Delayed EOS rollout and the temporary shutdown of the blockchain addressed by Kyle Samani

Kyle Samani, the Managing Partner at Multicoin Capital was recently present on “Balancing The Ledger” show, a tech and finance intersect. The panel discussed some of the recent news in the crypto world, which included the cryptocurrency advertisements ban lift by Facebook.



Kyle thinks that it is good for the ecosystem, as Facebook is a good social media platform to communicate the upcoming innovations in the blockchain world to the billions of Facebook users.

Further, Samani shared his view on the $300 million worth venture fund by Andreessen Horowitz. He says that it is always good to raise funds through a known entity like Andreessen Horowitz, since crypto investments are new in the market.

EOS is one of the successful ICOs supported by Multicoin Capital. Samani spoke about the recent issues which EOS blockchain faced due to the system bugs. He concurred that though the EOS team had enough resources, they failed to perform as expected.
Samani also pointed out the poor performance of Ethereum back in 2015 when its blockchain was launched.

According to him, the performance of the EOS is much better than the initial phase of Ethereum.
When asked about his choice of cryptocurrency, Samani seemed to be bullish about Ethereum [ETH] considering its popularity and explosive growth. He says:
“If you asked me to pick one token today and come back in 10 years, I would select Ethereum.”


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While speaking of Litecoin [LTC], Samani mentioned that, in his view, Litecoin has no reason to exist and the only investment thesis he has ever heard for Litecoin is that it is a testnet for Bitcoin.

He concluded by sharing his opinion about Ripple [XRP]:
“It is clear to us that Ripple is a security. We do not know when that news is going to drop, however the catalysts seem to have kind of gone away from Ripple”

According to Samani, the issue with being a security is that none of the exchange platforms in the U.S have relevant license to trade the highly regulated cryptocurrencies. It will be a multiyear process before any of those venues obtain official certification.

He finally mentioned:
“If Ripple is labeled a security formally by the SEC, all of the cryptocurrency exchanges are going to stop trading it. So if that happens, liquidity is going to dry up on XRP and the price will plummet.”


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author: Laira Rebecca
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Ripple’s Deal With US Treasury Defines XRP as a Currency, Not a Security

Will an agreement between Ripple Labs and the US Treasury Department convince the SEC that XRP is not a security?


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Ripple signed a settlement agreement with the Treasury’s Financial Crimes Enforcement Network (FinCEN) in 2015, paying a $700,000 fine for “selling its virtual currency, known as XRP, without registering with FinCEN, and by failing to implement and maintain an adequate anti-money laundering (AML) program designed to protect its products from use by money launderers or terrorist financiers.”

The company has since modified its business practices to ensure future compliance, and now a paragraph within the agreement could have an impact on the debate on how XRP should be classified.

The ‘Statement of Facts and Violations’ in the agreement outright defines XRP as a currency that was pre-mined prior to its distribution.

 

Ripple is facing two class action lawsuits that allege XRP is a security controlled by Ripple. The company is pushing back against the claims and has hired two former SEC officials to represent it in court.

In response to the lawsuits, a spokeswoman at Ripple told CoinDesk, “This is just another example of an extortionist bringing forth an opportunistic suit that lacks merit. We feel confident that the claims regarding XRP are completely unfounded both in law and fact.”

A regulator at the US Securities and Exchange Commission recently declared Bitcoin and Ether are not securities, and made no mention of XRP.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author: Daily Hodl Staff
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