Inside Cryptocurrency - February 26th, 2018

Inside Cryptocurrency (Feb 26th, 2018)

Poloniex Acquisition / 'Nerdy Rappers' / Elon Musk / ICO Failure Rate

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Circle, a cryptocurrency-focused financial-services firm, will purchase Poloniex for $400 million. With the acquisition, Circle, which has received funding from Goldman Sachs, wants to be seen as more than a crypto exchange, but “the bank of the next century” built around crypto-finance. Circle is made up of three parts: Circle Pay for fiat transfers, Circle Trade as a liquidity provider of cryptocurrencies, and the upcoming Circle Invest, an app that will allow retail customers to invest in crypto markets. Poloniex offers trades in 68 different coins and is currently the 14th largest cryptocurrency exchange in the world by volume. -FORTUNE

BotChain Announces Partnership Program and Initial Launch Partners

BotChain, a blockchain platform launched by Rob May’s Talla Inc, announced that several leading bot companies have partnered to create a solution to enable trust and compliance for autonomous agents.

Young cryptocurrency millionaires have “invested” some of that money back into streetwear in an arms race to be cool. “They're like nerdy rappers,” 19-year-old Erik Finman said of his peers. And retailers are popping up into the void to attract these big spenders.” Finman is the subject of a new documentary on CNBC that looks at those who hit it big with bitcoin. GQ looks at the growing intersection of cryptocurrency and streetwear with Finman explaining what his daily life looks like. “I wake up and I'm just in my blanket made of hundred [dollar bills] and I get up and they fall off my face and I jump into my Yeezys as soon as I get off the bed and brush my teeth with a Supreme toothbrush. It's just a day in the life, so if it so happens to be flexing in that day in the life, then what a coincidence.” -GQ

Elon Musk revealed on Twitter how much bitcoin he owns and it’s not much. “I literally own zero cryptocurrency, apart from .25 BTC that a friend sent me many years ago,” Musk tweeted. That is worth approximately $2,500, making up an incredibly small portion of the business magnate’s more than $20 million net worth. Musk responded after a Twitter user asked why so many bitcoin-related scams use Musk’s likeness to draw interest. It was just a few months ago that a rumor circulated Musk was Satoshi Nakamoto, the mysterious founder of bitcoin. Musk later shot the rumor down. -YAHOO

Nearly half of the ICOs launched in 2017 have already folded. Of the 902 ICO projects launched last year, 142 failed to raise funding, while another 276 folded after receiving funding, for a 46 percent failure rate. Another 113 projects “semi-failed” because their teams went off the radar or their support community, or simply withered away. Add those projects in and the failure rate jumps to 59 percent. The total funds given to failed projects in last year along surpassed $230 million. –BITCOIN.COM

Uzbekistan lawmakers intend to legalize bitcoin and support the developer community around the controversial cryptocurrency. Uzbekistan President Shavkat Mirziyoyev issued a decree that states the country should finalize a draft law to legally regulate cryptocurrencies, or “electronic money,” by September 1. Uzbekistan’s Central Bank, the Ministry of Information Technologies and Communications, the Finance Ministry, and the Ministry of Economy have been tasked to prepare the bill. –BITCOIN.COM

Developers successfully forked the litecoin blockchain last week to create Litecoin Cash, but the new currency has yet to develop much of a following. Litecoin Cash was initially valued at $1.40 per coin and jumped to a high of $9.25 per coin shortly thereafter. The coin has settled around $3 per coin since that time. The coin, though, is still a mystery to most. No major exchanges have yet announced support for Litecoin Cash. Finally, the name of the project may also be a drawback. Litecoin's creator, Charlie Lee, even spoke out about the decision to call the token "litecoin cash," saying that it was reminiscent of the polarizing bitcoin cash fork. -INVESTOPEDIA

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