans to be the first to make a set of rules for the ICO. It is expected that the bill will be introduced already in the second quarter of 2018. The document will contain the following aspects:
- the promotion, sale and distribution of tokens by persons connected with Gibraltar;
- secondary market activities relating to tokens, carried out in or from Gibraltar; and
- the provision, by way of business, in or from Gibraltar of investment advice relating to tokens.
Will Gibraltar become the first? The sphere of cryptocurrencies is a rapidly developing market. Today there is one trend, tomorrow the situation is changing. Everyone wants to be the first. Let’s see who will manage to take the lead.
We also need to think carefully, is a clear state regulation of ICO necessary? Perhaps we still do not realize that the world has changed. What was previously regulated by legislative measures can now to some extent be regulated by software code in smart contracts. The share of state regulation will remain only a small part.
TOP-10 cryptocurrencies for this week
This week Bitcoin once again reached a mark of $10,000. This time from the bottom up. The price was fixed above $10 000. See the table for weekly change in top-level cryptocurrencies:
The Teoz fund’s Token increased from $ 2.45 to $ 3.01 (+ 22.44%).
Russian version: https://goo.gl/pZ6vhp
TEOZ fund is an index fund created by financial market professionals with an in-depth understanding of the crypto industry and an underlying blockchain technology.
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