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Satoshi&Co Daily Crypto Newsletter #36

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Satoshi&Co Daily Crypto Newsletter

October 24 · Issue #55 · View online
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Buoyed by Tether’s trials and tribulations over the past couple of weeks, a slew of coins are vying to displace it to become the most valued stablecoin. In a bid to attract more traders to use their platforms, centralized exchanges also seem to be promoting new stablecoins of their own through aggressive listings. In the past few weeks, Binance listed Paxos and True USD, Bittrex listed True USD, Gemini came up with their native GUSD stablecoin and HitBTC listed DAI (in Jul’18). In the same vein, Coinbase announced the listing of Circle-backed USDC yesterday, which will be available for Coinbase users to trade, expect for those in the state of New York. Next, Huobi and OkEx followed suit by announcing the integration of four stablecoins on to their platforms.
To be sure, the highest-funded stablecoin project “Basecoin” has not even launched yet! What felt like an obscure and banal innovation a few years back, is fast leading to a proliferation of projects engaged in a full tilt land-grab shootout amongst themselves.
In the short run, stablecoins do a terrific job of bringing into the crypto ecosystem new participants who are mostly the “trader” kind and need fiat exposure to hedge their crypto exposure. Additionally, for lay users, stablecoins offer the USD price stability that most users have gotten used to, thereby ensuring, arguably, a smoother transition from the fiat world to the crypto world. Stablecoins might also be the critical missing piece of the puzzle that can kick off adoption for DApps like Augur.
However, Stablecoin projects suffer from low barriers to entry and lack of economic moats that preeminent projects like Bitcoin and Ethereum offer due to their rich developer teams, vibrant communities and unique value propositions. Stablecoins can be an important cog in the new digital economic machine, but they cannot ever be the entire ‘machine’ or the ‘computer’ or the ‘economy’ which Bitcoin or Ethereum could yet very well be.
Meanwhile in Crypto Wonderland....
“Crypto Startup Gets Betting License”
Unikrn, an esports company that raised over $15 million in its ICO pre-sale last year, has obtained a betting license in the Isle of Man, which is a key step on the way to rolling out its cryptocurrency betting service around the world. The startup had raised $15 million from accredited investors including Mark Cuban, Ashton Kutcher and Elisabeth Murdoch. When the platform launches, users will be able to place bets on esports events, teams, and players.
“NY Approves Coinbase Custody Services”
New York state regulators have approved Coinbase Custody to roll out their cryptocurrency custody services in the state. The service allows Coinbase Custody Trust Company to provide a limited range of custody services for virtual currencies including BTC, ETH, BCH and more. The product purportedly utilizes a range of security measures, including “on-chain segregation of crypto assets,” “offline, multi-sig and geographically distributed transaction protection” and “robust cold storage auditing and reporting”.
“HTC Launches Exodus 1”
HTC, the Taiwan-based smartphone creator has announced that its new smartphone, Exodus 1, is available for purchase. The first blockchain-enabled smartphone can only be bought pre-ordered for delivery in December using Bitcoin or Ethereum. The new phone was announced by HTC in May and employs blockchain technology to bring decentralization and better security to the product.
“Temasek Arm Invests in Binance”
Vertex Ventures, the venture capital arm of Temasek has invested in Binance, the world’s largest cryptocurrency trading platform by volumes, to develop a fiat-to-cryptocurrency exchange in Singapore. The funding, which is a joint investment between Vertex Ventures China and Vertex Ventures Southeast Asia & India, will also support other fiat-to-crypto gateways and services throughout South-east Asia.
Crypto Twitter Pick
Joseph Young
To what extent are decentralized crypto exchanges decentralized?

The answer to that question is not so much. IDEX just blocked users from New York.

Merely settling trade orders on Ethereum =/ decentralized. There should not be any central entity with significant power.
What We Are Reading / Listening To
Crypto Investors - featuring Linda Xie and Avichal Garg
Overnight Performance of Top 10 Currencies
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