Crypto.IQ Daily Digest June 19, 2018

BARRIERS • FROM TOSHITIMES.COM

Bank of International Settlements Bashes Crypto in New Report

IQ THOUGHTS:

There’s something in us that doesn’t like kicking someone when they’re down, but the cryptocurrency world needs to face this FUD and its bear market timing.

It’s hard not to be sarcastic when you’re dealing with a report that is clearly designed to put lipstick on some FUD being spewed by the bank of all banks, The Bank of International Settlements.

Like we’ve said before, these efforts reek of desperation from the fiat set that got complacent despite their massive abuse of power. They didn’t think the party would ever end. Now, they want a return to their comfort zone, a place where they can print money on demand, no matter the effect on a powerless populace.

This very one-sided report leaves out so much that we have to wonder if it was intentionally done or if they just don’t know enough to know what they don’t know. Diagnosis: Dunning-Kruger.

This report harps like a evil ex about everything remotely wrong with crypto: It’s too big, too slow, will never be able to handle the transactions that are coming (on the off chance it succeeds).

It leaves out everything good that is happening and hoped for (the Lightning Network, for starters) as well every other second layer solution that will easily gobble a globe’s worth of transactions when it’s time — all at the speed of crypto.

EXCHANGES • FROM THEICOJOURNAL.COM

GDAX To Shutter; Coinbase Pro To Launch June 29th

IQ THOUGHTS:

This move by Coinbase is more evidence of a cryptocurrency market that is going mainstream.

Despite the bear market, the cryptocurrency community continues to march, and that’s a good sign to us. It means that even the biggest companies in the space see a future full of growth potential.

This move by Coinbase offers crypto traders an industry leading API which “lets the user develop secure, programmatic trading bots. It also offers Insurance protection with USD balances being covered by FDIC insurance, up to a maximum of $250,000 per customer.”

To us, this is a lot like watching miners continue to mine even though we hear daily how expensive it is, how it’s not worth it. You’ve heard the FUD. But those miners and Coinbase are betting on a future in which Bitcoin and its fellows, at least some of them, will supplant the financial industry and come to dominate every sector of life.

REGULATION • FROM COINTELEGRAPH.COM

US: Federal Employees to Disclose Crypto Holdings Following New Guidance

We expect that this will prevent a fair number of federal employees from touching crypto. Most will be concerned with the effects and hassle of reporting. Those with security clearances will fear losing their access (which is not an easy thing to get for civilians).