Bitcoin is a cult. Fiat is a religion.

Connections. Compliance. Cap Tables.

The Digital Asset Review

MARCH 26, 2019

BREAKING NEWS!

ULC Urges States to Withdraw Model Virtual Currency Act

by Caitlin Long

"The Uniform Law Commission today asked states considering its proposed model act regarding virtual currencies to refrain from enacting it and competing legislation while a newly-established committee considers the impact of emerging technologies on the Uniform Commercial Code (the model state law that governs commercial transactions in the US)."

Ex-Enron CEO Leaves Jail to Plot Possible Blockchain Venture

by Daniel Palmer

"According to a Wall Street Journal article on Monday citing sources “familiar with the matter,” Skilling may be planning a digital platform relating to investment in the oil and gas industry. They added that he has recently met former Enron execs, as well as specialists in cryptocurrency, blockchain and software development regarding the project."

Cisco Expect $10 Billion Blockchain Market by 2021, 10% of World GDP Stored On-Chain by 2027

by Crypto Slate

"Cisco identified transparency as one of the main problems enterprises face today, especially those in global supply chains. A rough estimate showed that US-based semiconductor companies lose over $7.5 billion each year due to counterfeiting."

Report Says Most Crypto Trading Volume is Suspicious

by Olga Kharif

“By analyzing internet traffic on the top 100 crypto exchanges’ websites, the Tie determined that 75 percent of the exchanges reported trading volumes that were more than double expected. Nearly 90 percent of the exchanges’ volume was suspect...the researchers cautioned."

The Application of Broker-Dealer and Exchange Regulations to Secondary Markets

by Gautam Gujral

"The U.S. Securities and Exchange Commission’s (“SEC” or “Commission”) recent enforcement actions involving AirFox, Paragon, Crypto Asset Management, TokenLot, and EtherDelta’s founder illustrate that market participants must still adhere to well-established and well-functioning federal securities law framework when dealing with technological innovations, regardless of whether the securities are issued in certificated form or using new technologies, such as blockchain.

Broadly speaking, the issues raised in these actions fall into three categories:

Initial offers and sales of digital asset securities (including those issued in initial coin offerings (“ICOs”))
Investment vehicles investing in digital asset securities and those who advise others about investing in these securities
Secondary market trading of digital asset securities.

This article discusses some of the nuances of trading of digital asset securities in the secondary market."

Bitcoin is a Cult, Fiat is a Religion

by Kay Kurokawa

"The cult label can be seen as a pejorative but I will attempt to explain here how it is a perfectly reasonable and necessary description of Bitcoin. A cult is just a religion with limited membership status and social acceptance. Musician Frank Zappa cleverly stated that “the only difference between a religion and a cult is the amount of real estate they own”. So if Bitcoin is a cult, fiat money is a religion."

Why Cryptocurrency is the Next Operating System for Capitalism

by Chris Herd

"Give me a coherent reason why that if we stopped believing in the value of paper money today it would be worth anything tomorrow. Without resorting to the argument of historical precedent, the size and scale of central banks or the promise these institutions have made to maintain a certain valuation what do you have to argue against it? Fundamentally it is still a question of trust and belief."

Tim Draper Urges Argentina's President to Legalize Bitcoin to Improve Economy

by Helen Partz

" We were speaking of Bitcoin and the devaluation of the peso, and I proposed a bet: if the peso would be valued more than Bitcoin, I would double my investment that I was making for the country. But if Bitcoin gained a higher rate than the peso, they would have to declare it as a national currency. That would be a perfect decision, as there's a lack of confidence in this coin. "

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