The Next Crypto Bull Market Won’t Happen The Way You Think

CrowdConscious

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The Cryptoverse

6 min readOct 10, 2018

Chris Coney’s ‘The Cryptoverse’ crypto podcast curation by CrowdConscious

On Today’s Episode of The Cryptoverse…

Chris dives into his top 6 news stories for the day! Please feel free to provide feedback in the comments or clap for/share the article if you found it insightful. Enjoy!

Watch the episode right here in the article!

Episode Transcript, Notes & Links

Another day, another stablecoin, except this time it’s a JPY stablecoin

https://www.fxstreet.com/cryptocurrencies/news/japanese-internet-giant-gmo-will-issue-jpy-pegged-stablecoin-for-circulation-in-asia-201810100941

Issued by Japanese internet giant GMO, they will create the GJY or the GMO Japanese Yen and they are going to use it to service the remittances market.

That is an obvious use case for stablecoins but not one I’ve really thought much about.

But it makes sense, doesn’t it?

From the UK I could buy this Yen stablecoin from GMO’s exchange and then simply send it to my Japanese friend.

The next thing I saw in my minds eye was a future in which half the global forex market end up being comprised of stablecoins being traded against each other.

It only takes one exchange to create a trading pair where the Gemini Dollar trades against this new Yen stablecoin and we have a crypto forex market.

There’s also a sign of a stablecoin for the British Pound so this looks to be a trend for 2019.

And when I say another day, another stablecoin, check out this next story…

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Continuing With The Show!

PwC Is Developing a New Dollar-Pegged Stablecoin With Cred

https://sludgefeed.com/pwc-developing-new-stablecoin-with-cred/

I don’t think we need to analyse this story, I’m just pointing out how stablecoins really do seem to be the hot topic right now.

In a bold move, Forbes have decided to partner with Civil to begin publishing their content on the Ethereum blockchain

https://blog.joincivil.com/forbes-x-civil-a-major-milestone-for-blockchain-based-journalism-73bed5b2f144

So with Civil, token holders get to vote on who should be allowed to publish on the platform.

The idea being that the people should control journalism and not massive gatekeeper corporations who are bought and paid for by special interests.

Civil even have a constitution which ensures any newsroom that publishes on the network adhere to an agreed upon standard.

No such standards exist in traditional journalism. Not any that are in consensus and that can be verified.

So to be clear, Forbes also have to agree to this constitution in order to publish. That’s some humility if you ask me.

I would not expect a large media company to do such a thing, but I guess one of them has to break ranks first, most likely the one with a conscience.

Civil: Self-Sustaining Journalism is also a nonprofit foundation which gives an added layer of confidence.

So Forbes are going to start in Q1 2019 by publishing to the platform from their cryptocurrency news desk. Good place to start.

This Medium post also claims that Forbes will then consider publishing ALL of it’s content on this decentralised news network within the next 12 months.

That’s pretty god smacking and
I hope all those people who say there has yet to be any real use for blockchain technology is watching this

Singapore: Regulator Plans to Smooth Over Banking Ties With Crypto Businesses

https://cointelegraph.com/news/singapore-regulator-plans-to-smooth-over-banking-ties-with-crypto-businesses

Again, I haven’t picked this story out with the intention of analyzing it, but more because it gives me an excuse to share an insight that it triggered.

Why do we even have this problem with banks closing accounts on crypto companies?

Principly it’s because the crypto companies still need to deal with fiat currencies in order to trade with non-crypto businesses.

Historically I would agree, however if the trend towards stablecoins is anything to go by, we have a real chance of eliminating the crypto banking problem all together.

Specifically what I mean is that stablecoins mean there is a much higher chance of a crypto business operating completely outside the old banking system.

Instead of having a fiat bank account, they can begin paying in crypto stablecoins so that the recipient doesn’t have the volatility risk that caused them to refuse payment in crypto in the first place.

Poloniex Adds Fiat On Ramp As Circle Launches Circle Research

https://bitsonline.com/poloniex-fiat-on-ramp-circle-research/

When I zoom out a bit and look at Circle’s business strategy, I can see what they are building.

They acquired SeedInvest which is an equity crowd funding platform.

They have launched the Circle Dollar stablecoin.

And they own the Poloniex exchange.

So with just those 3 components they have an ecosystem where:

People launch crowdfunding campaigns on SeedInvest
Those crowdfunding campaigns raise an amount measured in Circle Dollars and then
The tokens that are issued in the crowdfund can be traded on Poloniex

The benefit of doing an ICO by taking payment in a stablecoin is that it makes it easier to measure your return, but it also removes on side of the volatility.

If you buy an ICO token using Ethereum, you’ve got Ether fluctuating in value as well as the token you bought which ends up being a nightmare.

First Major Bitcoin Cash ICO Raises $30M in Record Time

https://news.bitcoin.com/first-major-bitcoin-cash-ico-raises-30m-in-record-time/

The project is a tokenised mining pool but that’s not the most interesting thing.

I’m more interested in this being the first ICO on BCH.

It says here $30m was raised in 2.2 hours.

What confused me is that I looked back over 4 days of Bitcoin Cash network data and wasn’t able to see any notable spike in Bitcoin Cash transactions to coincide with this.

This article says the ICO happened on Monday, so going back 4 days should have been enough to see some bigger blocks appear within that 2 hour period but I wasn’t able to find any.

This ICO was possible thanks to something called the Wormhole protocol that allows tokens to be created on the Bitcoin Cash blockchain.

Wormhole is an adaptation of the Omni protocol which was developed a few years ago to allow tokens to be built on the Bitcoin network.

It hasn’t really taken off due to Bitcoin’s network capacity. Bitcoin Cash has plenty of capacity to handle token transactions.

It is worth noting that Tether continues to use the Omni player protocol.

I would say that’s probably expensive in terms of transaction fees however Tether doesn’t move around much.

People typically keep it on exchanges and trade with it off chain.

So this is good news for Bitcoin Cash and I’m glad to see some actual experimentation on what can be done with big blocks rather than all the yada yada at conferences and on Reddit.

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