Nouriel Roubini Attacks Crypto Sector Again, NEM Foundation Secures $8 Million in Funding
The NEM Foundation has been handed another lifeline after key members within the community approved the release of 210 million XEM (native token on NEM’s ecosystem) tokens. The Foundation has received nearly $8 million in funding and has already revealed its plans for the future, including laying off some of its staff.
The Foundation has already laid out how the initial instalment of 25 million XEM ($1 million) will be used.
Stepping back, the NEM Foundation announced at the beginning of the year that it was going through a tough time financially and needed a financial injection to stay afloat.
Speaking to CoinDesk, NEM Foundation president Alexandra Tinsman sees the latest development as a vote of confidence.
“I think this is a vote of confidence that the industry is moving forward and that we’re ready to pivot to a very new way of working,” said Tinsman.
Are whales on the move? U.S. Marshal service preparing to seize confiscated cryptocurrency
The U.S. Marshals Services is looking for help to dispose of seized cryptocurrency. The government agency is appealing for help from firms to provide information on how best to store, liquidate, and even return digital assets involved in financial crimes.
The agency is looking for a company to work with and gave a description of the company it is looking forward to working with.
“The contractor shall remain capable of taking custody of all types and quantities of virtual currency without limitation, throughout the performance of this contract. This includes both coin and token types of currency,” wrote the U.S. Marshal’s Office.
This could be another chance for Bitcoin whales to move in and amass digital assets in the quantities.
U.S. agencies have previously seized a sizeable amount of digital assets in the past and some of them have been auctioned.
Tim Draper, a venture capitalist, and long Bitcoin enthusiast spent millions on Bitcoin confiscated from the Silk Road darknet marketplace.
FCA research: The Majority of UK consumers have no clue about cryptocurrencies
A research report published this week by UK financial watchdog, the Financial Conduct Authority (FCA) indicates that the majority of consumers in the European country still have no clue about cryptocurrencies.
The report further shows that only a few have invested in cryptocurrencies have completed deep research about the nascent market before investing.
The consumer research was conducted by Kantar TNS, a market research services company and released by the financial watchdog.
73 percent of the survey respondents admitted that they don’t know what cryptocurrencies are or were unable to define it. Men aged between 20 and 44 seemed to be aware of the digital asset class.
The FCA estimates that 3 percent of the surveyed consumers have previously purchased cryptocurrencies and only 8 percent of crypto holders conducted research before purchasing. 33 percent of those who purchased cryptocurrencies claim that they have never checked the value of their holdings since acquiring them.
FCA’s director of strategy and competition acknowledges that there is still a knowledge gap in the industry.
“The results suggest that although cryptoassets may not be well understood by many consumers, the vast majority don’t buy or use them currently,” said Woolard.
Decentralized Derivatives Trading Platform CloseCross CEO Vaibhav Kadikar noted that the crypto space is still in its infancy stage.
“At this early stage, the space is mostly dominated by visionaries and early-adopters. While mainstream companies and developers may be tempted to wait until the technology has been embraced by the masses, in this fast-moving world that may be too late,” said Kadikar.
Dr. Doom strikes again: Nouriel Roubini calls Bitcoin fanatics zealots
Long-time Bitcoin critic and Professor of Economics at the New York University, Nouriel Roubini, claims that crypto as a technology is doomed to fail as it has no basis for success. He made his latest but usual anti-crypto rants during an interview with the CFA Institute on March 6.
Roubini, who is called Dr. Doom for correctly predicting the 2008 financial crisis, stated that the crypto industry is made up of assets that cannot be referred to as money or currency. He further claimed that digital assets have no value and are not a scalable means of payment.
To demonstrate the flaws in the cryptocurrency ecosystem, Roubini pointed out the extreme bulls of 2017 that led to many people buying the digital assets in fear of missing out, but had no clue about the fundamental value backing the asset.
He argued that the crypto sector is filled with passionate people who have no clue of money, economics, monetary policy, etc.
“I met some of these individuals, and I must say I’ve never seen in my life people who on one side are so arrogant in their views, who are total zealots and fanatics about this new asset class, while at the same time completely and totally ignorant of basic economics, finance, money, banking, central banking, monetary policy,” said Roubini.