TL;DR Oct 7, 2019

by | Oct 10, 2019

2019 Week 41

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.

Bakkt / Starbucks

According to many analysts, the launch of Bakkt was lackluster at best. However, Starbucks apparently has a lot of stock in Bakkt and is planning on offering crypto payment options at its locations. It looks like the question “Can you buy a cup of coffee with bitcoin?” will no longer be an argument against bitcoin’s utility.

EOC / SEC Settlement

The SEC settled with EOS over their ICO, which was designated a sale of unregistered security. The fine was $24 million might seem like a high fine for you or me, but when EOS raised $4.1 billion on the ICO, that fine is about 0.005% of what they brought it, and represents little more than a slap on the wrist. View article

Telegram Open Network (TON)

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. View article

Repo Market

Caitlyn Long of Forbes wrote an article about what’s happening with the repo market and why the fed is printing billions of dollars every day for the past few weeks. Basically, she explains how fragile our economy is, and then how anti-fragile Bitcoin is. If you’d like to know more about what’s happening with the banking crisis, this is a good place to start. View article

Libra Members Backing Out

Paypal has backed out of Facebook’s Libra project, but leaves just enough room to come back if Libra becomes successful. On top of that, it looks like several other members of Libra initial members are getting cold feet, citing regulatory scrutiny from the US and EU. Among those are Visa and Mastercard. View article

Ripple Rebrand

Without much fanfare, Ripple is rebranding their product and have removed all mention of xRapid, xVia, and xCurrent. Sifting through months of news articles, I’ve seen side projects come and go, but 99% of the time large companies mention new partnerships, they mention three projects: Bitcoin, Ethereum, and Ripple. Ripple’s rebranding might seem like simple, unimportant news, but I think it shows that something more is going on behind the scenes. View 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.