SEC Delays Big Bitcoin ETF + Bancor Links EOS and Ethereum
On Today’s Episode of The Cryptoverse…
It sounds to me like the SEC is pushing back it’s decision to approve or disapprove the big Bitcoin ETF proposal another 3 weeks. Bancor links the ethereum and EOS (eosio) networks.
Episode Transcript & Notes
In their latest report dated the 20th of September they say they have not yet reached a decision either way.
They call for more written comments from the public and ask what people think about a whole list of issues, mostly relating to market manipulation.
Then on page 18 it says:
“Interested persons are invited to submit written data, views, and arguments regarding whether the proposal should be approved or disapproved by [insert date 21 days from publication in the Federal Register]. Any person who wishes to file a rebuttal to any other person’s submission must file that rebuttal by [insert date 35 days from publication in the Federal Register].”
So I had the 30th of September as the deadline the SEC had imposed on itself for announcing their decision on this SolidX ETF proposal.
Say they published this report on the Federal Register today, that takes us to the 12th of October.
But even then, the SEC are not saying they’ll announce their decision by then.
That’s just the new deadline they are placing on the public for submitting their arguments as to why the proposal should be approved or disapproved.
So now I have no bloody idea when they are going to make a firm decision.
In any case the crypto markets have gone a bit mental today. Ripple is up over 40% as people were getting excited about their xRapid product launching soon.
What we need is less news about ETF proposals and more news about apps and services that offer serious mainstream adoption potential.
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EOS + Bancor For an EOS-ETH Linked Bridge
Big EOS news as Bancor (another one of the biggest ICOs of all time) is close to launching it’s BancorX EOS app.
Bancor created an algorithm that uses a platforms core token to create a pool of liquidity and effectively remove the need for an exchange.
I studied Bancor in-depth during the ICO but I never did quite get my head around the math.
What results though is a ShapeShift.io style application that allows you to convert almost any coin to almost any other coin.
Here is the Ethereum version of Bancor…
And you can see they have all these Ethereum based tokens that you can exchange one for another.
What’s amazing is that it creates liquidity for all the cross pairs.
A cross pair meaning one ERC-20 token to another instead of having to trade into Ethereum and then into another token.
They have like 7,000 trading combinations on here.
So they launched on Ethereum and that’s working.
What they are about to launch next is the EOS version of this.
So that will not only bring this liquidity algorithm to EOS based tokens, buuuuut… Bancor are saying that these two systems will be integrated.
Meaning you would be able to trade straight from say Basic Attention Token (an Ethereum based coin) to Everipedia IQ token (an EOS based token).
That is a major breakthrough in my opinion because it’s a whole new paradigm for token trading.
You trade directly on the blockchain, with no deposits, no central servers storing your tokens and no need to match buyers and sellers.
I know, sounds too good to be true, but you can try it out for yourself on Ethereum. It’s been working there for a while.
All they are doing now is adapting it to EOS and then linking the two systems together.
This looks to be Bancors plan, to systematically integrate the most popular blockchains in the same way.
They started with Ethereum and EOS is their next choice.
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