Overstock CEO Aims to Dismantle Wall Street with a Blockchain Stock Exchange

Overstock dot com was made famous in 2014 for being the first major company to accept Bitcoin as a form of payment. The US internet retail giant has seen stock prices jump in line with Bitcoin’s price so the decision was probably the best it has made. American entrepreneur, founder and CEO Patrick Byrne has ambitions that stretch far beyond e-commerce, he wants to dismantle Wall Street with the technology that drives Bitcoin.

In an interview on Vice Byrne stated that he wants to undermine what he believes are oppressive financial institutions that control society. He has been opposed to Wall Street corruption for decades and has used his retail platform to bolster that by taking the company public out of Wall Street in 2002. This was achieved by raising money directly from the public using a ‘Dutch IPO’. Currently his time and profits are being poured into financing blockchain startups including an alternative stock exchange.

Tools of the Powerful to Oppress the Weak

This was a statement Byrne made in reference to dodgy dealings and stock manipulation that he has accused a number of Wall Street brokers of over the years. When he discovered Bitcoin, Byrne said that it reminded him about his feelings on gold and his distrust of central banking. However the most important thing about Bitcoin is not Bitcoin itself but the underlying blockchain technology that generates trust between users.

When not travelling the world evangelizing about the benefits of blockchain, Byrne is working on a new venture capitalist firm within Overstock that uses company money to invest in blockchain startups. Part of that project is the ambitious tZERO which aims to setup a platform to compete with traditional stock exchanges by integrating cryptographically secure distributed ledgers with existing market processes to reduce settlement time and costs, increase transparency, efficiency and auditability.

He strongly believes that by eliminating all of the brokerage fees and commissions to execute a trade, and replacing it with a robust and immutable system that is 80-90% cheaper, is the way forward. He also added;

“Most importantly all kinds of mischief that goes on on Wall Street can’t go on here,”

Byrne has garnered a lot of support from the crypto community which stands by the ethos that bankers and Wall Street types need to be brought to account, and there are more efficient and transparent ways for everyone to trade and benefit from the system, not just those in power. Byrne is betting big on blockchain and a growing number are following him.

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FOMO Moments

Crypto markets have leveled off a little this morning, no further gains have been made but the good news is that they haven’t fallen again. Bitcoin has remained at the $9,000 level with no movement in either direction over the past 24 hours. Total market capitalization is marginally up by 1.5% to $352 billion. Altcoins are a mixed bag, some in the green, others losing out a little, the one leading the way at the moment is Icon.

Coinmarketcap is showing a solid 37% gain for ICX which puts it way above its brethren during this morning’s Asian trading session. From $2.75 this time yesterday Icon is up to $3.80 at the moment, a spike that started late in the afternoon in Asia and continued through the Euro and US trading sessions. Over the week ICX has had a great run up 67% from $2.27 to its current level. It has almost regained all losses over the month as it was trading at just over $4 this time last month. In terms of BTC it is trading 36% higher on the day at 41810 satoshis from 30784 this time yesterday. A week ago ICX traded at around 28500 sats so it has seen solid gains against Bitcoin also.

The news that South Korea’s leading exchange Bithumb would be listing ICX and offering an airdrop of 50,000 tokens sent the altcoin skywards around 20 hours ago. NewsBTC reported that the exchange is launching an ICON airdrop from March 21 to 25 exclusively for members who trade over a million KRW. Icon, which has been dubbed the ‘Korean Ethereum’, has also been listed on Upbit, another huge exchange in the country, this has added to its upward momentum.

Currently most ICX is traded on Binance which has over 90% of the trade volume. That volume has increased to $260 million in the past 24 hours setting Icon’s market cap at $1.4 billion and 19th position in the charts. Only 400 million ICX are supplied with 386 million currently circulating.

EOS is also having a very good run during this morning’s Asian session, up 17% on the day. All other altcoins are pretty flat at the moment.

More on Icon can be found here: https://www.icon.foundation/

FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and fundamentals.

FOMO Moments

The recovery has continued into its third day and markets have remained green during this morning’s Asian trading session. Bitcoin has put another 4.7% on and is trading just over $9,000 which has pulled many of the altcoins back up again. A couple of them are in the red by a percentage or two but most are showing positive gain. One leading the way at the moment is Tron.

