Warren Buffett is back with some more sageadvice for the crypto community.
Just kidding, it’s the usual FUD.
This week he called Bitcoin a delusion thatattracts charlatans, making the accusatory statement amid his own current investmentissues with Kraft Heinz.
EOS has also been hit by some troubles, withmoved $7.
7 million from a blacklisted due to an apparently failed updateby an EOS block producer.
Also this week, Nasdaq launches BTC and ETHindexes, the JPM Coin could have retail use, Coinbase hires fascists and Facebookmight be launching its own crypto.
Ladies and gentleman, I’m Molly Jane andthis is your weekly Hodler’s Digest.
Let's take a look at the markets.
Nasdaq has launched its first two crypto indexes,the Bitcoin and Ethereum Liquid Indexes, both provided by crypto-focused market data companyBrave New Coin.
According to the announcement, the indexeswill show reference rates for the price of 1 BTC and 1 ETH, quoted in USD and refreshedevery 30 seconds.
According to Brave New Coin, the indexes’methodology meets the standards of the International Organisation of Securities Commissions.
As Fran Strajnar, CEO of BNC pointed out,the indexes were born out of a growing need for clarity and transparency in crypto assetpricing, which are among the main concerns for institutional investors.
From now on, prices of the two major cryptocurrencieswill appear on the screens of offices and trade floors around the globe together with those of other fiat currencies and traditional commodities.
The implementation of the indices by a majorinstitutional player such as Nasdaq is deemed to give a strong boost to cryptocurrency adoption.
According to a statement by Brave New Coin,a Ripple index is set to be launched soon.
After months of speculations, it is now official:Samsung confirmed that its new flagship phone, Galaxy S10, will contain a number of crypto-relatedfeatures, among which is a much-rumored private keys storage.
According to an official announcement, theGalaxy S10 is built with defense-grade Samsung Knox, a hardware security feature capableof hosting private keys for blockchain-enabled mobile services.
Announced at the Mobile World Congress inBarcelona 2019 on Monday, the Galaxy S10 will offer offline storage of Bitcoin and Ethereumas well as Cosmo, a cosmetics industry-related token and Enjin, a popular coin among gamers.
The company also announced that the phonewill support decentralized applications.
Samsung is the biggest smartphone brand toembrace crypto, following the example of Sirin Labs’ Finney Phone and HTC’s Exodus 1,both coming with incorporated crypto wallets.
Crypto startup Pundi X is also following thetrend with a new smartphone capable of switching between traditional and blockchain mode.
Chinese giant Huawei also showed its interestin crypto, implementing Blockchain.
Com crypto wallets in its Appgallery.
While only a minority of users are likelyto use its blockchain-related features, Samsung’s crypto integration is likely to have a significantimpact in making crypto more mainstream.
Even though the integration of mobile devicesand blockchain technology is still at its early stage, many have noticedits revolutionary potential.
As HTC’s Decentralized chief officer PhilChen pointed out, blockchain smartphones could become a means to store users’ digital identities,preventing big tech companies from exploiting and monetizing them.
Jamie Dimon has hinted that the JPM Coin couldhave retail use one day.
Recently, JPMorgan Chase announced plans tolaunch its own digital asset in a major banking first.
It was an effort to increase settlement efficiency.
The JPM Coin will at first focus on internationalsettlements by major corporations in order to help speed up transactions; they currentlytake a day or longer using extant options such as SWIFT.
The JPM Coin has been met with both supportand opposition in the crypto world.
The CEO of crypto wallet and investingapp Abra came out against it.
Ripple CEO Brad Garlinghouse also piled onby saying that the JPM Coin “misses the point” of crypto.
However, Reddit Alexis Ohanian was somewhatmore open-minded about the move; for him, the JPM Coin is a sign of real innovationafter speculators were driven out by hype, leaving room for more interesting things.
The broader crypto community have greetedthe news with a mixture of confusion and derision.
Confusion because the JPM Coin was labeledas a cryptocurrency when it doesn’t meet any of the definitions of a crypto.
It is not permissionless and would not workon a public network.
The move has been met with derision becausethe JP Morgan CEO has consistently come out against crypto, at one point calling it afraud, which is interesting, because the very reason crypto was created was fraudulent activityperpetrated by big banks like JP Morgan.
