Indian tech industry giants call for cryptocurrency as an asset class

The mainstream coins in the cryptocurrency market are up slightly overall today.

Indian tech industry giants call for cryptocurrency as an asset class

June 7 (Bloomberg) — The mainstream coins in the cryptocurrency market are up slightly overall today. As of writing, BTC is at $36,729.72, up 2.58% intraday, ETH is at $2,792.031, up 2.97% intraday, LTC is at $180.671, up 2.45% intraday; OKB is at $16.620, up 2.21% intraday; DeFi section is up generally, and the top three intraday gainers on OKEx platform are. SFG (+5.09%), DAO (+4.45%), GRT (+3.68%).

OKEx trading big data shows that the total position of BTC contract today is 1.359 billion U.S. dollars, the number of long and short positions is 1.34, the active buying volume exceeds the active selling volume of about 5.57 million U.S. dollars; elite positions, long accounts 47%, short accounts 48%, the average ratio of elite long and short positions are 18.59% and 15.06%.

Industry News

[Industry] Indian Tech Industry Giants Call for Cryptocurrency as an Asset Class

Indian tech industry leader Nandan Nilekani, chairman of information technology and consulting firm Infosys, called for India to adopt cryptocurrencies as an asset class as authorities around the world grapple with how to apply the technology. He said cryptocurrencies are too volatile and energy-intensive to be used as a means of payment, and argued that India’s homegrown UnifiedPaymentsInterface digital payment infrastructure is more effective. But he also pointed out that cryptocurrencies should be encouraged as an asset that can be bought and sold like a commodity, allowing individuals and businesses to take advantage of the $1.5 trillion market that will allow “cryptocurrency people to put their wealth into the Indian economy.

[Industry] MIT Bitcoin Experiment: Long-Term Holders Could Get 13,000 % of the Proceeds

Bloomberg recently reported that in 2014, MIT conducted a bitcoin experiment in which about 3,100 students at the Cambridge, Massachusetts campus received some bitcoins. The experiment was the brainchild of two “bitcoin evangelists,” Dan Elitzer and Jeremy Rubin, who recently said that the two were trying to “take a peek into the future and see what’s possible with this technology of bitcoin. ” The article analyzes the MIT study, which suggests that bitcoin could be like an investment, or an asset, a means of storing value. Christian Catalini, the professor in charge of the study, said that one in ten people cashed out in the first two weeks after receiving it, and by the end of the experiment in mid-2017, one in four had cashed out. Some lucky MIT students forgot they owned bitcoins and would have gained more than $60 million had they been sold in May before bitcoin fell, up 13,000 % from the 2014 price.

[Industry] Yonhap: Legislation to Punish Crypto Market Manipulation May Be Enacted by South Korea’s National Assembly

The Yonhap News Agency said in an article today that cryptocurrency market manipulation penalties, which are common to all trading entities, are gradually gaining momentum as parliamentary legislation advances. However, the financial authority said : “Cryptocurrencies cannot be deemed as financial commodities.” Therefore, it is still unknown whether cryptocurrency manipulation of quotes can be punished like stocks under the Capital Market Act. Recently, the Korea Financial Services Commission has formulated a plan to revise the Enforcement Order of the Specified Financial Transaction Information Act. Among other things, it prohibits crypto asset management companies and employees from trading crypto assets through related management companies. In other words, to eliminate the possibility of share price manipulation by entrepreneurs, trading is to be restricted. Even if the enforcement order of the special law is amended, the problem still exists. This is because it aims to restrict trading to stop the possibility of market manipulation by operators, but does not imply the enactment of market manipulation regulations applicable to all trading entities. Therefore, it is highly likely that Congress will enact regulations on market price manipulation. The government’s position is that it would be difficult to apply price manipulation charges applicable to capital markets directly to cryptocurrencies, so the legislative process is expected to be compromised.

[Opinion] V-God: Attacking Ether is More Expensive than Attacking Bitcoin, PoS Easier to Recover from Attack than PoW

Ether co-founder Vitalik Buterin recently said in an interview with podcast host Lex Fridman that PoS is very safe because if you want to successfully attack the Ether network, then you basically need to have the equivalent of the amount of ETH pledged in the entire network. He believes this is more costly than attacking the Bitcoin network. He also said that PoS is easier to recover from an attack than PoW, and that there are a lot of measures in PoS against attacks, such as an automatic slashing (forfeiture) mechanism that destroys the coins pledged by the perpetrators, and that the community can also respond to (successful) attacks by coordinating a soft fork, where the attacker will lose a lot of coins in the new chain.

[Opinion] ShapeShift CEO: Bitcoin’s “Toxic” Maximilism Is “Bullshit”

At the Bitcoin 2021 conference in Miami, ShapeShift CEO Erik Voorhees criticized earlier comments from a panelist praising Bitcoin’s “toxic” maximalism, saying the idea is “bullshit. “YouTube blogger NicoZM said, “Not only do I think bitcoin toxicity is important, I think it’s absolutely necessary, and if you’re against bitcoin toxicity, you’re against bitcoin, and you’re against bitcoin freedom.” It makes sense that Voorhees would take this stance, as ShapeShift has an infrastructure built entirely around bitcoin and cryptocurrency.

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