Coinmarketcap reports that TRX is up 17% this morning, trading at $0.039 from $0.034 24 hours ago. This does not sound a lot but percentage gain wise it makes it today’s top performing altcoin. Tron has had a rough ride this year, falling 85% from its pump to $0.26 in early January to current levels. Over the week TRX has shown gains of 11% however over the month it is down 13%. In satoshi levels it is up 11% on the day at 453 sats, a similar gain can be seen looking at the monthly chart. This time last month TRX traded at 390 satoshis and has been in a down trend since its two peaks in January.

Tron has had a tough time on social media with commentators deriding founder Justin Sun for his constant partnership announcements. The entertainments based cryptocurrency has made a number of partnerships but none large enough to spur the level of fomo it had at the beginning of the year. Current interest has come as the countdown to the Tron testnet diminishes and Sun and Co are actively pumping it on Twitter. The testnet is due to launch on March 31, it will remove the dependency on Ethereum and opens doors to larger markets. The developers and community are excited about the testnet launch which precedes the mainnet launched planned for the end of May.

TRX is traded predominantly on Binance which has 56% of the total volume. In the past 24 hours $258 million has been traded in Tron, its market capacity is $2.5 billion and it is ranked at 16th. If the testnet is successful and more partnerships follow prices could start to recover faster.

Other altcoins with double digit growth during the Asian trading session include Cardano, Iota, Nano, Icon, and Verge.

More on Tron can be found here: https://tron.network/

FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and fundamentals.

Nothing can be better news for a cryptocurrency than a listing on a major exchange. Less than an hour ago Hong Kong based exchange Binance announced that it was listing XEM trading pairs.

The blog post stated that XEM/BNB, XEM/BTC and XEM/ETH trading pairs are now available on Binance for trading. Nem has had a rough ride in recent weeks and was the worst performing altcoin in the top 25 for February.

Prices recovered a bit when Tokyo exchange Coincheck announced that they had refunded all 260,000 customers that were affected by the Nem heist that saw 523 million tokens flow into the hands of hackers.

Nem’s price reacted instantly to the Binance listing announement. According to Coinmarketcap it spiked over 20% in under an hour from $0.28 to $0.34. In terms of Bitcoin the jump was closer to 25% as it went from 3300 satoshis to 4047 sats.

Over the week XEM has fallen around 26% and looking at the past month it is down 36% from a high of $0.52 this time last month. At the time of writing Nem was trading at $0.33 or 3863 satoshis.

One of the biggest issues facing the cryptocurrency ecosystem at the moment is exchanges. Just by their nature they are centralized and controlled by a profit hungry company. The entire ethos of crypto is to enable peer-to-peer digital money however we are not quite there yet. With exchanges such as Coinbase raking in billions of dollars from inflated fees and commissions the need for a decentralized exchange has never been greater.

Decentralizing the Exchange

The Kyber Network aims to solve this problem and, according to the company blog, has just announced the public beta launch. The exchange exists on the blockchain and is fully decentralized and trustless with no client funds held by the company. Since launching the exchange on the Ethereum mainnet it has only been available to a select few white-listed addresses. Developers claim that this enabled them to improve the platform in a controlled environment.

The announcement stated that on Monday the 19th at 3pm (GMT+8) the public mainnet beta stage will begin. They reminded users that the platform is still in beta testing and there are areas in need of improvement. “That being said we encourage all members of the Kyber Network community to activate their accounts and start trading. We are proud to say that this marks another significant milestone in Kyber Network history.”

The Kyber Network ICO was a huge success raising 200,000 ETH in its public crowdsale in September 2017. According to co-founder and CEO of the Singapore based company, Loi Luu;

“This is an incredible milestone that is a testament to the incredible team we have built at Kyber Network. There is a need for more decentralization in the cryptocurrency trading markets and we feel that what we have built will become one of the primary trading hubs for crypto assets over the coming year.”

Security has been another major headache for exchanges with the recent Coincheck hack and attempted incursions at Binance making the news. The Kyber Network exchange claims to allow any token to be traded for any other securely with complete liquidity. It will also be using a smart contact interface that enables existing wallets to send and receive different tokens than those they already support.

It will also have its own reserve vault of cryptocurrencies to ensure liquidity, these will be managed by independent ‘reserve managers’ which can monetize idle assets and earn by serving trade requests. Each of the reserves can make its own price for every token pair that it supports. When there is a request for converting from token A to to token B, the Kyber operator contract will pick the best rate from all the reserves to process the request.

The Kyber Network is one step closer to a peer-to-peer crypto exchange however its ultimate success will be determined by how many users it can garner when the complete system goes live.

