You Can Now Bet on When Facebook Libra Will Launch!!!
We have some pretty hot pieces of news to share with you. First up, in a recent AMA on Reddit with Charles Hoskinson, Hoskinson mentioned that Cardano (ADA) is in a ‘good shape’ and moving fast. Second up, according to Anthony Pompliano, it looks like global events like those happening in Hong Kong and India will begin to have a gravitational pull and effect on cryptocurrencies like Bitcoin. Next, we have a not-so-new scandal on the horizon. Crypto Traders’ lawsuit claims Bitfinex and Tether costed the market over $1 trillion. The lawsuit was just recently filed on Sunday in New York. And finally, if you’re someone who’s been following the libra token, then prepare yourself for this. Crypto futures exchange CoinFLEX is issuing derivatives linked to the launch of the Facebook-led Libra cryptocurrency project. Yup – as a trader, you can now make bets on when Facebook’s Libra will actually launch.
The Market Today
Today we have a super bullish movement among all major coins. Bitcoin is gaining almost 6%, recovering back to the $8,300 mark. Ethereum is also surging by 8.71%. But that’s not all. XRP is surging by nearly 11%. What a great bullish day we have today!
Charles Hoskinson: Cardano (ADA) is in good shape and moving fast
In a recent surprise AMA, Charles Hoskinson, CEO & Founder of Input-Output Hong Kong (IOHK) & Cardano (ADA token), pointed out that Cardano is in very good condition and is moving fast. Now, the AMA comes just ten days after the introduction of Shelley testnet, which demonstrates how the Cardano network will operate in reality. In the AMA, he spoke of Cardano and defended the project against those who were spreading FUD (fear-uncertainty-doubt) in the market. Hoskinson explained that while it is possible to decentralize a crypto project immediately after releasing it, with Shelley, Cardano decided to another approach instead (where you create a sandbox that gradually decentralizes the whole network). While this process is slower, in the event there is a bug or problem on the testnet, it’s possible for the Cardano team to solve the issue as fast as possible without needing to hard fork the whole network. Commenting on the growth of the network, Hoskinson said:
“We have almost 100 stake pools running, we have tons of issues that have been reported […] we are learning a lot, the community is learning, there are 2400 people on the stake pool channel […] so Cardano is looking good.”
Bitcoin is getting importance globally
Anthony Pompliano, the co-founder of Morgan Creek Digital, recently shared his thoughts on Squawk Box, stating that Bitcoin is gaining more financial importance, especially considering the events that are happening in both India and Hong Kong. Now, if you are not aware, here’s a bit of context on the two countries. Amidst the Hong Kong protests, Hong Kong citizens are withdrawing money from ATMs in response to repressive government policies. Meanwhile, bank account holders in India are pleading to get their money out of PMC Bank, which has nearly 1 million depositors. In India, the situation is pretty intense. There was a recent scandal involving the country’s PMC Bank. India’s central bank, the Reserve Bank of India responded to the fraud by placing limits on bank withdrawals, triggering significant financial disarray.
“Dozens of account holders gathered outside an RBI office in Mumbai on Tuesday to protest against the curbs and demand that the central bank and government intervene to release their funds.”
Due to these events around the world, it looks like Bitcoin and cryptocurrencies may actually begin to gain mass adoption. According to Anthony Pompliano,
“I ultimately believe that people are going to opt for something that is not manipulatable, is not seizable, is no censorable, not debasable, etc. And so I think people are going to continue – slow at first – but over time, more and more people will choose a currency that the government does not control.”
Bitfinex and Tether caused $1 trillion loss to the crypto market
According to a report on Coindesk, the well-known crypto exchange Bitfinex and its sister company Tether have been accused of manipulating the crypto sphere, costing the market over $1 trillion. Now, the lawsuit filed this Sunday by David Leibowitz, Benjamin Leibowitz, Jason Leibowitz, Aaron Leibowitz, and Pinchas Goldshtein represented by lawyers Vel Freedman and Kyle Roche, – the lawyers who recently won a federal case against Craig Wright. In the document, they clearly pointed out the: crimes committed by Tether, Bitfinex, Crypto Capital, and their executives which include Bank Fraud, Money Laundering; Monetary Transactions Derived From Specified Unlawful Activities, Operating an Unlicensed Money Transmitting Business, and Wire Fraud. The plaintiffs wrote:
“Calculating damages at this stage is premature, but there is little doubt that the scale of harm wrought by the Defendants is unprecedented. Their liability to the putative class likely surpasses $1.4 trillion U.S. dollars.”
In response, Bitfinex/Tether spokesperson denied the accusation:
“Tether and its affiliates have never used Tether tokens or issuances to manipulate the cryptocurrency market or token pricing. […] It is irresponsible to suggest that Tether enables illicit activity due to its efficiency, liquidity and wide-scale applicability within the cryptocurrency ecosystem.”
Meanwhile, the U.S. Department of Justice is reportedly investigating the case and but they haven’t come to any conclusion yet.
CoinFLEX derivatives betting on Libra’s launch
It is pretty interesting to see crypto futures exchange CoinFLEX launching derivatives linked to the launch of the Libra token. Now, the new derivatives are named Initial Futures Offering (IFO). The exchange launched similar derivative products for blockchain interoperability Polkadot and cloud computing network Dfinity before their mainnets went live. So, how does it actually work? The Libra IFO, a physically settled product, allows investors to bet if Libra will launch before the settlement date of December 30, 2020. If you’re interested, the futures product will be available on October 24 and will pay out in Libra tokens. The prices for the futures are set at $0.30, which equates to a 30 percent likelihood of Libra launching by the settlement date. If Libra launches, futures holders receive a nice bonus for their faith in the project.
And there you have it, guys! So what are your thoughts regarding all the news?
Are you impressed with how Cardano is moving forward?
Do you think global events can lead to the mass adoption of BItcoin
How will the Bitfinex and Tether case turn out?
And finally, will you bet on the Libra IFO?
Please leave a comment right below to let me know what you guys are thinking.
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Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing. Cryptocurrencies are a very risky investment, never invest more money than you can afford to lose.