Weekly Crypto update | NEO gets ICO update, Litecoin, Market to exceed $200B, Segwit2X looming
Well what an interesting week it has been in the world of Blockchain and Cryptocurrencies. With over $20 Billion dollars of NEW money coming into the market within 1 week, I feel sorry for anyone who still doubts the credibility and authenticity of Blockchain based technologies and how they will disrupt the entire world...
At the time of writing, there has been a small correction with approximately 5% of the market pulling back. To the battle hardened crypto investors, its another day in the office. We have been here before, and we will be here again. You could use the analogy of climbing a mountain. To get to the big mountain peak, the lower peaks and small gulleys must be traversed first. The truth is in a few years time we will look back at these times as mere speed bumps, and will laugh about the time the market hit $1 Trillion. Mark my words!
So the news coming out of China is still emerging with the Chinese government looking closely at ICO's and how to regulate them. Box Mining on Youtube has given his thoughts on the article from Cointelegraph.com, giving a less than optimistic but perhaps more realistic take on the state of the incoming regulations and how it is too early to speculate.
https://cointelegraph.com/news/neo-to-benefit-from-chinese-ico-regulations
The Illinois local Government is experimenting with storing birth certificates on the blockchain, by essentially digitising the information onto encrypted blocks. I think its interesting and exciting to see the applications starting to emerge from applying blockchain fundamentals to traditional processes and information storage mediums. Personally, I think the private sector will come up with the most optimal solutions, but its good to see Government being involved nonetheless.
We have estimates starting to come in forecasting a market cap of $200 Billion before the end of the year. Personally, I think we will get there much sooner than that. With the exposure cryptocurrencies are starting to receive and the mainstream media starting to cover the price of Bitcoin more we should start to see an exponential increase of first adopters investing money into Cryptos.
https://cointelegraph.com/news/cryptocurrency-market-cap-can-exceed-200-bln-by-the-end-of-2017
The Segwit2X upgrade still seems to be drawing attention as Bitwala announced discontinued support for the upgrade. If we draw similarities to the Segwit upgrade at the start of August, it would not surprise me if Segwit2X encounters the same type of attention, both positive and negative. My personal opinion is that Bitcoin will go on to thrive after 2x and could see wider adoption at an unbelievable rate after the upgrade.
https://cointelegraph.com/news/another-bitcoin-new-york-agreement-partner-cancels-segwit2x-support
The final article centers on India and its attempt to remove a particular note in their fiat currency out of circulation. In summary, it didnt work. The intention was to stop 'black market' and 'crime' but doing so, as it would essentially be harder for criminals to efficiently store large amounts of value. I have never quite understood this, I mean surely if criminals are smart enough to conduct business, then they are smart enough to store money (no matter what is it), so why waste tax payer resources on futile knee jerk reactions?
Thanks for your support guys.
Youtube channel link-> https://www.youtube.com/channel/UCVQJXvrcil-95HcnSiUjNmg?view_as=subscriber
LBRY handle-> @cryptowithbeau
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