Welcome to the 5th week of our Crypto Roundup, brought to you by HEAT.
Firstly, the HEAT ICO has ended. Thanks to everyone who participated. This is a snapshot of what was raised during this period:
How do you feel about taking all the principles that Bitcoin stands for, throw them out the window, then take everything people complain about government-backed fiat money and introduce that into the system, after a 'bail-in' haircut of 36% because an exchange had poor security? Sounds like fun, right? Well, that's essentially what the new security token BFX is. Sure, there is a promise that the token will be converted into 'equity' in Bitfinex but who are you kidding? If they broke two dozen laws with this maneuver, they'll break two hundred laws by converting to a global equity-type system.
We'll see how this plays out though. Not everyone is skeptical of this move. Erik Voorhees, CEO and founder of ShapeShift and long-time Bitcoin investor/early-adopter/libertarian thinks this is a great move. It may well be, if there are no lawsuits brought against Bitfinex, but somehow that seems doubtful.
As a general reminder to everyone in the cryptocurrency space, don't keep a lot of money in online wallets. In fact, don't keep a lot of money in cryptocurrency in the first place. There's a reason everyone tells you to 'only invest what you can afford to lose' because really, you can lose it all. It has happened multiple times in the past, and it is unlikely to be the last one. Keep your private keys safe. Get a hardware wallet if you hold large amounts of Bitcoin.
Ethereum Classic Declaration of Independence
No seriously, I am not even trying to be clever here with the heading, that's the name of the document. Go read it here. It's on their official GitHub profile.
We'll see how this lasts. All the people you associate with Ethereum, like Vitalik Buterin the founder, are on the hard-forked version of Ethereum (ETH) and not Ethereum Classic (ETC) but this is open source. ETC can just copy ETH until it builds a developer community.
The real killer is going to be applications. However, it seems like that might be solved too, as there are reports that DApps are being built on ETC as well. Time will tell.
If you want to avoid the whole drama, just go learn how to program a DApp in Meteor.
Old is Gold: Maidsafe Finally Releases Alpha
Maidsafe is an old project. Like really old. Like older than Bitcoin. And then, after Bitcoin, they saw the utility of having MaidSafeCoin as a token on the platform to provide an economic incentive for people to host data, and also serve as a crowdfunding vehicle. David Irvine, the project's leader, has been at it steadily for almost a decade now.
And the results may finally be good. MaidSafe got a good article on TechCrunch for their alpha release. That's been a fairly positive development for the project. It was, after all, one of the largest ICOs of its time.
Anyway, the price has reacted accordingly, climbing to over 30% from 24 hours ago.
It wasn't just the price, but also the volume. It was really heavy volume, kind of the days back in February when the volume was one of the highest. In fact, MaidSafe reached to be the highest-traded cryptocurrency by volume on Poloniex. That's quite an achievement, beating out even the likes of Ethereum.
Trading Picks Up
The week also saw larger price moves for many cryptocurrencies. The volumes are higher than the last couple of weeks, and so are the price moves.
One thing to remember about crypto price volatility - the volatility isn't constant, but is itself very volatile! So be careful while trading - some days 30% moves are normal. Other days, you'll barely see the price move up or down by 2%.
Mycelium Making WAVES
Mycelium is making waves (pun intended) in the cryptocurrency world, with an integration with WAVES and DASH for its mobile wallet. This is a further legitimization of the entire space, and should make all future crypto-developers and holders happy. Good wallets are hard to come by, and sorely needed by the industry. More solid products like Mycelium for altcoins is good for everyone.
WAVES has also announced plans for tokenization, and Mycelium believes having tokenized fiat on the blockchain is great (and we agree), and a value add for its customers. But remember, HEAT provides tokenized fiat too! May the best crypto win. We think we have better scalability and in-built exchange features, but hey, you know we're biased!
The Future of ICOs
ICOs are a hot commodity, as everyone in the community knows. Do people still remember Koinify? That's where Factom's original ICO was launched. It started as an ICO platform, built on top of Counterparty. they were supposed to handle all the logistics of the ICO for you, as you focus on your project deliverables. And now they are no longer operational.
But fear not! HEAT can help with easy tokenization for prospective ICOs in the future. So if you're a crypto-developer and thinking of a future ICO, you can issue tokens on the HEAT blockchain without having to worry about a multitude of things around the tokens, and instead just focus on your project.