TL;DR March 9, 2020

by | Mar 9, 2020

2020 Week 10

The ProfitStance TL;DR is a summary of the most important developments in crypto news, along with our thoughts on how they impact the crypto space and the economy at large.

Federal Reserve vs Market Slowdown

Justin Sun, owner of Tron, bought the Steemit blockchain along with a large amount of Steemit tokens. Along with those tokens came the power to vote in the blockchain’s delegated proof of stake (DPoS) validation system (kind of like mining). What has ensued is a back forth between Sun and the Steemit community which highlights the question of decentralization in the crypto space. Laura Shin posted a great podcast going into more depth on the whole story. Read the article Listen to the podcast

Crypto official in Germany

After declaring last year that banks can hold and trade crypto, Germany saw a spike of interest from banks wanting to do just that. Now, Germany’s government has declared crypto officially a financial instrument. Germany is often considered the strongest economy in the European Union, and this could signal the entire continent to turn a more accepting eye on cryptocurrencies. Read the article

Justin Sun takes over Steemit

TON is launching a network similar to Libra using Grams. Telegram has until October 30 to publish its product or it has to refund all their investors’ money. Telegram has 365 million users. TON has gone largely unchallenged by regulators simply because nothing had been published until September 8 when it dumped half a million lines of code, hundreds of pages of new documentation, and a beta. Look for TON to launch before the end of the month.

Crypto legal in India again

The India supreme court has announced that the central bank ban on crypto was unconstitutional, making crypto legal again in the country. Not only is this news good for the crypto market, but an extreme positive in the step toward mass adoption. India is home to a sizable population of people who traded in crypto before the ban who will now be able to resume that activity. Allowing these traders bank in the market will expand the market cap and help stabilize the volatility. Not only that, but India also has a large tech-savvy workforce very aware of the problems crypto attempts to solve. Read the article

Crypto legal in South Korea again

Add South Korea to the growing list of countries making crypto legal. This is more important than simply another step to mass adoption. Back in 2018, South Koreans crypto traders were one of the reason’s for Bitcoin’s meteoric rise in price and popularity. South Korea’s love for Bitcoin created what became known as the Kimchi Premium, or the higher price of Bitcoin on South Korean exchanges at the time. Allowing these traders bank in the market will expand the market cap and help stabilize the volatility. Read the article

Litecoin ATMs in South Korea

A week ago, the news of Litecoin partnering with a South Korean company to put 13,000 ATMs across South Korea that support Litecoin didn’t move the scale very much. After the South Korean government announced its new cryptocurrency regulations, this news means a lot more. Not only will South Korea crypto-hungry population be able to dive back into crypto, but the ease of doing so will be that much greater. View the article

Tl;DR stands for Too Long; Didn’t Read. Basically, it’s a summary of an article that you want to read, but for either lack of time, or desire, don’t want to read all the way through the article to get the salient points. In crypto space, there are many articles published every day about many different topics. As I research, I pick the top 5 – 10 articles that represent the most important news and developments over the past week and pass those on to you. I’ll give you the TL;DR and my take.