Recent events in the crypto space have caused observers to question the industry’s level of maturity. They make the case that mass adoption will be impossible thanks to the behaviour of some industry participants.
For them, examples like Tron founder Justin Sun using Kobe Bryant’s death to pump a digital currency or articles claiming the corona virus to be “good for Bitcoin” are not a good look for crypto. If we had any Tron we would be dumping it in the name of Kobi!
Do the Actions of a Foolish Few Hurt the Crypto Industry’s Public Image?
For many involved in the crypto asset industry, the aim of the game is mass adoption. If no one ever uses these potentially world changing innovations, they’ll struggle to change anything.
Many industry participants work hard for the betterment of the crypto industry. Some code and some educate. Others, apparently, do a less impressive job of representing crypto and promoting adoption.
One of those most disappointed with the industry and its recent lack of decorum is Cornell professor and blockchain startup CEO Emin Gün Sirer. In a tweet earlier today, Sirer accused the space of immaturity.
Yesterday, we saw a "selfie at a funeral," where a shameless promoter was trying to use Kobe's death to pump a coin.
Today, an article on coronavirus' impact on, of all things, crypto conferences.
This area is in dire need of adults in the room.
— Emin Gün Sirer (@el33th4xor) January 27, 2020
Referring to the Sun’s tweet as a “selfie at a funeral”, Sirer called the effort “shameless”. Others agreed with him in direct response to Sun’s post. The Tron founder was called “disgusting”, “scum”, and “a conman”, amongst other things by those responding.
Kobe, was great to have met you in niTROn 2019. Mtg you was one of my life's greatest honor & privilege, I'll forever remember us on stage discussing the future of blockchain. We'll have a moment of silence in your honor during niTROn 2020. R.I.P. pic.twitter.com/oMqU9ZpkKh
— Justin Sun (@justinsuntron) January 26, 2020
Sirer also drew attention to a FT Alphaville article published earlier today. The piece is titled “Coronavirus is Good for Bitcoin”.
Coronavirus is good for bitcoin https://t.co/Ix7PEaEVIA
— Financial Times (@FT) January 27, 2020
The author of the satirical piece included tweets from those crypto proponents who used the tragedy as an opportunity to shill digital assets. Those included make the argument that paper money is carrying the virus and making its spread an inevitability. There is no evidence that this could be the case.
From One Bad Look to Another?
Despite evidence now suggesting that only a tiny portion of Bitcoin transactions relate to illegal activity, the industry still carries the stigma years on. Ask ten strangers in the street what they know about Bitcoin and you will definitely hear “drug dealing” mentioned more than once.
3 Big Blockchain Firms Working Together On A DeFi Product That Pays Passive Income
In a special announcement made at the Unitize conference on July 6, Cosmos, Polkadot, and Terra revealed a new DeFi savings product called Anchor that aims to offer dependable interest rates on stablecoins deposits. The companies involved in the creation of Anchor plan to launch it across their respective blockchains at the end of Q3 this year and scale across to other PoS blockchains in the future. Do Kwon, founder and CEO of Terra, explained in a prepared statement:
“While DeFi staples such as Maker and Compound have been revolutionary in creating fully decentralized crypto money markets, the volatility of their interest rates makes them unsuitable to be used as a household savings product. DeFi mass adoption needs the creation of a fully decentralized savings account that offers dependable APR.”
Anchor’s smart contracts receive stablecoin deposits and use a portion of them to acquire staking positions on compatible Proof of Stake blockchains. Users will receive their passive income from these staking rewards. The initial governance for this platform will come from the Interchain Asset Association (IAA), a newly formed organization that sees Zaki Manian of Cosmos, Jack Platts of the Web3 Foundation, and Do Kwon of Terraform Labs collectively steering the ship.
Telegram Is Set To Shut Down The TON Testnet By August 2020
Although Telegram has terminated its blockchain project, Telegram Open Network (TON), in May 2020, the TON test net has been apparently running for almost one year. In a July 6 update, the official TON development group on Telegram announced that it would be discontinuing its support of the test network for TON. Remaining TON validators will be turned off by August 1. In the post, the TON official recommended network participants save all their relevant data and stop their testing processes. Despite the testnet being set to shut down less than a month from now, network participants will still be able to continue their experimentation after the testnet is terminated. In order to do that, users can install their own testnet validators, described in greater detail in three different how-to documents containing guidelines for the Full Node, the Validator, and Test Grams.
Telegram launched the TON testnet for explorer and node software on Sept. 6, 2019. In anticipation of its scheduled Oct. 31 launch last year, the company released an alpha version of an iOS wallet to work with its native token, the Gram. But Telegram’s TON plans were never fully realized, as the United States Securities and Exchange Commission suddenly deemed Telegram’s $1.7 billion ICO illegal in mid-October. After a long-running legal battle with U.S. regulators, Telegram agreed to shut down its TON project, as well as return $1.2 billion to investors in line with a court-approved final settlement. As officially announced by Telegram CEO Pavel Durov, the firm had already reimbursed more than $1.2 billion by June 25.
Brock Pierce Enters The 2020 US Presidential Race
Brock Pierce, entrepreneur, crypto venture capitalist, and child star, has announced his USA Presidential run on Twitter July 5. His tweet stated: “
“I, Brock Pierce, am running for President of the United States of America.”
Pierce’s campaign site states that he is a pioneer digital currency and has raised more than $5 billion for the companies he has founded. Pierce is the Chairman of the Bitcoin Foundation and co-founder of EOS Alliance, Block.one, Blockchain Capital, Tether, and Mastercoin (first ICO). His website, sparse on details, does not say if he is seeking a nomination in a political party or if he is running as an Independent.