Crypto.IQ Daily Digest July 6, 2018

FUD

BIS Chief Compares Crypto To Alchemy, Urges Young People To ”Stop Creating Money”

IQ THOUGHTS

In the category of most FUD stuffed into one piece of writing, we have a winner.

In this article, Agustín Carstens, general manager of the Bank of International Settlements, aka the bank of banks and the central bank of central banks, makes statements that are stark in their transparent and desperate attempt to kill off crypto.

Stop. It tickles.

You can laugh with us. Here are a few gems from the article:

“Bitcoin is ‘a bubble, a Ponzi scheme, and an environmental disaster.’”
We wonder if coffee would have helped him think up more meaningless (and inaccurate) crypto slurs.

Carstens “is ‘concerned by the pace of technological progress.’”
He needs to Google the word Luddite?

Carstens compared “cryptocurrencies to the practice of alchemy and likened the vision of decentralized currency to the century-old dream of turning common elements into gold.”
This reminds us of the Arthur C. Clarke quote, “”Any sufficiently advanced technology is indistinguishable from magic.” Maybe Carstens thinks crypto is magic.

Honorable mention in most FUD category goes to yesterday’s New York Post article that was epically bad journalism, and we think may have been a rant captured by some dictation software. We’re not sure. It was universally panned by Crypto Twitter.

ADOPTION, RIPPLE

Western Union Patent Eyes Cryptocurrency for Secure Transfer System

IQ THOUGHTS

Western Union clearly sees the writing on the wall and knows that its history of price gouging some of the world’s poorest people is over.

According to CCN, “A newly-published Western Union patent envisions a system that manages recurring transfer notifications and secure payments for a cryptocurrency network.”
Also interesting is that there no mention of Ripple (XRP).

That’s good, despite this being Western Union. We dislike Ripple more. It’s the “crypto” that is extremely centralized and rife with problems, per these two stories:
Here’s Some Cryptocurrency. Now Please Use It.
Ripple Faces Third Securities Fraud Lawsuit