FOMO Moments

Markets are in the green for a second day as cryptocurrencies struggle to claw back heavy losses over the past week. Bitcoin is leading the charge and has climbed to $8,600, up 5.3% on the day. Altcoins are also predominantly green and in recovery mode, some are gaining faster than others and one way out in front this morning is Qtum.

According to Coinmarketcap Qtum is trading 56% higher during the Asian session this morning. The token was trading at $13.60 this time yesterday and has jumped to $21.15 within 24 hours. The weekly picture is also positive for this altcoin as it has shown a 15.6% gain on prices last Tuesday. Over the month however Qtum is down 34% from $32 on February 20. Against BTC the coin is up 50% at 246388 satoshis from 166331 sats this time yesterday. At its peak in early January Qtum traded at 582182 satoshis, or almost $100.

Space based Qtum was added to Shapeshift a week ago which has kept momentum going while most others have fallen. Investment app Abra has also recently listed Qtum among their top twenty tradable cryptocurrencies. Additionally a recent conference in San Francisco brought positive news for Qtum where decentralized app developments were discussed for the platform. Binance has also added QTUM/BNB and QTUM/USDT trading pairs and offered a 50,000 Qtum giveaway.

Qtum is traded heavily in South Korea with Bithumb and Upbit taking almost half of the trade volume in KRW. Just over $600 million has been traded in the past 24 hours and Qtum’s market cap currently stands at $1.5 billion ranking the altcoin at 18th.

Other altcoins enjoying over 20% growth this morning include Cardano, Eos, and Ethereum Classic. Total crypto market capitalization has risen 6.7% in the past 24 hours to $336 billion with many hoping that this could be the start of the recovery.

More on Qtum can be found here: https://qtum.org/

FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and fundamentals.

FOMO Moments

The markets are slowly recovering from a new monthly low yesterday when total market capitalization fell to $275 billion, just lower than last month’s dip. After falling to a low of $7,500 Bitcoin has risen back over $8,000 however Ethereum and a lot of the altcoins have suffered heavy losses. When there is a dip many often show double digit gains the next day giving the appearance that all is well again. At the time of writing the top performing altcoin is Stellar Lumens.

Coinmarketcap reports that XLM has rebounded 19% during the Asian trading session this morning. After hitting a low of $0.16 it has recovered to around $0.22, but it still way down. Over the week Stellar has lost over 30% and the monthly chart is even gloomier with a 50% loss. In terms of BTC Stellar is up only 10% today at 2717 satoshis, this time yesterday it was trading at just over 2400 sats. Since its peak in early January XLM has lost 75% and continues to fall.

Aside from the bounce and recovery there are no other fundamentals affecting Stellar Lumens. Those altcoins that fell the hardest often recover a little quicker to make up those losses. The longer term outlook for XLM is still bearish as it has been in a downwards trend for over two months. Stellar is traded predominantly on Binance, Upbit and Poloniex, volume has risen in the past few hours and is currently just over $100 million. There are 103 billion XLM in total with 18.5 billion currently circulating.

Nearly all of the altcoins are showing some recovery this morning. Those leading the way are Ripple, Cardano, Nem, and Icon. However these are the one that have suffered heavier losses and are just trying to claw back some of that deficit.

More on Stellar can be found here: https://www.stellar.org/

FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and fundamentals.

FOMO Moments

Markets have remained pretty flaccid over the past few days which is admittedly better than falling further. Bitcoin still cannot gain any traction beyond $8,000 where it currently trades. Altcoins have also been floating around the same levels for the last 2-3 days, and there is no sign of any upward movement in any of them. We can only then look at the one with the largest percent gain on the day and that coin is Bitcoin Cash.

Coinmarketcap is reporting a 6.7% rise on BCH during this morning’s Asian trading session. From $910 this time yesterday Bitcoin Cash jumped to a daily high of $1,053 before falling back to $970. In terms of BTC it is up 5% trading at 11903000 satoshis up from 11361300 sats yesterday. Over the week BCH has been in decline falling almost 10%, the monthly picture is even worse with a slide of almost 40%.

The renewed interest may have come off the announcement that Japanese firm Mikan will be launching a Bitcoin Cash wallet called Yenom later this month. The mobile wallet will be for Android and iOS, it will allow easier access and usage of BCH according to the press release. The wallet, named after ‘money’ backwards has been designed to function only with Bitcoin Cash and will increase its adoption in the Japanese market.

