Nouriel Roubini: GlobalCoin Is Not A Cryptocurrency
Crypto’s most prominent skeptic and respected economist Nouriel Roubini has claimed that Facebook’s GlobalCoin is not a cryptocurrency and has very little to do with the blockchain. The claims were made earlier today in a conversation with a leading crypto media outlet.
Roubini, also known as “Dr. Doom” is renown for his prediction of the 2007-2008 financial crash that may have facilitated the birth of cryptocurrencies.
“It has nothing to do with blockchain. Fully private, controlled, centralized, verified, and authorized by a small number of permissioned nodes. So what is crypto or blockchain about it? None.”
Pompliano Apparently Holds 50% of His Wealth in Bitcoin
“I would make the argument that having 100% exposure to fiat currencies is a really bad idea. Right? Because if one of those fiat currencies that you have 100% of your wealth in either hyper-inflates or fails, you’ve got a lot of problems.”
American investor and co-founder of Morgan Creek Digital Assets Anthony “Pomp” Pompliano explained his investing strategy and skepticism towards fiat currency in an interview. .
When asked whether he thought that putting 50% of his wealth into the leading digital currency bitcoin (BTC) was a risky move, Pompliano said that risk is relative for every individual; however, he has a clear profile that he wants to undertake.
Pompliano stressed the need for more diversification, that leaves the question of how much one should divert from a fiat currency into a digital currency.
Bitcoin has the most secure computing network in the work, according to Pompliano, and “its defense-first approach actually leads to a great offense and drastically increases the probability that bitcoin will one day be the global reserve currency of the world.”
He further argued:
“For sure the nation state with the greatest military has always controlled the global reserve currency. […] things that previously have allowed a nation-state to control the global reserve currency — military superiority, economic sanctions etc. — all the sudden are much less effective, and what I believe is going to occur is the country or the monetary system that has the greatest defense actually is in a position to dominate.”
Earlier this week, Pompliano predicted that bitcoin will hit $100,000 by the end of 2021
Binance Launching Crypto Futures Trading Platform With Up to 20x Leverage
Changpeng Zhao, CEO of top crypto exchange Binance, has revealed the company plans to launch a futures trading platform, with initial support for BTC/UTSDT contracts at a leverage of up to 20x.
The CEO made his announcement during a keynote speech delivered at the Asia Blockchain Summit in Taipei earlier today, July 2.
According to Cointelegraph’s reporter at the scene, Zhao — better known by his industry moniker “CZ” — indicated that while there is as yet no exact launch date for the new “Binance Futures” trading platform, a simulation test version is expected within a few weeks.
CZ revealed the platform would ultimately aim to support long and short trading contracts for a variety of crypto assets.
As previously reported, news of a futures launch comes shortly after CZ’s confirmation that margin trading is now in beta testing and will soon be supported by the platform.
The company has also continued to roll out new trading pairs and features for its non-custodial trading platform, Binance DEX — most recently two new stablecoin trading pairs.
60% of BITCOIN hasn’t MOVED IN A YEAR — despite a 220% price bump in 2019
-60% of bitcoin’s circulating supply hasn’t moved in at least a year, and 21.5% of circulating bitcoin hasn’t moved in five years.
-Longterm bitcoin holders aren’t selling; new holders are. “The new sellers are actually mostly individuals who’ve been holding for three-to-six months.
-The price of bitcoin has risen over 220% since January — but longterm holders are keeping their cool.
Instead, bitcoin’s stellar second quarter actually attracted a steady stream of new sellers to the market, reports independent research firm Delphi Digital.
“The active portion of [bitcoin] supply, which we categorize as the coins that have moved within the last three months, is beginning to slightly increase,” said Delphi Digital. “The new sellers are actually mostly individuals who’ve been holding for three-to-six months.”
21.5% of circulating bitcoin hasn’t moved in five years
Delphi Digital determines how long bitcoin has been held by sorting its ” Unspent Transaction Output” (UXTO) data. The length of time an amount of bitcoin stays put is referred to as its “UXTO age.”
The cumulative UXTO age of all the bitcoins tells us how long the overall market has been holding. bitcoin’s UXTO age rises as holders refuse to sell, and it falls as more of its circulating supply is used regularly.