Welcome to The Blockchain Report, your daily rundown for the latest in crypto with your host, Taylor Nikolai. First up, what the heck is Initiative Q?
This week you may have come across a viral promotion for Initiative Q. The person sending out their referral link may have described it as the “Next Bitcoin.” Let’s be clear here: Initiative Q is not not decentralized, not limited in Supply, and NOT crypto.
NewsBTC reports that Initiative Q has all the signs of being just another everyday pyramid scheme. See, Initiative Q claims to award tokens eventually to users as part of their $2 trillion network. Yeah, they really say they’re worth $2 trillion.
Initiative Q says they will be able to combat the volatility that coins like Bitcoin have by creating new tokens in order to stabilize the price of their currency. With Initiative Q being centralized, and with no published plan, and no reason to believe anything they say. This isn’t going to work.
Next up, Overstock’s CEO predicts a cryptocurrency revolution in terms of trading online. As reported by Forbes, Bitcoin saw a slight uptick in price over the last few days, as confidence has been boosted by comments by the CEO of Overstock, Patrick Byrne. Overstock began accepting bitcoin back in 2014.
Patrick Byrne believes that mass adoption of cryptocurrency is coming, and that the current financial system will eventually collapse. All of this led to Dogecoin, and Bitcoin’s price going up.
Next up, China’s Central Bank says neither cryptocurrency nor blockchain is a threat to The Financial System. According to Technode, China’s central bank just recently released a research paper called “What blockchain can and cannot do” that states that neither blockchain technology nor cryptocurrencies are a threat to the global financial ecosystem. However, the paper also emphasized that better government oversight in the technology is necessary moving forward.
The research paper concludes by stating: “So far, there has been no technology innovation that could overwhelm the modern financial system, and blockchain will not be an exception… Cryptocurrencies lack value and credibility granted by sovereignty, therefore [they] can not jeopardize or replace legal currencies.” The paper states that its content is based only on researchers’ academic opinions and was not the policy preference of the central bank.
Next, Coinbase CTO believes cryptocurrency is entering the Tech Mainstream. According to CCN, the CTO of Coinbase Balaji Srinivasan stated on Twitter that he thinks it’s becoming clear that cryptocurrency is entering the tech mainstream. He tweeted: “Sundar Pichai & Sergey Brin’s sons are both mining crypto; Facebook is doing blockchain; Square open sourced some nice cold storage code; Microsoft, Amazon, Google Cloud all have blockchain efforts; crypto is entering the tech mainstream.”
Sundar Pichai is the CEO of Google, and a few days ago he stated: “Last week I was at dinner with my son, and I was talking about something about bitcoin and my son clarified what I was talking about was ethereum, which is slightly different. He’s 11 years old, and he told me he’s mining it. I had [to] explain to him how paper money actually works. I realized he understood ethereum better than how paper money works. I had to talk to him about the banking system, the importance of it. It was a good conversation.”
Thanks for watching The Blockchain Report,. Be sure to follow @BlockchainReport on Instagram to stay up to date on the latest cryptocurrency news and trends. We’ll see you tomorrow.