Hong Kong exchange OKEx has the majority of the trade volume with almost 25%, followed by HitBTC and Huobi. Over the past 24 hours volume has increased to $480 million and market capacity is around $16.5 billion which puts BCH at a steady fourth in the charts. Like its big brother, BTC, it has a maximum supply of 21 million with 17 million already in circulation.

Other altcoins showing a little growth this morning include Dash, Iota, VeChain, and DigixDAO. Most of the others are still pretty flat as we enter the weekend.

More on Bitcoin Cash can be found here: https://www.bitcoincash.org/

FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and fundamentals.

The markets reacted very badly to Google’s announcement that it was going to ban all cryptocurrency advertising. Over $60 billion was shed in less than 24 hours and most altcoins lost over 20% of their value. Panic selling still gripped a large number of inexperienced traders and the markets suffered as a result.  The internet giant’s decision may not be all that bad though, at least for the top cryptocurrencies.

It is pretty obvious why central banks and governments want to control and regulate cryptocurrencies. But when advertising driven internet monopolies decide to crack down on them one has to question their motives. Google’s announcement comes a couple of months after Facebook decided to axe all ICO advertising. A bizarre move as the social network still allows rogue accounts to disseminate crypto spam, scams and clickbait among countless crypto groups which are full of this dross.

Top Cryptos Will Benefit

According to Forbes the top cryptos such as Bitcoin, Ethereum, Ripple and Litecoin are so well known that they don’t need advertising. Craig Cole from CryptoMaps told the news outlet;

“While this isn’t the best news, it could be a good thing for cryptocurrency. The ban will help solidify the market and weed out scam coins and illegitimate actors looking to get rich quick, providing stability. This ban doesn’t mean that cryptocurrency is going away. I believe it will ultimately strengthen it.”

With all of the scams and ‘shitcoins’ being weeded out, the overall supply of genuine good tokens will be limited which should have a positive effect on their prices. According to Coinmarketcap there are currently over 1560 cryptocurrencies, and these are just the ones that the website lists.

Crypto Media Booming

The surge in interest in cryptocurrencies has spawned a new online media sector with crypto news websites sprouting up quicker than new coins are. The more professional of these players are likely to be the ones to benefit from the web monopolies banning ads. That revenue will be channeled into smaller outfits and startups more deserving of it than likes of all consuming portals such as Facebook and Google. This will create a more diverse online ecosystem of crypto news and information for investors and traders.

Crypto warlord John McAfee remained positive about long term investments when replying to a message of concern, but was not too confident for those investing or trading in the short term.

Google’s ban is not set to start for another four months, and that is a long time in crypto land. Cryptocurrencies still need time to gain acceptance from users, and build defenses from cyber criminals, mainstream media FUD, internet monopolies, repressive governments, and billionaire bankers.

FOMO Moments

The crypto market free-fall seems to have stalled for the time being, things are still not looking too pretty though and further dips could be ahead. Bitcoin has found some support at around $8,000 and is currently hovering around this level. Altcoins have largely suffered and shed all gains since the last big dip five weeks ago. One or two are in the green during the Asian trading session this morning but only one stands out with double digit gains, and that coin is Lisk.

According to Coinmarketcap Lisk is trading 13% higher today, up from $11 this time yesterday to $12.4 today. In terms of BTC its gains are marginally lower at 12% rising from 138828 satoshis 24 hours ago to 156337 sats at the time of writing. LSK has had a bad week falling 12% overall, and a worse month where it has lost over 60% of its value. This time last month Lisk was trading at over $30 (or 317110 satoshis) so it has taken a beating along with the rest of the altcoins.

The renewed interest in LSK has come on the release of Lisk Hub 2.0 which was announced on their Twitter feed a few hours ago. “We released Lisk Hub 0.2.0 today. The main goal of this release is to improve test coverage so that we can do bi-weekly releases with confidence that we are not breaking any previous features.” Lisk is one of those cryptocurrencies with great potential but no real product as yet which is partly why the token has been floundering lately.

Lisk is traded across all exchanges with Binance, Bit-Z and Bittrex leading the way. Trade volume for the past 24 hours has increased and is currently $35 million. LSK has a market cap of $1.3 billion and is holding 18th spot in the charts.

Other altcoins showing increases today include Ripple, Ethereum Classic, DigixDAO, Verge, and Decred.

More on Lisk can be found here: https://lisk.io/

FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and fundamentals.