We spoke to Rolling Stone journalist and authorof Griftopia, Matt Taibbi about Dimon, JP Morgan, and the 2008 banking crisis.
JP Morgan Chase was one of a small handfulof big commercial and investment banks.
That was a major player in thesubprime mortgage crisis.
They eventually ended up settling for about9 billion dollars over charges of, various charges relating tosubprime mortgage securities fraud.
Chase emerged from all this not just gettingaway with everything that it had done, but also much bigger and more powerful than itnever had been before.
Jamie Dimon the legend around him grew thathe was tough and ambitious, but also smart and was competently running a company thatwas making lots and lots of money.
Well, I think, like a lot of these people,the legends that precede them are misleading.
Jamie Dimon had it both ways.
There is testimony that in private he wastelling his people to get out of these investments as quickly as possible really early in thegame like well before 2008.
But meanwhile publicly, when asked about thesethings he basically said where we were a victim like everybody else.
I think these guys are often given creditfor being smarter than they really are.
I would think that if they lent their nameto it, it would probably be a solid product anyway.
I think in terms of a consumer product they'vebeen a pretty decent company.
They haven't had the same kinds of problemsthat like Wells Fargo had for instance.
But that'll be interesting to see if theyjump in on that front.
Coinbase announced last week that it was acquiringblockchain data analysis startup Neutrino.
The biggest and most prominent exchange inthe U.
S celebrated, bragging that the public was now “safer and more accessible” foreveryone because Neutrino would be able to track criminals and terrorists.
There was just one small problem, the sametech used to track criminal and terrorist activity to help the public, could also beused to track journalists and help repressive regimes.
Current members of recent hires, Neutrino,did exactly this.
They were part of “Hacking Team” who allegedlybroke international laws by selling Italian spyware to authoritarian governments, whowere then able to keep a close eye on journalists, activists, and any groupsspeaking out against repression.
The Hacking Team apparently sold spywareto the Saudi enforcement group responsible for the murder of journalist Jamal Khashoggi.
In addition to this non-profit, reporterswithout borders labeled them one of top 5 enemies of the internet.
Ironically, the Hacking team were hacked themselvesrevealing a slew of shocking email exchanges, Neutrino’s CEO, Giancarlo Russo, formerCOO of Hacking Team, signed off emails with the fascist slogan “Boia chi Molla.
” As soon as the Neutrino team’s past transgressionscame to light, there were calls on social media to ‘Cancel Coinbase’ with many usersthreatening to delete their accounts.
Although no one defended the acquisition,there were calls for a more measured approach.
Ari Paul for example essentially arguing ina series of tweets, that Coinbase was too big, not to work with.
Coinbase did issue a response admiting knowledgeof Neutrino member’s past but stood by the startup as having the best tech for its users.
Although the revelations are shocking, itis unsurprising that a major corporation would have no qualms about getting involved withless than savory characters.
And yet it is still disappointing that Coinbasehas the same disregard for ethics as any major bank.
Facebook will reportedly launch its own nativecryptocurrency within the first half of 2019.
According to information leaked by the company’semployees to the New York Times, the tech giant is working on the native token whileplanning its future listing with a number of crypto exchanges.
The leak seem to confirm previous once reportedby Bloomberg in December, according to which Facebook was developing its own cryptocurrency,whose function will be mainly transferring money on the Facebook-ownedmessenger platform WhatsApp.
The product is reportedly going to be testedin India, which according to World Bank data, is the world’s top recipient of remittances.
As Facebook employees told the Times undercondition of anonymity, Facebook’s coin will be a stable coin pegged to a number offiat currencies.
The tech giant is currently working on theintegration of WhatsApp with its other two messaging services: Messenger and Instagram.
Once the integration will be complete, theFacebook coin will potentially reach the combined 2.
7 billion people who use the three servicesevery month.
According to the New York Times sources, overfifty engineers have been working on the development of the cryptocurrency, which is taking placein high secrecy.
So much so that the team has been given anoffice with special keys to make it inaccessible to other company’s employees.
It is still not clear why Facebook would useblockchain for its new payment system, as the technology’s decentralized nature wouldlimit the company’s control over it.
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The link is in the description below! So guys what do you think, should everyonecancel Coinbase? Or on the other hand, could Ari Paul be right,they are just too big of an entity to be ethically compromised?.