#CryptoCorner: BTC Breaks $10K in Weekend Market Surge, BIS Report Weighs Risks and Benefits of Tech Firms in Finance and Ethereum Co-Founder Joe Lubin Criticizes Libra Coin
Point Roberts, WA and Delta, BC - June 24, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.'s (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip and the Genesis Exchange and Wallet App bring you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.
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#CryptoCorner: #BTC Breaks $10K in Weekend Market Surge, BIS Report Weighs Risks and Benefits of Tech Firms in Finance and Ethereum Co-Founder Joe Lubin Criticizes Libra Coin
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Stocks discussed: (NasdaqGS:FB)
Continuing the momentum seen on Friday, the crypto market surged over the weekend bringing total market capitalization to $328 billion USD at press time, according to data from CoinMarketCap. That is an increase of about $26 billion. Bitcoin (BTC) peaked with a trading price of around $11,200 on Sunday, setting a new record high for the year and is currently trading for $10,900 - up about $1,000 from the beginning of the weekend. Bitcoin still dominates the market with a market cap of $193 billion. Ether (ETH) and XRP lead altcoins with market caps of $33 billion and $20 billion, respectively.
The Bank for International Settlements (BIS) released its annual report for 2019, in which it examines the risks and benefits of big tech companies entering the payments space. This includes Facebook's (NasdaqGS:FB) Libra cryptocurrency project. On the benefits of tech giants entering finance, the report notes:
...given their size and customer reach, big techs' entry into finance has the potential to spark rapid change in the industry. It offers many potential benefits. Big techs' low-cost structure business can easily be scaled up to provide basic financial services, especially in places where a large part of the population remains unbanked. Using big data and analysis of the network structure in their established platforms, big techs can assess the riskiness of borrowers, reducing the need for collateral to assure repayment. As such, big techs stand to enhance the efficiency of financial services provision, promote financial inclusion and allow associated gains in economic activity.
In balancing these potential benefits, the report notes that:
"Regulators need to ensure a level playing field between big techs and banks, taking into account big techs' wide customer base, access to information and broad-ranging business models."
An article on Quartz from Ethereum co-founder Joe Lubin criticizes Facebook's Libra project as a "centralized wolf in a decentralized sheep's clothing". Lubin argues that Libra's reliance on its basket of currencies, government regulators and initial backers make it antithetical to the decentralized nature of cryptocurrencies.
Perhaps most importantly, it requires our trust that Libra will eventually transition to a more "permissionless," decentralized system, whereby anyone can validate the network, rather than the restrictive member evaluation criteria keeping control in the hands of the initial 28 firms.
Sam Mowers, Investorideas
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